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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 | |
---|---|---|---|---|---|---|---|---|
-0.93 | -1.21% | 75.73 | 76.28 | 75.30 | 76.26 | 147,323 | 01:00:00 |
FORM 10-Q
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
AZZ Inc.
|
(Exact name of registrant as specified in its charter)
|
TEXAS
|
|
75-0948250
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
|
One Museum Place, Suite 500
3100 West 7th Street
Fort Worth, Texas 76107
|
|||
(Address of principal executive offices, including zip code)
|
Large accelerated filer
|
|
ý
|
|
Accelerated filer
|
|
¨
|
|
Non-accelerated filer
|
|
¨
|
Smaller reporting company
|
|
¨
|
|
Emerging growth company
|
|
¨
|
|
|
|
|
Title of each class:
|
|
Outstanding at August 31, 2018:
|
Common Stock, $1.00 par value per share
|
|
26,050,242
|
|
|
PAGE
NO.
|
PART I.
|
|
|
Item 1.
|
Financial Statements
(Unaudited)
|
|
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
PART II.
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
||
|
|
|
|
|
August 31, 2018
|
|
February 28, 2018
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
9,204
|
|
|
$
|
20,853
|
|
Accounts receivable (net of allowance for doubtful accounts of $2,398 as of August 31, 2018 and $569 as of February 28, 2018)
|
|
152,468
|
|
|
141,488
|
|
||
Inventories:
|
|
|
|
|
||||
Raw material
|
|
103,959
|
|
|
98,475
|
|
||
Work-in-process
|
|
354
|
|
|
2,544
|
|
||
Finished goods
|
|
8,565
|
|
|
9,742
|
|
||
Contract assets
|
|
71,236
|
|
|
51,787
|
|
||
Prepaid expenses and other
|
|
6,657
|
|
|
4,265
|
|
||
Total current assets
|
|
352,443
|
|
|
329,154
|
|
||
Property, plant and equipment, net
|
|
209,404
|
|
|
216,855
|
|
||
Goodwill
|
|
324,080
|
|
|
321,307
|
|
||
Intangibles and other assets, net
|
|
152,097
|
|
|
160,893
|
|
||
Total assets
|
|
$
|
1,038,024
|
|
|
$
|
1,028,209
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
43,247
|
|
|
$
|
54,162
|
|
Income tax payable
|
|
2,453
|
|
|
144
|
|
||
Accrued salaries and wages
|
|
18,725
|
|
|
19,011
|
|
||
Other accrued liabilities
|
|
22,768
|
|
|
19,622
|
|
||
Customer deposits
|
|
1,311
|
|
|
1,816
|
|
||
Contract liabilities
|
|
23,763
|
|
|
22,698
|
|
||
Debt due within one year
|
|
—
|
|
|
14,286
|
|
||
Total current liabilities
|
|
112,267
|
|
|
131,739
|
|
||
Debt due after one year, net
|
|
295,679
|
|
|
286,609
|
|
||
Other long-term liabilities
|
|
10,759
|
|
|
11,696
|
|
||
Deferred income taxes
|
|
33,394
|
|
|
32,962
|
|
||
Total liabilities
|
|
452,099
|
|
|
463,006
|
|
||
Commitments and contingencies
|
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
|
||||
Common stock, $1 par, shares authorized 100,000; 26,050 shares issued and outstanding at August 31, 2018 and 25,959 shares issued and outstanding at February 28, 2018
|
|
26,050
|
|
|
25,959
|
|
||
Capital in excess of par value
|
|
42,787
|
|
|
38,446
|
|
||
Retained earnings
|
|
544,136
|
|
|
526,018
|
|
||
Accumulated other comprehensive loss
|
