Delaware (State or other jurisdiction of Company or organization) |
001-16583 (Commission File Number) |
58-2632672 (I.R.S. Employer Identification No.) |
1170 Peachtree St., N.E., Suite 2400, Atlanta, GA (Address of principal executive offices) |
30309 (Zip Code) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 8.01. Other Events | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
Signatures | ||||||||
EXHIBIT INDEX | ||||||||
EX-99.1 | ||||||||
EX-99.2 |
(d) | Exhibits |
99.1 | Press Release dated March 30, 2011. | ||
99.2 | Press Release dated March 25, 2011. |
2
Date: March 30, 2011 | ||||
ACUITY BRANDS, INC. |
||||
By: | /s/ Richard K. Reece | |||
Richard K. Reece | ||||
Executive Vice President and Chief Financial Officer |
3
News Release | ||||
Acuity Brands, Inc. | ||||
1170 Peachtree Street, NE | ||||
Suite 2400 | ||||
Atlanta, GA 30309 | ||||
Tel: 404 853 1400 | ||||
Fax: 404 853 1420 | ||||
AcuityBrands.com |
2
3
4
5
February 28, | August 31, | |||||||
2011 | 2010 | |||||||
(unaudited) | ||||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 125.5 | $ | 191.0 | ||||
Accounts receivable, less reserve for doubtful accounts
of $1.7 at February 28, 2011 and $2.0 at August 31, 2010 |
243.7 | 255.1 | ||||||
Inventories |
174.1 | 149.0 | ||||||
Deferred income taxes |
16.3 | 17.3 | ||||||
Prepayments and other current assets |
22.3 | 13.9 | ||||||
Total Current Assets |
581.9 | 626.3 | ||||||
Property, Plant, and Equipment, at cost: |
||||||||
Land |
8.2 | 7.6 | ||||||
Buildings and leasehold improvements |
120.2 | 113.7 | ||||||
Machinery and equipment |
357.5 | 337.5 | ||||||
Total Property, Plant, and Equipment |
485.9 | 458.8 | ||||||
Less Accumulated depreciation and amortization |
340.8 | 320.4 | ||||||
Property, Plant, and Equipment, net |
145.1 | 138.4 | ||||||
Other Assets: |
||||||||
Goodwill |
571.3 | 515.6 | ||||||
Intangible assets |
212.5 | 199.5 | ||||||
Deferred income taxes |
3.8 | 3.7 | ||||||
Other long-term assets |
22.4 | 20.1 | ||||||
Total Other Assets |
810.0 | 738.9 | ||||||
Total Assets |
$ | 1,537.0 | $ | 1,503.6 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 175.7 | $ | 195.0 | ||||
Accrued compensation |
31.3 | 51.8 | ||||||
Accrued pension liabilities, current |
1.1 | 1.1 | ||||||
Other accrued liabilities |
79.1 | 73.4 | ||||||
Total Current Liabilities |
287.2 | 321.3 | ||||||
Long-Term Debt |
353.4 | 353.3 | ||||||
Accrued Pension Liabilities, less current portion |
72.5 | 71.1 | ||||||
Deferred Income Taxes |
15.1 | 10.2 | ||||||
Self-Insurance Reserves, less current portion |
7.8 | 7.6 | ||||||
Other Long-Term Liabilities |
53.0 | 45.7 | ||||||
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; 50,859,487 issued and 42,604,732 outstanding at
February 28, 2011; and 50,441,634 issued and 42,116,473
outstanding at August 31, 2010 |
0.5 | 0.5 | ||||||
Paid-in capital |
670.8 | 661.9 | ||||||
Retained earnings |
491.0 | 459.0 | ||||||
Accumulated other comprehensive loss items |
(61.5 | ) | (71.3 | ) | ||||
Treasury stock, at cost, 8,254,755 shares at
February 28, 2011 and 8,325,161 shares at August 31, 2010 |
(352.8 | ) | (355.7 | ) | ||||
Total Stockholders Equity |
748.0 | 694.4 | ||||||
Total Liabilities and Stockholders Equity |
$ | 1,537.0 | $ | 1,503.6 | ||||
6
Three Months Ended February 28, | Six Months Ended February 28, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net Sales |
$ | 416.1 | $ | 383.5 | $ | 841.2 | $ | 775.2 | ||||||||
Cost of Products Sold |
252.3 | 231.2 | 501.2 | 461.6 | ||||||||||||
Gross Profit |
