The pre-tax special charge of $2.7 million recorded in the first quarter of fiscal 2012 relates primarily to actions to streamline the organization by realigning responsibilities within various selling, distribution, and administrative departments. The special charge consisted primarily of severance and related employee benefit costs associated with a modest reduction in workforce. The Company expects to achieve annualized pre-tax savings of approximately $5 million related to these streamlining efforts with approximately $3.5 million to be realized in fiscal 2012. Management continues to evaluate possible further streamlining measures that may result in additional charges this fiscal year.Fiscal 2012 first quarter results included $2.9 million of net miscellaneous income compared with $1.2 million of net miscellaneous expense in the prior-year period. Net miscellaneous income/expense 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.
Acuity Brands Reports Fiscal 2012 First Quarter Results
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