GENLYTE GROUP INC - 10-Q Quarterly Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2003

Commission File Number 0-16960

THE GENLYTE GROUP INCORPORATED

10350 ORMSBY PARK PLACE
SUITE 601
LOUISVILLE, KY 40223
(502) 420-9500

Incorporated in Delaware

I.R.S. Employer
Identification No. 22-2584333

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). ý Yes o No

The number of shares outstanding of the issuer’s common stock as of April 30, 2003 was 13,475,727.

THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

FORM 10-Q

FOR THE QUARTER ENDED MARCH 29, 2003

CONTENTS

PART I.	FINANCIAL INFORMATION

	ITEM 1. FINANCIAL STATEMENTS

		Consolidated Statements of Income for the three months ended March 29, 2003 and March 30, 2002			1

		Consolidated Balance Sheets as of March 29, 2003 and December 31, 2002			2

		Consolidated Statements of Cash Flows for the three months ended March 29, 2003 and March 30, 2002			3

		Notes to Consolidated Interim Financial Statements			4

	ITEM 2.		MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		10

	ITEM 3.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		18

	ITEM 4.		CONTROLS AND PROCEDURES		18

PART II.	OTHER INFORMATION				19

	ITEM 1.		LEGAL PROCEEDINGS	19

	ITEM 4.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS	19

	ITEM 6.		EXHIBITS AND REPORTS ON FORM 8-K	20

	Signatures			21

	Certifications			22

	Exhibit Index				24

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 29, 2003 AND MARCH 30, 2002

(Amounts in thousands, except earnings per share data)

(Unaudited)

	2003		2002
Net sales	$	237,913	$	232,026
Cost of sales	156,083		151,806
Gross profit	81,830		80,220
Selling and administrative expenses	60,824		59,544
Amortization of intangible assets	227		222
Operating profit	20,779		20,454
Interest expense, net of interest income	28		219
Minority interest, net of income taxes	6,265		6,038
Income before income taxes	14,486		14,197
Income tax provision	5,678		5,479
Net income	$	8,808	$	8,718

Earnings per share:
Basic	$	0.65	$	0.65
Diluted	$	0.65	$	0.64

Weighted average number of shares outstanding:
Basic	13,463		13,453
Diluted	13,545		13,566

The accompanying notes are an integral part of these consolidated financial statements.

THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 29, 2003 AND DECEMBER 31, 2002

(Amounts in thousands)

	3/29/2003		12/31/2002
	(Unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$	105,382	$	111,906
Accounts receivable, less allowances for doubtful accounts of $11,033 and $10,616, respectively	156,308		148,279
Inventories:
Raw materials	54,507		53,428
Work in process	16,053		15,104
Finished goods	71,448		67,938
Total inventories	142,008		136,470
Deferred income taxes and other current assets	28,215		27,915
Total current assets	431,913		424,570
Property, plant and equipment, at cost	375,315		365,811
Less: accumulated depreciation and amortization	266,901		258,235
Net property, plant and equipment	108,414		107,576
Goodwill, net of accumulated amortization	136,468		134,231
Other intangible assets, net of accumulated amortization	21,977		22,195
Other assets	3,332		3,841
Total Assets	$	702,104	$	692,413

Liabilities & Stockholders’ Equity:
Current Liabilities:
Current maturities of long-term debt	$	4,385	$	4,100
Accounts payable	88,380		87,568
Accrued expenses	63,147		73,133
Total current liabilities	155,912		164,801
Long-term debt	30,009		33,028
Deferred income taxes	33,117		32,935
Minority interest	142,091		133,789
Accrued pension and other long-term liabilities	33,671		33,875
Total liabilities	394,800		398,428
Commitments and contingencies (note 4.)
Stockholders’ Equity:
Common stock	135		135
Additional paid-in capital	9,849		9,451
Retained earnings	276,879		268,071
Accumulated other comprehensive income	20,441		16,328
Total stockholders’ equity	307,304		293,985
Total Liabilities & Stockholders’ Equity	$	702,104	$

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION