EX-99.7 2 dex997.htm UNAUDITED FINANCIAL AND OTHER STATISTICAL INFORMATION UNAUDITED FINANCIAL AND OTHER STATISTICAL INFORMATION

Exhibit 99.7

Unaudited Financial and Other Statistical Information for the Three and Twelve-Month

Periods Ended February 28, 2005, and Guidance for Fiscal Year 2006

 

AZZ incorporated

Condensed Consolidated Statements of Income

(unaudited)

($ in Thousands except per share amount)

 

    

Three Months
Ended

February 28,
2005


   

Twelve Months

Ended

February 28,
2005


 

Net Sales

   $ 37,927,013     $ 152,427,904  

Cost of Sales

     30,129,346       123,903,334  

Selling, General and Administrative

     5,372,135       19,622,387  

Interest Expense

     373,714       1,636,884  

Net (Gain) Loss on Sale of Property, Plant and Equipment

     18,938       35,187  

Other (Income)

     (44,572 )     (176,399 )
    


 


       35,849,561       145,021,393  

Income Before Income Taxes

     2,077,452       7,406,511  

Income Tax Expense

     617,428       2,594,496  
    


 


Net Income

   $ 1,460,024     $ 4,812,015  
    


 


Income Per Share:

                

Basic

   $ 0.27     $ 0.88  
    


 


Diluted

   $ 0.26     $ 0.87  
    


 


 

1


Exhibit 99.7

 

AZZ incorporated

Condensed Consolidated Balance Sheet

(unaudited)

($ in Thousands)

 

    

Period Ended

February 28,
2005


Assets:

      

Current assets:

      

Cash and cash equivalents

   $ 516,828

Accounts receivable, net of allowance for doubtful accounts

     25,939,544

Inventories

     19,605,778

Costs and estimated earnings in excess of billings on uncompleted contracts

     2,472,139

Deferred income taxes

     1,971,617

Prepaid expenses and other

     656,618
    

Total current assets

     51,162,524

Net property, plant, and equipment

     35,311,532

Goodwill, less accumulated amortization

     40,962,104

Other Assets

     1,199,036
    

     $ 128,635,196
    

Liabilities and Shareholders’ Equity:

      

Current liabilities:

      

Accounts payable

   $ 12,488,100

Accrued liabilities

     8,335,506

Long-term debt due within one year

     5,500,000
    

Total current liabilities

     26,323,606

Long-term debt due after one year

     23,875,000

Deferred income taxes

     3,117,413

Shareholders’ equity

     75,319,177
    

     $ 128,635,196
    

 

2


Exhibit 99.7

 

AZZ incorporated

Condensed Consolidated Statement of Cash Flows

(unaudited)

($ in Thousands)

 

    

Period Ended

February 28,
2005


 

Net cash provide by operating activities

   $ 6,393,948  

Net cash used in investing activities

     (6,637,885 )

Net cash provided by (used in) financing activities

     (684,217 )
    


Net (decrease) increase in cash and cash equivalents

     (928,154 )

Cash and cash equivalents at beginning of period

     1,444,982  
    


Cash and cash equivalents at end of period

   $ 516,828  
    


 

3


Exhibit 99.7

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousands)

 

Information regarding operations and assets by segment is as follows:

 

     Three Months
Ended
February 28,
2005


   Twelve Months
Ended
February 28,
2005


Net sales:

             

Electrical and Industrial Products

   $ 24,518    $ 100,542

Galvanizing Services

     13,409      51,886
    

  

     $ 37,927    $ 152,428
    

  

Segment operating income (a):

             

Electrical and Industrial Products

   $ 2,328    $ 7,282

Galvanizing Services

     2,418      9,556
    

  

     $ 4,746    $ 16,838

General corporate expenses (b)

     2,276      7,718

Interest expense

     373      1,636

Other (income) expense, net (c)

     18      77
    

  

Income Before Taxes

   $ 2,077    $ 7,407
    

  

Total assets:

             

Electrical and Industrial Products

   $ 79,424    $ 79,424

Galvanizing Services

     45,042      45,042

Corporate

     4,169      4,169
    

  

     $ 128,635    $ 128,635
    

  

 

(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 99.7

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand except per share amount)

 

    

Actual

Year to Date

February 29,
2005


   

Projected

Year Ended

February 28, 2006


 

Net Sales:

                

Electrical and Industrial Products

   $ 100,500     $ 104,000 to $112,000  

Galvanizing Services

   $ 51,900     $ 51,000 to $53,000  
    


 


Total Sales

   $ 152,400     $ 155,000 to $165,000  

Diluted earnings per share

   $ .87     $ .87 to $.97  

Net Sales by Market Segment:

                

Power Generation

   $ 10,900     $ 10,300  

Transmission and Distribution

   $ 55,500     $ 57,800  

Industrial

   $ 86,000     $ 91,900  
    


 


Total Sales

   $ 152,400     $ 160,000  

Electrical and Industrial Products

                

Revenues by Industry:

                

Power Generation

     11 %     9 %

Transmission and Distribution

     50 %     49 %

Industrial

     39 %     42 %

Galvanizing Services

                

Revenues by Industry:

                

Electrical and Telecommunications

     21 %     —    

OEM’s

     25 %     —    

Industrial

     28 %     —    

Bridge and Highway

     3 %     —    

Petro Chemical

     22 %     —    

Operating Margins:

                

Electrical and Industrial Products

     7.2 %     8.0 %

Galvanizing Services

     18.4 %     17.0 %

Cash Provided By Operations

   $ 6,394     $ 6,500  

Capital Expenditures

   $ 6,638     $ 6,000  

Depreciation and Amortization of Intangible Assets and Debt Issue Cost

   $ 5,653     $ 5,200  

 

5


AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand)

 

    

Quarter Ended

Feb. 28, 2005


Book to Ship Ratio:

      

11/30/04 Backlog

   $ 60,097

Qtr. Ending 2/28/05 Bookings

     42,599

Qtr. Ending 2/28/05 Shipments

     37,927

2/28/05 Backlog

     64,769

Book to Ship Ratio

     1.12 to 1

Outstanding Accounts Receivable Days

     57

 

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