EX-99.2 4 ex992guidance.htm FY 12 ACTUAL AND FY13 GUIDANCE ex992guidance.htm

Exhibit 99.2
Unaudited Financial and Other Statistical Information for the Three and Twelve Month Periods Ended February 29, 2012 and Guidance for Fiscal Year 2013


AZZ incorporated
Consolidated Statements of Income
(unaudited)

   
Three Months Ended
February 29, 2012
   
Twelve Months Ended
February 29, 2012
 
             
Net Sales
  $ 123,625,506     $ 469,112,410  
                 
Cost of Sales
    91,294,550       344,525,516  
                 
Selling, General and Administrative
    12,755,045       48,864,886  
Interest Expense
    3,485,993       13,939,149  
Net (Gain) Loss on Sale of Property, Plant and Equipment and Insurance Proceeds
    2,406       166,183  
Other (Income) Expense, Net
    (799,302 )     (2,024,229 )
      86,387,495       325,691,391  
                 
Income Before Income Taxes
    16,886,814       63,640,905  
Income Tax Expense
    5,243,158       22,905,109  
                 
                 
Net Income
  $ 11,643,656     $ 40,735,796  
                 
Income Per Share:
               
   Basic
  $ .92     $ 3.24  
   Diluted
  $ .91     $ 3.21  
   




 
1

 

Exhibit 99.2

AZZ incorporated
Consolidated Balance Sheet
 (unaudited)

Assets:
 
Period Ended
February 29, 2012
 
       
Current assets:
     
Cash and cash equivalents
  $ 143,302,666  
Accounts receivable – net of allowance for doubtful accounts
    74,647,303  
Inventories
    60,281,130  
Costs and estimated earnings in excess of billings on uncompleted contracts
    14,038,161  
Deferred income taxes
    7,654,781  
Prepaid expenses and other
    2,811,858  
Total current assets
    302,735,899  
         
Net property, plant, and equipment
    135,826,703  
         
Goodwill, less accumulated amortization
    121,383,863  
         
Intangibles and Other Assets
    46,828,100  
         
    $ 606,774,565  
         
Liabilities and Shareholders’ Equity:
       
         
Current liabilities:
       
Accounts payable
  $ 24,401,194  
Accrued liabilities
    53,577,383  
Total current liabilities
    77,978,577  
         
Long-term debt due after one year
    210,714,286  
         
Deferred income taxes
    30,472,937  
         
         
Shareholders’ equity
    287,608,765  
         
    $ 606,774,565  


 
2

 

Exhibit 99.2

AZZ incorporated
Condensed Consolidated Statement of Cash Flows
 (unaudited)


   
Period Ended
February 29, 2012
 
       
Net cash provide by operating activities
  $ 64,064,828  
         
Net cash used in investing activities
    (46,845,730 )
         
Net cash provided by (used in) financing activities
    (12,366,346 )
         
Effect of exchange rate changes on cash
    60,077  
         
Net (decrease) increase in cash and cash equivalents
    4,912,829  
         
Cash and cash equivalents at beginning of period
    138,389,837  
         
Cash and cash equivalents at end of period
  $ 143,302,666  


 
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
February 29,2012
   
Twelve Months Ended
February 29,2012
 
Net sales:
           
Electrical and Industrial Products
  $ 52,674     $ 189,192  
Galvanizing Services
    70,951       279,920  
      123,625       469,112  
                 
Segment operating income (a):
               
Electrical and Industrial Products
    7,558       25,772  
Galvanizing Services
    18,533       72,964  
      26,091       98,736  
                 
General corporate expenses (b)
    5,858       21,636  
Interest expense
    3,486       13,939  
Other (income) expense, net (c)
    (140 )     (480 )
      9,204       35,095  
                 
Income Before Taxes
  $ 16,887     $ 63,641  
                 
                 
Total assets:
               
Electrical and Industrial Products
  $ 143,208     $ 143,208  
Galvanizing Services
    309,808       309,808  
Corporate
    153,759       153,759  
    $ 606,775     $ 606,775  


(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
February 29, 2012
   
Projected
Year Ended
February 28, 2013
 
Net Sales:
           
   Electrical and Industrial Products
  $ 189,192     $ 195,000 to $205,000  
   Galvanizing Services
  $ 279,920     $ 280,000 to $305,000  
        Total Sales
  $ 469,112     $ 475,000 to $510,000  
                 
Diluted earnings per share
  $ 3.21     $ 3.25 to $3.55  
                 
Net Sales by Market Segment:
               
  Power Generation
    21 %     27 %
  Transmission and Distribution
    25 %     25 %
  Industrial
    54 %     48 %
                 
Electrical and Industrial Products
               
Revenues by Industry:
               
  Power Generation
    32 %     33 %
  Transmission and Distribution
    37 %     39 %
  Industrial
    31 %     28 %
                 
Galvanizing Services
               
Revenues by Industry:
               
  Electrical and Telecommunications
    30 %     34 %
  OEM’s
    18 %     18 %
  Industrial
    32 %     28 %
  Bridge and Highway
    10 %     10 %
  Petro Chemical
    10 %     10 %
                 
Operating Margins:
               
   Electrical and Industrial Products
    13.6 %  
14% to 16
%
   Galvanizing Services
    26.1 %  
24% to 26
%
                 
Cash Provided By (Used In)Operations
  $ 64,100     $ 60,000  
Capital Expenditures
  $ 19,800     $ 25,000  
Depreciation and Amortization of Intangible Assets and Debt Issue Cost
  $ 22,600     $ 25,000  
Total Bank Debt
  $ 225,000     $ 211,000  
                 
Cash Dividend
  $ 12,600     $ 12,800  
                 
Percent of Business By Segment:
               
   Electrical and Industrial Products
    40 %     40 %
   Galvanizing Services
    60 %     60 %
   



 
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  
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  
Bookings
    $ 130,179  
Shipments
      123,625  
Backlog
2/29/12
  $ 138,621  
Book to Ship Ratio
      1.05  


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