Acuity Brands Reports Fiscal 2013 Second Quarter Results

Wed Apr 3, 2013 8:25am EDT

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Net Sales Rise 6 Percent to $487 Million; Adjusted Diluted EPS Increase 9
Percent to $0.62
ATLANTA--(Business Wire)--
Acuity Brands, Inc. (NYSE: AYI) ("Company") today announced fiscal 2013 second
quarter net sales were $486.7 million, an increase of $29.0 million, or 6
percent, compared with the year-ago period. Excluding special charges and
related temporary expenses in both periods, fiscal 2013 second quarter adjusted
net income was $26.7 million compared with adjusted net income of $24.0 million
for the prior-year period, an increase of 11 percent. Adjusted diluted earnings
per share ("EPS") for the second quarter of fiscal 2013 were $0.62 compared with
adjusted diluted EPS of $0.57 for the year-ago period, an increase of 9 percent.
Net income for the second quarter of fiscal 2013 was $24.7 million, or $0.57
diluted EPS, compared with $19.5 million, or $0.46 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, "We are pleased with our fiscal 2013 second quarter results
as we continue to execute our strategies to extend our leadership in the North
American lighting market through the introduction of new and more
energy-efficient lighting solutions, including the acquisitions of Adura
Technologies and eldoLED to expand our wireless lighting controls and
high-performance, intelligent drivers for LED-based lighting systems." 

Mr. Nagel continued, "The year-over-year and sequential increase in net sales
reflects favorable trends in order rates that we experienced during the second
quarter as well as the continuing adoption of LED lighting solutions, which more
than doubled from a year-ago and now represents approximately 15 percent of our
total sales. We believe that second quarter sales growth was positively
influenced by customer projects that were delayed from the first quarter and
released during the second quarter as the resolution to various political and
budgetary uncertainties became clearer. This influx of orders from certain
channels had a distortive impact on the mix of products sold and unfavorably
impacted gross profit margins in the second quarter. Our second quarter results
also included temporary inefficiencies and costs associated with the closure of
our Cochran, Georgia production facility which was principally completed by the
end of the quarter. Excluding these costs and inefficiencies, adjusted operating
profit margin was 9.9 percent, which was virtually flat with the prior year." 

Second Quarter Results

The year-over-year growth in fiscal 2013 second quarter net sales was due
primarily to a more than 9 percent increase in sales volume, partially offset by
a net unfavorable change in prices and the mix of products sold. The impact on
net sales from acquisitions and foreign currency was not significant. The
increase in sales volume was fairly broad-based across most product categories
and key sales channels in North America. While it is not possible to precisely
quantify the separate impact of changes in product prices and the mix of
products sold ("price/mix"), management estimates that the net unfavorable
price/mix was due primarily to a disproportionately higher mix of lower-margin
products sold this quarter as a result of an increase in the number of large
renovation projects, particularly for national retailers, as well as a greater
amount of value-oriented products sold through certain sales channels.
Additionally, price/mix was influenced by a reduction in the sales price of
certain LED luminaires reflecting the continued decline in the cost of certain
purchased LED components. 

Fiscal 2013 second quarter gross profit margin was 39.0 percent compared with
39.7 percent for the prior-year period. Excluding the impact of the expenses
directly associated with the closing of the Cochran facility as discussed below,
fiscal 2013 second quarter adjusted gross profit margin was 39.6 percent.
Adjusted gross profit margin was virtually flat compared with the year-ago
period as changes in both the mix of products sold and sales channels was offset
by the favorable impact of increased net sales, lower material and component
costs, and realized productivity improvements primarily associated with ongoing
streamlining activities. 

Operating profit for the second quarter of fiscal 2013 was $45.1 million
compared with $39.0 million for the prior-year period. Excluding expenses
associated with the closing of the Cochran facility as discussed below, adjusted
operating profit for the second quarter of fiscal 2013 was $48.2 million
compared with the prior-year period`s adjusted operating profit of $45.6
million. The adjusted operating profit margin for the second quarter of fiscal
2013 was 9.9 percent, virtually flat with the prior-year period. 

Fiscal 2013 second quarter results included $0.1 million of net miscellaneous
expense compared with $1.1 million for the prior-year period. Net miscellaneous
expense consisted primarily of losses resulting from the impact of exchange rate
changes on foreign currency exposures, particularly those associated with the
Mexican Peso. The effective income tax rate for the second quarter of fiscal
2013 was 33.6 percent compared with 35.4 percent for the year-ago period. The
decrease in the effective tax rate was due primarily to the retroactive
application of the research and development tax credit included in the "American
Taxpayer Relief Act of 2012" that became law during the second fiscal quarter. 

