Mr. Nagel continued, “Our gross profit margin increased 30 basis points year-over-year to 39.7 percent. Through previously implemented pricing initiatives we were able to recapture approximately $11 million of higher material costs, although the impact of these items negatively impacted our gross profit margin by 90 basis points. Our operations in Spain reported for the quarter an adjusted operating loss, excluding any special charges, of $1.3 million, or $0.03 per diluted share, on a 50 percent, or $2.6 million, year-over-year decline in net sales, reflecting the difficult economic conditions in Spain. While we are taking significant steps to properly size our Spanish operations given the challenging prospects of the local economy, we expect to report a modest operating loss for Spain in our third quarter.”The effective tax rate for the second quarter of fiscal 2012 was 35.4 percent compared with 31.4 percent for the prior-year period. The increase in the effective tax rate was due primarily to the research and development tax credit which was extended during the second quarter of fiscal 2011 but was not extended in the current year. The change in the tax rate negatively impacted adjusted net income and adjusted diluted EPS by $1.3 million and $0.03, respectively, compared with the year-ago period. The effective tax rate for fiscal 2012 is forecasted to approximate 34 percent.
Acuity Brands Reports Fiscal 2012 Second Quarter Results
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