Form 10-Q

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0001193125-12-293657.txt : 20120703 0001193125-12-293657.hdr.sgml : 20120703 20120703153606 ACCESSION NUMBER: 0001193125-12-293657 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20120531 FILED AS OF DATE: 20120703 DATE AS OF CHANGE: 20120703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AZZ INC CENTRAL INDEX KEY: 0000008947 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] IRS NUMBER: 750948250 STATE OF INCORPORATION: TX FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12777 FILM NUMBER: 12944500 BUSINESS ADDRESS: STREET 1: ONE MUSEUM PLACE, SUITE 500 STREET 2: 3100 W 7TH STREET CITY: FORT WORTH STATE: TX ZIP: 76107 BUSINESS PHONE: 8178100095 MAIL ADDRESS: STREET 1: ONE MUSEUM PLACE, SUITE 500 STREET 2: 3100 W 7TH STREET CITY: FORT WORTH STATE: TX ZIP: 76107 FORMER COMPANY: FORMER CONFORMED NAME: AZTEC MANUFACTURING CO DATE OF NAME CHANGE: 20000911 10-Q 1 d365516d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-12777

AZZ incorporated

(Exact name of registrant as specified in its charter)


TEXAS		75-0948250
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Museum Place, Suite 500 3100 West Seventh Street Fort Worth, Texas		76107
(Address of principal executive offices)		(Zip Code)

(817) 810-0095

Registrant's telephone number, including area code:

NONE

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Title of each class:		Outstanding at May 31, 2012:
Common Stock, $1.00 par value per share		25,275,390

AZZ incorporated

INDEX


		PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Financial Statements
	Consolidated Balance Sheets at May 31, 2012 and February 29, 2012		3
	Consolidated Income Statements for the Three Months Ended May 31, 2012 and May 31, 2011		4
	Consolidated Statements of Comprehensive Income for the Three Months Ended May 31, 2012 and May 31, 2011		5
	Consolidated Statements of Cash Flows for the Three Months Ended May 31, 2012 and May 31, 2011		6
	Consolidated Statement of Shareholders’ Equity for the Three Months Ended May 31, 2012		7
	Notes to Condensed Consolidated Financial Statements		8-12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		13-21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		22
Item 4.	Controls and Procedures		22

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		23
Item 1A.	Risk Factors		23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		23
Item 3.	Defaults Upon Senior Securities		23
Item 4.	Mine Safety Disclosures		23
Item 5.	Other Information		23
Item 6.	Exhibits		23

	SIGNATURES		24

	EXHIBIT INDEX		25-26

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS


	05/31/12			02/29/12
	(Unaudited)
Assets

Current Assets:
Cash and Cash Equivalents	$	139,317,814		$	143,302,666
Accounts Receivable (Net of Allowance for Doubtful Accounts of $1,000,000 at May 31, 2012 and $898,000 at February 29, 2012)		80,053,625			74,647,303
Inventories:
Raw Material		41,693,064			44,008,243
Work-In-Process		19,345,483			13,860,151
Finished Goods		2,287,831			2,412,736
Costs and Estimated Earnings In Excess of Billings On Uncompleted Contracts		15,015,326			14,038,161
Deferred Income Taxes		7,364,138			7,654,781
Prepaid Expenses and Other		4,888,161			2,811,858

Total Current Assets		309,965,442			302,735,899

Property, Plant and Equipment, Net		131,585,146			135,826,703
Goodwill		120,431,145			121,383,863
Intangibles and Other Assets		45,264,875			46,828,100

	$	607,246,608		$	606,774,565

Liabilities and Shareholders’ Equity

Current Liabilities:
Accounts Payable	$	25,910,523		$	24,401,194
Income Tax Payable		7,107,521			998,496
Accrued Salaries and Wages		5,185,736			7,988,594
Other Accrued Liabilities		14,907,310			18,049,283
Customer Advance Payment		10,286,029			11,267,525
Long Term Debt Due Within One Year		14,285,714			14,285,714
Billings In Excess of Costs and Estimated Earnings On Uncompleted Contracts		988,750			987,771

Total Current Liabilities		78,671,583			77,978,577

Long-Term Debt Due After One Year		196,428,571			210,714,286
Deferred Income Taxes		31,812,214			30,472,937

Shareholders’ Equity:
Common Stock, $1 Par Value, Shares Authorized 50,000,000, Shares Issued (25,275,390 Shares at May 31, 2012 and 25,218,320 Shares at February 29, 2012)		25,275,390			25,218,320
Capital In Excess of Par Value		15,838,347			14,200,811
Retained Earnings		259,889,619			247,059,938
Accumulated Other Comprehensive Income (Loss)		(669,116	)		1,303,974
Less Common Stock Held In Treasury, At Cost (0 Shares at May 31, 2012 and 53,090 Shares at February 29, 2012)		—			(174,278	)

Total Shareholders’ Equity		300,334,240			287,608,765

	$	607,246,608		$	606,774,565

See Accompanying Notes to Condensed Consolidated Financial Statements

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENTS


	THREE MONTHS ENDED
	5/31/12			5/31/11
	(Unaudited)			(Unaudited)
Net Sales	$	127,142,864		$	114,332,931

Costs and Expenses
Cost of Sales		89,277,551			83,264,145
Selling, General and Administrative		15,356,217			13,049,354
Interest Expense		3,340,166			3,470,539
Net (Gain) Loss On Insurance Settlement or On Sale of Property, Plant and Equipment		(5,969,081	)		231,009
Other (Income) Expense		48,309			(647,429	)

		102,053,162			99,367,618

Income Before Income Taxes		25,089,702			14,965,313
Income Tax Expense		9,103,762			5,500,112

Net Income	$	15,985,940		$	9,465,201

Earnings Per Common Share
Basic Earnings Per Share	$	0.63		$	0.38

Diluted Earnings Per Share	$	0.63		$	0.37

See Accompanying Notes to Condensed Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	THREE MONTHS ENDED
	5/31/12			5/31/11
	(Unaudited)			(Unaudited)
Net Income	$	15,985,940		$	9,465,201

Other Comprehensive Income:
Foreign Currency Translation Adjustments
Unrealized Translation Gains (Losses)		(1,959,531	)		73,635
Interest Rate Swap, Net of Income Tax of $7,301 and $7,301		(13,559	)		(13,559	)

Other Comprehensive Income		(1,973,090	)		60,076

Comprehensive Income	$	14,012,850		$	9,525,277

See Accompanying Notes to Condensed Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	THREE MONTHS ENDED
	5/31/12			5/31/11
	(Unaudited)			(Unaudited)
Cash Flows From Operating Activities:
Net Income	$	15,985,940		$	9,465,201

Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities:
Provision For Doubtful Accounts		342,542			76,121
Amortization and Depreciation		5,814,927			5,800,067
Deferred Income Tax (Benefit) Expense		1,567,655			136,753
Net (Gain) Loss On Insurance Settlement or On Sale of Property, Plant & Equipment		(5,969,081	)		231,009
Amortization of Deferred Borrowing Costs		72,256			82,599
Share Based Compensation Expense		1,603,004			1,565,051

Effects of Changes In Assets & Liabilities:

Accounts Receivable		4,112,905			1,363,185
Inventories		(4,650,527	)		(1,693,757	)
Prepaid Expenses and Other		(2,093,721	)		(2,353,552	)
Other Assets		13,182			(87,417	)
Net Change In Billings Related To Costs and Estimated Earnings On Uncompleted Contracts		(976,186	)		(638,697	)
Accounts Payable		1,535,582			1,935,677
Other Accrued Liabilities and Income Taxes Payable		(1,134,000	)		(6,212,406	)

Net Cash Provided By Operating Activities		16,224,478			9,669,834


Cash Flows From (Used For) Investing Activities:
Proceeds From Sale Or Insurance Settlement of Property, Plant, and Equipment		9,331			134,891
Purchase of Property, Plant and Equipment		(3,489,235	)		(4,692,469	)

Net Cash Provided by (Used In) Investing Activities		(3,479,904	)		(4,557,578	)

Cash Flows From (Used For) Financing Activities:
Payments on Long Term Debt		(14,285,714	)		—
Excess Tax Benefits From Stock Options and SARs Exercises		604,503			39,606
Dividends Paid		(3,156,259	)		(3,135,902	)

Net Cash Used In Financing Activities		(16,837,470	)		(3,096,296	)

Effect of Exchange Rate Changes on Cash		108,044			(5,526	)

Net (Decrease) Increase In Cash & Cash Equivalents		(3,984,852	)		2,010,434
Cash & Cash Equivalents At Beginning of Period		143,302,666			138,389,837

Cash & Cash Equivalents At End of Period	$	139,317,814		$	140,400,271

Supplemental Disclosures of Cash Flow Information
Cash Paid For Interest	$	3,270,394		$	3,241,852

Cash Paid For Income Taxes	$	718,626		$	2,662,900

Supplemental Disclosure of Non-cash Investing Activity
Insurance Receivable for Fixed Assets Damaged by Fire	$	2,503,408		$	—

See Accompanying Notes to Condensed Consolidated Financial Statements

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(unaudited)


	Common Stock				Capital in Excess of			Retained			Accumulated Other Comprehensive			Treasury
	Shares		Amount		Par Value			Earnings			Income (Loss)			Stock			Total
Balance at February 29, 2012		25,218,320	$	25,218,320	$	14,200,811		$	247,059,938		$	1,303,974		$	(174,278	)	$	287,608,765
Stock Compensation						1,603,004												1,603,004
Restricted Stock Units						(516,916	)								103,537			(413,379	)
Stock Issued for SARs		57,070		57,070		(389,029	)								15,362			(316,597	)
Employee Stock Purchase Plan						335,974									55,379			391,353
Federal Income Tax Deducted on Stock Options and SARs						604,503												604,503
Cash Dividend Paid									(3,156,259	)								(3,156,259	)
Net Income									15,985,940									15,985,940
Foreign Currency Translation												(1,959,531	)					(1,959,531	)
Interest Rate Swap, Net of $7,301 of Income Tax												(13,559	)					(13,559	)

Balance at May 31, 2012		25,275,390	$	25,275,390	$	15,838,347		$	259,889,619		$	(669,116	)	$	—		$	300,334,240

AZZ incorporated

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.	Basis of Presentation.

These interim unaudited condensed consolidated financial statements were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC rules and regulations referred to above. Accordingly, these financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 29, 2012 included in the Company’s Annual Report on Form 10-K covering such period. For purposes of the report, “AZZ”, the “Company”, “we”, “our”, “us” or similar reference means AZZ incorporated and our consolidated subsidiaries.

Our fiscal year ends on the last day of February and is identified as the fiscal year for the calendar year in which it ends. For example, the fiscal year ended February 29, 2012 is referred to as fiscal 2012.

In the opinion of management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position of the Company as of May 31, 2012, and the results of its operations and cash flows for the three-month periods ended May 31, 2012 and 2011.

2.	Earnings per share.

Earnings per share is based on the weighted average number of shares outstanding during each period, adjusted for the dilutive effect of stock awards. The shares and earnings per share have been adjusted to reflect our two for one stock split, effected in the form of a share dividend approved by the Board of Directors on June 28, 2012, all share data has been retroactively restated.

The following table sets forth the computation of basic and diluted earnings per share:


	Three months ended May 31,
	2012		2011
	(Unaudited)
	(in thousands except share and per share data)
Numerator:
Net income for basic and diluted earnings per common share	$	15,986	$	9,465

Denominator:
Denominator for basic earnings per common share –weighted average shares		25,244		25,078
Effect of dilutive securities:
Stock options/Equity SARs and Restricted Stock		210		212

Denominator for diluted earnings per common share		25,454		25,290

Earnings per share basic and diluted:
Basic earnings per common share	$	0.63	$	0.38

Diluted earnings per common share	$	0.63	$	0.37

3.	Stock-based Compensation.

The Company has two share-based compensation plans (the “Plan” or “Plans”). The purpose of both Plans is to promote the growth and prosperity of the Company by permitting the Company to grant to its employees, directors and advisors various types of restricted stock unit awards, stock appreciation rights and options to purchase common stock of the Company. The maximum number of shares that may be issued under the Plans is 5,000,000 shares. As of May 31, 2012, the Company has approximately 1,165,672 shares available for future issuance under the Plans.

