Delaware
|
77-0100596
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
Title
of each class
|
Name
of each exchange on which registered
|
|
Common
Stock $2.50 par value
|
New
York Stock Exchange
|
Large
accelerated filer ¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨
|
SEGMENT
|
2006
|
2005
|
|||||
(in
thousands)
|
|||||||
Water
Transmission Group
|
$
|
183,802
|
$
|
129,321
|
|||
Fiberglass-Composite
Pipe Group
|
51,310
|
43,240
|
|||||
Infrastructure
Products Group
|
34,866
|
30,222
|
|||||
Total
|
$
|
269,978
|
$
|
202,783
|
|
In
thousands
|
|||
2006
|
$
|
27,811
|
||
2005
|
22,858
|
|||
2004
|
20,824
|
Division
- Location
|
|
Description
|
FIBERGLASS-COMPOSITE
PIPE GROUP
|
|
|
Fiberglass
Pipe Division - USA
|
|
|
Houston,
TX
|
|
*Office
|
Burkburnett,
TX
|
|
Office,
Plant
|
Centron
International, Inc.
|
|
|
Mineral
Wells, TX
|
|
Office,
Plant
|
Ameron
B.V.
|
|
|
Geldermalsen,
the Netherlands
|
|
Office,
Plant
|
Ameron
(Pte) Ltd.
|
|
|
Singapore
|
|
*Office,
Plant
|
Ameron
Malaysia Sdn. Bhd.
|
|
|
Malaysia
|
|
*Office,
Plant
|
|
|
|
WATER
TRANSMISSION GROUP
|
|
|
Rancho
Cucamonga, CA
|
|
*Office
|
Etiwanda,
CA
|
|
Office,
Plant
|
Fontana,
CA
|
|
Office,
Plant
|
Lakeside,
CA
|
|
Office,
Plant
|
Phoenix,
AZ
|
|
Office,
Plant
|
Tracy,
CA
|
|
Office,
Plant
|
|
|
|
Protective
Linings Division
|
|
|
Brea,
CA
|
|
Office,
Plant
|
American
Pipe & Construction International
|
|
|
Bogota,
Colombia
|
|
Office,
Plant
|
Cali,
Colombia
|
|
Office,
Plant
|
|
|
|
INFRASTRUCTURE
PRODUCTS GROUP
|
|
|
Hawaii
Division
|
|
|
Honolulu,
Oahu, HI
|
|
*Office,
Plant
|
Kailua,
Oahu, HI
|
|
*Plant,
Quarry
|
Barbers
Point, Oahu, HI
|
|
Office,
Plant
|
Puunene,
Maui, HI
|
|
*Office,
Plant, Quarry
|
Pole
Products Division
|
|
|
Ventura,
CA
|
|
*Office
|
Fillmore,
CA
|
|
Office,
Plant
|
Oakland,
CA
|
|
*Plant
|
Everett,
WA
|
|
*Office,
Plant
|
Tulsa,
OK
|
|
*Office,
Plant
|
Anniston,
AL
|
|
*Office,
Plant
|
|
|
|
CORPORATE
|
|
|
Corporate
Headquarters
|
|
|
Pasadena,
CA
|
|
*Office
|
Houston,
TX
|
|
**Warehouse
|
Huthwaite,
UK
|
|
**Office,
Plant
|
Hull,
UK
|
|
**Office,
Plant
|
Sydney,
Australia
|
|
**Office,
Plant
|
Adelaide,
Australia
|
|
**Plant
|
Melbourne,
Australia
|
|
**Warehouse
|
|
|
|
Corporate
Research & Engineering
|
|
|
Long
Beach, CA
|
|
*Office
|
South
Gate, CA
|
|
Office,
Laboratory
|
Name
|
|
Age
|
|
Title
and Year Elected as Officer
|
|
Daniel
J. Emmett
|
46
|
Vice
President, Controller
|
2006
|
||
|
|
|
|
|
|
Ralph
S. Friedrich
|
|
59
|
|
Vice
President-Research & Engineering
|
2003
|
|
|
|
|
|
|
Thomas
P. Giese
|
|
62
|
|
Vice
President; Group President, Water Transmission Group
|
1997
|
|
|
|
|
|
|
James
R. McLaughlin
|
|
59
|
|
Senior
Vice President-Chief Financial Officer & Treasurer
|
1997
|
|
|
|
|
|
|
Terrence
P. O'Shea
|
|
60
|
|
Vice
President-Human Resources
|
2003
|
|
|
|
|
|
|
Javier
Solis
|
|
60
|
|
Senior
Vice President of Administration, Secretary & General
Counsel
|
1984
|
|
|
|
|
|
|
Gary
Wagner
|
|
55
|
|
Executive
Vice President & Chief Operating Officer
|
1990
|
(c)
|
(d)
|
|||||||
Number
of Shares
|
Maximum
Number
|
|||||||
(a)
|
(b)
|
(or
Units) Purchased
|
(or
Approximate Dollar Value)
|
|||||
Total
Number of
|
Average
Price
|
As
Part of Publicly
|
Of
Shares (or Units) that May
|
|||||
Shares
(or Units)
|
Paid
per
|
Announced
Plans or
|
Yet
Be Purchased Under
|
|||||
Period
|
Purchased
|
Share
(or Unit)
|
Programs
|
The
Plans or Programs**
|
||||
9/4/06
thru 10/1/06
|
|
-
|
|
N/A
|
|
-
|
|
40,924
|
10/2/06
thru 11/5/06
|
|
-
|
|
N/A
|
|
-
|
|
40,924
|
11/6/06
thru 11/30/06
|
|
-
|
|
N/A
|
|
-
|
|
40,924
|
Year
ended November 30,
|
||||||||||||||||
(Dollars
in thousands, except per share data)
|
2006
|
2005
|
2004
|
2003
|
2002
|
|||||||||||
|
||||||||||||||||
PER
COMMON SHARE DATA (1)
|
||||||||||||||||
Basic
earnings per share:
|
||||||||||||||||
Income
from continuing operations
|
$
|
5.73
|
$
|
3.51
|
$
|
1.35
|
$
|
3.00
|
$
|
3.00
|
||||||
Income
from discontinued operations, net of taxes
|
.25
|
.37
|
.28
|
.77
|
.61
|
|||||||||||
Net
income
|
5.98
|
3.88
|
1.63
|
3.77
|
3.61
|
|||||||||||
Diluted
earnings per share:
|
||||||||||||||||
Income
from continuing operations
|
5.64
|
3.44
|
1.32
|
2.92
|
2.90
|
|||||||||||
Income
from discontinued operations, net of taxes
|
.24
|
.36
|
.27
|
.75
|
.59
|
|||||||||||
Net
income
|
5.88
|
3.80
|
1.59
|
3.67
|
3.49
|
|||||||||||
Weighted-average
shares (basic)
|
8,731,839
|
8,410,563
|
8,270,487
|
7,925,229
|
7,772,032
|
|||||||||||
Weighted-average
shares (diluted)
|
8,871,695
|
8,579,194
|
8,448,987
|
8,149,460
|
8,052,164
|
|||||||||||
Dividends
|
.80
|
.80
|
.80
|
.76
|
.64
|
|||||||||||
Stock
price - high
|
80.01
|
46.61
|
40.05
|
35.53
|
38.74
|
|||||||||||
Stock
price - low
|
44.66
|
31.76
|
28.60
|
24.89
|
22.26
|
|||||||||||
Price/earnings
ratio (range)
|
14-8
|
12-8
|
25-18
|
10-7
|
11-6
|
|||||||||||
OPERATING
RESULTS
|
||||||||||||||||
Sales
|
$
|
549,180
|
$
|
494,767
|
$
|
406,230
|
$
|
410,215
|
$
|
356,162
|
||||||
Gross
profit
|
132,389
|
125,210
|
92,209
|
110,221
|
88,397
|
|||||||||||
Interest
expense, net
|
(1,682
|
)
|
(5,520
|
)
|
(5,522
|
)
|
(6,755
|
)
|
(6,855
|
)
|
||||||
Provision
for income taxes
|
(10,905
|
)
|
(11,040
|
)
|
(4,789
|
)
|
(9,474
|
)
|
(11,244
|
)
|
||||||
Equity
in earnings of joint venture, net of taxes
|
13,550
|
9,005
|
10,791
|
614
|
3,309
|
|||||||||||
Income
from continuing operations
|
50,060
|
29,509
|
11,151
|
23,808
|
23,297
|
|||||||||||
Income
from discontinued operations, net of taxes
|
2,140
|
3,101
|
2,308
|
6,092
|
4,760
|
|||||||||||
Net
income
|
52,200
|
32,610
|
13,459
|
29,900
|
28,059
|
|||||||||||
Net
income/sales
|
9.5
|
%
|
6.6
|
%
|
3.3
|
%
|
7.3
|
%
|
7.9
|
%
|
||||||
Return
on equity
|
15.8
|
%
|
11.3
|
%
|
5.0
|
%
|
12.8
|
%
|
13.5
|
%
|
||||||
FINANCIAL
CONDITION AT YEAR-END (2)
|
||||||||||||||||
Working
capital
|
$
|
280,467
|
$
|
216,126
|
$
|
180,813
|
$
|
177,009
|
$
|
149,205
|
||||||
Property,
plant and equipment, net
|
134,470
|
154,665
|
153,651
|
150,586
|
145,242
|
|||||||||||
Investments
in joint ventures
|
||||||||||||||||
Equity
method
|
14,501
|
13,777
|
16,042
|
13,064
|
12,940
|
|||||||||||
Cost
method
|
3,784
|
5,922
|
5,922
|
5,479
|
5,987
|
|||||||||||
Total
assets
|
634,664
|
578,036
|
543,937
|
533,492
|
462,942
|
|||||||||||
Long-term
debt, less current portion
|
72,525
|
77,109
|
75,349
|
86,044
|
102,823
|
|||||||||||
