FORT WORTH, Texas, April 19, 2018 /PRNewswire/ -- AZZ Inc. (NYSE:
AZZ), (the "Company"), a global provider of metal coating services,
welding solutions, specialty electrical equipment and highly
engineered services, today announced that it has completed its
restatement previously announced on March
29, 2018 and filed its amended previously issued audited
consolidated financial statements contained in the Company's Fiscal
Year 2017 Annual Report on Form 10-K and the unaudited consolidated
financial statements contained in the Company's Quarterly Reports
on Form 10-Q for the first and second quarters of Fiscal Year 2018
. The amended filings are available on the company's investor
relations website.
![AZZ Inc. is a global provider of metal coatings services, welding solutions, specialty electrical equipment and highly engineered services. (PRNewsfoto/AZZ Inc.) AZZ Inc. is a global provider of metal coatings services, welding solutions, specialty electrical equipment and highly engineered services. (PRNewsfoto/AZZ Inc.)](https://mma.prnewswire.com/media/559731/AZZ_Inc_Logo.jpg)
As previously reported, the restatements described above
result from a correction to the accounting method
historically used by the Company to record revenues for certain
contracts within its Energy Segment. In particular, the Company
determined that for certain contracts for which revenue was
recognized upon contract completion and transfer of title, the
Company instead should have applied the percentage-of-completion
method in accordance with ASC 605-35. In general, the
percentage-of-completion method results in a revenue recognition
pattern over time as a project progresses as opposed to deferring
revenues until contract completion. The Company determined that the
impact of applying the percentage-of-completion method to certain
of its revenue contracts was materially different from its
previously reported results primarily for certain current asset
balance sheet accounts under its historical practice.
The Company is working diligently and expeditiously towards
completing and filing its Quarterly Report on Form 10-Q for the
third quarter of Fiscal Year 2018 and its Form 10-K for Fiscal Year
2018 and expects to announce their filing dates shortly. The
Company also expects to issue Fiscal Year 2019 guidance once it
completes its Fiscal Year 2018 filings.
About AZZ Inc.
AZZ Inc. is a global provider of metal coating services, welding
solutions, specialty electrical equipment and highly engineered
services to the markets of power generation, transmission,
distribution and industrial in protecting metal and electrical
systems used to build and enhance the world's infrastructure. AZZ
Metal Coatings is a leading provider of metal finishing solutions
for corrosion protection, including hot dip galvanizing to the
North American steel fabrication industry. AZZ Energy is dedicated
to delivering safe and reliable transmission of power from
generation sources to end customers, and automated weld overlay
solutions for corrosion and erosion mitigation to critical
infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future
events or results constitute forward looking statements for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by terminology such as, "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," or the negative of these terms or other
comparable terminology. Such forward-looking statements are based
on currently available competitive, financial and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors
must recognize that actual results may differ from those expressed
or implied in the forward-looking statements. This release may
contain forward-looking statements that involve risks and
uncertainties including, but not limited to, changes in customer
demand and response to products and services offered by AZZ,
including demand by the power generation markets, electrical
transmission and distribution markets, the industrial markets, and
the hot dip galvanizing markets; prices and raw material cost,
including zinc and natural gas which are used in the hot dip
galvanizing process; changes in the political stability and
economic conditions of the various markets that AZZ serves, foreign
and domestic, customer requested delays of shipments, acquisition
opportunities, currency exchange rates, adequacy of financing, and
availability of experienced management and employees to implement
AZZ's growth strategy. AZZ has provided additional information
regarding risks associated with the business in AZZ's Annual Report
on Form 10-K for the fiscal year ended February 28, 2017 and other filings with the SEC,
available for viewing on AZZ's website at www.azz.com and on the
SEC's website at www.sec.gov. You are urged to consider these
factors carefully in evaluating the forward-looking statements
herein and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. These statements are based on
information as of the date hereof and AZZ assumes no obligation to
update any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Contact:
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Paul Fehlman, Senior
Vice President - Finance and CFO
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AZZ Inc.
817-810-0095
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Internet:
www.azz.com
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Lytham Partners
602-889-9700
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Joe Dorame, Robert
Blum or Joe Diaz
|
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Internet:
www.lythampartners.com
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SOURCE AZZ Inc.