Aztec Manufacturing Co. Reports 27 Percent Gain in Sales and 57 Percent Gain In Net Income
CROWLEY, Texas, Dec. 22 /PRNewswire/ -- Aztec Manufacturing Co. (NYSE: AZZ), a manufacturer of electrical products and a provider of galvanizing services, reported third quarter unaudited sales were up 27 percent to $24.7 million compared to sales of $19.4 million for the same period last year. Third quarter net income was up 57 percent to $1.8 million compared to net income of $1.1 million and earning per share increased to 38 cents per share as compared to 20 cents per share in 1998, up 90 percent on a diluted basis.
For the nine month period, Aztec's unaudited sales were up 9 percent to $66.3 million compared to sales of $60.9 million for the same period last year. Net income was up 15 percent to $4.8 million as compared to net income of $4.2 million and earnings per share increased 41 percent to $1.00 as compared to 71 cents in 1998 on a diluted basis.
L.C. Martin, chairman and chief executive officer of Aztec, said, "both revenues and operating income increased dramatically in all segments of our company.
"Revenues of our manufactured products segment for the third quarter were up 37 percent while operating income was up 165 percent. Margins continue to improve in all of our manufactured products facilities and backlogs are at record levels, up 84 percent over this time last year. The acquisition of CGIT on September 1, 1999 also added to this segment.
"Revenues in our services segment were at record levels. Sales for the third quarter increased 15 percent over last year and operating income was up 19 percent. Continued improvements in operating efficiencies as well as strong market conditions in the areas we serve positively impacted our results."
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
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
NOV 30, NOV 30, NOV 30, NOV 30,
1999 1998 1999 1998
NET SALES $ 24,654 $ 19,414 $ 66,311 $ 60,864
INCOME BEFORE TAXES $ 2,890 $ 1,839 $ 7,656 $ 6,673
PROVISIONS FOR INCOME TAXES $ 1,084 $ 690 $ 2,871 $ 2,503
NET INCOME $ 1,806 $ 1,149 $ 4,785 $ 4,170
NET INCOME PER SHARE:
BASIC $ 0.38 $ 0.20 $ 1.01 $ 0.71
DILUTED $ 0.38 $ 0.20 $ 1.00 $ 0.71
DILUTED AVERAGE SHARES
OUTSTANDING 4,773 5,673 4,764 5,881
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited) (audited)
NOV 30, 1999 FEB. 28, 1999
ASSETS:
CURRENT ASSETS $ 32,658 $ 25,787
NET PROPERTY, PLANT AND EQUIPMENT $ 24,062 $ 23,079
OTHER ASSETS, NET $ 15,729 $ 9,533
TOTAL ASSETS $ 72,449 $ 58,399
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES $ 17,258 $ 10,754
LONG TERM DEBT DUE AFTER ONE YEAR $ 23,342 $ 20,266
OTHER LIABILITIES $ 65 $ 493
SHAREHOLDERS' EQUITY $ 31,784 $ 26,886
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY $ 72,449 $ 58,399
CONDENSED STATEMENTS OF CASH FLOW
(in thousands)
(unaudited)
NOV 30, 1999 NOV 30, 1998
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES $ 10,112 $ 8,519
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES $ (13,125) $ (6,043)
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES $ 3,190 $ (3,237)
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS $ 177 $ (761)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR $ 800 $ 766
CASH AND CASH EQUIVALENTS
AT END OF QUARTER $ 977 $ 5
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SOURCE: Aztec Manufacturing Co.
CONTACT: Dana Perry, VP and CFO of Aztec Manufacturing Co., 817-297-4361
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