AZZ INC - FORM 8-K - EX-99.2 - FINANCIAL AND OTHER STATISTICAL INFO

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file	filename
EX-99.1 - EARNINGS RELEASE - AZZ INC	ex991earnings.htm
8-K - FORM 8 K AZZ FYE11 EARNINGS AND GUIDANCE - AZZ INC	fye11earningsandguidance.htm

Exhibit 99.2

Unaudited Financial and Other Statistical Information for the Three and Twelve Month Periods Ended February 28, 2011 and Guidance for Fiscal Year 2012

AZZ incorporated

Consolidated Statements of Income

(unaudited)

	Three Months Ended February 28, 2011			Twelve Months Ended February 28, 2011

Net Sales	$	100,686,247			380,649,407

Cost of Sales		73,304,384			273,006,712

Selling, General and Administrative		11,222,128			46,645,119
Interest Expense		2,484,151			7,730,556
Net (Gain) Loss on Sale of Property, Plant and Equipment and Insurance Proceeds		(24,441	)		(75,054	)
Other (Income) Expense, Net		(598,727	)		(1,615,942	)
		86,387,495			325,691,391

Income Before Income Taxes		14,298,752			54,958,016
Income Tax Expense		5,073,897			19,995,375


Net Income	$	9,224,855		$	34,962,641

Income Per Share:
Basic	$	.74		$	2.81
Diluted	$	.73		$	2.77

Exhibit 99.2

AZZ incorporated

Consolidated Balance Sheet

(unaudited)

Assets:	Period Ended February 28, 2011

Current assets:
Cash and cash equivalents	$	138,389,837
Accounts receivable		62,665,377
Allowance for doubtful accounts	<720,000>
Inventories		59,552,392
Costs and estimated earnings in excess of billings on uncompleted contracts		15,880,092
Deferred income taxes		7,003,167
Prepaid expenses and other		1,248,270
Total current assets		284,019,135

Net property, plant, and equipment		125,361,635

Goodwill, less accumulated amortization		113,463,436

Intangibles and Other Assets		43,680,635

	$	566,524,841

Liabilities and Shareholders’ Equity:

Current liabilities:
Accounts payable	$	21,713,896
Accrued liabilities		36,472,334
Total current liabilities		58,186,230

Long-term debt due after one year		225,000,000

Deferred income taxes		27,320,738


Shareholders’ equity		256,017,873

	$	566,524,841

Exhibit 99.2

AZZ incorporated

Condensed Consolidated Statement of Cash Flows

(unaudited)

	Period Ended February 28, 2011

Net cash provide by operating activities	$	42,085,355

Net cash used in investing activities		(120,266,987	)

Net cash provided by (used in) financing activities		106,089,395

Effect of exchange rate changes on cash		(124,955	)

Net (decrease) increase in cash and cash equivalents		27,782,808

Cash and cash equivalents at beginning of period		110,607,029

Cash and cash equivalents at end of period	$	138,389,837

Exhibit 99.2

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousands)

Information regarding operations and assets by segment is as follows:

	Three Months Ended February 28, 2011			Twelve Months Ended February 28, 2011
Net sales:
Electrical and Industrial Products	$	43,620		$	162,600
Galvanizing Services		57,066			218,049
		100,686			380,649

Segment operating income (a):
Electrical and Industrial Products		6,739			27,072
Galvanizing Services		14,830			56,965
		21,569			84,037

General corporate expenses (b)		4,895			21,492
Interest expense		2,485			7,731
Other (income) expense, net (c)		(110	)		(144	)
		6,910			29,079

Income Before Taxes	$	14,299		$	54,958


Total assets:
Electrical and Industrial Products	$	136,381		$	136,381
Galvanizing Services		277,366			277,366
Corporate		152,778			152,778
	$	566,525		$	566,525

(a) Segment operating income consists of net sales less cost of sales, specifically identifiable general and administrative expenses, specifically identifiable selling expenses and other income and expense items that are specifically identifiable to a segment.

(b) General corporate expense consists of selling, general and administrative expense that are not specifically identifiable to a segment.

(c) Other (income) expense, net includes gains and losses on sale of property, plant and equipment and other (income) expense not specifically identifiable to a segment.

Exhibit 99.2

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousands except per share amount)

	Actual Year to Date February 28, 2011			Projected Year Ended February 29, 2012
Net Sales:
Electrical and Industrial Products	$	162,600		$	170,000 to $185,000
Galvanizing Services	$	218,049		$	225,000 to $265,000
Total Sales	$	380,649		$	425,000 to $450,000

Diluted earnings per share	$	2.77		$	2.70 to $3.05

Net Sales by Market Segment:
Power Generation					19	%
Transmission and Distribution					27	%
Industrial					54	%

Electrical and Industrial Products
Revenues by Industry:
Power Generation					29	%
Transmission and Distribution					49	%
Industrial					22	%

Galvanizing Services
Revenues by Industry:
Electrical and Telecommunications					30	%
OEM’s					15	%
Industrial					35	%
Bridge and Highway					10	%
Petro Chemical					10	%

Operating Margins:
Electrical and Industrial Products		16.7	%	13% to 15%
Galvanizing Services		26.1	%	25% to 27%

Cash Provided By (Used In)Operations	$	42,085		$	50,000
Capital Expenditures	$	16,411		$	23,000
Depreciation and Amortization of Intangible Assets and Debt Issue Cost	$	22,166		$	21,000
Total Bank Debt	$	225,000		$	225,000

Cash Dividend	$	12,467		$	12,700

Percent of Business By Segment:
Electrical and Industrial Products		43	%		40	%
Galvanizing Services		57	%		60	%

Exhibit 99.2

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Millions)

	Period Ended
Backlog	2/28/10	$	109,918
Bookings			78,603
Shipments			77,475
Backlog	5/31/10	$	111,046
Book to Ship Ratio			1.01
Bookings			95,033
Shipments			99,591
Backlog	8/31/10	$	106,488
Book to Ship Ratio			.95
Bookings			98,096
Shipments			102,897
Backlog	11/30/10	$	101,687
Book to Ship Ratio			.95
Bookings			107,379
Shipments			100,687
Backlog	2/28/11	$	108,379
Book to Ship Ratio			1.07

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