----

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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------------|

| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

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| PART I—FINANCIAL INFORMATION                                                                                                      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                    |   |
| Item 1.       Financial Statements:                                                                       |   |
|                                                                                                                                    |   |
|    Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2010 and 2009                      | 3      |
|                                                                                                                                    |   |
|    Consolidated Balance Sheets as of September 30, 2010 and December 31, 2009                                            | 4      |
|                                                                                                                                    |   |
|    Consolidated Statements of Equity for the Nine Months Ended September 30, 2010 and 2009                                    | 5      |
|                                                                                                                                    |   |
|    Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2010 and 2009                                | 6      |
|                                                                                                                                    |   |
|    Notes to Consolidated Financial Statements                                                                                 | 7      |
|                                                                                                                                    |   |
| Item 2.       Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22     |
|                                                                                                                                    |   |
| Item 3.       Quantitative and Qualitative Disclosures About Market Risk                             | 38     |
|                                                                                                                                    |   |
| Item 4.       Controls and Procedures                                                                     | 39     |
|                                                                                                                                    |   |
| PART II—OTHER INFORMATION                                                                                                         |   |
|                                                                                                                                    |   |
| Item 1.        Legal Proceedings                                                                | 40     |
|                                                                                                                                    |   |
| Item 1A.     Risk Factors                                                                                      | 40     |
|                                                                                                                                    |   |
| Item 6.        Exhibits                                                                    | 40     |
|                                                                                                                                    |   |
| SIGNATURE                                                                                                                               | 41     |
|                                                                                                                                    |   |
| INDEX TO EXHIBITS                                                                                                                       | 42     |

----

|                                                                             |   | For the Three Months Ended September 30, |    |   | For the Nine Months Ended September 30, |   |
|----------------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|-----------------------------------------|--------|
|                                                                             |   |      2010            |    |   |      2009           |   |   |      2010 |   |   |      2009 |   |
|                                                                             |   |                                     |    |   |                                    |   |   |   |   |   |   |   |
| Revenues                                                                         |   | $                                        | 239,585 |   |                                    | $      | 201,852 |   |   | $ | 668,959 |   |   | $ | 513,060 |   |
| Cost of revenues                                                                 |   |                                     | 178,166 |   |                                    |   | 148,730 |   |   |   | 499,661 |   |   |   | 381,349 |   |
| Gross profit                                                                     |   |                                     | 61,419  |   |                                    |   | 53,122 |   |   |   | 169,298 |   |   |   | 131,711 |   |
| Acquisition-related expenses                                                     |   |                                     | (1,700  | )      |                                    |   | (1,600 | ) |   |   | (1,700 | ) |   |   | 6,619 |   |
| Operating expenses                                                               |   |                                     | 36,164  |   |                                    |   | 37,018 |   |   |   | 108,790 |   |   |   | 93,839 |   |
| Operating income                                                                 |   |                                     | 26,955  |   |                                    |   | 17,704 |   |   |   | 62,208 |   |   |   | 31,253 |   |
| Other income (expense):                                                          |   |                                     |    |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                  |   |                                     | 73      |   |                                    |   | 120 |   |   |   | 240 |   |   |   | 304 |   |
| Interest expense                                                                 |   |                                     | (1,940  | )      |                                    |   | (2,327 | ) |   |   | (6,204 | ) |   |   | (5,804 | ) |
| Other                                                                            |   |                                     | 71      |   |                                    |   | 363 |   |   |   | 44 |   |   |   | 655 |   |
| Total other expense                                                              |   |                                     | (1,796  | )      |                                    |   | (1,844 | ) |   |   | (5,920 | ) |   |   | (4,845 | ) |
| Income before taxes on income                                                    |   |                                     | 25,159  |   |                                    |   | 15,860 |   |   |   | 56,288 |   |   |   | 26,408 |   |
| Taxes on income                                                                  |   |                                     | 7,934   |   |                                    |   | 4,939 |   |   |   | 17,618 |   |   |   | 7,684 |   |
| Income before equity in earnings of affiliated   companies             |   |                                     | 17,225  |   |                                    |   | 10,921 |   |   |   | 38,670 |   |   |   | 18,724 |   |
| Equity in earnings of affiliated companies, net of tax                           |   |                                     | 2,792   |   |                                    |   | 1,011 |   |   |   | 5,470 |   |   |   | 704 |   |
| Income before discontinued operations                                            |   |                                     | 20,017  |   |                                    |   | 11,932 |   |   |   | 44,140 |   |   |   | 19,428 |   |
| Loss from discontinued operations, net of tax                                    |   |                                     | (16     | )      |                                    |   | (2,646 | ) |   |   | (93 | ) |   |   | (3,936 | ) |
| Net income                                                                       |   |                                     | 20,001  |   |                                    |   | 9,286 |   |   |   | 44,047 |   |   |   | 15,492 |   |
| Less:  net income attributable to noncontrolling   interests |   |                                     | (1,191  | )      |                                    |   | (139 | ) |   |   | (999 | ) |   |   | (1,003 | ) |
| Net income attributable to common stockholders                                   |   | $                                        | 18,810  |   |                                    | $      | 9,147 |   |   | $ | 43,048 |   |   | $ | 14,489 |   |
|                                                                             |   |                                     |    |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share attributable to common   stockholders:              |   |                                     |    |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Basic:                                                                           |   |                                     |    |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                |   | $                                        | 0.48    |   |                                    | $      | 0.31 |   |   | $ | 1.11 |   |   | $ | 0.50 |   |
| Loss from discontinued operations                                                |   |                                     | (0.00   | )      |                                    |   | (0.07 | ) |   |   | (0.01 | ) |   |   | (0.10 | ) |
| Net income                                                                       |   | $                                        | 0.48    |   |                                    |   | 0.24 |   |   | $ | 1.10 |   |   |   | 0.40 |   |
| Diluted:                                                                         |   |                                     |    |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                |   | $                                        | 0.48    |   |                                    | $      | 0.30 |   |   | $ | 1.10 |   |   | $ | 0.50 |   |
| Loss from discontinued operations                                                |   |                                     | (0.00   | )      |                                    |   | (0.07 | ) |   |   | (0.01 | ) |   |   | (0.10 | ) |
| Net income                                                                       |   | $                                        | 0.48    |   |                                    | $      | 0.23 |   |   | $ | 1.09 |   |   | $ | 0.40 |   |

----

|                                                                                                                                                   |   | September 30,   2010 |    |   | December 31,   2009 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|--------|-------------------------------|--------|
|                                                                                                                                                   |   |                           |    |   |                          |   |
| Assets                                                                                                                                                 |   |                           |    |   |                          |   |
|  Current assets                                                                                                                                   |   |                           |    |   |                          |   |
|      Cash and cash equivalents                                                                                                |   | $                              | 98,230  |   |                          | $      | 106,064 |   |
|      Restricted cash                                                                                                          |   |                           | 657     |   |                          |   | 1,339 |   |
|  Receivables, net                                                                                                                                 |   |                           | 179,191 |   |                          |   | 147,835 |   |
|  Retainage                                                                                                                                        |   |                           | 25,690  |   |                          |   | 22,656 |   |
|  Costs and estimated earnings in excess of billings                                                                                               |   |                           | 73,157  |   |                          |   | 64,821 |   |
|  Inventories                                                                                                                                      |   |                           | 40,925  |   |                          |   | 32,125 |   |
|  Prepaid expenses and other assets                                                                                                                |   |                           | 30,463  |   |                          |   | 27,604 |   |
|  Current assets of discontinued operations                                                                                                        |   |                           | 1,189   |   |                          |   | 1,189 |   |
|  Total current assets                                                                                                                             |   |                           | 449,502 |   |                          |   | 403,633 |   |
|  Property, plant and equipment, less accumulated depreciation                                                                                     |   |                           | 159,338 |   |                          |   | 148,435 |   |
|  Other assets                                                                                                                                     |   |                           |    |   |                          |   |   |   |
|  Goodwill                                                                                                                                         |   |                           | 182,141 |   |                          |   | 180,506 |   |
|  Identified intangible assets, less accumulated amortization                                                                                      |   |                           | 74,453  |   |                          |   | 78,311 |   |
|  Investments in affiliated companies                                                                                                              |   |                           | 25,763  |   |                          |   | 27,581 |   |
|  Deferred income tax assets                                                                                                                       |   |                           | 10,271  |   |                          |   | 11,203 |   |
|  Other assets                                                                                                                                     |   |                           | 5,711   |   |                          |   | 8,827 |   |
|  Total other assets                                                                                                                               |   |                           | 298,339 |   |                          |   | 306,428 |   |
|  Non-current assets of discontinued operations                                                                                                    |   |                           | 4,040   |   |                          |   | 4,283 |   |
|                                                                                                                                                   |   |                           |    |   |                          |   |   |   |
| Total Assets                                                                                                                                           |   | $                              | 911,219 |   |                          | $      | 862,779 |   |
|                                                                                                                                                   |   |                           |    |   |                          |   |   |   |
| Liabilities and Equity                                                                                                                                 |   |                           |    |   |                          |   |   |   |
|  Current liabilities                                                                                                                              |   |                           |    |   |                          |   |   |   |
|      Accounts payable and accrued expenses                                                                                    |   | $                              | 157,128 |   |                          | $      | 146,702 |   |
|      Billings in excess of costs and estimated earnings                                                                       |   |                           | 12,032  |   |                          |   | 12,697 |   |
|      Current maturities of long-term debt, line of credit and notes payable                                                   |   |                           | 11,608  |   |                          |   | 12,742 |   |
|      Current liabilities of discontinued operations                                                                           |   |                           | 311     |   |                          |   | 339 |   |
|  Total current liabilities                                                                                                                        |   |                           | 181,079 |   |                          |   | 172,480 |   |
|  Long-term debt, less current maturities                                                                                                          |   |                           | 94,087  |   |                          |   | 101,500 |   |
|  Deferred income tax liabilities                                                                                                                  |   |                           | 33,316  |   |                          |   | 31,449 |   |
|  Other liabilities                                                                                                                                |   |                           | 9,388   |   |                          |   | 12,849 |   |
|  Non-current liabilities of discontinued operations                                                                                               |   |                           | 1,727   |   |                          |   | 979 |   |
|  Total liabilities                                                                                                                                |   |                           | 319,597 |   |                          |   | 319,257 |   |
|                                                                                                                                                   |   |                           |    |   |                          |   |   |   |
|  Stockholders’ equity                                                                                                                       |   |                           |    |   |                          |   |   |   |
|      Preferred stock, undesignated, $.10 par – shares authorized 2,000,000; none outstanding                            |   |                           | – |   |                          |   | – |   |
|  Common stock, $.01 par – shares authorized 125,000,000 and 60,000,000; shares issued   and outstanding 39,223,686 and 38,933,944 |   |                           | 392     |   |                          |   | 389 |   |
|  Additional paid-in capital                                                                                                                       |   |                           | 249,974 |   |                          |   | 242,563 |   |
|  Retained earnings                                                                                                                                |   |                           | 329,835 |   |                          |   | 286,787 |   |
|  Accumulated other comprehensive income                                                                                                           |   |                           | 3,481   |   |                          |   | 8,313 |   |
|  Total stockholders’ equity before noncontrolling interests                                                                                 |   |                           | 583,682 |   |                          |   | 538,052 |   |
|      Noncontrolling interests                                                                                                 |   |                           | 7,940   |   |                          |   | 5,470 |   |
|  Total equity                                                                                                                                     |   |                           | 591,622 |   |                          |   | 543,522 |   |
|                                                                                                                                                   |   |                           |    |   |                          |   |   |   |
| Total Liabilities and Equity                                                                                                                           |   | $                              | 911,219 |   |                          | $      | 862,779 |   |

