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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AZZ Inc | NYSE:AZZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.67 | -0.84% | 78.83 | 79.94 | 78.75 | 79.94 | 48,860 | 17:43:37 |
TEXAS
|
75-0948250
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
One Museum Place, Suite 500
|
||
3100 West Seventh Street
|
||
Fort Worth, Texas
|
76107
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of each exchange on which registered
|
|
Common Stock, $1.00 par value per share
|
New York Stock Exchange
|
Yes
£
|
No
T
|
Yes
£
|
No
T
|
Yes
T
|
No
£
|
Yes
£
|
No
£
|
Large accelerated filer
£
|
Accelerated filer
T
|
Non-accelerated filer
£
|
Smaller Reporting Company
£
|
Yes
£
|
No
T
|
Document
|
Parts Into Which Incorporated
|
|
Page
|
||||
1.
|
Consolidated Financial Statements
|
|||
Management’s Report on Internal Controls Over Financial Reporting
|
3
|
|||
Report of Independent Registered Public Accounting Firm
|
4-5
|
|||
Consolidated Statements of Income for the years ended February 28, 2011, 2010, and 2009
|
6
|
|||
Consolidated Balance Sheets as of February 28, 2011 and 2010
|
7-8
|
|||
Consolidated Statements of Cash Flows for the years ended February 28, 2011, 2010, and 2009
|
9-10
|
|||
Consolidated Statements of Shareholders' Equity for the years ended February 28, 2011, 2010, and 2009
|
11
|
|||
Notes to Consolidated Financial Statements
|
12-29
|
|||
2.
|
Consolidated Financial Statements Schedule
|
|||
Schedule II – Valuation and Qualifying Accounts and Reserves
|
30
|
Report of Independent Registered Public Accounting Firm
|
For the years ended
|
||||||||||||
February 28,
|
February 28,
|
February 28,
|
||||||||||
2011
|
2010
|
2009
|
||||||||||
Net sales
|
$
|
380,649,407
|
$
|
357,030,075
|
$
|
412,364,321
|
||||||
Costs and expenses:
|
||||||||||||
Cost of sales
|
273,006,712
|
247,383,972
|
299,011,807
|
|||||||||
Selling, general, and administrative
|
46,645,119
|
43,417,024
|
43,221,186
|
|||||||||
Net gain from sale of or insurance settlement on property, plant and equipment
|
(75,054
|
)
|
(93,299
|
)
|
(1,508,892
|
)
|
||||||
Interest expense
|
7,730,556
|
6,838,028
|
6,169,723
|
|||||||||
Other income, net
|
(1,615,942
|
)
|
(898,902
|
)
|
(1,439,635
|
)
|
||||||
325,691,391
|
296,646,823
|
345,454,189
|
||||||||||
Income before income taxes
|
54,958,016
|
60,383,252
|
66,910,132
|
|||||||||
Income tax expense
|
19,995,375
|
22,655,328
|
24,703,907
|
|||||||||
Net income
|
$
|
34,962,641
|
$
|
37,727,924
|
$
|
42,206,225
|
||||||
Earnings per common share:
|
||||||||||||
Basic earnings per share
|
$
|
2.81
|
$
|
3.07
|
$
|
3.48
|
||||||
Diluted earnings per share
|
$
|
2.77
|
$
|
3.02
|
$
|
3.43
|
||||||
Weighted average number common shares
|
12,461,350
|
12,283,167
|
12,140,152
|
|||||||||
Weighted average number common shares and potentially dilutive common shares
|
12,600,654
|
12,475,817
|
12,302,176
|
As of February 28,
|
||||||||
Assets
|
2011
|
2010
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
138,389,837
|
$
|
110,607,029
|
||||
Accounts receivable, net of allowance for doubtful accounts of $720,000 in 2011 and 2010
|
61,945,377
|
39,431,918
|
||||||
Inventories
|
59,552,392
|
40,124,581
|
||||||
Costs and estimated earnings in excess of billings on
uncompleted contracts
|
15,880,092
|
10,782,424
|
||||||
Deferred income tax assets
|
7,003,167
|
5,225,379
|
||||||
Prepaid expenses and other
|
1,248,270
|
1,281,605
|
||||||
Total current assets
|
284,019,135
|
207,452,936
|
||||||
