EX-99.7 3 dex997.htm UNAUDITED FINANCIAL Unaudited Financial

Exhibit 99.7

Unaudited Financial and Other Statistical Information for the Three and Six Month

Periods Ended August 31, 2003 and Guidance for Fiscal Year 2004

 

AZZ incorporated

Condensed Consolidated Statements of Income

(unaudited)

($     in Thousand except per share amount)

 

    

Three Months
Ended

August 31, 2003


   

Six Months
Ended

August 31, 2003


 

Net Sales

   $ 34,011     $ 70,358  

Costs and Expenses:

                

Cost of sales

     27,739       57,759  

Selling, general and administrative

     4,174       8,590  

Interest expense

     580       1,253  

Other expense, net

     (89 )     (275 )
    


 


       32,402       67,327  
    


 


Income before income taxes

     1,607       3,031  

Income tax expense

     611       1,152  
    


 


Net income

   $ 996     $ 1,879  
    


 


Earnings per share:

                

Basic

   $ .19     $ .35  
    


 


Diluted

   $ .19     $ .35  
    


 


 

1


Exhibit 99.7

 

AZZ incorporated

Condensed Consolidated Balance Sheet

(unaudited)

($ in Thousand)

 

Assets:   

Period Ended

August 31, 2003


Current assets:

      

Cash and cash equivalents

   $ 2,080

Accounts receivable, net of allowance for doubtful accounts

     21,251

Income tax receivable

     298

Inventories

     15,567

Costs and estimated earnings in excess of billings on uncompleted contracts

     908

Deferred income taxes

     1,795

Prepaid expenses and other

     605
    

Total current assets

   $ 42,504

Net property, plant, and equipment

     34,332

Goodwill, less accumulated amortization

     40,962

Other Assets

     1,421
    

     $ 119,219
    

Liabilities and Shareholders’ Equity:

      

Current liabilities:

      

Accounts Payable

   $ 9,919

Accrued liabilties

     9,534

Long-term debt due within one year

     5,550
    

Total current liabilities

   $ 25,003

Long-term debt due after one year

     26,625

Deferred income taxes

     1,407

Shareholders’ equity

     66,184
    

     $ 119,219
    

 

2


Exhibit 99.7

 

AZZ incorporated

Condensed Consolidated Statements of Cash Flows

(unaudited)

($ in Thousand)

 

    

Period Ended

August 31, 2003


 

Net cash provide by operating activities

   $ 12,146  

Net cash used in investing activities

     (338 )

Net cash provided by (used in) financing activities

     (11,712 )
    


Net increase in cash and cash equivalents

     96  

Cash and cash equivalents at beginning of year

     1,984  
    


Cash and cash equivalents at end of year

   $ 2,080  
    


 

3


Exhibit 99.7

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand)

 

Information regarding operations and assets by segment is as follows:

 

    

Three Months
Ended

August 31 2003


   

Six Months
Ended

August 31, 2003


 

Net sales:

                

Electrical and Industrial Products

   $ 22,065     $ 46,281  

Galvanizing Services10r

     11,946       24,077  
    


 


     $ 34,011     $ 70,358  
    


 


Operating income (a):

                

Electrical and Industrial Products

   $ 1,461     $ 3,003  

Galvanizing Services

     1,992       3,995  
    


 


       3,453       6,998  

General corporate expenses

     1,442       2,951  

Interest expense

     580       1,253  

Other (income) expense, net (b)

     (176 )     (237 )
    


 


       1,846       3,967  
    


 


Income before income taxes

   $ 1,607     $ 3,031  
    


 


Total assets:

                

Electrical and Industrial Products

   $ 73,085     $ 73,085  

Galvanizing Services

     42,686       42,686  

Corporate

     3,448       3,448  
    


 


     $ 119,219     $ 119,219  
    


 


 

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

 

(b) Other (income) expense, net includes gains and losses on sale of property, plant and equipment and other (income) expense not specifically identifiable to a segment.

 

 

4


Exhibit 99.7

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand except per share amount)

 

    

Actual Quarter
Ended

August 31, 2003


  

Actual

Year to Date

August 31, 2003


  

Projected

Year Ended

Feb. 29, 2004


Net Sales:

                

Electrical and Industrial Products

   $22,065    $46,281    $ 78,000 to $86,000

Galvanizing Services

   $11,946    $24,077    $ 47,000 to $49,000
    
  
  

Total Sales

   $34,011    $70,358      $125,000 to $135,000

Diluted earnings per share

   $0.19    $.35      $.65 to $.75

Operating Margins:

                

Electrical and Industrial Products

   6.6%    6.5%      6.5%

Galvanizing Services

   16.7%    16.6%      16.5%

Cash Provided By Operations

        $12,146      $15,000

Capital Expenditures

        $1,054      $5,000

Depreciation and Amortization of
Intangible Assets and Debt Issue Cost

        $3,136      $6,300

 

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($     in Thousand)

 

    

Quarter Ended

Aug. 31, 2003


Book to Ship Ratio:

    

5/31/03 Backlog

   $45,700

Qtr. Ending 8/31/03 Bookings

   $36,800

Qtr. Ending 8/31/03 Shipments

   $34,000

8/31/03 Backlog

   $48,500

Book to Ship Ratio

   108%

Outstanding Accounts Receivable Days

   58 Days

 

5