Exhibit 99.1



RE:    Headwaters Incorporated

           10653 S. River Front Parkway, Suite 300

           South Jordan, UT 84095

           Phone: (801) 984-9400

           NYSE: HW




Sharon Madden

Vice President of Investor Relations

(801) 984-9400



Tricia Ross

Analyst Contact

(213) 486-6544


NOVEMBER 4, 2008



Total Fiscal 2008 Revenue of $886 Million

Total September Quarter Revenue of $235 Million

2008 EPS of $0.60 Excluding Goodwill Impairment

SOUTH JORDAN, UTAH, NOVEMBER 4, 2008 (NYSE: HW) – HEADWATERS INCORPORATED today announced results for its fourth quarter and fiscal year ended September 30, 2008.

Highlights for the quarter and fiscal year included:



Clean coal sales were 10 times greater than September 2007 quarter and 37% higher than June 2008 quarter



Two additional clean coal facilities were put into operation during the quarter



2008 CCP revenue grew by 2.3%



Reduced senior debt and revolver by $45 million in the September quarter



Fiscal 2009 forecasted earnings per share growth of 159% to 252% over fiscal 2008

2008 Results Excluding Unusual Items

Unusual items that occurred during fiscal 2008 include expiration of Headwaters’ Section 45K business and a goodwill impairment charge. Operating results adjusted for these items are shown in the attached Condensed Consolidated Statements of Operations.

The following information was filed by Headwaters Inc (HW) on Tuesday, November 4, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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