Special Charges and Temporary Expenses Associated with Streamlining Activities

Included in the results for the second 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 $3.1
million, or $0.05 per diluted share, as explained below. Included in the results
for the second quarter of the prior year was a $6.6 million pre-tax special
charge, or $0.11 per diluted share, associated with streamlining actions. 

The current year pre-tax special charge and temporary expenses totaling $3.1
million, or $0.05 per diluted share, was comprised of a pre-tax special charge
of $0.3 million and $2.8 million 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 $2.8 million of manufacturing
inefficiencies consisted primarily of non-productive operating costs at the
Cochran facility and 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. Management forecasts that additional
temporary production inefficiencies of approximately $1 million may be incurred
in the fiscal third quarter. 

As previously noted, management 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 $6 million of benefits (excluding the inefficiencies noted above)
in the first half of fiscal 2013, and is now at the total annualized savings run
rate. 

Year-to-Date Results

Net sales for the first six months of fiscal 2013 were $967.8 million compared
with $932.0 million for the prior-year period, an increase of approximately 4
percent. Fiscal 2013 first half reported results include operating profit of
$93.3 million, net income of $50.8 million, and diluted EPS of $1.18. Adjusted
results, which exclude the special charge and temporary expenses associated with
streamlining activities, include adjusted operating profit of $101.9 million, or
10.5 percent of net sales, compared with adjusted operating profit of $98.8
million, or 10.6 percent of net sales, for the prior-year period. Adjusted net
income for the first half of fiscal 2013 was $56.3 million compared with $55.8
million for the prior-year period. Adjusted diluted EPS for both the first half
of fiscal 2013 and 2012 were $1.31. 

Outlook

Mr. Nagel commented, "Our performance expectations for fiscal 2013 have not
changed materially during the past quarter. Third-party forecasts and leading
indicators suggest that the North American lighting market, which includes
renovation and relight activity, will increase in the mid-single digits during
the remainder of our fiscal 2013. While we expect to see some volatility in
demand among certain sales channels and geographies, our expectation for the
second half of fiscal 2013 is that overall demand in our end markets will
continue to improve and be more consistent and broad-based. The favorable trend
in our March order rates reflects this improvement. We believe opportunities
continue to exist that will allow us to continue to outperform the markets we
serve. These opportunities include benefits from growing renovation and tenant
improvement projects, further expansion in underpenetrated geographies and
channels, and growth from the introduction of new products and lighting
solutions." 

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
operating profit", "adjusted operating profit margin", "adjusted net income",
and "adjusted diluted EPS" which are 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 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 associated with efforts
to streamline the organization, which affected fiscal 2013 second quarter
operating profit, net income and diluted EPS. Management believes the special
charges impacted the comparability of the Company's results and that these items
are not reflective of fixed 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 operating profit and adjusted operating profit margin are "operating
profit" and "operating profit margin", respectively, which include the impact of
the special charges. 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. 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
second quarter results today, April 3, 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, acculamp and eldoLED. 

