AZZ (AZZ) 10-Q 27 Jun 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	31-May-14
Document and Entity Information [Abstract]	'
Entity Registrant Name	'AZZ INC
Entity Central Index Key	'0000008947
Document Type	'10-Q
Document Period End Date	31-May-14
Amendment Flag	'false
Document Fiscal Year Focus	'2015
Document Fiscal Period Focus	'Q1
Current Fiscal Year End Date	'--02-28
Entity Filer Category	'Accelerated Filer
Entity Common Stock, Shares Outstanding	25,650,270

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	31-May-14	Feb. 28, 2014
Current Assets:	'	'
Cash and Cash Equivalents	$25,647,673	$27,564,533
Accounts Receivable (Net of Allowance for Doubtful Accounts of $1,472,138 as of May 31, 2014 and $1,744,321 as of February 28, 2014)	131,226,689	116,127,857
Inventories:	'	'
Raw Material	65,925,226	64,817,203
Work-In-Process	45,413,581	39,780,782
Finished Goods	2,912,068	2,982,860
Costs and Estimated Earnings In Excess of Billings On Uncompleted Contracts	31,618,788	27,221,952
Deferred Income Taxes	14,587,755	7,800,738
Prepaid Expenses and Other	12,597,611	9,884,798
Total Current Assets	329,929,391	296,180,723
Property, Plant and Equipment, Net	197,416,406	197,639,229
Goodwill	279,735,091	278,556,040
Intangibles and Other Assets, Net	176,458,606	180,877,043
Total Assets	983,539,494	953,253,035
Current Liabilities:	'	'
Accounts Payable	52,986,174	38,832,557
Income Tax Payables	7,435,522	5,358,594
Accrued Salaries and Wages	11,697,417	17,759,777
Other Accrued Liabilities	18,604,161	17,155,430
Customer Advance Payment	33,048,627	33,733,099
Profit Sharing	8,933,326	7,310,000
Long Term Debt Due Within One Year	21,785,714	20,848,214
Billings In Excess of Costs and Estimated Earnings On Uncompleted Contracts	3,514,832	3,018,379
Total Current Liabilities	158,005,773	144,016,050
Long Term Accrued Liabilities Due After One Year	9,120,723	9,120,723
Long-Term Debt Due After One Year	378,607,143	384,767,857
Deferred Income Taxes	45,864,821	39,435,143
Shareholders' Equity:	'	'
Common Stock, $1 Par Value, Shares Authorized 100,000,000 (25,650,270 Shares at May 31, 2014 and 25,577,205 Shares at February 28, 2014)	25,650,270	25,577,205
Capital In Excess of Par Value	23,580,488	21,954,777
Retained Earnings	350,735,426	339,399,556
Accumulated Other Comprehensive Income	-8,025,150	-11,018,276
Total Shareholders' Equity	391,941,034	375,913,262
Total Liabilities and Shareholders' Equity	$983,539,494	$953,253,035

Recovered_Sheet1

Condensed consolidated Balance Sheets (Parenthetical) (USD $)	31-May-14	Feb. 28, 2014
Statement of Financial Position [Abstract]	'	'
Accounts Receivable, Allowance for Doubtful Accounts	$1,472,138	$1,744,321
Common Stock, Par Value (usd per share)	$1	$1
Common Stock, Shares Authorized (shares)	100,000,000	100,000,000
Common Stock, Shares Issued (shares)	25,650,270	25,577,205

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended
	31-May-14	31-May-13
Income Statement [Abstract]	'	'
Net Sales	$216,126,392	$183,174,619
Costs and Expenses	'	'
Cost of Sales	160,737,654	132,459,556
Gross Profit	55,388,738	50,715,063
Selling, General and Administrative	27,541,286	26,686,938
Operating Income (Loss)	27,847,452	24,028,125
Interest Expense	4,208,545	4,477,687
Net Loss (Gain) On Sale of Property, Plant and Equipment, and Insurance Proceeds	-26,563	-23,341
Other Expense (Income) - net	-31,049	-3,828,037
Income Before Income Taxes	23,696,519	23,401,816
Income Tax Expense	8,771,128	8,855,033
Net Income	$14,925,391	$14,546,783
Earnings Per Common Share	'	'
Basic Earnings Per Share (usd per share)	$0.58	$0.57
Diluted Earnings Per Share (usd per share)	$0.58	$0.57

