Acuity Brands Reports Fiscal 2013 First Quarter Results

Tue Jan 8, 2013 8:32am EST

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Adjusted Diluted EPS of $0.69 on 1.4 Percent Rise in Net Sales
ATLANTA--(Business Wire)--
Acuity Brands, Inc. (NYSE: AYI) ("Company") today announced fiscal 2013 first
quarter net sales were $481.1 million, an increase of $6.8 million, or 1.4
percent, compared with the year-ago period. Excluding special charges and
related temporary expenses in both periods, fiscal 2013 first quarter adjusted
net income was $29.6 million compared with adjusted net income of $31.6 million
for the prior-year period. Adjusted diluted earnings per share ("EPS") for the
first quarter of fiscal 2013 were $0.69 compared with adjusted diluted EPS of
$0.74 for the year-ago period. Additionally, adjusted diluted EPS were basically
flat year over year after excluding the impact of prior year`s first quarter net
miscellaneous income of $2.9 million, or $0.04 per diluted share, which was
primarily attributable to currency-related gains that did not repeat this year.
Net income for the first quarter of fiscal 2013 was $26.1 million, or $0.61
diluted EPS, compared with $29.9 million, or $0.70 diluted EPS, for the year-ago
period. A detailed discussion of adjusted net income and adjusted diluted EPS,
together with a reconciliation of these measures to the most directly comparable
GAAP measure is provided below. 

Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity
Brands, commented, "Our first quarter results reflect what we believe was a lull
in demand in the nonresidential construction market as well as temporary
inefficiencies and costs associated with the closure of our Cochran, Georgia
production facility. As indicated in our fourth quarter SEC filings, earnings
release and conference call, we cautioned that end-customer demand could be
inconsistent and tepid, particularly during the first half of the year, due to
the weak pace of economic recovery in the U.S. and abroad. Although shipment
volume increased modestly in the first quarter as compared with the year-ago
period, it appeared certain customers took a "wait and see" approach surrounding
the uncertainties of the outcomes of the U.S. elections and the resolution of
the pending "fiscal cliff" resulting in weak demand. In spite of these market
conditions, I am pleased to report that excluding the costs and inefficiencies
associated with the ongoing closure process of our Cochran facility, adjusted
operating profit margins remained solid at 11.2 percent. While we currently see
favorable trends in our daily order rate, we still expect demand to be volatile
in our second quarter, as businesses and consumers adjust their spending plans
to take into account the uncertainties associated with U.S. fiscal policy and
global economic concerns. We currently believe this will be followed by more
stable demand in the second half of our fiscal 2013." 

First Quarter Results

The year-over-year growth in fiscal 2013 first quarter net sales was due
primarily to an increase in volume, partially offset by a slightly net
unfavorable change in product prices and the mix of products sold. While the
increase in volume was fairly broad-based across most product categories and key
sales channels in North America, the Company did observe some postponement or
cancellation of certain projects. The impact on net sales from acquisitions and
foreign currency was not significant. Sales of LED-based products grew by more
than two-and-a-half times over the prior-year period and represented
approximately 13 percent of fiscal 2013 first quarter net sales. 

Fiscal 2013 first quarter gross profit margin decreased 140 basis points to 39.4
percent compared with 40.8 percent for the prior-year period. Excluding the
impact of the expenses directly associated with the closing of the Cochran
facility as discussed below, adjusted gross profit margin decreased 40 basis
points to 40.4 percent compared with the prior-year period. The decline in
adjusted gross profit margin was due primarily to an increase in expenses
associated with new product introductions and higher manufacturing costs related
to slight changes in the mix of products sold, partially offset by the favorable
impact of increased net sales, lower material and component costs, and realized
productivity improvements associated with ongoing streamlining activities. 

