UNITED STATES
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
For the quarterly period ended October 2, 2004
Commission File Number 0-16960
THE GENLYTE GROUP INCORPORATED
10350 ORMSBY PARK PLACE
SUITE 601
LOUISVILLE, KY 40223
(502) 420-9500
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Incorporated in Delaware |
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I.R.S. Employer |
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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 No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). ý Yes No o
The number of shares outstanding of the issuer’s common stock as of October 31, 2004 was 13,751,056
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
FORM 10-Q
FOR THE QUARTER ENDED OCTOBER 2, 2004
CONTENTS
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND NINE MONTHS ENDED OCTOBER 2, 2004 AND SEPTEMBER 27, 2003
(Amounts in thousands, except earnings per share data)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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October 2, |
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September 27, |
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October 2, |
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September 27, |
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Net sales |
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$ |
303,085 |
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$ |
272,769 |
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$ |
881,884 |
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$ |
764,795 |
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Cost of sales |
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196,144 |
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176,146 |
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572,278 |
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497,613 |
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Gross profit |
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106,941 |
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96,623 |
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309,606 |
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267,182 |
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Selling and administrative expenses |
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74,167 |
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67,772 |
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224,375 |
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194,040 |
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Gain on settlement of patent litigation |
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— |
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(8,000 |
) |
— |
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(8,000 |
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Amortization of intangible assets |
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3,472 |
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395 |
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3,937 |
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852 |
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Operating profit |
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29,302 |
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36,456 |
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81,294 |
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80,290 |
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Interest expense (income), net |
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1,682 |
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(128 |
) |
1,509 |
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(65 |
) |
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Minority interest, net of income taxes |
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2,853 |
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10,730 |
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18,314 |
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23,941 |
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Income before income taxes |
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24,767 |
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25,854 |
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61,471 |
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56,414 |
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Income tax provision |
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9,444 |
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10,084 |
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23,758 |
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22,002 |
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Net income |
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$ |
15,323 |
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$ |
15,770 |
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$ |
37,713 |
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$ |
34,412 |
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Earnings per share: |
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Basic |
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$ |
1.12 |
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$ |
1.17 |
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$ |
2.77 |
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$ |
2.55 |
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Diluted |
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$ |
1.10 |
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$ |
1.16 |
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$ |
2.72 |
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$ |
2.53 |
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Weighted average number of shares outstanding: |
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Basic |
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13,682 |
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13,492 |
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13,612 |
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13,472 |
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Diluted |
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13,934 |
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13,645 |
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13,865 |
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13,576 |
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The accompanying notes are an integral part of these consolidated financial statements.
1
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
AS OF OCTOBER 2, 2004 AND DECEMBER 31, 2003
(Amounts in thousands, except share data)
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(Unaudited) |
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December 31, |
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Assets: |
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Current Assets: |
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Cash and cash equivalents |
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$ |
60,122 |
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$ |
82,136 |
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Short-term investments |
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— |
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70,479 |
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Accounts receivable, less allowances for doubtful accounts of $13,537 and $13,456, as of October 2, 2004 and December 31, 2003 |
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197,505 |
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160,111 |
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Inventories: |
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Raw materials |
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56,676 |
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54,371 |
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Work in process |
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18,195 |
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17,228 |
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Finished goods |
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77,611 |
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72,299 |
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Total inventories |
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152,482 |
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143,898 |
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Deferred income taxes and other current assets |
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30,726 |
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28,602 |
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Total current assets |
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440,835 |
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485,226 |
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Property, plant and equipment, at cost |
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425,835 |
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387,507 |
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Less: accumulated depreciation and amortization |
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277,369 |
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275,883 |
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Net property, plant and equipment |
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148,466 |
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111,624 |
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Goodwill |
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245,788 |
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150,532 |
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