Property, plant, and equipment, at cost:
|
||||||||
Land
|
12,096,398
|
5,694,013
|
||||||
Buildings and structures
|
78,142,939
|
60,292,211
|
||||||
Machinery and equipment
|
106,311,040
|
79,971,006
|
||||||
Furniture, fixtures, software and computers
|
13,735,200
|
12,336,230
|
||||||
Automotive equipment
|
2,058,072
|
2,073,225
|
||||||
Construction in progress
|
3,547,498
|
1,306,267
|
||||||
215,891,147
|
161,672,952
|
|||||||
Less accumulated depreciation
|
(90,529,512
|
)
|
(74,308,450
|
)
|
||||
Net property, plant, and equipment
|
125,361,635
|
87,364,502
|
||||||
Goodwill
|
113,463,436
|
69,420,256
|
||||||
Intangibles and other assets
|
43,680,635
|
17,723,464
|
||||||
Total Assets
|
$
|
566,524,841
|
$
|
381,961,158
|
As of February 28,
|
||||||||
Liabilities and Shareholders' Equity
|
2011
|
2010
|
||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
21,713,896
|
$
|
12,116,783
|
||||
Income tax payable
|
2,838,901
|
246,602
|
||||||
Accrued salaries and wages
|
7,038,999
|
4,978,522
|
||||||
Other accrued liabilities
|
14,444,720
|
12,393,729
|
||||||
Customer advance payment
|
7,308,909
|
7,454,650
|
||||||
Profit sharing
|
4,713,445
|
5,216,000
|
||||||
Billings in excess of costs and estimated earnings on
uncompleted contracts
|
127,360
|
1,221,902
|
||||||
Total current liabilities
|
58,186,230
|
43,628,188
|
||||||
Long-term debt due after one year
|
225,000,000
|
100,000,000
|
||||||
Deferred income tax liabilities
|
27,320,738
|
10,466,932
|
||||||
Total liabilities
|
$
|
310,506,968
|
$
|
154,095,120
|
||||
Commitments and Contingencies
|
||||||||
Shareholders' equity:
|
||||||||
Common Stock, $1 par value; 50,000,000 shares authorized; 12,609,160 shares issued at February 28, 2011 and February 28, 2010
|
12,609,160
|
12,609,160
|
||||||
Capital in excess of par value
|
24,141,022
|
20,783,366
|
||||||
Retained earnings
|
218,889,963
|
196,394,134
|
||||||
Accumulated other comprehensive income (loss)
|
920,063
|
(672,858
|
)
|
|||||
Less Common Stock held in treasury, at cost (109,804 shares
at February 28, 2011 and 252,638 shares at February 28, 2010)
|
(542,335
|
)
|
(1,247,764
|
)
|
||||
Total shareholders' equity
|
256,017,873
|
227,866,038
|
||||||
$
|
566,524,841
|
$
|
381,961,158
|
For the years ended
|
||||||||||||
February 28,
|
February 28,
|
February 28,
|
||||||||||
2011
|
2010
|
2009
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$
|
34,962,641
|
$
|
37,727,924
|
$
|
42,206,225
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation
|
18,929,017
|
15,603,004
|
12,921,034
|
|||||||||
Amortization
|
3,237,065
|
1,823,491
|
1,606,957
|
|||||||||
Non-cash compensation expense
|
3,146,002
|
2,306,330
|
1,843,318
|
|||||||||
Non-cash interest expense
|
332,424
|
305,394
|
281,076
|
|||||||||
Provision for doubtful accounts
|
228,959
|
40,602
|
931,794
|
|||||||||
Deferred income tax expense (benefit)
|
(3,383,086
|
)
|
(381,840
|
)
|
5,568,600
|
|||||||
Net gain on insurance settlement or sale of property, plant and equipment
|
(75,054
|
)
|
(93,299
|
)
|
(1,508,892
|
)
|
||||||
Effects of changes in operating assets and liabilities, net of business acquisitions:
|
||||||||||||
Accounts receivable
|
(1,268,799
|
)
|
26,822,381
|
(16,653,577
|
)
|
|||||||
Inventories
|
(11,291,056
|
)
|
14,662,337
|
1,998,318
|
||||||||
Prepaid expenses and other assets
|
303,161
|
(241,823)
|
43,211
|
|||||||||
Net change in billings related to costs and estimated earnings on uncompleted contracts
|
(6,192,210
|
)
|
(985,767
|
)
|
671,143
|
|||||||