Operating profit for the first quarter of fiscal 2013 was $48.2 million, or 10.0
percent of net sales, compared with $50.6 million, or 10.7 percent of net sales,
for the prior-year period. Excluding expenses associated with the closing of the
Cochran facility as discussed below, adjusted operating profit for the first
quarter of fiscal 2013 was $53.7 million, a 1 percent increase over the
prior-year period`s adjusted operating profit of $53.3 million. Adjusted
operating profit margin for the first quarter of both fiscal 2013 and 2012 was
11.2 percent. 

Fiscal 2013 first quarter results included $0.1 million of net miscellaneous
expense compared with $2.9 million, or $0.04 per diluted share, of net
miscellaneous income in the prior-year period. Net miscellaneous expense/income
consists primarily of gains and losses resulting from the impact of exchange
rates changes on foreign currency exposures, particularly those associated with
the Mexican Peso. 

Special Charges and Temporary Expenses Associated with Streamlining Activities

Included in the results for the first quarter of fiscal 2013 were a pre-tax
special charge and temporary expenses associated with previously announced
streamlining actions, primarily to close a production facility, totaling $5.5
million, or $0.08 per diluted share, as explained below. Included in the results
for the first quarter of the prior year was a $2.7 million pre-tax special
charge, or $0.04 per diluted share, associated with other streamlining actions. 

The current year pre-tax special charge and temporary expenses totaling $5.5
million, or $0.08 per diluted share, was comprised of a pre-tax special charge
of $0.7 million, or $0.01 per diluted share, and $4.8 million, or $0.07 per
diluted share, of costs related to temporary manufacturing inefficiencies
associated with the closing of the Cochran production facility. The special
charge consisted principally of production transfer costs from the Cochran
facility to other locations. The $4.8 million of manufacturing inefficiencies
consisted primarily of: non-productive operating costs at the Cochran facility;
expenses associated with the initial set-up of production at various facilities
that have assumed the production of products previously manufactured at the
Cochran facility; and incremental costs associated with production-related
activities performed by third-parties that are now largely produced internally
as the Company`s manufacturing capacity has since been increased to accommodate
the transfer of production. 

The Company expects that the closure of the Cochran facility will be principally
completed by the end of the second quarter of fiscal 2013. Management forecasts
that additional costs of approximately $4 million associated with the closing of
the Cochran facility will be incurred in the second fiscal quarter. The costs
are expected to once again be comprised of a pre-tax special charge along with
temporary production inefficiencies. Assuming no further delays in obtaining
government permits and approvals or in ramping-up production at the receiving
facilities, management anticipates that the Cochran facility will totally cease
production by the end of the second fiscal quarter and no further costs related
to this streamlining effort will be incurred thereafter. 

The Company estimates that the total annualized pre-tax savings associated with
all streamlining activities initiated in 2012, including the closure of the
Cochran facility, to be approximately $14 million of which approximately $4
million was realized in fiscal 2012. The Company realized approximately $2
million of benefits (excluding the inefficiencies noted above) in the first
quarter of fiscal 2013 and expects to be at the total annualized savings run
rate from the streamlining activities beginning in the third quarter of fiscal
2013 following the completion of the transfer of production and closure of the
facility. 

Outlook

Mr. Nagel commented, "As we look to the second quarter, typically our softest
due to seasonality, we expect demand to continue to be inconsistent. Due to the
recent slowdown in the rate of growth over the past several months, we believe
the growth rate for the North American lighting market may be tempered somewhat
to the low to mid-single digit range. We remain cautiously optimistic that we
will continue to outperform the markets we serve while delivering financial
results for the full fiscal year more consistent with our long-term financial
objectives as identified in our recent Form 10-K." 

Mr. Nagel concluded, "We believe the lighting and lighting-related industry will
experience solid growth over the next decade, particularly as energy and
environmental concerns come to the forefront, and we believe we are well
positioned to fully participate in this exciting industry." 