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
	31-May-14	31-May-13
Statement of Comprehensive Income [Abstract]	'	'
Net Income	$14,925,391	$14,546,783
Other Comprehensive Income (Loss):	'	'
Unrealized Translation Gains (Losses)	3,006,686	-546,481
Interest Rate Swap, Net of Income Tax of $7,301 and $7,301 respectively	-13,560	-13,560
Other Comprehensive Income (Loss)	2,993,126	-560,041
Comprehensive Income	$17,918,517	$13,986,742

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $)	3 Months Ended
	31-May-14	31-May-13
Statement of Comprehensive Income [Abstract]	'	'
Interest rate swap, income tax	$7,301	$7,301

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	31-May-14	31-May-13
Cash Flows From Operating Activities:	'	'
Net Income	$14,925,391	$14,546,783
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities:	'	'
Provision For Doubtful Accounts	-196,853	-89,887
Amortization and Depreciation	11,537,590	10,065,220
Deferred Income Tax Expense	-462,376	2,254,920
Net Loss (Gain) On Insurance Settlement or On Sale of Property, Plant & Equipment	-26,563	-23,341
Amortization of Deferred Borrowing Costs	365,632	280,025
Share Based Compensation Expense	1,139,372	1,607,220
Effects of Changes In Assets & Liabilities:	'	'
Accounts Receivable	-14,591,042	27,931,086
Inventories	-6,550,636	-4,826,240
Prepaid Expenses and Other	-2,688,064	-3,318,159
Other Assets	77,734	-4,004,609
Net Change In Billings Related To Costs and Estimated Earnings On Uncompleted Contracts	-3,838,061	-6,451,003
Accounts Payable	13,938,173	412,684
Other Accrued Liabilities and Income Taxes Payable	-1,536,161	1,493,841
Net Cash Provided By Operating Activities	12,094,136	39,878,540
Cash Flows Used For Investing Activities:	'	'
Proceeds From Sale Or Insurance Settlement of Property, Plant, and Equipment	33,933	28,662
Purchase of Property, Plant and Equipment	-5,854,132	-11,607,540
Acquisition of Subsidiaries, Net of Cash Acquired	0	-276,599,990
Net Cash From Investing Activities	-5,820,199	-288,178,868
Cash Flows From Financing Activities:	'	'
Excess Tax Benefits From Stock Options and Stock Appreciation Rights	365,615	1,114,728
Proceeds from Revolving Loan	10,000,000	197,000,000
Payments on Revolving Loan	0	-15,000,000
Proceeds on Long Term Debt	0	75,000,000
Payments on Long Term Debt	-15,223,214	-14,285,714
Debt Acquisition Costs	0	-5,880,539
Payments of Dividends	-3,589,521	-3,566,265
Net Cash Used In Financing Activities	-8,447,120	234,382,210
Effect of Exchange Rate Changes on Cash	256,323	-44,515
Net Increase (Decrease) In Cash & Cash Equivalents	-1,916,860	-13,962,633
Cash & Cash Equivalents At Beginning of Period	27,564,533	55,597,751
Cash & Cash Equivalents At End of Period	25,647,673	41,635,118
Supplemental Disclosures	'	'
Cash Paid For Interest	3,497,852	2,821,579
Cash Paid For Income Taxes	$6,485,943	$403,372