Accounts payable
|
2,653,172
|
(5,800,477
|
)
|
755,889
|
||||||||
Other accrued liabilities and income taxes
|
503,119
|
(9,200,471
|
)
|
9,531,074
|
||||||||
Net cash provided by operating activities
|
42,085,355
|
82,587,786
|
60,196,170
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Proceeds from the sale or insurance settlement of property, plant and equipment
|
235,303
|
423,751
|
3,529,481
|
|||||||||
Acquisition of subsidiaries, net of cash acquired
|
(104,091,416
|
)
|
(6,899,561
|
)
|
(96,332,010
|
)
|
||||||
Purchases of property, plant and equipment
|
(16,410,874
|
)
|
(12,036,726
|
)
|
(20,008,583
|
)
|
||||||
Net cash used in investing activities
|
(120,266,987
|
)
|
(18,512,536
|
)
|
(112,811,112
|
)
|
For the years ended
|
||||||||||||
February 28,
|
February 28,
|
February 28,
|
||||||||||
2011
|
2010
|
2009
|
||||||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from long-term debt
|
125,000,000
|
-
|
100,000,000
|
|||||||||
Debt acquisition costs
|
(1,254,002
|
)
|
-
|
(2,000,000
|
)
|
|||||||
Tax benefits from stock options exercised
|
895,838
|
1,609,125
|
72,453
|
|||||||||
Proceeds from exercise of stock options and stock appreciation rights
|
379,955
|
466,117
|
31,242
|
|||||||||
Proceeds on revolving loan
|
12,000,000
|
-
|
-
|
|||||||||
Payments on revolving loan
|
(12,000,000
|
)
|
-
|
-
|
||||||||
Payments on long term debt
|
(7,300,000
|
)
|
-
|
-
|
||||||||
Proceeds from settlement of derivative
|
834,416
|
-
|
-
|
|||||||||
Cash dividends paid
|
(12,466,812
|
)
|
(3,089,130
|
)
|
-
|
|||||||
Net cash provided by (used in) financing activities
|
106,089,395
|
(1,013,888
|
)
|
98,103,695
|
||||||||
Effect of exchange rate changes on cash
|
(124,955
|
)
|
(12,044
|
)
|
(157,983
|
)
|
||||||
Net increase in cash and cash equivalents
|
27,782,808
|
63,049,318
|
45,330,770
|
|||||||||
Cash and cash equivalents at beginning of year
|
110,607,029
|
47,557,711
|
2,226,941
|
|||||||||
Cash and cash equivalents at end of year
|
$
|
138,389,837
|
$
|
110,607,029
|
$
|
47,557,711
|
||||||
Supplemental disclosures of cash flow information:
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Interest
|
$
|
6,645,354
|
$
|
6,532,634
|
$
|
3,322,618
|
||||||
Income taxes
|
$
|
13,849,749
|
$
|
21,167,656
|
$
|
20,558,538
|
Common Stock
|
Capital in
|
Retained
|
Accumulated
Other
|
Treasury
|
Total
|
|||||||||||||||||||||||
excess of
|
earnings
|
Comprehensive
|
Stock
|
|||||||||||||||||||||||||
Shares
|
Amount
|
par value
|
Income (Loss)
|
|||||||||||||||||||||||||
Balance at February 29, 2008
|
12,609,160
|
$
|
12,609,160
|
$
|
16,369,938
|
$
|
119,549,115
|
$
|
-
|
$
|
(2,371,588
|
)
|
$
|
146,156,625
|
||||||||||||||
Exercise of stock options
|
(5,364
|
)
|
36,606
|
31,242
|
||||||||||||||||||||||||
Stock compensation
|
1,804,637
|
38,681
|
1,843,318
|
|||||||||||||||||||||||||
Federal income tax deducted on stock options
|
72,453
|
72,453
|
||||||||||||||||||||||||||
Comprehensive income:
Net income
|
42,206,225
|
42,206,225
|
||||||||||||||||||||||||||
Foreign currency translation
|
(3,198,159
|
)
|
(3,198,159
|
)
|
||||||||||||||||||||||||
Comprehensive income
|
39,008,066
|
|||||||||||||||||||||||||||
Balance at February 28, 2009
|
12,609,160
|
$
|
12,609,160
|
$
|
18,241,664
|
$
|
161,755,340
|
$
|
(3,198,159
|
)
|
$
|
(2,296,301
|
)
|
$
|
187,111,704
|
|||||||||||||
Exercise of stock options
|
142,368
|
323,749
|
466,117
|
|||||||||||||||||||||||||
Stock compensation
|
2,271,758
|
34,572
|
2,306,330
|
|||||||||||||||||||||||||
Stock issued for SARs
