Year-to-Date Results

Net sales for the first six months of fiscal 2012 were $932.0 million compared with $841.2 million for the prior-year period, an increase of approximately 11 percent. Fiscal 2012 first half reported results include operating profit of $89.5 million, net income of $49.5 million, and diluted EPS of $1.16. Adjusted results, which exclude the special charge for streamlining activities, include adjusted operating profit of $98.8 million, or 10.6 percent of net sales, compared with $82.7 million, or 9.8 percent of net sales, for the prior-year period. Adjusted net income for the first half of fiscal 2012 was $55.8 million, an increase of 26 percent compared with $44.3 million for the prior-year period. For the first half of fiscal 2012, adjusted diluted EPS were $1.31, an increase of 30 percent compared with the year-ago period.

Outlook

Mr. Nagel commented, “Our performance expectations for fiscal 2012 have not changed materially during the past quarter. Third-party forecasts suggest that the North American lighting market, which includes renovation and relight activity, will increase in the low-to-mid single digits during the remainder of our fiscal 2012. We believe opportunities continue to exist that will allow us to continue to outperform the markets we serve. These opportunities include benefits from growing renovation and tenant improvement projects, further expansion in underpenetrated geographies and channels, and growth from the introduction of new products and lighting solutions. This notwithstanding, we continue to anticipate on-going volatility in both customer demand and commodity costs.”

Mr. Nagel concluded, “We continue to position the Company to deliver short-term performance while investing in and deploying resources to further our longer-term profitable growth opportunities. We believe the lighting and lighting-related industry will experience solid growth over the next decade, particularly as energy and environmental concerns come to the forefront, and we believe we are well positioned to fully participate in this exciting industry.”

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