Non-GAAP Financial Measures

Acuity Brands` management included in the above news release the terms "adjusted
gross profit," "adjusted gross profit margin," "adjusted operating profit,"
"adjusted operating profit margin," "adjusted net income," and "adjusted diluted
EPS" which are non-U.S. Generally Accepted Accounting Principles ("GAAP"), or
non-GAAP, financial measures provided to enhance the user`s overall
understanding of the Company`s current financial performance and prospects for
the future. Specifically, management believes that adjusted gross profit,
adjusted gross profit margin, adjusted operating profit, adjusted operating
profit margin, adjusted net income, and adjusted diluted EPS provide useful
information to investors by excluding or adjusting items related to special
charges and additional costs associated with the closing of the Cochran
production facility, which affected fiscal 2013 gross profit as well as fiscal
2013 and 2012 operating profit, net income and diluted EPS. Management believes
the special charges and additional costs impacted the comparability of the
Company`s results and that these items are not reflective of costs that the
Company will incur over the long term. However, we have incurred similar charges
in prior fiscal years and continually evaluate streamlining measures which could
result in additional charges in future periods. These non-GAAP financial
measures should be considered in addition to, and not as a substitute for or
superior to, results prepared in accordance with GAAP. The most directly
comparable GAAP measure for adjusted gross profit and adjusted gross profit
margin are "gross profit" and "gross profit margin", respectively, which include
the impact of costs associated with the closing of the Cochran facility. The
most directly comparable GAAP measure for adjusted operating profit and adjusted
operating profit margin are "operating profit" and "operating profit margin,"
respectively, which include the impact of the special charges and the costs
associated with the closing of the Cochran facility. The most directly
comparable GAAP measures for adjusted net income and adjusted diluted EPS are
"net income" and "diluted EPS," respectively; both GAAP measures include the
impact of the special charges and the costs associated with the closing of the
Cochran facility. The non-GAAP financial measures included in this news release
have been reconciled to the nearest GAAP measure. 

Conference Call

As previously announced, the Company will host a conference call to discuss
first quarter results today, January 8, 2013, 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. 

About Acuity Brands

Acuity Brands, Inc. is a North American market leader and one of the world`s
leading providers of lighting solutions for both indoor and outdoor
applications. With fiscal year 2012 net sales of over $1.9 billion, Acuity
Brands employs approximately 6,000 associates and is headquartered in Atlanta,
Georgia with operations throughout North America, and in Europe and Asia. The
Company`s lighting solutions are sold under various brands, including Lithonia
Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona
Lighting, Healthcare Lighting, Hydrel, American Electric Lighting, Carandini,
Antique Street Lamps, Tersen, Sunoptics, Sensor Switch, Lighting Control &
Design, Synergy Lighting Controls, Pathway Connectivity, Dark to Light, ROAM,
RELOC Wiring Solutions, and acculamp. 

Forward Looking Information

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," "estimates", "forecasts," "anticipates,"
"may," "should", "remain", 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) the expected timing of the completion of
the closure of the Cochran facility; (b) estimated future pre-tax special
charges and manufacturing inefficiencies associated with the facility closure;
(c) projected annualized pre-tax savings associated with streamlining
activities, including the timing of the realization of such savings; (d) the
expected demand for the Company`s products; (e) the expectation that the Company
will be able to continue to outperform the markets it serves while delivering
financial results consistent with its long-term financial objectives; and (f)
the expectation of solid growth over the next decade for the lighting and
lighting-related industry and the Company`s position to fully participate.
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 January 8,
2013 and 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, 2012. 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.