Restricted Stock Unit Awards

Restricted stock unit awards are valued at the market price of our common stock on the grant date. These awards generally have a three year cliff vesting schedule but may vest early in accordance with the applicable Plan’s accelerated vesting provisions.

Activity in our non-vested restricted stock unit awards for the period ended May 31, 2012 is as follows:


	Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-Vested Balance as of February 29, 2012		122,450		$	13.89
Granted		40,792			25.67
Vested		(56,664	)		9.06
Forfeited		—			—

Non-Vested Balance for the period ended May 31, 2012		106,578		$	20.82

Stock Appreciation Rights and Option Awards

Stock appreciation rights and option awards are granted with an exercise price equal to the market value of our common stock on the date of grant. These awards generally have a contractual term of 7 years and vest ratably over a period of three years although some may vest immediately on issuance. These awards are valued using the Black-Scholes option pricing model.

A summary of the Company’s stock appreciation rights and option awards activity for the three month period ended May 31, 2012 is as follows:


	Options/ SAR’s			Weighted Average Exercise Price
Outstanding as of February 29, 2012		573,000		$	15.46
Granted		116,114			25.67
Exercised		(109,000	)		12.23
Forfeited		—			—

Outstanding at end of the period ended May 31, 2012		580,114		$	18.11


Exercisable at end of period ended May 31, 2012		258,104		$	14.21


Weighted average fair value of options and SARs granted during the period ended May 31, 2012				$	8.79

The average remaining contractual term for those options/ stock appreciation rights outstanding at May 31, 2012, is 5.24 years, with an aggregate intrinsic value of $5.1 million. The average remaining contractual terms for those options/ stock appreciation rights that are exercisable as of May 31, 2012 is 4.51 years, with an aggregate intrinsic value of $3.3 million.

Employee Stock Purchase Plan

The Company also has an employee stock purchase plan which allows employees of the Company to purchase common stock of the Company through accumulated payroll deductions. Offerings under this plan have a duration of 24 months. On the first day of an offering period (the enrollment date) the participant is granted the option to purchase shares on each exercise date at the lower of 85% of the market value of a share of our common stock on the enrollment date or the exercise date. The participant’s right to purchase common stock under the plan is restricted to no more than $25,000 per calendar year and the participant may not purchase more than 10,000 shares during any offering period. Participants may terminate their interest in a given offering or a given exercise period by withdrawing all of their accumulated payroll deductions at any time prior to the end of the offering period. The fair value of the estimated number of shares to be issued under each offering is determined using the Black-Scholes option pricing model. We estimate that 12,786 shares of common stock will be issued in accordance with the plan to those enrollees in the March 5, 2012 plan.

Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows:


For the period ended May 31,	2012		2011
Compensation Expense	$	1,603,004	$	1,565,051
Income tax benefits	$	561,051	$	547,768

Unrecognized compensation cost related to all the above at May 31, 2012 totals $1,806,935.

The Company’s policy is to issue shares required under these Plans from the Company’s authorized but unissued shares and treasury.

Segments.

We have two operating segments as defined in our Annual Report on Form 10-K for the year ended February 29, 2012. Information regarding operations and assets by segment is as follows:


	Three Months Ended May 31,
	2012			2011
	(unaudited)
	(in thousands)
Net Sales:
Electrical and Industrial Products	$	44,682		$	48,266
Galvanizing Services		82,461			66,067

	$	127,143		$	114,333

Segment Operating Income (a):
Electrical and Industrial Products	$	6,838		$	7,414
Galvanizing Services		22,633			17,121

Total Segment Operating Income	$	29,471		$	24,535

General Corporate Expense (b)	$	6,774		$	6,233
Interest Expense		3,340			3,471
Net (Gain) on Insurance Settlement		(5,960	)		—
Other (Income) Expense, Net (c)		227			(134	)

	$	4,381		$	9,570

Income Before Taxes	$	25,090		$	14,965

Total Assets:
Electrical and Industrial Products	$	143,205		$	135,797
Galvanizing Services		313,813			278,761
Corporate		150,229			156,020

	$	607,247		$	570,578

(a)	Segment operating income consists of net sales, less cost of sales, specifically identifiable selling, general and administrative expenses, and other income and expense items that are specifically identifiable to a segment.

(b)	General Corporate Expense consists of selling, general and administrative expenses that are not specifically identifiable to a segment.

(c)	Other (income) expense, net includes other (income) expenses not specifically identifiable to a segment.

5.	Warranty Reserves.

A reserve has been established to provide for the estimated future cost of warranties on a portion of the Company’s delivered products and is classified within accrued liabilities on the consolidated balance sheet. Management periodically reviews the reserves and makes adjustments accordingly. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The following table shows changes in the warranty reserves since the end of fiscal 2012:


	Warranty Reserve
	(unaudited) (in thousands)
Balance at February 29, 2012	$	1,670
Warranty costs incurred		(754	)
Additions charged to income		355

Balance at May 31, 2012	$	1,271

6.	Subsequent Events

On June 1, 2012, we completed the acquisition of substantially all of the assets of Nuclear Logistics Inc. (“NLI”), pursuant to the terms of the Asset Purchase Agreement dated April 27, 2012 between NLI, certain shareholders of NLI identified therein, the Company and an indirect wholly-owned subsidiary of the Company formed for the sole purpose of the acquisition (the “Purchase Agreement”). The purchase price paid in connection with the asset purchase was $80 million, along with the assumption of certain liabilities and the payoff of $4.8 million of notes payable at closing. In accordance with the Purchase Agreement, we may be obligated to make an additional payment of up to $20 million based on the future financial performance of the NLI assets. The fair value of the earn out agreement is $9.9 million.

On June 28, 2012, the Board declared a two for one stock split of the Company’s Common Stock in the form of a 100% stock dividend, payable on July 30, 2012 to shareholders of record as of July 16, 2012, with a broker’s cut-off date of July 23, 2012. The stock dividend entitles each shareholder of record as of July 16, 2012 to receive one additional share of common stock for each share then owned. As of February 29, 2012, the most recent fiscal year end, the company had outstanding, approximately 12.6 million shares. Upon completion of the stock dividend, the outstanding shares of AZZ incorporated will be approximately 25.3 million. All share data disclosed has been retroactively restated to reflect the two for one stock split.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

FORWARD LOOKING STATEMENTS

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. In addition, certain factors could affect the outcome of the matters described herein. This Quarterly Report on Form 10-Q may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the products we inventory or sell or the services that we provide; the continuing economic volatility in the U.S. and other markets in which we operate; and acts of war or terrorism inside the United States or abroad. AZZ has provided additional information regarding risks associated with the business in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 29, 2012 and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov.

You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

The following discussion should be read in conjunction with management’s discussion and analysis contained in our Annual Report on Form 10-K for the year ended February 29, 2012 and with the condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q.

RESULTS OF OPERATIONS

We have two operating segments as defined in our Annual Report on Form 10-K for the year ended February 29, 2012. Management believes that the most meaningful analysis of our results of operations is to analyze our performance by segment. We use revenue by segment and segment operating income to evaluate our segments. Segment operating income consists of net sales less cost of sales, specifically identifiable selling, general and administrative expenses, and other (income) expense items that are specifically identifiable to a segment. The other (income) expense items included in segment operating income are generally insignificant. For a reconciliation of segment operating income to pretax income, see Note 4 to our quarterly consolidated financial statements included in this Quarterly Report on Form 10-Q.

Orders and Backlog

Our entire backlog relates to our Electrical and Industrial Products Segment. Our backlog was $136.1 million as of May 31, 2012, a decrease of $2.5 million, or 2%, as compared to $138.6 million at February 29, 2012. Our book-to-ship ratio was .98 to 1 for the quarter ended May 31, 2012, as compared to 1.06 to 1 for the same period in the prior year. Orders for the first quarter increased 3%, as compared to the same period in the prior year. The book to ship

ratio decreased as a result of our strategy to maintain price versus accepting new orders with minimal or no margins as a result of market conditions. We expect this trend to continue in the second quarter, but anticipate that markets will improve in the second half of fiscal 2013. We anticipate ending the current fiscal year with a book to ship ratio of 1 to 1.

Backlog Table

(in thousands)(unaudited)


	Period Ended			Period Ended
Backlog	2/29/12	$	138,621	2/28/11	$	108,379
Bookings			124,666			120,697
Shipments			127,143			114,333
Backlog	5/31/12	$	136,144	5/31/11	$	114,743
Book to Ship Ratio			0.98			1.06

Segment Revenues

The following table reflects the breakdown of revenue by segment:


	Three Months Ended
	5/31/2012		5/31/2011
	(in thousands)(unaudited)
Revenue:
Electrical and Industrial Products	$	44,682	$	48,266
Galvanizing Services		82,461		66,067

Total Revenue	$	127,143	$	114,333

For the three-month period ended May 31, 2012, consolidated revenues were $127.1 million, an 11% increase as compared to the same period in fiscal 2012. For the quarter ended May 31, 2012, the Electrical and Industrial Products Segment contributed 35% of the Company’s revenues and the Galvanizing Services Segment accounted for the remaining 65% of the combined revenues. For the three month period ended May 31, 2011, the Electrical and Industrial Products Segment contributed 42% of the Company’s revenues and the Galvanizing Services Segment contributed 58% of the combined revenues.

Revenues for the Electrical and Industrial Products Segment decreased $3.6 million, or 7%, for the three-month period ended May 31, 2012, as compared to the same period in fiscal 2012. The decreased revenues were the result of lower revenues from the petrochemical market for the compared periods due to competitive pricing pressure, and our unwillingness to lower prices to our competitor’s levels. In addition, lower demand from the transmission and distribution markets contributed to lower revenues, due to the utilities lower energy demands as a result of lingering economic concerns.

Revenues in the Galvanizing Services Segment increased $16.4 million, or 25%, for the three-month period ended May 31, 2012, as compared to the same period in fiscal 2012. The volume of steel processed for the three month period ended May 31, 2012 accounted for 32% of the increase in revenues while the selling price decreased 7%. The increased revenues in our Galvanizing Services Segment resulted from improved demand from the renewable energy, industrial and OEM markets. In addition to the improvements in these markets, our acquisition of Galvan Metals in the fourth quarter of fiscal 2012, contributed 20% of the increase in revenues.

Segment Operating Income

The following table reflects the breakdown of total operating income by segment:


	Three Months Ended
	5/31/2012		5/31/2011
	(in thousands)(unaudited)
Segment Operating Income:
Electrical and Industrial Products	$	6,838	$	7,414
Galvanizing Services		22,633		17,121

Total Operating Income	$	29,471	$	24,535

Our total operating income increased 20% for the three-month period ended May 31, 2012, to $29.5 million as compared to $24.5 million for the same period in fiscal 2012. Total operating margins increased to 23% for the three month period ended May 31, 2012 as compared to 22% for the same period in fiscal 2012. The Electrical and Industrial Products Segment generated 23% of the operating income for the three months ended May 31, 2012, while the Galvanizing Services Segment produced 77%.

Segment operating income in the Electrical and Industrial Products Segment decreased 8% for the three-month period ended May 31, 2012, to $6.8 million as compared to $7.4 million for the same period in fiscal 2012. Operating margins were 15% for both the three month periods ended May 31, 2012 and May 31, 2011. Operating profits were adversely impacted by lower revenues.

In the Galvanizing Services Segment, operating income increased 32% for the three-month period ended May 31, 2012, to $22.6 million as compared to $17.1 million for the same period in fiscal 2012. Operating margins increased to 27% for the three-month period ended May 31, 2012, as compared to 26% for the same period in fiscal 2012. During the first quarter of fiscal 2013, a loss was recorded in the amount of $.6 million, which resulted from the loss of production at our Joliet, Illinois facility due to a fire that resulted in a total loss of the factory. This loss will be offset with insurance proceeds for business interruption in a future quarter, once the claim is settled. Without this loss, operating margins would have been 28% for the three month period ended May 31, 2012.

General Corporate Expenses

General Corporate expenses, (see Note 4 to consolidated financial statements) not specifically identifiable to a segment, for the three-month period ended May 31, 2012, were $6.8 million compared to $6.2 million for the same period in fiscal 2012. As a percentage of sales, General Corporate expenses were 5% for both the three-month period ended May 31, 2012, and 2011. For the first quarter of fiscal 2013, the Company has incurred expensed acquisition costs of $.6 million, related to the acquisition of Nuclear Logistics Incorporated (“NLI”), (see Note 6 to the consolidated financial statements).