Consolidated_Statement_of_Shar

Consolidated Statement of Shareholders' Equity (Unaudited) (USD $)	Total	Stock Appreciation Rights (SARs) [Member]	Common Stock	Common Stock	Capital in Excess of Par Value	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
				Stock Appreciation Rights (SARs) [Member]		Stock Appreciation Rights (SARs) [Member]
Balance at Feb. 28, 2014	$375,913,262	'	$25,577,205	'	$21,954,777	'	$339,399,556	($11,018,276)
Balance (shares) at Feb. 28, 2014	'	'	25,577,205	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'
Stock Compensation (shares)	'	'	0	'	'	'	'	'
Stock Compensation	1,139,372	'	0	'	1,139,372	'	'	'
Restricted Stock Units (shares)	'	'	12,081	'	'	'	'	'
Restricted Stock Units	-255,230	'	12,081	'	-267,311	'	'	'
Stock Issued for SARs, Shares	'	'	'	25,402	'	'	'	'
Stock Issued for SARs	'	-599,682	'	25,402	'	-625,084	'	'
Employee Stock Purchase Plan (shares)	'	'	35,582	'	'	'	'	'
Employee Stock Purchase Plan	1,048,701	'	35,582	'	1,013,119	'	'	'
Federal Income Tax Deducted on Stock Options and SARs	365,615	'	'	'	365,615	'	'	'
Cash Dividend Paid	-3,589,521	'	'	'	'	'	-3,589,521	'
Net Income	14,925,391	'	'	'	'	'	14,925,391	'
Foreign Currency Translation	3,006,686	'	'	'	'	'	'	3,006,686
Interest Rate Swap, Net of $7,301 Income Tax	-13,560	'	'	'	'	'	'	-13,560
Balance at May. 31, 2014	$391,941,034	'	$25,650,270	'	$23,580,488	'	$350,735,426	($8,025,150)
Balance (shares) at May. 31, 2014	'	'	25,650,270	'	'	'	'	'

Consolidated_Statement_of_Shar1

Consolidated Statement of Shareholders' Equity (Parenthetical) (Unaudited) (USD $)	3 Months Ended
	31-May-14	31-May-13
Statement of Stockholders' Equity [Abstract]	'	'
Interest rate swap, income tax	$7,301	$7,301

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	31-May-14
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	The Company and Basis of Presentation
	AZZ incorporated (“AZZ”, the “Company” or “we”) was established in 1956 and incorporated under the laws of the State of Texas. We are a specialty electrical equipment manufacturer and provider of highly engineered services to the global power generation, industrial, transmission and distribution markets as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
	We have two operating segments as defined in our Annual Report on Form 10-K for the fiscal year ended February 28, 2014. As of March 1, 2014, our Electrical and Industrial Products and Services Segment has been given a new description. This operating segment will now be referred to as the Energy Segment to more closely align the description of the segment with the nature of its operations and served markets. There have been no changes to the underlying information reported under this operating segment however, the new description will be included in the operating results for the three months ended May 31, 2014 and 2013 and for future filings.
	Presentation
	The accompanying condensed consolidated balance sheet as of February 28, 2014, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 28, 2014 included in the Company’s Annual Report on Form 10-K covering such period.
	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 28, 2014 is referred to as fiscal 2014.
	In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are necessary to present fairly the financial position of the Company as of May 31, 2014, and the results of its operations and cash flows for the three month periods ended May 31, 2014 and 2013. These interim results are not necessarily indicative of results for a full year.
	New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification (ASC) Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The premise of the guidance is that a Company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for us beginning in fiscal 2018 and can be adopted by the Company either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the effect that adopting this new accounting guidance will have on our consolidated results of operations, cash flows and financial position.
	In April 2014, the FASB issued Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The update changes the criteria for reporting discontinued operations and enhancing convergence of the FASB’s and International Accounting Standard Board’s (IASB) reporting requirements for discontinued operations. ASU 2014-08 is effective for a) all disposals or classifications as held for sale of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years and b) all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within the annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. We do not expect the adoption of ASU 2014-08 to have a significant impact on our condensed consolidated financial statements.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	31-May-14
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	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 following table sets forth the computation of basic and diluted earnings per share:
			Three Months Ended May 31,
			2014		2013
		(Unaudited)
		(In thousands except share and per share data)
	Numerator:
	Net income for basic and diluted earnings per common share		$	14,925	$	14,547
	Denominator:
	Denominator for basic earnings per common share–weighted average shares		25,622,958		25,463,942
	Effect of dilutive securities:
	Employee and Director stock awards		115,808		201,390
	Denominator for diluted earnings per common share		25,738,766		25,665,332
	Earnings per share basic and diluted:
	Basic earnings per common share		$	0.58	$	0.57
	Diluted earnings per common share		$	0.58	$	0.57

