-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DAib91nUbrzWkW2rzezHIflGQnbqzXKMiWTf+SdeoGhTCzygNWCfADqOb1wp6/Rw x4C9XqrO5rQ6eoYtug99bQ== 0001193125-08-145705.txt : 20080702 0001193125-08-145705.hdr.sgml : 20080702 20080702132007 ACCESSION NUMBER: 0001193125-08-145705 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080702 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080702 DATE AS OF CHANGE: 20080702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACUITY BRANDS INC CENTRAL INDEX KEY: 0001144215 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 582632672 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16583 FILM NUMBER: 08932832 BUSINESS ADDRESS: STREET 1: 1170 PEACHTREE STREET, NE STREET 2: SUITE 2400 CITY: ATLANTA STATE: GA ZIP: 30309-7676 BUSINESS PHONE: 404-853-1400 MAIL ADDRESS: STREET 1: 1170 PEACHTREE STREET, NE STREET 2: SUITE 2400 CITY: ATLANTA STATE: GA ZIP: 30309-7676 FORMER COMPANY: FORMER CONFORMED NAME: L&C SPINCO INC DATE OF NAME CHANGE: 20010629 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 2, 2008

 

 

ACUITY BRANDS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-16583   58-2632672

(State or other jurisdiction of

Company or organization)

  (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

1170 Peachtree St., N.E., Suite 2400, Atlanta, GA   30309
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: 404-853-1400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On July 2, 2008, the Company issued a press release containing information about the Company’s results of operations for its fiscal quarter and nine months ended May 31, 2008. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated herein by reference in its entirety. The information contained in this paragraph, as well as Exhibit 99.1 referenced herein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

 

Item 8.01. Other Events.

On June 26, 2008, the Board of Directors declared a quarterly dividend of 13 cents per share. A copy of the press release is attached as exhibit 99.2 to this Current Report on Form 8-K, which is incorporated herein by reference in its entirety.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

  99.1 Press Release dated July 2, 2008 (Filed with the Commission as part of this Form 8-K).

 

  99.2 Press Release dated June 26, 2008 (Filed with the Commission as part of this Form 8-K).


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: July 2, 2008

 

ACUITY BRANDS, INC.
By:  

/s/ Richard K. Reece

  Richard K. Reece
  Executive Vice President and Chief Financial Officer


EXHIBIT INDEX

 

99.1 Press Release dated July 2, 2008 (Filed with the Commission as part of this Form 8-K).

 

99.2 Press Release dated June 26, 2008 (Filed with the Commission as part of this Form 8-K).
EX-99.1 2 dex991.htm PRESS RELEASE DATED JULY 2, 2008 Press Release dated July 2, 2008

Exhibit 99.1

 

LOGO   News Release   Acuity Brands, Inc.
    1170 Peachtree Street, NE
    Suite 2400
    Atlanta, GA 30309
    Tel: 404 853 1400
    Fax: 404 853 1430
    AcuityBrands.com

Company Contact:

Dan Smith

Acuity Brands, Inc.

(404) 853-1423

Acuity Brands Reports Record Third Quarter Results

ATLANTA – July 2, 2008 – Acuity Brands, Inc. (NYSE: AYI) today announced record results for the third quarter of fiscal 2008, including a 29 percent increase in diluted earnings per share (EPS) from continuing operations of $1.01 compared with $0.78 for the prior year period. Income from continuing operations for the third quarter of fiscal 2008 rose 21 percent to $41.7 million compared with $34.3 million for the prior year third quarter. Prior year’s third quarter EPS from continuing operations included $0.10 from a pre-tax gain of $6.6 million for a favorable legal settlement at Acuity Brands Lighting related to a long-standing commercial dispute. Excluding the favorable legal settlement in the prior year, 2008 third quarter diluted EPS increased 49 percent versus the year ago period while income from continuing operations rose 39 percent. The Company generated record third quarter net sales of $512.4 million, a 2 percent increase over $502.4 million reported in the year-ago period.

Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands remarked, “We are very pleased to report record year-over-year results from continuing operations for the 13th quarter in a row. Our strong third quarter earnings performance reflects continuing benefits from programs to introduce new and innovative products, enhance customer service, and increase productivity. The results are even more impressive given the turbulent economic conditions which prevail in the residential home market and new store construction for certain retail channels. We believe weak demand in these two areas reduced our growth in net sales by approximately four percentage points.”

