Delaware | 001-16583 | 58-2632672 | ||
(State or other jurisdiction of Company | (Commission File Number) | (I.R.S. Employer | ||
or organization) | Identification No.) |
1170 Peachtree St., N.E., Suite 2400, Atlanta, GA | 30309 | |
(Address of principal executive offices) | (Zip Code) |
99.1
|
Press Release dated June 29, 2011. | |
99.2
|
Press Release dated June 24, 2011. |
ACUITY BRANDS, INC. |
||||
By: | /s/ Richard K. Reece | |||
Richard K. Reece | ||||
Executive Vice President and Chief Financial Officer |
99.1
|
Press Release dated June 29, 2011 (Filed with the Commission as part of this Form 8-K). | |
99.2
|
Press Release dated June 24, 2011 (Filed with the Commission as part of this Form 8-K). |
News Release |
1
News Release |
2
News Release |
3
News Release |
4
News Release |
5
News Release |
May 31, | August 31, | |||||||
2011 | 2010 | |||||||
(unaudited) | ||||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 160.8 | $ | 191.0 | ||||
Accounts receivable, less reserve for doubtful accounts of $1.7 at May 31, 2011 and $2.0 at August 31, 2010 |
255.3 | 255.1 | ||||||
Inventories |
178.0 | 149.0 | ||||||
Deferred income taxes |
16.2 | 17.3 | ||||||
Prepayments and other current assets |
16.2 | 13.9 | ||||||
Total Current Assets |
626.5 | 626.3 | ||||||
Property, Plant, and Equipment, at cost: |
||||||||
Land |
8.8 | 7.6 | ||||||
Buildings and leasehold improvements |
123.8 | 113.7 | ||||||
Machinery and equipment |
362.0 | 337.5 | ||||||
Total Property, Plant, and Equipment |
494.6 | 458.8 | ||||||
Less Accumulated depreciation and amortization |
347.6 | 320.4 | ||||||
Property, Plant, and Equipment, net |
147.0 | 138.4 | ||||||
Other Assets: |
||||||||
Goodwill |
575.4 | 515.6 | ||||||
Intangible assets |
212.5 | 199.5 | ||||||
Deferred income taxes |
3.8 | 3.7 | ||||||
Other long-term assets |
25.8 | 20.1 | ||||||
Total Other Assets |
817.5 | 738.9 | ||||||
Total Assets |
$ | 1,591.0 | $ | 1,503.6 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 188.3 | $ | 195.0 | ||||
Accrued compensation |
36.7 | 51.8 | ||||||
Accrued pension liabilities, current |
1.1 | 1.1 | ||||||
Other accrued liabilities |
87.2 | 73.4 | ||||||
Total Current Liabilities |
313.3 | 321.3 | ||||||
Long-Term Debt |
353.4 | 353.3 | ||||||
Accrued Pension Liabilities, less current portion |
71.8 | 71.1 | ||||||
Deferred Income Taxes |
14.5 | 10.2 | ||||||
Self-Insurance Reserves, less current portion |
7.4 | 7.6 | ||||||
Other Long-Term Liabilities |
51.6 | 45.7 | ||||||
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; 50,905,733 issued and 42,650,978 outstanding
at May 31, 2011; and 50,441,634 issued and 42,116,473 outstanding at August 31, 2010 |
0.5 | 0.5 | ||||||
Paid-in capital |
676.2 | 661.9 | ||||||
Retained earnings |
512.5 | 459.0 | ||||||
Accumulated other comprehensive loss items |
(57.4 | ) | (71.3 | ) | ||||
Treasury stock, at cost, 8,254,755 shares at May 31, 2011 and 8,325,161 shares at August 31, 2010 |
(352.8 | ) | (355.7 | ) | ||||
Total Stockholders Equity |
779.0 | 694.4 | ||||||
Total Liabilities and Stockholders Equity |
$ | 1,591.0 | $ | 1,503.6 | ||||
6
News Release |