|
(27,048
|
)
|
|
(25,220
|
)
|
||
Total shareholders’ equity
|
|
585,925
|
|
|
565,203
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
1,038,024
|
|
|
$
|
1,028,209
|
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
222,787
|
|
|
$
|
196,329
|
|
|
$
|
485,023
|
|
|
$
|
401,612
|
|
Cost of sales
|
|
175,883
|
|
|
152,529
|
|
|
379,414
|
|
|
310,430
|
|
||||
Gross margin
|
|
46,904
|
|
|
43,800
|
|
|
105,609
|
|
|
91,182
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
|
29,799
|
|
|
26,413
|
|
|
64,808
|
|
|
53,772
|
|
||||
Operating income
|
|
17,105
|
|
|
17,387
|
|
|
40,801
|
|
|
37,410
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
3,980
|
|
|
3,400
|
|
|
7,818
|
|
|
6,760
|
|
||||
Other (income) expense, net
|
|
(857
|
)
|
|
260
|
|
|
(1,148
|
)
|
|
75
|
|
||||
Income before income taxes
|
|
13,982
|
|
|
13,727
|
|
|
34,131
|
|
|
30,575
|
|
||||
Income tax expense
|
|
2,738
|
|
|
3,941
|
|
|
7,169
|
|
|
8,727
|
|
||||
Net income
|
|
$
|
11,244
|
|
|
$
|
9,786
|
|
|
$
|
26,962
|
|
|
$
|
21,848
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
|
$
|
0.43
|
|
|
$
|
0.38
|
|
|
$
|
1.04
|
|
|
$
|
0.84
|
|
Diluted earnings per share
|
|
$
|
0.43
|
|
|
$
|
0.38
|
|
|
$
|
1.03
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
11,244
|
|
|
$
|
9,786
|
|
|
$
|
26,962
|
|
|
$
|
21,848
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, net of income tax of $0
|
|
455
|
|
|
5,326
|
|
|
(1,801
|
)
|
|
4,328
|
|
||||
Interest rate swap, net of income tax of $7, $7, $15 and $15, respectively.
|
|
(13
|
)
|
|
(14
|
)
|
|
(27
|
)
|
|
(27
|
)
|
||||
Other comprehensive income (loss)
|
|
442
|
|
|
5,312
|
|
|
(1,828
|
)
|
|
4,301
|
|
||||
Comprehensive income
|
|
$
|
11,686
|
|
|
$
|
15,098
|
|
|
$
|
25,134
|
|
|
$
|
26,149
|
|
|
|
Six Months Ended August 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Cash Flows From Operating Activities
|
|
|
|
|
||||
Net income
|
|
$
|
26,962
|
|
|
$
|
21,848
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Provision for doubtful accounts
|
|
2,050
|
|
|
47
|
|
||
Amortization and depreciation
|
|
25,698
|
|
|
24,984
|
|
||
Deferred income taxes
|
|
467
|
|
|
850
|
|
||
Net loss on property, plant and equipment due to impairment
|
|
811
|
|
|
—
|
|
||
Net loss (gain) on sale of property, plant and equipment
|
|
(308
|
)
|
|
554
|
|
||
Amortization of deferred borrowing costs
|
|
343
|
|
|
303
|
|
||
Share-based compensation expense
|
|
3,659
|
|
|
3,400
|
|
||
Effects of changes in assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
(13,179
|
)
|
|
939
|
|
||
Inventories
|
|
(2,171
|
)
|
|
(13,304
|
)
|
||
Prepaid expenses and other
|
|
(2,390
|
)
|
|
(4,021
|
)
|
||
Other assets
|
|
(1,017
|
)
|
|
(1,106
|
)
|
||
Net change in contract assets and liabilities
|
|
(19,278
|
)
|
|
(14,197
|
)
|
||
Accounts payable
|
|
(10,025
|
)
|
|
(6,770
|
)
|
||
Other accrued liabilities and income taxes payable
|
|
5,845
|
|
|
(10,742
|
)
|
||
Net cash provided by operating activities
|
|
17,467
