Genlyte announces 1994 earnings.SEACAUCUS, N.J.--(BUSINESS WIRE)--Feb. 3, 1995--The Genlyte Group This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. 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 Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. 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 DFT - discrete Fourier transform . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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 "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. to Elgin, Illinois
The term vacate has two common usages in the law. With respect to real property, to vacate the premises means to give up possession of the property and leave the area totally devoid of contents. 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 Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , 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 |
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