AZZ (AZZ) 8-K Results of Operations and Financial Condition

Exhibit 99.7

Unaudited Financial and Other Statistical Information for the Three and

Nine-Month Periods Ended November 30, 2004, and Guidance for Fiscal Year 2005

AZZ incorporated

Condensed Consolidated Statements of Income

(unaudited)

($ in Thousands except per share amount)

	Three Months Ended November 30, 2004			Nine Months Ended November 30, 2004
Net Sales	$	38,296,935		$	114,500,891
Cost of Sales		31,275,844			93,773,988
Selling, General and Administrative		4,740,256			14,250,252
Interest Expense		392,996			1,263,170
Net (Gain) Loss on Sale of Property, Plant and Equipment		—			16,249
Other (Income)		(62,467	)		(226,137	)
Other Expense		38,828			94,310
		36,385,457			109,171,832
Income Before Income Taxes		1,911,478			5,329,059
Income Tax Expense		712,600			1,977,068
Net Income	$	1,198,878		$	3,351,991
Income Per Share:
Basic	$	0.22		$	0.62
Diluted	$	0.22		$	0.61

1

Exhibit 99.7

AZZ incorporated

Condensed Consolidated Balance Sheet

(unaudited)

($ in Thousands)

	Period Ended November 30, 2004
Assets:
Current assets:
Cash and cash equivalents	$	1,841,253
Accounts receivable, net of allowance for doubtful accounts		23,771,721
Inventories		18,238,420
Costs and estimated earnings in excess of billings on uncompleted contracts		1,041,093
Deferred income taxes		1,609,800
Prepaid expenses and other		450,623
Total current assets		46,952,910
Net property, plant, and equipment		35,485,876
Goodwill, less accumulated amortization		40,962,104
Other Assets		1,291,520
	$	124,692,410
Liabilities and Shareholders’ Equity:
Current liabilities:
Accounts payable	$	12,108,290
Accrued liabilities		9,640,285
Long-term debt due within one year		5,500,000
Total current liabilities		27,248,575
Long-term debt due after one year		22,250,000
Deferred income taxes		1,939,580
Shareholders’ equity		73,254,255
	$	124,692,410

2

Exhibit 99.7

AZZ incorporated

Condensed Consolidated Statement of Cash Flows

(unaudited)

($ in Thousands)

	Period Ended November 30, 2004
Net cash provide by operating activities	$	8,719,049
Net cash used in investing activities		(5,445,478	)
Net cash provided by (used in) financing activities		(2,877,300	)
Net (decrease) increase in cash and cash equivalents		396,271
Cash and cash equivalents at beginning of period		1,444,982
Cash and cash equivalents at end of period	$	1,841,253

3

Exhibit 99.7

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousands)

Information regarding operations and assets by segment is as follows:

	Three Months Ended November 30, 2004		Nine Months Ended November 30, 2004
Net sales:
Electrical and Industrial Products	$	24,979	$	76,024
Galvanizing Services		13,318		38,477
	$	38,297	$	114,501
Segment operating income (a):
Electrical and Industrial Products	$	1,723	$	4,954
Galvanizing Services		2,413		7,138
	$	4,136	$	12,092
General corporate expenses		1,830		5,442
Interest expense		393		1,263
Other (income) expense, net (b)		2		58
Income Before Taxes	$	1,911	$	5,329
Total assets:
Electrical and Industrial Products	$	73,648	$	73,648
Galvanizing Services		44,635		44,635
Corporate		6,409		6,409
	$	124,692	$	124,692

(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) 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 Nov. 30, 2004			Actual Year to Date Nov. 30, 2004			Projected Year Ended Feb. 28, 2005
Net Sales:
Electrical and Industrial Products	$	24,979		$	76,024		$	94,000 to $101,000
Galvanizing Services	$	13,318		$	38,477		$	46,000 to $49,000
Total Net Sales	$	38,297		$	114,501		$	140,000 to $150,000
Diluted earnings per share	$	0.22		$	.61		$	.75 to $.85
Operating Margins:
Electrical and Industrial Products		6.9	%		6.5	%		7	%
Galvanizing Services		18.1	%		18.6	%		18	%
Cash Provided By Operations				$	8,719		$	7,000
Capital Expenditures				$	5,445		$	6,000
Depreciation and Amortization of Intangible Assets and Debt Issue Cost				$	4,259		$	6,000

AZZ incorporated

Financial and Other Statistical Information

(unaudited)

($ in Thousand)

	Quarter Ended Nov. 30, 2004
Book to Ship Ratio:
8/31/04 Backlog	$	53,781
Qtr. Ending 11/30/04 Bookings		44,613
Qtr. Ending 11/30/04 Shipments		38,297
11/30/04 Backlog		60,097
Book to Ship Ratio		1.16 to 1
Outstanding Accounts Receivable Days		57

5