Interest

Net interest expense for the three-month period ended May 31, 2012 was $3.3 million as compared to $3.5 million for the same period in fiscal 2012. As of May 31, 2012, we had outstanding debt of $210.7 million, compared to $225 million at the same date last year. Our long-term debt to equity ratio was .65 to 1 at May 31, 2012, as compared to .80 to 1 at May 31, 2011.

Net (Gain) On Insurance Settlement

For the three-month period ended May 31, 2012, the company received a portion of the insurance recovery in the amount of $10 million for the fire that occurred on April 29, 2012, at the galvanizing facility in Joliet, Illinois. Based on a preliminary estimate of the damage sustained at the Joliet facility, a pretax asset impairment charge of

approximately $4 million was recorded during the first quarter of fiscal 2013. The net gain on the insurance settlement of property, plant and equipment of $6 million has been disclosed as an item under Net (Gain) Loss On Insurance Settlement or On Sale of Property, Plant and Equipment. During the same period last year the amount reflected was insignificant. We anticipate receiving additional insurance recoveries from these claims in an amount ranging from $10 million to $15 million when all claims are settled.

Other (Income) Expense

During the three-month periods ended May 31, 2012 and 2011, the amount in other (income) expense not specifically identifiable with a segment (see Note 4 to consolidated financial statements) was insignificant.

Income Taxes

The provision for income taxes reflects an effective tax rate of 36.3% for the three-month period ended May 31, 2012, as compared to 36.8% for same period in fiscal 2012.

LIQUIDITY AND CAPITAL RESOURCES

We have historically met our cash needs through a combination of cash flows from operating activities along with bank and long term borrowings. Our cash requirements are generally for operating activities, cash dividend payments, capital improvements, debt repayment, letters of credit and acquisitions. We believe that working capital, funds available under our credit agreement, and funds generated from operations should be sufficient to finance anticipated operational activities, dividends, capital improvements and payment of debt and possible future acquisitions.

Our operating activities generated cash flows of approximately $16.2 million for the three month period ended May 31, 2012 compared to $9.7 million for the same period in the prior fiscal year. Cash flows from operations for the three month period ended May 2012 included net income in the amount of $16.0 million, depreciation and amortization in the amount of $5.8 million, and other adjustments to reconcile net income to net cash in the amount of ($2.4) million. Included in other adjustments were provisions for bad debt in the amount of $.3 million, deferred income taxes in the amount of $1.6 million, net gain on insurance settlement or on sale of property, plant and equipment of $6.0 million and non-cash adjustments in the amount of $1.7 million. Negative cash flow was recognized due to increased inventories, prepaid expenses, and revenue in excess of billings in the amount of $4.7 million, $2.1 million and $1.0 million, respectively, and decreased other accrued liabilities in the amount of $1.1 million. Positive cash flow was recognized due to increased accounts payables in the amount of $1.5 million and decreased accounts receivable and other assets in the amount of $4.1 million and $.01 million, respectively. Accounts receivable average days outstanding were 48 days for the three month period ended May 31, 2012, as compared to 48 days for the same period in the prior fiscal year.

During the three month period ended May 31, 2012, capital improvements were made in the amount of $3.5 million.

Our quarterly dividend was paid on May 3, 2012 in the amount of $3.2 million. During the quarter ended May 31, 2012, a payment of $14.3 million was made to the 2008 Notes discussed below.

Our working capital was $231.3 million at May 31, 2012, as compared to $220.5 million at May 31, 2011.

The Bank of America Credit Agreement provides for an $80 million unsecured revolving line of credit with one lender, Bank of America, maturing on May 25, 2014. The agreement is used to provide for working capital needs, capital improvements, future acquisitions and letter of credit needs.

The Credit Agreement provides various financial covenants requiring us, among other things, to a) maintain on a consolidated basis net worth equal to at least the sum of $182.3 million, plus 50% of future net income, b) maintain on a consolidated basis a Leverage Ratio (as defined in the Credit Agreement) not to exceed 3.25:1.0, c) maintain on a consolidated basis a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of at least 1.75:1.0 and d) not to make Capital Expenditures (as defined in the Credit Agreement) on a consolidated basis in an amount in excess of $30 million.

The Credit Agreement also provides for an applicable margin ranging from 1.00% to 1.75% over the Eurodollar Rate and Commitment Fees ranging from .20% to .30% depending on our Leverage Ratio.

At May 31, 2012, we had no outstanding debt borrowed under the revolving credit agreement; we had letters of credit outstanding at that date in the amount of $17.2 million, which left approximately $62.8 million of additional credit available under the revolving credit facility.

On March 31, 2008, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) pursuant to which the Company issued $100 million aggregate principal amount of its 6.24% unsecured Senior Notes (the “2008 Notes”) due March 31, 2018 through a private placement (the “2008 Note Offering”). Pursuant to the Note Purchase Agreement, the Company’s payment obligations with respect to the 2008 Notes may be accelerated upon any Event of Default, as defined in the Note Purchase Agreement. In connection with the 2008 Note Offering, the Company obtained the consent of Bank of America to the 2008 Note Offering and the agreement of Bank of America that the 2008 Note Offering will not constitute a default under the Credit Agreement.

The Company entered into an additional Note Purchase Agreement on January 21, 2011 (the “2011 Agreement”), pursuant to which the Company issued $125 million aggregate principal amount of its 5.42% unsecured Senior Notes (the “2011 Notes”), due in January of 2021, through a private placement (the “2011 Note Offering”). Pursuant to the 2011 Agreement, the Company’s payment obligations with respect to the 2011 Notes may be accelerated under certain circumstances. The Company anticipates using the proceeds from the 2011 Note Offering for possible future acquisitions, working capital needs, capital improvements and future cash dividend payments. In connection with the 2011 Note Offering, the Company obtained the consent of Bank of America to the 2011 Note Offering and the agreement of Bank of America that the 2011 Note Offering will not constitute a default under the Credit Agreement.

The 2008 Notes and the 2011 Notes each provide for various financial covenants requiring us, among other things, to a) maintain on a consolidated basis net worth equal to at least the sum of $116.9 million plus 50% of future net income; b) maintain a ratio of indebtedness to EBITDA (as defined in Note Purchase Agreement) not to exceed 3.25:1.00; c) maintain on a consolidated basis a Fixed Charge Coverage Ratio (as defined in the Note Purchase Agreement) of at least 2.0:1.0; d) not at any time permit the aggregate amount of all Priority Indebtedness (as defined in the Note Purchase Agreement) to exceed 10% of Consolidated Net Worth (as defined in the Note Purchase Agreement).

We were in compliance at May 31, 2012 with all of our debt covenants.

Our current ratio (current assets/current liabilities) was 3.9 to 1 at May 31, 2012, as compared to 4.2 to 1 at May 31, 2011. Our ratio of long-term debt to shareholders’ equity was .65 to 1 at May 31, 2012.

Historically, we have not experienced a significant impact on our operations from increases in general inflation other than for specific commodities. We have exposure to commodity price increases in both segments of our business, primarily copper, aluminum and steel in the Electrical and Industrial Products Segment, and zinc and natural gas in the Galvanizing Services Segment. When market conditions allow we attempt to minimize these increases through escalation clauses in customer contracts for copper, aluminum and steel and through protective caps and fixed contract purchases on zinc. In addition to these measures, we attempt to recover other cost increases through improvements to our manufacturing process and through increases in prices where competitively feasible. Many economists predict increased inflation in coming years due to U.S. and international monetary policies, and there is no assurance that inflation will not impact our business in the future.

Subsequent Events

OFF BALANCE SHEET TRANSACTIONS AND RELATED MATTERS

Other than operating leases discussed below, there are no off-balance sheet transactions, arrangements, obligations (including contingent obligations), or other relationships with unconsolidated entities or other persons that have, or may have, a material effect on financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources of the Company.

CONTRACTUAL COMMITMENTS

Leases

We lease various facilities under non-cancelable operating leases with an initial term in excess of one year. The future minimum payments required under these operating leases as of May 31, 2012 are summarized in the table below under “Other.”

Commodity pricing

The Company manages its exposures to commodity prices through the use of the following:

In the Electrical and Industrial Products Segment, we have exposure to commodity pricing for copper, aluminum and steel. Because the Electrical and Industrial Products Segment does not commit contractually to minimum volumes, increases in price for these items are normally managed through escalation clauses in customer contracts, although during difficult market conditions these escalation clauses may not be obtainable. In addition, we look to get firm pricing contracts from our vendors on material at the time we receive orders from our customers to minimize risk.

In the Galvanizing Services Segment, we utilize contracts with our zinc suppliers that include protective caps and fixed cost contracts to guard against rising zinc prices. We also secure firm pricing for natural gas supplies with individual utilities when possible. Management believes these agreements ensure adequate supplies and partially offset exposure to commodity price swings.

We have no contracted commitments for any other commodity items including steel, aluminum, natural gas, copper, zinc or any other commodity, except for those entered into under the normal course of business.

Other

At May 31, 2012, we had outstanding letters of credit in the amount of $17.2 million. These letters of credit are issued, in lieu of performance and bid bonds, to some of our customers to cover any potential warranty costs that the customer might incur. In addition, as of May 31, 2012, a warranty reserve in the amount of $1.3 million has been established to offset any future warranty claims.

The following summarizes our operating leases, and long-term debt and interest expense for the next five years.


	Operating Leases		Long-Term Debt		Interest		Total
	(In thousands)
2013	$	3,037	$	—	$	9,449	$	12,486
2014		3,528		14,286		11,678		29,492
2015		3,336		14,286		10,786		28,408
2016		3,043		14,286		9,895		27,224
2017		2,851		14,286		9,004		26,141
Thereafter		7,097		153,570		28,883		189,550

Total	$	22,892	$	210,714	$	79,695	$	313,301

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of the consolidated financial statements requires us to make estimates that affect the reported value of assets, liabilities, revenues and expenses. Our estimates are based on historical experience and various other factors that we believe are reasonable under the circumstances and form the basis for our conclusions. We continually evaluate the information used to make these estimates as business and economic conditions change. Accounting policies and estimates considered most critical are allowances for doubtful accounts, accruals for contingent liabilities, revenue recognition, impairment of long-lived assets, identifiable intangible assets and goodwill, and accounting for income taxes and stock options and stock appreciation rights. Actual results may differ from these estimates under different assumptions or conditions. The development and selection of the critical accounting policies and the related disclosures below have been reviewed with the Audit Committee of the Board of Directors. More information regarding significant accounting policies can be found in Note 1 to the Annual Consolidated Financial Statements filed on form 10-K.

Allowance for Doubtful Accounts—The carrying value of our accounts receivable is continually evaluated based on the likelihood of collection. An allowance is maintained for estimated losses resulting from our customers' inability to make required payments. The allowance is determined by historical experience of uncollected accounts, the level of past due accounts, overall level of outstanding accounts receivable, information about specific customers with respect to their inability to make payments and future expectations of conditions that might impact the collectability of accounts receivable. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances could be required.

Accruals for Contingent Liabilities—The amounts we record for estimated claims, such as self insurance programs, warranty, environmental and other contingent liabilities, requires us to make judgments regarding the amount of expenses that will ultimately be incurred. We use past history and experience and other specific circumstances surrounding these claims in evaluating the amount of liability that should be recorded. Actual results may be different than what we estimate.

Revenue Recognition—Revenue is recognized for the Electrical and Industrial Products Segment upon transfer of title and risk to customers, or based upon the percentage of completion method of accounting for electrical products built to customer specifications under long term contracts. We typically recognize revenue for the Galvanizing

Service Segment at completion of the service unless we specifically agree with the customer to hold its material for a predetermined period of time after the completion of the galvanizing process and, in that circumstance, we invoice and recognize revenue upon shipment. Customer advanced payments presented in the balance sheets arise from advanced payments received from our customers prior to shipment of the product and are not related to revenue recognized under the percentage of completion method. The extent of progress for revenue recognized using the percentage of completion method is measured by the ratio of contract costs incurred to date to total estimated contract costs at completion. Contract costs include direct labor and material and certain indirect costs. Selling, general and administrative costs are charged to expense as incurred. Provisions for estimated losses, if any, on uncompleted contracts are made in the period in which such losses are able to be determined. The assumptions made in determining the estimated cost could differ from actual performance resulting in a different outcome for profits or losses than anticipated.