CASH
FLOW (2)
|
||||||||||||||||
Expenditures
for property, plant and equipment
|
$
|
35,519
|
$
|
25,371
|
$
|
18,312
|
$
|
17,107
|
$
|
14,514
|
||||||
Depreciation
and amortization
|
17,440
|
18,924
|
18,897
|
18,371
|
18,572
|
|
1%
Increase
|
1%
Decrease
|
|||||||||||
Increase/
|
Increase/
|
Increase/
|
Increase/
|
||||||||||
(Decrease)
|
(Decrease)
|
(Decrease)
|
(Decrease)
|
||||||||||
in
Benefit
|
in
Benefit
|
in
Benefit
|
in
Benefit
|
||||||||||
|
Obligations
|
Costs
|
Obligations
|
Costs
|
|||||||||
Discount
Rate:
|
|
|
|
|
|||||||||
Pensions
|
$
|
(7,635
|
)
|
$
|
(1,404
|
)
|
$
|
9,359
|
$
|
1,971
|
|||
Other
postretirement benefits
|
(316
|
)
|
(21
|
)
|
373
|
20
|
|||||||
Expected
rate of return on assets
|
N/A
|
(498
|
)
|
N/A
|
498
|
||||||||
Rate
of increase in compensation levels
|
344
|
934
|
(323
|
)
|
(820
|
)
|
|||||||
Rate
of increase in health care costs
|
173
|
19
|
(147
|
)
|
(17
|
)
|
|
Payments
Due by Period
|
|||||||||||||||
Less
than
|
After
5
|
|||||||||||||||
Contractual
Obligations
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
years
|
|||||||||||
Long-Term
Debt (a)
|
$
|
82,525
|
$
|
10,000
|
$
|
33,268
|
$
|
16,920
|
$
|
22,337
|
||||||
|
||||||||||||||||
Interest
Payments on Debt
|
16,119
|
3,720
|
5,350
|
2,616
|
4,433
|
|||||||||||
|
||||||||||||||||
Operating
Leases
|
32,517
|
3,682
|
6,942
|
5,067
|
16,826
|
|||||||||||
|
||||||||||||||||
Purchase
Obligations (b)
|
6,403
|
6,403
|
-
|
-
|
-
|
|||||||||||
|
||||||||||||||||
Total
Contractual Obligations (c)
|
$
|
137,564
|
$
|
23,805
|
$
|
45,560
|
$
|
24,603
|
$
|
43,596
|
|
Commitments
Expiring Per Period
|
|||||||||||||||
Less
than
|
After
|
|||||||||||||||
Contractual
Commitments
|
Total
|
1
year
|
1-3
years
|
3-5
years
|
5
years
|
|||||||||||
Standby
Letters of Credit (d)
|
$
|
2,018
|
$
|
2,018
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
|
||||||||||||||||
Total
Commercial Commitments (c)
|
$
|
2,018
|
$
|
2,018
|
$
|
-
|
$
|
-
|
$
|
-
|
Total
Outstanding
|
|||||||||||||||||||||||||
|
|
As
of November 30, 2006
|
|||||||||||||||||||||||
|
Expected
Maturity Date
|
Recorded
|
Fair
|
||||||||||||||||||||||
(Dollars
in thousands)
|
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
Value
|
Value
|
|||||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Long-Term
Debt:
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fixed-rate
secured notes, payable in US$
|
$
|
10,000
|
$
|
10,000
|
$
|
10,000
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
30,000
|
$
|
29,983
|
|||||||||
Average
interest rate
|
5.36
|
%
|
5.36
|
%
|
5.36
|
%
|
-
|
-
|
-
|
5.36
|
%
|
||||||||||||||
|
|||||||||||||||||||||||||
Fixed-rate
secured notes, payable in Singapore dollars
|
-
|
6,634
|
6,634
|
6,634
|
6,634
|
6,637
|
33,173
|
33,414
|
|||||||||||||||||
Average
interest rate
|
-
|
4.25
|
%
|
4.25
|
%
|
4.25
|
%
|
4.25
|
%
|
4.25
|
%
|
4.25
|
%
|
||||||||||||
|
|||||||||||||||||||||||||
Variable-rate
bank revolving credit facilities, payable in local
currencies
|
-
|
-
|
-
|
3,652
|
-
|
-
|
3,652
|
3,652
|
|||||||||||||||||
Average
interest rate
|
-
|
-
|
-
|
6.34
|
%
|
-
|
-
|
6.34
|
%
|
||||||||||||||||
|
|||||||||||||||||||||||||
Variable-rate
industrial development bonds, payable in US$
|
-
|
-
|
-
|
-
|
-
|
7,200
|
7,200
|
7,200
|
|||||||||||||||||
Average
interest rate
|
-
|
-
|
-
|
-
|
-
|
3.85
|
%
|
3.85
|
%
|
||||||||||||||||
|
|||||||||||||||||||||||||
Variable-rate
industrial development bonds, payable in US$
|
-
|
-
|
-
|
-
|
-
|
8,500
|
8,500
|
8,500
|
|||||||||||||||||
Average
interest rate
|
-
|
-
|
-
|
-
|
-
|
3.85
|
%
|
3.85
|
%
|
|
Year
ended November 30,
|
|||||||||
|
|
|
|
|||||||
(Dollars
in thousands, except per share data)
|
2006
|
2005
|
2004
|
|||||||
Sales
|
$
|
549,180
|
$
|
494,767
|
$
|
406,230
|
||||
Cost
of sales
|
(416,791
|
)
|
(369,557
|
)
|
(314,021
|
)
|
||||
Gross
profit
|
132,389
|
125,210
|
92,209
|
|||||||
Selling,
general and administrative expenses
|
(94,689
|
)
|
(90,283
|
)
|
(83,553
|
)
|
||||
Pension
plan curtailment/settlement
|
-
|
-
|
(12,817
|
)
|
||||||
Other
income, net
|
11,397
|
2,137
|
14,832
|
|||||||
Income
from continuing operations before interest, income taxes and equity
in
earnings of joint venture
|
49,097
|
37,064
|
10,671
|
|||||||
Interest
expense, net
|
(1,682
|
)
|
(5,520
|
)
|
(5,522
|
)
|
||||
Income
from continuing operations before income taxes and equity in earnings
of
joint venture
|
47,415
|
31,544
|
5,149
|
|||||||
Provision
for income taxes
|
(10,905
|
)
|
(11,040
|
)
|
(4,789
|
)
|
||||
Income
from continuing operations before equity in earnings of joint
venture
|
36,510
|
20,504
|
360
|
|||||||
Equity
in earnings of joint venture, net of taxes
|
13,550
|
9,005
|
10,791
|
|||||||
Income
from continuing operations
|
50,060
|
29,509
|
11,151
|
|||||||
Income
from discontinued operations, net of taxes
|
2,140
|
3,101
|
2,308
|
|||||||
Net
income
|
$
|
52,200
|
$
|
32,610
|
$
|
13,459
|
||||
|
||||||||||
Basic
earnings per share:
|
||||||||||
Income
from continuing operations
|
$
|
5.73
|
$
|
3.51
|
$
|
1.35
|
||||
Income
from discontinued operations, net of taxes
|
.25
|
.37
|
.28
|
|||||||
Net
income
|
$
|
5.98
|
$
|
3.88
|
$
|
1.63
|
||||
Diluted
earnings per share:
|
||||||||||
Income
from continuing operations
|
$
|
5.64
|
$
|
3.44
|
$
|
1.32
|
||||
Income
from discontinued operations, net of taxes
|
.24
|
.36
|
.27
|
|||||||
Net
income
|
$
|
5.88
|
$
|
3.80
|
$
|
1.59
|
||||
|
||||||||||
Weighted-average
shares (basic)
|
8,731,839
|
8,410,563
|
8,270,487
|
|||||||
Weighted-average
shares (diluted)
|
8,871,695
|
8,579,194
|
8,448,987
|
|
As
of November 30,
|
||||||
|
|
|
|||||
(Dollars
in thousands, except per share data)
|
2006
|
2005
|
|||||
ASSETS
|
|
|
|||||
|
|
|
|||||
Current
assets
|
|
|
|||||
Cash
and cash equivalents
|
$
|
139,479
|
$
|
44,671
|
|||
Receivables,
less allowances of $4,912 in 2006 and $7,693 in 2005
|
160,173
|
180,558
|
|||||
Inventories
|
77,134
|
98,389
|
|||||
Deferred
income taxes
|
23,861
|
17,598
|
|||||
Prepaid
expenses and other current assets
|
15,921
|
11,714
|
|||||
|
|||||||
Total
current assets
|
416,568
|
352,930
|
|||||
|
|||||||
Investments
in joint ventures
|
|||||||
Equity
method
|
14,501
|
13,777
|
|||||
Cost
method
|
3,784
|
5,922
|
|||||
|
|||||||
Property,
plant and equipment
|
|||||||
Land
|
33,327
|
38,959
|
|||||
Buildings
|
57,434
|
88,606
|
|||||
Machinery
