EX-99.6 3 dex996.htm UNAUDITED FINANCIAL & OTHER STATISTICAL INFORMATION Unaudited Financial & Other Statistical Information

Exhibit 99.6

Unaudited Financial and Other Statistical Information for the Fourth Quarter and

Fiscal Year Ended February 28, 2003 and Guidance for Fiscal Year 2004

 

AZZ incorporated

Condensed Consolidated Statements of Income

(unaudited)

($ in Thousand except per share amount)

 

    

Year Ended

Feb. 28, 2003


    

4th Qtr. Ended Feb. 28, 2003


 

Net Sales

  

$

183,370

 

  

$

39,797

 

Costs and Expenses:

                 

Cost of sales

  

 

145,051

 

  

 

32,294

 

Selling, general and administrative

  

 

20,553

 

  

 

4,744

 

Net (gain) loss on sales of property, plant and equipment

  

 

11

 

  

 

11

 

Interest expense

  

 

3,945

 

  

 

815

 

Other expense, net

  

 

(85

)

  

 

(425

)

    


  


    

 

169,475

 

  

 

37,439

 

    


  


Income before income taxes

  

 

13,895

 

  

 

2,358

 

Income tax expense

  

 

5,280

 

  

 

939

 

Net income

  

$

8,615

 

  

$

1,419

 

    


  


Earnings per share:

                 

Basic

  

$

1.63

 

  

$

.27

 

    


  


Diluted

  

$

1.63

 

  

$

.27

 

    


  


 

1


Exhibit 99.6

 

AZZ incorporated

Condensed Consolidated Balance Sheet

(unaudited)

($ in Thousand)

 

Assets:


  

Year Ended

Feb. 28, 2003


Current assets:

      

Cash and cash equivalents

  

$

1,984

Accounts receivable, net of allowance for doubtful accounts

  

 

28,886

Income tax receivable

  

 

402

Inventories

  

 

18,596

Costs and estimated earnings in excess of billings on uncompleted contracts

  

 

2,469

Deferred income taxes

  

 

1,914

Prepaid expenses and other

  

 

805

    

Total current assets

  

$

55,056

Net property, plant, and equipment

  

 

36,612

Goodwill, less accumulated amortization

  

 

40,962

Other Assets

  

 

1,407

    

    

$

134,037

    

Liabilities and Shareholders’ Equity:


    

Current liabilities:

      

Accounts Payable

  

$

11,508

Accrued liabilties

  

 

13,163

Long-term debt due within one year

  

 

6,675

    

Total current liabilities

  

$

31,346

Long-term debt due after one year

  

 

37,875

Deferred income taxes

  

 

1,407

Shareholders’ equity

  

 

63,409

    

    

$

134,037

    

 

2


Exhibit 99.6

 

AZZ incorporated

Condensed Consolidated Statements of Cash Flows

(unaudited)

($ in Thousand)

 

    

Year Ended

Feb. 28, 2003


 

Net cash provide by operating activities

  

$

22,590

 

Net cash used in investing activities

  

 

(3,641

)

Net cash provided by (used in) financing activities

  

 

(18,703

)

    


Net increase in cash and cash equivalents

  

 

246

 

Cash and cash equivalents at beginning of year

  

 

1,738

 

    


Cash and cash equivalents at end of year

  

$

1,984

 

    


 

3


 

Exhibit 99.6

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand)

 

Information regarding operations and assets by segment is as follows:

 

    

Year Ended

Feb. 28, 2003


  

4th Qtr. Ended Feb. 28, 2003


 

Net sales:

               

Electrical and Industrial Products

  

$

134,861

  

$

28,340

 

Galvanizing Services

  

 

48,509

  

 

11,457

 

    

  


    

$

183,370

  

$

39,797

 

    

  


Operating income (a):

               

Electrical and Industrial Products

  

$

14,868

  

$

2,772

 

Galvanizing Services

  

 

8,963

  

 

1,962

 

    

  


    

 

23,831

  

 

4,734

 

General corporate expenses

  

 

5,869

  

 

1,562

 

Interest expense

  

 

3,945

  

 

815

 

Other (income) expense, net (b)

  

 

122

  

 

(1

)

    

  


    

 

9,936

  

 

2,376

 

    

  


Income before income taxes

  

$

13,895

  

$

2,358

 

    

  


Depreciation and amortization:

               

Electrical and Industrial Products

  

$

2,709

        

Galvanizing Services

  

 

3,648

        

Corporate

  

 

704

        
    

        
    

$

7,061

        
    

        

Total assets:

               

Electrical and Industrial Products

  

$

86,278

        

Galvanizing Services

  

 

44,036

        

Corporate

  

 

3,723

        
    

        
    

$

134,037

        
    

        

 

(a) Operating income consists of net sales less cost of sales, specifically identifiable general and administrative expenses and specifically identifiable selling expenses.

 

(b) 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 99.6

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand except per share amount)

 

    

Actual

Year Ended

Feb. 28, 2003


    

Projected

Year Ended

Feb. 29, 2004


 

Net Sales:

                 

Electrical and Industrial Products

  

$

134,861

 

  

$

98,000 to $106,000

 

Galvanizing Services

  

$

48,509

 

  

$

47,000 to $49,000

 

    


  


Total Sales

  

$

183,370

 

  

$

145,000 to $155,000

 

Diluted earnings per share

  

$

1.63

 

  

$

.95 to $1.05

 

Net Sales By Market Segment:

                 

Power Generation

  

$

54,500

 

  

$

22,000

 

Transmission and Distribution

  

 

45,800

 

  

 

44,000

 

Industrial

  

 

83,100

 

  

 

84,000

 

    


  


Total Sales

  

$

183,400

 

  

$

150,000

 

Electrical and Industrial Products

                 

Revenues By Industry:

                 

Power Generation

  

 

36

%

  

 

18

%

Transmission and Distribution

  

 

34

%

  

 

44

%

Industrial

  

 

30

%

  

 

38

%

Galvanizing Services

                 

Revenue By Industry:

                 

Electrical and Telecommunication

  

 

21

%

  

 

—  

 

OEM’s

  

 

30

%

  

 

—  

 

Industrial

  

 

23

%

  

 

—  

 

Highway

  

 

3

%

  

 

—  

 

Petrochemical

  

 

23

%

  

 

—  

 

Operating Margins:

                 

Electrical and Industrial Products

  

 

11

%

  

 

10.5

%

Galvanizing Services

  

 

18.5

%

  

 

17.5

%

EBITDA

  

$

24,400

 

  

$

19,000

 

Cash Provided By Operations

  

$

22,600

 

  

$

15,000

 

Capital Expenditures

  

$

3,900

 

  

$

5,000

 

Depreciation and Amortization

  

$

7,100

 

  

$

6,300

 

 

5


 

Exhibit 99.6

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand)

 

    

Year Ended

Feb. 28, 2003


 

Book to Ship Ratio:

        

2/28/02 Backlog

  

$

85,300

 

Fiscal 2003 Bookings

  

$

147,200

 

Fiscal 2003 Shipments

  

$

183,400

 

2/28/03 Backlog

  

$

49,100

 

Book to Ship Ratio

  

 

80.2

%

Outstanding Accounts Receivable Days

  

 

60 Days

 

 

6