|
(1,995,438
|
)
|
513,101
|
(1,482,337
|
)
|
|||||||||||||||||||||||
Employee Stock Purchase Plan
|
513,889
|
177,115
|
691,004
|
|||||||||||||||||||||||||
Federal income tax deducted on stock options
|
1,609,125
|
1,609,125
|
||||||||||||||||||||||||||
Cash dividend paid
|
(3,089,130
|
)
|
(3,089,130
|
)
|
||||||||||||||||||||||||
Comprehensive income:
Net income
|
37,727,924
|
37,727,924
|
||||||||||||||||||||||||||
Foreign currency translation
|
2,525,301
|
2,525,301
|
||||||||||||||||||||||||||
Comprehensive income
|
40,253,225
|
|||||||||||||||||||||||||||
Balance at February 28, 2010
|
12,609,160
|
$
|
12,609,160
|
$
|
20,783,366
|
$
|
196,394,134
|
$
|
(672,858
|
)
|
$
|
(1,247,764
|
)
|
$
|
227,866,038
|
|||||||||||||
Exercise of stock options
|
146,241
|
233,714
|
379,955
|
|||||||||||||||||||||||||
Stock compensation
|
3,111,430
|
34,572
|
3,146,002
|
|||||||||||||||||||||||||
Stock issued for SARs
|
(1,316,946
|
)
|
310,344
|
(1,006,602
|
)
|
|||||||||||||||||||||||
Employee Stock Purchase Plan
|
521,093
|
126,799
|
647,892
|
|||||||||||||||||||||||||
Federal income tax deducted on stock options
|
895,838
|
895,838
|
||||||||||||||||||||||||||
Cash dividend paid
|
(12,466,812
|
)
|
(12,466,812
|
)
|
||||||||||||||||||||||||
Comprehensive income:
Net income
|
34,962,641
|
34,962,641
|
||||||||||||||||||||||||||
Foreign currency translation
|
1,055,071
|
1,055,071
|
||||||||||||||||||||||||||
Interest rate swap, net of ($292,046) of income tax
|
537,850
|
537,850
|
||||||||||||||||||||||||||
Comprehensive income
|
36,555,562
|
|||||||||||||||||||||||||||
Balance at February 28, 2011
|
12,609,160
|
$
|
12,609,160
|
$
|
24,141,022
|
$
|
218,889,963
|
$
|
920,063
|
$
|
(542,335
|
)
|
$
|
256,017,873
|
Buildings and structures
|
10-25 years
|
Machinery and equipment
|
3-15 years
|
Furniture and fixtures
|
3-15 years
|
Automotive equipment
|
3 years
|
(In thousands)
|
||||
Balance at February 29, 2008
|
$
|
1,732
|
||
Warranty costs incurred
|
(1,454
|
)
|
||
Additions charged to income
|
1,737
|
|||
Balance at February 28, 2009
|
$
|
2,015
|
||
Warranty costs incurred
|
(2,130
|
)
|
||
Additions charged to income
|
2,912
|
|||
Balance at February 28, 2010
|
$
|
2,797
|
||
Warranty costs incurred
|
(2,821)
|
|||
Additions charged to income
|
2,510
|
|||
Balance at February 28, 2011
|
$
|
2,486
|
2.
|
Inventories
|
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Raw materials
|
$
|
42,745
|
$
|
23,356
|
||||
Work-in-process
|
12,452
|
11,542
|
||||||
Finished goods
|
4,355
|
5,227
|
||||||
$
|
59,552
|
$
|
40,125
|
3.
|
Costs and estimated earnings on uncompleted contracts
|
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Costs incurred on uncompleted contracts
|
$
|
70,835
|
$
|
83,169
|
||||
Estimated earnings
|
49,375
|
53,876
|
||||||
120,210
|
137,045
|
|||||||
Less billings to date
|
104,457
|
127,485
|
||||||
$
|
15,753
|
$
|
9,560
|
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Cost and estimated earnings in excess of billings on uncompleted contracts
|
$
|
15,880
|
$
|
10,782
|
||||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
(127)
|
(1,222
|
)
|
|||||
$
|
15,753
|
$
|
9,560
|
4.
|
Other accrued liabilities
|
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Accrued interest
|
$
|
3,353
|
$
|
2,600
|
||||
Tenant improvements
|
1,699
|
1,938
|
||||||
Accrued warranty
|
2,486
|
2,797
|
||||||
Commissions
|
1,510
|
1,737
|
||||||
Group medical insurance
|
1,198
|
1,009
|
||||||
Other
|
4,199
|
2,313
|
||||||
$
|
14,445
|
$
|
12,394
|
5.