and equipment
|
261,538
|
284,593
|
|||||
Construction
in progress
|
20,657
|
15,500
|
|||||
|
|||||||
Total
property, plant and equipment at cost
|
372,956
|
427,658
|
|||||
Accumulated
depreciation
|
(238,486
|
)
|
(272,993
|
)
|
|||
|
|||||||
Total
property, plant and equipment, net
|
134,470
|
154,665
|
|||||
Deferred
income taxes
|
-
|
143
|
|||||
Intangible
assets, net of accumulated amortization of $3,017 in 2006 and $10,142
in
2005
|
2,143
|
13,259
|
|||||
Other
assets
|
63,198
|
37,340
|
|||||
|
|||||||
Total
assets
|
$
|
634,664
|
$
|
578,036
|
|
As
of November 30,
|
||||||
|
|
|
|||||
(Dollars
in thousands, except per share data)
|
2006
|
2005
|
|||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|||||
|
|
|
|||||
Current
liabilities
|
|
|
|||||
Current
portion of long-term debt
|
$
|
10,000
|
$
|
18,333
|
|||
Trade
payables
|
45,650
|
54,349
|
|||||
Accrued
liabilities
|
68,970
|
63,071
|
|||||
Income
taxes payable
|
11,481
|
1,051
|
|||||
|
|||||||
Total
current liabilities
|
136,101
|
136,804
|
|||||
|
|||||||
Long-term
debt, less current portion
|
72,525
|
77,109
|
|||||
Other
long-term liabilities
|
62,813
|
67,625
|
|||||
|
|||||||
Total
liabilities
|
271,439
|
281,538
|
|||||
|
|||||||
Commitments
and contingencies
|
|||||||
Stockholders'
equity
|
|||||||
|
|||||||
Common
stock, par value $2.50 per share, authorized 24,000,000 shares,
outstanding 9,075,094 shares in 2006 and 8,698,148 shares in 2005,
net of
treasury shares
|
29,431
|
28,450
|
|||||
Additional
paid-in capital
|
39,500
|
28,936
|
|||||
Unearned
restricted stock
|
-
|
(2,084
|
)
|
||||
Retained
earnings
|
371,894
|
326,795
|
|||||
Accumulated
other comprehensive loss
|
(27,232
|
)
|
(36,324
|
)
|
|||
Treasury
stock (2,697,148 shares in 2006 and 2,681,811 shares in
2005)
|
(50,368
|
)
|
(49,275
|
)
|
|||
|
|||||||
Total
stockholders' equity
|
363,225
|
296,498
|
|||||
|
|||||||
Total
liabilities and stockholders' equity
|
$
|
634,664
|
$
|
578,036
|
|
Common
Stock
|
|
|
|
Accumulated
|
|
|
||||||||||||||||||
|
|
|
Additional
|
Unearned
|
|
Other
|
|
|
|||||||||||||||||
|
Shares
|
|
Paid-in
|
Restricted
|
Retained
|
Comprehensive
|
Treasury
|
|
|||||||||||||||||
(Dollars
in thousands)
|
Outstanding
|
Amount
|
Capital
|
Stock
|
Earnings
|
Loss
|
Stock
|
Total
|
|||||||||||||||||
Balance,
November 30, 2003
|
8,214,563
|
$
|
27,186
|
$
|
16,443
|
$
|
(1,481
|
)
|
$
|
294,255
|
$
|
(31,768
|
)
|
$
|
(48,523
|
)
|
$
|
256,112
|
|||||||
Net
Income - 2004
|
-
|
-
|
-
|
-
|
13,459
|
-
|
-
|
13,459
|
|||||||||||||||||
Exercise
of stock options
|
167,768
|
419
|
2,896
|
-
|
-
|
-
|
-
|
3,315
|
|||||||||||||||||
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
10,175
|
-
|
10,175
|
|||||||||||||||||
Minimum
pension liability adjustment, net of tax
|
-
|
-
|
-
|
-
|
-
|
411
|
-
|
411
|
|||||||||||||||||
Comprehensive
income from joint venture
|
-
|
-
|
-
|
-
|
-
|
762
|
-
|
762
|
|||||||||||||||||
Cash
dividends on common stock
|
-
|
-
|
-
|
-
|
(6,701
|
)
|
-
|
-
|
(6,701
|
)
|
|||||||||||||||
Stock
compensation expense
|
-
|
-
|
772
|
-
|
-
|
-
|
-
|
772
|
|||||||||||||||||
Issuance
of restricted stock
|
56,000
|
140
|
1,792
|
(1,932
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||
Restricted
stock compensation expense
|
-
|
-
|
-
|
1,113
|
-
|
-
|
-
|
1,113
|
|||||||||||||||||
Treasury
stock purchase
|
(6,860
|
)
|
-
|
-
|
-
|
-
|
-
|
(251
|
)
|
(251
|
)
|
||||||||||||||
Balance,
November 30, 2004
|
8,431,471
|
27,745
|
21,903
|
(2,300
|
)
|
301,013
|
(20,420
|
)
|
(48,774
|
)
|
279,167
|
||||||||||||||
Net
Income - 2005
|
-
|
-
|
-
|
-
|
32,610
|
-
|
-
|
32,610
|
|||||||||||||||||
Exercise
of stock options
|
239,318
|
599
|
4,701
|
-
|
-
|
-
|
-
|
5,300
|
|||||||||||||||||
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(10,329
|
)
|
-
|
(10,329
|
)
|
|||||||||||||||
Minimum
pension liability adjustment, net of tax
|
-
|
-
|
-
|
-
|
-
|
(5,209
|
)
|
-
|
(5,209
|
)
|
|||||||||||||||
Comprehensive
income from joint venture
|
-
|
-
|
-
|
-
|
-
|
(366
|
)
|
-
|
(366
|
)
|
|||||||||||||||
Cash
dividends on common stock
|
-
|
-
|
-
|
-
|
(6,828
|
)
|
-
|
-
|
(6,828
|
)
|
|||||||||||||||
Stock
compensation expense
|
-
|
-
|
899
|
-
|
-
|
-
|
-
|
899
|
|||||||||||||||||
Issuance
of restricted stock
|
42,500
|
106
|
1,433
|
(1,539
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||
Restricted
stock compensation expense
|
-
|
-
|
-
|
1,755
|
-
|
-
|
-
|
1,755
|
|||||||||||||||||
Treasury
stock purchase
|
(15,141
|
)
|
-
|
-
|
-
|
-
|
-
|
(501
|
)
|
(501
|
)
|
||||||||||||||
Balance,
November 30, 2005
|
8,698,148
|
28,450
|
28,936
|
(2,084
|
)
|
326,795
|
(36,324
|
)
|
(49,275
|
)
|
296,498
|
||||||||||||||
Net
Income - 2006
|
-
|
-
|
-
|
-
|
52,200
|
-
|
-
|
52,200
|
|||||||||||||||||
Exercise
of stock options
|
347,283
|
853
|
7,032
|
-
|
-
|
-
|
109
|
7,994
|
|||||||||||||||||
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
2,330
|
-
|
2,330
|
|||||||||||||||||
Minimum
pension liability adjustment, net of tax
|
-
|
-
|
-
|
-
|
-
|
6,314
|
-
|
6,314
|
|||||||||||||||||
Comprehensive
income from joint venture
|
-
|
-
|
-
|
-
|
-
|
448
|
-
|
448
|
|||||||||||||||||
Cash
dividends on common stock
|
-
|
-
|
-
|
-
|
(7,101
|
)
|
-
|
-
|
(7,101
|
)
|
|||||||||||||||
Stock
compensation expense
|
-
|
-
|
151
|
-
|
-
|
-
|
-
|
151
|
|||||||||||||||||
Issuance
of restricted stock
|
51,000
|
128
|
(128
|
)
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||
Excess
Tax Benefit related to stock-based compensation
|
-
|
-
|
2,469
|
-
|
-
|
-
|
-
|
2,469
|
|||||||||||||||||
Restricted
stock compensation expense
|
-
|
-
|
3,124
|
-
|
-
|
-
|
-
|
3,124
|
|||||||||||||||||
Treasury
stock purchase
|
(21,337
|
)
|
-
|
-
|
-
|
-
|
-
|
(1,202
|
)
|
(1,202
|
)
|
||||||||||||||
Reclassification
of unearned restricted stock under FAS123(R)
|
-
|
-
|
(2,084
|
)
|
2,084
|
-
|
-
|
-
|
-
|
||||||||||||||||
Balance,
November 30, 2006
|
9,075,094
|
$
|
29,431
|
$
|
39,500
|
$
|
-
|
$
|
371,894
|
$
|
(27,232
|
)
|
$
|
(50,368
|
)
|
$
|
363,225
|
Year
ended November 30,
|
||||||||||
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
|
|
|
|
|||||||
Net
income
|
$
|
52,200
|
$
|
32,610
|
$
|
13,459
|
||||
Foreign
currency translation adjustment
|
2,330
|
(10,329
|
)
|
10,175
|
||||||
Minimum
pension liability adjustment, net of tax
|
6,314
|
(5,209
|
)
|
411
|
||||||
Comprehensive
income/(loss) from joint venture
|
448