Three Months Ended May 31, | Nine Months Ended May 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net Sales |
$ | 458.3 | $ | 407.6 | $ | 1,299.5 | $ | 1,182.7 | ||||||||
Cost of Products Sold |
268.6 | 244.0 | 769.9 | 705.6 | ||||||||||||
Gross Profit |
189.7 | 163.6 | 529.6 | 477.1 | ||||||||||||
Selling, Distribution, and Administrative Expenses |
139.5 | 124.7 | 396.7 | 362.2 | ||||||||||||
Special Charge |
| (0.3 | ) | | 5.2 | |||||||||||
Operating Profit |
50.2 | 39.2 | 132.9 | 109.7 | ||||||||||||
Other Expense (Income): |
||||||||||||||||
Interest expense, net |
7.5 | 7.3 | 22.5 | 22.1 | ||||||||||||
Miscellaneous expense, net |
0.9 | (1.0 | ) | 2.9 | (1.1 | ) | ||||||||||
Loss on early debt extinguishment |
| | | 10.5 | ||||||||||||
Total Other Expense |
8.4 | 6.3 | 25.4 | 31.5 | ||||||||||||
Income before Provision for Income Taxes |
41.8 | 32.9 | 107.5 | 78.2 | ||||||||||||
Provision for Income Taxes |
14.7 | 11.6 | 36.2 | 26.4 | ||||||||||||
Income from Continuing Operations |
27.1 | 21.3 | 71.3 | 51.8 | ||||||||||||
Income from Discontinued Operations |
| | | 0.6 | ||||||||||||
Net Income |
$ | 27.1 | $ | 21.3 | $ | 71.3 | $ | 52.4 | ||||||||
Earnings Per Share: |
||||||||||||||||
Basic Earnings per Share from Continuing Operations |
$ | 0.63 | $ | 0.49 | $ | 1.66 | $ | 1.20 | ||||||||
Basic Earnings per Share from Discontinued Operations |
| | | 0.01 | ||||||||||||
Basic Earnings per Share |
$ | 0.63 | $ | 0.49 | $ | 1.66 | $ | 1.21 | ||||||||
Basic Weighted Average Number of Shares Outstanding |
42.5 | 42.7 | 42.3 | 42.5 | ||||||||||||
Diluted Earnings per Share from Continuing Operations |
$ | 0.62 | $ | 0.48 | $ | 1.63 | $ | 1.17 | ||||||||
Diluted Earnings per Share from Discontinued Operations |
| | | 0.01 | ||||||||||||
Diluted Earnings per Share |
$ | 0.62 | $ | 0.48 | $ | 1.63 | $ | 1.18 | ||||||||
Diluted Weighted Average Number of Shares Outstanding |
43.1 | 43.5 | 42.9 | 43.3 | ||||||||||||
Dividends Declared per Share |
$ | 0.13 | $ | 0.13 | $ | 0.39 | $ | 0.39 | ||||||||
7
News Release |
Nine Months Ended May 31, | ||||||||
2011 | 2010 | |||||||
Cash Provided by (Used for) Operating Activities: |
||||||||
Net income |
$ | 71.3 | $ | 52.4 | ||||
Add: (Gain) Loss from Discontinued Operations |
| (0.6 | ) | |||||
Income from Continuing Operations |
71.3 | 51.8 | ||||||
Adjustments to reconcile net income to net cash provided by
(used for) operating activities: |
||||||||
Depreciation and amortization |
29.7 | 27.7 | ||||||
Noncash compensation expense, net |
5.2 | 5.9 | ||||||
Excess tax benefits from share-based payments |
(5.1 | ) | (1.5 | ) | ||||
Loss on early debt extinguishment |
| 10.5 | ||||||
Loss on the sale or disposal of property, plant, and equipment |
0.1 | 0.1 | ||||||
Asset impairments |
0.1 | 3.4 | ||||||
Deferred income taxes |
(1.4 | ) | (2.0 | ) | ||||
Other non-cash items |
| 0.7 | ||||||
Change in assets and liabilities, net of effect of
acquisitions, divestitures and effect of exchange rate
changes: |
||||||||
Accounts receivable |
10.2 | (10.2 | ) | |||||
Inventories |
(17.6 | ) | (3.1 | ) | ||||
Prepayments and other current assets |
0.6 | (2.7 | ) | |||||
Accounts payable |
(10.1 | ) | 2.9 | |||||
Other current liabilities |