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: forecasts that additional temporary production
inefficiencies associated with the closing of the Cochran facility of
approximately $1 million may be incurred in the fiscal third quarter;
third-party forecasts of a mid-single digit growth rate in the North American
lighting market during the remainder of the Company`s fiscal 2013; expectation
that overall demand in the Company's end markets will continue to improve and be
more consistent and broad-based for the second half of fiscal 2013; expectation
that opportunities continue to exist that will allow the Company to continue to
outperform the markets it serves; and 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 April 3, 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)                                                                                                                                                                                                            
                                                                                                                                                                                                           February 28,               August 31,           
                                                                                                                                                                                                           2013                       2012                 
                                                                                                                                                                                                           (Unaudited)                                     
 ASSETS                                                                                                                                                                                                                                                    
 Current Assets:                                                                                                                                                                                                                                           
 Cash and cash equivalents                                                                                                                                                                                 $      262.8               $     284.5          
 Accounts receivable, less reserve for doubtful accounts of $1.5 at February 28, 2013 and $1.4 at August 31, 2012                                                                                                 282.3                     263.8          
 Inventories                                                                                                                                                                                                      193.7                     194.1          
 Deferred income taxes                                                                                                                                                                                            12.7                      13.0           
 Prepayments and other current assets                                                                                                                                                                             32.2                      23.6           
 Total Current Assets                                                                                                                                                                                             783.7                     779.0          
 Property, Plant, and Equipment, at cost:                                                                                                                                                                                                                  
 Land                                                                                                                                                                                                             7.3                       7.3            
 Buildings and leasehold improvements                                                                                                                                                                             108.9                     115.5          
 Machinery and equipment                                                                                                                                                                                          356.1                     345.7          
 Total Property, Plant, and Equipment                                                                                                                                                                             472.3                     468.5          
 Less - Accumulated depreciation and amortization                                                                                                                                                                 327.4                     329.3          
 Property, Plant, and Equipment, net                                                                                                                                                                              144.9                     139.2          
 Other Assets:                                                                                                                                                                                                                                             
 Goodwill                                                                                                                                                                                                         554.7                     554.9          
 Intangible assets                                                                                                                                                                                                228.0                     230.8          
 Deferred income taxes                                                                                                                                                                                            3.9                       4.1            
 Other long-term assets                                                                                                                                                                                           27.2                      28.9           
 Total Other Assets                                                                                                                                                                                               813.8                     818.7          
 Total Assets                                                                                                                                                                                              $      1,742.4             $     1,736.9        
 LIABILITIES AND STOCKHOLDERS` EQUITY                                                                                                                                                                                                                      
 Current Liabilities:                                                                                                                                                                                                                                      
 Accounts payable                                                                                                                                                                                          $      213.7               $     232.7          
 Accrued compensation                                                                                                                                                                                             18.0                      44.9           
 Accrued pension liabilities, current                                                                                                                                                                             1.2                       1.2            
 Other accrued liabilities                                                                                                                                                                                        79.6                      86.0           
 Total Current Liabilities                                                                                                                                                                                        312.5                     364.8          
 Long-Term Debt                                                                                                                                                                                                   353.5                     353.5          
 Accrued Pension Liabilities, less current portion                                                                                                                                                                91.6                      90.1           
 Deferred Income Taxes                                                                                                                                                                                            32.1                      33.4           
 Self-Insurance Reserves, less current portion                                                                                                                                                                    7.0                       6.6            
 Other Long-Term Liabilities                                                                                                                                                                                      55.0                      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; 52,000,089 issued and 42,280,834 outstanding at February 28, 2013; and 51,508,358 issued and 41,789,103 outstanding at August 31, 2012             0.5                       0.5            
 Paid-in capital                                                                                                                                                                                                  720.4                     703.1          
 Retained earnings                                                                                                                                                                                                675.0                     635.3          
 Accumulated other comprehensive loss items                                                                                                                                                                       (85.0    )                (84.7    )     
 Treasury stock, at cost, 9,719,255 shares at February 28, 2013 and August 31, 2012                                                                                                                               (420.2   )                (420.2   )     
 Total Stockholders` Equity                                                                                                                                                                                       890.7                     834.0          
 Total Liabilities and Stockholders` Equity                                                                                                                                                                $      1,742.4             $     1,736.9        
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           


 ACUITY BRANDS, INC.                                                                                                                                           
 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)                                                                                                                 
 (In millions, except per-share data)                                                                                                                          
                                                                                                                                                               
                                                            Three Months Ended                                  Six Months Ended                               
                                                            February 28,               February 29,             February 28,              February 29,         
                                                            2013                       2012                     2013                      2012                 
 Net Sales                                                  $      486.7               $      457.7             $      967.8              $      932.0         
 Cost of Products Sold                                             297.0                      275.8                    588.6                     556.4         
 Gross Profit                                                      189.7                      181.9                    379.2                     375.6         
 Selling, Distribution, and Administrative Expenses                144.3                      136.3                    284.9                     276.8         
 Special Charge                                                    0.3                        6.6                      1.0                       9.3           
 Operating Profit                                                  45.1                       39.0                     93.3                      89.5          
 Other Expense (Income):                                                                                                                                       
 Interest Expense, net                                             7.8                        7.7                      15.5                      15.4          
 Miscellaneous (Income) Expense, net                               0.1                        1.1                      0.2                       (1.8   )      
 Total Other Expense                                               7.9                        8.8                      15.7                      13.6          
 Income before Provision for Income Taxes                          37.2                       30.2                     77.6                      75.9          
 Provision for Income Taxes                                        12.5                       10.7                     26.8                      26.4          
 Net Income                                                 $      24.7                $      19.5              $      50.8               $      49.5          
                                                                                                                                                               
 Earnings Per Share:                                                                                                                                           
 Basic Earnings per Share                                   $      0.58                $      0.46              $      1.19               $      1.17          
 Basic Weighted Average Number of Shares Outstanding               42.1                       41.4                     41.9                      41.3          
 Diluted Earnings per Share                                 $      0.57                $      0.46              $      1.18               $      1.16          
 Diluted Weighted Average Number of Shares Outstanding             42.5                       41.9                     42.4                      41.8          
 Dividends Declared per Share                               $      0.13                $      0.13              $      0.26               $      0.26          
                                                                                                                                                               
