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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 | |
---|---|---|---|---|---|---|---|---|
0.795 | 0.96% | 83.965 | 84.10 | 83.28 | 83.70 | 21,334 | 14:45:09 |
TEXAS
(State or Other Jurisdiction of Incorporation or Organization)
|
1-12777
Commission File No.
|
75-0948250
(I.R.S. Employer Identification Number)
|
|
|
|
|
One Museum Place, Suite 500
3100 West 7th Street
Fort Worth, TX 76107
(Address of principal executive offices, including zip code)
|
|
Registrant’s Telephone Number, including Area Code:
|
(817) 810-0095
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
Year Ended
|
||||||||||||||||||||||
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||||||||||||||
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
||||||||||||
Net Sales
|
|
$
|
858,930
|
|
|
$
|
4,608
|
|
|
$
|
863,538
|
|
|
$
|
903,192
|
|
|
$
|
(13,792
|
)
|
|
$
|
889,400
|
|
Cost of Sales
|
|
654,146
|
|
|
4,790
|
|
|
658,936
|
|
|
673,081
|
|
|
(11,799
|
)
|
|
661,282
|
|
||||||
Gross Profit
|
|
204,784
|
|
|
(182
|
)
|
|
204,602
|
|
|
230,111
|
|
|
(1,993
|
)
|
|
228,118
|
|
||||||
Operating Income
|
|
98,360
|
|
|
(182
|
)
|
|
98,178
|
|
|
122,288
|
|
|
(1,993
|
)
|
|
120,295
|
|
||||||
Income Before Income Taxes
|
|
84,749
|
|
|
(182
|
)
|
|
84,567
|
|
|
104,368
|
|
|
(1,993
|
)
|
|
102,375
|
|
||||||
Income Tax Expense
|
|
23,828
|
|
|
(68
|
)
|
|
23,760
|
|
|
27,578
|
|
|
(747
|
)
|
|
26,831
|
|
||||||
Net Income
|
|
$
|
60,921
|
|
|
$
|
(114
|
)
|
|
$
|
60,807
|
|
|
$
|
76,790
|
|
|
$
|
(1,246
|
)
|
|
$
|
75,544
|
|
Earnings Per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic Earnings Per Share
|
|
$
|
2.35
|
|
|
$
|
(0.01
|
)
|
|
$
|
2.34
|
|
|
$
|
2.98
|
|
|
$
|
(0.05
|
)
|
|
$
|
2.93
|
|
Diluted Earnings Per Share
|
|
$
|
2.33
|
|
|
$
|
—
|
|
|
$
|
2.33
|
|
|
$
|
2.96
|
|
|
$
|
(0.05
|
)
|
|
$
|
2.91
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
|
25,965
|
|
|
|
|
25,965
|
|
|
25,800
|
|
|
|
|
25,800
|
|
||||||||
Diluted
|
|
26,097
|
|
|
|
|
26,097
|
|
|
25,937
|
|
|
|
|
25,937
|
|
|
|
Year Ended
|
||||||||||
|
|
February 28, 2015
|
||||||||||
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
||||||
Net Sales
|
|
$
|
816,687
|
|
|
$
|
3,005
|
|
|
$
|
819,692
|
|
Cost of Sales
|
|
610,991
|
|
|
1,928
|
|
|
612,919
|
|
|||
Gross Profit
|
|
205,696
|
|
|
1,077
|
|
|
206,773
|
|
|||
Operating Income
|
|
106,825
|
|
|
1,077
|
|
|
107,902
|
|
|||
Income Before Income Taxes
|
|
90,130
|
|
|
1,077
|
|
|
91,207
|
|
|||
Income Tax Expense
|
|
25,187
|
|
|
404
|
|
|
25,591
|
|
|||
Net Income
|
|
$
|
64,943
|
|
|
$
|
673
|
|
|
$
|
65,616
|
|
Earnings Per Common Share
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share
|
|
$
|
2.53
|
|
|
$
|
0.03
|
|
|
$
|
2.56
|
|
Diluted Earnings Per Share
|
|
$
|
2.52
|
|
|
$
|
0.03
|
|
|
$
|
2.55
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
25,676
|
|
|
|
|
25,676
|
|
||||
Diluted
|
|
25,778
|
|
|
|
|
25,778
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
May 31, 2017
|
|