----

|                                                                                                                        |   |       Common Stock     Shares        Amount |                  |   |     Additional    Paid-In    Capital |   |            |       Retained     Earnings |   |   |     Accumulated     Other    Comprehensive    Income (Loss) |   |   |     Non-    controlling     Interests |                  |   |      Total    Equity |   |                  |   Comprehensive Income |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|-----------------------|--------|-----------------------------------------------------------------------------------|--------|-----------------|--------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------|-----------------------|--------|---------------------------------------------------------|--------|-----------------------|---------------------------------------|--------|
| BALANCE, December 31, 2008                                                                                                  |   |                                                                                                                             | 27,977,785            |   |                                                                              | $      | 280             |                                                                     |   | $      | 109,235                                                                                                                      |   |   | $                                                                                       | 260,616               |   |                                                    | $      | (2,154                | )                                     |   | $ | 3,012 |   |   | $ | 370,989 |   |   |   |   |
| Net income                                                                                                                  |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | 14,489                |   |                                                    |   | –               |                                  |   |   | 1,003 |   |   |   | 15,492 |   |   | $ | 15,492 |   |
| Issuance of common stock                                                                                                    |   |                                                                                                                             | 10,524,369            |   |                                                                              |   | 106             |                                                                     |   |   | 129,472                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | 129,578 |   |   |   | – |   |
| Restricted shares issued                                                                                                    |   |                                                                                                                             | 426,951               |   |                                                                              |   | 4               |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | 4 |   |   |   | – |   |
| Issuance of shares pursuant to deferred stock unit awards                                                                   |   |                                                                                                                             | 21,645                |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | – |   |   |   | – |   |
| Forfeitures of restricted shares and units                                                                                  |   |                                                                                                                             | (70,307               | )      |                                                                              |   | (1              | )                                                                        |   |   | (113                                                                                                                         | )      |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | (114 | ) |   |   | – |   |
| Equity-based compensation expense                                                                                           |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | 3,603                                                                                                                        |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | 3,603 |   |   |   | – |   |
| Dividend to non-controlling interest                                                                                        |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | (959 | ) |   |   | (959 | ) |   |   | – |   |
| Investment by non-controlling interest in India                                                                             |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | 1,621 |   |   |   | 1,621 |   |   |   | – |   |
| Loss from derivative instruments                                                                                            |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | (453                  | )                                     |   |   | – |   |   |   | (453 | ) |   |   | (453 | ) |
| Foreign currency translation adjustment                                                                                     |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | 3,632                 |                                  |   |   | 157 |   |   |   | 3,789 |   |   |   | 3,789 |   |
| Total comprehensive income                                                                                                  |   |                                                                                                                             |                  |   |                                                                              |   |            |                                                                     |   |   |                                                                                                                         |   |   |                                                                                    |                  |   |                                                    |   |                  |                                  |   |   |   |   |   |   |   |   |   |   | 18,828 |   |
| Less: total comprehensive income attributable to non-controlling interests                                                  |   |                                                                                                                             |                  |   |                                                                              |   |            |                                                                     |   |   |                                                                                                                         |   |   |                                                                                    |                  |   |                                                    |   |                  |                                  |   |   |   |   |   |   |   |   |   |   | (1,822 | ) |
| Total comprehensive income attributable to common stockholders                                                              |   |                                                                                                                             |                  |   |                                                                              |   |            |                                                                     |   |   |                                                                                                                         |   |   |                                                                                    |                  |   |                                                    |   |                  |                                  |   |   |   |   |   |   |   |   |   | $ |  17,006 |   |
| BALANCE, September 30, 2009                                                                                                 |   |                                                                                                                             | 38,880,443            |   |                                                                              | $      | 389             |                                                                     |   | $      | 242,197                                                                                                                      |   |   | $                                                                                       | 275,105               |   |                                                    | $      | 1,025                 |                                  |   | $ | 4,834 |   |   | $ | 523,550 |   |   |   |   |   |
|                                                                                                                        |   |                                                                                                                             |                  |   |                                                                              |   |            |                                                                     |   |   |                                                                                                                         |   |   |                                                                                    |                  |   |                                                    |   |                  |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE, December 31, 2009                                                                                                  |   |                                                                                                                             | 38,933,944            |   |                                                                              | $      | 389             |                                                                     |   | $      | 242,563                                                                                                                      |   |   | $                                                                                       | 286,787               |   |                                                    | $      | 8,313                 |                                  |   | $ | 5,470 |   |   | $ | 543,522 |   |   |   |   |   |
| Net income                                                                                                                  |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | 43,048                |   |                                                    |   | –               |                                  |   |   | 999 |   |   |   | 44,047 |   |   | $ | 44,047 |   |
| Issuance of common stock upon exercise of stock options, including a tax benefit of $0.3 million for stock option exercises |   |                                                                                                                             |     111,402 |   |                                                                              |   |     1 |                                                                     |   |   |     2,162                                                                                                          |   |   |                                                                                    |     – |   |                                                    |   |     – |                                  |   |   |     – |   |   |   |     2,163 |   |   |   |     – |   |
| Restricted shares issued                                                                                                    |   |                                                                                                                             | 183,900               |   |                                                                              |   | 2               |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | 2 |   |   |   | – |   |
| Issuance of shares pursuant to restricted stock unit awards                                                                 |   |                                                                                                                             | 25,740                |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | – |   |   |   | – |   |
| Issuance of shares pursuant to deferred stock unit awards                                                                   |   |                                                                                                                             | 9,231                 |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | – |   |   |   | – |   |
| Forfeiture of restricted shares                                                                                             |   |                                                                                                                             | (40,531               | )      |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | – |   |   |   | – |   |
| Equity based compensation expense                                                                                           |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | 5,249                                                                                                                        |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | – |   |   |   | 5,249 |   |   |   | – |   |
| Distribution to non-controlling interests                                                                                   |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | (398 | ) |   |   | (398 | ) |   |   | – |   |
| Investment of non-controlling interests                                                                                     |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | –               |                                  |   |   | 1,681 |   |   |   | 1,681 |   |   |   | – |   |
| Foreign currency translation adjustment                                                                                     |   |                                                                                                                             | –               |   |                                                                              |   | –         |                                                                     |   |   | –                                                                                                                      |   |   |                                                                                    | –               |   |                                                    |   | (4,832                | )                                     |   |   | 188 |   |   |   | (4,644 | ) |   |   | (4,644 | ) |
| Total comprehensive income                                                                                                  |   |                                                                                                                             |                  |   |                                                                              |   |            |                                                                     |   |   |                                                                                                                         |   |   |                                                                                    |                  |   |                                                    |   |                  |                                  |   |   |   |   |   |   |   |   |   |   | 39,403 |   |
| Less: total comprehensive income attributable to non-controlling interests                                                  |   |                                                                                                                             |                  |   |                                                                              |   |            |                                                                     |   |   |                                                                                                                         |   |   |                                                                                    |                  |   |                                                    |   |                  |                                  |   |   |   |   |   |   |   |   |   |   | (2,470 | ) |
| Total comprehensive income attributable to common stockholders                                                              |   |                                                                                                                             |                  |   |                                                                              |   |            |                                                                     |   |   |                                                                                                                         |   |   |                                                                                    |                  |   |                                                    |   |                  |                                  |   |   |   |   |   |   |   |   |   | $ |  36,933 |   |
| BALANCE, September 30, 2010                                                                                                 |   |                                                                                                                             | 39,223,686            |   |                                                                              | $      | 392             |                                                                     |   | $      | 249,974                                                                                                                      |   |   | $                                                                                       | 329,835               |   |                                                    | $      | 3,481                 |                                  |   | $ | 7,940 |   |   | $ | 591,622 |   |   |   |   |   |