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	31-May-14
Share-based Compensation [Abstract]	'
Stock-based Compensation	'
	Stock-based Compensation
	The Company has one share-based compensation plan (the “Plan”). The purpose of the Plan 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 Plan is 5,000,000 shares. As of May 31, 2014 the Company has approximately 368,012 shares available for future issuance under the Plan.
	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 Plan’s accelerated vesting provisions.
	The activity of our non-vested restricted stock unit awards for the three months ended May 31, 2014 is as follows:
		Restricted		Weighted
		Stock  Units		Average  Grant
				Date Fair Value
	Non-Vested Balance as of February 28, 2014	70,352		$	45.96
	Granted	43,075		42.89
	Vested	(14,328	)	22.65
	Forfeited	(2,172	)	42.47
	Non-Vested Balance as of May 31, 2014	96,927		$	40.13
	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 months ended May 31, 2014 is as follows:
		Options/SAR’s		Weighted Average
				Exercise  Price
	Outstanding as of February 28, 2014	396,174		$	26.64
	Granted	120,266		43.92
	Exercised	(81,049	)	22.61
	Forfeited	(4,590	)	41.5
	Outstanding as of May 31, 2014	430,801		$	32.06
	Exercisable as of May 31, 2014	213,317		$	21.35
	Weighted average fair value of options and SARs granted during the period ended May 31, 2014			$	43.92
	The average remaining contractual term for those options and stock appreciation rights outstanding at May 31, 2014 is 5.09 years, with an aggregate intrinsic value of $19.2 million. The average remaining contractual terms for those options and stock appreciation rights that are exercisable as of May 31, 2014 is 3.72 years, with an aggregate intrinsic value of $9.5 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 (the "offering period"). 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 5,000 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. For the three months ended May 31, 2014, the Company issued 35,582 shares under the Employee Stock Purchase Plan.
	Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows:
	Period ended May 31,	2014			2013
	Compensation Expense	$	1,139,372		$	1,607,220
	Income tax benefits	$	398,780		$	562,527
	Unrecognized compensation cost related to stock appreciation rights, restricted stock units and the employee stock purchase plan at May 31, 2014 totals $3,449,797.
	The Company’s policy is to issue shares required under these plans from the Company’s authorized but unissued shares and treasury.

Segments

Segments	3 Months Ended
	31-May-14
Segment Reporting [Abstract]	'
Segments	'
	Segments
	We have two operating segments as defined in our Annual Report on Form 10-K for the year ended February 28, 2014. Information regarding operations and assets by segment is as follows:
			Three Months Ended May 31,
			2014		2013
		(Unaudited)
		(In thousands)
	Net Sales:
	Energy		$	130,521	$	96,466
	Galvanizing Services		85,605		86,709
	Total Net Sales		216,126		183,175
	Operating Income (a):
	Energy		13,812		13,048
	Galvanizing Services		21,990		21,499
	Total Segment Operating Income		35,802		34,547
	General Corporate Expense (b)		7,893		10,471
	Interest Expense		4,209		4,478
	Other (Income) Expense, Net (c)		3		(3,804		)
	Total Corporate Expenses		12,105		11,145
	Income Before Income Taxes		$	23,697	$	23,402
	Total Assets:
	Energy		$	559,341	$	557,135
	Galvanizing Services		383,612		378,102
	Corporate		40,586		46,959
			$	983,539	$	982,196
	(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 expense, net includes gains or losses on sale of property, plant and equipment and other (income) expenses not specifically identifiable to a segment.

Warranty_Reserves

Warranty Reserves	3 Months Ended
	31-May-14
Product Warranties Disclosures [Abstract]	'
Warranty Reserves	'
	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 2014:
		Warranty Reserve
		(unaudited)
		(in thousands)
	Balance at February 28, 2014	$	1,338
	Warranty costs incurred	(597		)
	Additions charged to income	288
	Balance at May 31, 2014	$	1,029

