EX-99.7 2 dex997.htm UNAUDITED FINANCIAL AND OTHER STATISTICAL INFORMATION Unaudited Financial and Other Statistical Information

Exhibit 99.7

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

February 28, 2006, and Guidance for Fiscal Year 2007

AZZ incorporated

Condensed Consolidated Statements of Income

(unaudited)

($ in Thousands except per share amount)

 

     Three Months
Ended
February 28, 2006
    Twelve Months
Ended
February 28, 2006
 

Net Sales

   $ 50,274,926     $ 187,184,093  

Cost of Sales

     38,951,577       149,855,108  

Selling, General and Administrative

     7,132,964       23,898,755  

Interest Expense

     383,453       1,689,169  

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

     27,314       22,208  

Other (Income)

     (201,700 )     (312,346 )
                
     46,293,600       175,152,894  

Income Before Income Taxes

     3,981,326       12,031,199  

Income Tax Expense

     1,388,627       4,204,312  
                

Net Income

   $ 2,592,699     $ 7,826,887  
                

Income Per Share:

    

Basic

   $ 0.46     $ 1.40  
                

Diluted

   $ 0.45     $ 1.38  
                

 

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AZZ incorporated

Condensed Consolidated Balance Sheet

(unaudited)

($ in Thousands)

 

     Period Ended
February 28, 2006

Assets:

  

Current assets:

  

Cash and cash equivalents

   $ 1,258,945

Accounts receivable, net of allowance for doubtful accounts

     32,007,274

Inventories

     24,137,216

Costs and estimated earnings in excess of billings on uncompleted contracts

     2,499,200

Deferred income taxes

     2,093,119

Prepaid expenses and other

     1,455,217
      

Total current assets

     63,450,971

Net property, plant, and equipment

     35,697,305

Goodwill, less accumulated amortization

     40,962,104

Other Assets

     915,791
      
   $ 141,026,171
      

Liabilities and Shareholders’ Equity:

  

Current liabilities:

  

Accounts payable

   $ 15,840,980

Accrued liabilities

     14,192,528

Long-term debt due within one year

     5,500,000
      

Total current liabilities

     35,533,508

Long-term debt due after one year

     14,375,000

Deferred income taxes

     3,849,022

Shareholders’ equity

     87,268,641
      
   $ 141,026,171
      

 

2


AZZ incorporated

Condensed Consolidated Statement of Cash Flows

(unaudited)

($ in Thousands)

 

    

Period Ended

February 28, 2006

 

Net cash provide by operating activities

   $ 12,303,795  

Net cash used in investing activities

     (5,943,344 )

Net cash provided by (used in) financing activities

     (5,618,334 )
        

Net (decrease) increase in cash and cash equivalents

     742,117  

Cash and cash equivalents at beginning of period

     516,828  
        

Cash and cash equivalents at end of period

   $ 1,258,945  
        

 

3


AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousands)

Information regarding operations and assets by segment is as follows:

 

    

Three Months
Ended

February 28, 2006

   Twelve Months
Ended
February 28, 2006

Net sales:

     

Electrical and Industrial Products

   $ 33,895    $ 123,736

Galvanizing Services

     16,380      63,448
             
   $ 50,275    $ 187,184
             

Segment operating income (a):

     

Electrical and Industrial Products

   $ 4,303    $ 11,357

Galvanizing Services

     3,483      12,676
             
   $ 7,786    $ 24,033

General corporate expenses (b)

     3,401      10,218

Interest expense

     383      1,689

Other (income) expense, net (c)

     21      95
             

Income Before Taxes

   $ 3,981    $ 12,031
             

Total assets:

     

Electrical and Industrial Products

   $ 84,266    $ 84,266

Galvanizing Services

     50,160      50,160

Corporate

     6,600      6,600
             
   $ 141,026    $ 141,026
             

(a) Segment operating income consists of net sales less cost of sales, specifically identifiable general and administrative expenses, specifically identifiable selling expenses and other income and expense items that are specifically identifiable to a segment.
(b) General corporate expense consists of selling, general and administrative expense that are not specifically identifiable to a segment.
(c) Other (income) expense, net includes gains and losses on sale of property, plant and equipment and other (income) expense not specifically identifiable to a segment.

 

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AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand except per share amount)

 

    

Actual

Year to Date
February 28, 2006

   

Projected

Year Ended

February 28, 2007

 

Net Sales:

    

Electrical and Industrial Products

   $ 123,736     $ 130,000 to $135,000  

Galvanizing Services

   $ 63,448       $65,000 to $70,000  
                

Total Sales

   $ 187,184     $ 195,000 to $205,000  

Diluted earnings per share

   $ 1.38       $1.45 to $1.55  

Net Sales by Market Segment:

    

Power Generation

   $ 14,676     $ 10,300  

Transmission and Distribution

   $ 54,664     $ 60,400  

Industrial

   $ 117,844     $ 129,300  
                

Total Sales

   $ 187,184     $ 200,000  

Electrical and Industrial Products

    

Revenues by Industry:

    

Power Generation

     11 %     8 %

Transmission and Distribution

     39 %     49 %

Industrial

     50 %     43 %

Galvanizing Services

    

Revenues by Industry:

    

Electrical and Telecommunications

     20 %     —    

OEM’s

     26 %     —    

Industrial

     23 %     —    

Bridge and Highway

     5 %     —    

Petro Chemical

     26 %     —    

Operating Margins:

    

Electrical and Industrial Products

     9.2 %     10.5 %

Galvanizing Services

     20.0 %     17.5 %

Cash Provided By Operations

   $ 12,304     $ 14,000  

Capital Expenditures

   $ 6,602     $ 8,500  

Depreciation and Amortization of Intangible Assets and Debt Issue Cost

   $ 5,886     $ 5,800  

Total Bank Debt

   $ 19,875     $ 15,000  

Return on Assets:

    

Electrical and Industrial Products

     14 %     —    

Galvanizing Services

     27 %     —    

 

5


AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand)

 

     Quarter Ended
Feb. 28, 2006

Book to Ship Ratio:

  

11/30/05 Backlog

   $ 83,116

Qtr. Ending 2/28/06 Bookings

     40,924

Qtr. Ending 2/28/06 Shipments

     50,275

2/28/06 Backlog

     73,765

Book to Ship Ratio

     .81 to 1

Outstanding Accounts Receivable Days

     53

 

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