|
Employee benefit plans
|
6.
|
Income taxes
|
2011
|
2010
|
||||||
(In thousands)
|
|||||||
Deferred income tax assets:
|
|||||||
Employee related items
|
$
|
2,643
|
$
|
1,686
|
|||
Inventories
|
690
|
334
|
|||||
Accrued warranty
|
932
|
1,049
|
|||||
Accounts receivable
|
271
|
269
|
|||||
Other
|
2,467
|
1,887
|
|||||
Total deferred income tax assets
|
$
|
7,003
|
$
|
5,225
|
|||
Deferred income tax liabilities:
|
|||||||
Depreciation methods and property basis differences
|
$
|
(11,570
|
)
|
$
|
(5,842
|
)
|
|
Other assets and tax-deductible goodwill
|
(15,751
|
)
|
(4,625
|
)
|
|||
Total deferred income tax liabilities
|
(27,321
|
)
|
(10,467
|
)
|
|||
Net deferred income tax liabilities
|
$
|
(20,318
|
)
|
$
|
(5,242
|
)
|
|
The provision for income taxes consists of:
|
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Federal:
|
||||||||||||
Current
|
$
|
21,057
|
$
|
19,306
|
$
|
16,363
|
||||||
Deferred
|
(3,439
|
)
|
(118
|
)
|
5,264
|
|||||||
State:
|
||||||||||||
Current
|
2,346
|
3,743
|
2,725
|
|||||||||
Deferred
|
(178
|
)
|
(8
|
)
|
400
|
|||||||
Foreign
|
||||||||||||
Current
|
-
|
70
|
||||||||||
Deferred
|
209
|
(268
|
)
|
(118
|
)
|
|||||||
$
|
19,995
|
$
|
22,655
|
$
|
24,704
|
2011
|
2010
|
2009
|
||||||||||
Statutory federal income tax rate
|
35.0
|
%
|
35.0
|
%
|
35.0
|
%
|
||||||
Expenses not deductible for tax purposes
|
1.5
|
.2
|
.2
|
|||||||||
State income taxes, net of federal income tax benefit
|
2.7
|
3.7
|
3.2
|
|||||||||
Benefit of Section 199 of the Code, manufacturing deduction
|
(3.7
|
)
|
(1.8
|
)
|
(1.6
|
)
|
||||||
Other
|
.9
|
.4
|
.1
|
|||||||||
Effective income tax rate
|
36.4
|
%
|
37.5
|
%
|
36.9
|
%
|
7.
|
Intangible assets and goodwill
|
Segment
|
March 1, 2010
|
Acquisitions
|
Foreign Exchange Translation
|
February 28, 2011
|
||||||||||||
(In thousands)
|
||||||||||||||||
Galvanizing services
|
$
|
26,863
|
$
|
43,108
|
$
|
-
|
$
|
69,971
|
||||||||
Electrical & industrial products
|
42,557
|
-
|
935
|
43,492
|
||||||||||||
Total
|
$
|
69,420
|
$
|
43,108
|
$
|
935
|
$
|
113,463
|
Segment
|
March 1, 2009
|
Acquisitions
|
Foreign Exchange Translation
|
February 28, 2010
|
||||||||||||
(In thousands)
|
||||||||||||||||
Galvanizing services
|
$
|
25,584
|
$
|
1,279
|
$
|
-
|
$
|
26,863
|
||||||||
Electrical & industrial products
|
40,573
|
-
|
1,984
|
42,557
|
||||||||||||
Total
|
$
|
66,157
|
$
|
1,279
|
$
|
1,984
|
$
|
69,420
|
Segment
|
March 1, 2008
|
Acquisitions
|
Foreign Exchange Translation
|
February 28, 2009
|
||||||||||||
(In thousands)
|
||||||||||||||||
Galvanizing services
|
$
|
9,966
|
$
|
15,618
|
$
|
-
|
$
|
25,584
|
||||||||
Electrical & industrial products
|
30,996
|
12,062
|
(2,485
|
)
|
40,573
|
|||||||||||
Total
|
$
|
40,962
|
$
|
27,680
|
$
|
(2,485
|
)
|
$
|
66,157
|
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Amortizable intangible assets
|
||||||||
Customer related intangibles
|
$
|
42,475
|
$
|
15,675
|
||||
Non-compete agreements
|
2,983
|
2,983
|
||||||
Trademarks
|
2,110
|
853
|
||||||
Certifications
|
267
|
247
|
||||||
Backlog
|
965
|
892
|
||||||
48,800
|
20,650
|
|||||||
Less accumulated amortization
|
7,812
|
4,491
|
||||||
$
|
40,988
|
$
|
16,159
|
(In thousands)
|
||||
2012
|
$
|
3,676
|
||
2013
|
3,671
|
|||
2014
|
3,294
|
|||
2015
|
3,264
|
|||
2016
|
3,264
|
|||
Thereafter
|
23,819
|
|||
Total
|
$
|
40,988
|
8.