|
|
|
2,785
|
|
||
Cash Flows From Investing Activities
|
|
|
|
|
||||
Proceeds from sale of property, plant and equipment
|
|
339
|
|
|
177
|
|
||
Purchase of property, plant and equipment
|
|
(7,179
|
)
|
|
(16,636
|
)
|
||
Acquisition of subsidiaries, net of cash acquired
|
|
(8,000
|
)
|
|
(10,250
|
)
|
||
Net cash used in investing activities
|
|
(14,840
|
)
|
|
(26,709
|
)
|
||
Cash Flows From Financing Activities
|
|
|
|
|
||||
Proceeds from revolving loan
|
|
178,000
|
|
|
209,000
|
|
||
Payments on revolving loan
|
|
(169,000
|
)
|
|
(115,500
|
)
|
||
Payments on long term debt
|
|
(14,286
|
)
|
|
(63,504
|
)
|
||
Purchases of treasury shares
|
|
—
|
|
|
(5,185
|
)
|
||
Payments of dividends
|
|
(8,844
|
)
|
|
(8,845
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(14,130
|
)
|
|
15,966
|
|
||
Effect of exchange rate changes on cash
|
|
(146
|
)
|
|
205
|
|
||
Net decrease in cash and cash equivalents
|
|
(11,649
|
)
|
|
(7,753
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
20,853
|
|
|
11,302
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
9,204
|
|
|
$
|
3,549
|
|
|
|
|
|
|
||||
Supplemental disclosures
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
7,838
|
|
|
$
|
7,020
|
|
Cash paid for income taxes
|
|
$
|
1,514
|
|
|
$
|
7,605
|
|
|
|
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
|
|||||||||||||
|
|
Common Stock
|
|
||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at February 28, 2018
|
|
25,959
|
|
|
$
|
25,959
|
|
|
$
|
38,446
|
|
|
$
|
526,018
|
|
|
$
|
(25,220
|
)
|
|
$
|
565,203
|
|
Share-based compensation
|
|
15
|
|
|
15
|
|
|
3,644
|
|
|
—
|
|
|
—
|
|
|
3,659
|
|
|||||
Restricted stock units
|
|
30
|
|
|
30
|
|
|
(563
|
)
|
|
—
|
|
|
—
|
|
|
(533
|
)
|
|||||
Stock issued for SARs
|
|
9
|
|
|
9
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||||
Employee stock purchase plan
|
|
37
|
|
|
37
|
|
|
1,290
|
|
|
—
|
|
|
—
|
|
|
1,327
|
|
|||||
Cash dividends paid
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,844
|
)
|
|
—
|
|
|
(8,844
|
)
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,962
|
|
|
—
|
|
|
26,962
|
|
|||||
Foreign currency translation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,801
|
)
|
|
(1,801
|
)
|
|||||
Interest rate swap
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
(27
|
)
|
|||||
Balance at August 31, 2018
|
|
26,050
|
|
|
$
|
26,050
|
|
|
$
|
42,787
|
|
|
$
|
544,136
|
|
|
$
|
(27,048
|
)
|
|
$
|
585,925
|
|
1.
|
The Company and Basis of Presentation
|
2.
|
Summary of Significant Accounting Policies
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
Industrial - oil and gas, construction, and general*
|
|
$
|
120,305
|
|
|
$
|
115,834
|
|
|
$
|
271,613
|
|
|
$
|
228,919
|
|
Transmission and distribution*
|
|
60,152
|
|
|
41,229
|
|
|
126,106
|
|
|
84,339
|
|
||||
Power generation*
|
|
42,330
|
|
|
39,266
|
|
|
87,304
|
|
|
88,354
|
|
||||
Total net sales
|
|
$
|
222,787
|
|
|
$
|
196,329
|
|
|
$
|
485,023
|
|
|
$
|
401,612
|
|
3.