163.8 | 152.3 | 340.0 | 313.6 | ||||||||||||
Selling, Distribution, and Administrative Expenses |
126.6 | 119.1 | 257.3 | 237.7 | ||||||||||||
Special Charge |
| 5.4 | | 5.4 | ||||||||||||
Operating Profit |
37.2 | 27.8 | 82.7 | 70.5 | ||||||||||||
Other Expense (Income): |
||||||||||||||||
Interest expense, net |
7.5 | 8.1 | 15.0 | 14.8 | ||||||||||||
Miscellaneous expense, net |
0.7 | (0.6 | ) | 2.0 | (0.1 | ) | ||||||||||
Loss on early debt extinguishment |
| 10.5 | | 10.5 | ||||||||||||
Total Other Expense |
8.2 | 18.0 | 17.0 | 25.2 | ||||||||||||
Income before Provision for Income Taxes |
29.0 | 9.8 | 65.7 | 45.3 | ||||||||||||
Provision for Income Taxes |
9.1 | 2.6 | 21.4 | 14.8 | ||||||||||||
Income from Continuing Operations |
19.9 | 7.2 | 44.3 | 30.5 | ||||||||||||
Income from Discontinued Operations |
| 0.6 | | 0.6 | ||||||||||||
Net Income |
$ | 19.9 | $ | 7.8 | $ | 44.3 | $ | 31.1 | ||||||||
Earnings Per Share: |
||||||||||||||||
Basic Earnings per Share from Continuing
Operations |
$ | 0.46 | $ | 0.17 | $ | 1.03 | $ | 0.71 | ||||||||
Basic Earnings per Share from
Discontinued Operations |
| 0.01 | | 0.01 | ||||||||||||
Basic Earnings per Share |
$ | 0.46 | $ | 0.18 | $ | 1.03 | $ | 0.72 | ||||||||
Basic Weighted Average Number of Shares
Outstanding |
42.3 | 42.5 | 42.2 | 42.4 | ||||||||||||
Diluted Earnings per Share from
Continuing Operations |
$ | 0.45 | $ | 0.16 | $ | 1.01 | $ | 0.69 | ||||||||
Diluted Earnings per Share from
Discontinued Operations |
| 0.01 | | 0.01 | ||||||||||||
Diluted Earnings per Share |
$ | 0.45 | $ | 0.17 | $ | 1.01 | $ | 0.70 | ||||||||
Diluted Weighted Average Number of
Shares Outstanding |
43.0 | 43.3 | 42.9 | 43.2 | ||||||||||||
Dividends Declared per Share |
$ | 0.13 | $ | 0.13 | $ | 0.26 | $ | 0.26 | ||||||||
7
Six Months Ended February 28, | ||||||||
2011 | 2010 | |||||||
Cash Provided by (Used for) Operating Activities: |
||||||||
Net income |
$ | 44.3 | $ | 31.1 | ||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: |
||||||||
Depreciation and amortization |
19.2 | 18.8 | ||||||
Noncash compensation expense, net |
1.9 | 3.0 | ||||||
Excess tax benefits from share-based payments |
(3.5 | ) | (0.3 | ) | ||||
Loss on early debt extinguishment |
| 10.5 | ||||||
Loss on the sale or disposal of property, plant, and equipment |
0.1 | 0.1 | ||||||
Asset impairments |
| 3.7 | ||||||
Deferred income taxes |
(0.9 | ) | (1.7 | ) | ||||
Other non-cash items |
0.1 | | ||||||
Change in assets and liabilities, net of effect of acquisitions, divestitures and
effect of exchange rate changes: |
||||||||
Accounts receivable |
21.9 | 2.3 | ||||||
Inventories |
(14.4 | ) | (7.3 | ) | ||||
Prepayments and other current assets |
(5.7 | ) | (12.3 | ) | ||||
Accounts payable |
(22.6 | ) | (4.5 | ) | ||||
Other current liabilities |
(16.7 | ) | (1.0 | ) | ||||
Other |
5.0 | 5.0 | ||||||
Net Cash Provided by Operating Activities |
28.7 | 47.4 | ||||||
Cash Provided by (Used for) Investing Activities: |
||||||||
Purchases of property, plant, and equipment |
(11.8 | ) | (9.5 | ) | ||||
Acquisitions of businesses and intangible assets |
(80.5 | ) | | |||||
Net Cash Used for Investing Activities |
(92.3 | ) | (9.5 | ) | ||||
Cash Provided by (Used for) Financing Activities: |
||||||||
Repayments of long-term debt |
| (237.9 | ) | |||||
Issuance of long-term debt |
| 346.5 | ||||||
Repurchases of common stock |
(2.9 | ) | | |||||
Proceeds from stock option exercises and other |
5.3 | 2.9 | ||||||
Excess tax benefits from share-based payments |
3.5 | 0.3 | ||||||
Dividends paid |
