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

Exhibit 99.8

Unaudited Financial and Other Statistical Information for the Three and Twelve-Month Periods Ended February 28, 2007, and Guidance for Fiscal Year 2008

AZZ incorporated

Condensed Consolidated Statements of Income

(unaudited)

($ in Thousands except per share amount)

 

    

Three Months

Ended

February 28, 2007

   

Twelve Months

Ended

February 28, 2007

 

Net Sales

   $ 79,647,536     $ 260,343,667  

Cost of Sales

     60,606,343       193,411,001  

Selling, General and Administrative

     7,408,814       31,948,452  

Interest Expense

     487,485       1,495,442  

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

     89,679       (586,001 )

Other (Income)

     (150,896 )     (524,973 )
                
     68,441,425       225,743,921  

Income Before Income Taxes and Accounting Changes

     11,206,111       34,599,746  

Income Tax Expense

     4,252,081       12,910,182  
                

Income before cumulative effect of changes in accounting principles

   $ 6,954,030     $ 21,689,564  

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

     —         85,344  

Net Income

   $ 6,954,030     $ 21,604,220  
                

Income Per Share:

    

Basic

   $ 1.19     $ 3.73  
                

Diluted

   $ 1.16     $ 3.65  
                

 

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Exhibit 99.8

AZZ incorporated

Condensed Consolidated Balance Sheet

(unaudited)

($ in Thousands)

 

     

Period Ended

February 28, 2007

Assets:

  

Current assets:

  

Cash and cash equivalents

   $ 1,703,092

Accounts receivable, net of allowance for doubtful accounts

     50,277,554

Inventories

     45,487,266

Costs and estimated earnings in excess of billings on uncompleted contracts

     8,286,324

Deferred income taxes

     4,224,294

Prepaid expenses and other

     1,988,834
      

Total current assets

     111,967,364

Net property, plant, and equipment

     46,628,319

Goodwill, less accumulated amortization

     40,962,104

Other Assets

     1,349,791
      
   $ 200,907,578
      

Liabilities and Shareholders’ Equity:

  

Current liabilities:

  

Accounts payable

   $ 25,316,165

Accrued liabilities

     24,398,758

Long-term debt due within one year

     -0-
      

Total current liabilities

     49,714,923

Long-term debt due after one year

     35,200,000

Deferred income taxes

     4,844,405

Shareholders’ equity

     111,148,250
      
   $ 200,907,578
      

 

2


Exhibit 99.8

AZZ incorporated

Condensed Consolidated Statement of Cash Flows

(unaudited)

($ in Thousands)

 

    

Period Ended

February 28, 2007

 

Net cash provide by operating activities

   $ 7,716,642  

Net cash used in investing activities

     (24,124,531 )

Net cash provided by (used in) financing activities

     16,852,036  
        

Net (decrease) increase in cash and cash equivalents

     444,147  

Cash and cash equivalents at beginning of period

     1,258,945  
        

Cash and cash equivalents at end of period

   $ 1,703,092  
        

 

3


Exhibit 99.8

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousands)

Information regarding operations and assets by segment is as follows:

 

    

Three Months

Ended

February 28, 2007

  

Twelve Months

Ended

February 28, 2007

Net sales:

     

Electrical and Industrial Products

   $ 46,425    $ 150,250

Galvanizing Services

     33,223      110,094
             
   $ 79,648    $ 260,344
             

Segment operating income (a):

     

Electrical and Industrial Products

   $ 6,946    $ 21,301

Galvanizing Services

     8,295      31,945
             
   $ 15,241    $ 53,246

General corporate expenses (b)

     3,530      17,074

Interest expense

     488      1,496

Other (income) expense, net (c)

     17      76
             

Income Before Taxes

   $ 11,206    $ 34,600
             

Total assets:

     

Electrical and Industrial Products

   $ 112,822    $ 112,822

Galvanizing Services

     81,076      81,076

Corporate

     7,010      7,010
             
   $ 200,908    $ 200,908
             

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

 

4


Exhibit 99.8

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand except per share amount)

 

    

Actual

Year to Date
February 28, 2007

   

Projected

Year Ended

February 29, 2008

 

Net Sales:

    

Electrical and Industrial Products

   $ 150,250     $ 158,000 to $163,000  

Galvanizing Services

   $ 110,094     $ 117,000 to $122,000  
                

Total Sales

   $ 260,344     $ 275,000 to $285,000  

Diluted earnings per share

   $ 3.65     $ 2.70 to $2.80  

Net Sales by Market Segment:

    

Power Generation

   $ 15,621     $ 19,000  

Transmission and Distribution

   $ 72,896     $ 75,000  

Industrial

   $ 171,827     $ 186,000  
                

Total Sales

   $ 260,344     $ 280,000  

Electrical and Industrial Products

    

Revenues by Industry:

    

Power Generation

     11 %     11 %

Transmission and Distribution

     40 %     39 %

Industrial

     49 %     50 %

Galvanizing Services

    

Revenues by Industry:

    

Electrical and Telecommunications

     21 %     21 %

OEM’s

     17 %     17 %

Industrial

     19 %     19 %

Bridge and Highway

     9 %     9 %

Petro Chemical

     34 %     34 %

Operating Margins:

    

Electrical and Industrial Products

     14.2 %     12.5 %

Galvanizing Services

     29.0 %     20.0 %

Cash Provided By Operations

   $ 7,717     $ 20,000  

Capital Expenditures

   $ 11,448     $ 10,000  

Depreciation and Amortization of Intangible Assets and Debt Issue Cost

   $ 6,660     $ 8,500  

Total Bank Debt

   $ 35,200     $ 25,000  

Return on Assets:

    

Electrical and Industrial Products

     22 %     —    

Galvanizing Services

     49 %     —    

Percent of Business By Segment:

    

Electrical and Industrial Products

     58 %     57 %

Galvanizing Services

     42 %     43 %

 

5


AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand)

 

    

Quarter Ended

Feb. 28, 2007

Book to Ship Ratio:

  

11/30/06 Backlog

   $ 101,008

Qtr. Ending 2/28/07 Bookings

     99,306

Qtr. Ending 2/28/07 Shipments

     79,648

2/28/07 Backlog

     120,666

Book to Ship Ratio

     1.25

Outstanding Accounts Receivable Days

     51

 

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