August 31, 2017
|
||||||||||||||||||||
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
||||||||||||
Net Sales
|
|
$
|
208,551
|
|
|
$
|
(834
|
)
|
|
$
|
207,717
|
|
|
$
|
190,407
|
|
|
$
|
7,195
|
|
|
$
|
197,602
|
|
Cost of Sales
|
|
159,285
|
|
|
883
|
|
|
160,168
|
|
|
148,938
|
|
|
5,609
|
|
|
154,547
|
|
||||||
Gross Profit
|
|
49,266
|
|
|
(1,717
|
)
|
|
47,549
|
|
|
41,469
|
|
|
1,586
|
|
|
43,055
|
|
||||||
Operating Income
|
|
21,907
|
|
|
(1,717
|
)
|
|
20,190
|
|
|
15,056
|
|
|
1,586
|
|
|
16,642
|
|
||||||
Income Before Income Taxes
|
|
18,732
|
|
|
(1,717
|
)
|
|
17,015
|
|
|
11,396
|
|
|
1,586
|
|
|
12,982
|
|
||||||
Income Tax Expense
|
|
5,492
|
|
|
(644
|
)
|
|
4,848
|
|
|
3,067
|
|
|
595
|
|
|
3,662
|
|
||||||
Net Income
|
|
$
|
13,240
|
|
|
$
|
(1,073
|
)
|
|
$
|
12,167
|
|
|
$
|
8,329
|
|
|
$
|
991
|
|
|
$
|
9,320
|
|
Earnings Per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic Earnings Per Share
|
|
$
|
0.51
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.47
|
|
|
$
|
0.32
|
|
|
$
|
0.04
|
|
|
$
|
0.36
|
|
Diluted Earnings Per Share
|
|
$
|
0.51
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.47
|
|
|
$
|
0.32
|
|
|
$
|
0.04
|
|
|
$
|
0.36
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
|
26,012
|
|
|
|
|
26,012
|
|
|
25,970
|
|
|
|
|
25,970
|
|
||||||||
Diluted
|
|
26,093
|
|
|
|
|
26,093
|
|
|
26,036
|
|
|
|
|
26,036
|
|
|
|
Six Months Ended
|
||||||||||
|
|
August 31, 2017
|
||||||||||
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
||||||
Net Sales
|
|
$
|
398,958
|
|
|
$
|
6,361
|
|
|
$
|
405,319
|
|
Cost of Sales
|
|
308,223
|
|
|
6,492
|
|
|
314,715
|
|
|||
Gross Profit
|
|
90,735
|
|
|
(131
|
)
|
|
90,604
|
|
|||
Operating Income
|
|
36,963
|
|
|
(131
|
)
|
|
36,832
|
|
|||
Income Before Income Taxes
|
|
30,128
|
|
|
(131
|
)
|
|
29,997
|
|
|||
Income Tax Expense
|
|
8,559
|
|
|
(49
|
)
|
|
8,510
|
|
|||
Net Income
|
|
$
|
21,569
|
|
|
$
|
(82
|
)
|
|
$
|
21,487
|
|
Earnings Per Common Share
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share
|
|
$
|
0.83
|
|
|
$
|
—
|
|
|
$
|
0.83
|
|
Diluted Earnings Per Share
|
|
$
|
0.83
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.82
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
25,991
|
|
|
|
|
25,991
|
|
||||
Diluted
|
|
26,065
|
|
|
|
|
26,065
|
|
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||||||||||||||
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
||||||||||||
Assets
|
|
|
||||||||||||||||||||||
Inventories - net
|
|
$
|
123,208
|
|
|
$
|
(35,583
|
)
|
|
$
|
87,625
|
|
|
$
|
102,135
|
|
|
$
|
(30,793
|
)
|
|
$
|
71,342
|
|
Costs and estimated earnings in excess of billings on uncompleted contracts
|
|
20,546
|
|
|
29,716
|
|
|
50,262
|
|
|
32,287
|
|
|
31,195
|
|
|
63,482
|
|
||||||
Total current assets
|
|
296,537
|
|
|
(5,867
|
)
|
|
290,670
|
|
|
309,334
|
|
|
402
|
|
|
309,736
|
|
||||||
Total assets
|
|
$
|
977,839
|
|
|
$
|
(5,867
|
)
|
|
$
|
971,972
|
|
|
$
|
982,010
|
|
|
$
|
402
|
|
|
$
|
982,412
