Exhibit 99.2
Unaudited Financial and Other Statistical Information for the Three Month Period
Ended May 31, 2005, and Guidance for Fiscal Year 2006
AZZ incorporated
Condensed Consolidated Statements of Income
(unaudited)
($ in Thousands except per share amount)
| | | | |
| | | Three Months Ended May 31, 2005
| |
Net Sales | | $ | 44,739,018 | |
| |
Cost of Sales | | | 35,733,458 | |
Selling, General and Administrative | | | 5,201,077 | |
Interest Expense | | | 440,679 | |
Net (Gain) Loss on Sale of Property, Plant and Equipment | | | 58,297 | |
Other (Income) | | | (134,447 | ) |
| | |
|
|
|
| | | | 41,299,064 | |
| |
Income Before Income Taxes | | | 3,439,954 | |
Income Tax Expense | | | 1,307,700 | |
| | |
|
|
|
Net Income | | $ | 2,132,254 | |
| | |
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|
Income Per Share: | | | | |
Basic | | $ | 0.39 | |
| | |
|
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Diluted | | $ | 0.38 | |
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|
1
AZZ incorporated
Condensed Consolidated Balance Sheet
(unaudited)
($ in Thousands)
| | | |
| | | Period Ended
May 31, 2005
|
Assets: | | | |
| |
Current assets: | | | |
Cash and cash equivalents | | $ | 1,202,231 |
Accounts receivable, net of allowance for doubtful accounts | | | 25,577,327 |
Inventories | | | 21,095,300 |
Costs and estimated earnings in excess of billings on uncompleted contracts | | | 3,723,941 |
Deferred income taxes | | | 2,007,539 |
Prepaid expenses and other | | | 553,136 |
| | |
|
|
Total current assets | | | 54,159,474 |
| |
Net property, plant, and equipment | | | 35,273,542 |
| |
Goodwill, less accumulated amortization | | | 40,962,104 |
| |
Other Assets | | | 1,101,467 |
| | |
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|
| | | $ | 131,496,587 |
| | |
|
|
Liabilities and Shareholders’ Equity: | | | |
| |
Current liabilities: | | | |
Accounts payable | | $ | 12,043,729 |
Accrued liabilities | | | 9,295,454 |
Long-term debt due within one year | | | 5,500,000 |
| | |
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|
Total current liabilities | | | 26,839,183 |
| |
Long-term debt due after one year | | | 24,000,000 |
| |
Deferred income taxes | | | 3,117,413 |
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Shareholders’ equity | | | 77,539,991 |
| | |
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| | | $ | 131,496,587 |
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|
2
AZZ incorporated
Condensed Consolidated Statement of Cash Flows
(unaudited)
($ in Thousands)
| | | | |
| | | Period Ended
May 31, 2005
| |
Net cash provide by operating activities | | $ | 1,767,199 | |
Net cash used in investing activities | | | (1,356,520 | ) |
Net cash provided by (used in) financing activities | | | 274,724 | |
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|
Net (decrease) increase in cash and cash equivalents | | | 685,403 | |
Cash and cash equivalents at beginning of period | | | 516,828 | |
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Cash and cash equivalents at end of period | | $ | 1,202,231 | |
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3
AZZ incorporated
Financial and Other Statistical Information
(unaudited)
($ in Thousands)
Information regarding operations and assets by segment is as follows:
| | | |
| | | Three Months Ended May 31, 2005
|
Net sales: | | | |
Electrical and Industrial Products | | $ | 28,788 |
Galvanizing Services | | | 15,951 |
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|
| | | $ | 44,739 |
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|
Segment operating income (a): | | | |
Electrical and Industrial Products | | $ | 2,090 |
Galvanizing Services | | | 3,742 |
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| | | $ | 5,832 |
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General corporate expenses (b) | | | 1,926 |
Interest expense | | | 441 |
Other (income) expense, net (c) | | | 25 |
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| | | $ | 2,392 |
| | |
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Income Before Taxes | | $ | 3,440 |
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Total assets: | | | |
Electrical and Industrial Products | | $ | 79,720 |
Galvanizing Services | | | 46,542 |
Corporate | | | 5,235 |
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| | | $ | 131,497 |
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| (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
AZZ incorporated
Financial and Other Statistical Information
(unaudited)
($ in Thousand except per share amount)
| | | | | | |
| | | Actual Year to Date May 31, 2005
| | | Projected Year Ended February 28, 2006
|
Net Sales: | | | | | | |
Electrical and Industrial Products | | $ | 28,788 | | | $114,000 to $120,000 |
Galvanizing Services | | $ | 15,951 | | | $56,000 to $60,000 |
| | |
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|
| |
|
Total Sales | | $ | 44,739 | | | $170,000 to
$180,000 |
| | |
Diluted earnings per share | | $ | .38 | | | $1.08 to $1.18 |
| | |
Operating Margins: | | | | | | |
Electrical and Industrial Products | | | 7.26 | % | | 7.5% |
Galvanizing Services | | | 23.5 | % | | 19.0% |
| | |
Cash Provided By Operations | | $ | 1,767 | | | $6,500 |
Capital Expenditures | | $ | 1,381 | | | $6,000 |
Depreciation and Amortization of Intangible Assets and Debt Issue Cost | | $ | 1,383 | | | $5,200 |
AZZ incorporated
Financial and Other Statistical Information
(unaudited)
($ in Thousand)
| | | |
| | | Quarter Ended May 31, 2005
|
Book to Ship Ratio: | | | |
2/28/05 Backlog | | $ | 64,769 |
Qtr. Ending 5/31/05 Bookings | | | 44,980 |
Qtr. Ending 5/31/05 Shipments | | | 44,739 |
5/31/05 Backlog | | | 65,010 |
Book to Ship Ratio | | | 1.01 to 1 |
| |
Outstanding Accounts Receivable Days | | | 56 |
5
