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Acuity Brands Reports Fiscal 2013 First Quarter Results

Stocks in this article: AYI

Acuity Brands, Inc. (NYSE: AYI) (“Company”) today announced fiscal 2013 first quarter net sales were $481.1 million, an increase of $6.8 million, or 1.4 percent, compared with the year-ago period. Excluding special charges and related temporary expenses in both periods, fiscal 2013 first quarter adjusted net income was $29.6 million compared with adjusted net income of $31.6 million for the prior-year period. Adjusted diluted earnings per share (“EPS”) for the first quarter of fiscal 2013 were $0.69 compared with adjusted diluted EPS of $0.74 for the year-ago period. Additionally, adjusted diluted EPS were basically flat year over year after excluding the impact of prior year’s first quarter net miscellaneous income of $2.9 million, or $0.04 per diluted share, which was primarily attributable to currency-related gains that did not repeat this year. Net income for the first quarter of fiscal 2013 was $26.1 million, or $0.61 diluted EPS, compared with $29.9 million, or $0.70 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, “Our first quarter results reflect what we believe was a lull in demand in the nonresidential construction market as well as temporary inefficiencies and costs associated with the closure of our Cochran, Georgia production facility. As indicated in our fourth quarter SEC filings, earnings release and conference call, we cautioned that end-customer demand could be inconsistent and tepid, particularly during the first half of the year, due to the weak pace of economic recovery in the U.S. and abroad. Although shipment volume increased modestly in the first quarter as compared with the year-ago period, it appeared certain customers took a "wait and see" approach surrounding the uncertainties of the outcomes of the U.S. elections and the resolution of the pending “fiscal cliff” resulting in weak demand. In spite of these market conditions, I am pleased to report that excluding the costs and inefficiencies associated with the ongoing closure process of our Cochran facility, adjusted operating profit margins remained solid at 11.2 percent. While we currently see favorable trends in our daily order rate, we still expect demand to be volatile in our second quarter, as businesses and consumers adjust their spending plans to take into account the uncertainties associated with U.S. fiscal policy and global economic concerns. We currently believe this will be followed by more stable demand in the second half of our fiscal 2013.”

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