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Acuity Brands Reports Fiscal 2012 Fourth Quarter And Full Year Results

The effective tax rate for the fourth quarter of fiscal 2012 was 34.4 percent compared with 31.7 percent for the prior-year period. The effective tax rate for the prior-year period was favorably impacted by various discrete items, including federal and state tax credits, which did not occur in the fourth quarter of the fiscal 2012.

Fiscal 2012 Full Year Results

Fiscal 2012 net sales were $1,933.7 million compared with $1,795.7 million for the prior-year period, an increase of approximately 8 percent. Operating profit for fiscal 2012 was $208.0 million compared with $188.7 million for the year-ago period. Net income for fiscal 2012 was $116.3 million compared with $105.5 million for fiscal 2011. Diluted EPS for fiscal 2012 and 2011 were $2.72 and $2.42, respectively. Excluding the impact of special charges and expenses associated with the closing of the Cochran facility, adjusted operating profit was $225.7 million, or 11.7 percent of net sales, which is a 120 basis point improvement over the prior year. Excluding the impact of special charges and expenses associated with the closing of the Cochran facility, fiscal 2012 adjusted diluted EPS were $3.00, a 24 percent increase over the prior year.

Fiscal 2012 full-year results included $1.7 million of net miscellaneous income, or $0.03 per diluted share, compared with $1.2 million of net miscellaneous expense, or $0.02 per diluted share, in the prior-year period.

Cash and cash equivalents totaled approximately $285 million at August 31, 2012. For the 2012 fiscal year, the Company generated over $172 million in net cash from operating activities. The Company’s debt to total capitalization ratio (calculated by dividing total debt by the sum of total debt and total stockholders’ equity) was 30 percent at August 31, 2012. The ratio of debt, net of cash, to total capitalization, net of cash, was 8 percent at August 31, 2012.

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