|
(366
|
)
|
762
|
||||||
Comprehensive
income
|
$
|
61,292
|
$
|
16,706
|
$
|
24,807
|
|
Year
ended November 30,
|
|||||||||
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
OPERATING
ACTIVITIES
|
|
|
|
|||||||
Net
income
|
$
|
52,200
|
$
|
32,610
|
$
|
13,459
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||
Depreciation
|
17,270
|
18,718
|
18,673
|
|||||||
Amortization
|
170
|
206
|
224
|
|||||||
(Benefit)/provision
for deferred income taxes
|
(5,631
|
)
|
701
|
3,689
|
||||||
Net
earnings and distributions from joint ventures
|
(276
|
)
|
1,901
|
(2,217
|
)
|
|||||
Gain
from sale of investments, property, plant and equipment
|
(8,864
|
)
|
(1,634
|
)
|
(13,140
|
)
|
||||
Loss
from sale of discontinued operations
|
157
|
-
|
-
|
|||||||
Stock
compensation expense
|
3,275
|
2,654
|
1,885
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Receivables,
net
|
(23,284
|
)
|
(23,649
|
)
|
(1,690
|
)
|
||||
Inventories
|
(25,906
|
)
|
(10,624
|
)
|
3,665
|
|||||
Prepaid
expenses and other current assets
|
(5,890
|
)
|
(884
|
)
|
(1,792
|
)
|
||||
Other
assets
|
(11,990
|
)
|
1,894
|
2,789
|
||||||
Trade
payables
|
6,937
|
6,686
|
64
|
|||||||
Accrued
liabilities and income taxes payable
|
22,330
|
3,660
|
(2,597
|
)
|
||||||
Other
long-term liabilities
|
(3,655
|
)
|
4,945
|
(12,949
|
)
|
|||||
Net
cash provided by operating activities
|
16,843
|
37,184
|
10,063
|
|||||||
|
||||||||||
INVESTING
ACTIVITIES
|
||||||||||
Proceeds
from sale of property, plant and equipment
|
10,253
|
3,855
|
15,702
|
|||||||
Proceeds
from sale of discontinued operations
|
115,000
|
-
|
-
|
|||||||
Proceeds
from sale of other investments
|
-
|
-
|
7,214
|
|||||||
Additions
to investments, property, plant and equipment
|
(35,519
|
)
|
(25,371
|
)
|
(18,755
|
)
|
||||
Net
cash provided by (used in) investing activities
|
89,734
|
(21,516
|
)
|
4,161
|
||||||
|
||||||||||
FINANCING
ACTIVITIES
|
||||||||||
Issuance
of debt
|
3,279
|
59,424
|
11,033
|
|||||||
Repayment
of debt
|
(19,402
|
)
|
(57,073
|
)
|
(11,874
|
)
|
||||
Debt
issuance costs
|
-
|
(322
|
)
|
(477
|
)
|
|||||
Dividends
on common stock
|
(7,101
|
)
|
(6,828
|
)
|
(6,701
|
)
|
||||
Issuance
of common stock
|
7,994
|
5,300
|
3,315
|
|||||||
Excess
tax benefits related to stock-based compensation
|
2,469
|
-
|
-
|
|||||||
Change
in treasury stock
|
(1,202
|
)
|
(501
|
)
|
(251
|
)
|
||||
Net
cash used in financing activities
|
(13,963
|
)
|
-
|
(4,955
|
)
|
|||||
|
||||||||||
Effect
of exchange rate changes on cash and cash equivalents
|
2,194
|
(1,121
|
)
|
465
|
||||||
Net
change in cash and cash equivalents
|
94,808
|
14,547
|
9,734
|
|||||||
Cash
and cash equivalents at beginning of year
|
44,671
|
30,124
|
20,390
|
|||||||
|
||||||||||
Cash
and cash equivalents at end of year
|
$
|
139,479
|
$
|
44,671
|
$
|
30,124
|
(In
thousands, except per share data)
|
2006
|
2005
|
2004
|
|||||||
Numerator:
|
||||||||||
Income
from continuing operations
|
$
|
50,060
|
$
|
29,509
|
$
|
11,151
|
||||
Income
from discontinuing operations, net of taxes
|
2,140
|
3,101
|
2,308
|
|||||||
Net
income
|
$
|
52,200
|
$
|
32,610
|
$
|
13,459
|
||||
Denominator
for basic income per share:
|
||||||||||
Weighted-average
shares outstanding, basic
|
8,731,839
|
8,410,563
|
8,270,487
|
|||||||
Denominator
for diluted income per share:
|
||||||||||
Weighted-average
shares outstanding, basic
|
8,731,839
|
8,410,563
|
8,270,487
|
|||||||
Dilutive
effect of stock options and restricted stock
|
139,856
|
168,631
|
178,500
|
|||||||
Weighted-average
shares outstanding, diluted
|
8,871,695
|
8,579,194
|
8,448,987
|
|||||||
Basic
net income per share:
|
||||||||||
Income
from continuing operations
|
$
|
5.73
|
$
|
3.51
|
$
|
1.35
|
||||
Income
from discontinued operations, net of taxes
|
.25
|
.37
|
.28
|
|||||||
Net
income
|
$
|
5.98
|
$
|
3.88
|
$
|
1.63
|
||||
Diluted
net income per share:
|
||||||||||
Income
from continuing operations
|
$
|
5.64
|
$
|
3.44
|
$
|
1.32
|
||||
Income
from discontinued operations, net of taxes
|
.24
|
.36
|
.27
|
|||||||
Net
income
|
$
|
5.88
|
$
|
3.80
|
$
|
1.59
|
Useful
Lives
|
|
in
Years
|
|
Buildings
|
10-40
|
Machinery
and equipment
|
|
Autos,
trucks and trailers
|
3-8
|
Cranes
and tractors
|
5-15
|
Manufacturing
equipment
|
3-15
|
Other
|
3-20
|
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Interest
paid
|
$
|
4,891
|
$
|
5,863
|
$
|
6,509
|
||||
Income
taxes paid
|
8,787
|
17,482
|
6,103
|
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Revenue
from discontinued operations
|
$
|
152,190
|
$
|
209,807
|
$
|
199,623
|
||||
Income
from discontinued operations before disposal, before income
taxes
|
$
|
5,308
|
$
|
6,531
|
$
|
5,525
|
||||
Income
taxes on income from discontinued operations
|
(3,011
|
)
|
(3,430
|
)
|
(3,217
|
)
|
||||
Income
from discontinued operations, before disposal, net of
taxes
|
2,297
|
3,101
|
2,308
|
|||||||
Gain
from sale of discontinued operations, before income taxes
|
862
|
-
|
-
|
|||||||
Income
taxes on gain from sale of discontinued operations
|
(1,019
|
)
|
-
|
-
|
||||||
Loss
on sale of discontinued operations, net of taxes
|
(157
|
)
|
-
|
-
|
||||||
Income
from discontinued operations, net of taxes
|
$
|
2,140
|
$
|
3,101
|
$
|
2,308
|
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Gain/(loss)
on sale of property, plant and equipment
|
$
|
8,837
|
$
|
(220
|
)
|
$
|
13,082
|
|||
Other
|
2,762
|
(65
|
)
|
927
|
||||||
Royalties,
fees and other income
|
887
|
602
|
758
|
|||||||
Dividends
from joint ventures-cost method
|
-
|
1,300
|
-
|
|||||||
Foreign
currency (loss)/gain
|
(1,089
|
)
|
520
|
65
|
||||||
$
|
11,397
|
$
|
2,137
|
$
|
14,832
|
(In
thousands)
|
2006
|
2005
|
|||||
Trade
|
$
|
124,308
|
$
|
175,586
|
|||
Other
|
31,299
|
10,761
|
|||||
Joint
venture
|
9,478
|
1,904
|
|||||
Allowances
|
(4,912
|
)
|
(7,693
|
)
|
|||
$
|
160,173
|
$
|
180,558
|
(In
thousands)
|
2006
|
2005
|
|||||
Finished
products
|
$
|
30,802
|
$
|
54,661
|
|||
Materials
and supplies
|
22,224
|
23,636
|
|||||
Products
in process
|
24,108
|
20,092
|
|||||
$
|
77,134
|
$
|
98,389
|
(In
thousands)
|
2006
|
2005
|
|||||
Investment--equity
method
|
$
|
14,501
|
$
|
13,777
|
|||
Investments--cost
method
|
3,784
|
5,922
|
|||||
$
|
18,285
|
$
|
19,699
|
Ownership
|
||||
Products
|
|
Joint
Ventures
|
|
Interest
|
Fiberglass
pipe
|
|
Bondstrand,
Ltd.
|
|
40%
|
Concrete
pipe
|
|
Ameron
Saudi Arabia, Ltd.
