AZZ INC - FORM 8-K - EX-99.2 - Q3 OTHER FIN INFORMATION

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8-K - FORM 8K Q3 EARNINGS RELEASE AND OTHER INFO - AZZ INC	form8kq3earnings.htm
EX-99.1 - Q3 EARNINGS RELEASE - AZZ INC	ex991q3earningsrelease.htm

Exhibit 99.2

Unaudited Financial and Other Statistical Information for the Three and Nine Month Periods Ended November 30, 2011 and Guidance for Fiscal Year 2012

AZZ incorporated

Consolidated Statements of Income

(unaudited)

	Three Months Ended November 30, 2011			Nine Months Ended November 30, 2011

Net Sales	$	116,492,703		$	345,486,904

Cost of Sales		85,685,729			253,230,966

Selling, General and Administrative		11,320,064			36,109,841
Interest Expense		3,518,978			10,453,156
Net (Gain) Loss on Sale of Property, Plant and Equipment and Insurance Proceeds		(7,101	)		163,777
Other (Income) Expense, Net		(192,569	)		(1,224,927	)
		100,325,101			298,732,813

Income Before Income Taxes		16,167,602			46,754,091
Income Tax Expense		6,146,684			17,661,951


Net Income	$	10,020,918		$	29,092,140

Income Per Share:
Basic	$	.80		$	2.32
Diluted	$	.79		$	2.30

Exhibit 99.2

AZZ incorporated

Consolidated Balance Sheet

(unaudited)

Assets:	Period Ended November 30, 2011

Current assets:
Cash and cash equivalents	$	160,098,553
Accounts receivable		65,454,139
Inventories		64,661,493
Costs and estimated earnings in excess of billings on uncompleted contracts		14,048,240
Deferred income taxes		6,359,213
Prepaid expenses and other		2,397,618
Total current assets		313,019,256

Net property, plant, and equipment		127,090,526

Goodwill, less accumulated amortization		112,902,427

Intangibles and Other Assets		40,653,502

	$	593,665,711

Liabilities and Shareholders’ Equity:

Current liabilities:
Accounts payable	$	24,292,558
Accrued liabilities		50,583,328
Total current liabilities		74,875,886

Long-term debt due after one year		210,714,286

Deferred income taxes		30,170,642


Shareholders’ equity		277,904,897

	$	593,665,711

Exhibit 99.2

AZZ incorporated

Condensed Consolidated Statement of Cash Flows

(unaudited)

	Period Ended November 30, 2011

Net cash provide by operating activities	$	46,831,620

Net cash used in investing activities		(16,070,562	)

Net cash provided by (used in) financing activities		(9,220,692	)

Effect of exchange rate changes on cash		168,350

Net (decrease) increase in cash and cash equivalents		21,708,716

Cash and cash equivalents at beginning of period		138,389,837

Cash and cash equivalents at end of period	$	160,098,553

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 November 30, 2011			Nine Months Ended November 30, 2011
Net sales:
Electrical and Industrial Products	$	43,849		$	136,518
Galvanizing Services		72,644			208,969
		116,493			345,487

Segment operating income (a):
Electrical and Industrial Products		5,719			18,214
Galvanizing Services		18,555			54,431
		24,274			72,645

General corporate expenses (b)		4,662			15,778
Interest expense		3,519			10,453
Other (income) expense, net (c)		(75	)		(340	)
		8,106			25,891

Income Before Taxes	$	16,168		$	46,754


Total assets:
Electrical and Industrial Products	$	136,008		$	136,008
Galvanizing Services		283,141			283,141
Corporate		174,517			174,517
	$	593,666		$	593,666

(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 November 30, 2011			Projected Year Ended February 29, 2012
Net Sales:
Electrical and Industrial Products	$	136,518		$	190,000 to $195,000
Galvanizing Services	$	208,969		$	275,000 to $280,000
Total Sales	$	345,487		$	465,000 to $475,000

Diluted earnings per share	$	2.30		$	3.00 to $3.15

Net Sales by Market Segment:
Power Generation					21	%
Transmission and Distribution					25	%
Industrial					54	%

Electrical and Industrial Products
Revenues by Industry:
Power Generation					35	%
Transmission and Distribution					42	%
Industrial					23	%

Galvanizing Services
Revenues by Industry:
Electrical and Telecommunications					30	%
OEM’s					18	%
Industrial					32	%
Bridge and Highway					10	%
Petro Chemical					10	%

Operating Margins:
Electrical and Industrial Products		13.3	%	13% to 15%
Galvanizing Services		26.1	%	25% to 27%

Cash Provided By (Used In)Operations	$	46,832		$	55,000
Capital Expenditures	$	16,344		$	23,000
Depreciation and Amortization of Intangible Assets and Debt Issue Cost	$	16,870		$	21,000
Total Bank Debt	$	225,000		$	225,000

Cash Dividend	$	9,420		$	12,700

Percent of Business By Segment:
Electrical and Industrial Products		40	%		41	%
Galvanizing Services		60	%		59	%

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
Bookings			123,097
Shipments			114,661
Backlog	8/31/11	$	123,179
Book to Ship Ratio			1.07
Bookings		$	125,381
Shipments			116,493
Backlog	11/30/11	$	132,067
Book to Ship Ratio			1.08

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