Impairment of Long-Lived Assets, Identifiable Intangible Assets and Goodwill—We record impairment losses on long-lived assets, including identifiable intangible assets, when events and circumstances indicate that the assets might be impaired and the undiscounted projected cash flows associated with those assets are less than the carrying amounts of those assets. In those situations, impairment losses on long-lived assets are measured based on the excess of the carrying amount over the asset’s fair value, generally determined based upon discounted estimates of future cash flows. A significant change in events, circumstances or projected cash flows could result in an impairment of long-lived assets, including identifiable intangible assets. An annual impairment test of goodwill is performed in the fourth quarter of each fiscal year. The test is calculated using the anticipated future cash flows after tax from our operating segments. Based on the present value of the future cash flows, we will determine whether impairment may exist. A significant change in projected cash flows or cost of capital for future years could result in an impairment of goodwill in future years. Variables impacting future cash flows include, but are not limited to, the level of customer demand for and response to products and services we offer to the power generation market, the electrical transmission and distribution markets, the general industrial market and the hot dip galvanizing market, changes in economic conditions of these various markets, raw material and natural gas costs and availability of experienced labor and management to implement our growth strategies. Our testing concludes goodwill is not reasonably likely to be impaired.

Accounting for Income Taxes—We account for income taxes under the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon ultimate settlement. Developing our provision for income taxes requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and, if necessary, any valuation allowances that may be required for deferred tax assets. Our judgments and tax strategies are subject to audit by various taxing authorities.

Stock Options, Stock Appreciation Rights and Restricted Stock Units—Our employees and directors are periodically granted restricted stock units, stock options or stock appreciation rights by the Compensation Committee of the Board of Directors. The compensation cost of all employee stock-based compensation awards is measured based on the grant-date fair value of those awards and that cost is recorded as compensation expense over the period during which the employee is required to perform service in exchange for the award (generally over the vesting period of the award).

The valuation of stock based compensation awards, with the exception of restricted stock units, is complex in that there are a number of variables included in the calculation of the value of the award:

• Volatility of our stock price

• Expected term of the option

• Expected dividend yield

• Risk-free interest rate over the expected term

• Expected forfeitures

We have elected to use a Black-Scholes pricing model in the valuation of our stock options and stock appreciation rights. Restricted stock units are valued at the stock price on the date of grant.

These variables are developed using a combination of our internal data with respect to stock price volatility and exercise behavior of option holders and information from outside sources. The development of each of these variables requires a significant amount of judgment. Changes in the values of the above variables would result in different option valuations and, therefore, different amounts of compensation cost.

New Accounting Pronouncements

In May 2011, the FASB issued accounting guidance related to fair value measurement, which amends current guidance to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. This guidance generally represents clarification of fair value measurement standards, but also includes instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted this guidance for our fiscal year beginning March 1, 2012. The adoption of this standard had no material impact on our consolidated financial statements.

In June 2011, the FASB issued new guidance regarding the Presentation of Comprehensive Income, which will enhance comparability between entities that report under GAAP and those that report under International Financial Reporting Standards (“IFRS”). This guidance requires companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements. It eliminates the option to present components of other comprehensive income as part of the statement of equity. This guidance is effective for the Company’s interim and annual periods beginning after December 15, 2011 and must be applied retrospectively. Early adoption is permitted. This new guidance is in regards to presentation and it had no impact on financial position or results from operations. We adopted this guidance for our fiscal year beginning March 1, 2012.

In September 2011, the FASB issued new guidance regarding the Testing Goodwill for Impairment. This update is intended to simplify goodwill impairment testing by adding an optional qualitative review step to assess whether the required quantitative impairment analysis that exists under current GAAP is necessary. Under the amended rule, a company will not be required to calculate the fair value of a reporting unit that contains recorded goodwill unless it concludes, based on the qualitative assessment, that it is more likely than not (a likelihood of more than 50 percent) that the fair value of that reporting unit is less than its book value. If such a decline in fair value is deemed more likely than not to have occurred, then the quantitative goodwill impairment test that exists under current GAAP must be completed. If not, goodwill is deemed not impaired and no further testing is required until the next annual test date, unless conditions or events before that date raise concerns of potential impairment. The amended goodwill impairment guidance does not affect the manner in which a company estimates fair value. This guidance is effective for the Company for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. We adopted this guidance for our fiscal year beginning March 1, 2012. The adoption of this standard had no material impact on our consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market risk affecting our operations results primarily from changes in interest rates and commodity prices. We have only limited involvement with derivative financial instruments and are not a party to any leveraged derivatives.

In the Electrical and Industrial Products Segment, we have exposure to commodity pricing for copper, aluminum, and steel. Increases in price for these items are normally managed through escalation clauses in our customer’s contracts, although during difficult market conditions customers may resist these escalation clauses. In addition, we look to get firm pricing contracts from our vendors on material at the time we receive orders from our customers to minimize risk. We manage our exposures to commodity prices, primarily zinc, with respect to our Galvanizing Services Segment by utilizing agreements with zinc suppliers that include protective caps and fixed contracts to guard against escalating commodity prices. We also secure firm pricing for natural gas supplies with individual utilities when possible. We believe these agreements ensure adequate supplies and partially offset exposure to commodity price escalation.

The Company has exposure to foreign currency exchange related to our Canadian operations.

We do not believe that a hypothetical change of 10% of the interest rate or currency exchange rate that are currently in effect or a change of 10% of commodity prices would have a significantly adverse effect on our results of operations, financial position, or cash flows as long as we are able to pass along the increases in commodity prices to our customers. However, there can be no assurance that either interest rates or commodity prices will not change in excess of the 10% hypothetical amount or that we would be able to pass along rising costs of commodity prices to our customers, which could have an adverse effect on our results of operations, financial position, and cash flows if we are unable to pass along these increases to our customers.

Item 4. Controls and Procedures.

We performed an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures were effective as of that date to ensure that information required to be disclosed by us in our reports filed or submitted under the Exchange Act is (a) accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow timely discussions regarding required disclosure and (b) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

There have been no significant changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

While we believe that our existing disclosure controls and procedures have been effective to accomplish their objectives, we intend to continue to examine, refine and document our disclosure controls and procedures and to monitor ongoing developments in this area. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

We are involved from time to time in various suits and claims arising in the normal course of business. In management’s opinion, the ultimate resolution of these matters will not have a material effect on our financial position or results of operations.

Item 1A. Risk Factors.

There have been no material changes in the risk factors disclosed under Part I, Item 1A of our Annual Report on Form 10-K for the year ended February 29, 2012.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. None.

Item 3. Defaults Upon Senior Securities. None.

Item 4. Mine Safety Disclosures. None.

Item 5. Other Information.

Item 6. Exhibits.

Exhibits Required by Item 601 of Regulation S-K.

A list of the exhibits required by Item 601 of Regulation S-K and filed as part of this report is set forth in the Index to Exhibits on page 25, which immediately precedes such exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



						AZZ incorporated
						(Registrant)


DATE: July 3, 2012						By: /s/ Dana Perry
						Dana Perry, Senior Vice President for Finance Principal Financial Officer

EXHIBIT INDEX


3(1)		Articles of Incorporation, and all amendments thereto (incorporated by reference to the Annual Report on Form 10-K filed by Registrant for the fiscal year ended February 28, 1981).

3(2)		Articles of Amendment to the Article of Incorporation of the Registrant dated June 30, 1988 (incorporated by reference to the Annual Report on Form 10-K filed by Registrant for the fiscal year ended February 29, 2000).

3(3)		Articles of Amendment to the Articles of Incorporation of the Registrant dated October 25, 1999 (incorporated by reference to the Annual Report on Form 10-K filed by Registrant for the fiscal year ended February 29, 2000).

3(4)		Articles of Amendment to the Articles of Incorporation dated July 17, 2000 (incorporated by reference to the Quarterly Report Form 10-Q filed by Registrant for the quarter ended August 31, 2000).

3(5)		Amended and Restated Bylaws of AZZ incorporated (incorporated by reference to the Exhibit 3(1) to the Current Report Form 8-K filed by the Registrant on November 27, 2007).

3(6)		Amended and Restated Bylaws of AZZ incorporated (incorporated by reference to the Exhibit 3(1) to the Current Report Form 8-K filed by the Registrant on April 3, 2010).

4		Form of Stock Certificate for the Company’s $1.00 par value Common Stock (incorporated by reference to the Quarterly Report Form 10-Q filed by Registrant August 31, 2000).

10(1)		Second Amended and Restated Credit Agreement with Bank of America, N.A., dated May 25, 2006 (incorporated by reference to Exhibit 10(1) of the Form 8-K filed by the Registrant on May 26, 2006).

10(2)		First Amendment to Second Amended and Restated Credit Agreement with Bank of America, N.A., dated February 28, 2007 (incorporated by reference to Exhibit 10(1) of the Form 8-K filed by the Registrant on March 1, 2007).

10(3)		Second Amendment and Consent to Second Amendment and Restated Credit Agreement dated March 31, 2008, by and between AZZ incorporated and Bank of America, N.A. (incorporated by reference to Exhibit 10(3) of the Form 8-K filed by the registrant on April 2, 2008).

10(4)		Note Purchase Agreement dated March 31, 2008, by and among AZZ incorporated and the purchasers listed therein (incorporated by reference to Exhibit 10(1) of the Form 8-K filed by the registrant on April 2, 2008).

10(5)		AZZ incorporated Amended and Restated 2005 Long-Term Incentive Plan (incorporated by reference to Appendix A of the Proxy Statement for the 2008 Annual Shareholders Meeting).

10(6)		AZZ incorporated Employee Stock Purchase Plan (incorporated by reference to Appendix B of the Proxy Statement for the 2008 Annual Shareholders Meeting).

10(7)		1999 Independent Director Share Ownership Plan as Approved on January 19, 1999 and As Amended on September 22, 1999 (incorporated by reference to Exhibit 10(22) of the Annual Report on Form 10-K filed by Registrant for the fiscal year ended February 28, 2001).

10(8)		AZZ incorporated 2001 Long-Term Incentive Plan (incorporated by reference to Exhibit A of the Proxy Statement for the 2001 Annual Shareholders Meeting).

10(9)		AZZ incorporated 2003 Management Incentive Bonus Plan (incorporated by reference to Exhibit 10(20) to the Annual Report on Form 10-K filed by the registrant for the fiscal year ended February 28, 2002).

10(10)		2002 Plan for the Annual Grant of Stock Options to Independent Directors of AZZ incorporated (incorporated by reference to Exhibit 10(27) to the Quarterly Report Form 10-Q filed by the registrant for the quarter ended August 31, 2002).

10(11)		AZZ incorporated Fiscal Year 2005 Stock Appreciation Rights Plan for Directors (incorporated by reference to Exhibit 10(53) to the quarterly report Form 10-Q filed by the Registrant for the quarter ended August 31, 2004).

10(12)		AZZ incorporated Fiscal Year 2005 Stock Appreciation Rights Plan for Key Employees (incorporated by reference to Exhibit 10(54) to the quarterly report Form 10-Q filed by the Registrant for the quarter ended August 31, 2004).


10(13)		AZZ incorporated 2005 Independent Director Compensation Plan (incorporated by reference to Exhibit 10.2 to the current report on Form 8-K filed by the Registrant on July 14, 2005).

10(14)		Agreement and Plan of Merger by and among AZZ incorporated, Big Kettle Merger Sub, Inc. and North American Galvanizing and Coatings, Inc. dated as of March 31, 2010 (incorporated by reference to Exhibit 2(1) to the current report on Form 8-K filed by the registrant on April 1, 2010).

10(15)		Stockholders Agreement by and among AZZ incorporated, Big Kettle Merger Sub, Inc. and certain stockholders of North American Galvanizing and Coatings, Inc. dated as of March 31, 2010 (incorporated by reference to Exhibit 2(2) to the current report on Form 8-K filed by the registrant on April 1, 2010).

