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

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

1

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

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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	%		—

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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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