                                                                                                                                                               


 ACUITY BRANDS, INC.                                                                                                                                                                                
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)                                                                                                                                        
 (In millions)                                                                                                                                                                                      
                                                                                                                                                                                                    
                                                                                         Three Months Ended                                       Six Months Ended                                  
                                                                                         February 28,                 February 29,                February 28,                 February 29,         
                                                                                         2013                         2012                        2013                         2012                 
 Net Income                                                                              $     24.7                   $     19.5                  $     50.8                   $      49.5          
                                                                                                                                                                                                    
 Other Comprehensive Income/(Expense) Items:                                                                                                                                                        
 Foreign Currency Translation Adjustments                                                      (0.6  )                      3.9                         0.7                           (5.2   )      
 Defined Benefit Pension Plans:                                                                                                                                                                     
 Prior service cost from plan amendment during period                                          -                            -                           (5.5  )                       -             
 Amortization of defined benefit pension items:                                                                                                                                                     
 Prior service cost                                                                            0.1                          -                           0.3                           -             
 Actuarial losses                                                                              1.6                          1.0                         3.2                           2.0           
 Total Defined Benefit Pension Plans, net                                                      1.7                          1.0                         (2.0  )                       2.0           
 Other Comprehensive Income/(Expense) Items before Provision for Income Taxes                  1.1                          4.9                         (1.3  )                       (3.2   )      
 Income Tax (Expense)/Benefit related to Other Comprehensive Income/(Expense) Items            (0.6  )                      (0.4  )                     1.0                           (0.7   )      
 Other Comprehensive Income/(Expense) Items after Provision for Income Taxes                   0.5                          4.5                         (0.3  )                       (3.9   )      
                                                                                                                                                                                                    
 Other Comprehensive Income/(Expense)                                                    $     25.2                   $     24.0                  $     50.5                   $      45.6          
                                                                                                                                                                                                    
                                                                                                                                                                                                    


 ACUITY BRANDS, INC.                                                                                                                                                        
 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)                                                                                                                          
 (In Millions)                                                                                                                                                              
                                                                                                                         Six Months Ended                                   
                                                                                                                         February 28,                  February 29,         
                                                                                                                         2013                          2012                 
 Cash Provided by/(Used for) Operating Activities:                                                                                                                          
 Net income                                                                                                              $     50.8                    $      49.5          
 Adjustments to reconcile net income to net cash provided by (used for) operating activities:                                                                               
 Depreciation and amortization                                                                                                 19.9                           19.5          
 Share-based compensation expense                                                                                              8.6                            8.1           
 Excess tax benefits from share-based payments                                                                                 (5.8   )                       (4.1   )      
 Loss on the sale or disposal of property, plant, and equipment                                                                -                              0.1           
 Asset impairments                                                                                                             -                              0.1           
 Deferred income taxes                                                                                                         1.7                            0.5           
 Change in assets and liabilities, net of effect of acquisitions, divestitures and effect of exchange rate changes:                                                         
 Accounts receivable                                                                                                           (19.1  )                       4.1           
 Inventories                                                                                                                   1.2                            6.6           
 Prepayments and other current assets                                                                                          (5.8   )                       (8.2   )      
 Accounts payable                                                                                                              (19.2  )                       (13.9  )      
 Other current liabilities                                                                                                     (27.5  )                       (20.5  )      
 Other                                                                                                                         (5.1   )                       (4.2   )      
 Net Cash Provided by/(Used for) Operating Activities                                                                          (0.3   )                       37.6          
 Cash Provided by/(Used for) Investing Activities:                                                                                                                          
 Purchases of property, plant, and equipment                                                                                   (21.9  )                       (9.4   )      
 Proceeds from sale of property, plant, and equipment                                                                          0.1                            -             
 Acquisitions of business and intangible assets, net of cash acquired                                                          (3.3   )                       (3.8   )      
 Net Cash Provided by/( Used for) Investing Activities                                                                         (25.1  )                       (13.2  )      
 Cash Provided by/(Used for) Financing Activities:                                                                                                                          
 Repurchases of common stock                                                                                                   -                              (9.2   )      
 Proceeds from stock option exercises and other                                                                                9.1                            6.4           
 Excess tax benefits from share-based payments                                                                                 5.8                            4.1           
 Dividends paid                                                                                                                (11.1  )                       (11.0  )      
 Net Cash Provided by/(Used for) Financing Activities                                                                          3.8                            (9.7   )      
 Effect of Exchange Rate Changes on Cash                                                                                       (0.1   )                       (4.3   )      
 Net Change in Cash and Cash Equivalents                                                                                       (21.7  )                       10.4          
 Cash and Cash Equivalents at Beginning of Period                                                                              284.5                          170.2         
 Cash and Cash Equivalents at End of Period                                                                              $     262.8                   $      180.6         
                                                                                                                                                                            
                                                                                                                                                                            


ACUITY BRANDS, INC.

