Genlyte announces 1994 earnings.

SEACAUCUS, N.J.--(BUSINESS WIRE)--Feb. 3, 1995--The Genlyte Group Inc. (NASDAQ-GLYT) today announced that 1994 earnings exceeded 1993 results by 54% and that total debt ended the year at a record low of $90 million.

For the year ended Dec. 31, 1994, sales increased to $433 million from $429 million in 1993. Operating profit increased 5.8% to $20,455,000 and net income reached $5,080,000, or $.40 per share, vs. $3,341,000 or $ .26 per share for 1993.

Larry K. Powers, president and chief executive officer of Genlyte said the company is pleased with its progress in improving operating results in all divisions with the exception of DFT. According to Powers, "All divisions in the U.S. and Canada except DFT contributed to earnings growth. The improvement in divisional earnings ranged from 18% to 200%. These earnings were realized on modest sales growth as we focused on selling higher margin products while continuing to reduce expenses."

"We have reported in earlier quarters the difficulties we encountered in relocating DFT from Cleveland, Ohio to Elgin, Illinois. We have made substantial changes in DFT and we are focusing the company back on its core business. During the process, we identified many products at DFT which have been discontinued, including the Basic Concept portable lamp line. Basic Concept does not fit Genlyte's long term strategy. We also decided to vacate our leased facility in Cleveland which we had planned to occupy through the first six months of 1995. As a result of these decisions, we recorded in the fourth quarter a reduction in the carrying value of DFT's inventory of $850,000 and a reserve of $400,000 for abandonment costs associated with the Cleveland facility. Those charges affected fourth quarter earnings by approximately $.06 per share."

Powers concluded by saying, "We are optimistic about our sales and earnings growth for 1995. Economic conditions are healthy in most of the markets we serve in the United States and Canada. The quality of our sales force continues to improve, most notably our National Accounts sales organization which had a record year in 1994. We plan significant investments in state of the art MIS systems to make it easier for customers to do business with Genlyte. In 1995 we will continue to strengthen our sales organization, reduce our operating expenses, and pay down our debt."

The Genlyte Group Inc. is a leading manufacturer of lighting fixtures and controls for the commercial, residential, and industrial markets. Its products are sold under the brand names of Lightolier, Forecast, Hadco, Wide-Lite, Bronzelite, ExceLine, Timely, Crescent, Stonco, and Diamond F in the U.S., and Lightolier, Keene-Widelite, Prodel, and Canadian Flourescent Industries in Canada. -0-

                       The Genlyte Group Inc.
              Consolidated Condensed Statement of Income
              (Amounts in thousands except per share amount)

                               For the            For the
                          three months ended     year ended
                           Dec 31   Dec 31    Dec 31    Dec 31
                             1993     1994      1993      1994

Net sales                $105,533  $111,754  $429,143  $432,690
Operating profit         $  5,403  $  3,649  $ 19,327  $ 20,455
Income before tax        $  1,896  $    781  $  5,967  $  8,481
Net income               $  1,061  $    763  $  3,341  $  5,080
E.P.S. (a)               $    .08  $    .06  $    .26  $    .40
Average shares
 outstanding               12,732    12,747    12,807    12,742

(a) Primary and fully diluted

CONTACT: The Genlyte Group

Neil M. Bardach, 201/392-3734