The results for both periods exclude the specialty chemicals business, which was spun off to the shareholders of Acuity Brands on October 31, 2007 as Zep Inc. The historical results of the specialty chemicals business are now reported in discontinued operations of the Company.

The year-over-year increase in net sales reflects more favorable pricing and an enhanced mix of products sold, highlighted by greater shipments of the Company’s proprietary energy-efficient fixtures for new construction and the relighting of existing non-residential buildings. Net sales from the prior year’s acquisition


LOGO   News Release

 

of Mark Architectural Lighting and favorable foreign currency translation of international sales each contributed approximately one percentage point to the year-over-year growth in net sales. The Company estimates that total net sales growth was negatively impacted by four percentage points in the current quarter versus the year ago period as a result of lower shipment volumes for residential related fixtures and for new store construction in certain retail channels. Additionally, the Company estimates that year-over-year net sales growth in other segments of the non-residential market approximated 4 percent and was due primarily from pricing actions and an enhanced mix of products sold, while unit volumes were essentially flat.

Operating profit for the third quarter of fiscal 2008 was $71.7 million, or 14.0 percent of net sales, as compared to prior year’s $59.7 million, or 11.9 percent of net sales. The year-over-year 210 basis point improvement in operating profit margin was due primarily to a better mix of products sold driven by new products, more favorable pricing, and improved productivity. Excluding the gain from the favorable legal settlement in the prior year, the operating profit margin rose 340 basis points year-over-year.

The Company also achieved record results for the first nine months of fiscal year 2008 including diluted EPS from continuing operations, income from continuing operations, and net sales. Diluted earnings per share from continuing operations for the nine months ended May 31, 2008 was $2.55, an increase of 30 percent compared to $1.96 for the prior year period. Income from continuing operations for the first nine months of fiscal 2008 rose to $106.7 million, an increase of 24 percent versus the year-ago period, while net sales climbed 6 percent to $1,503.9 million. Results for the first nine months of fiscal 2008 include a special charge of $14.6 million, or $0.21 per diluted share, recorded in the first quarter. The special charge relates to actions to streamline and simplify the Company’s organizational structure and operations as a result of the spin-off of Zep Inc. The Company expects to realize annual cost savings of approximately $14 million as a result of its reorganization efforts. The full benefits are expected to be realized beginning in the first quarter of fiscal 2009.

Acuity Brands completed the spin-off of Zep Inc. on October 31, 2007. Therefore, the Company reflects the results of Zep Inc. as a discontinued operation reported as a one-line item on the income statement. For the first nine months of fiscal 2008, the Company reported a loss from discontinued operations of $0.4 million, or $0.01 per diluted share, compared to the prior year’s first nine months income of $10.8 million, or $0.25 per diluted share. Income from discontinued operations for the first nine months of fiscal 2008 includes non-tax-deductible spin-off costs of $5.5 million, or $0.13 per diluted share, primarily for legal and professional fees.

Including the results of discontinued operations, the Company reported diluted EPS of $1.00 for the third quarter of fiscal 2008, or $41.1 million of net income, compared to diluted EPS of $0.88 for the third quarter of fiscal 2007, or $38.7 million of net income. Including the results of discontinued operations, the Company reported diluted EPS of $2.54 for the first nine months of fiscal 2008, or $106.4 million of net income, compared to diluted EPS of $2.20 for the first nine months of fiscal 2007, or $96.6 million of net income.

 

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Cash and cash equivalents at the end of the third quarter totaled $216.3 million, an increase of $2.6 million from the $213.7 million at the beginning of the fiscal year. During the nine months ending May 31, 2008, the Company repurchased approximately 3.0 million shares of outstanding common stock at a cost of approximately $131 million. Stock repurchases were partially funded by a $58.4 million net cash dividend received from Zep Inc., which includes $62.5 million received from Zep Inc. prior to the spin-off that was partially offset by $4.1 million paid to Zep Inc. during the third quarter of fiscal 2008 in accordance with the terms of the spin-off distribution agreement.