                                                                                                                                                                                                                                                       
 ACUITY BRANDS, INC.                                                                                                                                                                                                                                   
 CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                           
 (In millions, except share and per-share data)                                                                                                                                                                                                        
                                                                                                                                                                                                         November 30,             August 31,           
                                                                                                                                                                                                         2012                     2012                 
                                                                                                                                                                                                         (Unaudited)                                   
 ASSETS                                                                                                                                                                                                                                                
 Current Assets:                                                                                                                                                                                                                                       
 Cash and cash equivalents                                                                                                                                                                               $      267.5             $     284.5          
 Accounts receivable, less reserve for doubtful accounts of $1.4 at November 30, 2012 and August 31, 2012                                                                                                       270.5                   263.8          
 Inventories                                                                                                                                                                                                    193.7                   194.1          
 Deferred income taxes                                                                                                                                                                                          12.6                    13.0           
 Prepayments and other current assets                                                                                                                                                                           29.0                    23.6           
 Total Current Assets                                                                                                                                                                                           773.3                   779.0          
 Property, Plant, and Equipment, at cost:                                                                                                                                                                                                              
 Land                                                                                                                                                                                                           7.4                     7.3            
 Buildings and leasehold improvements                                                                                                                                                                           119.1                   115.5          
 Machinery and equipment                                                                                                                                                                                        354.4                   345.7          
 Total Property, Plant, and Equipment                                                                                                                                                                           480.9                   468.5          
 Less - Accumulated depreciation and amortization                                                                                                                                                               337.1                   329.3          
 Property, Plant, and Equipment, net                                                                                                                                                                            143.8                   139.2          
 Other Assets:                                                                                                                                                                                                                                         
 Goodwill                                                                                                                                                                                                       555.1                   554.9          
 Intangible assets                                                                                                                                                                                              228.1                   230.8          
 Deferred income taxes                                                                                                                                                                                          4.0                     4.1            
 Other long-term assets                                                                                                                                                                                         27.4                    28.9           
 Total Other Assets                                                                                                                                                                                             814.6                   818.7          
 Total Assets                                                                                                                                                                                            $      1,731.7           $     1,736.9        
 LIABILITIES AND STOCKHOLDERS` EQUITY                                                                                                                                                                                                                  
 Current Liabilities:                                                                                                                                                                                                                                  
 Accounts payable                                                                                                                                                                                        $      204.6             $     232.7          
 Accrued compensation                                                                                                                                                                                           21.6                    44.9           
 Accrued pension liabilities, current                                                                                                                                                                           1.2                     1.2            
 Other accrued liabilities                                                                                                                                                                                      93.9                    86.0           
 Total Current Liabilities                                                                                                                                                                                      321.3                   364.8          
 Long-Term Debt                                                                                                                                                                                                 353.5                   353.5          
 Accrued Pension Liabilities, less current portion                                                                                                                                                              93.8                    90.1           
 Deferred Income Taxes                                                                                                                                                                                          31.7                    33.4           
 Self-Insurance Reserves, less current portion                                                                                                                                                                  6.7                     6.6            
 Other Long-Term Liabilities                                                                                                                                                                                    58.6                    54.5           
 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; 51,961,454 issued and 42,242,199 outstanding at November 30, 2012; and 51,508,358 issued and 41,789,103 outstanding at August 31, 2012           0.5                     0.5            
 Paid-in capital                                                                                                                                                                                                715.4                   703.1          
 Retained earnings                                                                                                                                                                                              655.9                   635.3          
 Accumulated other comprehensive loss items                                                                                                                                                                     (85.5    )              (84.7    )     
 Treasury stock, at cost, 9,719,255 shares at November 30, 2012 and August 31, 2012                                                                                                                             (420.2   )              (420.2   )     
 Total Stockholders` Equity                                                                                                                                                                                     866.1                   834.0          
 Total Liabilities and Stockholders` Equity                                                                                                                                                              $      1,731.7           $     1,736.9        
                                                                                                                                                                                                                                                       


                                                                                                          
 ACUITY BRANDS, INC.                                                                                      
 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)                                                            
 (In millions, except per-share data)                                                                     
                                                                                                          
