Tuesday April 4, 4:00 am Eastern Time
Company Press Release
SOURCE: Aztec Manufacturing Co.
Aztec Manufacturing Co. Announces Record Results for Fiscal 2000; Fourth Quarter Earnings Per Share Rise 171 Percent
CROWLEY, Texas, April 4 /PRNewswire/ -- Aztec Manufacturing Co. (NYSE: AZZ - news), a manufacturer of electrical products and a provider of galvanizing services, announced unaudited record revenues of $92.5 million for the year ended February 29, 2000, a 14 percent increase when compared to prior year revenues of $80.9 million. Fiscal year 2000 net income increased to $6.6 million, a 35 percent increase compared to $4.9 million for last year. Earnings per share on a diluted basis rose 60 percent to $1.38 per share, versus 86 cents for fiscal 1999.
Unaudited revenues for the fourth quarter increased 31 percent to $26.2 million compared to the prior years fourth quarter revenues of $20.1 million. Net income increased 157 percent to $1.8 million, as compared to $704,000 for the fourth quarter of 1999. Fourth quarter earnings per share rose 171 percent to $0.38 versus $0.14 per share for the same period last year on a diluted basis.
David Dingus, president and chief operating officer of Aztec, said, ``Revenues and operating income in both segments of Aztec's business were at record levels. The Company's revenues in the service and manufactured products segments increased 19 and 11 percent respectively. Margins continued to expand, producing a 27 percent increase in operating income for the services segment, and a dramatic 60 percent increase in the manufactured products segment.'
Mr. Dingus continued, ``The markets we serve in power generation, transmission and distribution are very dynamic. All indications are that this trend will continue for a number of years, providing us the opportunity to continue an aggressive growth rate. The sustained strength and growth of the domestic economy have been excellent for our services business. Having a broad base of customers has allowed us to enjoy the benefits of multiple strong markets.
``Continuing strength in our markets, record backlogs, successful diversification and increased volumes as well as profitability from the tubular products division of our manufacturing segment, combined with improved market share and increasing cash flow should facilitate the growth goals and operating objectives that have been set for the company.'
Aztec Manufacturing Company is a manufacturer of electrical and tubular products for the industrial market as well as a leading provider of steel galvanizing services to industrial manufacturers nationwide.
Except for the statements of historical fact, this release may contain ``forward-looking statements' that involve risks and uncertainties that are detailed from time to time in documents filed by the Company with the SEC. Those risks, uncertainties, and factors include, but are not limited to: change in demand, prices and raw material cost, including zinc which is used in the hot dip galvanizing process; changes in the economic conditions of the various markets the Company serves, foreign and domestic, including the market price for oil and natural gas; acquisition opportunities, adequacy of financing, and availability of experienced management employees to implement the Company's growth strategy; and customer demand and response to products and services offered by the Company. The Company can give no assurance that such expectations will prove to be correct.
AZTEC MANUFACTURING CO
(in thousands, except per share amounts)
THREE MONTHS ENDED TWELVE MONTHS ENDED
FEB 29,2000 FEB 28,1999 FEB 29,2000 FEB 28,1999
(unaudited) (unaudited) (unaudited) (audited)
NET SALES $26,234 $20,058 $92,544 $80,922
INCOME BEFORE TAXES $2,893 $1,128 $10,549 $7,800
NET INCOME $1,809 $704 $6,593 $4,874
NET INCOME PER SHARE:
BASIC $0.38 $0.14 $1.39 $0.87
DILUTED $0.38 $0.14 $1.38 $0.86
DILUTED AVERAGE
SHARES OUTSTANDING 4,810 4,956 4,775 5,651
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
FEB 29,2000 FEB. 28, 1999
(unaudited) (audited)
ASSETS:
CURRENT ASSETS $34,411 $25,787
NET PROPERTY, PLANT AND EQUIPMENT $28,270 $23,079
OTHER ASSETS, NET $21,576 $9,533
TOTAL ASSETS $84,257 $58,399
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES $19,918 $10,754
LONG TERM DEBT DUE AFTER ONE YEAR $31,075 $20,266
OTHER LIABILITIES $243 $493
SHAREHOLDERS' EQUITY $33,021 $26,886
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $84,257 $58,399
CONDENSED STATEMENTS OF CASH FLOW
(in thousands)
FEB 29,2000 FEB. 28, 1999
(unaudited) (audited)
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES $13,900 $8,774
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES $(24,896) $(6,729)
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES $11,524 $ (2,011)
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS $528 $34
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR $800 $766
CASH AND CASH EQUIVALENTS AT END OF QUARTER $1,328 $800
SOURCE: Aztec Manufacturing Co.
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