Outlook

Mr. Nagel commented, “Looking ahead, various leading indicators such as employment, housing demand, consumer sentiment, bank lending standards, and commodity prices are signaling a slowdown in future non-residential construction activity, our primary market. Accordingly, we anticipate unit sales growth to be challenging for the remainder of fiscal year 2008 and into 2009. The Company’s backlog at May 31, 2008 was approximately $182 million, down 4 percent compared with the prior year. While positive factors such as a decline in past due orders and reduced lead times resulting from our improved delivery performance contributed to this decline, we have experienced modest softness in incoming orders over the past couple of months and expect them to remain soft for the foreseeable future. In addition, we expect to experience pressure on gross margins in the fourth quarter as a result of significant increases in commodity costs such as steel, aluminum, plastics, and copper as well as higher freight costs due to the significant rise in the price of diesel fuel.

“Despite these near-term economic challenges, we see opportunity for continued performance improvement allowing us to meet or exceed our long-term financial goals including annual operating margin expansion, earnings growth, and cash flow generation. We believe these opportunities exist as a result of our ongoing efforts to provide customers with superior value propositions, the creation of new and innovative products and services, and the expansion into new markets. We continue to invest and deploy resources to capitalize on growth opportunities in the renovation and relighting markets offering new proprietary energy-saving products and services to our customers while also providing an aesthetically superior lighting environment. We also see growth opportunities by furthering our market presence, such as our expansion into the New York City metropolitan area where we have historically had limited participation in this large and dynamic market.”

 

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Mr. Nagel concluded, “Looking beyond 2008, we remain positive about our future performance. Clearly, headwinds that prevail in certain markets will influence demand and escalating commodity costs are worrisome. While we announced a price increase ranging between three and ten percent effective in early May, we expect to announce additional price increases to help offset rising commodity prices. We intend to maintain our disciplined approach to pricing to recover increases in costs and to earn appropriate margins for our differentiated products and services. Additionally, we expect to realize benefits from our on-going initiatives to introduce new and innovative products, improve productivity, and contain costs. Our past and future actions to create value for our customers, to invest in our associates to be more customer-focused and productive, and to more effectively deploy assets to generate greater returns for our shareholders should enhance the Company’s opportunity to prosper over the long-term.”

Non-GAAP Financial Comparisons

Acuity Brands’ management included in the above news release year-over-year comparisons of third quarter diluted EPS, income from continuing operations, and operating profit margin excluding the impact of the prior year’s third quarter gain resulting from a favorable legal settlement. The comparisons are computed using non-GAAP financial measures, however, management has provided such comparisons to enhance the user’s overall understanding of the Company’s current financial performance and prospects for the future. Specifically, management believes the non-GAAP financial comparisons provide useful information to investors by excluding or adjusting certain items affecting reported operating results that were unusual and not indicative of the Company’s core operating results. The non-GAAP financial comparisons should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP. The non-GAAP financial comparisons included in this news release have been reconciled to the nearest GAAP measures in the following financial statement tables.

Please see the Company’s Form 10-Q filed with the Securities and Exchange Commission today for more information on the results for the third quarter of fiscal 2008. You may access the 10-Q through the Company’s website at www.acuitybrands.com.

Conference Call

As previously announced, the Company will host a conference call to discuss third quarter results today at 10:00 a.m. ET. Interested parties may listen to this call live today or hear a replay at the Company’s Web site: www.acuitybrands.com.

Acuity Brands, Inc. owns and operates Acuity Brands Lighting, Inc. and Acuity Brands Technology Services, Inc. With fiscal year 2007 net sales of approximately $2.0 billion, Acuity Brands Lighting and Acuity Brands

 

4


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Technology Services combined are one of the world’s leading providers of lighting fixtures and related products and services and include brands such as Lithonia Lighting®, Holophane®, Peerless®, Mark Architectural Lighting™, Hydrel®, American Electric Lighting®, Gotham®, Carandini®, SpecLight®, MetalOptics®, Antique Street Lamps™, Synergy® Lighting Controls, SAERIS™, and ROAM®. Headquartered in Atlanta, Georgia, Acuity Brands employs approximately 7,000 associates and has operations throughout North America and in Europe and Asia.

Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that may be considered forward-looking include statements incorporating terms such as “expects,” “believes,” “intends,” “anticipates,” “may,” “see,” and similar terms that relate to future events, performance, or results of the Company and specifically include statements made in this press release regarding: (a) realization of annual cost savings of approximately $14 million as a result of the Company’s reorganization efforts; (b) opportunity for continued performance improvement including annual operating margin expansion, earnings growth, and cash flow generation; (c) growth opportunities by furthering the Company’s market presence including the recent expansion into the New York City metropolitan area; (d) intentions to maintain the Company’s disciplined approach to pricing to recover increases in costs and to earn appropriate margins for its differentiated products and services; and (e) realization of benefits from on-going initiatives to introduce new and innovative products, improve productivity, and contain costs. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the historical experience of Acuity Brands and management’s present expectations or projections. These risks and uncertainties include, but are not limited to, customer and supplier relationships and prices; competition; ability to realize anticipated benefits from initiatives taken and timing of benefits; market demand; litigation and other contingent liabilities; and economic, political, governmental, and technological factors affecting the Company. Please see the other risk factors more fully described in the Company’s SEC filings including the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 2, 2008. A variety of other risks and uncertainties are discussed in the Company’s filings with the SEC, including the risks discussed in Part I, “Item 1a. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended August 31, 2007. The discussion of those risks is specifically incorporated herein by reference. Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future events.

 

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ACUITY BRANDS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

 

     MAY 31,
2008
    AUGUST 31,
2007
 
     (unaudited)        

ASSETS

    

Current Assets:

    

Cash and cash equivalents

   $ 216,314     $ 213,674  

Accounts receivable, less reserve for doubtful accounts of $1,723 at May 31, 2008 and $1,361 at August 31, 2007

     288,725       295,544  

Inventories

     150,294       146,536  

Deferred income taxes

     19,836       14,773  

Prepayments and other current assets

     31,209       38,853  

Current assets related to discontinued operations

     —         158,182  
                

Total Current Assets

     706,378       867,562  
                

Property, Plant, and Equipment, at cost:

    

Land

     9,585       9,286  

Buildings and leasehold improvements

     126,984       121,327  

Machinery and equipment

     330,638       314,030  
                

Total Property, Plant, and Equipment

     467,207       444,643  

Less - Accumulated depreciation and amortization

     303,040       282,632  
                

Property, Plant, and Equipment, net

     164,167       162,011  
                

Other Assets:

    

Goodwill

     354,368       352,945  

Intangible assets

     119,948       118,774  

Deferred income taxes

     3,783       1,731  

Defined benefit plan intangible assets

     2,587       2,587  

Other long-term assets

     14,809       22,274  

Long-term assets related to discontinued operations

     —         89,983  
                

Total Other Assets

     495,495       588,294  
                

Total Assets

   $ 1,366,040     $ 1,617,867  
                

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current Liabilities:

    

Current maturities of long-term debt

   $ 159,972     $ —    

Accounts payable

     188,683       210,402  

Accrued compensation

     58,386       64,147  

Accrued pension liabilities, current

     1,268       1,268  

Other accrued liabilities

     87,770       109,944  

Current liabilities related to discontinued operations

     —         84,635  
                

Total Current Liabilities

     496,079       470,396  

Long-Term Debt

     203,949       363,877  
                

Accrued Pension Liabilities, less current portion

     21,474       22,043  
                

Deferred Income Taxes

     28,115       17,437  
                

Self-Insurance Reserves, less current portion

     9,738       8,657  
                

Other Long-Term Liabilities

     41,284       44,167  
                

Long-Term Liabilities related to discontinued operations

     —         19,324  
                

Commitments and Contingencies

Stockholders’ Equity:

    

Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued

     —         —    

Common stock, $0.01 par value; 500,000,000 shares authorized; 49,648,601 issued and 40,648,601 outstanding at May 31, 2008; and 49,323,225 issued and 43,314,625 outstanding at August 31, 2007

     496       493  

Paid-in capital

     623,885       611,701  

Retained earnings

     329,616       313,850  

Accumulated other comprehensive loss

     (12,636 )     (9,513 )

Treasury stock, at cost, 9,000,000 shares at May 31, 2008 and 6,008,600 at August 31, 2007

     (375,960 )     (244,565 )
                

Total Stockholders’ Equity

     565,401       671,966  
                

Total Liabilities and Stockholders’ Equity

   $ 1,366,040     $ 1,617,867  
                

 

