Exhibit 99.1


N E W S   B U L L E T I N






Headwaters Incorporated

10653 S. River Front Parkway, Suite 300

South Jordan, UT 84095

Phone: (801) 984-9400





Sharon Madden

Vice President of Investor Relations

(801) 984-9400





Tricia Ross

Financial Profiles

(916) 939-7285




•    Fourth Quarter Revenue of $178 Million

•    Total 2011 Revenue of $592 Million

•    2011 Adjusted EBITDA of $82 Million

•    $104 Million of Liquidity at Year End

•    $10 Million of Debt Repaid in Fourth Quarter

•    Expected 2012 Adjusted EBITDA of $85 million to $95 million

SOUTH JORDAN, UTAH, NOVEMBER 1, 2011 (NYSE: HW) HEADWATERS INCORPORATED, a building products company dedicated to improving lives through innovative advancements in construction materials, today announced results for its fourth quarter and fiscal year ended September 30, 2011.

CEO Commentary

“Two major accomplishments stand out in Fiscal 2011. First, we successfully refinanced our senior debt, extending the maturity to 2019, reducing the interest rate from 11.375% to just 7.625%, lowering our cash interest expense and increasing free cash flow. The refinancing greatly reduced Headwaters financial risk and positions us to focus on reduction of our subordinated debt”, said Kirk A. Benson, Chairman and Chief Executive Officer of Headwaters. “In that regard, we paid down $24.4 million of our high coupon subordinated debt. In 2012, we expect to further reduce our debt through improved cash flow and with the proceeds from our anticipated sale of non-core assets.



The following information was filed by Headwaters Inc (HW) on Tuesday, November 1, 2011 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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