10(16)		Third Amendment to Second Amended and Restated Credit Agreement with Bank of America, N.A., dated December 3, 2008 (filed herewith).

10(17)		Fourth Amendment to Second Amended and Restated Credit Agreement with Bank of America, N.A., dated February 13, 2009 (filed herewith).

10(18)		Fifth Amendment to Second Amended and Restated Credit Agreement with Bank of America, N.A., dated April 29, 2010 (incorporated by reference to Exhibit 10(1) of the Form 8-K filed by the registrant on April 30, 2010).

10(19)		Sixth Amendment to Second Amended and Restated Credit Agreement with Bank of America, N.A., dated January 20, 2012 (incorporated be reference to Exhibit 10(1) of the Form 8-K filed by the registrant on January 23, 2012).

10(20)		Note Purchase Agreement, dated as of January 20, 2011, by and among AZZ incorporated and the purchasers identified therein (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the registrant on January 31, 2011).

10(21)		Asset Purchase Agreement, dated April 27, 2012, by and among AZZ incorporated, AZZ AcqurieCo, Inc., and Nuclear Logistics Incorporated and certain shareholders thereof identified therein (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the registrant on May 3, 2012).

31.1		Chief Executive Officer Certificate pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated July 3, 2012. Filed Herewith.

31.2		Chief Financial Officer Certificate pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated July 3, 2012. Filed Herewith.

32.1		Chief Executive Officer Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated July 3, 2012. Filed Herewith.

32.2		Chief Financial Officer Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated July 3, 2012. Filed Herewith.

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EX-10.16 2 d365516dex1016.htm THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT Third Amendment to Second Amended and Restated Credit Agreement

Exhibit 10(16)

THIRD AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This Third Amendment to Second Amended and Restated Credit Agreement (this “Amendment”) is executed effective as of December 3, 2008 (the “Effective Date”), by and among AZZ incorporated, a Texas corporation (“Borrower”), and Bank of America, N.A., as Lender, Administrative Agent, Swing Line Lender and L/C Issuer (“Administrative Agent”).

A. Borrower and Administrative Agent are party to that certain Second Amended and Restated Credit Agreement dated as of May 25, 2006 (as heretofore amended, modified, supplemented, restated or amended and restated from time to time, the “Agreement”).

B. Borrower has requested that Administrative Agent amend certain terms and provisions of the Agreement.

C. Borrower and Administrative Agent have agreed, upon the following terms and conditions, to amend the Agreement subject to and upon the terms and conditions provided herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained, and for other valuable consideration, the parties hereto agree as follows:

Section 1. Defined Terms: References. Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such term in the Agreement.

Section 2. Amendments to Agreement. Effective as of the Effective Date, but subject to satisfaction of the conditions precedent set forth in Section 3 hereof, the Agreement is hereby amended as set forth below.

Section 7.01(f) of the Agreement is amended to read in its entirety as follows:

“(f)

Liens to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of like nature incurred in the ordinary course of business, to the extent that such Liens are required by the counterparties thereto.”

Section 3. Conditions to Effectiveness. This Amendment shall become effective as of the Effective Date when and if Administrative Agent has received the following:

(a) this Amendment, duly executed by Borrower, each Guarantor and Administrative Agent;

(b) if requested by Administrative Agent, a certificate of a Responsible Officer, certifying the names and true signatures of the officers of Borrower authorized to execute and deliver this Amendment;

(c) (i) if requested by Administrative Agent, for Borrower and each Guarantor that is not a partnership, copies of the resolutions of the Board of Managers or Board of Directors of Borrower or such Guarantor, approving and authorizing the execution, delivery and performance by Borrower or such Guarantor of this Amendment and the transactions contemplated hereby, certified by a Responsible Officer of Borrower or such Guarantor; and (ii) for each Guarantor that is a partnership, evidence of approval and authorization of the execution, delivery and performance by such Guarantor of this Amendment and the transactions contemplated hereby, accompanied by a certificate from the general partner or other appropriate managing partner;

(d) if requested by Administrative Agent, a certificate of a Responsible Officer (or general partner or other appropriate managing partner, as applicable) of each Guarantor, certifying the names and true signatures of the officers of such Guarantor authorized to execute and deliver this Amendment; and

(e) such other assurances, certificates, Loan Documents, other documents, consents and opinions as Administrative Agent may reasonably require.

Section 4. Representations and Warranties of Borrower. Borrower represents and warrants to Administrative Agent as set forth below.

(a) The execution, delivery and performance by Borrower and each Guarantor of this Amendment and the transactions contemplated hereby, and the Agreement, as amended hereby, have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of any stockholder, member, partner, security holder or creditor of Borrower or such Guarantor, (ii) violate or conflict with any provision of Borrower’s or such Guarantor’s Articles of Incorporation, Bylaws, partnership agreement, limited liability company agreement, or other organizational documents, (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or leased or hereafter acquired by Borrower or such Guarantor, (iv) violate any Laws applicable to Borrower or such Guarantor (v) result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan agreement or any other material agreement to which Borrower or such Guarantor is a party or by which Borrower or such Guarantor or any of its Property is bound or affected.

(b) No authorization, consent, approval, order license or permit from, or filing, registration or qualification with, any Governmental Authority is or will be required to authorize or permit under applicable Law the execution, delivery and performance by Borrower or any Guarantor of this Amendment and the transactions contemplated hereby, and the Agreement, as amended hereby.

(c) Each of this Amendment and the Agreement, as amended hereby, has been duly executed and delivered by Borrower and each Guarantor and constitutes the legal, valid and binding obligation of Borrower and each Guarantor, enforceable against Borrower and each Guarantor in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion.

(d) The representations and warranties of Borrower contained in Article V of the Agreement are true and correct as though made on and as of the Effective Date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct as of such earlier date).

(e) No Default or Potential Default exists or would result from the effectiveness of this Amendment.

(f) Borrower and each Guarantor agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents and certificates as Administrative Agent may reasonably request in order to create, perfect, preserve, and protect the guaranties, assurances, and Liens granted, conveyed or assigned by the Agreement and the other Loan Documents.

Section 5. Reference to and Effect on Loan Documents.

(a) On and after the Effective Date, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or any other expression of like import referring to the Agreement, and each reference in the other Loan Documents to “the Agreement,” “thereunder,” “thereof,” “therein” or any other expression of like import referring to the Agreement, shall mean and be a reference to the Agreement as amended and modified by this Amendment.

(b) Except as specifically amended hereby, all provisions of the Agreement and all Collateral Documents shall remain in full force and effect and are hereby ratified and confirmed.

(c) Except as otherwise expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or Administrative Agent under any of the Loan Documents or constitute a waiver of any provision of any of the Loan Documents.

Section 6. Costs and Expenses. Borrower agrees to pay on demand all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment and the other instruments, agreements and Loan Documents to be delivered hereunder, including the reasonable fees and out-of-pocket expenses of counsel for Administrative Agent with respect thereto and with respect to advising Administrative Agent as to its rights and responsibilities hereunder and thereunder.

Section 7. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This agreement, when executed by the parties hereto, shall be a “Loan Document” as defined and referred to in the Agreement and the other Loan Documents. Delivery of an executed counterpart hereof by fax shall be effective as the delivery of a manually executed counterpart hereof.

Section 8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

Section 9. ENTIRETY. THIS AMENDMENT, THE AGREEMENT, THE NOTES AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]


AZZ incorporated

By:		/s/ Dana Perry
Dana Perry, Vice President

BANK OF AMERICA, N.A., as

Administrative Agent



By:		/s/ Allison W. Connally
Name: Allison W. Connally Title: Senior Vice President

BANK OF AMERICA, N.A., as a

Lender, L/C Issuer and Swing Line

Lender



By:		/s/ Allison W. Connally
Name: Allison W. Connally Title: Senior Vice President

To induce Administrative Agent to enter into this Amendment, the undersigned hereby consent and agree (a) to its execution and delivery and terms and conditions thereof, (b) that this document in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any guaranties, assurances, or other obligations or undertakings of any of the undersigned under any Loan Documents, and (c) waive notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of Administrative Agent and their respective successors and permitted assigns.

GUARANTORS:

AAA GALVANIZING - JOLIET, INC.

AAA GALVANIZING - DIXON, INC.

AAA GALVANIZING - CHELSEA, INC.

AAA GALVANIZING - HAMILTON, INC.

AAA GALVANIZING - PEORIA, INC.

AAA GALVANIZING - WINSTED, INC.

AZTEC INDUSTRIES, INC.

THE CALVERT COMPANY, INC.

GULF COAST GALVANIZING, INC.

ARKGALV, INC.

ARBOR-CROWLEY, INC.

ATKINSON INDUSTRIES, INC.

AZTEC INDUSTRIES, INC. - MOSS POINT

AUTOMATIC PROCESSING INCORPORATED

ARIZONA GALVANIZING, INC.

HOBSON GALVANIZING, INC.

CGIT SYSTEMS, INC.

WESTSIDE GALVANIZING SERVICES, INC.

CARTER AND CRAWLEY, INC.

CENTRAL ELECTRIC COMPANY

CENTRAL ELECTRIC MANUFACTURING

COMPANY

ELECTRICAL POWER SYSTEMS, INC.

WITT GALVANIZING - CINCINNATI, INC.

WITT GALVANIZING - MUNCIE, INC.

WITT GALVANIZING - PLYMOUTH, INC.

AZTEC MANUFACTURING PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

AZTEC MANUFACTURING - WASKOM

PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

RIG-A-LITE PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

INTERNATIONAL GALVANIZERS

PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

DRILLING RIG ELECTRICAL SYSTEMS CO.

PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

AZZ GROUP, LP

By: AZZ GP, LLC, its General Partner

AZZ GP, LLC

AZZ LP, LLC

AZZ HOLDINGS, INC.

By: /s/ Dana L. Perry

Dana L. Perry, Secretary of each of the foregoing

EX-10.17 3 d365516dex1017.htm FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT Fourth Amendment to Second Amended and Restated Credit Agreement

Exhibit 10(17)

FOURTH AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This Fourth Amendment to Second Amended and Restated Credit Agreement (this “Amendment”) is executed effective as of February 13, 2008 (the “Effective Date”), by and among AZZ incorporated, a Texas corporation (“Borrower”), and Bank of America, N.A., as Lender, Administrative Agent, Swing Line Lender and L/C Issuer (“Administrative Agent”).

B. Borrower has requested that Administrative Agent amend certain terms and provisions of the Agreement.

C. Borrower and Administrative Agent have agreed, upon the following terms and conditions, to amend the Agreement subject to and upon the terms and conditions provided herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained, and for other valuable consideration, the parties hereto agree as follows:

Section 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such term in the Agreement.

Section 2. Amendments to Agreement. Effective as of the Effective Date, but subject to satisfaction of the conditions precedent set forth in Section 3 hereof, the Agreement is hereby amended as set forth below.

(a) Section 6.12(d) of the Agreement is amended to read in its entirety as follows:

“(d) Capital Expenditures. Not to make Capital Expenditures on a consolidated basis in an amount in excess of (i) $14,000,000 during any fiscal year ending before February 28, 2009, (ii) $22,000,000 during the fiscal year ending on February 28, 2009, and (iii) $20,000,000 during any fiscal year ending after February 28, 2009.”

(b) Schedule 5.13 to the Agreement is deleted and replaced by Schedule 5.13 attached hereto.

(c) The notice information for AZZ incorporated contained in Schedule 10.02 to the Agreement is deleted and replaced by the following:

“AZZ incorporated:

One Museum Place

3100 West 7^th Street

Fort Worth, TX 76107

Attention: Mr. Dana L. Perry

Telephone: (817) 810-0095

Telecopier: (817) 336-5354

Electronic Mail: danaperry@azz.com

Website Address: www.azz.com

U.S. Taxpayer Identification Number: 75-0948250”


		1		AZZ Fourth Amendment

(d) Section IV. of Schedule 2 of Exhibit D to the Agreement is deleted and replaced by the following:

“IV. Section 6.12(d) - Capital Expenditures.