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ACUITY BRANDS, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In thousands, except per-share data)

 

     THREE MONTHS ENDED
MAY 31,
    NINE MONTHS ENDED
MAY 31,
 
     2008     2007     2008     2007  

Net Sales

   $ 512,438     $ 502,429     $ 1,503,887     $ 1,424,380  

Cost of Products Sold

     304,246       313,780       900,470       890,220  
                                

Gross Profit

     208,192       188,649       603,417       534,160  

Selling, Distribution, and Administrative Expenses

     136,488       128,965       401,440       381,278  

Special Charge

     —         —         14,638       —    
                                

Operating Profit

     71,704       59,684       187,339       152,882  

Other Expense (Income):

        

Interest expense, net

     7,174       7,284       21,274       23,134  

Miscellaneous expense (income), net

     1,592       (277 )     1,476       (79 )
                                

Total Other Expense

     8,766       7,007       22,750       23,055  
                                

Income from Continuing Operations before Provision for Income Taxes

     62,938       52,677       164,589       129,827  

Provision for Income Taxes

     21,280       18,363       57,862       44,007  
                                

Income from Continuing Operations

     41,658       34,314       106,727       85,820  

Income (Loss) from Discontinued Operations

     (525 )     4,362       (377 )     10,781  
                                

Net Income

   $ 41,133     $ 38,676     $ 106,350     $ 96,601  
                                

Earnings Per Share:

        

Basic Earnings per Share from Continuing Operations

   $ 1.04     $ 0.80     $ 2.61     $ 2.02  

Basic Earnings (Loss) per Share from Discontinued Operations

     (0.01 )     0.10       (0.01 )     0.25  
                                

Basic Earnings per Share

   $ 1.03     $ 0.90     $ 2.60     $ 2.27  
                                

Basic Weighted Average Number of Shares Outstanding

     40,190       42,861       40,865       42,535  
                                

Diluted Earnings per Share from Continuing Operations

   $ 1.01     $ 0.78     $ 2.55     $ 1.96  

Diluted Earnings (Loss) per Share from Discontinued Operations

     (0.01 )     0.10       (0.01 )     0.25  
                                

Diluted Earnings per Share

   $ 1.00     $ 0.88     $ 2.54     $ 2.20  
                                

Diluted Weighted Average Number of Shares Outstanding

     41,247       44,118       41,825       43,859  
                                

Dividends Declared per Share

   $ 0.13     $ 0.15     $ 0.41     $ 0.45  
                                

 

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ACUITY BRANDS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

     NINE MONTHS ENDED
MAY 31,
 
     2008     2007  

Cash Provided by (Used for) Operating Activities:

    

Net income

   $ 106,350     $ 96,601  

Less: Income (Loss) from Discontinued Operations

     (377 )     10,781  
                

Income from Continuing Operations

     106,727       85,820  

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

    

Depreciation and amortization

     24,808       23,283  

Excess tax benefits from share-based payments

     (4,696 )     (14,265 )

(Gain)/Loss on the sale or disposal of property, plant, and equipment

     (22 )     12  

Deferred income taxes

     3,563       2,087  

Other non-cash items

     3,281       5,923  

Change in assets and liabilities, net of effect of acquisitions and divestitures:

    

Accounts receivable

     6,819       (3,138 )

Inventories

     (3,758 )     6,487  

Prepayments and other current assets

     7,644       (4,718 )

Accounts payable

     (21,719 )     (8,720 )

Other current liabilities

     (20,161 )     20,504  

Other

     8,106       1,170  
                

Net Cash Provided by Operating Activities

     110,592       114,445  
                

Cash Provided by (Used for) Investing Activities:

    

Purchases of property, plant, and equipment

     (21,407 )     (21,897 )

Proceeds from sale of property, plant, and equipment

     133       108  

Acquisition of business

     (3,500 )     —    
                

Net Cash Used for Investing Activities

     (24,774 )     (21,789 )
                

Cash Provided by (Used for) Financing Activities:

    

Repayments of long-term debt

     (6 )     —    

Employee stock purchase plan issuances

     410       603  

Stock options exercised

     3,434       24,759  

Repurchases of common stock

     (136,139 )     (29,958 )

Excess tax benefits from share-based payments

     4,696       14,265  

Dividend received from Zep Inc.