Acquisitions

Acquisitions	3 Months Ended
	31-May-14
Business Combinations [Abstract]	'
Acquisitions	'
	Acquisitions
	On March 29, 2013, we completed our acquisition of all of the equity securities of Aquilex Specialty Repair and Overhaul LLC, a Delaware limited liability company (“Aquilex SRO”), pursuant to the terms of the Securities Purchase Agreement dated February 22, 2013 (the “Purchase Agreement”). Aquilex SRO provides the energy industry with specialty repair and overhaul solutions designed to improve mechanical integrity and extend component life. Aquilex SRO offers services to a diverse base of blue-chip customers in the nuclear, fossil power, refining, chemical processing, pulp and waste-to-energy industries, serving clients that place a high value on reliability, quality and safety. Aquilex SRO’s offering is differentiated through advanced proprietary tooling and process technologies delivered by a uniquely skilled specialized workforce. The acquisition is part of our strategy to expand our offerings in the Energy Segment to enhance our presence in the power generation market.
	The Purchase Agreement provided for AZZ's acquisition of all equity securities of Aquilex SRO for cash consideration in the amount of $275.7 million, which is comprised of $271.8 million as cash paid at closing and $3.9 million subsequently paid in connection with a purchase price adjustment based on working capital pursuant to the Purchase Agreement.
	The following consolidated supplemental pro forma information assumes that the acquisition of Aquilex SRO took place on March 1, 2013 for the income statements for the three month period ended May 31, 2013. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Aquilex SRO to reflect the decrease in interest expense that would have occurred under the new credit agreement entered into in connection with the acquisition of Aquilex SRO and to reflect the decrease in depreciation and amortization expense that would have occurred assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on March 1, 2013, together with consequential tax effects. In addition, supplemental pro forma earnings were adjusted to exclude approximately $3.2 million of acquisition related costs incurred the three month period ended May 31, 2013.
			Three Months Ended May 31,
			2014		2013
			(In thousands, except for per share amounts)
	Net Sales		$	216,126	$	206,270
	Net Income		$	14,925	$	17,429
	Earnings Per Common Share
	Basic Earnings Per Share		$	0.58	$	0.68
	Diluted Earnings Per Share		$	0.58	$	0.68
	Using the acquisition method of accounting, the total purchase price was allocated to Aquilex SRO's net identifiable assets based on their estimated fair values as of March 29, 2013, the date AZZ acquired control of Aquilex SRO. The excess of the purchase price over the net identifiable assets was recorded as goodwill. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:
		($ in thousands)
	Current Assets	$	78,619
	Property and Equipment	27,669
	Intangible Assets	87,100
	Goodwill	109,636
	Other Assets	205
	Total Assets Acquired	303,229
	Current Liabilities	(27,527		)
	Net Assets Acquired	$	275,702
	All of the $87.1 million of intangible assets acquired are assigned to customer related intangibles and technology. The goodwill recorded in connection with the acquisition is primarily attributable to a larger geographic footprint and also synergies expected to arise. These intangible assets are being amortized over 14 years for customer related intangibles, 19 years for tradenames and 3-9 years for technology on a straight line basis. Goodwill of $109.6 million arising from the acquisition has been allocated to the Energy Segment and will not be deductible for income tax purposes. During the three month period ended May 31, 2013, we expensed $3.2 million in acquisition costs related to the acquisition of Aquilex SRO.
	ASSET		LIFE
	Technology		3-9 years
	Customer Related Intangibles		14 years
	Tradename		19 years

Subsequent_Events_Notes

Subsequent Events (Notes)	3 Months Ended
	31-May-14
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	None.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	31-May-14
Earnings Per Share [Abstract]	'
Computation of basic and diluted earnings per share	'
	The following table sets forth the computation of basic and diluted earnings per share:
			Three Months Ended May 31,
			2014		2013
		(Unaudited)
		(In thousands except share and per share data)
	Numerator:
	Net income for basic and diluted earnings per common share		$	14,925	$	14,547
	Denominator:
	Denominator for basic earnings per common share–weighted average shares		25,622,958		25,463,942
	Effect of dilutive securities:
	Employee and Director stock awards		115,808		201,390
	Denominator for diluted earnings per common share		25,738,766		25,665,332
	Earnings per share basic and diluted:
	Basic earnings per common share		$	0.58	$	0.57
	Diluted earnings per common share		$	0.58	$	0.57