(11.2 | ) | (11.3 | ) | ||||
Net Cash (Used for) Provided by Financing Activities |
(5.3 | ) | 100.5 | |||||
Effect of Exchange Rate Changes on Cash |
3.4 | (1.3 | ) | |||||
Net Change in Cash and Cash Equivalents |
(65.5 | ) | 137.1 | |||||
Cash and Cash Equivalents at Beginning of Period |
191.0 | 18.7 | ||||||
Cash and Cash Equivalents at End of Period |
$ | 125.5 | $ | 155.8 | ||||
8
THREE MONTHS ENDED | ||||||||||||||||
February 28 | ||||||||||||||||
2011 | 2010 | |||||||||||||||
(In millions, except per-share data) | % of Sales | % of Sales | ||||||||||||||
Net Sales |
$ | 416.1 | $ | 383.5 | ||||||||||||
Operating Profit (GAAP) |
$ | 37.2 | 8.9 | % | $ | 27.8 | 7.3 | % | ||||||||
Add-back: Special Charge |
| | 5.4 | 1.4 | % | |||||||||||
Adjusted Operating Profit (Non-GAAP) |
$ | 37.2 | 8.9 | % | $ | 33.2 | 8.7 | % | ||||||||
Income from Continuing Operations (GAAP) |
$ | 19.9 | $ | 7.2 | ||||||||||||
Add-back: Special Charge |
| 3.5 | ||||||||||||||
Add-back: Loss on Early Extinguishment of Debt |
| 6.8 | ||||||||||||||
Adjusted Income from Continuing Operations (Non-GAAP) |
$ | 19.9 | $ | 17.5 | ||||||||||||
Diluted Earnings Per Share from Continuing Operations (GAAP) |
$ | 0.45 | $ | 0.16 | ||||||||||||
Add-back: Special Charge |
| 0.08 | ||||||||||||||
Add-back: Loss on Early Extinguishment of Debt |
| 0.16 | ||||||||||||||
Adjusted Diluted Earnings Per Share from Continuing Operations (Non-GAAP) |
$ | 0.45 | $ | 0.40 | ||||||||||||
9
SIX MONTHS ENDED | ||||||||||||||||
February 28 | ||||||||||||||||
2011 | 2010 | |||||||||||||||
(In millions, except per-share data) | % of Sales | % of Sales | ||||||||||||||
Net Sales |
$ | 841.2 | $ | 775.2 | ||||||||||||
Operating Profit (GAAP) |
$ | 82.7 | 9.8 | % | $ | 70.5 | 9.1 | % | ||||||||
Add-back: Special Charge |
| | 5.4 | 0.7 | % | |||||||||||
Adjusted Operating Profit (Non-GAAP) |
$ | 82.7 | 9.8 | % | $ | 75.9 | 9.8 | % | ||||||||
Income from Continuing Operations (GAAP) |
$ | 44.3 | $ | 30.5 | ||||||||||||
Add-back: Special Charge |
| 3.5 | ||||||||||||||
Add-back: Loss on Early Extinguishment of Debt |
| 6.8 | ||||||||||||||
Adjusted Income from Continuing Operations (Non-GAAP) |
$ | 44.3 | $ | 40.8 | ||||||||||||
Diluted Earnings Per Share from Continuing Operations (GAAP) |
$ | 1.01 | $ | 0.69 | ||||||||||||
Add-back: Special Charge |
| 0.08 | ||||||||||||||
Add-back: Loss on Early Extinguishment of Debt |
| 0.16 | ||||||||||||||
Adjusted Diluted Earnings Per Share from Continuing Operations (Non-GAAP) |
$ | 1.01 | $ | 0.93 | ||||||||||||
10
Acuity Brands, Inc. | ||
1170 Peachtree Street, NE | ||
Suite 2400 | ||
Atlanta, GA 30309 | ||
Tel: 404 853 1400 | ||
Fax: 404 853 1420 | ||
AcuityBrands.com |
.F(D,\`@0-G^0PSP2\"++%
M/#E\X@X_N!R`!SIC(#!/`O`*DL`\""1RCBDK+-`&(\#>04(:7S0(!B#N-6H`
MD?Q5FDTV8GPC!J.G98ID65+]$&Y4`>@`C#4+5+`*")!`DHDK2DSQ@PP=@&`&
M%D&`X,$:/DXK5IT2ACOT-=D`*N,#C\:`+$YS,
M6>CB)H``%I`(/8`#^J`.H7<=$+`$7>`(?%`.'K"SLA`!#:`"9-![;]`!!'`Q
M\X%+_;`-2@`&9YX&][P#G5E,C(L/%I<$@S`(5,`&TW`%HQ@Q:&X#]6`5EZ")
M189/5W!<.7*N"@#FIHT)D.CG(!`%+25
MO([P#-$0!"-0!S(@A?Y@2MK@):00`!39"4:0!760!X:0!R,A!F+0##6`!_I`
M`Z@0#V/0+[WP^7U0Y%K0"LW`!3J@RO80#+.0!B`L+&@0`15P`93P!VGP!A0P
M!U.P&@22!6@#"`K0<49Z`2';&3KA`!(>,0R/!E.P#6Q,`A%S<6B@G7)P>ZZG
MM@K`F42P,780U+'_`.;@MT:V<0%@`-&WN`T8@`EO$`L#GRJBH=+V_0,Z$`)0
M]@#D,`Y50`^Q(`2>1?4G!Q`7DHQX(L<`-AD'L>EA5*4`AVFX.H#`M\<`MVK2
M9/03$Z"0!Q*,/C@#!(E>L$C=_*UDZ2]?HV+)GGBK1@H;MG[4O$PS,,46DFC1
M^.B1)FUEM04&)/GRQ86)EP5&N!DP(,,;EV_2J!'1(0E4G#B^(.!JM
Q!K]!D*,RT7D1/2FA"]8###T@OW]1#"Q6<]">$,%$$P
MS-<+#25USZ`):$>Q`I`$S3