----

|                                                                                    |   | For the Nine MonthsEnded September 30, |    |
|-----------------------------------------------------------------------------------------|--------|----------------------------------------|---------|
|                                                                                    |   |       2010    |    |   |       2009 |   |
|                                                                                    |   |                                   |    |   |   |   |
| Cash flows from operating activities:                                                   |   |                                   |    |   |   |   |
| Net income                                                                              |   | $                                      | 44,047  |   |   | $ | 15,492 |   |
| Loss from discontinued operations                                                       |   |                                   | 93      |   |   |   | 3,936 |   |
| Income from continuing operations                                                       |   |                                   | 44,140  |   |   |   | 19,428 |   |
| Adjustments to reconcile to net cash provided by operating activities:                  |   |                                   |    |   |   |   |   |   |
| Depreciation and amortization                                                           |   |                                   | 22,971  |   |   |   | 19,966 |   |
| (Gain) loss on sale of fixed assets                                                     |   |                                   | 19      |   |   |   | (171 | ) |
| Equity-based compensation expense                                                       |   |                                   | 5,227   |   |   |   | 3,603 |   |
| Deferred income taxes                                                                   |   |                                   | 2,329   |   |   |   | 641 |   |
| Dividend received, net of income from equity in earnings of affiliated companies        |   |                                   | 940     |   |   |   | 1,777 |   |
| Reversal of earnout                                                                     |   |                                   | (1,700  | ) |   |   | (1,600 | ) |
| Other                                                                                   |   |                                   | (889    | ) |   |   | 451 |   |
| Changes in operating assets and liabilities:                                            |   |                                   |    |   |   |   |   |   |
| Restricted cash                                                                         |   |                                   | 623     |   |   |   | (121 | ) |
| Receivables net, retainage and costs and estimated earnings in excess of billings       |   |                                   | (41,455 | ) |   |   | (11,707 | ) |
| Inventories                                                                             |   |                                   | (8,472  | ) |   |   | 403 |   |
| Prepaid expenses and other assets                                                       |   |                                   | (2,098  | ) |   |   | 9,636 |   |
| Accounts payable and accrued expenses                                                   |   |                                   | 7,017   |   |   |   | (8,889 | ) |
| Net cash provided by operating activities of continuing operations                      |   |                                   | 28,652  |   |   |   | 33,417 |   |
| Net cash provided by (used in) operating activities of discontinued operations          |   |                                   | (441    | ) |   |   | 1,632 |   |
| Net cash provided by operating activities                                               |   |                                   | 28,211  |   |   |   | 35,049 |   |
|                                                                                    |   |                                   |    |   |   |   |   |   |
| Cash flows from investing activities:                                                   |   |                                   |    |   |   |   |   |   |
| Capital expenditures                                                                    |   |                                   | (28,630 | ) |   |   | (15,833 | ) |
| Proceeds from sale of fixed assets                                                      |   |                                   | 381     |   |   |   | 916 |   |
| Proceeds from net foreign investment hedges                                             |   |                                   | – |   |   |   | 6,818 |   |
| Patent expenditures                                                                     |   |                                   | (1,176  | ) |   |   | (1,948 | ) |
| Purchase of Singapore licensee                                                          |   |                                   | (1,257  | ) |   |   | – |   |
| Purchase of Insituform-Hong Kong and Insituform-Australia                               |   |                                   | – |   |   |   | (278 | ) |
| Purchase of Bayou and Corrpro, net of cash acquired                                     |   |                                   | – |   |   |   | (209,714 | ) |
| Net cash used in investing activities of continuing operations                          |   |                                   | (30,682 | ) |   |   | (220,039 | ) |
| Net cash provided by investing activities of discontinued operations                    |   |                                   | – |   |   |   | 750 |   |
| Net cash used in investing activities                                                   |   |                                   | (30,682 | ) |   |   | (219,289 | ) |
|                                                                                    |   |                                   |    |   |   |   |   |   |
| Cash flows from financing activities:                                                   |   |                                   |    |   |   |   |   |   |
| Proceeds from issuance of common stock, including tax benefit of stock option exercises |   |                                   | 2,162   |   |   |   | 128,204 |   |
| Proceeds from notes payable                                                             |   |                                   | 597     |   |   |   | – |   |
| Principal payments on notes payable                                                     |   |                                   | (1,808  | ) |   |   | (2,438 | ) |
| Investments from noncontrolling interests                                               |   |                                   | 1,681   |   |   |   | – |   |
| Distribution to noncontrolling interests                                                |   |                                   | (398    | ) |   |   | – |   |
| Dividend paid to non-controlling interest                                               |   |                                   | – |   |   |   | (959 | ) |
| Principal payments on long-term debt                                                    |   |                                   | (7,500  | ) |   |   | (5,000 | ) |
| Proceeds from long-term debt                                                            |   |                                   | – |   |   |   | 50,000 |   |
| Net cash provided by (used in) financing activities                                     |   |                                   | (5,266  | ) |   |   | 169,807 |   |
| Effect of exchange rate changes on cash                                                 |   |                                   | (97     | ) |   |   | 5,775 |   |
| Net decrease in cash and cash equivalents for the period                                |   |                                   | (7,834  | ) |   |   | (8,658 | ) |
| Cash and cash equivalents, beginning of period                                          |   |                                   | 106,064 |   |   |   | 99,321 |   |
| Cash and cash equivalents, end of period                                                |   | $                                      | 98,230  |   |   | $ | 90,663 |   |

----

| 1.   | GENERAL |
|----------------|---------|

----

|                 |   | Nine Months Ended September 30, 2009 |    |
|----------------------|--------|--------------------------------------|---------|
|                 |   |                                 |    |
| Revenues             |   | $                                    | 564,253 |   |
| Net income (loss)(1) |   |                                 | (3,225  | ) |

| (1)   | Includes $9.7 million of expense items related to after-tax acquisition-related costs incurred by the Company, Bayou and Corrpro and $8.2 million of after-tax expenses related to mark-to-market of Corrpro warrants prior to the acquisition, early termination fees and the write-off of deferred financing fees related to previously outstanding Corrpro debt. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                     |   |       Bayou |    |   |       Corrpro |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|--------|----------------------------------------|--------|
| Cash                                                                                                                     |   | $                                    | 68      |   |                                   | $      | 14,186 |   |
| Receivables and cost and estimated earnings in excess of billings                                                        |   |                                 | 17,543  |   |                                   |   | 31,824 |   |
| Inventory                                                                                                                |   |                                 | 3,349   |   |                                   |   | 10,498 |   |
| Prepaid expenses and other current assets                                                                                |   |                                 | 556     |   |                                   |   | 2,886 |   |
| Property, plant and equipment                                                                                            |   |                                 | 50,816  |   |                                   |   | 14,966 |   |
| Identified intangible assets                                                                                             |   |                                 | 32,111  |   |                                   |   | 38,786 |   |
| Investments                                                                                                              |   |                                 | 21,286  |   |                                   |   | – |   |
| Other assets                                                                                                             |   |                                 | 59      |   |                                   |   | 11,169 |   |
|     Accounts payable, accrued expenses and billings in excess of cost    and estimated earnings |   |                                 | (8,191  | )      |                                   |   | (30,747 | ) |
| Other long-term liabilities                                                                                              |   |                                 | (8,002  | )      |                                   |   | (25,028 | ) |
| Total identifiable net assets                                                                                            |   | $                                    | 109,595 |   |                                   | $      | 68,540 |   |
|                                                                                                                     |   |                                 |    |   |                                   |   |   |   |
| Total consideration transferred                                                                                          |   | $                                    | 140,697 |   |                                   | $      | 91,549 |   |
| Less:  total identifiable net assets                                                                           |   |                                 | 109,595 |   |                                   |   | 68,540 |   |
| Goodwill at acquisition date                                                                                             |   | $                                    | 31,102  |   |                                   | $      | 23,009 |   |

----

|                                          |   | September 30,2010 |    |   | December 31, 2009 |   |
|-----------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| Beginning balance January 1,                  |   | $                 | 180.5   |   |              | $      | 123.0 |   |
| Additions to goodwill through acquisitions(1) |   |              | 1.6     |   |              |   | 57.5 |   |
| Other changes (2)                             |   |              | – |   |              |   | – |   |
| Goodwill at end of period                     |   | $                 | 182.1   |   |              | $      | 180.5 |   |

|  (1) | During 2010, the Company recorded goodwill of $1.6 million related to the acquisition of Insituform-Singapore. During 2009, the Company recorded goodwill of $54.1 million related to the acquisitions of Bayou and Corrpro and $3.4 million related to the acquisitions of its joint venture partner’s interests in Insituform-Australia and Insituform-Hong Kong. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (2) | The Company does not have any accumulated impairment charges. |
|-----------|---------------------------------------------------------------|