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	31-May-14
Share-based Compensation [Abstract]	'
Restricted Stock Unit Awards Non-Vested	'
	The activity of our non-vested restricted stock unit awards for the three months ended May 31, 2014 is as follows:
		Restricted		Weighted
		Stock  Units		Average  Grant
				Date Fair Value
	Non-Vested Balance as of February 28, 2014	70,352		$	45.96
	Granted	43,075		42.89
	Vested	(14,328	)	22.65
	Forfeited	(2,172	)	42.47
	Non-Vested Balance as of May 31, 2014	96,927		$	40.13
Stock Appreciation Rights and Option Awards	'
	A summary of the Company’s stock appreciation rights and option awards activity for the three months ended May 31, 2014 is as follows:
		Options/SAR’s		Weighted Average
				Exercise  Price
	Outstanding as of February 28, 2014	396,174		$	26.64
	Granted	120,266		43.92
	Exercised	(81,049	)	22.61
	Forfeited	(4,590	)	41.5
	Outstanding as of May 31, 2014	430,801		$	32.06
	Exercisable as of May 31, 2014	213,317		$	21.35
	Weighted average fair value of options and SARs granted during the period ended May 31, 2014			$	43.92
Share-based compensation expense and related income tax	'
	Share-based compensation expense and related income tax benefits related to all the plans listed above were as follows:
	Period ended May 31,	2014			2013
	Compensation Expense	$	1,139,372		$	1,607,220
	Income tax benefits	$	398,780		$	562,527

Segments_Tables

Segments (Tables)	3 Months Ended
	31-May-14
Segment Reporting [Abstract]	'
Operations and assets by segment	'
	Information regarding operations and assets by segment is as follows:
			Three Months Ended May 31,
			2014		2013
		(Unaudited)
		(In thousands)
	Net Sales:
	Energy		$	130,521	$	96,466
	Galvanizing Services		85,605		86,709
	Total Net Sales		216,126		183,175
	Operating Income (a):
	Energy		13,812		13,048
	Galvanizing Services		21,990		21,499
	Total Segment Operating Income		35,802		34,547
	General Corporate Expense (b)		7,893		10,471
	Interest Expense		4,209		4,478
	Other (Income) Expense, Net (c)		3		(3,804		)
	Total Corporate Expenses		12,105		11,145
	Income Before Income Taxes		$	23,697	$	23,402
	Total Assets:
	Energy		$	559,341	$	557,135
	Galvanizing Services		383,612		378,102
	Corporate		40,586		46,959
			$	983,539	$	982,196
	(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 expense, net includes gains or losses on sale of property, plant and equipment and other (income) expenses not specifically identifiable to a segment.

Warranty_Reserves_Tables

Warranty Reserves (Tables)	3 Months Ended
	31-May-14
Product Warranties Disclosures [Abstract]	'
Changes in the warranty reserves	'
	The following table shows changes in the warranty reserves since the end of fiscal 2014:
		Warranty Reserve
		(unaudited)
		(in thousands)
	Balance at February 28, 2014	$	1,338
	Warranty costs incurred	(597		)
	Additions charged to income	288
	Balance at May 31, 2014	$	1,029

Acquisitions_Tables

Acquisitions (Tables)	3 Months Ended
	31-May-14
Business Acquisition [Line Items]	'
Summary of Acquisitions	'
			Three Months Ended May 31,
			2014		2013
			(In thousands, except for per share amounts)
	Net Sales		$	216,126	$	206,270
	Net Income		$	14,925	$	17,429
	Earnings Per Common Share
	Basic Earnings Per Share		$	0.58	$	0.68
	Diluted Earnings Per Share		$	0.58	$	0.68
Aquilex [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
		($ in thousands)
	Current Assets	$	78,619
	Property and Equipment	27,669
	Intangible Assets	87,100
	Goodwill	109,636
	Other Assets	205
	Total Assets Acquired	303,229
	Current Liabilities	(27,527		)
	Net Assets Acquired	$	275,702
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	'
	ASSET		LIFE
	Technology		3-9 years
	Customer Related Intangibles		14 years
	Tradename		19 years

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
	31-May-14	31-May-13
Numerator:	'	'
Net income for basic and diluted earnings per common share	$14,925,391	$14,546,783
Denominator:	'	'
Denominator for basic earnings per common share-weighted average shares (shares)	25,622,958	25,463,942
Effect of dilutive securities:	'	'
Employee and Director stock awards (shares)	115,808	201,390
Denominator for diluted earnings per common share (shares)	25,738,766	25,665,332
Earnings per share basic and diluted:	'	'
Basic earnings per Common share (usd per share)	$0.58	$0.57
Diluted earnings per common share (usd per share)	$0.58	$0.57

