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Acuity Brands Reports Fiscal 2012 Fourth Quarter And Full Year Results

Stocks in this article: AYI

Acuity Brands, Inc. (NYSE: AYI) (“Company”) today announced fiscal 2012 fourth quarter net sales of $514.3 million, an increase of $18.1 million, or approximately 4 percent, compared with the year-ago period. Fiscal 2012 fourth quarter net income was $33.3 million compared with $34.2 million for the prior-year period. Diluted earnings per share (“EPS”) for the fourth quarter of fiscal 2012 were $0.78 compared with $0.79 reported for the prior-year period. Included in the results for the fourth quarter of fiscal 2012 were a pre-tax special charge and expenses associated with streamlining actions totaling $6.5 million, or $0.10 per diluted share as explained below. Excluding the special charge and related expenses, fiscal 2012 fourth quarter adjusted diluted EPS were $0.88, an increase of 11 percent compared with the year-ago period.

Fiscal 2012 fourth quarter results included $2.8 million of net miscellaneous expense, or $0.04 per diluted share, compared with $1.7 million of net miscellaneous income, or $0.03 per diluted share, 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.

For the full year of fiscal 2012, the Company reported net sales of $1,933.7 million, an annual increase of approximately 8 percent. Adjusted diluted EPS for the full year of fiscal 2012 were $3.00, an increase of 24 percent over the prior year.

Vernon J. Nagel, Chairman, President and Chief Executive Officer of Acuity Brands, commented, “We were very pleased with our fiscal 2012 fourth quarter and full year results as we continued to execute our strategies to extend our leadership position in North America. Our profitability and cash flow for the quarter and full year were once again strong while we continued to fund areas with significant future growth potential, including the expansion of our industry-leading portfolio of lighting solutions.”

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