|
|
30%
|
Steel
products
|
|
TAMCO
|
|
50%
|
Discontinued
|
Fiberglass
|
Concrete
|
Steel
|
|||||||||||||
(In
thousands)
|
Operations
|
Pipe
|
Pipe
|
Products
|
Total
|
|||||||||||
Cost
|
$
|
-
|
$
|
3,784
|
$
|
-
|
$
|
8,482
|
$
|
12,266
|
||||||
Comprehensive
loss from joint venture
|
-
|
-
|
-
|
(1,096
|
)
|
(1,096
|
)
|
|||||||||
Accumulated
equity in undistributed earnings
|
-
|
-
|
-
|
7,115
|
7,115
|
|||||||||||
|
||||||||||||||||
Investment,
November 30, 2006
|
$
|
-
|
$
|
3,784
|
$
|
-
|
$
|
14,501
|
$
|
18,285
|
||||||
2006
Dividends
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
15,004
|
$
|
15,004
|
||||||
|
||||||||||||||||
Cost
|
$
|
2,138
|
$
|
3,784
|
$
|
-
|
$
|
8,482
|
$
|
14,404
|
||||||
Comprehensive
loss from joint venture
|
-
|
-
|
-
|
(1,544
|
)
|
(1,544
|
)
|
|||||||||
Accumulated
equity in undistributed earnings
|
-
|
-
|
-
|
6,839
|
6,839
|
|||||||||||
|
||||||||||||||||
Investment,
November 30, 2005
|
$
|
2,138
|
$
|
3,784
|
$
|
-
|
$
|
13,777
|
$
|
19,699
|
||||||
|
||||||||||||||||
2005
Dividends
|
$
|
540
|
$
|
1,300
|
$
|
-
|
$
|
11,952
|
$
|
13,792
|
(In
thousands)
|
2006
|
2005
|
|||||
Current
assets
|
$
|
64,766
|
$
|
65,170
|
|||
Noncurrent
assets
|
34,189
|
28,118
|
|||||
$
|
98,955
|
$
|
93,288
|
||||
|
|||||||
Current
liabilities
|
$
|
46,434
|
$
|
41,605
|
|||
Noncurrent
liabilities
|
7,780
|
8,388
|
|||||
Stockholders'
equity
|
44,741
|
43,295
|
|||||
$
|
98,955
|
$
|
93,288
|
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Net
sales
|
$
|
273,036
|
$
|
252,435
|
$
|
215,849
|
||||
Gross
profit
|
61,336
|
42,188
|
45,885
|
|||||||
Net
income
|
30,559
|
20,391
|
23,427
|
(In
thousands)
|
2006
|
2005
|
|||||
Cash
surrender value of insurance policies
|
$
|
24,828
|
$
|
24,660
|
|||
Pension-related
assets
|
20,990
|
8,848
|
|||||
Assets
held for sale
|
14,737
|
-
|
|||||
Other
|
2,643
|
3,832
|
|||||
$
|
63,198
|
$
|
37,340
|
(In
thousands)
|
2006
|
2005
|
|||||
Self
insurance reserves
|
$
|
30,088
|
$
|
23,620
|
|||
Compensation
and benefits
|
21,331
|
21,454
|
|||||
Commissions
and royalties
|
6,562
|
2,955
|
|||||
Product
warranties and guarantees
|
3,146
|
4,026
|
|||||
Taxes
(other than income taxes)
|
1,382
|
3,992
|
|||||
Reserves
for pending claims and litigation
|
1,231
|
1,702
|
|||||
Advances
from customers
|
475
|
508
|
|||||
Interest
|
153
|
238
|
|||||
Other
|
4,602
|
4,576
|
|||||
$
|
68,970
|
$
|
63,071
|
(In
thousands)
|
2006
|
2005
|
|||||
Balance,
beginning of period
|
$
|
4,026
|
$
|
4,297
|
|||
Payments
|
(1,680
|
)
|
(3,738
|
)
|
|||
Warranties
adjustment related to discontinued operations
|
(1,675
|
)
|
-
|
||||
Warranties
issued during the period
|
2,475
|
3,467
|
|||||
Balance,
end of period
|
$
|
3,146
|
$
|
4,026
|
(In
thousands)
|
2006
|
2005
|
|||||
Accrued
pension cost
|
$
|
54,140
|
$
|
61,906
|
|||
Deferred
income
|
3,167
|
-
|
|||||
Compensation
and benefits
|
4,618
|
3,025
|
|||||
Deferred
income tax liabilities
|
785
|
-
|
|||||
Other
|
103
|
2,694
|
|||||
$
|
62,813
|
$
|
67,625
|
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Current
|
|
|
|
|||||||
Federal
|
$
|
14,615
|
$
|
2,260
|
$
|
(1,035
|
)
|
|||
Foreign
|
5,364
|
3,449
|
3,087
|
|||||||
State
|
3,459
|
797
|
(621
|
)
|
||||||
|
$
|
23,438
|
$
|
6,506
|
$
|
1,431
|
||||
|
||||||||||
Deferred
|
||||||||||
Federal
|
$
|
(10,309
|
)
|
$
|
3,573
|
$
|
3,086
|
|||
Foreign
|
(386
|
)
|
173
|
(157
|
)
|
|||||
State
|
(1,838
|
)
|
788
|
429
|
||||||
|
(12,533
|
)
|
4,534
|
3,358
|
||||||
$
|
10,905
|
$
|
11,040
|
$
|
4,789
|
(In
thousands)
|
2006
|
2005
|
|||||
Current
deferred income taxes
|
|
|
|||||
Self-insurance
and claims reserves
|
$
|
15,142
|
$
|
11,516
|
|||
Inventories
|
4,998
|
5,278
|
|||||
Employee
benefits
|
5,631
|
3,350
|
|||||
Accounts
receivable
|
1,097
|
1,164
|
|||||
Valuation
allowances
|
(3,708
|
)
|
(2,763
|
)
|
|||
Other
|
701
|
(947
|
)
|
||||
Net
current deferred income tax assets
|
23,861
|
17,598
|
|||||
|
|||||||
Noncurrent
deferred income taxes
|
|||||||
Net
operating loss carry-overs
|
17,138
|
19,084
|
|||||
Prepaid
pension benefit costs
|
12,854
|
13,797
|
|||||
Employee
benefits
|
831
|
860
|
|||||
Investments
|
3,234
|
3,255
|
|||||
Valuation
allowances
|
(18,193
|
)
|
(19,560
|
)
|
|||
Property,
plant and equipment
|
(16,341
|
)
|
(16,524
|
)
|
|||
Other
|
(308
|
)
|
(769
|
)
|
|||
|
|||||||
Net
noncurrent deferred income tax (liabilities)/assets
|
(785
|
)
|
143
|
||||
|
|||||||
Net
deferred income tax assets
|
$
|
23,076
|
$
|
17,741
|
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Domestic
pretax income
|
$
|
30,036
|
$
|
19,532
|
$
|
(8,892
|
)
|
|||
Foreign
pretax income
|
17,379
|
12,012
|
14,041
|
|||||||
$
|
47,415
|
$
|
31,544
|
$
|
5,149
|
|||||
Taxes
at federal statutory rate
|
$
|
16,596
|
$
|
11,040
|
$
|
1,802
|
||||
State
taxes, net of federal tax benefit
|
1,053
|
942
|
(563
|
)
|
||||||
Foreign
earnings taxed at different rates, including withholding
taxes
|
1,264
|
(484
|
)
|
(2,213
|
)
|
|||||
Percentage
depletion
|
(558
|
)
|
(449
|
)
|
(421
|
)
|
||||
Non-deductible
compensation
|
1,702
|
693
|
7,709
|
|||||||
Research
and development credits
|
(28
|
)
|
(329
|
)
|
(259
|
)
|
||||
Section
199 deduction
|
(490
|
)
|
-
|
-
|
||||||
Adjustments
to previously accrued taxes
|
(7,233
|
)
|
-
|
-
|
||||||
Repatriation
of foreign earnings under the AJCA
|
-
|
1,077
|
-
|
|||||||
Other,
net
|
(1,401
|
)
|
(1,450
|
)
|
(1,266
|
)
|
||||
$
|
10,905
|
$
|
11,040
|
$
|
4,789
|
(In
thousands)
|
2006
|
2005
|
|||||
Fixed-rate
notes:
|
|
|
|||||
7.92%
|
$
|
-
|
$
|
8,333
|
|||
5.36%,
payable in annual principal installments of $10,000
|
30,000
|
40,000
|
|||||
4.25%,
payable in Singapore Dollars, in annual principal installments of
$6,634
|
33,173
|
30,158
|
|||||
Variable-rate
industrial development bonds:
|
|||||||
payable
in 2016 (3.85% at November 30, 2006)
|
7,200
|
7,200
|
|||||
payable
in 2021 (3.85% at November 30, 2006)
|
8,500
|
8,500
|
|||||
Variable-rate
bank revolving credit facility (6.34% at November 30,
2006)
|
3,652
|
1,251
|
|||||
|
82,525
|
95,442
|
|||||
Less
current portion
|
(10,000
|
)
|
(18,333
|
)
|
|||
|
$
|
72,525
|
$
|
77,109
|
Year
ending
|
|||||||
(In
thousands)
|
November
30,
|
Amount
|
|||||
|
2007
|
$
|
10,000
|
||||
|
2008
|
16,634
|
|||||
|
2009
|
16,634
|
|||||
|
2010
|
10,286
|
|||||
|
2011
|
6,634
|
|||||
|
Thereafter |
22,337
|
|||||
|
$
|
82,525
|
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Interest
expense
|
$
|
4,581
|
$
|
5,779
|
$
|
5,630
|
||||
Interest
income
|
(2,899
|
)
|
(259
|
)
|
(108
|
)
|
||||
Interest
expense, net
|
$
|
1,682
|
$
|
5,520
|
$
|
5,522
|
Carrying
|
Fair
|
||||||
(In
thousands)
|
Amount
|
Value
|
|||||
November
30, 2006
|
|
|
|||||
Fixed-rate,
long-term debt
|
$
|
63,173
|
$
|
63,397
|
|||
Variable-rate,
long-term debt
|
19,352
|
19,352
|
|||||
|
|||||||
November
30, 2005
|
|||||||
Fixed-rate,
long-term debt
|
78,491
|
78,983
|
|||||
Variable-rate,
long-term debt
|
16,951
|
16,951
|
Year
ending
|
|||||||
(In
thousands)
|
November
30,
|
Amount
|
|||||
|
2007
|
$
|
3,682
|
||||
|
2008
|
3,506
|
|||||
|
2009
|
3,436
|
|||||
|
2010
|
2,991
|
|||||
|
2011
|
2,076
|
|||||
|
Thereafter |
16,826
|
|||||
|
$
|
32,517
|
(In
thousands, except per share data)
|
2005
|
2004
|
|||||
Reported
net income
|
$
|
32,610
|
$
|
13,459
|
|||
Add:
stock-based employee compensation expense included in reported net
income,
net of tax
|
1,645
|
1,149
|
|||||
Deduct:
stock-based employee compensation expense determined under SFAS No.