----

|   | • | determine whether the entity meets the criteria to qualify as a VIE; and |
|--------|---------|--------------------------------------------------------------------------|

|   | • | determine whether the Company is the primary beneficiary of the VIE. |
|--------|---------|----------------------------------------------------------------------|

|   | • | the design of the entity, including the nature of its risks and the purpose for which the entity was created, to determine the variability that the entity was designed to create and distribute to its interest holders; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the nature of the Company’s involvement with the entity; |
|--------|---------|----------------------------------------------------------------|

|   | • | whether control of the entity may be achieved through arrangements that do not involve voting equity; |
|--------|---------|-------------------------------------------------------------------------------------------------------|

|   | • | whether there is sufficient equity investment at risk to finance the activities of the entity; and |
|--------|---------|----------------------------------------------------------------------------------------------------|

|   | • | whether parties other than the equity holders have the obligation to absorb expected losses or the right to receive residual returns. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | whether the entity has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | whether the entity has the obligation to absorb losses of the entity that could potentially be significant to the variable interest entity or the right to receive benefits from the entity that could potentially be significant to the variable interest entity. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                          |   |     Three Months Ended           |       |   |     Nine Months Ended            |   |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|--------|-------------------------------------------------|--------|
|                                                                                                          |   |     September 30,                |       |   |     September 30,                |   |
|                                                                                                          |   |         2010 |       |   |         2009 |   |   |         2010 |   |   |         2009 |   |
| Weighted average number of common shares used for basic EPS                                                   |   |                                            | 39,060,076 |   |                                            |   | 38,482,480 |   |   |   | 39,032,698 |   |   |   | 36,665,437 |   |
| Effect of dilutive stock options and restricted stock subject to   performance restrictions         |   |                                            | 358,962    |   |                                            |   | 543,592 |   |   |   | 355,217 |   |   |   | 430,277 |   |
| Weighted average number of common shares and dilutive   potential common stock used in dilutive EPS |   |                                            | 39,419,038 |   |                                            |   | 39,026,072 |   |   |   | 39,387,915 |   |   |   | 37,095,714 |   |

----

|                      |   |                                  |   |   | As of September 30, 2010                                                                                                                                    |   |    | As of December 31, 2009                           |   |
|---------------------------|--------|---------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------------------------------------------------|--------|
|                      |   | Weighted Average Useful Lives (Years) |   |   |         Gross         Carrying         Amount |   |    |    Accumulated   Amortization |   |   |        Net        Carrying       Amount |   |   |        Gross        Carrying        Amount |   |   |    Accumulated   Amortization |   |   |         Net         Carrying        Amount |   |
|                      |   |                                  |   |   |                                                                                                                                                        |   |    |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| License agreements        |   |                                  | 10     |   |                                                                                                                                                        | $      | 3,894   |                                              |   | $ | (2,424 | ) |   | $ | 1,470 |   |   | $ | 3,894 |   |   | $ | (2,302 | ) |   | $ | 1,592 |   |
| Contract backlog          |   | <1                                 |   |   |                                                                                                                                                        | 3,010  |    |                                              |   | (2,981 | ) |   |   | 29 |   |   |   | 3,010 |   |   |   | (1,737 | ) |   |   | 1,273 |   |
| Leases                    |   |                                  | 20     |   |                                                                                                                                                        |   | 1,237   |                                              |   |   | (77 | ) |   |   | 1,160 |   |   |   | 1,237 |   |   |   | (44 | ) |   |   | 1,193 |   |
| Trademarks and tradenames |   |                                  | 18     |   |                                                                                                                                                        |   | 14,400  |                                              |   |   | (1,110 | ) |   |   | 13,290 |   |   |   | 14,400 |   |   |   | (569 | ) |   |   | 13,831 |   |
| Non-compete agreements    |   |                                  | 1      |   |                                                                                                                                                        |   | 740     |                                              |   |   | (506 | ) |   |   | 234 |   |   |   | 740 |   |   |   | (257 | ) |   |   | 483 |   |
| Customer relationships    |   |                                  | 15     |   |                                                                                                                                                        |   | 53,307  |                                              |   |   | (5,721 | ) |   |   | 47,586 |   |   |   | 53,307 |   |   |   | (3,276 | ) |   |   | 50,031 |   |
| Patents                   |   |                                  | 15     |   |                                                                                                                                                        |   | 25,349  |                                              |   |   | (14,665 | ) |   |   | 10,684 |   |   |   | 24,173 |   |   |   | (14,265 | ) |   |   | 9,908 |   |
|    Total   |   |                                  |   |   |                                                                                                                                                        | $      | 101,937 |                                              |   | $ | (27,484 | ) |   | $ | 74,453 |   |   | $ | 100,761 |   |   | $ | (22,450 | ) |   | $ | 78,311 |   |

| Estimated amortization expense:   |   |   |   |
|-----------------------------------|--------|--------|--------|
| For year ending December 31, 2010 |   | $      | 6,293  |   |
| For year ending December 31, 2011 |   |   | 4,623  |   |
| For year ending December 31, 2012 |   |   | 4,483  |   |
| For year ending December 31, 2013 |   |   | 4,478  |   |
| For year ending December 31, 2014 |   |   | 4,479  |   |

----

----

|                               |   |        Stock        Awards |    |   |      Weighted     Average     Award Date     Fair Value |   |
|------------------------------------|--------|----------------------------------------------------------------------------------------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|--------|
| Outstanding at January 1, 2010     |   |                                                                                   | 806,643 |   |                                                                                                                                    | $      | 13.64 |   |
| Restricted shares awarded          |   |                                                                                   | 183,900 |   |                                                                                                                                    |   | 22.86 |   |
| Restricted stock units awarded     |   |                                                                                   | 18,990  |   |                                                                                                                                    |   | 24.97 |   |
| Restricted shares distributed      |   |                                                                                   | (21,762 | )      |                                                                                                                                    |   | 12.89 |   |
| Restricted stock units distributed |   |                                                                                   | (25,740 | )      |                                                                                                                                    |   | 20.58 |   |
| Restricted shares forfeited        |   |                                                                                   | (40,531 | )      |                                                                                                                                    |   | 17.39 |   |
| Restricted stock units forfeited   |   |                                                                                   | (16,534 | )      |                                                                                                                                    |   | 13.73 |   |
| Outstanding at September 30, 2010  |   |                                                                                   | 904,966 |   |                                                                                                                                    | $      | 15.30 |   |

|                              |   |         Deferred        Stock        Units |    |   |     Weighted    Average    Award Date    Fair Value |   |
|-----------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------|-----------------------------------------------------------------------------------------------------------------|--------|
| Outstanding at January 1, 2010    |   |                                                                                                                                                | 147,374 |   |                                                                                                            | $      | 18.22 |   |
| Awarded                           |   |                                                                                                                                                | 25,175  |   |                                                                                                            |   | 26.10 |   |
| Shares distributed                |   |                                                                                                                                                | (9,231  | )      |                                                                                                            |   | 18.38 |   |
| Forfeited                         |   |                                                                                                                                                | – |   |                                                                                                            |   | – |   |
| Outstanding at September 30, 2010 |   |                                                                                                                                                | 163,318 |   |                                                                                                            | $      | 19.43 |   |

----

|                                         |   |             Shares |      |   |           Weighted          Average          Exercise           Price |   |
|----------------------------------------------|--------|---------------------------------------------------------------------------|-----------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Outstanding at January 1, 2010               |   |                                                                      | 1,167,640 |   |                                                                                                                                                                                                                                                           | $      | 17.71 |   |
| Granted                                      |   |                                                                      | 215,722   |   |                                                                                                                                                                                                                                                           |   | 22.87 |   |
| Exercised                                    |   |                                                                      | (111,402  | )      |                                                                                                                                                                                                                                                           |   | 16.70 |   |
| Cancelled/Expired                            |   |                                                                      | (49,994   | )      |                                                                                                                                                                                                                                                           |   | 25.66 |   |
| Outstanding at  September 30, 2010 |   |                                                                      | 1,221,966 |   |                                                                                                                                                                                                                                                           | $      | 18.44 |   |
| Exercisable at September 30, 2010            |   |                                                                      | 696,651   |   |                                                                                                                                                                                                                                                           | $      | 19.40 |   |

|                  |   | For the Nine Months Ended September 30,                                                   |   |
|-----------------------|--------|-------------------------------------------------------------------------------------------|--------|
|                  |   | 2010                                                                                      |   |   | 2009 |   |
|                  |   |               Range |   |   |         Weighted         Average |   |   |       Range |   |   |    Weighted   Average |   |
| Volatility            |   |                                                                                      | 50.4   | % |   |   | 50.4 | % |   |   | 49.5% – 50.1 | % |   |   | 50.1 | % |
| Expected term (years) |   |                                                                                      | 7.0    |   |   |   | 7.0 |   |   |   | 7.0 |   |   |   | 7.0 |   |
| Dividend yield        |   |                                                                                      | 0.0    | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |
| Risk-free rate        |   |                                                                                      | 3.1    | % |   |   | 3.1 | % |   |   | 2.5% – 3.2 | % |   |   | 2.5 | % |

----

----

|                       |   |        Total Fair Value        at September 30,         2010 |                  |   |    Quoted Prices in   Active Markets for    Identical Assets     (Level 1) |   |    |         Significant      Observable Inputs        (Level 2) |   |   |    Significant  Unobservable Inputs   (Level 3) |   |
|----------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------|--------|
|                       |   |                                                                                                                                                                  |                  |   |                                                                                                                              |   |    |                                                                                                                                                       |   |   |                                                                          |   |
| Liabilities                |   |                                                                                                                                                                  |                  |   |                                                                                                                              |   |    |                                                                                                                                                       |   |   |                                                                          |   |
| Forward Currency Contracts |   | $                                                                                                                                                                     | 23     |   |                                                                                                                              |   | – |                                                                                                                                                       |   | $      | 23                                                             |   |   |   | – |   |
| Interest Rate Swap         |   |                                                                                                                                                                  | 255    |   |                                                                                                                              |   | – |                                                                                                                                                       |   |   | 255                                                            |   |   |   | – |   |
| Total                      |   | $                                                                                                                                                                     | 278    |   |                                                                                                                              |   | – |                                                                                                                                                       |   | $      | 278                                                            |   |   |   | – |   |