(2.9 | ) | 13.4 | |||||
Other |
1.5 | 0.1 | ||||||
Net Cash Provided by Operating Activities |
81.6 | 97.0 | ||||||
Cash Provided by (Used for) Investing Activities: |
||||||||
Purchases of property, plant, and equipment |
(17.4 | ) | (15.9 | ) | ||||
Proceeds from sale of property, plant, and equipment |
1.3 | 0.2 | ||||||
Acquisitions of businesses and intangible assets |
(90.4 | ) | | |||||
Net Cash Used for Investing Activities |
(106.5 | ) | (15.7 | ) | ||||
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 |
5.8 | 4.9 | ||||||
Excess tax benefits from share-based payments |
5.1 | 1.5 | ||||||
Dividends paid |
(16.9 | ) | (17.0 | ) | ||||
Net Cash (Used for) Provided by Financing Activities |
(8.9 | ) | 98.0 | |||||
Effect of Exchange Rate Changes on Cash |
3.6 | (3.5 | ) | |||||
Net Change in Cash and Cash Equivalents |
(30.2 | ) | 175.8 | |||||
Cash and Cash Equivalents at Beginning of Period |
191.0 | 18.7 | ||||||
Cash and Cash Equivalents at End of Period |
$ | 160.8 | $ | 194.5 | ||||
8
News Release |
THREE MONTHS ENDED | ||||||||||||||||
May 31 | ||||||||||||||||
2011 | 2010 | |||||||||||||||
% of Sales | % of Sales | |||||||||||||||
Net Sales |
$ | 458.3 | $ | 407.6 | ||||||||||||
Operating Profit (GAAP) |
$ | 50.2 | 11.0 | % | $ | 39.2 | 9.6 | % | ||||||||
Subtract: Special Charge Adjustment |
| | (0.3 | ) | (0.1 | %) | ||||||||||
Adjusted Operating Profit (Non-GAAP) |
$ | 50.2 | 11.0 | % | $ | 38.9 | 9.5 | % | ||||||||
Income from Continuing Operations (GAAP) |
$ | 27.1 | $ | 21.3 | ||||||||||||
Subtract: Special Charge Adjustment |
| (0.2 | ) | |||||||||||||
Adjusted Income from Continuing Operations (Non-GAAP) |
$ | 27.1 | $ | 21.1 | ||||||||||||
Diluted Earnings Per Share from Continuing
Operations (GAAP) |
$ | 0.62 | $ | 0.48 | ||||||||||||
Subtract: Special Charge Adjustment |
| | ||||||||||||||
Adjusted Diluted Earnings Per Share from Continuing
Operations (Non-GAAP) |
$ | 0.62 | $ | 0.48 | ||||||||||||
9
News Release |
NINE MONTHS ENDED | ||||||||||||||||
May 31 | ||||||||||||||||
2011 | 2010 | |||||||||||||||
% of Sales | % of Sales | |||||||||||||||
Net Sales |
$ | 1,299.5 | $ | 1,182.7 | ||||||||||||
Operating Profit (GAAP) |
$ | 132.9 | 10.2 | % | $ | 109.7 | 9.3 | % | ||||||||
Add-back: Special Charge |
| | 5.2 | 0.4 | % | |||||||||||
Adjusted Operating Profit (Non-GAAP) |
$ | 132.9 | 10.2 | % | $ | 114.9 | 9.7 | % | ||||||||
Income from Continuing Operations (GAAP) |
$ | 71.3 | $ | 51.8 | ||||||||||||
Add-back: Special Charge |
| 3.4 | ||||||||||||||
Add-back: Loss on Early Extinguishment of Debt |
| 6.8 | ||||||||||||||
Adjusted Income from Continuing Operations (Non-GAAP) |
$ | 71.3 | $ | 62.0 | ||||||||||||
Diluted Earnings Per Share from Continuing
Operations (GAAP) |
$ | 1.63 | $ | 1.17 | ||||||||||||
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) |
$ | 1.63 | $ | 1.41 | ||||||||||||
10
Acuity Brands, Inc. 1170 Peachtree Street, NE Suite 2400 Atlanta, GA 30309 |
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Tel: 404 853 1400 Fax: 404 853 1420 |
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AcuityBrands.com |
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