     58,379       —    

Dividends paid

     (17,132 )     (19,679 )
                

Net Cash Used for Financing Activities

     (86,358 )     (10,010 )
                

Cash flows from Discontinued Operations:

    

Net Cash Provided by Operating Activities

     274       12,319  

Net Cash Used for Investing Activities

     (410 )     (2,758 )

Net Cash Provided by (Used for) Financing Activities

     970       (332 )
                

Net Cash Provided by Discontinued Operations

     834       9,229  
                

Effect of Exchange Rate Changes on Cash

     2,346       1,207  
                

Net Change in Cash and Cash Equivalents

     2,640       93,082  

Cash and Cash Equivalents at Beginning of Period

     213,674       80,520  
                

Cash and Cash Equivalents at End of Period

   $ 216,314     $ 173,602  
                

Supplemental Cash Flow Information:

    

Income taxes paid during the period

   $ 64,174     $ 33,202  

Interest paid during the period

   $ 28,115     $ 27,520  

 

8


LOGO   News Release

 

ACUITY BRANDS, INC.

GAAP to Non-GAAP Reconciliation (Unaudited)

The table below reconciles certain GAAP measures to the corresponding non-GAAP measures, which exclude the gain realized in the settlement of a long-standing commercial dispute in fiscal year 2007. The Company believes these non-GAAP measures provide greater comparability and enhanced visibility into the improvements realized.

 

(In thousands)    Three Months Ended
May 31,
    Change    Percent
Change
 
     2008     2007             

Operating Profit

   $ 71,704     $ 59,684     $ 12,020    20 %

Percent of net sales

     14.0 %     11.9 %     2.1 pts   

Less: Settlement gain

     —         (6,605 )     6,605   
                         

Adjusted Operating Profit

   $ 71,704     $ 53,079     $ 18,625    35 %

Percent of net sales

     14.0 %     10.6 %     3.4 pts   

Income from Continuing Operations

   $ 41,658     $ 34,314     $ 7,344    21 %

Less: Settlement gain, net of tax

     —         (4,293 )     4,293   
                         

Adjusted Income from Continuing Operations

   $ 41,658     $ 30,021     $ 11,637    39 %

Diluted Earnings Per Share from Continuing Operations

   $ 1.01     $ 0.78     $ 0.23    29 %

Less: Settlement gain

     —         (0.10 )     0.10   
                         

Adjusted Diluted Earnings Per Share from Continuing Operations

   $ 1.01     $ 0.68     $ 0.33    49 %

 

9

EX-99.2 3 dex992.htm PRESS RELEASE DATED JUNE 26, 2008 Press Release dated June 26, 2008

Exhibit 99.2

 

LOGO   News Release    
    Acuity Brands, Inc.
    1170 Peachtree Street, NE
    Suite 2400
    Atlanta, GA 30309
    Tel: 404 853 1400
    Fax: 404 853 1420
    AcuityBrands.com

Company Contact:

Dan Smith

Acuity Brands, Inc.

(404) 853-1423

ACUITY BRANDS

DECLARES QUARTERLY DIVIDEND

ATLANTA, June 26, 2008 – The Board of Directors of Acuity Brands, Inc. (NYSE: AYI) today declared a quarterly dividend of 13 cents per share (an annualized rate of 52 cents per share). The dividend is payable on August 1, 2008 to shareholders of record on July 17, 2008.

Acuity Brands, Inc. owns and operates Acuity Brands Lighting, Inc. and Acuity Brands Technology Services, Inc. With fiscal year 2007 net sales of approximately $2.0 billion, Acuity Brands Lighting and Acuity Brands Technology Services combined are one of the world’s leading providers of lighting fixtures and related products and services and includes brands such as Lithonia Lighting®, Holophane®, Peerless®, Mark Architectural Lighting™, Hydrel®, American Electric Lighting®, Gotham® , Carandini®, SpecLight®, MetalOptics®, Antique Street Lamps™, Synergy® Lighting Controls, SAERIS™, and ROAM®. Headquartered in Atlanta, Georgia, Acuity Brands employs approximately 7,000 associates and has operations throughout North America and in Europe and Asia.

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-----END PRIVACY-ENHANCED MESSAGE-----