Reconciliation of Non-U.S. GAAP Measures

The table below reconciles certain U.S. Generally Accepted Accounting Principles
("GAAP") financial measures to the corresponding non-GAAP measures, which
exclude special charges associated with actions to accelerate the streamlining
of the organization, including reductions in the workforce and the closure of a
production facility. These non-GAAP financial measures, including 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 excluding the impact of the special charges.
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 per-share data)                                       THREE MONTHS ENDED                                                                      
                                                                            February 28, 2013                                 February 29, 2012                     
                                                                                                  % of Sales                                        % of Sales      
 Net Sales                                                                  $    486.7                                        $    457.7                            
                                                                                                                                                                    
 Gross Profit (GAAP)                                                        $    189.7            39.0    %                   $    181.9            39.7    %       
 Add-Back: Manufacturing Inefficiencies                                          2.8                                               -                                
 Adjusted Gross Profit (Non-GAAP)                                           $    192.5            39.6    %                   $    181.9            39.7    %       
                                                                                                                                                                    
 Operating Profit (GAAP)                                                    $    45.1             9.3     %                   $    39.0             8.5     %       
 Add-Back: Manufacturing Inefficiencies                                          2.8                                               -                                
 Add-Back: Special Charge                                                        0.3                                               6.6                              
 Adjusted Operating Profit (Non-GAAP)                                       $    48.2             9.9     %                   $    45.6             10.0    %       
                                                                                                                                                                    
 Net Income (GAAP)                                                          $    24.7                                         $    19.5                             
 Add-Back: Manufacturing Inefficiencies, net of tax                              1.8                                               -                                
 Add-Back: Special Charge, net of tax                                            0.2                                               4.5                              
 Adjusted Net Income (Non-GAAP)                                             $    26.7                                         $    24.0                             
                                                                                                                                                                    
 Diluted Earnings Per Share (GAAP)                                          $    0.57                                         $    0.46                             
 Add-Back: Manufacturing Inefficiencies and Special Charge, net of tax           0.05                                              0.11                             
 Adjusted Diluted Earnings Per Share (Non-GAAP)                             $    0.62                                         $    0.57                             
                                                                                                                                                                    
                                                                                                                                                                    
 (In millions, except per-share data)                                       SIX MONTHS ENDED                                                                        
                                                                            February 28, 2013                                 February 29, 2012                     
                                                                                                  % of Sales                                        % of Sales      
 Net Sales                                                                  $    967.8                                        $    932.0                            
                                                                                                                                                                    
 Gross Profit (GAAP)                                                        $    379.2            39.2    %                   $    375.6            40.3    %       
 Add-Back: Manufacturing Inefficiencies                                          7.6                                               -                                
 Adjusted Gross Profit (Non-GAAP)                                           $    386.8            40.0    %                   $    375.6            40.3    %       
                                                                                                                                                                    
 Operating Profit (GAAP)                                                    $    93.3             9.6     %                   $    89.5             9.6     %       
 Add-Back: Manufacturing Inefficiencies                                          7.6                                               -                                
 Add-Back: Special Charge                                                        1.0                                               9.3                              
 Adjusted Operating Profit (Non-GAAP)                                       $    101.9            10.5    %                   $    98.8             10.6    %       
                                                                                                                                                                    
 Net Income (GAAP)                                                          $    50.8                                         $    49.5                             
 Add-Back: Manufacturing Inefficiencies, net of tax                              4.8                                               -                                
 Add-Back: Special Charge, net of tax                                            0.7                                               6.3                              
 Adjusted Net Income (Non-GAAP)                                             $    56.3                                         $    55.8                             
                                                                                                                                                                    
 Diluted Earnings Per Share (GAAP)                                          $    1.18                                         $    1.16                             
 Add-Back: Manufacturing Inefficiencies and Special Charge, net of tax           0.13                                              0.15                             
 Adjusted Diluted Earnings Per Share (Non-GAAP)                             $    1.31                                         $    1.31                             


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


Copyright Business Wire 2013

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