A.	Capital Expenditures during current fiscal year to Statement Date:	$

B.	Maximum permitted Capital Expenditures (select applicable amount):	[$14,000,000]
		[$22,000,000]
		[$20,000,000]

C.	Excess (deficiency) for covenant compliance (Line IV.B - IV.A):	$ ”

Section 3. Conditions to Effectiveness. This Amendment shall become effective as of the Effective Date when and if Administrative Agent has received the following:

(a) this Amendment, duly executed by Borrower, each Guarantor and Administrative Agent;

(e) such other assurances, certificates, Loan Documents, other documents, consents and opinions as Administrative Agent may reasonably require.

Section 4. Representations and Warranties of Borrower. Borrower represents and warrants to Administrative Agent as set forth below.


		2		AZZ Fourth Amendment

(d) The representations and warranties of Borrower contained in Article V of the Agreement are true and correct as though made on and as of the Effective Date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct as of such earlier date).

(e) No Default or Potential Default exists or would result from the effectiveness of this Amendment.

Section 5. Reference to and Effect on Loan Documents.

(b) Except as specifically amended hereby, all provisions of the Agreement and all Collateral Documents shall remain in full force and effect and are hereby ratified and confirmed.


		3		AZZ Fourth Amendment

Section 8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]


		4		AZZ Fourth Amendment


AZZ incorporated

By:		/s/ Dana Perry
Dana Perry, Vice President
BANK OF AMERICA, N.A., as Administrative Agent


By:		/s/ Allison W. Connally
Name: Allison W. Connally Title: Senior Vice President
BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

By:		/s/ Allison W. Connally
Name: Allison W. Connally Title: Senior Vice President

Signature Page to AZZ Fourth Amendment

GUARANTORS:

AAA GALVANIZING - JOLIET, INC.

AAA GALVANIZING - DIXON, INC.

AAA GALVANIZING - CHELSEA, INC.

AAA GALVANIZING - HAMILTON, INC.

AAA GALVANIZING - PEORIA, INC.

AAA GALVANIZING - WINSTED, INC.

AZTEC INDUSTRIES, INC.

THE CALVERT COMPANY, INC.

GULF COAST GALVANIZING, INC.

ARKGALV, INC.

ARBOR-CROWLEY, INC.

ATKINSON INDUSTRIES, INC.

AZTEC INDUSTRIES, INC. - MOSS POINT

AUTOMATIC PROCESSING INCORPORATED

ARIZONA GALVANIZING, INC.

HOBSON GALVANIZING, INC.

CGIT SYSTEMS, INC.

WESTSIDE GALVANIZING SERVICES, INC.

CARTER AND CRAWLEY, INC.

CENTRAL ELECTRIC COMPANY

CENTRAL ELECTRIC MANUFACTURING

COMPANY

ELECTRICAL POWER SYSTEMS, INC.

WITT GALVANIZING - CINCINNATI, INC.

WITT GALVANIZING - MUNCIE, INC.

WITT GALVANIZING - PLYMOUTH, INC.

Signature Page to AZZ Fourth Amendment

AZTEC MANUFACTURING PARTNERSHIP,

LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

AZTEC MANUFACTURING - WASKOM

PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

RIG-A-LITE PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

INTERNATIONAL GALVANIZERS

PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

DRILLING RIG ELECTRICAL SYSTEMS CO.

PARTNERSHIP, LTD.

By: AZZ GROUP, LP, its General Partner

By: AZZ GP, LLC, its General Partner

AZZ GROUP, LP

By: AZZ GP, LLC, its General Partner

AZZ GP, LLC

AZZ LP, LLC

AZZ HOLDINGS, INC.

By: /s/ Dana L. Perry

Dana L. Perry, Secretary of each of the

foregoing entities

Signature Page to AZZ Fourth Amendment

EX-31.1 4 d365516dex311.htm CHIEF EXECUTIVE OFFICER CERTIFICATE PURSUANT TO SECTION 302 Chief Executive Officer Certificate pursuant to Section 302

Exhibit 31.1

Certification by David H. Dingus

Pursuant to Securities Exchange Act Rule 13a-14(a)

I, David H. Dingus, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of AZZ incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

EX-31.2 5 d365516dex312.htm CHIEF FINANCIAL OFFICER CERTIFICATE PURSUANT TO SECTION 302 Chief Financial Officer Certificate pursuant to Section 302

Exhibit 31.2

Certification by Dana L. Perry

Pursuant to Securities Exchange Act Rule 13a-14(a)

I, Dana L. Perry, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of AZZ incorporated;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

EX-32.1 6 d365516dex321.htm CHIEF EXECUTIVE OFFICER CERTIFICATE PURSUANT TO SECTION 906 Chief Executive Officer Certificate pursuant to Section 906

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, David H. Dingus, has executed this certification in connection with the filing with the Securities and Exchange Commission of AZZ incorporated’s Quarterly Report on Form 10-Q for the period ended May 31, 2012 (the “Report”). The undersigned hereby certifies that:

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of AZZ incorporated.

EX-32.2 7 d365516dex322.htm CHIEF FINANCIAL OFFICER CERTIFICATE PURSUANT TO SECTION 906 Chief Financial Officer Certificate pursuant to Section 906

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Dana L. Perry, has executed this certification in connection with the filing with the Securities and Exchange Commission of AZZ incorporated’s Quarterly Report on Form 10-Q for the period ended May 31, 2012 (the “Report”). The undersigned hereby certifies that:

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of AZZ incorporated.

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<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1.</td> <td align="left" valign="top">Basis of Presentation. </td> </tr> </table> These interim unaudited condensed consolidated financial statements were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC rules and regulations referred to above. Accordingly, these financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 29, 2012 included in the Company’s Annual Report on Form 10-K covering such period. For purposes of the report, “AZZ”, the “Company”, “we”, “our”, “us” or similar reference means AZZ incorporated and our consolidated subsidiaries. Our fiscal year ends on the last day of February and is identified as the fiscal year for the calendar year in which it ends. For example, the fiscal year ended February 29, 2012 is referred to as fiscal 2012. In the opinion of management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position of the Company as of May 31, 2012, and the results of its operations and cash flows for the three-month periods ended May 31, 2012 and 2011.

<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">2.</td> <td align="left" valign="top">Earnings per share. </td> </tr> </table> Earnings per share is based on the weighted average number of shares outstanding during each period, adjusted for the dilutive effect of stock awards. The shares and earnings per share have been adjusted to reflect our two for one stock split, effected in the form of a share dividend approved by the Board of Directors on June 28, 2012, all share data has been retroactively restated. The following table sets forth the computation of basic and diluted earnings per share:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="79%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">Three months ended May 31,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">(Unaudited)</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center"> (in thousands except share and per share data) </td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Numerator: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Net income for basic and diluted earnings per common share </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,986</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,465</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Denominator: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Denominator for basic earnings per common share –weighted average shares </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,244</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,078</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Effect of dilutive securities: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Stock options/Equity SARs and Restricted Stock </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">210</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Denominator for diluted earnings per common share </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,454</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,290</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Earnings per share basic and diluted: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Basic earnings per common share </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.63</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.38</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Diluted earnings per common share </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.63</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.37</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">3.</td> <td align="left" valign="top">Stock-based Compensation. </td> </tr> </table> The Company has two share-based compensation plans (the “Plan” or “Plans”). The purpose of both Plans is to promote the growth and prosperity of the Company by permitting the Company to grant to its employees, directors and advisors various types of restricted stock unit awards, stock appreciation rights and options to purchase common stock of the Company. The maximum number of shares that may be issued under the Plans is 5,000,000 shares. As of May 31, 2012, the Company has approximately 1,165,672 shares available for future issuance under the Plans. Restricted Stock Unit Awards Restricted stock unit awards are valued at the market price of our common stock on the grant date. These awards generally have a three year cliff vesting schedule but may vest early in accordance with the applicable Plan’s accelerated vesting provisions. Activity in our non-vested restricted stock unit awards for the period ended May 31, 2012 is as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="72%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Restricted Stock Units</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Weighted Average Grant Date Fair Value</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Non-Vested Balance as of February 29, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">122,450</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13.89</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Granted </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40,792</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25.67</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Vested </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(56,664</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.06</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Forfeited </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Non-Vested Balance for the period ended May 31, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">106,578</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20.82</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr>  </table> Stock Appreciation Rights and Option Awards Stock appreciation rights and option awards are granted with an exercise price equal to the market value of our common stock on the date of grant. These awards generally have a contractual term of 7 years and vest ratably over a period of three years although some may vest immediately on issuance. These awards are valued using the Black-Scholes option pricing model. A summary of the Company’s stock appreciation rights and option awards activity for the three month period ended May 31, 2012 is as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="67%"> </td> <td valign="bottom" width="10%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="10%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Options/ SAR’s</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Weighted Average Exercise Price</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Outstanding as of February 29, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">573,000</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15.46</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Granted </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">116,114</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25.67</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Exercised </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(109,000</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12.23</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Forfeited </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Outstanding at end of the period ended May 31, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">580,114</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18.11</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr> <td valign="top"> Exercisable at end of period ended May 31, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">258,104</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14.21</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Weighted average fair value of options and SARs granted during the period ended May 31, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8.79</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table>   The average remaining contractual term for those options/ stock appreciation rights outstanding at May 31, 2012, is 5.24 years, with an aggregate intrinsic value of $5.1 million. The average remaining contractual terms for those options/ stock appreciation rights that are exercisable as of May 31, 2012 is 4.51 years, with an aggregate intrinsic value of $3.3 million. Employee Stock Purchase Plan The Company also has an employee stock purchase plan which allows employees of the Company to purchase common stock of the Company through accumulated payroll deductions. Offerings under this plan have a duration of 24 months. On the first day of an offering period (the enrollment date) the participant is granted the option to purchase shares on each exercise date at the lower of 85% of the market value of a share of our common stock on the enrollment date or the exercise date. The participant’s right to purchase common stock under the plan is restricted to no more than $25,000 per calendar year and the participant may not purchase more than 10,000 shares during any offering period. Participants may terminate their interest in a given offering or a given exercise period by withdrawing all of their accumulated payroll deductions at any time prior to the end of the offering period. The fair value of the estimated number of shares to be issued under each offering is determined using the Black-Scholes option pricing model. We estimate that 12,786 shares of common stock will be issued in accordance with the plan to those enrollees in the March 5, 2012 plan. Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="74%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">For the period ended May 31,</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Compensation Expense </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,603,004</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,565,051</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Income tax benefits </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">561,051</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">547,768</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table> Unrecognized compensation cost related to all the above at May 31, 2012 totals $1,806,935. The Company’s policy is to issue shares required under these Plans from the Company’s authorized but unissued shares and treasury.