                                                          Three Months Ended November 30,                 
                                                          2012                    2011                    
 Net Sales                                                $       481.1           $       474.3           
 Cost of Products Sold                                            291.6                   280.7           
 Gross Profit                                                     189.5                   193.6           
 Selling, Distribution, and Administrative Expenses               140.6                   140.3           
 Special Charge                                                   0.7                     2.7             
 Operating Profit                                                 48.2                    50.6            
 Other Expense (Income):                                                                                  
 Interest Expense, net                                            7.7                     7.7             
 Miscellaneous (Income) Expense, net                              0.1                     (2.9    )       
 Total Other Expense                                              7.8                     4.8             
 Income before Provision for Income Taxes                         40.4                    45.8            
 Provision for Income Taxes                                       14.3                    15.9            
 Net Income                                               $       26.1            $       29.9            
                                                                                                          
 Earnings Per Share:                                                                                      
 Basic Earnings per Share                                 $       0.61            $       0.71            
 Basic Weighted Average Number of Shares Outstanding              41.8                    41.2            
 Diluted Earnings per Share                               $       0.61            $       0.70            
 Diluted Weighted Average Number of Shares Outstanding            42.3                    41.7            
 Dividends Declared per Share                             $       0.13            $       0.13            
                                                                                                          


                                                                                                                                                       
 ACUITY BRANDS, INC.                                                                                                                                   
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)                                                                                           
 (In millions)                                                                                                                                         
                                                                                                                                                       
                                                                                                      Three Months Ended November 30,                  
                                                                                                      2012                        2011                 
 Net Income                                                                                           $      26.1                 $      29.9          
                                                                                                                                                       
 Other Comprehensive Income/(Expense) Items:                                                                                                           
 Foreign Currency Translation Adjustments                                                                    1.3                         (9.1   )      
 Defined Benefit Pension Plans:                                                                                                                        
 Prior service cost from plan amendment during period                                                        (5.5   )                    -             
 Less: Amortization of prior service cost and actuarial loss included in net periodic pension cost           1.8                         1.0           
 Defined Benefit Pension Plans, net                                                                          (3.7   )                    1.0           
 Other Comprehensive Income/(Expense) Items before Provision for Income Taxes                                (2.4   )                    (8.1   )      
 Income Tax (Expense)/Benefit related to Other Comprehensive Income/(Expense) Items                          1.6                         (0.3   )      
 Other Comprehensive Income/(Expense) Items after Provision for Income Taxes                                 (0.8   )                    (8.4   )      
                                                                                                                                                       
 Comprehensive Income                                                                                 $      25.3                 $      21.5          
                                                                                                                                                       


                                                                                                                                                                        
 ACUITY BRANDS, INC.                                                                                                                                                    
 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)                                                                                                                      
 (In Millions)                                                                                                                                                          
                                                                                                                       Three Months Ended November 30,                  
                                                                                                                       2012                        2011                 
 Cash (Used for)/Provided Operating Activities:                                                                                                                         
 Net income                                                                                                            $      26.1                 $      29.9          
 Adjustments to reconcile net income to net cash provided by (used for) operating activities:                                                                           
 Depreciation and amortization                                                                                                10.0                        10.1          
 Share-based compensation expense                                                                                             4.3                         4.2           
 Excess tax benefits from share-based payments                                                                                (5.4   )                    (1.1   )      
 Loss on the sale or disposal of property, plant, and equipment                                                               -                           0.1           
 Deferred income taxes                                                                                                        1.1                         (2.2   )      
 Change in assets and liabilities, net of effect of acquisitions, divestitures and effect of exchange rate changes:                                                     
 Accounts receivable                                                                                                          (6.6   )                    (1.7   )      
 Inventories                                                                                                                  0.5                         2.9           
 Prepayments and other current assets                                                                                         (5.3   )                    (5.5   )      
 Accounts payable                                                                                                             (28.4  )                    (4.2   )      
 Other current liabilities                                                                                                    (9.9   )                    (7.2   )      
 Other                                                                                                                        (0.9   )                    2.4           
 Net Cash (Used for)/Provided by Operating Activities                                                                         (14.5  )                    27.7          
 Cash Used for Investing Activities:                                                                                                                                    
 Purchases of property, plant, and equipment                                                                                  (11.2  )                    (4.2   )      
 Proceeds from sale of property, plant, and equipment                                                                         -                           -             
 Acquisitions of business and intangible assets, net of cash acquired                                                         -                           (3.8   )      
 Net Cash Used for Investing Activities                                                                                       (11.2  )                    (8.0   )      
 Cash Provided by/(Used for) Financing Activities:                                                                                                                      
 Repurchases of common stock                                                                                                  -                           (9.2   )      
 Proceeds from stock option exercises and other                                                                               8.2                         0.8           
 Excess tax benefits from share-based payments                                                                                5.4                         1.1           
 Dividends paid                                                                                                               (5.5   )                    (5.5   )      
 Net Cash Provided by/(Used for) Financing Activities                                                                         8.1                         (12.8  )      
 Effect of Exchange Rate Changes on Cash                                                                                      0.6                         (4.4   )      
 Net Change in Cash and Cash Equivalents                                                                                      (17.0  )                    2.5           
 Cash and Cash Equivalents at Beginning of Period                                                                             284.5                       170.2         
 Cash and Cash Equivalents at End of Period                                                                            $      267.5                $      172.7         
                                                                                                                                                                        