|
Earnings per share
|
2011
|
2010
|
2009
|
||||||||||
(In thousands, except share and per share amounts)
|
||||||||||||
Numerator:
|
||||||||||||
Net income for basic and diluted earnings per common share
|
$
|
34,963
|
$
|
37,728
|
$
|
42,206
|
||||||
|
||||||||||||
Denominator:
|
||||||||||||
Denominator for basic earnings per common share - weighted-average shares
|
12,461,350
|
12,283,167
|
12,140,152
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Stock compensation award
|
139,304
|
192,650
|
162,024
|
|||||||||
Denominator for diluted earnings per common share - adjusted weighted-average shares
|
12,600,654
|
12,475,817
|
12,302,176
|
|||||||||
Earnings per share basic and diluted:
|
||||||||||||
Basic earnings per common share
|
$
|
2.81
|
$
|
3.07
|
$
|
3.48
|
||||||
Diluted earnings per common share
|
$
|
2.77
|
$
|
3.02
|
$
|
3.43
|
9.
|
Stock compensation
|
2011
|
2010
|
2009
|
||||||||||||||||||||||
Options/ SAR’s
|
Weighted Average Exercise Price
|
Options/ SAR’s
|
Weighted Average Exercise Price
|
Options
|
Weighted Average Exercise Price
|
|||||||||||||||||||
Outstanding at beginning of year
|
475,141
|
$
|
21.86
|
607,070
|
$
|
17.87
|
485,292
|
$
|
12.78
|
|||||||||||||||
Granted
|
161,396
|
32.24
|
163,233
|
18.12
|
131,690
|
35.80
|
||||||||||||||||||
Exercised
|
(216,697
|
)
|
16.95
|
(288,422
|
)
|
11.02
|
(9,912
|
)
|
6.89
|
|||||||||||||||
Forfeited
|
(4,081
|
)
|
19.17
|
(6,740
|
)
|
35.88
|
0
|
N/A
|
||||||||||||||||
Outstanding at end of year
|
415,759
|
$
|
28.47
|
475,141
|
$
|
21.86
|
607,070
|
$
|
17.87
|
|||||||||||||||
Exercisable at end of year
|
243,698
|
$
|
27.20
|
290,760
|
$
|
20.32
|
414,350
|
$
|
16.24
|
|||||||||||||||
Weighted average fair value for the fiscal year indicated of options and SARs granted during such year
|
$
|
12.54
|
$
|
8.08
|
$
|
11.80
|
Range of
Exercise Prices
|
Total Shares/ SAR’s
|
Weighted Average Remaining Life
|
Weighted Average Exercise Price
|
Shares / SAR’s Currently Exercisable
|
Weighted Average Exercise Price
|
|||||||||||||||||
$ | 4.22 - $5.54 | 7,746 | 2.08 | $ | 4.22 | 7,746 | $ | 4.22 | ||||||||||||||
$ | 7.70 - $8.80 | 4,000 | 1.33 | $ | 7.70 | 4,000 | $ | 7.70 | ||||||||||||||
$ | 18.12 - $29.97 | 121,447 | 0.99 | $ | 18.30 | 77,406 | $ | 18.12 | ||||||||||||||
$ | 31.67 - $40.01 | 282,556 | 1.15 | $ | 33.80 | 154,546 | $ | 33.41 | ||||||||||||||
$ | 4.22 - $40.01 | 415,759 | 1.12 | $ | 28.47 | 243,698 | $ | 27.20 |
Long-term debt consists of the following:
|
2011
|
2010
|
||||||
(In thousands)
|
||||||||
Senior Note, due in balloon payment in January 2021
|
$
|
125,000
|
-
|
|||||
Senior Note, due in annual installments of $14,285,714 beginning in March 2012 through March 2018
|
$
|
100,000
|
$
|
100,000
|
||||
Revolving line of credit with bank
|
-
|
-
|
||||||
$
|
225,000
|
$
|
100,000
|
|||||
Less amount due within one year
|
-
|
-
|
||||||
$
|
225,000
|
$
|
100,000
|
(In thousands)
|
||||
2012
|
$
|
-
|
||
2013
|
14,286
|
|||
2014
|
14,286
|
|||
2015
|
14,286
|
|||
2016
|
14,286
|
|||
Thereafter
|
167,856
|
|||
Total
|
$
|
225,000
|
2011
|
2010
|
2009
|
||||||||||
Net sales:
|
(In thousands)
|
|||||||||||
Electrical and Industrial Products
|
$
|
162,600
|
$
|
203,457
|
