Genlyte Announces Record First Quarter Earnings of $.57 Per Share, up 3.6%

Apr 18, 2001, 01:00 ET from The Genlyte Group Inc.

    LOUISVILLE, Ky., April 18 /PRNewswire/ --
     The Genlyte Group Incorporated (Nasdaq:   GLYT) today announced its first
 quarter earnings grew to $.57, a 3.6% increase over the first quarter of 2000,
 and the highest first quarter earnings per share in Genlyte's history.  The
 company also reported record first quarter net income of $7.7 million. This is
 the 25th consecutive record increase in both earnings per share and net income
 over the comparable prior year's quarter reported by the company.  First
 quarter sales of $244.8 million were essentially flat with the $246.4 million
 reported last year.
     Chairman, President and CEO Larry Powers said, "We are pleased to report
 the first quarter earnings increases during a period of soft sales.  The
 economic slowdown, which began during the fourth quarter of last year,
 continues to affect our top line, particularly in the commodity sector.
     "We are taking actions to offset the weaker sales and minimize the
 earnings impact.  As previously announced our Lightolier division formed a
 marketing alliance with Steelcase, the world's preeminent designer and
 manufacturer of products to create high-performance work environments.  This
 alliance represents a strategic opportunity for increased sales for both
 companies and will enable Lightolier and Steelcase to significantly enhance
 the quality of lighting available in the office environment of the future.
     "In the area of cost control, we are targeting opportunities in the
 transportation and warehouse areas.  We recently appointed a corporate
 director of logistics to coordinate cross-divisional activities to reduce
 costs in this area.  In addition, we are aggressively managing labor
 productivity through scheduling and staffing aligned with current
 volume requirements.
     "We feel that it is important to maintain pricing levels and not cut
 prices for the short-term benefit of factory loading or buying market share.
 Instead, we will build market share by continuing to focus on what we do well
 - introducing innovative new products with superior quality, developing our
 employees, improving productivity, and servicing our customers.
     "Our outlook for the second quarter is that general business conditions
 will remain soft.  We expect the extreme softness in the industrial sector to
 continue.  The commercial and retail business has been relatively firm, but
 may be affected as a result of further weakness in the economy impacting this
 segment during the second quarter."
     Vice President and Chief Financial Officer Bill Ferko stated,  "Cash flow
 during the first quarter was affected negatively as a result of investments
 required for the new marketing alliances.  During the quarter we utilized
 $16.5 million of cash compared to a surplus of about $1 million during the
 first quarter last year.  Accounts receivable increased as a result of the
 addition of new customers. Inventories also increased during the quarter as a
 result of not reacting fast enough to slowing sales. The first quarter is
 traditionally a very weak cash flow quarter for the company due to tax
 payments, incentive compensation payments, and increase in inventory levels
 required for the second quarter.  We will be more aggressive in managing our
 receivable and inventory levels during the next quarter.
     "Despite spending approximately $100 million for acquisitions, stock
 repurchases, and capital expenditures during the past year, our net debt level
 has increased by only $30 million and the company remains financially very
 strong."
     Genlyte Thomas Group LLC (GTG) is one of North America's leading
 manufacturers of lighting fixtures and controls for commercial, industrial and
 residential markets.  Headquartered in Louisville, Kentucky, GTG is owned
 jointly by The Genlyte Group Incorporated (68%) and Thomas Industries Inc.
 (TII, 32%).  GTG products are sold under the brand names of Bronzelite, Capri,
 Chloride Systems, Crescent, Day-Brite, Electro/Connect, Emco, ExceLine, Fibre
 Light, Forecast, Gardco, Hadco, Ledalite, LightGuard,  Lightolier, Lightolier
 Controls, Lumec, Lumec-Schreder, Matrix, mcPhilben, Omega, Starlight, Stonco,
 Thomas, Translite Sonoma, Wide-Lite and ZED in the United States and Canada,
 and under the additional Canadian brands of C&M, CFI Fluorescent , Horizon,
 Keene-Widelite,  Lite Energy, and Uniglo.  Both Genlyte and Thomas continue to
 exist as separate publicly traded companies.  The Genlyte Group Incorporated
 is traded on the Nasdaq (symbol: GLYT).
 
