AZZ incorporated – AZZ – Announces a 2 for 1 Stock Split

AZZ incorporated (NYSE:AZZ), a manufacturer of electrical products and a provider of galvanizing services, today announced unaudited financial results for the first quarter ended May 31, 2012. Revenues for the first quarter were $127.1 million compared to $114.3 million for the same quarter last year, an increase of 11 percent. Net income for the quarter was $16 million, or $1.26 per diluted share, compared to net income of $9.5 million, or $0.75 per diluted share, in last year’s first fiscal quarter.

The net income and earnings per diluted share for the first quarter reflect a pre-tax gain related to a partial insurance settlement for assets destroyed in a recent fire at one of the Company’s galvanizing facilities. Based on preliminary estimate of the damage sustained at this facility, a pre-tax asset impairment charge of approximately $4 million was recorded during the first quarter of FY 2013, which was reduced by $10 million in insurance proceeds received under our property and casualty insurance policy, resulting in a $6 million gain. While we expect to receive substantial additional insurance proceeds under the policy in the future, the ultimate amount that we collect has not yet been determined. Any future recoveries under this policy will be recognized in the period in which proceeds are approved by our insurance carrier. In addition, the company booked $.6 million of expense associated with the acquisition of Nuclear Logistics, Incorporated (“NLI”) during the first quarter. Pro forma earnings per diluted share exclusive of these non operational income and expense items were $1.02, a 36 percent gain over the same period last year.

Additionally, AZZ announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a 2 for 1 stock split of the Company’s Common Stock in the form of a 100% stock dividend, payable on July 30, 2012 to shareholders of record as of July 16, 2012, with a broker’s cut-off date of July 23, 2012. The stock dividend entitles each shareholder of record as of July 16, 2012 to receive one additional share of common stock for each share then owned. Prior to the most recent quarterly filing of May 31, 2012, AZZ had outstanding approximately 12.6 million shares. Upon completion of the stock dividend, the outstanding shares will be approximately 25.3 million shares. The share and per share information in this release has not been adjusted to reflect the stock split.

About AZZ incorporated – AZZ

AZZ incorporated is a specialty electrical equipment manufacturer serving the global markets of power generation, transmission and distribution and industrial, as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.

More Posts by this author

• Bristol-Myers Squibb to Acquire Amylin Pharmaceuticals (BMY, AMLN)
• Gold Crosses $1600 an ounce Level as EU Summit Cheer up Global Markets
• American Greetings Q1 Earnings Fall (AM)
• Stocks End Q2 on a Strong Note as EU Deal Lifts Sentiments
• Gold Prices Rally on EU Deal; Silver Prices also Surge
• Stocks Continue to Surge
• U.S. Stocks Continue to Rally on EU Confidence Boosting Measures

Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.