AZZ Authorized the Repurchase of Up to 10% of Outstanding Common Shares, Guides 2013 Revs $475-510M vs $466.1M Est

AZZ incorporated AZZ today announced the Board of Directors, at its regularly scheduled meeting, has declared a quarterly cash dividend of 25 cents per share payable on February 17, 2012 to shareholders of record on February 3, 2012. Also at the regularly scheduled meeting, the Board authorized the repurchase of up to 10 percent of the shares of the Company's outstanding shares of common stock, par value $1.00 per share. The share repurchase authorization does not have an expiration date, and the amount and prices paid for any future share purchases under the new authorization will be based on market conditions and other factors at the time of the purchase. Repurchases under the share repurchase authorization will be made through open market purchases or private transactions, in accordance with applicable federal securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended. As of January 20, 2012, there were approximately 13 million shares of AZZ incorporated common stock issued and outstanding. The company is issuing revenue and earnings guidance for Fiscal Year 2013. Fiscal Year 2013 refers to the 12 month period beginning March 1, 2012 and ending on February 28, 2013. David H. Dingus, president and chief executive officer of the company, stated, "Based upon the evaluation of information currently available to management, we are projecting our 26th consecutive year of profitability. Our earnings are estimated to be within the range of $3.25 and $3.55 per diluted share, and revenues are estimated to be within the range of $475 to $510 million. We continue to build upon the success we have been able to achieve over the past decade, and continually strive to further enhance the performance of the Company. Electrical revenues are projected to be up slightly. Due to pricing pressures that began in the current fiscal year and which are expected to continue into the new fiscal year, margins in the Electrical Segment will only see modest improvement and should be in the range of 14 to 16 percent. The Galvanizing Services Segment revenues are projected to be up due primarily to the full year impact of the Galvan Metals acquisition, our first Canadian galvanizing facility, which is anticipated to close on January 31, 2012. Margins for this Segment should remain strong, and should be in the range of 24 to 26 percent. It is anticipated that 60 percent of our revenues will be derived from the Galvanizing Services Segment and 40 percent from the Electrical and Industrial Products Segment. Further information is provided in our Form 8-K filed on January 20, 2012." Mr. Dingus continued, "Our next, regularly scheduled quarterly conference call is in April 2012, where we will be reporting the operating results for our fourth quarter and 2012 fiscal year and a discussion of our Fiscal Year 2013 guidance. We are continuing our efforts to seek out growth and expansion opportunities for both Segments. The strength of our balance sheet and cash position fully supports this strategy. The company is well positioned to capitalize on improving market conditions, in both segments."