|               |   |    Total Fair Value at   December 31, 2009 |                 |   |    Quoted Prices in   Active Markets for      Identical Assets      (Level 1) |   |    |       Significant     Observable Inputs      (Level 2) |   |   |    Significant   Unobservable Inputs   (Level 3) |   |
|--------------------|--------|---------------------------------------------------------------------|----------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------|--------|
|               |   |                                                                |                 |   |                                                                                                                                           |   |    |                                                                                                                         |   |   |                                                                           |   |
| Liabilities        |   |                                                                |                 |   |                                                                                                                                           |   |    |                                                                                                                         |   |   |                                                                           |   |
| Interest Rate Swap |   | $                                                                   | 97    |   |                                                                                                                                           |   | – |                                                                                                                         |   | $      | 97                                                              |   |   |   | – |   |
| Total              |   | $                                                                   | 97    |   |                                                                                                                                           |   | – |                                                                                                                         |   | $      | 97                                                              |   |   |   | – |   |

|                |     |   |                        |       |   | Weighted  |   |   |                                                |   |
|---------------------|----------|--------|-----------------------------|------------|--------|-----------|--------|--------|-----------------------------------------------------|--------|
|                |     |   |                        |       |   | Average   |   |   |                                                |   |
|                |     |   |                        |       |   | Remaining |   |   |         Average  |   |
|                |     |   |     Notional |       |   | Maturity  |   |   |         Exchange |   |
|                | Position |   |     Amount   |       |   | In Years  |   |   |         Rate     |   |
| Canadian Dollar/USD | Sell     |   | $                           | 1,700,000  |   |      |   | 0.1    |                                                |   |   | 1.03 |   |
| British Pound/USD   | Sell     |   | £                      | 300,000    |   |      |   | 0.8    |                                                |   |   | 1.57 |   |
| British Pound/Euro  | Sell     |   | £                      | 1,000,000  |   |      |   | 0.4    |                                                |   |   | 1.15 |   |
| Euro/British Pound  | Buy      |   | £                      | 180,000    |   |      |   | 0.2    |                                                |   |   | 1.15 |   |
| Interest Rate Swap  |     |   | $                           | 17,500,000 |   |      |   |   |                                                |   |   |   |   |

----

| Designation of Derivatives                        |   | Balance Sheet Location         |   |  September 30,    2010 |                      |   |   December 31,     2009 |   |
|---------------------------------------------------|--------|--------------------------------|--------|--------------------------------------------|---------------------------|--------|---------------------------------------------|--------|
| Derivatives Designated as Hedging Instruments     |   |                           |   |                                       |                      |   |                                        |   |
| Forward Currency Contracts                        |   | Other current assets           |   | $                                          | –    |   |                                        | $      | –   |   |
|                                              |   | Total Assets                   |   |                                       | –    |   |                                        |   | –   |   |
|                                              |   |                           |   |                                       |                      |   |                                        |   |   |   |
| Forward Currency Contracts                        |   | Other current liabilities      |   |                                       | 3               |   |                                        |   | –   |   |
| Interest Rate Swaps                               |   | Other long-term liabilities    |   |                                       | 255             |   |                                        |   | 97   |   |
|                                              |   | Total Liabilities              |   |                                       | 258             |   |                                        |   | 97   |   |
|                                              |   |                           |   |                                       |                      |   |                                        |   |   |   |
| Derivatives Not Designated as Hedging Instruments |   |                           |   |                                       |                      |   |                                        |   |   |   |
| Forward Currency Contracts                        |   | Other current liabilities      |   | $                                          | 20              |   |                                        | $      | –   |   |
|                                              |   | Total Derivative Assets        |   |                                       | –         |   |                                        |   | –   |   |
|                                              |   | Total Derivative Liabilities   |   |                                       | 278             |   |                                        |   | 97   |   |
|                                              |   | Total Net Derivative Liability |   | $                                          | 278             |   |                                        | $      | 97   |   |

|                     |   | Three MonthsEnded September 30,     |    |   | Nine MonthEnded September 30,       |   |
|--------------------------|--------|-------------------------------------|---------|--------|-------------------------------------|--------|
|                     |   |       2010 |    |   |       2009 |   |   |       2010 |   |   |       2009 |   |
| Revenues                 |   | $                                   | – |   |                                | $      | (2,909 | ) |   | $ | – |   |   | $ | (3,499 | ) |
| Gross loss               |   |                                | (16     | )      |                                |   | (3,141 | ) |   |   | (23 | ) |   |   | (3,792 | ) |
| Operating expenses       |   |                                | 8       |   |                                |   | 597 |   |   |   | 116 |   |   |   | 1,553 |   |
| Operating loss           |   |                                | (24     | )      |                                |   | (3,738 | ) |   |   | (139 | ) |   |   | (5,345 | ) |
| Loss before tax benefits |   |                                | (24     | )      |                                |   | (3,562 | ) |   |   | (139 | ) |   |   | (5,169 | ) |
| Tax benefits             |   |                                | (8      | )      |                                |   | (916 | ) |   |   | (46 | ) |   |   | (1,233 | ) |
| Net loss                 |   |                                | (16     | )      |                                |   | (2,646 | ) |   |   | (93 | ) |   |   | (3,936 | ) |

----

|                                                                                                                            |   |     September 30,         2010 |   |   |     December 31,        2009 |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------|--------|
|                                                                                                                            |   |                                                                             |   |   |                                                                           |   |
| Receivables, net                                                                                                                |   | $                                                                                | 21     |   |                                                                           | $      | 21 |   |
| Retainage                                                                                                                       |   |                                                                             | 647    |   |                                                                           |   | 647 |   |
| Costs and estimated earnings in excess of billings                                                                              |   |                                                                             | 521    |   |                                                                           |   | 521 |   |
| Property, plant and equipment, less accumulated depreciation                                                                    |   |                                                                             | 1,283  |   |                                                                           |   | 1,283 |   |
| Deferred income tax assets                                                                                                      |   |                                                                             | 2,757  |   |                                                                           |   | 3,000 |   |
|      Total assets                                                                                      |   | $                                                                                | 5,229  |   |                                                                           | $      | 5,472 |   |
|                                                                                                                            |   |                                                                             |   |   |                                                                           |   |   |   |
| Accounts payable and accrued expenses and billings      in excess of costs and estimated earnings |   | $                                                                                | 311    |   |                                                                           | $      | 339 |   |
| Deferred income tax liabilities                                                                                                 |   |                                                                             | 1,727  |   |                                                                           |   | 979 |   |
|      Total liabilities                                                                                 |   | $                                                                                | 2,038  |   |                                                                           | $      | 1,318 |   |

----

|                                      |   |       Three Months Ended      September 30, |    |   |       Nine Months Ended      September 30, |   |
|-------------------------------------------|--------|-----------------------------------------------------------------------------------------------|---------|--------|----------------------------------------------------------------------------------------------|--------|
|                                      |   |             2010                            |    |   |             2009                      |   |   |             2010 |   |   |             2009 |   |
|                                      |   |                                                                                          |    |   |                                                                                         |   |   |   |   |   |   |   |
| Revenues:                                 |   |                                                                                          |    |   |                                                                                         |   |   |   |   |   |   |   |
|  North American Sewer Rehabilitation |   | $                                                                                             | 107,347 |   |                                                                                         | $      | 94,858 |   |   | $ | 296,051 |   |   | $ | 259,049 |   |
|  European Sewer Rehabilitation       |   |                                                                                          | 15,929  |   |                                                                                         |   | 23,152 |   |   |   | 51,562 |   |   |   | 62,067 |   |
|  Asia-Pacific Sewer Rehabilitation   |   |                                                                                          | 8,983   |   |                                                                                         |   | 9,811 |   |   |   | 32,606 |   |   |   | 22,154 |   |
|  Water Rehabilitation                |   |                                                                                          | 4,445   |   |                                                                                         |   | 4,289 |   |   |   | 11,770 |   |   |   | 8,740 |   |
|  Energy and Mining                   |   |                                                                                          | 102,881 |   |                                                                                         |   | 69,742 |   |   |   | 276,970 |   |   |   | 161,050 |   |
| Total revenues                            |   | $                                                                                             | 239,585 |   |                                                                                         | $      | 201,852 |   |   | $ | 668,959 |   |   | $ | 513,060 |   |
|                                      |   |                                                                                          |    |   |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit (loss):                      |   |                                                                                          |    |   |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|  North American Sewer Rehabilitation |   | $                                                                                             | 24,019  |   |                                                                                         | $      | 24,082 |   |   | $ | 68,276 |   |   | $ | 64,915 |   |
|  European Sewer Rehabilitation       |   |                                                                                          | 4,831   |   |                                                                                         |   | 6,212 |   |   |   | 14,081 |   |   |   | 16,354 |   |
|  Asia-Pacific Sewer Rehabilitation   |   |                                                                                          | 2,973   |   |                                                                                         |   | 2,614 |   |   |   | 7,665 |   |   |   | 6,382 |   |
|  Water Rehabilitation                |   |                                                                                          | (10     | )      |                                                                                         |   | 220 |   |   |   | 808 |   |   |   | (35 | ) |
|  Energy and Mining                   |   |                                                                                          | 29,606  |   |                                                                                         |   | 19,994 |   |   |   | 78,468 |   |   |   | 44,095 |   |
| Total gross profit                        |   | $                                                                                             | 61,419  |   |                                                                                         | $      | 53,122 |   |   | $ | 169,298 |   |   | $ | 131,711 |   |
|                                      |   |                                                                                          |    |   |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss):                  |   |                                                                                          |    |   |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|  North American Sewer Rehabilitation |   | $                                                                                             | 12,006  |   |                                                                                         | $      | 10,322 |   |   | $ | 29,360 |   |   | $ | 25,844 |   |
|  European Sewer Rehabilitation       |   |                                                                                          | 1,363   |   |                                                                                         |   | 1,095 |   |   |   | 2,595 |   |   |   | 2,120 |   |
|  Asia-Pacific Sewer Rehabilitation   |   |                                                                                          | 690     |   |                                                                                         |   | 613 |   |   |   | 461 |   |   |   | 2,407 |   |
|  Water Rehabilitation                |   |                                                                                          | (497    | )      |                                                                                         |   | (334 | ) |   |   | (685 | ) |   |   | (2,371 | ) |
|  Energy and Mining(1) (2)            |   |                                                                                          | 13,393  |   |                                                                                         |   | 6,008 |   |   |   | 30,477 |   |   |   | 3,253 |   |
| Total operating income                    |   | $                                                                                             | 26,955  |   |                                                                                         | $      | 17,704 |   |   | $ | 62,208 |   |   | $ | 31,253 |   |