<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">4.</td> <td align="left" valign="top">Segments. </td> </tr> </table> We have two operating segments as defined in our Annual Report on Form 10-K for the year ended February 29, 2012. Information regarding operations and assets by segment is as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="78%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">Three Months Ended May 31,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">(unaudited)</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Net Sales: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Electrical and Industrial Products </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">44,682</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,266</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Galvanizing Services </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">82,461</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">66,067</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">127,143</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">114,333</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Segment Operating Income (a): </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Electrical and Industrial Products </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,838</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,414</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Galvanizing Services </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,633</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,121</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Total Segment Operating Income </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29,471</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,535</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr 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(Gain) on Insurance Settlement </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,960</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Other (Income) Expense, Net (c) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">227</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(134</td> <td nowrap="nowrap" valign="bottom">)</td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,381</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,570</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Income Before Taxes </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,090</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,965</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Total Assets: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Electrical and Industrial Products </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">143,205</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">135,797</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Galvanizing Services </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">313,813</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">278,761</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Corporate </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">150,229</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">156,020</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">607,247</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">570,578</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>   <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(a)</td> <td align="left" valign="top">Segment operating income consists of net sales, less cost of sales, specifically identifiable selling, general and administrative expenses, and other income and expense items that are specifically identifiable to a segment. </td> </tr> </table> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(b)</td> <td align="left" valign="top">General Corporate Expense consists of selling, general and administrative expenses that are not specifically identifiable to a segment. </td> </tr> </table> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(c)</td> <td align="left" valign="top">Other (income) expense, net includes other (income) expenses not specifically identifiable to a segment. </td> </tr> </table>

<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">5.</td> <td align="left" valign="top">Warranty Reserves. </td> </tr> </table> A reserve has been established to provide for the estimated future cost of warranties on a portion of the Company’s delivered products and is classified within accrued liabilities on the consolidated balance sheet. Management periodically reviews the reserves and makes adjustments accordingly. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The following table shows changes in the warranty reserves since the end of fiscal 2012:   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="81%"> </td> <td valign="bottom" width="14%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Warranty Reserve</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center"> (unaudited) (in thousands) </td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Balance at February 29, 2012 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,670</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Warranty costs incurred </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(754</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Additions charged to income </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Balance at May 31, 2012 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,271</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">6.</td> <td align="left" valign="top">Subsequent Events </td> </tr> </table> On June 1, 2012, we completed the acquisition of substantially all of the assets of Nuclear Logistics Inc. (“NLI”), pursuant to the terms of the Asset Purchase Agreement dated April 27, 2012 between NLI, certain shareholders of NLI identified therein, the Company and an indirect wholly-owned subsidiary of the Company formed for the sole purpose of the acquisition (the “Purchase Agreement”). The purchase price paid in connection with the asset purchase was $80 million, along with the assumption of certain liabilities and the payoff of $4.8 million of notes payable at closing. In accordance with the Purchase Agreement, we may be obligated to make an additional payment of up to $20 million based on the future financial performance of the NLI assets. The fair value of the earn out agreement is $9.9 million. On June 28, 2012, the Board declared a two for one stock split of the Company’s Common Stock in the form of a 100% stock dividend, payable on July 30, 2012 to shareholders of record as of July 16, 2012, with a broker’s cut-off date of July 23, 2012. The stock dividend entitles each shareholder of record as of July 16, 2012 to receive one additional share of common stock for each share then owned. As of February 29, 2012, the most recent fiscal year end, the company had outstanding, approximately 12.6 million shares. Upon completion of the stock dividend, the outstanding shares of AZZ incorporated will be approximately 25.3 million. All share data disclosed has been retroactively restated to reflect the two for one stock split.

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Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Supplemental Disclosure of Non-cash Investing Activity Insurance Receivable For Fixed Assets Damaged By Fire Insurance Receivable for Fixed Assets Damaged by Fire Insurance receivable for fixed assets damaged by fire. 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Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $)
3 Months Ended

May 31, 2012

May 31, 2011

Consolidated Statement of Stockholders' Equity [Abstract]

Interest Rate Swap, Income Tax $ 7,301 $ 7,301

X

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 25

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Accounting Standards Codification

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-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Consolidated Statement of Shareholders' Equity (Unaudited) (USD $)

Total

Common Stock

Capital in Excess of Par Value

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Balance at Feb. 29, 2012 $ 287,608,765 $ 25,218,320 $ 14,200,811 $ 247,059,938 $ 1,303,974 $ (174,278)

Balance, shares at Feb. 29, 2012 25,218,320

Stock Compensation 1,603,004 1,603,004

Restricted Stock Units (413,379) (516,916) 103,537

Stock Issued for SARs (316,597) 57,070 (389,029) 15,362

Stock Issued for SARs, Shares 57,070

Employee Stock Purchase Plan 391,353 335,974 55,379

Federal Income Tax Deducted on Stock Options and SARs 604,503 604,503

Cash Dividend Paid (3,156,259) (3,156,259)

Net Income 15,985,940 15,985,940

Foreign Currency Translation Adjustments Unrealized Translation Gains (Losses) (1,959,531) (1,959,531)

Interest Rate Swap, Net of Income Tax of $7,301 and $7,301 (13,559) (13,559)

Balance at May. 31, 2012 $ 300,334,240 $ 25,275,390 $ 15,838,347 $ 259,889,619 $ (669,116)

Balance, shares at May. 31, 2012 25,275,390

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Condensed Consolidated Balance Sheets (USD $)

May 31, 2012

Feb. 29, 2012

Current Assets:

Cash and Cash Equivalents $ 139,317,814 $ 143,302,666

Accounts Receivable (Net of Allowance for Doubtful Accounts of $1,000,000 at May 31, 2012 and $898,000 at February 29, 2012) 80,053,625 74,647,303

Inventories:

Raw Material 41,693,064 44,008,243

Work-In-Process 19,345,483 13,860,151

Finished Goods 2,287,831 2,412,736

Costs and Estimated Earnings In Excess of Billings On Uncompleted Contracts 15,015,326 14,038,161

Deferred Income Taxes 7,364,138 7,654,781

Prepaid Expenses and Other 4,888,161 2,811,858

Total Current Assets 309,965,442 302,735,899

Property, Plant and Equipment, Net 131,585,146 135,826,703

Goodwill 120,431,145 121,383,863

Intangibles and Other Assets 45,264,875 46,828,100

Total Assets 607,246,608 606,774,565

Current Liabilities:

Accounts Payable 25,910,523 24,401,194

Income Tax Payable 7,107,521 998,496

Accrued Salaries and Wages 5,185,736 7,988,594

Other Accrued Liabilities 14,907,310 18,049,283

Customer Advance Payment 10,286,029 11,267,525

Long Term Debt Due Within One Year 14,285,714 14,285,714

Billings In Excess of Costs and Estimated Earnings On Uncompleted Contracts 988,750 987,771

Total Current Liabilities 78,671,583 77,978,577

Long-Term Debt Due After One Year 196,428,571 210,714,286

Deferred Income Taxes 31,812,214 30,472,937

Shareholders' Equity:

Common Stock, $1 Par Value, Shares Authorized 50,000,000, Shares Issued (25,275,390 Shares at May 31, 2012 and 25,218,320 Shares at February 29, 2012) 25,275,390 25,218,320

Capital In Excess of Par Value 15,838,347 14,200,811

Retained Earnings 259,889,619 247,059,938

Accumulated Other Comprehensive Income (Loss) (669,116) 1,303,974

Less Common Stock Held In Treasury, At Cost (0 Shares at May 31, 2012 and 53,090 Shares at February 29, 2012) (174,278)

Total Shareholders' Equity 300,334,240 287,608,765

Total liabilities and Shareholders' Equity $ 607,246,608 $ 606,774,565

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Prepaid Expenses and Other (2,093,721) (2,353,552)

Other Assets 13,182 (87,417)

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Accounts Payable 1,535,582 1,935,677

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Purchase of Property, Plant and Equipment (3,489,235) (4,692,469)

Net Cash Provided by (Used In) Investing Activities (3,479,904) (4,557,578)

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Payments on Long Term Debt (14,285,714)

Excess Tax Benefits From Stock Options and SARs Exercises 604,503 39,606

Dividends Paid (3,156,259) (3,135,902)

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Cash & Cash Equivalents At End of Period 139,317,814 140,400,271

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Cash Paid For Income Taxes 718,626 2,662,900

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Condensed Consolidated Income Statements (Unaudited) (USD $)
3 Months Ended

May 31, 2012

May 31, 2011

Condensed Consolidated Income Statements [Abstract]

Net Sales $ 127,142,864 $ 114,332,931

Costs and Expenses

Cost of Sales 89,277,551 83,264,145

Selling, General and Administrative 15,356,217 13,049,354

Interest Expense 3,340,166 3,470,539

Net (Gain) Loss On Insurance Settlement or On Sale of Property, Plant and Equipment (5,969,081) 231,009

Other (Income) Expense 48,309 (647,429)

Total costs and expenses 102,053,162 99,367,618

Income Before Income Taxes 25,089,702 14,965,313

Income Tax Expense 9,103,762 5,500,112

Net Income $ 15,985,940 $ 9,465,201

Earnings Per Common Share

Basic Earnings Per Share $ 0.63 $ 0.38

Diluted Earnings Per Share $ 0.63 $ 0.37

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3 Months Ended

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Stock-based Compensation

3. Stock-based Compensation.

The Company has two share-based compensation plans (the “Plan” or “Plans”). The purpose of both Plans is to promote the growth and prosperity of the Company by permitting the Company to grant to its employees, directors and advisors various types of restricted stock unit awards, stock appreciation rights and options to purchase common stock of the Company. The maximum number of shares that may be issued under the Plans is 5,000,000 shares. As of May 31, 2012, the Company has approximately 1,165,672 shares available for future issuance under the Plans.

Restricted Stock Unit Awards

Restricted stock unit awards are valued at the market price of our common stock on the grant date. These awards generally have a three year cliff vesting schedule but may vest early in accordance with the applicable Plan’s accelerated vesting provisions.

Activity in our non-vested restricted stock unit awards for the period ended May 31, 2012 is as follows:

Restricted
Stock Units Weighted
Average Grant
Date Fair Value

Non-Vested Balance as of February 29, 2012
122,450 $ 13.89

Granted
40,792 25.67

Vested
(56,664 ) 9.06

Forfeited
— —

Non-Vested Balance for the period ended May 31, 2012
106,578 $ 20.82

Stock Appreciation Rights and Option Awards

Stock appreciation rights and option awards are granted with an exercise price equal to the market value of our common stock on the date of grant. These awards generally have a contractual term of 7 years and vest ratably over a period of three years although some may vest immediately on issuance. These awards are valued using the Black-Scholes option pricing model.

A summary of the Company’s stock appreciation rights and option awards activity for the three month period ended May 31, 2012 is as follows:

Options/ SAR’s Weighted Average
Exercise Price

Outstanding as of February 29, 2012
573,000 $ 15.46

Granted
116,114 25.67

Exercised
(109,000 ) 12.23

Forfeited
— —

Outstanding at end of the period ended May 31, 2012
580,114 $ 18.11

Exercisable at end of period ended May 31, 2012
258,104 $ 14.21

Weighted average fair value of options and SARs granted during the period ended May 31, 2012
$ 8.79

The average remaining contractual term for those options/ stock appreciation rights outstanding at May 31, 2012, is 5.24 years, with an aggregate intrinsic value of $5.1 million. The average remaining contractual terms for those options/ stock appreciation rights that are exercisable as of May 31, 2012 is 4.51 years, with an aggregate intrinsic value of $3.3 million.

Employee Stock Purchase Plan

The Company also has an employee stock purchase plan which allows employees of the Company to purchase common stock of the Company through accumulated payroll deductions. Offerings under this plan have a duration of 24 months. On the first day of an offering period (the enrollment date) the participant is granted the option to purchase shares on each exercise date at the lower of 85% of the market value of a share of our common stock on the enrollment date or the exercise date. The participant’s right to purchase common stock under the plan is restricted to no more than $25,000 per calendar year and the participant may not purchase more than 10,000 shares during any offering period. Participants may terminate their interest in a given offering or a given exercise period by withdrawing all of their accumulated payroll deductions at any time prior to the end of the offering period. The fair value of the estimated number of shares to be issued under each offering is determined using the Black-Scholes option pricing model. We estimate that 12,786 shares of common stock will be issued in accordance with the plan to those enrollees in the March 5, 2012 plan.

Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows:

For the period ended May 31, 2012 2011

Compensation Expense
$ 1,603,004 $ 1,565,051

Income tax benefits
$ 561,051 $ 547,768

Unrecognized compensation cost related to all the above at May 31, 2012 totals $1,806,935.

The Company’s policy is to issue shares required under these Plans from the Company’s authorized but unissued shares and treasury.

X

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

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Earnings Per Share
3 Months Ended

May 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

2. Earnings per share.

Earnings per share is based on the weighted average number of shares outstanding during each period, adjusted for the dilutive effect of stock awards. The shares and earnings per share have been adjusted to reflect our two for one stock split, effected in the form of a share dividend approved by the Board of Directors on June 28, 2012, all share data has been retroactively restated.

The following table sets forth the computation of basic and diluted earnings per share:

Three months ended May 31,

2012 2011

(Unaudited)

(in thousands except share

and per share data)

Numerator:

Net income for basic and diluted earnings per common share
$ 15,986 $ 9,465

Denominator:

Denominator for basic earnings per common share –weighted average shares
25,244 25,078

Effect of dilutive securities:

Stock options/Equity SARs and Restricted Stock
210 212

Denominator for diluted earnings per common share
25,454 25,290

Earnings per share basic and diluted:

Basic earnings per common share
$ 0.63 $ 0.38

Diluted earnings per common share
$ 0.63 $ 0.37

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Subsequent Events
3 Months Ended

May 31, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

6. Subsequent Events

On June 1, 2012, we completed the acquisition of substantially all of the assets of Nuclear Logistics Inc. (“NLI”), pursuant to the terms of the Asset Purchase Agreement dated April 27, 2012 between NLI, certain shareholders of NLI identified therein, the Company and an indirect wholly-owned subsidiary of the Company formed for the sole purpose of the acquisition (the “Purchase Agreement”). The purchase price paid in connection with the asset purchase was $80 million, along with the assumption of certain liabilities and the payoff of $4.8 million of notes payable at closing. In accordance with the Purchase Agreement, we may be obligated to make an additional payment of up to $20 million based on the future financial performance of the NLI assets. The fair value of the earn out agreement is $9.9 million.