|
Earnings Per Share
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income for basic and diluted earnings per common share
|
|
$
|
11,244
|
|
|
$
|
9,786
|
|
|
$
|
26,962
|
|
|
$
|
21,848
|
|
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per common share–weighted average shares
|
|
26,019
|
|
|
25,970
|
|
|
26,001
|
|
|
25,991
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
Employee and director stock awards
|
|
72
|
|
|
66
|
|
|
61
|
|
|
74
|
|
||||
Denominator for diluted earnings per common share
|
|
26,091
|
|
|
26,036
|
|
|
26,062
|
|
|
26,065
|
|
||||
Earnings per share basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
0.43
|
|
|
$
|
0.38
|
|
|
$
|
1.04
|
|
|
$
|
0.84
|
|
Diluted earnings per common share
|
|
$
|
0.43
|
|
|
$
|
0.38
|
|
|
$
|
1.03
|
|
|
$
|
0.84
|
|
4.
|
Share-based Compensation
|
|
|
Restricted
Stock Units
|
|
Weighted
Average Grant
Date Fair Value
|
|||
Non-vested balance as of February 28, 2018
|
|
109,777
|
|
|
$
|
56.62
|
|
Granted
|
|
82,371
|
|
|
42.00
|
|
|
Vested
|
|
(37,670
|
)
|
|
54.63
|
|
|
Forfeited
|
|
(7,290
|
)
|
|
55.27
|
|
|
Non-vested balance as of August 31, 2018
|
|
147,188
|
|
|
$
|
49.01
|
|
|
|
Performance
Stock Units |
|
Weighted
Average Grant Date Fair Value |
|||
Non-vested balance as of February 28, 2018
|
|
70,030
|
|
|
$
|
54.59
|
|
Granted
|
|
46,183
|
|
|
42.00
|
|
|
Vested
|
|
(3,378
|
)
|
|
46.65
|
|
|
Forfeited
|
|
(29,710
|
)
|
|
49.51
|
|
|
Non-vested balance as of August 31, 2018
|
|
83,125
|
|
|
$
|
49.74
|
|
|
|
SARs
|
|
Weighted Average
Exercise Price
|
|||
Outstanding as of February 28, 2018
|
|
148,513
|
|
|
$
|
43.29
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(43,928
|
)
|
|
40.96
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Outstanding as of August 31, 2018
|
|
104,585
|
|
|
$
|
44.27
|
|
Exercisable as of August 31, 2018
|
|
104,585
|
|
|
$
|
44.27
|
|
|
|
Six Months Ended August 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Compensation expense
|
|
$
|
3,659
|
|
|
$
|
3,400
|
|
Income tax benefits
|
|
$
|
823
|
|
|
$
|
1,088
|
|
5.
|
Segments
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
Energy
|
|
$
|
106,515
|
|
|
$
|
97,299
|
|
|
$
|
253,501
|
|
|
$
|
210,504
|
|
Metal Coatings
|
|
116,272
|
|
|
99,030
|
|
|
231,522
|
|
|
191,108
|
|
||||
Total net sales
|
|
$
|
222,787
|
|
|
$
|
196,329
|
|
|
$
|
485,023
|
|
|
$
|
401,612
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Energy
|
|
$
|
4,273
|
|
|
$
|
2,363
|
|
|
$
|
14,231
|
|
|
$
|
9,074
|
|
Metal Coatings
|
|
22,076
|
|
|
23,409
|
|
|
47,260
|
|
|
44,651
|
|
||||
Corporate
|
|
(9,244
|
)
|
|
(8,385
|
)
|
|
(20,690
|
)
|
|
(16,315
|
)
|
||||
Total operating income
|
|
$
|
17,105
|
|
|
$
|
17,387
|
|
|
$
|
40,801
|
|
|
$
|
37,410
|
|
|
|
August 31, 2018
|
|
February 28, 2018
|
||||
Total assets:
|
|
|
|
|
||||
Energy
|
|
$
|
574,230
|
|
|
$
|
554,866
|
|
Metal Coatings
|
|
453,821
|
|
|
460,575
|
|
||
Corporate
|
|
9,973
|
|
|
12,768
|
|
||
Total
|
|
$
|
1,038,024
|
|
|
$
|
1,028,209
|
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
188,278
|
|
|
$
|
162,490
|
|
|
$
|
401,834
|
|
|
$
|
329,219
|
|
International
|
|
34,509
|
|
|
33,839
|
|
|
83,189
|
|
|
72,393
|
|
||||
Total
|
|
$
|
222,787
|
|
|
$
|
196,329
|
|
|
$
|
485,023
|
|
|
$
|
401,612
|
|
|
|
August 31, 2018
|
|
February 28, 2018
|
||||
Property, plant and equipment, net:
|
|
|
|
|
|
|
||
United States
|
|
$
|
187,983
|
|
|
$
|
194,418
|
|
Canada
|
|
17,410
|
|
|
18,254
|
|
||
Other countries
|
|
4,011
|
|
|
4,183
|
|
||
Total
|
|
$
|
209,404
|
|
|
$
|
216,855
|
|
6.