| (1)   | $6.6 million of acquisition and severance costs were included in the results of the Energy and Mining segment for the nine months ended September 30, 2009. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Bayou and Corrpro contributed $5.4 million of operating income to this segment in the nine-month period ended September 30, 2009 during the 222-day period following the Company’s acquisition of Bayou on February 20, 2009 and during the 183-day period following the Company’s acquisition of Corrpro on March 31, 2009. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                   |   |      Three Months Ended      September 30, |    |   |      Nine Months Ended     September 30, |   |
|----------------------------------------|--------|-----------------------------------------------------------------------------------------|---------|--------|----------------------------------------------------------------------------------|--------|
|                                   |   |           2010                                  |    |   |           2009                      |   |   |          2010 |   |   |          2009 |   |
|                                   |   |                                                                                    |    |   |                                                                             |   |   |   |   |   |   |   |
| Revenues:                              |   |                                                                                    |    |   |                                                                             |   |   |   |   |   |   |   |
|   United States              |   | $                                                                                       | 162,359 |   |                                                                             | $      | 130,677 |   |   | $ | 450,514 |   |   | $ | 345,553 |   |
|   Canada                     |   |                                                                                    | 37,932  |   |                                                                             |   | 28,827 |   |   |   | 98,430 |   |   |   | 63,469 |   |
|   Europe                     |   |                                                                                    | 20,313  |   |                                                                             |   | 27,966 |   |   |   | 62,076 |   |   |   | 68,649 |   |
|   Other foreign              |   |                                                                                    | 18,981  |   |                                                                             |   | 14,382 |   |   |   | 57,939 |   |   |   | 35,389 |   |
| Total revenues                         |   | $                                                                                       | 239,585 |   |                                                                             | $      | 201,852 |   |   | $ | 668,959 |   |   | $ | 513,060 |   |
|                                   |   |                                                                                    |    |   |                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit:                          |   |                                                                                    |    |   |                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   United States              |   | $                                                                                       | 37,734  |   |                                                                             | $      | 31,921 |   |   | $ | 107,956 |   |   | $ | 82,572 |   |
|   Canada                     |   |                                                                                    | 13,301  |   |                                                                             |   | 9,146 |   |   |   | 31,998 |   |   |   | 21,428 |   |
|   Europe                     |   |                                                                                    | 5,839   |   |                                                                             |   | 8,498 |   |   |   | 16,849 |   |   |   | 17,934 |   |
|   Other foreign              |   |                                                                                    | 4,545   |   |                                                                             |   | 3,557 |   |   |   | 12,495 |   |   |   | 9,777 |   |
| Total gross profit                     |   | $                                                                                       | 61,419  |   |                                                                             | $      | 53,122 |   |   | $ | 169,298 |   |   | $ | 131,711 |   |
|                                   |   |                                                                                    |    |   |                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Operating income:                      |   |                                                                                    |    |   |                                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   United States (1) (2) |   | $                                                                                       | 13,172  |   |                                                                             | $      | 8,188 |   |   | $ | 30,191 |   |   | $ | 9,589 |   |
|   Canada(3)                  |   |                                                                                    | 9,527   |   |                                                                             |   | 6,804 |   |   |   | 20,794 |   |   |   | 13,381 |   |
|   Europe(4)                  |   |                                                                                    | 2,225   |   |                                                                             |   | 1,693 |   |   |   | 5,810 |   |   |   | 3,945 |   |
|   Other foreign              |   |                                                                                    | 2,031   |   |                                                                             |   | 1,019 |   |   |   | 5,413 |   |   |   | 4,338 |   |
| Total operating income                 |   | $                                                                                       | 26,955  |   |                                                                             | $      | 17,704 |   |   | $ | 62,208 |   |   | $ | 31,253 |   |

| (1)   | $6.6 million of acquisition-related expenses were included in operating income of the United States region for the nine-month period ended September 30, 2009. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Bayou’s and Corrpro’s domestic operations contributed $2.0 million of operating income to this segment in the nine-month period ended September 30, 2009 during the 222-day period following the acquisition of Bayou by the Company on February 20, 2009 and during the 183-day period following the acquisition of Corrpro by the Company on March 31, 2009. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Corrpro’s Canadian operations contributed $4.5 million of operating income to this segment in the nine-month period ended September 30, 2009 during the 183-day period following the acquisition of Corrpro by the Company on March 31, 2009. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Corrpro’s European operations contributed $0.5 million of operating income to this segment in the nine-month period ended September 30, 2009 during the 183-day period following the acquisition of Corrpro by the Company on March 31, 2009. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                           |   |                                                  |    |   |                                                  |   |    | Increase (Decrease)        |   |
|--------------------------------------------------------------------------------|--------|-------------------------------------------------------|---------|--------|-------------------------------------------------------|--------|---------|----------------------------|--------|
|                                                                           |   |          2010 |    |   |          2009 |   |    |      $ |   |   |   |    % |   |
| Three Months Ended September 30,                                               |   |                                                  |    |   |                                                  |   |    |                       |   |   |   |   |   |
|  Revenues                                                                 |   | $                                                     | 239,585 |   |                                                  | $      | 201,852 |                       |   | $ | 37,733 |   |   |   | 18.7 | % |
|  Gross profit                                                             |   |                                                  | 61,419  |   |                                                  |   | 53,122  |                       |   |   | 8,297 |   |   |   | 15.6 |   |
|  Gross margin                                                             |   |                                                  | 25.6    | %      |                                                  |   | 26.3    | %                          |   |   | n/a |   |   |   | (0.7 | ) |
|  Operating expenses                                                       |   |                                                  | 34,464  |   |                                                  |   | 35,418  |                       |   |   | (954 | ) |   |   | (2.7 | ) |
|  Operating income                                                         |   |                                                  | 26,955  |   |                                                  |   | 17,704  |                       |   |   | 9,251 |   |   |   | 52.3 |   |
|  Operating margin                                                         |   |                                                  | 11.3    | %      |                                                  |   | 8.8     | %                          |   |   | n/a |   |   |   | 2.5 |   |
|  Net income from continuing operationsattributable to common stockholders |   |                                                  | 18,826  |   |                                                  |   | 11,793  |                       |   |   | 7,033 |   |   |   | 59.6 |   |
|                                                                           |   |                                                  |    |   |                                                  |   |    |                       |   |   |   |   |   |   |   |   |
| Nine Months Ended September 30,                                                |   |                                                  |    |   |                                                  |   |    |                       |   |   |   |   |   |   |   |   |
|  Revenues                                                                 |   | $                                                     | 668,959 |   |                                                  | $      | 513,060 |                       |   | $ | 155,899 |   |   |   | 30.4 | % |
|  Gross profit                                                             |   |                                                  | 169,298 |   |                                                  |   | 131,711 |                       |   |   | 37,587 |   |   |   | 28.5 |   |
|  Gross margin                                                             |   |                                                  | 25.3    | %      |                                                  |   | 25.7    | %                          |   |   | n/a |   |   |   | (0.4 | ) |
|  Operating expenses                                                       |   |                                                  | 107,090 |   |                                                  |   | 100,458 |                       |   |   | 6,632 |   |   |   | 6.6 |   |
|  Operating income                                                         |   |                                                  | 62,208  |   |                                                  |   | 31,253  |                       |   |   | 30,955 |   |   |   | 99.0 |   |
|  Operating margin                                                         |   |                                                  | 9.3     | %      |                                                  |   | 6.1     | %                          |   |   | n/a |   |   |   | 3.2 |   |
|  Net income from continuing operationsattributable to common stockholders |   |                                                  | 43,141  |   |                                                  |   | 18,425  |                       |   |   | 24,716 |   |   |   | 134.1 |   |

----

|                             |   |                                                                                |    |   |                                                                                |   |    |    Increase (Decrease)              |   |
|----------------------------------|--------|-------------------------------------------------------------------------------------|---------|--------|-------------------------------------------------------------------------------------|--------|---------|-----------------------------------------------|--------|
|                             |   |               2010 |    |   |               2009 |   |    |          $ |   |   |   |      % |   |
| Three Months Ended September 30, |   |                                                                                |    |   |                                                                                |   |    |                                          |   |   |   |   |   |
|  Revenue                    |   | $                                                                                   | 107,347 |   |                                                                                | $      | 94,858  |                                          |   | $ | 12,489 |   |   |   | 13.2 | % |
|  Gross profit               |   |                                                                                | 24,019  |   |                                                                                |   | 24,082  |                                          |   |   | (63 | ) |   |   | -0.3 |   |
|  Gross margin               |   |                                                                                | 22.4    | %      |                                                                                |   | 25.4    | %                                             |   |   | n/a |   |   |   | (3.0 | ) |
|  Operating expenses         |   |                                                                                | 12,013  |   |                                                                                |   | 13,760  |                                          |   |   | (1,747 | ) |   |   | (12.7 | ) |
|  Operating income           |   |                                                                                | 12,006  |   |                                                                                |   | 10,322  |                                          |   |   | 1,684 |   |   |   | 16.3 |   |
|  Operating margin           |   |                                                                                | 11.2    | %      |                                                                                |   | 10.9    | %                                             |   |   | n/a |   |   |   | 0.3 |   |
|                             |   |                                                                                |    |   |                                                                                |   |    |                                          |   |   |   |   |   |   |   |   |
| Nine Months Ended September 30,  |   |                                                                                |    |   |                                                                                |   |    |                                          |   |   |   |   |   |   |   |   |
|  Revenue                    |   | $                                                                                   | 296,051 |   |                                                                                | $      | 259,049 |                                          |   | $ | 37,002 |   |   |   | 14.3 | % |
|  Gross profit               |   |                                                                                | 68,276  |   |                                                                                |   | 64,915  |                                          |   |   | 3,361 |   |   |   | 5.2 |   |
|  Gross margin               |   |                                                                                | 23.1    | %      |                                                                                |   | 25.1    | %                                             |   |   | n/a |   |   |   | (2.0 | ) |
|  Operating expenses         |   |                                                                                | 38,916  |   |                                                                                |   | 39,071  |                                          |   |   | (155 | ) |   |   | (0.4 | ) |
|  Operating income           |   |                                                                                | 29,360  |   |                                                                                |   | 25,844  |                                          |   |   | 3,516 |   |   |   | 13.6 |   |
|  Operating margin           |   |                                                                                | 9.9     | %      |                                                                                |   | 10.0    | %                                             |   |   | n/a |   |   |   | (0.1 | ) |