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer deposits and billings in excess of costs and estimated earnings on uncompleted contracts
|
|
$
|
32,808
|
|
|
$
|
(10,732
|
)
|
|
$
|
22,076
|
|
|
$
|
24,889
|
|
|
$
|
(4,645
|
)
|
|
$
|
20,244
|
|
Total current liabilities
|
|
141,850
|
|
|
(10,732
|
)
|
|
131,118
|
|
|
148,405
|
|
|
(4,645
|
)
|
|
143,760
|
|
||||||
Deferred income tax liabilities
|
|
51,550
|
|
|
1,825
|
|
|
53,375
|
|
|
49,960
|
|
|
1,893
|
|
|
51,853
|
|
||||||
Total liabilities
|
|
448,200
|
|
|
(8,907
|
)
|
|
439,293
|
|
|
500,794
|
|
|
(2,752
|
)
|
|
498,042
|
|
||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retained earnings
|
|
495,030
|
|
|
3,040
|
|
|
498,070
|
|
|
450,754
|
|
|
3,154
|
|
|
453,908
|
|
||||||
Total shareholders’ equity
|
|
529,639
|
|
|
3,040
|
|
|
532,679
|
|
|
481,216
|
|
|
3,154
|
|
|
484,370
|
|
||||||
Total liabilities and shareholders' equity
|
|
$
|
977,839
|
|
|
$
|
(5,867
|
)
|
|
$
|
971,972
|
|
|
$
|
982,010
|
|
|
$
|
402
|
|
|
$
|
982,412
|
|
|
|
May 31, 2017
|
|
August 31, 2017
|
||||||||||||||||||||
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
|
As
Reported
|
|
Correction
|
|
As
Restated
|
||||||||||||
Assets
|
|
|
|
|
||||||||||||||||||||
Inventories - net
|
|
$
|
131,187
|
|
|
$
|
(36,466
|
)
|
|
$
|
94,721
|
|
|
$
|
144,008
|
|
|
$
|
(42,075
|
)
|
|
$
|
101,933
|
|
Costs and estimated earnings in excess of billings on uncompleted contracts
|
|
27,295
|
|
|
32,337
|
|
|
59,632
|
|
|
32,082
|
|
|
36,616
|
|
|
68,698
|
|
||||||
Total current assets
|
|
325,744
|
|
|
(4,129
|
)
|
|
321,615
|
|
|
325,007
|
|
|
(5,459
|
)
|
|
319,548
|
|
||||||
Total assets
|
|
$
|
1,004,998
|
|
|
$
|
(4,129
|
)
|
|
$
|
1,000,869
|
|
|
$
|
1,011,401
|
|
|
$
|
(5,459
|
)
|
|
$
|
1,005,942
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer deposits and billings in excess of costs and estimated earnings on uncompleted contracts
|
|
$
|
31,527
|
|
|
$
|
(7,277
|
)
|
|
$
|
24,250
|
|
|
$
|
32,659
|
|
|
$
|
(10,193
|
)
|
|
$
|
22,466
|
|
Total current liabilities
|
|
130,699
|
|
|
(7,277
|
)
|
|
123,422
|
|
|
126,273
|
|
|
(10,193
|
)
|
|
116,080
|
|
||||||
Deferred income tax liabilities
|
|
52,431
|
|
|
1,181
|
|
|
53,612
|
|
|
52,293
|
|
|
1,776
|
|
|
54,069
|
|
||||||
Total liabilities
|
|
468,608
|
|
|
(6,096
|
)
|
|
462,512
|
|
|
466,088
|
|
|
(8,417
|
)
|
|
457,671
|
|
||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retained earnings
|
|
503,847
|
|
|
1,967
|
|
|
505,814
|
|
|
507,754
|
|
|
2,958
|
|
|
510,712
|
|
||||||
Total shareholders’ equity
|
|
536,390
|
|
|
1,967
|
|
|
538,357
|
|
|
545,313
|
|
|
2,958
|
|
|
548,271
|
|
||||||
Total liabilities and shareholders' equity
|
|
$
|
1,004,998
|
|
|
$
|
(4,129
|
)
|
|
$
|
1,000,869
|
|
|
$
|
1,011,401
|
|
|
$
|
(5,459
|
)
|
|
$
|
1,005,942
|
|
Exhibit
|
|
Description
|
Exhibit 99.1
|
|
|
AZZ Inc.
|
DATE: March 29, 2018
|
By:
/s/ Paul W. Fehlman
|
|
Paul W. Fehlman
Senior Vice President and CFO
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1 Year AZZ Chart |
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