$
|
225,797
|
||||||
Galvanizing Services
|
218,049
|
153,573
|
186,567
|
|||||||||
$
|
380,649
|
$
|
357,030
|
$
|
412,364
|
|||||||
Segment Operating income (a):
|
||||||||||||
Electrical and Industrial Products
|
$
|
27,072
|
$
|
40,803
|
$
|
38,952
|
||||||
Galvanizing Services
|
56,965
|
44,843
|
53,183
|
|||||||||
Total Segment Operating Income
|
84,037
|
85,646
|
92,135
|
|||||||||
General corporate expenses (b)
|
21,492
|
18,447
|
19,441
|
|||||||||
Interest expense
|
7,731
|
6,838
|
6,170
|
|||||||||
Other (income) expense, net (c)
|
(144
|
)
|
(22
|
)
|
(386
|
)
|
||||||
25,263
|
25,225
|
|||||||||||
Income before income taxes
|
$
|
54,958
|
$
|
60,383
|
$
|
66,910
|
||||||
Depreciation and amortization:
|
||||||||||||
Electrical and Industrial Products
|
$
|
3,396
|
$
|
3,725
|
$
|
3,116
|
||||||
Galvanizing Services
|
17,004
|
12,163
|
10,280
|
|||||||||
Corporate
|
1,766
|
1,539
|
1,176
|
|||||||||
$
|
22,166
|
$
|
17,427
|
$
|
14,572
|
|||||||
Expenditures for acquisitions, net of cash, and property, plant and equipment:
|
||||||||||||
Electrical and Industrial Products
|
$
|
1,282
|
$
|
2,311
|
$
|
20,339
|
||||||
Galvanizing Services
|
117,746
|
15,486
|
92,811
|
|||||||||
Corporate
|
1,474
|
1,139
|
3,248
|
|||||||||
$
|
120,502
|
$
|
18,936
|
$
|
116,398
|
|||||||
Total assets:
|
||||||||||||
Electrical and Industrial Products
|
$
|
136,381
|
$
|
119,689
|
$
|
159,334
|
||||||
Galvanizing Services
|
277,366
|
139,228
|
138,826
|
|||||||||
Corporate
|
152,778
|
123,044
|
56,555
|
|||||||||
$
|
566,525
|
$
|
381,961
|
$
|
354,715
|
|||||||
Goodwill:
|
||||||||||||
Electrical and Industrial Products
|
$
|
69,971
|
$
|
42,557
|
$
|
40,574
|
||||||
Galvanizing Services
|
43,492
|
26,863
|
25,583
|
|||||||||
$
|
113,463
|
$
|
69,420
|
$
|
66,157
|
|
(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 (income) expense, net includes gains and losses on sale of property, plant and equipment and other (income) expenses not specifically identifiable to a segment.
|
12.
|
Commitments and contingencies
|
(In thousands)
|
||||
2012
|
$ | 4,161 | ||
2013
|
3,705 | |||
2014
|
3,249 | |||
2015
|
3,078 | |||
2016
|
2,793 | |||
Thereafter
|
9,011 | |||
Total
|
$ | 25,997 |
13.
|
Quarterly financial information, Unaudited (in thousands, except per share amounts)
|
Quarter ended
|
||||||||||||||||
May 31,
2010
|
August 31, 2010
|
November 30, 2010
|
February 28, 2011
|
|||||||||||||
Net sales
|
$ | 77,475 | $ | 99,591 | $ | 102,898 | $ | 100,686 | ||||||||
Gross profit
|
23,563 | 29,053 | 27,645 | 27,383 | ||||||||||||
Net income
|
6,373 | 9,647 | 9,718 | 9,225 | ||||||||||||
Basic earnings per common share
|
.51 | .77 | .78 | .74 | ||||||||||||
Diluted earnings per common share
|
.51 | .77 | .77 | .73 |
Quarter ended
|
||||||||||||||||
May 31,
2009
|
August 31, 2009
|
November 30, 2009
|
February 28, 2010
|
|||||||||||||
Net sales
|
$ | 95,492 | $ | 95,157 | $ | 81,518 | $ | 84,863 | ||||||||
Gross profit
|
29,688 | 30,614 | 25,713 | 23,631 | ||||||||||||
Net income
|
9,900 | 11,119 | 8,743 | 7,966 | ||||||||||||
Basic earnings per common share
|
.81 | .91 | .71 | .64 | ||||||||||||
Diluted earnings per common share
|
.80 | .89 | .70 | .64 | ||||||||||||
14.
