EX-99.2 4 ex992guidance.htm AZZ GUIDANCE ex992guidance.htm



Exhibit 99.2
Unaudited Financial and Other Statistical Information for the Three and Nine Month Periods Ended November 30, 20009 and Guidance for Fiscal Year 2010


AZZ incorporated
Consolidated Statements of Income
(unaudited)

   
Three Months Ended
November 30, 2009
   
Nine Months
Ended
November 30, 2009
 
             
Net Sales
  $ 81,518,198     $ 272,167,391  
                 
Cost of Sales
    55,804,749       186,151,862  
                 
Selling, General and Administrative
    10,238,451       33,751,428  
Interest Expense
    1,728,621       5,146,184  
Net (Gain) Loss on Sale of Property, Plant and Equipment and Insurance Proceeds
    (47,688 )     (118,171 )
Other (Income) Expense, Net
    (82,108 )     (463,439 )
      67,642,025       224,467,864  
                 
Income Before Income Taxes
    13,876,173       47,699,527  
Income Tax Expense
    5,133,442       17,937,736  
                 
                 
Net Income
  $ 8,742,731     $ 29,761,791  
                 
Income Per Share:
               
   Basic
  $ .71     $ 2.43  
   Diluted
  $ .70     $ 2.39  




 
EX 99.2 - 1

 

Exhibit 99.2

AZZ incorporated
Consolidated Balance Sheet
 (unaudited)

Assets:
 
Period Ended
November 30, 2009
 
       
Current assets:
     
Cash and cash equivalents
  $ 98,433,494  
Accounts receivable
    50,254,637  
Allowance for doubtful accounts
 
<845,000>
 
Inventories
    44,971,596  
Costs and estimated earnings in excess of billings on uncompleted contracts
    6,955,941  
Deferred income taxes
    5,480,691  
Prepaid expenses and other
    1,947,910  
Total current assets
    207,199,269  
         
Net property, plant, and equipment
    89,686,130  
         
Goodwill, less accumulated amortization
    69,637,928  
         
Intangibles and Other Assets
    18,169,912  
         
    $ 384,423,239  
         
Liabilities and Shareholders’ Equity:
       
         
Current liabilities:
       
Accounts payable
  $ 15,149,292  
Accrued liabilities
    35,886,488  
Total current liabilities
    51,035,780  
         
Long-term debt due after one year
    100,000,000  
         
Deferred income taxes
    10,639,928  
         
         
Shareholders’ equity
    222,747,531  
         
    $ 384,423,239  


 
EX 99.2 - 2

 

Exhibit 99.2

AZZ incorporated
Condensed Consolidated Statement of Cash Flows
 (unaudited)


   
Period Ended
November 30, 2009
 
       
Net cash provide by operating activities
  $ 65,495,723  
         
Net cash used in investing activities
    (16,715,249 )
         
Net cash provided by (used in) financing activities
    2,143,535  
         
Effect of exchange rate changes on cash
    (48,266  )
         
Net (decrease) increase in cash and cash equivalents
    50,875,783  
         
Cash and cash equivalents at beginning of period
    47,557,711  
         
Cash and cash equivalents at end of period
  $ 98,433,494  


 
EX 99.2 - 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
November 30, 2009
   
Nine Months Ended
November 30, 2009
 
Net sales:
           
Electrical and Industrial Products
  $ 43,622     $ 154,576  
Galvanizing Services
    37,896       117,591  
      81,518       272,167  
                 
Segment operating income (a):
               
Electrical and Industrial Products
    9,109       31,715  
Galvanizing Services
    10,537       35,634  
      19,646       67,349  
                 
General corporate expenses (b)
    4,033       14,535  
Interest expense
    1,729       5,146  
Other (income) expense, net (c)
    9       (32 )
      5,771       19,649  
                 
Income Before Taxes
  $ 13,876     $ 47,700  
                 
                 
Total assets:
               
Electrical and Industrial Products
  $ 133,724     $ 133,724  
Galvanizing Services
    139255       139,255  
Corporate
    111,444       111,444  
    $ 384,423     $ 384,423  


(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.

 
EX 99.2 - 4

 

Exhibit 99.2

AZZ incorporated
Financial and Other Statistical Information
(unaudited)
($ in Thousands except per share amount)

   
Actual
Year to Date
November 30, 2009
   
Projected
Year Ended
February 28, 2010
 
Net Sales:
           
   Electrical and Industrial Products
  $ 154,576     $ 200,000 to $205,000  
   Galvanizing Services
  $ 117,591     $ 155,000 to $160,000  
        Total Sales
  $ 272,167     $ 355,000 to $365,000  
                 
Diluted earnings per share
  $ 2.38     $ 3.00 to $3.10  
                 
Net Sales by Market Segment:
               
  Power Generation
            18 %
  Transmission and Distribution
            37 %
  Industrial
            45 %
                 
Electrical and Industrial Products
               
Revenues by Industry:
               
  Power Generation
            22 %
  Transmission and Distribution
            49 %
  Industrial
            29 %
                 
Galvanizing Services
               
Revenues by Industry:
               
  Electrical and Telecommunications
            28 %
  OEM’s
            16 %
  Industrial
            27 %
  Bridge and Highway
            9 %
  Petro Chemical
            20 %
                 
Operating Margins:
               
   Electrical and Industrial Products
    20.5 %  
18% to 19%
 
   Galvanizing Services
    30.3 %  
29% to 30%
 
                 
Cash Provided By (Used In)Operations
  $ 65,496     $ 75,000  
Capital Expenditures
  $ 10,226     $ 14,000  
Depreciation and Amortization of Intangible Assets and Debt Issue Cost
  $ 12,986     $ 14,600  
Total Bank Debt
  $ 100,000     $ 100,000  
                 
Percent of Business By Segment:
               
   Electrical and Industrial Products
    57 %     58 %
   Galvanizing Services
    43 %     42 %



 
EX 99.2 - 5

 

Exhibit 99.2


AZZ incorporated
Financial and Other Statistical Information
(unaudited)
($ in Millions)


 
Period Ended
     
Backlog
2/28/09
  $ 174,831  
Bookings
      70,719  
Shipments
      95,492  
Backlog
5/31/09
  $ 150,058  
Book to Ship Ratio
      .74  
Bookings
      84,488  
Shipments
      95,157  
Backlog
8/31/09
  $ 139,389  
Book to Ship Ratio
      .89  
Bookings
      73,993  
Shipments
      81,518  
Backlog
11/30/09
  $ 131,834  
Book to Ship Ratio
      .91  


 
EX 99.2 - 6