EX-99.2 4 ex992guidance.htm GUIDANCE FY13 ex992guidance.htm




Exhibit 99.2
Unaudited Financial and Other Statistical Information for the Three and Six Month Periods Ended August 31, 2012 and Guidance for Fiscal Year 2013


AZZ incorporated
Consolidated Statements of Income
(unaudited)

   
Three Months Ended
August 31, 2012
   
Six Months Ended
August 31, 2012
 
             
Net Sales
  $ 153,385,291     $ 280,528,155  
                 
Cost of Sales
    110,073,078       199,350,629  
                 
Selling, General and Administrative
    15,768,242       31,124,459  
Interest Expense
    3,227,906       6,568,072  
Net (Gain) Loss on Sale of Property, Plant and Equipment and Insurance Proceeds
    17,393       (5,951,688 )
Other (Income) Expense, Net
    (294,530 )     (246,221 )
      128,792,089       230,845,251  
                 
Income Before Income Taxes
    24,593,202       49,682,904  
Income Tax Expense
    8,720,265       17,824,027  
                 
                 
Net Income
  $ 15,872,937     $ 31,858,877  
                 
Income Per Share:
               
   Basic
  $ .63     $ 1.26  
   Diluted
  $ .62     $ 1.25  
   




 
 

 

Exhibit 99.2

AZZ incorporated
Consolidated Balance Sheet
 (unaudited)

Assets:
 
Period Ended
August 31, 2012
 
       
Current assets:
     
Cash and cash equivalents
  $ 68,716,426  
Accounts receivable
    92,966,233  
Allowance for doubtful accounts
    (1,000,041 )
Inventories
    78,436,608  
Costs and estimated earnings in excess of billings on uncompleted contracts
    9,323,629  
Deferred income taxes
    7,497,732  
Prepaid expenses and other receivables
    5,783,941  
Total current assets
    261,724,528  
         
Net property, plant, and equipment
    137,967,157  
         
Goodwill, less accumulated amortization
    153,412,564  
         
Intangibles and Other Assets
    93,679,208  
         
    $ 646,783,457  
         
Liabilities and Shareholders’ Equity:
       
         
Current liabilities:
       
Accounts payable
  $ 27,936,086  
Accrued liabilities
    66,213,519  
Total current liabilities
    94,149,605  
         
Long-term accrued liabilities due after one year
    8,537,668  
Long-term debt due after one year
    196,428,571  
         
Deferred income taxes
    31,864,845  
         
         
Shareholders’ equity
    315,802,768  
         
    $ 646,783,457  


 
 

 

Exhibit 99.2

AZZ incorporated
Condensed Consolidated Statement of Cash Flows
 (unaudited)


   
Period Ended
August 31, 2012
 
       
Net cash provide by operating activities
  $ 30,165,662  
         
Net cash used in investing activities
    (81,109,299 )
         
Net cash provided by (used in) financing activities
    (23,664,074 )
         
Net (decrease) increase in cash and cash equivalents
    (74,586,240 )
         
Effect of exchange rate changes on cash
    21,471  
         
Cash and cash equivalents at beginning of period
    143,302,666  
         
Cash and cash equivalents at end of period
  $ 68,716,426  


 
 

 

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
August 31, 2012
   
Six Months Ended
August 31, 2012
 
Net sales:
           
Electrical and Industrial Products
  $ 66,530     $ 111,212  
Galvanizing Services
    86,855       169,316  
      153,385       280,528  
                 
Segment operating income (a):
               
Electrical and Industrial Products
    9,339       16,135  
Galvanizing Services
    23,549       46,182  
      32,888       62,317  
                 
General corporate expenses (b)
    5,342       12,074  
Interest expense
    3,228       6,568  
Other (income) expense, net (c)
    (275 )     (6,008 )
      8,295       12,634  
                 
Income Before Taxes
  $ 24,593     $ 49,683  
                 
                 
Total assets:
               
Electrical and Industrial Products
  $ 259,125     $ 259,125  
Galvanizing Services
    311,630       311,630  
Corporate
    76,028       76,028  
    $ 646,783     $ 646,783  


(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
August 31, 2012
   
Projected
Year Ended
February 28, 2013
 
Net Sales:
           
   Electrical and Industrial Products
  $ 111,212     $ 245,000 to $260,000  
   Galvanizing Services
  $ 169,316     $ 330,000 to $340,000  
        Total Sales
  $ 280,528     $ 575,000 to $600,000  
                 
Diluted earnings per share
  $ 1.25     $ 2.25 to $2.40  
                 
Net Sales by Market Segment:
               
  Power Generation
            32 %
  Transmission and Distribution
            21 %
  Industrial
            47 %
                 
Electrical and Industrial Products
               
Revenues by Industry:
               
  Power Generation
            46 %
  Transmission and Distribution
            29 %
  Industrial
            25 %
                 
Galvanizing Services
               
Revenues by Industry:
               
  Electrical and Telecommunications
            35 %
  OEM’s
            15 %
  Industrial
            30 %
  Bridge and Highway
            10 %
  Petro Chemical
            10 %
                 
Operating Margins:
               
   Electrical and Industrial Products
    14.5 %  
14% to 16
%
   Galvanizing Services
    27.2 %  
25% to 27
%
                 
Cash Provided By (Used In)Operations
  $ 30,165     $ 70,000  
Capital Expenditures
  $ 12,562     $ 29,000  
Depreciation and Amortization of Intangible Assets and Debt Issue Cost
  $ 13,163     $ 29,000  
Total Bank Debt
  $ 210,714     $ 210,714  
                 
Cash Dividend
  $ 6,319     $ 13,300  
                 
Percent of Business By Segment:
               
   Electrical and Industrial Products
    40 %     43 %
   Galvanizing Services
    60 %     57 %



 
 

 

Exhibit 99.2


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


 
Period Ended
       
Backlog
2/29/12
 
$
138,621
 
Bookings
     
124,666
 
Shipments
     
127,143
 
Backlog
5/31/12
 
$
136,144
 
Book to Ship Ratio
     
0.98
 
Bookings
     
151,804
 
Acquired Backlog
     
78,491
 
Shipments
     
153,385
 
Backlog
8/31/12
 
$
213,054
 
Book to Ship Ratio
     
0.99