123,
net of tax
|
(1,212
|
)
|
(889
|
)
|
|||
Pro
forma net income
|
$
|
33,043
|
$
|
13,719
|
|||
Earnings
per share (basic)
|
|||||||
As
reported
|
$
|
3.88
|
$
|
1.63
|
|||
Pro
forma
|
3.93
|
1.66
|
|||||
Earnings
per share (diluted)
|
|||||||
As
reported
|
3.80
|
1.59
|
|||||
Pro
forma
|
3.85
|
1.62
|
Weighted-
|
|||||||||||||
Weighted-
|
Average
|
||||||||||||
Average
|
Remaining
|
Aggregate
|
|||||||||||
Number
of
|
Exercise
Price
|
Contractual
|
Intrinsic
Value
|
||||||||||
Options
|
Options
|
per
Share
|
Term
(Years)
|
(in
thousands)
|
|||||||||
Outstanding
at November 30, 2005
|
467,783
|
$
|
24.11
|
||||||||||
Exercised
|
(347,283
|
)
|
23.02
|
||||||||||
Outstanding
at November 30, 2006
|
120,500
|
27.25
|
4.93
|
$
|
5,779
|
||||||||
Options
exercisable at November 30, 2006
|
98,000
|
26.01
|
4.30
|
$
|
4,821
|
Foreign
|
|||||||||||||
Currency
|
|||||||||||||
November
30,
|
Acquisition/
|
Translation
|
November
30,
|
||||||||||
(In
thousands)
|
2005
|
(Disposition)
|
Adjustments
|
2006
|
|||||||||
Continuing
operations:
|
|||||||||||||
Fiberglass-Composite
Pipe
|
$
|
1,440
|
$
|
-
|
$
|
-
|
$
|
1,440
|
|||||
Water
Transmission
|
-
|
390
|
-
|
390
|
|||||||||
Infrastructure
Products
|
201
|
-
|
-
|
201
|
|||||||||
$
|
1,641
|
$
|
390
|
$
|
-
|
$
|
2,031
|
||||||
Discontinued
operations:
|
|||||||||||||
Performance
Coatings & Finishes
|
$
|
11,441
|
$
|
(11,578
|
)
|
$
|
137
|
$
|
-
|
|
2006
|
2005
|
|||||||||||
Gross
Intangible
|
Accumulated
|
Gross
Intangible
|
Accumulated
|
||||||||||
(In
thousands)
|
Assets
|
Amortization
|
Assets
|
Amortization
|
|||||||||
Continuing
operations
|
|||||||||||||
Trademarks
|
$
|
100
|
$
|
(100
|
)
|
$
|
100
|
$
|
(100
|
)
|
|||
Non-compete
agreements
|
252
|
(140
|
)
|
105
|
(105
|
)
|
|||||||
Patents
|
212
|
(212
|
)
|
212
|
(212
|
)
|
|||||||
Leasehold
interests
|
1,930
|
(1,930
|
)
|
1,930
|
(1,930
|
)
|
|||||||
$
|
2,494
|
$
|
(2,382
|
)
|
$
|
2,347
|
$
|
(2,347
|
)
|
||||
Discontinued
operations:
|
|||||||||||||
Trademarks
|
$
|
-
|
$
|
-
|
$
|
2,019
|
$
|
(1,962
|
)
|
||||
Non-compete
agreements
|
-
|
-
|
2,000
|
(1,880
|
)
|
||||||||
|
$
|
-
|
$
|
-
|
$
|
4,019
|
$
|
(3,842
|
)
|
|
U.S.
Pension Benefits
|
Non-U.S.
Pension Benefits
|
|||||||||||
(In
thousands)
|
|
|
|
|
|||||||||
|
2006
|
2005
|
2006
|
2005
|
|||||||||
Change
in Benefit Obligation
|
|
|
|
|
|||||||||
Projected
benefit obligation-beginning of year
|
$
|
184,649
|
$
|
174,972
|
$
|
46,363
|
$
|
41,450
|
|||||
Service
cost
|
3,255
|
3,122
|
1,101
|
1,334
|
|||||||||
Interest
cost
|
10,193
|
10,076
|
1,784
|
1,850
|
|||||||||
Participant
contributions
|
-
|
-
|
295
|
428
|
|||||||||
Amendments
|
208
|
-
|
(333
|
)
|
-
|
||||||||
Curtailment
|
(1,997
|
)
|
-
|
(4,156
|
)
|
-
|
|||||||
Settlements
|
-
|
-
|
(757
|
)
|
-
|
||||||||
Special
termination benefit
|
268
|
-
|
-
|
-
|
|||||||||
Actuarial
loss/(gain)
|
6,738
|
7,211
|
(5,449
|
)
|
7,301
|
||||||||
Foreign
currency exchange rate changes
|
-
|
-
|
5,261
|
(5,350
|
)
|
||||||||
Benefit
payments
|
(10,907
|
)
|
(10,733
|
)
|
(644
|
)
|
(650
|
)
|
|||||
Projected
benefit obligation-end
|
|||||||||||||
of
year
|
$
|
192,407
|
$
|
184,648
|
$
|
43,465
|
$
|
46,363
|
|||||
Change
in Plan Assets
|
|||||||||||||
Plan
assets at fair value-beginning of year
|
$
|
134,758
|
$
|
131,534
|
$
|
27,145
|
$
|
28,090
|
|||||
Actual
return on plan assets
|
20,667
|
10,220
|
(724
|
)
|
1,315
|
||||||||
Foreign
currency exchange rate changes
|
-
|
-
|
3,175
|
(3,335
|
)
|
||||||||
Employer
contributions
|
21,620
|
3,737
|
887
|
1,297
|
|||||||||
Participant
contributions
|
-
|
-
|
295
|
428
|
|||||||||
Settlement
|
-
|
-
|
(3,126
|
)
|
-
|
||||||||
Benefit
payments
|
(10,907
|
)
|
(10,733
|
)
|
(644
|
)
|
(650
|
)
|
|||||
Plan
assets at fair value-end of year
|
$
|
166,138
|
$
|
134,758
|
$
|
27,008
|
$
|
27,145
|
|||||
Funded
Status
|
|||||||||||||
Funded
status
|
$
|
(26,268
|
)
|
$
|
(49,890
|
)
|
$
|
(16,457
|
)
|
$
|
(19,217
|
)
|
|
Unrecognized
actuarial loss
|
44,110
|
52,261
|
6,222
|
10,948
|
|||||||||
Unrecognized
prior service cost
|
385
|
331
|
2,206
|
5,633
|
|||||||||
Net
amount recognized
|
$
|
18,227
|
$
|
2,702
|
$
|
(8,029
|
)
|
$
|
(2,636
|
)
|
|||
Balance
Sheet Amounts
|
|||||||||||||
Accrued
cost
|
$
|
(19,218
|
)
|
$
|
(42,511
|
)
|
$
|
(15,880
|
)
|
$
|
(16,214
|
)
|
|
Intangible
asset
|
386
|
331
|
2,206
|
5,633
|
|||||||||
Accumulated
other comprehensive
|
|||||||||||||
loss,
pretax
|
37,059
|
44,882
|
5,645
|
7,945
|
|||||||||
Net
amount recognized
|
$
|
18,227
|
$
|
2,702
|
$
|
(8,029
|
)
|
$
|
(2,636
|
)
|
Year
Ending
|
U.S.
Pension
|
Non-U.S.
Pension
|
||||||||
(In
thousands)
|
November
30,
|
Benefits
|
Benefits
|
|||||||
|
2007
|
$
|
12,029
|
$
|
937
|
|||||
|
2008
|
12,461
|
1,055
|
|||||||
|
2009
|
13,012
|
1,212
|
|||||||
|
2010
|
13,364
|
1,241
|
|||||||
|
2011-2015
|
71,932
|
7,817
|
U.S.
Pension Benefits
|
Non-U.S.
Pension Benefits
|
||||||||||||||||||
(In
thousands)
|
2006
|
2005
|
2004
|
2006
|
2005
|
2004
|
|||||||||||||
Service
cost
|
$
|
3,255
|
$
|
3,122
|
$
|
3,171
|
$
|
1,101
|
$
|
1,334
|
$
|
1,150
|
|||||||
Interest
cost
|
10,193
|
10,076
|
10,563
|
1,784
|
1,850
|
1,802
|
|||||||||||||
Expected
return on plan assets
|
(12,210
|
)
|
(11,203
|
)
|
(10,628
|
)
|
(1,327
|
)
|
(1,382
|
)
|
(1,352
|
)
|
|||||||
Amortization
of unrecognized
|
|||||||||||||||||||
prior
service cost
|
97
|
99
|
565
|
488
|
656
|
640
|
|||||||||||||
Curtailment
|
325
|
-
|
1,916
|
2,911
|
-
|
-
|
|||||||||||||
Settlement
|
-
|
-
|
10,901
|
-
|
-
|
-
|
|||||||||||||
Amortization
of unrecognized
|
|||||||||||||||||||
net
transition obligation
|
-
|
-
|
-
|
317
|
76
|
-
|
|||||||||||||
Amortization
of accumulated loss
|
4,434
|
4,954
|
5,638
|
-
|
-
|
-
|
|||||||||||||
Net
periodic cost
|
$
|
6,094
|
$
|
7,048
|
$
|
22,126
|
$
|
5,274
|
$
|
2,534
|
$
|
2,240
|
|
|
U.S.
Pension Benefits
|
Non-U.S.
Pension Benefits
|
|||||||||
|
|
2006
|
2005
|
2004
|
2006
|
2005
|
2004
|
|||||
Weighted-average
discount rate
|
|
5.95%
|
|
5.60%
|
|
5.85%
|
|
4.50%
|
|
4.00%
|
|
4.75%
|
Rate
of increase in compensation levels
|
|
3.45%
|
|
3.10%
|
|
3.35%
|
|
2.00%
|
|
2.00%
|
|
2.00%
|
|
|
U.S.
Pension Benefits
|
Non-U.S.