|
Warranty Reserves
|
|
Warranty Reserve
|
||
Balance at February 28, 2018
|
$
|
2,013
|
|
Warranty costs incurred
|
(1,179
|
)
|
|
Additions charged to income
|
1,221
|
|
|
Balance at August 31, 2018
|
$
|
2,055
|
|
7.
|
Debt
|
|
August 31, 2018
|
|
February 28, 2018
|
||||
2011 Senior Notes
|
$
|
125,000
|
|
|
$
|
125,000
|
|
2008 Senior Notes
|
—
|
|
|
14,286
|
|
||
2017 Revolving Credit Facility
|
171,000
|
|
|
162,000
|
|
||
Total debt
|
296,000
|
|
|
301,286
|
|
||
Unamortized debt issuance costs for Senior Notes
|
(321
|
)
|
|
(391
|
)
|
||
Total debt, net
|
295,679
|
|
|
300,895
|
|
||
Less amount due within one year
|
—
|
|
|
(14,286
|
)
|
||
Debt due after one year, net
|
$
|
295,679
|
|
|
$
|
286,609
|
|
8.
|
Acquisitions
|
|
|
Period Ended
|
|
|
|
Period Ended
|
|
|
||||
Backlog
|
|
2/28/2018
|
|
$
|
265,417
|
|
|
2/28/2017
|
|
$
|
317,922
|
|
Net bookings*
|
|
|
|
295,738
|
|
|
|
|
193,754
|
|
||
Acquired backlog
|
|
|
|
6,006
|
|
|
|
|
—
|
|
||
Revenues recognized
|
|
|
|
(262,236
|
)
|
|
|
|
(205,283
|
)
|
||
Backlog*
|
|
5/31/2018
|
|
304,925
|
|
|
5/31/2017
|
|
306,393
|
|
||
Book to revenue ratio
|
|
|
|
1.13
|
|
|
|
|
0.94
|
|
||
Net bookings
|
|
|
|
253,882
|
|
|
|
|
190,055
|
|
||
Revenues recognized
|
|
|
|
(222,787
|
)
|
|
|
|
(196,329
|
)
|
||
Backlog
|
|
8/31/2018
|
|
336,020
|
|
|
8/31/2017
|
|
300,119
|
|
||
Book to revenue ratio
|
|
|
|
1.14
|
|
|
|
|
0.97
|
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
Energy
|
|
$
|
106,515
|
|
|
$
|
97,299
|
|
|
$
|
253,501
|
|
|
$
|
210,504
|
|
Metal Coatings
|
|
116,272
|
|
|
99,030
|
|
|
231,522
|
|
|
191,108
|
|
||||
Total net sales
|
|
$
|
222,787
|
|
|
$
|
196,329
|
|
|
$
|
485,023
|
|
|
$
|
401,612
|
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Energy
|
|
$
|
4,273
|
|
|
$
|
2,363
|
|
|
$
|
14,231
|
|
|
$
|
9,074
|
|
Metal Coatings
|
|
22,076
|
|
|
23,409
|
|
|
47,260
|
|
|
44,651
|
|
||||
Corporate
|
|
(9,244
|
)
|
|
(8,385
|
)
|
|
(20,690
|
)
|
|
(16,315
|
)
|
||||
Total operating income
|
|
$
|
17,105
|
|
|
$
|
17,387
|
|
|
$
|
40,801
|
|
|
$
|
37,410
|
|
|
|
Six Months Ended August 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Net cash provided by operating activities
|
|
$
|
17,467
|
|
|
$
|
2,785
|
|
Net cash used in investing activities
|
|
(14,840
|
)
|
|
(26,709
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(14,130
|