ACUITY BRANDS, INC.
Reconciliation of Non-U.S. GAAP Measures

The tables below reconcile certain GAAP financial measures to the corresponding
non-GAAP measures, which exclude special charges associated with actions to
accelerate the streamlining of the organization, including additional expenses
associated with the consolidation and closure of certain manufacturing
facilities. These non-GAAP financial measures, including adjusted gross profit,
adjusted gross profit margin, adjusted operating profit, adjusted operating
profit margin, adjusted net income, and adjusted diluted earnings per share, are
provided to enhance the user`s overall understanding of the Company`s current
financial performance. Specifically, the Company believes these non-U.S. GAAP
measures provide greater comparability and enhanced visibility into results by
excluding the impact of those expenses. These non-GAAP financial measures should
be considered in addition to, and not as a substitute for or superior to,
results prepared in accordance with GAAP.

                                                                                                                         
 (In millions, except earnings per share data)         THREE MONTHS ENDED                                                
                                                       November 30,                                                      
                                                       2012                               2011                           
                                                                      % of Sales                         % of Sales      
 Net Sales                                             $   481.1                          $   474.3                      
                                                                                                                         
 Gross Profit (GAAP)                                   $   189.5      39.4    %           $   193.6      40.8    %       
 Add-Back: Manufacturing Inefficiencies                    4.8                                -                          
 Adjusted Gross Profit (Non-GAAP)                      $   194.3      40.4    %           $   193.6      40.8    %       
                                                                                                                         
 Operating Profit (GAAP)                               $   48.2       10.0    %           $   50.6       10.7    %       
 Add-Back: Manufacturing Inefficiencies                    4.8                                -                          
 Add-Back: Special Charge                                  0.7                                2.7                        
 Adjusted Operating Profit (Non-GAAP)                  $   53.7       11.2    %           $   53.3       11.2    %       
                                                                                                                         
 Net Income (GAAP)                                     $   26.1                           $   29.9                       
 Add-Back: Manufacturing Inefficiencies, net of tax        3.0                                -                          
 Add-Back: Special Charge, net of tax                      0.5                                1.7                        
 Adjusted Net Income (Non-GAAP)                        $   29.6                           $   31.6                       
                                                                                                                         
 Diluted Earnings Per Share (GAAP)                     $   0.61                           $   0.70                       
 Add-Back: Manufacturing Inefficiencies, net of tax        0.07                               -                          
 Add-Back: Special Charge, net of tax                      0.01                               0.04                       
 Adjusted Diluted Earnings Per Share (Non-GAAP)        $   0.69                           $   0.74                       
                                                                                                                         


Acuity Brands, Inc.
Dan Smith, 404-853-1423
dan.smith@acuitybrands.com



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