----

|                             |   |                                                                    |   |   |                                                                    |   |   |     Increase (Decrease) |   |
|----------------------------------|--------|-------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|--------|----------------------------------------|--------|
|                             |   |             2010 |   |   |             2009 |   |   |        $      |   |   |   |     % |   |
| Three Months Ended September 30, |   |                                                                    |   |   |                                                                    |   |   |                                   |   |   |   |   |   |
|  Revenue                    |   | $                                                                       | 15,929 |   |                                                                    | $      | 23,152 |                                   |   | $ | (7,223 | ) |   |   | (31.2 | )% |
|  Gross profit               |   |                                                                    | 4,831  |   |                                                                    |   | 6,212  |                                   |   |   | (1,381 | ) |   |   | (22.2 | ) |
|  Gross margin               |   |                                                                    | 30.3   | %      |                                                                    |   | 26.8   | %                                      |   |   | n/a |   |   |   | 3.5 |   |
|  Operating expenses         |   |                                                                    | 3,468  |   |                                                                    |   | 5,117  |                                   |   |   | (1,649 | ) |   |   | (32.2 | ) |
|  Operating income           |   |                                                                    | 1,363  |   |                                                                    |   | 1,095  |                                   |   |   | 268 |   |   |   | 24.5 |   |
|  Operating margin           |   |                                                                    | 8.6    | %      |                                                                    |   | 4.7    | %                                      |   |   | n/a |   |   |   | 3.9 |   |
|                             |   |                                                                    |   |   |                                                                    |   |   |                                   |   |   |   |   |   |   |   |   |
| Nine Months Ended September 30,  |   |                                                                    |   |   |                                                                    |   |   |                                   |   |   |   |   |   |   |   |   |
|  Revenue                    |   | $                                                                       | 51,562 |   |                                                                    | $      | 62,067 |                                   |   | $ | (10,505 | ) |   |   | (16.9 | )% |
|  Gross profit               |   |                                                                    | 14,081 |   |                                                                    |   | 16,354 |                                   |   |   | (2,273 | ) |   |   | (13.9 | ) |
|  Gross margin               |   |                                                                    | 27.3   | %      |                                                                    |   | 26.3   | %                                      |   |   | n/a |   |   |   | 1.0 |   |
|  Operating expenses         |   |                                                                    | 11,486 |   |                                                                    |   | 14,234 |                                   |   |   | (2,748 | ) |   |   | (19.3 | ) |
|  Operating income           |   |                                                                    | 2,595  |   |                                                                    |   | 2,120  |                                   |   |   | 475 |   |   |   | 22.4 |   |
|  Operating margin           |   |                                                                    | 5.0    | %      |                                                                    |   | 3.4    | %                                      |   |   | n/a |   |   |   | 1.6 |   |

----

----

|                             |   |                                                                    |   |   |                                                                    |   |   |          Increase (Decrease) |   |
|----------------------------------|--------|-------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------|--------|
|                             |   |             2010 |   |   |             2009 |   |   |           $             |   |   |   |       % |   |
| Three Months Ended September 30, |   |                                                                    |   |   |                                                                    |   |   |                                                                 |   |   |   |   |   |
|  Revenue                    |   | $                                                                       | 8,983  |   |                                                                    | $      | 9,811  |                                                                 |   | $ | (828 | ) |   |   | (8.4 | ) |
|  Gross profit               |   |                                                                    | 2,973  |   |                                                                    |   | 2,614  |                                                                 |   |   | 359 |   |   |   | 13.7 |   |
|  Gross margin               |   |                                                                    | 33.1   | %      |                                                                    |   | 26.6   | %                                                                    |   |   | n/a |   |   |   | 6.5 |   |
|  Operating expenses         |   |                                                                    | 2,283  |   |                                                                    |   | 2,001  |                                                                 |   |   | 282 |   |   |   | 14.1 |   |
|  Operating income           |   |                                                                    | 690    |   |                                                                    |   | 613    |                                                                 |   |   | 77 |   |   |   | 12.6 |   |
|  Operating margin           |   |                                                                    | 7.7    | %      |                                                                    |   | 6.2    | %                                                                    |   |   | n/a |   |   |   | 1.5 |   |
|                             |   |                                                                    |   |   |                                                                    |   |   |                                                                 |   |   |   |   |   |   |   |   |
| Nine Months Ended September 30,  |   |                                                                    |   |   |                                                                    |   |   |                                                                 |   |   |   |   |   |   |   |   |
|  Revenue                    |   | $                                                                       | 32,606 |   |                                                                    | $      | 22,154 |                                                                 |   | $ | 10,452 |   |   |   | 47.2 | % |
|  Gross profit               |   |                                                                    | 7,665  |   |                                                                    |   | 6,382  |                                                                 |   |   | 1,283 |   |   |   | 20.1 |   |
|  Gross margin               |   |                                                                    | 23.5   | %      |                                                                    |   | 28.8   | %                                                                    |   |   | n/a |   |   |   | (5.3 | ) |
|  Operating expenses         |   |                                                                    | 7,204  |   |                                                                    |   | 3,975  |                                                                 |   |   | 3,229 |   |   |   | 81.2 |   |
|  Operating income           |   |                                                                    | 461    |   |                                                                    |   | 2,407  |                                                                 |   |   | (1,946 | ) |   |   | (80.8 | ) |
|  Operating margin           |   |                                                                    | 1.4    | %      |                                                                    |   | 10.9   | %                                                                    |   |   | n/a |   |   |   | (9.5 | ) |

----

|                             |   |                                                                          |   |   |                                                                          |   |   |       Increase (Decrease) |   |
|----------------------------------|--------|-------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------|--------|--------|----------------------------------------------------|--------|
|                             |   |              2010 |   |   |              2009 |   |   |         $            |   |   |   |        % |   |
| Three Months Ended September 30, |   |                                                                          |   |   |                                                                          |   |   |                                               |   |   |   |   |   |
|  Revenue                    |   | $                                                                             | 4,445  |   |                                                                          | $      | 4,289  |                                               |   | $ | 156 |   |   |   | 3.6 | % |
|  Gross profit (loss)        |   |                                                                          | (10    | )      |                                                                          |   | 220    |                                               |   |   | (230 | ) |   |   | (104.5 | ) |
|  Gross margin               |   |                                                                          | (0.2   | )%     |                                                                          |   | 5.1    | %                                                  |   |   | n/a |   |   |   | (5.3 | ) |
|  Operating expenses         |   |                                                                          | 487    |   |                                                                          |   | 554    |                                               |   |   | (67 | ) |   |   | (12.1 | ) |
|  Operating loss             |   |                                                                          | (497   | )      |                                                                          |   | (334   | )                                                  |   |   | (163 | ) |   |   | (48.8 | ) |
|  Operating margin           |   |                                                                          | (11.2  | )%     |                                                                          |   | (7.8   | )%                                                 |   |   | n/a |   |   |   | (3.4 | ) |
|                             |   |                                                                          |   |   |                                                                          |   |   |                                               |   |   |   |   |   |   |   |   |
| Nine Months Ended September 30,  |   |                                                                          |   |   |                                                                          |   |   |                                               |   |   |   |   |   |   |   |   |
|  Revenue                    |   | $                                                                             | 11,770 |   |                                                                          | $      | 8,740  |                                               |   | $ | 3,030 |   |   |   | 34.7 | % |
|  Gross profit (loss)        |   |                                                                          | 808    |   |                                                                          |   | (35    | )                                                  |   |   | 843 |   |   |   | 2408.6 |   |
|  Gross margin               |   |                                                                          | 6.9    | %      |                                                                          |   | (0.4   | )%                                                 |   |   | n/a |   |   |   | 7.3 |   |
|  Operating expenses         |   |                                                                          | 1,493  |   |                                                                          |   | 2,336  |                                               |   |   | (843 | ) |   |   | (36.1 | ) |
|  Operating loss             |   |                                                                          | (685   | )      |                                                                          |   | (2,371 | )                                                  |   |   | 1,686 |   |   |   | 71.1 |   |
|  Operating margin           |   |                                                                          | (5.8   | )%     |                                                                          |   | (27.1  | )%                                                 |   |   | n/a |   |   |   | 21.3 |   |