Stockbased_Compensation_Detail

Stock-based Compensation (Details) (Restricted Stock Units (RSUs) [Member], USD $)	3 Months Ended
	31-May-14
Restricted Stock Units (RSUs) [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'
Non-Vested Balance as of February 28, 2013 (shares)	70,352
Granted (shares)	43,075
Vested (shares)	-14,328
Forfeited (shares)	-2,172
Non-Vested Balance as of May 31, 2013 (shares)	96,927
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]	'
Non-Vested Balance as of February 28, 2013, Weight Average Grant Date Fair Value (usd per share)	$45.96
Granted, Weighted Average Grant Date Fair Value (usd per share)	$42.89
Vested, Weighted Average Grant Date Fair Value (usd per share)	$22.65
Forfeited, Weighted Average Grant Date Fair Value (usd per share)	$42.47
Non-Vested as of May 31, 2013, Weighted Average Grant Date Fair Value (usd per share)	$40.13

Stockbased_Compensation_Detail1

Stock-based Compensation (Details 1) (Stock Appreciation Rights SARS and Stock Option [Member], USD $)	3 Months Ended
	31-May-14
Stock Appreciation Rights SARS and Stock Option [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Number of Shares [Roll Forward]	'
Outstanding as of February 28, 2013 (shares)	396,174
Granted (shares)	120,266
Exercised (shares)	-81,049
Forfeited (shares)	-4,590
Outstanding as of May 31, 2013 (shares)	430,801
Exercisable as of May 31, 2013	213,317
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument, Weighted Average Grant Date Fair Value [Roll Forward]	'
Outstanding as of February 28, 2013, Weighted Average Exercise Price (usd per share)	$26.64
Granted, Weighted Average Exercise Price (usd per share)	$43.92
Exercised, Weighted Average Exercise Price (usd per share)	$22.61
Forfeited, Weighted Average Exercise Price (usd per share)	$41.50
Outstanding at end of the period ended May 31, 2013, Weighted Average Exercise Price (usd per share)	$32.06
Exercisable at end of period ended May 31, 2013, Weighted Average Exercise Price (usd per share)	$21.35
Weighted average fair value of options and SARs granted during the period ended May 31, 2013 (usd per share)	$43.92

Stockbased_Compensation_Detail2

Stock-based Compensation (Details 2) (USD $)	3 Months Ended
	31-May-14	31-May-13
Share based compensation expense and related income tax benefits	'	'
Compensation Expense	$1,139,372	$1,607,220
Income tax benefits	$398,780	$562,527

Stockbased_Compensation_Detail3

Stock-based Compensation (Details Textual) (USD $)	3 Months Ended
	31-May-14
	share_based_compensation_plan
Share Based Compensation (Textual) [Abstract]	'
Number Of Share-Based Compensation Plans	1
Shares authorized (shares)	5,000,000
Share for future issuance (shares)	368,012
Unrecognized compensation cost	$3,449,797
Employee Stock Purchase Plan [Member]	'
Share Based Compensation (Textual) [Abstract]	'
Term of offering under stock purchase plan	'24 months
Granted option lower than	85.00%
Restricted common stock under plan	25,000
Common stock purchased during period (shares)	5,000
Share-based Compensation Arrangement, By Share-based Payment Award, Common Shares Estimated To Be Issued	35,582
Restricted Stock [Member]	'
Share Based Compensation (Textual) [Abstract]	'
Vesting ratably term	'3 years
Stock Appreciation Rights SARS and Stock Option [Member]	'
Share Based Compensation (Textual) [Abstract]	'
Vesting ratably term	'3 years
Term for the contract	'7 years
Outstanding Average contractual term	'5 years 1 month 4 days
Outstanding Aggregate intrinsic value	19,200,000
Average remaining contractual term	'3 years 8 months 20 days
Aggregate remaining intrinsic value	$9,500,000

