FORT WORTH, Texas, Jan. 21, 2020 /PRNewswire/ -- AZZ Inc. (NYSE:
AZZ), a global provider of metal coating services, welding
solutions, specialty electrical equipment and highly engineered
services, today announced it has resumed buying back shares as part
of the stock repurchase program previously authorized by AZZ's
Board of Directors (the "Board") in 2012.
![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)
Tom Ferguson, president and chief
executive officer of AZZ Inc., commented, "We are pleased with the
strong financial performance of our business this fiscal year,
delivering double-digit top and bottom-line growth. As a
result of current market conditions, we believe that share
repurchases at the current valuation are an attractive use of
capital and have resumed purchases of our shares of common stock.
The resumption of our stock repurchase program emphasizes the
confidence that management has in the Company's solid operations
and the strength of our balance sheet. We remain highly focused on
executing our strategic growth initiatives while enhancing
shareholder value."
On January 19, 2012, AZZ's Board
authorized the repurchase of up to ten percent of the outstanding
number of shares of its common stock that were issued and
outstanding as of the time of the approval which represented
approximately 1.26 million shares (the "2012 share repurchase
program"). The 2012 share repurchase program does not have an
expiration date, and the amount and prices paid for any future
share purchases under the prior authorization will be based on
market conditions and other factors at the time of the purchases.
Repurchases will be made through open market purchases, private
transactions, or otherwise in accordance with applicable federal
securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934
(the "Exchange Act"). As of the end of the third quarter of
our fiscal year 2020, there were approximately 26.24 million shares
of AZZ common stock issued and outstanding, and approximately one
million shares remaining for purchase under the 2012 share
repurchase program.
AZZ cannot predict when, if or the amount of shares of common
stock it will repurchase pursuant to the 2012 share repurchase
program, as it will depend on a number of future factors, including
constraints specified in any Rule 10b5-1 trading plans, market
price of the shares of common stock, general business and market
conditions, and alternative investment opportunities. Information
regarding the share repurchases will continue to be available in
AZZ's periodic reports on Form 10-Q and Form 10-K filed with the
Securities and Exchange Commission as required by the applicable
rules of the Exchange Act.
About AZZ Inc.
AZZ Inc. is a global provider of metal coating solutions,
welding solutions, specialty electrical equipment and highly
engineered services to the power generation, transmission,
distribution and industrial markets. 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 metal coatings 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 future 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, 2019 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.