Table of Contents Results of Operations Year ended February 28, 2019 compared with year ended February 28, 2018 Backlog During the fourth quarter of fiscal 2019, effective March 1, 2018, we adopted ASU 2016-02,  Leases (Topic 842)  using a modified retrospective approach as of the period of adoption. Periods prior to the adoption continue to be presented under legacy guidance and there was no cumulative effect adjustment to beginning retained earnings on the March 1, 2018 adoption date. On the date of adoption, we recorded operating lease right of use assets of $42.1 million and lease liabilities of $42.8 million to reflect our portfolio of operating leases, which were previously unrecorded under legacy accounting guidance. However, the adoption did not have any impact on our consolidated statements of income or cash flows. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among several other items, allows the Company to carry-forward the historical lease classification from legacy guidance for leases that existed on the date of adoption. For the fiscal year ended February 28, 2019, we recorded net sales of $927.1 million compared to the prior year’s net sales of $810.4 million. Of the total net sales for fiscal 2019, approximately 52.5% of our net sales were generated from the Energy Segment and approximately 47.5% were generated from the Metal Coatings Segment. Net income for fiscal 2019 was $51.2 million compared to $45.2 million for fiscal 2018. Net income as a percentage of net sales was 5.5% for fiscal 2019 as compared to 5.6% for fiscal 2018. Earnings per share increased by 13.3% to $1.96 per share for fiscal 2019 compared to $1.73 per share for fiscal 2018, on a diluted basis. We ended fiscal 2019 with a backlog of $332.9 million, an increase of $67.5 million or 25.4% compared to fiscal 2018. The Company's backlog as of year end pertains solely to the Energy segment's operations. The book to revenue ratio increased in fiscal 2019 as compared to fiscal 2018. The book to revenue ratio was 1.07 to 1 for fiscal 2019 and 0.92 to 1 for fiscal 2018. The following table reflects bookings and revenues for fiscal 2019 and 2018. (In thousands) Backlog Table Net Sales Our total net sales for fiscal 2019 increased by $116.7 million, or 14.4%, as compared to fiscal 2018. The following table reflects the breakdown of revenue by segment (in thousands):  Our Energy segment recorded net sales for fiscal 2019 of $486.8 million, an increase of 15.6% compared to fiscal 2018 net sales of $421.0 million. The increase in net sales for fiscal 2019 was caused by several positive factors including improved turnarounds in the U.S. refinery market, increased international projects and an uptick in our electrical business. The increase was also attributable to incremental revenues from our fiscal 2019 and fiscal 2018 business acquisitions and was partially offset by continued softness in the nuclear market, which is due in part to the Westinghouse Bankruptcy discussed below. 16 Year Ended February 28, 2019 February 28, 2018 Net sales: Energy $ 486,823 $ 421,033 Metal Coatings 440,264 389,397 Total net sales $ 927,087 $ 810,430 Period Ended Period Ended Backlog 2/28/2018 $ 265,417 2/28/2017 $ 317,922 Net bookings 988,558 746,508 Acquired backlog 6,006 11,417 Revenues recognized (927,087) (810,430) Backlog 2/28/2019 $ 332,894 2/28/2018 $ 265,417 Book to revenue ratio 1.07 0.92