)
|
|
15,966
|
|
|
|
Operating
Leases |
|
Long-Term
Debt |
|
Interest
|
|
Total
|
||||||||
Fiscal:
|
|
|
||||||||||||||
2019
|
|
$
|
4,291
|
|
|
$
|
—
|
|
|
$
|
6,898
|
|
|
$
|
11,189
|
|
2020
|
|
7,293
|
|
|
—
|
|
|
13,796
|
|
|
21,089
|
|
||||
2021
|
|
5,944
|
|
|
125,000
|
|
|
13,796
|
|
|
144,740
|
|
||||
2022
|
|
5,728
|
|
|
—
|
|
|
7,021
|
|
|
12,749
|
|
||||
2023
|
|
5,464
|
|
|
171,000
|
|
|
694
|
|
|
177,158
|
|
||||
Thereafter
|
|
26,343
|
|
|
—
|
|
|
—
|
|
|
26,343
|
|
||||
Total
|
|
$
|
55,063
|
|
|
$
|
296,000
|
|
|
$
|
42,205
|
|
|
$
|
393,268
|
|
3.1
|
|
Amended and Restated Certificate of Formation of AZZ Inc.
(incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Registrant on July 14, 2015)
|
|
|
|
3.2
|
|
Amended and Restated Bylaws of AZZ Inc.
(incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Registrant on January 23, 2017)
|
|
|
|
10.1
|
|
Note Purchase Agreement dated March 31, 2008, by and among AZZ incorporated and the purchasers listed therein
(incorporated by reference to Exhibit 10(1) to the Current Report on Form 8-K filed by the Registrant on April 2, 2008).
|
|
|
|
10.2*
|
|
|
|
|
|
10.3
|
|
Note Purchase Agreement, dated as of January 20, 2011, by and among AZZ incorporated and the purchasers identified therein
(incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on January 21, 2011).
|
|
|
|
10.4
|
|
Amended and Restated Credit Agreement by and between AZZ Inc. as borrower, Bank of America N.A. as Administrative Agent, Swing Line Lender and L/C Issuer, and the other Lender's party thereto
(incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on March 24, 2017).
|
|
|
|
10.5*
|
|
AZZ incorporated 2014 Long Term Incentive Plan
(incorporated by reference to Appendix A to the Registrant’s Definitive Proxy Statement on Form DEFA filed May 29, 2014).
|
|
|
|
10.6*
|
|
First Amendment to AZZ Inc. 2014 Long Term Incentive Plan
(incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Registrant on January 21, 2016.
|
|
|
|
10.7*
|
|
|
|
|
|
10.8*
|
|
|
|
|
|
10.9*
|
|
|
|
|
|
10.10*
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
AZZ Inc.
(Registrant)
|
|
|
|
|
|
Date:
|
October 9, 2018
|
|
By:
|
/s/ Paul W. Fehlman
|
|
|
|
|
Paul W. Fehlman
Senior Vice President and
Chief Financial Officer
|
1 Year AZZ Chart |
1 Month AZZ Chart |
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