EX-99.8 3 dex998.htm UNAUDITED FINANCIAL AND OTHER STATISTICAL INFORMATION Unaudited Financial and Other Statistical Information

Exhibit 99.8

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

Month Periods Ended February 29, 2008, and Guidance for Fiscal Year 2009

AZZ incorporated

Condensed Consolidated Statements of Income

(unaudited)

($ in Thousands except per share amount)

 

     Three Months
Ended
February 29, 2008
    Twelve Months
Ended
February 29, 2008
 

Net Sales

   $ 76,616,603     $ 320,193,104  

Cost of Sales

     56,707,877       239,651,058  

Selling, General and Administrative

     8,445,262       36,261,642  

Interest Expense

     233,434       1,494,731  

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

     83,639       32,311  

Other (Income)

     (305,125 )     (1,079,431 )
                
     65,165,087       276,360,311  

Income Before Income Taxes and Accounting Changes

     11,451,516       43,832,893  

Income Tax Expense

     4,123,796       16,145,304  
                

Income before cumulative effect of changes in accounting principles

   $ 7,327,720     $ 27,687,589  

Cumulative effect of change in accounting principles (net of tax)

     —         —    

Net Income

   $ 7,327,720     $ 27,687,589  
                

Income Per Share:

    

Basic

   $ .60     $ 2.30  
                

Diluted

   $ .60     $ 2.26  
                

 

1


Exhibit 99.8

AZZ incorporated

Condensed Consolidated Balance Sheet

(unaudited)

($ in Thousands)

 

     Period Ended
February 29, 2008

Assets:

  

Current assets:

  

Cash and cash equivalents

   $ 2,226,941

Accounts receivable, net of allowance for doubtful accounts

     38,901,577

Inventories

     43,426,468

Costs and estimated earnings in excess of billings on uncompleted contracts

     13,044,076

Deferred income taxes

     4,391,398

Prepaid expenses and other

     1,004,383
      

Total current assets

     102,994,843

Net property, plant, and equipment

     48,284,910

Goodwill

     40,962,104

Other Assets

     1,077,423
      
   $ 193,319,280
      

Liabilities and Shareholders’ Equity:

  

Current liabilities:

  

Accounts payable

   $ 16,035,932

Accrued liabilities

     26,659,889

Long-term debt due within one year

     -0-
      

Total current liabilities

     42,695,821

Long-term debt due after one year

     -0-

Deferred income taxes

     4,466,834

Shareholders’ equity

     146,156,625
      
   $ 193,319,280
      

 

2


Exhibit 99.8

AZZ incorporated

Condensed Consolidated Statement of Cash Flows

(unaudited)

($ in Thousands)

 

     Period Ended
February 29, 2008
 

Net cash provide by operating activities

   $ 38,926,190  

Net cash used in investing activities

     (9,706,403 )

Net cash provided by (used in) financing activities

     (28,695,938 )
        

Net (decrease) increase in cash and cash equivalents

     523,849  

Cash and cash equivalents at beginning of period

     1,703,092  
        

Cash and cash equivalents at end of period

   $ 2,226,941  
        

 

3


Exhibit 99.8

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, 2008
    Twelve Months
Ended
February 29, 2008

Net sales:

    

Electrical and Industrial Products

   $ 41,703     $ 179,181

Galvanizing Services

     34,914       141,012
              
   $ 76,617     $ 320,193
              

Segment operating income (a):

    

Electrical and Industrial Products

   $ 6,840     $ 29,158

Galvanizing Services

     8,909       35,087
              
   $ 15,749     $ 64,245

General corporate expenses (b)

     4,065       18,890

Interest expense

     234       1,495

Other (income) expense, net (c)

     (1 )     27
              

Income Before Taxes

   $ 11,452     $ 43,833
              

Total assets:

    

Electrical and Industrial Products

   $ 114,722     $ 114,722

Galvanizing Services

     72,083       72,083

Corporate

     6,514       6,514
              
   $ 193,319     $ 193,319
              

 

(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 99.8

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand except per share amount)

 

     Actual
Year to Date
February 29, 2008
    Projected
Year Ended
February 28, 2009
 

Net Sales:

    

Electrical and Industrial Products

   $ 179,181     $ 205,000 to $210,000  

Galvanizing Services

   $ 141,012     $ 160,000 to $170,000  
                

Total Sales

   $ 320,193     $ 365,000 to $380,000  

Diluted earnings per share

   $ 2.26     $ 2.28 to $2.42  

Net Sales by Market Segment:

    

Power Generation

   $ 41,625     $ 52,000  

Transmission and Distribution

   $ 89,654     $ 115,000  

Industrial

   $ 188,914     $ 205,000  
                

Total Sales

   $ 320,193     $ 372,000  

Electrical and Industrial Products

    

Revenues by Industry:

    

Power Generation

     20 %     20 %

Transmission and Distribution

     42 %     44 %

Industrial

     38 %     36 %

Galvanizing Services

    

Revenues by Industry:

    

Electrical and Telecommunications

     21 %     21 %*

OEM’s

     17 %     17 %*

Industrial

     19 %     19 %*

Bridge and Highway

     9 %     9 %*

Petro Chemical

     34 %     34 %*

*Does not reflect AAA Galvanizing customer distribution

    

Operating Margins:

    

Electrical and Industrial Products

     16.3 %     15.5% to 16.5 %

Galvanizing Services

     24.9 %     18.5% to 19.5 %

Cash Provided By Operations

   $ 38,926     $ 30,000  

Capital Expenditures

   $ 9,926     $ 12,500  

Depreciation and Amortization of Intangible Assets and Debt Issue Cost

   $ 8,199     $ 11,000  

Total Bank Debt

   $ 0     $ 100,000  

Percent of Business By Segment:

    

Electrical and Industrial Products

     56 %     55 %

Galvanizing Services

     44 %     45 %

 

5


Exhibit 99.8

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Millions)

 

     Three Months
Ended
February 29, 2008

Book to Ship Ratio:

  

11/30/07 Backlog

   $ 147.1

Qtr. Ending 2/29/08 Bookings

     64.4

Qtr. Ending 2/29/08 Shipments

     76.6

2/29/08 Backlog

   $ 134.9

Book to Ship Ratio

     .84

Outstanding Accounts Receivable Days

     49

 

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