On June 28, 2012, the Board declared a two for one stock split of the Company’s Common Stock in the form of a 100% stock dividend, payable on July 30, 2012 to shareholders of record as of July 16, 2012, with a broker’s cut-off date of July 23, 2012. The stock dividend entitles each shareholder of record as of July 16, 2012 to receive one additional share of common stock for each share then owned. As of February 29, 2012, the most recent fiscal year end, the company had outstanding, approximately 12.6 million shares. Upon completion of the stock dividend, the outstanding shares of AZZ incorporated will be approximately 25.3 million. All share data disclosed has been retroactively restated to reflect the two for one stock split.

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Segments
3 Months Ended

May 31, 2012

Segments [Abstract]

Segments

4. Segments.

We have two operating segments as defined in our Annual Report on Form 10-K for the year ended February 29, 2012. Information regarding operations and assets by segment is as follows:

Three Months Ended May 31,

2012 2011

(unaudited)

(in thousands)

Net Sales:

Electrical and Industrial Products
$ 44,682 $ 48,266

Galvanizing Services
82,461 66,067

$ 127,143 $ 114,333

Segment Operating Income (a):

Electrical and Industrial Products
$ 6,838 $ 7,414

Galvanizing Services
22,633 17,121

Total Segment Operating Income
$ 29,471 $ 24,535

General Corporate Expense (b)
$ 6,774 $ 6,233

Interest Expense
3,340 3,471

Net (Gain) on Insurance Settlement
(5,960 ) —

Other (Income) Expense, Net (c)
227 (134 )

$ 4,381 $ 9,570

Income Before Taxes
$ 25,090 $ 14,965

Total Assets:

Electrical and Industrial Products
$ 143,205 $ 135,797

Galvanizing Services
313,813 278,761

Corporate
150,229 156,020

$ 607,247 $ 570,578

(a) Segment operating income consists of net sales, less cost of sales, specifically identifiable selling, general and administrative expenses, and other income and expense items that are specifically identifiable to a segment.

(b) General Corporate Expense consists of selling, general and administrative expenses that are not specifically identifiable to a segment.

(c) Other (income) expense, net includes other (income) expenses not specifically identifiable to a segment.

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Warranty Reserves
3 Months Ended

May 31, 2012

Warranty Reserves [Abstract]

Warranty Reserves

5. Warranty Reserves.

A reserve has been established to provide for the estimated future cost of warranties on a portion of the Company’s delivered products and is classified within accrued liabilities on the consolidated balance sheet. Management periodically reviews the reserves and makes adjustments accordingly. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The following table shows changes in the warranty reserves since the end of fiscal 2012:

Warranty Reserve

(unaudited)

(in thousands)

Balance at February 29, 2012
$ 1,670

Warranty costs incurred
(754 )

Additions charged to income
355

Balance at May 31, 2012
$ 1,271

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
3 Months Ended

May 31, 2012

May 31, 2011

Condensed Consolidated Statements of Comprehensive Income [Abstract]

Net Income $ 15,985,940 $ 9,465,201

Other Comprehensive Income:

Foreign Currency Translation Adjustments Unrealized Translation Gains (Losses) (1,959,531) 73,635

Interest Rate Swap, Net of Income Tax of $7,301 and $7,301 (13,559) (13,559)

Other Comprehensive Income (1,973,090) 60,076

Comprehensive Income $ 14,012,850 $ 9,525,277

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1. Basis of Presentation.

These interim unaudited condensed consolidated financial statements were prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC rules and regulations referred to above. Accordingly, these financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 29, 2012 included in the Company’s Annual Report on Form 10-K covering such period. For purposes of the report, “AZZ”, the “Company”, “we”, “our”, “us” or similar reference means AZZ incorporated and our consolidated subsidiaries.

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Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $)	3 Months Ended
	May 31, 2012	May 31, 2011
Consolidated Statement of Stockholders' Equity [Abstract]
Interest Rate Swap, Income Tax	$ 7,301	$ 7,301

Consolidated Statement of Shareholders' Equity (Unaudited) (USD $)	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance at Feb. 29, 2012	$ 287,608,765	$ 25,218,320	$ 14,200,811	$ 247,059,938	$ 1,303,974	$ (174,278)
Balance, shares at Feb. 29, 2012		25,218,320
Stock Compensation	1,603,004		1,603,004
Restricted Stock Units	(413,379)		(516,916)			103,537
Stock Issued for SARs	(316,597)	57,070	(389,029)			15,362
Stock Issued for SARs, Shares		57,070
Employee Stock Purchase Plan	391,353		335,974			55,379
Federal Income Tax Deducted on Stock Options and SARs	604,503		604,503
Cash Dividend Paid	(3,156,259)			(3,156,259)
Net Income	15,985,940			15,985,940
Foreign Currency Translation Adjustments Unrealized Translation Gains (Losses)	(1,959,531)				(1,959,531)
Interest Rate Swap, Net of Income Tax of $7,301 and $7,301	(13,559)				(13,559)
Balance at May. 31, 2012	$ 300,334,240	$ 25,275,390	$ 15,838,347	$ 259,889,619	$ (669,116)
Balance, shares at May. 31, 2012		25,275,390

Condensed Consolidated Balance Sheets (USD $)	May 31, 2012	Feb. 29, 2012
Current Assets:
Cash and Cash Equivalents	$ 139,317,814	$ 143,302,666
Accounts Receivable (Net of Allowance for Doubtful Accounts of $1,000,000 at May 31, 2012 and $898,000 at February 29, 2012)	80,053,625	74,647,303
Inventories:
Raw Material	41,693,064	44,008,243
Work-In-Process	19,345,483	13,860,151
Finished Goods	2,287,831	2,412,736
Costs and Estimated Earnings In Excess of Billings On Uncompleted Contracts	15,015,326	14,038,161
Deferred Income Taxes	7,364,138	7,654,781
Prepaid Expenses and Other	4,888,161	2,811,858
Total Current Assets	309,965,442	302,735,899
Property, Plant and Equipment, Net	131,585,146	135,826,703
Goodwill	120,431,145	121,383,863
Intangibles and Other Assets	45,264,875	46,828,100
Total Assets	607,246,608	606,774,565
Current Liabilities:
Accounts Payable	25,910,523	24,401,194
Income Tax Payable	7,107,521	998,496
Accrued Salaries and Wages	5,185,736	7,988,594
Other Accrued Liabilities	14,907,310	18,049,283
Customer Advance Payment	10,286,029	11,267,525
Long Term Debt Due Within One Year	14,285,714	14,285,714
Billings In Excess of Costs and Estimated Earnings On Uncompleted Contracts	988,750	987,771
Total Current Liabilities	78,671,583	77,978,577
Long-Term Debt Due After One Year	196,428,571	210,714,286
Deferred Income Taxes	31,812,214	30,472,937
Shareholders' Equity:
Common Stock, $1 Par Value, Shares Authorized 50,000,000, Shares Issued (25,275,390 Shares at May 31, 2012 and 25,218,320 Shares at February 29, 2012)	25,275,390	25,218,320
Capital In Excess of Par Value	15,838,347	14,200,811
Retained Earnings	259,889,619	247,059,938
Accumulated Other Comprehensive Income (Loss)	(669,116)	1,303,974
Less Common Stock Held In Treasury, At Cost (0 Shares at May 31, 2012 and 53,090 Shares at February 29, 2012)		(174,278)
Total Shareholders' Equity	300,334,240	287,608,765
Total liabilities and Shareholders' Equity	$ 607,246,608	$ 606,774,565

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $)	3 Months Ended
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Condensed Consolidated Statements of Comprehensive Income [Abstract]
Interest Rate Swap, Income Tax	$ 7,301	$ 7,301

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	May 31, 2012	May 31, 2011
Cash Flows From Operating Activities:
Net Income	$ 15,985,940	$ 9,465,201
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities:
Provision For Doubtful Accounts	342,542	76,121
Amortization and Depreciation	5,814,927	5,800,067
Deferred Income Tax (Benefit) Expense	1,567,655	136,753
Net (Gain) Loss On Insurance Settlement or On Sale of Property, Plant and Equipment	(5,969,081)	231,009
Amortization of Deferred Borrowing Costs	72,256	82,599
Share Based Compensation Expense	1,603,004	1,565,051
Effects of Changes In Assets & Liabilities:
Accounts Receivable	4,112,905	1,363,185
Inventories	(4,650,527)	(1,693,757)
Prepaid Expenses and Other	(2,093,721)	(2,353,552)
Other Assets	13,182	(87,417)
Net Change In Billings Related To Costs and Estimated Earnings On Uncompleted Contracts	(976,186)	(638,697)
Accounts Payable	1,535,582	1,935,677
Other Accrued Liabilities and Income Taxes Payable	(1,134,000)	(6,212,406)
Net Cash Provided By Operating Activities	16,224,478	9,669,834
Cash Flows From (Used For) Investing Activities:
Proceeds From Sale Or Insurance Settlement of Property, Plant, and Equipment	9,331	134,891
Purchase of Property, Plant and Equipment	(3,489,235)	(4,692,469)
Net Cash Provided by (Used In) Investing Activities	(3,479,904)	(4,557,578)
Cash Flows From (Used For) Financing Activities:
Payments on Long Term Debt	(14,285,714)
Excess Tax Benefits From Stock Options and SARs Exercises	604,503	39,606
Dividends Paid	(3,156,259)	(3,135,902)
Net Cash Used In Financing Activities	(16,837,470)	(3,096,296)
Effect of Exchange Rate Changes on Cash	108,044	(5,526)
Net (Decrease) Increase In Cash & Cash Equivalents	(3,984,852)	2,010,434
Cash & Cash Equivalents At Beginning of Period	143,302,666	138,389,837
Cash & Cash Equivalents At End of Period	139,317,814	140,400,271
Supplemental Disclosures of Cash Flow Information
Cash Paid For Interest	3,270,394	3,241,852
Cash Paid For Income Taxes	718,626	2,662,900
Supplemental Disclosure of Non-cash Investing Activity
Insurance Receivable for Fixed Assets Damaged by Fire	$ 2,503,408

Condensed consolidated Balance Sheets (Parenthetical) (USD $)	May 31, 2012	Feb. 29, 2012
Condensed Consolidated Balance Sheets [Abstract]
Accounts Receivable, Allowance for Doubtful Accounts	$ 1,000,000	$ 898,000
Common Stock, Par Value	$ 1	$ 1
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares Issued	25,275,390	25,218,320
Common Stock Held In Treasury, Shares	0	53,090

Document and Entity Information	3 Months Ended
Document and Entity Information	May 31, 2012
Document And Entity Information [Abstract]
Entity Registrant Name	AZZ INC
Entity Central Index Key	0000008947
Document Type	10-Q
Document Period End Date	May 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-28
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	25,275,390

Condensed Consolidated Income Statements (Unaudited) (USD $)	3 Months Ended
	May 31, 2012	May 31, 2011
Condensed Consolidated Income Statements [Abstract]
Net Sales	$ 127,142,864	$ 114,332,931
Costs and Expenses
Cost of Sales	89,277,551	83,264,145
Selling, General and Administrative	15,356,217	13,049,354
Interest Expense	3,340,166	3,470,539
Net (Gain) Loss On Insurance Settlement or On Sale of Property, Plant and Equipment	(5,969,081)	231,009
Other (Income) Expense	48,309	(647,429)
Total costs and expenses	102,053,162	99,367,618
Income Before Income Taxes	25,089,702	14,965,313
Income Tax Expense	9,103,762	5,500,112
Net Income	$ 15,985,940	$ 9,465,201
Earnings Per Common Share
Basic Earnings Per Share	$ 0.63	$ 0.38
Diluted Earnings Per Share	$ 0.63	$ 0.37