Pension Benefits
|
|||||||||
|
|
2006
|
2005
|
2004
|
2006
|
2005
|
2004
|
|||||
Weighted-average
discount rate
|
|
5.60%
|
|
5.85%
|
|
6.00%
|
|
4.00%
|
|
4.75%
|
|
5.50%
|
Expected
long-term rate of return on plan assets
|
|
8.75%
|
|
8.75%
|
|
8.75%
|
|
5.20%
|
|
5.40%
|
|
5.40%
|
Rate
of increase in compensation levels
|
|
3.10%
|
|
3.35%
|
|
3.50%
|
|
2.00%
|
|
2.00%
|
|
2.50%
|
Target
|
|
2006
|
|
2005
|
|
Domestic
equities
|
65%
|
|
70%
|
|
70%
|
International
equities
|
10%
|
|
10%
|
|
9%
|
Fixed-income
securities
|
25%
|
|
20%
|
|
21%
|
Total
|
100%
|
|
100%
|
|
100%
|
U.S.
Pension Benefits
|
Non-U.S.
Pension Benefits
|
||||||||||||
(In
thousands)
|
2006
|
2005
|
2006
|
2005
|
|||||||||
Projected
benefit obligation
|
$
|
192,407
|
$
|
184,648
|
$
|
43,465
|
$
|
46,363
|
|||||
Accumulated
benefit obligation
|
185,356
|
177,270
|
42,888
|
43,359
|
|||||||||
Fair
value of plan assets
|
166,138
|
134,758
|
27,008
|
27,145
|
|||||||||
(Decrease)
increase in minimum liability
|
|||||||||||||
included
in other comprehensive income
|
(7,822
|
)
|
3,028
|
(2,300
|
)
|
5,420
|
|
U.S.
Postretirement Benefits
|
||||||
(In
thousands)
|
2006
|
2005
|
|||||
Change
in Benefit Obligation
|
|
|
|||||
Projected
benefit obligation-beginning of year
|
$
|
3,315
|
$
|
3,617
|
|||
Service
cost
|
78
|
118
|
|||||
Interest
cost
|
179
|
204
|
|||||
Actuarial
gain
|
(167
|
)
|
(174
|
)
|
|||
Amendments
|
324
|
(205
|
)
|
||||
Benefit
payments
|
(237
|
)
|
(245
|
)
|
|||
Projected
benefit obligation-end of year
|
$
|
3,492
|
$
|
3,315
|
|||
Change
in Plan Assets
|
|||||||
Plan
assets at fair value-beginning of year
|
$
|
324
|
$
|
349
|
|||
Actual
return on plan assets
|
106
|
1
|
|||||
Benefit
payments
|
(34
|
)
|
(26
|
)
|
|||
Plan
assets at fair value-end of year
|
$
|
396
|
$
|
324
|
|||
Funded
Status
|
|||||||
Funded
status
|
$
|
(3,096
|
)
|
$
|
(2,991
|
)
|
|
Unrecognized
actuarial loss
|
405
|
692
|
|||||
Unrecognized
transition obligation
|
321
|
367
|
|||||
Unrecognized
prior service cost/(benefit)
|
246
|
(92
|
)
|
||||
Net
amount recognized
|
$
|
(2,124
|
)
|
$
|
(2,024
|
)
|
|
Balance
Sheet Amounts
|
|||||||
Accrued
benefit liability
|
(2,124
|
)
|
(2,024
|
)
|
|||
Net
amount recognized
|
$
|
(2,124
|
)
|
$
|
(2,024
|
)
|
U.S.
Post-
|
|||||||
Year
Beginning
|
Retirement
|
||||||
(In
thousands)
|
December
1,
|
Benefits
|
|||||
|
2006
|
$
|
208
|
||||
|
2007
|
236
|
|||||
|
2008
|
222
|
|||||
|
2009
|
214
|
|||||
|
2010
|
217
|
|||||
|
2011-2015 |
1,360
|
U.S.
Postretirement Benefits
|
||||||||||
(In
thousands)
|
2006
|
2005
|
2004
|
|||||||
Service
cost
|
$
|
78
|
$
|
118
|
$
|
112
|
||||
Interest
cost
|
179
|
204
|
201
|
|||||||
Expected
return on plan assets
|
(27
|
)
|
(31
|
)
|
(30
|
)
|
||||
Amortization
of unrecognized
|
||||||||||
prior
service gain
|
(14
|
)
|
(14
|
)
|
(14
|
)
|
||||
Amortization
of unrecognized
|
||||||||||
net
transition obligation
|
46
|
71
|
71
|
|||||||
Amortization
of accumulated loss
|
41
|
59
|
51
|
|||||||
Net
periodic cost
|
$
|
303
|
$
|
407
|
$
|
391
|
|
|
U.S.
Postretirement Benefits
|
||||
|
|
2006
|
2005
|
2004
|
||
Weighted-average
discount rate
|
|
5.95%
|
|
5.60%
|
|
5.85%
|
Rate
of increase in compensation levels
|
|
3.45%
|
|
3.10%
|
|
3.35%
|
|
|
U.S.
Postretirement Benefits
|
||||
|
|
2006
|
2005
|
2004
|
||
Weighted-average
discount rate
|
|
5.60%
|
|
5.85%
|
|
6.00%
|
Rate
of increase in compensation levels
|
|
3.10%
|
|
3.35%
|
|
3.50%
|
1%
|
1%
|
||||||
(In
thousands)
|
Increase
|
Decrease
|
|||||
Effect
on total of service and interest cost components of net periodic
expense
|
$
|
19
|
$
|
(17
|
)
|
||
Effect
on post-retirement benefit obligation
|
173
|
(147
|
)
|
SEGMENT
INFORMATION
|
||||||||||||||||||||||
Fiberglass-
|
Water
|
Infrastructure
|
Discontinued
|
|||||||||||||||||||
(In
thousands)
|
Composite
Pipe
|
Transmission
|
Products
|
Other
|
Operations
|
Eliminations
|
Total
|
|||||||||||||||
2006
|
|
|
|
|
|
|
|
|||||||||||||||
Sales
|
$
|
176,721
|
$
|
174,986
|
$
|
198,177
|
$
|
-
|
$
|
-
|
$
|
(704
|
)
|
$
|
549,180
|
|||||||
Income
from continuing operations
|
||||||||||||||||||||||
before
interest, income taxes and equity in earnings of joint
venture
|
37,804
|
7,577
|
30,607
|
(26,891
|
)
|
-
|
-
|
49,097
|
||||||||||||||
Equity
in earnings of joint venture, net of taxes
|
-
|
-
|
-
|
13,550
|
-
|
-
|
13,550
|
|||||||||||||||
Income
from joint ventures - cost method
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Investments
in joint ventures
|
||||||||||||||||||||||
Equity method
|
-
|
-
|
-
|
14,501
|
-
|
-
|
14,
501
|
|||||||||||||||
Cost method
|
3,784
|
-
|
-
|
-
|
-
|
-
|
3,784
|
|||||||||||||||
Long-lived
assets
|
31,957
|
51,041
|
48,796
|
65,874
|
-
|
-
|
197,668
|
|||||||||||||||
Total
assets
|
206,326
|
167,463
|
97,249
|
271,023
|
-
|
(107,397
|
)
|
634,664
|
||||||||||||||
Capital
expenditures
|
4,558
|
16,502
|
10,659
|
(236
|
)
|
4,036
|
-
|
35,519
|
||||||||||||||
Depreciation
and amortization
|
4,685
|
4,000
|
4,509
|
609
|
3,637
|
-
|
17,440
|
|||||||||||||||
2005
|
||||||||||||||||||||||
Sales
|
$
|
134,071
|
$
|
192,731
|
$
|
168,990
|
$
|
-
|
$
|
-
|
$
|
(1,025
|
)
|
$
|
494,767
|
|||||||
Income
from continuing operations
|
||||||||||||||||||||||
before
interest, income taxes and equity in earnings of joint
venture
|
24,482
|
25,845
|
22,127
|
(35,390
|
)
|
-
|
-
|
37,064
|
||||||||||||||
Equity
in earnings of joint venture, net of taxes
|
-
|
-
|
-
|
9,005
|
-
|
-
|
9,005
|
|||||||||||||||
Income
from joint ventures - cost method
|
1,300
|
-
|
-
|
-
|
-
|
-
|
1,300
|
|||||||||||||||
Investments
in joint ventures
|
||||||||||||||||||||||
Equity method
|
-
|
-
|
-
|
13,777
|
-
|
-
|
13,777
|
|||||||||||||||
Cost method
|
3,784
|
-
|
-
|
-
|
2,138
|
-
|
5,922
|
|||||||||||||||
Long-lived
assets
|
30,199
|
38,520
|
43,553
|
39,048
|
40,685
|
-
|
192,005
|
|||||||||||||||
Total
assets
|
176,713
|
132,803
|
83,053
|
162,979
|
170,784
|
(148,296
|
)
|
578,036
|
||||||||||||||
Capital
expenditures
|
8,919
|
5,567
|
4,607
|
1,170
|
5,108
|
-
|
25,371
|
|||||||||||||||
Depreciation
and amortization
|
4,070
|
3,910
|
4,444
|
710
|
5,790
|
-
|
18,924
|
|||||||||||||||
2004
|
||||||||||||||||||||||
Sales
|
$
|
116,289
|
$
|
154,231
|
$
|
136,312
|
$
|
-
|
$
|
-
|
$
|
(602
|
)
|
$
|
406,230
|
|||||||
Income
from continuing operations
|
||||||||||||||||||||||
before
interest, income taxes and equity in earnings of joint
venture
|
21,429
|
13,458
|
14,519
|
(38,735
|
)
|
-
|
-
|
10,671
|
||||||||||||||
Equity
in earnings of joint venture, net of taxes
|
-
|
-
|
-
|
10,791
|
-
|
-
|
10,791
|
|||||||||||||||
Income
from joint ventures - cost method
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Investments
