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 July 3, 2004

 

Commission File Number  0-16960

 

 

 

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.                                                                                                                                                                
60;                                  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 July 31, 2004 was 13,675,506.

 

 

THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
FORM 10-Q

FOR THE QUARTER ENDED JULY 3, 2004

 

CONTENTS

 

PART I.	FINANCIAL INFORMATION
	ITEM 1.	FINANCIAL STATEMENTS
	Consolidated Statements of Income for the three months and six months ended July 3, 2004 and June 28, 2003
	Consolidated Balance Sheets as of July 3, 2004 and December 31, 2003
	Consolidated Statements of Cash Flows for the six months ended July 3, 2004 and June 28, 2003
	Notes to Consolidated Interim Financial Statements
	ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
	ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
	ITEM 4.	CONTROLS AND PROCEDURES
PART II.	OTHER INFORMATION
	ITEM 1.	LEGAL PROCEEDINGS
	ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K
	Signatures
	Exhibit Index

 

 

PART I.  FINANCIAL INFORMATION

 

ITEM 1.  FINANCIAL STATEMENTS

 

THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS AND SIX MONTHS ENDED JULY 3, 2004 AND JUNE 28, 2003

(Amounts in thousands, except earnings per share data)

(Unaudited)

 

		Three Months Ended						Six Months Ended
		July 3, 2004			June 28, 2003			July 3, 2004			June 28, 2003
Net sales		$	301,437		$	254,113		$	578,799		$	492,026
Cost of sales		193,888			165,384			376,134			321,467
Gross profit		107,549			88,729			202,665			170,559
Selling and administrative expenses		80,321			65,444			150,208			126,268
Amortization of intangible assets		233			230			465			457
Operating profit		26,995			23,055			51,992			43,834
Interest expense (income), net		112			35			(173		)	63
Minority interest, net of income taxes		7,995			6,946			15,461			13,211
Income before income taxes		18,888			16,074			36,704			30,560
Income tax provision		7,361			6,240			14,314			11,918
Net income		$	11,527		$	9,834		$	22,390		$	18,642
Earnings per share:
Basic		$	0.85		$	0.73		$	1.65		$	1.38
Diluted		$	0.83		$	0.72		$	1.62		$	1.37
Weighted average number of shares outstanding:
Basic		13,615			13,477			13,596			13,467
Diluted		13,868			13,590			13,850			13,558

 

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

 

1

 

THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF JULY 3, 2004 AND DECEMBER 31, 2003

(Amounts in thousands)

 

		(Unaudited) July 3, 2004			December 31, 2003
Assets:
Current Assets:
Cash and cash equivalents		$	94,767		$	82,136
Short-term investments		50,374			70,479
Accounts receivable, less allowances for doubtful accounts of $15,398 and $13,456, as of July 3, 2004 and December 31, 2003		205,980			160,111
Inventories:
Raw materials		56,695			54,371
Work in process		18,807