Headwaters Incorporated Schedules Fiscal First Quarter 2012 Earnings Release and Conference Call

Headwaters Incorporated (NYSE: HW), a building products company
dedicated to improving lives through innovative advancements in
construction materials, will announce earnings results for the fiscal
first quarter ended December 30, 2011, before the market opens on
Tuesday, January 31, 2012. Following the release, Headwaters will host a
conference call with a simultaneous webcast at 11 a.m. Eastern/9 a.m.
Mountain Time to discuss the company′s financial results and business
outlook. The conference call will be conducted by Kirk A. Benson,
Chairman and Chief Executive Officer, and Donald P. Newman, Chief
Financial Officer. Also available on the call will be Bill Gehrmann,
President of Headwaters Resources, and David Ulmer, President of Tapco
International.

The call will be available live via the Internet by accessing the
company′s Web site at www.headwaters.com
and clicking on the Investor Relations section. To listen to the live
broadcast, please go to the web site at least 15 minutes early to
register, download and install any necessary audio software. Please note
there will also be a short slide presentation that will accompany the
webcast.

For those who cannot listen to the live broadcast, an online replay will
be available for 90 days on www.headwaters.com,
or a phone replay will be available through February 7, 2012, by dialing
800-406-7325 or 303-590-3030 and entering the pass code 4509851.

About Headwaters Incorporated

Headwaters Incorporated is improving lives through innovative
advancements in construction materials through application, design and
purpose. Headwaters is a diversified growth company providing products,
technologies and services to the heavy construction materials, light
building products and energy technology industries.Through its
coal combustion products, building products and energy businesses, the
Company has been able to improve sustainability by transforming
underutilized resources into valuable products.www.headwaters.com

Forward-Looking Statements

Certain statements contained in this press release are
forward-looking statements within the meaning of federal securities laws
and Headwaters intends that such forward-looking statements be subject
to the safe-harbor created thereby.Forward-looking statements
include Headwaters′ expectations as to the managing and marketing of
coal combustion products; the production and marketing of buildingproducts;
the production and marketing of cleaned coal; the licensing of residue
hydrocracking technology and catalyst sales to oil refineries; the
availability of refined coal tax credits; the development,
commercialization and financing of new technologies and other strategic
business opportunities and acquisitions; and other information about
Headwaters. Such statements that are not purely historical by nature,
including those statements regarding Headwaters′ future business plans,
the operation of facilities, the availability of feedstocks and the
marketability of the coal combustion products, building products,
cleaned coal, catalysts and the availability of tax credits, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 regarding future events and our future
results that are based on current expectations, estimates, forecasts,
and projections about the industries in which we operate and the beliefs
and assumptions of our management.Actual results may vary
materially from such expectations.Words such as 'may,? 'should,?
'intends,? 'plans,? 'expects,? 'anticipates,? 'targets,? 'goals,?
'projects,? 'believes,? 'seeks,? 'estimates,? 'forecasts,? or variations
of such words and similar expressions, or the negative of such terms,
may help identify such forward-looking statements.Any statements
that refer to projections of our future financial performance, our
anticipated growth and trends in our businesses, and other
characterizations of future events or circumstances, are
forward-looking. In addition to matters affecting the coal combustion
products, building products, and energy industries or the economy
generally, factors that could cause actual results to differ from
expectations stated in forward-looking statements include, among others,
the factors described in the caption entitled 'Risk Factors? in Item 1A
in Headwaters′ Annual Report on Form 10-K for the fiscal year ended
September 30, 2011, Quarterly Reports on Form 10-Q, and other periodic
filings and prospectuses.

Although Headwaters believes that its expectations are based on
reasonable assumptions within the bounds of its knowledge of its
business and operations, there can be no assurance that our results of
operations will not be adversely affected by such factors.Unless
legally required, we undertake no obligation to revise or update any
forward-looking statements for any reason.Readers are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Our internet address is www.headwaters.com.
There we make available, free of charge, our annual report on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K and any
amendments to those reports, as soon as reasonably practicableafter
we electronically file such material with, or furnish it to, the SEC.Our reports can be accessed through the investor relations section of
our web site.

Headwaters Incorporated

Sharon Madden, 801-984-9400

Vice
President of Investor Relations

or

Analyst Contact:

Financial
Profiles

Tricia Ross, 916-939-7285