----

----

|                               |   |                                                              |    |   |                                                         |   |    |    Increase (Decrease)       |   |
|------------------------------------|--------|-------------------------------------------------------------------|---------|--------|--------------------------------------------------------------|--------|---------|----------------------------------------|--------|
|                               |   |            2010 |    |   |            2009 |   |    |        $ |   |   |   |       % |   |
| Three Months Ended September 30,   |   |                                                              |    |   |                                                         |   |    |                                   |   |   |   |   |   |
|  Revenue                      |   | $                                                                 | 102,881 |   |                                                         | $      | 69,742  |                                   |   | $ | 33,139 |   |   |   | 47.5 | % |
|  Gross profit                 |   |                                                              | 29,606  |   |                                                         |   | 19,994  |                                   |   |   | 9,612 |   |   |   | 48.1 |   |
|  Gross margin                 |   |                                                              | 28.8    | %      |                                                         |   | 28.7    | %                                      |   |   | n/a |   |   |   | 0.1 |   |
|  Operating expenses           |   |                                                              | 16,213  |   |                                                         |   | 13,986  |                                   |   |   | 2,227 |   |   |   | 15.9 |   |
|  Operating income             |   |                                                              | 13,393  |   |                                                         |   | 6,008   |                                   |   |   | 7,385 |   |   |   | 122.9 |   |
|  Operating margin             |   |                                                              | 13.0    | %      |                                                         |   | 8.6     | %                                      |   |   | n/a |   |   |   | 4.4 |   |
|                               |   |                                                              |    |   |                                                         |   |    |                                   |   |   |   |   |   |   |   |   |
| Nine Months Ended September 30,    |   |                                                              |    |   |                                                         |   |    |                                   |   |   |   |   |   |   |   |   |
|  Revenue                      |   | $                                                                 | 276,970 |   |                                                         | $      | 161,050 |                                   |   | $ | 115,920 |   |   |   | 72.0 | % |
|  Gross profit                 |   |                                                              | 78,468  |   |                                                         |   | 44,095  |                                   |   |   | 34,372 |   |   |   | 78.0 |   |
|  Gross margin                 |   |                                                              | 28.3    | %      |                                                         |   | 27.4    | %                                      |   |   | n/a |   |   |   | 0.9 |   |
|  Acquisition-related expenses |   |                                                              | (1,700  | )      |                                                         |   | 6,619   |                                   |   |   | (8,319 | ) |   |   | (125.7 | ) |
|  Operating expenses           |   |                                                              | 49,691  |   |                                                         |   | 34,223  |                                   |   |   | 15,468 |   |   |   | 45.2 |   |
|  Operating income             |   |                                                              | 30,477  |   |                                                         |   | 3,253   |                                   |   |   | 27,224 |   |   |   | 836.9 |   |
|  Operating margin             |   |                                                              | 11.0    | %      |                                                         |   | 2.0     | %                                      |   |   | n/a |   |   |   | 9.0 |   |

----

----

----

| Backlog                             |   |    September 30,      2010 |   |   |      June 30,      2010 |   |   |      March 31,      2010 |   |   |    December 31,      2009 |   |   | September 30,      2009 |   |
|-------------------------------------|--------|--------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|---------------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                |   |                                                               |   |   |                                                                 |   |   |                                                                  |   |   |                                                    |   |   |                                        |   |
| North American Sewer Rehabilitation |   | $                                                                  | 185.1  |   |                                                                 | $      | 206.6  |                                                                  |   | $      | 208.6                                                   |   |   | $                                           | 180.9  |   |   | $ | 183.8 |   |
| European Sewer Rehabilitation       |   |                                                               | 26.0   |   |                                                                 |   | 22.7   |                                                                  |   |   | 24.7                                                    |   |   |                                        | 37.2   |   |   |   | 40.7 |   |
| Asia-Pacific Sewer Rehabilitation   |   |                                                               | 81.3   |   |                                                                 |   | 76.0   |                                                                  |   |   | 73.3                                                    |   |   |                                        | 57.4   |   |   |   | 84.5 |   |
| Water Rehabilitation                |   |                                                               | 5.9    |   |                                                                 |   | 8.8    |                                                                  |   |   | 2.9                                                     |   |   |                                        | 7.7    |   |   |   | 7.5 |   |
| Energy and Mining                   |   |                                                               | 156.3  |   |                                                                 |   | 161.1  |                                                                  |   |   | 187.6                                                   |   |   |                                        | 180.2  |   |   |   | 151.2 |   |
| Total                               |   | $                                                                  | 454.6  |   |                                                                 | $      | 475.2  |                                                                  |   | $      | 497.1                                                   |   |   | $                                           | 463.4  |   |   | $ | 467.7 |   |

|                      |   |   September 30,  2010 |   |   |   December 31,  2009 |   |
|---------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                      |   | (in thousands)                  |   |
| Cash and cash equivalents |   | $                               | 98,230 |   |                           | $      | 106,064 |   |
| Restricted cash           |   |                            | 657    |   |                           |   | 1,339 |   |

----

----

----

| Payments Due by Period             |   |
|------------------------------------|--------|
| Cash Obligations(1)(2)(3)(4)(5)    |   |           Total |   |   |           2010 |   |   |           2011 |   |   |           2012 |   |   |           2013 |   |   |           2014 |   |   |         Thereafter |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt                     |   | $ | 104,087 |   |   | $ | 2,500 |   |   | $ | 10,000 |   |   | $ | 26,587 |   |   | $ | 65,000 |   |   | $ | - |   |   | $ | - |   |
| Interest on long-term debt         |   |   | 14,693 |   |   |   | 2,484 |   |   |   | 5,458 |   |   |   | 4,626 |   |   |   | 2,125 |   |   |   | - |   |   |   | - |   |
| Operating leases                   |   |   | 35,815 |   |   |   | 4,535 |   |   |   | 11,660 |   |   |   | 7,927 |   |   |   | 5,842 |   |   |   | 3,394 |   |   |   | 2,457 |   |
| Total contractual cash obligations |   | $ | 154,595 |   |   | $ | 9,519 |   |   | $ | 27,118 |   |   | $ | 39,140 |   |   | $ | 72,967 |   |   | $ | 3,394 |   |   | $ | 2,457 |   |

| (1)   | Cash obligations are not discounted. See Notes 5 and 7 to the unaudited consolidated financial statements contained in this report regarding our long-term debt and credit facility and commitments and contingencies, respectively. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | We borrowed the entire amount of the $50.0 million term loan upon inception, of which $35.0 million was outstanding at September 30, 2010. We also had $16.5 million for non-interest bearing letters of credit outstanding as of September 30, 2010, $12.5 million of which was collateral for insurance, $1.7 million of which was collateral for work performance obligations and $2.3 million of which was for security in support of working capital and performance bonding needs for our operations in India, Australia and Hong Kong. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Liabilities related to Financial Accounting Standards Board Accounting Standards Codification 740, Income Taxes, have not been included in the table above because we are uncertain as to if or when such amounts may be settled. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | There were no material purchase commitments at September 30, 2010. |
|-----------------|--------------------------------------------------------------------|

| (5)   | The Corrpro pension funding was excluded from this table as the amounts are immaterial. |
|-----------------|-----------------------------------------------------------------------------------------|

| ·   | significant underperformance of a segment relative to expected, historical or projected future operating results; |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | significant negative industry or economic trends; |
|--------------------|---------------------------------------------------|

| ·   | significant changes in the strategy for a segment including extended slowdowns in the sewer rehabilitation market; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------|

| ·   | a decrease in our market capitalization below our book value for an extended period of time. |
|--------------------|----------------------------------------------------------------------------------------------|

----

|                                          |   |         September 30,         2010 |    |   |         December 31,         2009 |   |
|-----------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|---------|--------|---------------------------------------------------------------------------------------------------------|--------|
| Beginning balance January 1,                  |   | $                                                                                                        | 180.5   |   |                                                                                                    | $      | 123.0 |   |
| Additions to goodwill through acquisitions(1) |   |                                                                                                     | 1.6     |   |                                                                                                    |   | 57.5 |   |
| Other changes (2)                             |   |                                                                                                     | – |   |                                                                                                    |   | – |   |
| Goodwill at end of period                     |   | $                                                                                                        | 182.1   |   |                                                                                                    | $      | 180.5 |   |

| (1) | During 2010, we recorded goodwill of $1.6 million related to the acquisition of Insituform-Singapore. During 2009, we recorded goodwill of $54.1 million related to the acquisitions of Bayou and Corrpro and $3.4 million related to the acquisition of our joint venture partner’s interests in Insituform-Australia and Insituform-Hong Kong. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | We do not have any accumulated impairment charges. |
|-----|----------------------------------------------------|

|                                |   |         September 30,         2010 |   |   |         December 31,         2009 |   |
|-------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------|--------|
| North American Sewer Rehabilitation |   | $                                                                                                        | 102.3  |   |                                                                                                    | $      | 102.3 |   |
| European Sewer Rehabilitation       |   |                                                                                                     | 19.8   |   |                                                                                                    |   | 19.8 |   |
| Asia-Pacific Sewer Rehabilitation   |   |                                                                                                     | 5.0    |   |                                                                                                    |   | 3.4 |   |
| Energy and Mining                   |   |                                                                                                     | 55.0   |   |                                                                                                    |   | 55.0 |   |
| Total goodwill                      |   | $                                                                                                        | 182.1  |   |                                                                                                    | $      | 180.5 |   |

----

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|   | INSITUFORM TECHNOLOGIES, INC.  |                                                           |
|--------|-------------------------------------|----------------------------------------------------------------|
|   |                                |                                                           |   |
|   | By:                                 | /s/  David A. Martin                                      |   |
|   |                                | David A. Martin                                                |   |
|   |                                | Senior Vice President and Chief Financial Officer              |   |
|   |                                | (Principal Financial Officer and Principal Accounting Officer) |   |

----

| 31.1 | Certification of J. Joseph Burgess pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|---------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification of David A. Martin pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|-------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification of J. Joseph Burgess pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification of David A. Martin pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|