Attached files
| file | filename |
|---|---|
| 8-K - AZZ FINANCIAL RELEASE AND GUIDANCE - AZZ INC | form8kfy12q1guidance.htm |
| EX-99.1 - AZZ EARNINGS RELEASE FY12 Q1 - AZZ INC | fy12q1earningsrelease.htm |
Exhibit 99.2
Unaudited Financial and Other Statistical Information for the Three Month Period Ended May 31, 2011 and Guidance for Fiscal Year 2012
AZZ incorporated
Consolidated Statements of Income
(unaudited)
|
Three Months Ended
May 31, 2011
|
||||
|
Net Sales
|
$ | 114,332,931 | ||
|
Cost of Sales
|
83,264,145 | |||
|
Selling, General and Administrative
|
13,049,354 | |||
|
Interest Expense
|
3,470,539 | |||
|
Net (Gain) Loss on Sale of Property, Plant and Equipment and Insurance Proceeds
|
231,009 | |||
|
Other (Income) Expense, Net
|
(647,429 | ) | ||
| 99,367,618 | ||||
|
Income Before Income Taxes
|
14,965,313 | |||
|
Income Tax Expense
|
5,500,112 | |||
|
Net Income
|
$ | 9,465,201 | ||
|
Income Per Share:
|
||||
|
Basic
|
$ | .75 | ||
|
Diluted
|
$ | .75 | ||
1
Exhibit 99.2
AZZ incorporated
Consolidated Balance Sheet
(unaudited)
|
Assets:
|
Period Ended
May 31, 2011
|
|||
|
Current assets:
|
||||
|
Cash and cash equivalents
|
$ | 140,400,271 | ||
|
Accounts receivable
|
61,313,122 | |||
|
Allowance for doubtful accounts
|
(800,000
|
) | ||
|
Inventories
|
61,256,909 | |||
|
Costs and estimated earnings in excess of billings on uncompleted contracts
|
16,940,092 | |||
|
Deferred income taxes
|
6,750,849 | |||
|
Prepaid expenses and other
|
3,602,324 | |||
|
Total current assets
|
289,463,567 | |||
|
Net property, plant, and equipment
|
124,814,981 | |||
|
Goodwill, less accumulated amortization
|
113,529,150 | |||
|
Intangibles and Other Assets
|
42,770,571 | |||
| $ | 570,578,269 | |||
|
Liabilities and Shareholders’ Equity:
|
||||
|
Current liabilities:
|
||||
|
Accounts payable
|
$ | 23,655,683 | ||
|
Accrued liabilities
|
45,306,168 | |||
|
Total current liabilities
|
68,961,851 | |||
|
Long-term debt due after one year
|
210,714,286 | |||
|
Deferred income taxes
|
27,204,282 | |||
|
Shareholders’ equity
|
263,697,850 | |||
| $ | 570,578,269 | |||
2
Exhibit 99.2
AZZ incorporated
Condensed Consolidated Statement of Cash Flows
(unaudited)
|
Period Ended
May 31, 2011
|
||||
|
Net cash provide by operating activities
|
$ | 9,669,834 | ||
|
Net cash used in investing activities
|
(4,557,578 | ) | ||
|
Net cash provided by (used in) financing activities
|
(3,096,296 | ) | ||
|
Effect of exchange rate changes on cash
|
(5,526 | ) | ||
|
Net (decrease) increase in cash and cash equivalents
|
2,010,434 | |||
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Cash and cash equivalents at beginning of period
|
138,389,837 | |||
|
Cash and cash equivalents at end of period
|
$ | 140,400,271 | ||
3
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
May 31, 2011
|
||||
|
Net sales:
|
||||
|
Electrical and Industrial Products
|
$ | 48,266 | ||
|
Galvanizing Services
|
66,067 | |||
| 114,333 | ||||
|
Segment operating income (a):
|
||||
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Electrical and Industrial Products
|
7,414 | |||
|
Galvanizing Services
|
17,121 | |||
| 24,535 | ||||
|
General corporate expenses (b)
|
6,233 | |||
|
Interest expense
|
3,471 | |||
|
Other (income) expense, net (c)
|
(134 | ) | ||
| 9,570 | ||||
|
Income Before Taxes
|
$ | 14,965 | ||
|
Total assets:
|
||||
|
Electrical and Industrial Products
|
$ | 135,797 | ||
|
Galvanizing Services
|
278,761 | |||
|
Corporate
|
156,020 | |||
| $ | 570,578 | |||
(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.
4
Exhibit 99.2
AZZ incorporated
Financial and Other Statistical Information
(unaudited)
($ in Thousands except per share amount)
|
Actual
Year to Date
May 31, 2011
|
Projected
Year Ended
February 29, 2012
|
|||||||
|
Net Sales:
|
||||||||
|
Electrical and Industrial Products
|
$ | 48,266 | $ | 185,000 to $195,000 | ||||
|
Galvanizing Services
|
$ | 66,067 | $ | 265,000 to $280,000 | ||||
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Total Sales
|
$ | 114,333 | $ | 450,000 to $475,000 | ||||
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Diluted earnings per share
|
$ | .75 | $ | 2.90 to $3.10 | ||||
|
Net Sales by Market Segment:
|
||||||||
|
Power Generation
|
20 | % | ||||||
|
Transmission and Distribution
|
26 | % | ||||||
|
Industrial
|
54 | % | ||||||
|
Electrical and Industrial Products
|
||||||||
|
Revenues by Industry:
|
||||||||
|
Power Generation
|
32 | % | ||||||
|
Transmission and Distribution
|
45 | % | ||||||
|
Industrial
|
23 | % | ||||||
|
Galvanizing Services
|
||||||||
|
Revenues by Industry:
|
||||||||
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Electrical and Telecommunications
|
30 | % | ||||||
|
OEM’s
|
18 | % | ||||||
|
Industrial
|
32 | % | ||||||
|
Bridge and Highway
|
10 | % | ||||||
|
Petro Chemical
|
10 | % | ||||||
|
Operating Margins:
|
||||||||
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Electrical and Industrial Products
|
15.4 | % |
13% to 15
|
% | ||||
|
Galvanizing Services
|
25.9 | % |
25% to 27
|
% | ||||
|
Cash Provided By (Used In)Operations
|
$ | 9,670 | $ | 50,000 | ||||
|
Capital Expenditures
|
$ | 4,558 | $ | 23,000 | ||||
|
Depreciation and Amortization of Intangible Assets and Debt Issue Cost
|
$ | 5,800 | $ | 21,000 | ||||
|
Total Bank Debt
|
$ | 225,000 | $ | 225,000 | ||||
|
Cash Dividend
|
$ | 3,136 | $ | 12,700 | ||||
|
Percent of Business By Segment:
|
||||||||
|
Electrical and Industrial Products
|
42 | % | 41 | % | ||||
|
Galvanizing Services
|
58 | % | 59 | % | ||||
5
Exhibit 99.2
AZZ incorporated
Financial and Other Statistical Information
(unaudited)
($ in Millions)
|
Period Ended
|
|||||
|
Backlog
|
2/28/11
|
$ | 108,379 | ||
|
Bookings
|
120,697 | ||||
|
Shipments
|
114,333 | ||||
|
Backlog
|
5/31/11
|
$ | 114,743 | ||
|
Book to Ship Ratio
|
1.06 | ||||
6