|
Acquisitions
|
($ in thousands) | |||||
Current Assets
|
$
|
58,176
|
|||
Property and Equipment
|
40,552
|
||||
Intangible Assets
|
28,000
|
||||
Goodwill
|
43,109
|
||||
Other Assets
|
2,950
|
||||
Total Assets Acquired
|
172,787
|
||||
Current Liabilities
|
(11,670
|
)
|
|||
Long Term Liabilities
|
(28,673
|
)
|
|||
Net Assets Acquired
|
$
|
132,444
|
February 28, 2011
|
February 28, 2010
|
|||||||
(In thousands, except per share amounts)
|
||||||||
Net Sales
|
$ | 399,560 | $ | 434,113 | ||||
Net Income
|
$ | 38,637 | $ | 49,692 | ||||
Earnings Per Common Share:
|
||||||||
Basic Earnings Per Share
|
$ | 3.10 | $ | 4.05 | ||||
Diluted Earnings Per Share
|
$ | 3.07 | $ | 3.98 |
($ in thousands)
|
||||
Current Assets
|
$
|
18,061
|
||
Property and Equipment
|
32,879
|
|||
Intangible Assets
|
16,070
|
|||
Goodwill
|
15,618
|
|||
Total Assets Acquired
|
82,628
|
|||
Current Liabilities
|
(1,053
|
)
|
||
Net Assets Acquired
|
$
|
81,575
|
February 28, 2009
|
||||
(In thousands, except per share amounts)
|
||||
Net Sales
|
$ | 416,914 | ||
Net Income
|
$ | 42,237 | ||
Earnings Per Common Share:
|
||||
Basic Earnings Per Share
|
$ | 3.48 | ||
Diluted Earnings Per Share
|
$ | 3.43 |
Year Ended
|
||||||||||||
February 28, 2011
|
February 28, 2010
|
February 28, 2009
|
||||||||||
Allowance for Doubtful Accounts
|
||||||||||||
Balance at Beginning of year
|
$
|
720
|
$
|
900
|
$
|
630
|
||||||
Balance acquired by acquisition
|
97
|
10
|
-
|
|||||||||
Additions charged or credited to income
|
229
|
41
|
932
|
|||||||||
Balances written off, net of recoveries
|
(327
|
)
|
(231
|
)
|
(662
|
)
|
||||||
Effect of exchange rate
|
1
|
-
|
-
|
|||||||||
Balance at end of year
|
$
|
720
|
$
|
720
|
$
|
900
|
AZZ incorporated
|
||
(Registrant)
|
Date:
8/26/2011
|
By:
/s/ David H. Dingus
|
|
David H. Dingus, Principal Executive Officer and Director
|
/s/David H. Dingus
|
/s/ Dana L. Perry
|
||
David H. Dingus, Principal Executive Officer and Director
|
Dana L. Perry, Principal Financial Officer and Director
|
||
/s/Daniel R. Feehan
|
/s/ Richard Butler
|
||
Daniel R. Feehan, Director
|
Richard Butler, Vice President and Controller, Principal Accounting Officer
|
||
/s/Martin C. Bowen
|
/s/Peter A. Hegedus
|
||
Martin C. Bowen, Director
|
Peter A. Hegedus, Director
|
||
/s/Daniel E. Berce
|
/s/Dr. H. Kirk Downey
|
||
Daniel E. Berce, Director
|
Dr. H. Kirk Downey, Chairman of the Board and Director
|
||
/s/Sam Rosen
|
/s/Kevern R. Joyce
|
||
Sam Rosen, Director
|
Kevern R. Joyce, Director
|
||
31.1
|
Chief Executive Officer Certificate pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated August 26, 2011. Filed Herewith.
|
31.2
|
Chief Financial Officer Certificate pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated August 26, 2011. Filed Herewith.
|
32.1
|
Chief Executive Officer Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated August 26, 2011. Filed Herewith.
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32.2
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Chief Financial Officer Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated August 26, 2011. Filed Herewith.
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