in joint ventures
|
||||||||||||||||||||||
Equity method
|
-
|
-
|
-
|
16,042
|
-
|
-
|
16,042
|
|||||||||||||||
Cost method
|
3,784
|
-
|
-
|
-
|
2,138
|
-
|
5,922
|
|||||||||||||||
Long-lived
assets
|
26,353
|
37,970
|
40,564
|
41,481
|
46,166
|
-
|
192,534
|
|||||||||||||||
Total
assets
|
155,390
|
120,921
|
74,623
|
198,797
|
173,807
|
(179,601
|
)
|
543,937
|
||||||||||||||
Capital
expenditures
|
4,777
|
2,693
|
5,045
|
506
|
5,291
|
-
|
18,312
|
|||||||||||||||
Depreciation
and amortization
|
4,115
|
3,977
|
4,507
|
701
|
5,597
|
-
|
18,897
|
GEOGRAPHIC
AREAS
|
||||||||||||||||||||||
United
|
Discontinued
|
|||||||||||||||||||||
(In
thousands)
|
States
|
Europe
|
Asia
|
Other
|
Operations
|
Eliminations
|
Total
|
|||||||||||||||
2006
|
||||||||||||||||||||||
Sales
to external customers
|
$
|
432,670
|
$
|
26,545
|
$
|
80,726
|
$
|
9,239
|
$
|
-
|
$
|
-
|
$
|
549,180
|
||||||||
Long-lived
assets
|
154,882
|
15,229
|
20,866
|
6,691
|
-
|
-
|
197,668
|
|||||||||||||||
Total
assets
|
538,254
|
50,785
|
139,514
|
13,508
|
-
|
(107,397
|
)
|
634,664
|
||||||||||||||
2005
|
||||||||||||||||||||||
Sales
to external customers
|
$
|
406,939
|
$
|
20,157
|
$
|
62,155
|
$
|
5,516
|
$
|
-
|
$
|
-
|
$
|
494,767
|
||||||||
Long-lived
assets
|
125,310
|
6,046
|
19,202
|
762
|
40,685
|
-
|
192,005
|
|||||||||||||||
Total
assets
|
419,103
|
20,907
|
110,602
|
4,936
|
170,784
|
(148,296
|
)
|
578,036
|
||||||||||||||
2004
|
||||||||||||||||||||||
Sales
to external customers
|
$
|
325,425
|
$
|
21,694
|
$
|
55,124
|
$
|
3,987
|
$
|
-
|
$
|
-
|
$
|
406,230
|
||||||||
Long-lived
assets
|
125,065
|
7,543
|
13,133
|
627
|
46,166
|
-
|
192,534
|
|||||||||||||||
Total
assets
|
423,829
|
26,876
|
94,433
|
4,593
|
173,807
|
(179,601
|
)
|
543,937
|
First
|
Second
|
Third
|
Fourth
|
||||||||||
(In
thousands except per share data)
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|||||||||
2006
|
|
|
|
|
|||||||||
Sales
|
$
|
125,972
|
$
|
132,657
|
$
|
139,941
|
$
|
150,610
|
|||||
Gross
profit
|
28,582
|
34,771
|
36,082
|
32,954
|
|||||||||
Income
from continuing operations
|
3,962
|
16,998
|
16,982
|
12,118
|
|||||||||
Income
from discontinued operations, net of taxes
|
(351
|
)
|
1,704
|
997
|
(210
|
)
|
|||||||
Net
income
|
3,611
|
18,702
|
17,979
|
11,908
|
|||||||||
Diluted
net income/(loss) per share:
|
|||||||||||||
Income
from continuing operations
|
.45
|
1.92
|
1.91
|
1.35
|
|||||||||
Income
from discontinued operations, net of taxes
|
(.04
|
)
|
.19
|
.11
|
(.02
|
)
|
|||||||
Net
income
|
.41
|
2.11
|
2.02
|
1.33
|
|||||||||
Stock
price per share-high
|
61.81
|
76.04
|
70.70
|
80.01
|
|||||||||
Stock
price per share-low
|
44.66
|
54.54
|
50.63
|
64.03
|
|||||||||
Dividends
per share
|
.20
|
.20
|
.20
|
.20
|
|||||||||
2005
|
|||||||||||||
Sales
|
$
|
96,867
|
$
|
122,138
|
$
|
136,555
|
$
|
139,207
|
|||||
Gross
profit
|
22,946
|
30,474
|
37,542
|
34,248
|
|||||||||
Income
from continuing operations
|
2,026
|
4,843
|
11,588
|
11,052
|
|||||||||
Income
from discontinued operations, net of taxes
|
(1,546
|
)
|
428
|
1,940
|
2,279
|
||||||||
Net
income/(loss)
|
480
|
5,271
|
13,528
|
13,331
|
|||||||||
Diluted
net income/(loss) per share:
|
|||||||||||||
Income
from continuing operations
|
.24
|
.57
|
1.35
|
1.27
|
|||||||||
Income
from discontinued operations, net of taxes
|
(.18
|
)
|
.05
|
.23
|
.26
|
||||||||
Net
income/(loss)
|
.06
|
.62
|
1.58
|
1.53
|
|||||||||
Stock
price per share-high
|
38.85
|
36.96
|
39.11
|
46.61
|
|||||||||
Stock
price per share-low
|
31.96
|
31.76
|
33.00
|
38.91
|
|||||||||
Dividends
per share
|
.20
|
.20
|
.20
|
.20
|
Consolidated
Statements of Income for the years ended November 30, 2006, 2005
and
2004.
|
Consolidated
Balance Sheets as of November 30, 2006 and 2005.
|
Consolidated
Statements of Stockholders' Equity for the years ended November 30,
2006,
2005 and 2004.
|
Consolidated
Statements of Comprehensive Income for the years ended November 30,
2006,
2005 and 2004.
|
Consolidated
Statements of Cash Flows for the years ended November 30, 2006, 2005
and
2004.
|
Notes
to Consolidated Financial Statements
|
Report
of Independent Registered Public Accounting
Firm
|
SCHEDULE
|
SCHEDULES
OF AMERON
|
II
|
Valuation
and Qualifying Accounts and
Reserves
|
EXHIBIT
|
EXHIBITS
OF AMERON
|
3(i)
|
Certificate
of Incorporation (1)
|
3(ii)
|
Bylaws
(2)
|
Additions
|
Deductions,
|
|||||||||||||||
Balance
at
|
Charged
to
|
Payments
|
Balance
|
|||||||||||||
Beginning
|
Costs
and
|
And
|
Reclassifications
|
at
End of
|
||||||||||||
Classification
|
of
Years
|
Expenses
|
Write-offs
|
and
Others *
|
Years
|
|||||||||||
DEDUCTED
FROM ASSET ACCOUNTS
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Allowance
for doubtful accounts
|
$
|
7,693
|
$
|
1,351
|
$
|
(1,339
|
)
|
$
|
(2,793
|
)
|
$
|
4,912
|
Additions
|
Deductions,
|
|||||||||||||||
Balance
at
|
Charged
to
|
Payments
|
Balance
|
|||||||||||||
Beginning
|
Costs
and
|
And
|
Reclassifications
|
at
End of
|
||||||||||||
Classification
|
of
Years
|
Expenses
|
Write-offs
|
and
Others
|
Years
|
|||||||||||
DEDUCTED
FROM ASSET ACCOUNTS
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Allowance
for doubtful accounts
|
$
|
7,984
|
$
|
2,502
|
$
|
(2,362
|
)
|
$
|
(431
|
)
|
$
|
7,693
|
Additions
|
Deductions,
|
|||||||||||||||
Balance
at
|
Charged
to
|
Payments
|
Balance
|
|||||||||||||
Beginning
|
Costs
and
|
And
|
Reclassifications
|
at
End of
|
||||||||||||
Classification
|
of
Years
|
Expenses
|
Write-offs
|
and
Others
|
Years
|
|||||||||||
DEDUCTED
FROM ASSET ACCOUNTS
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Allowance
for doubtful accounts
|
$
|
8,168
|
$
|
1,991
|
$
|
(3,032
|
)
|
$
|
857
|
$
|
7,984
|
By:
|
/s/
Javier Solis
|
|
|
Javier
Solis, Senior Vice President &
Secretary
|
|
|
|
|
Date:
2-8-07
|
/s/
James S. Marlen
|
|
Director,
Chairman of the Board,
|
|
James
S. Marlen
|
|
President
and Chief Executive
|
|
|
|
Officer
(Principal Executive Officer)
|
|
|
|
|
Date:
2-8-07
|
/s/
James R. McLaughlin
|
|
Senior
Vice President, Chief Financial Officer &
Treasurer
|
|
James
R. McLaughlin
|
|
(Principal
Financial & Accounting Officer)
|
|
|
|
|
Date:
2-8-07
|
/s/
Daniel J. Emmett
|
|
Vice
President, Controller
|
|
Daniel
J. Emmett
|
|
|
|
|
|
|
Date:
2-8-07
|
/s/David
Davenport
|
|
Director
|
|
David
Davenport
|
|
|
|
|
|
|
Date:
2-8-07
|
/s/Michael
Hagan
|
|
Director
|
|
J.
Michael Hagan
|
|
|
|
|
|
|
Date:
2-8-07
|
/s/Terry
Haines
|
|
Director
|
|
Terry
L. Haines
|
|
|
|
|
|
|
Date:
2-8-07
|
/s/William
D. Horsfall
|
|
Director
|
|
William
D. Horsfall
|
|
|
Date:
2-8-07
|
/s/John
Peppercorn
|
|
Director
|
|
John
E. Peppercorn
|
|
|
|
|
|
|
Date:
2-8-07
|
/s/Dennis
Poulsen
|
|
Director
|
|
Dennis
C. Poulsen
|
|
|