Segments_Details

Segments (Details) (USD $)	3 Months Ended
	31-May-14		31-May-13		Feb. 28, 2014
	segment
Segment Reporting Information [Line Items]	'		'		'
Number of operating segments	2		'		'
Operations and assets by segment	'		'		'
Net Sales	$216,126,392		$183,174,619		'
Operating Income	27,847,452		24,028,125		'
General Corporate Expense	7,892,551	[1]	10,471,244	[1]	'
Interest Expense	4,208,545		4,477,687		'
Other (Income) Expense, Net	4,753	[2]	-3,804,247	[2]	'
Total expenses	12,105,849		11,144,684		'
Income Before Income Taxes	23,696,518		23,401,816		'
Assets	983,539,494		982,196,000		953,253,035
Electrical and Industrial Products [Member]	'		'		'
Operations and assets by segment	'		'		'
Net Sales	130,521,000		96,466,000		'
Operating Income	13,811,913	[3]	13,048,000	[3]	'
Assets	559,341,000		557,135,000		'
Galvanizing Services [Member]	'		'		'
Operations and assets by segment	'		'		'
Net Sales	85,605,000		86,709,000		'
Operating Income	21,990,454	[3]	21,499,000	[3]	'
Assets	383,612,000		378,102,000		'
Operating Segments [Member]	'		'		'
Operations and assets by segment	'		'		'
Operating Income	35,802,367	[3]	34,546,500	[3]	'
Corporate [Member]	'		'		'
Operations and assets by segment	'		'		'
Assets	$40,586,000		$46,959,000		'
[1]	General Corporate Expense consists of selling, general and administrative expenses that are not specifically identifiable to a segment.
[2]	Other expense, net includes gains or losses on sale of property, plant and equipment and other (income) expenses not specifically identifiable to a segment.
[3]	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.

Warranty_Reserves_Details

Warranty Reserves (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	31-May-14
Movement in Standard Product Warranty Accrual [Roll Forward]	'
Balance at February 28, 2014	$1,338
Warranty costs incurred	-597
Additions charged to income	288
Balance at May 31, 2014	$1,029

Acquisitions_Details

Acquisitions (Details) (Aquilex [Member], USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	31-May-14	31-May-13
Aquilex [Member]	'	'
Business Acquisition, Pro Forma Information [Abstract]	'	'
Net Sales	$216,126	$206,270
Net Income	$14,925	$17,429
Earnings Per Common Share	'	'
Basic earnings per share (usd per share)	$0.58	$0.68
Diluted Earnings Per Share (usd per share)	$0.58	$0.68

Acquisitions_Details_1

Acquisitions (Details 1) (USD $)	31-May-14	Feb. 28, 2014	Mar. 29, 2013	Jun. 02, 2012
			Aquilex [Member]	Aquilex [Member]
Business Acquisition [Line Items]	'	'	'	'
Current Assets	'	'	$78,619,000	'
Property and Equipment	'	'	27,669,000	'
Intangible Assets	'	'	87,100,000	87,100,000
Goodwill	279,735,091	278,556,040	109,636,000	'
Other Assets	'	'	205,000	'
Total Assets Acquired	'	'	303,229,000	'
Current Liabilities	'	'	-27,527,000	'
Net Assets Acquired	'	'	$275,702,000	'

Acquisitions_Details_Textual

Acquisitions (Details Textual) (USD $)	31-May-14	Feb. 28, 2014	Mar. 29, 2013	Jun. 02, 2012	31-May-14	31-May-14	31-May-14	31-May-14
			Aquilex [Member]	Aquilex [Member]	Customer Related Intangibles [Member]	Trade Names [Member]	Minimum [Member]	Maximum [Member]
					Aquilex [Member]	Aquilex [Member]	Developed Technology Rights [Member]	Developed Technology Rights [Member]
							Aquilex [Member]	Aquilex [Member]
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	'	'	$87,100,000	$87,100,000	'	'	'	'
Payments to Acquire Businesses, Gross	'	'	275,700,000	'	'	'	'	'
Business Acquisition Amount of Payment Due at Close under Purchase Agreement	'	'	271,800,000	'	'	'	'	'
Additional payment on performance	'	'	3,900,000	'	'	'	'	'
Acquisiton Related Costs Excluded From Pro Form Earnings	'	'	3,200,000	'	'	'	'	'
Goodwill	279,735,091	278,556,040	109,636,000	'	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	'	'	$303,229,000	'	'	'	'	'
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	'	'	'	'	'14 years	'19 years	'3 years	'9 years