     For additional information about Genlyte please refers to the Company's
 web site at: http://www.genlyte.com.
     The statements in this report with respect to future results, future
 expectations, and plans for future activities and synergies may be regarded as
 forward-looking statements within the meaning of the Private Securities
 Litigation Reform Act of 1995, and actual results may differ materially from
 those currently expected.  They are subject to various risks, such as the
 ability of the Company to meet new business sales goals, fluctuations in
 commodity prices, slowing of the overall economy, increased interest costs
 arising from a change in the Company's leverage or change in rates, failure of
 the Company's plans to produce anticipated cost savings, and the timing and
 magnitude of capital expenditures, as well as other risks discussed in the
 company's filing with the Securities Exchange Commission, including its Annual
 Report and Form 10-K for the year ended December 31, 2000.  The Company makes
 no commitment to disclose any revision to forward-looking statements, or any
 facts, events, or circumstances after the date hereof that may bear upon
 forward-looking statements.
 
 
                     The Genlyte Group Incorporated
               Consolidated Condensed Statement of Income
             (Amounts in thousands except for per share data)
 
                                          For the three months ended
                             March 31, 2001       April 1, 2000      %  Change
 
 
     Net Sales                   $244,795             $246,360           -0.6%
 
 
     EBIT*                         19,575               19,928           -1.8%
 
 
     Net Income                     7,703                7,654           +0.6%
 
     E.P.S.                      $   0.57             $   0.55           +3.6%
 
 
     Average Shares
      Outstanding                  13,410               13,809           -2.9%
 
 
 
     * EBIT is before deducting Thomas Industries Inc. minority interest of
 $5,642 for the three months ended March 31, 2001, and $5,940 for the three
 months ended April 1, 2000.
 
 

SOURCE The Genlyte Group Inc.
    LOUISVILLE, Ky., April 18 /PRNewswire/ --
     The Genlyte Group Incorporated (Nasdaq:   GLYT) today announced its first
 quarter earnings grew to $.57, a 3.6% increase over the first quarter of 2000,
 and the highest first quarter earnings per share in Genlyte's history.  The
 company also reported record first quarter net income of $7.7 million. This is
 the 25th consecutive record increase in both earnings per share and net income
 over the comparable prior year's quarter reported by the company.  First
 quarter sales of $244.8 million were essentially flat with the $246.4 million
 reported last year.
     Chairman, President and CEO Larry Powers said, "We are pleased to report
 the first quarter earnings increases during a period of soft sales.  The
 economic slowdown, which began during the fourth quarter of last year,
 continues to affect our top line, particularly in the commodity sector.
     "We are taking actions to offset the weaker sales and minimize the
 earnings impact.  As previously announced our Lightolier division formed a
 marketing alliance with Steelcase, the world's preeminent designer and
 manufacturer of products to create high-performance work environments.  This
 alliance represents a strategic opportunity for increased sales for both
 companies and will enable Lightolier and Steelcase to significantly enhance
 the quality of lighting available in the office environment of the future.
     "In the area of cost control, we are targeting opportunities in the
 transportation and warehouse areas.  We recently appointed a corporate
 director of logistics to coordinate cross-divisional activities to reduce
 costs in this area.  In addition, we are aggressively managing labor
 productivity through scheduling and staffing aligned with current
 volume requirements.
     "We feel that it is important to maintain pricing levels and not cut
 prices for the short-term benefit of factory loading or buying market share.
 Instead, we will build market share by continuing to focus on what we do well
 - introducing innovative new products with superior quality, developing our
 employees, improving productivity, and servicing our customers.
     "Our outlook for the second quarter is that general business conditions
 will remain soft.  We expect the extreme softness in the industrial sector to
 continue.  The commercial and retail business has been relatively firm, but
 may be affected as a result of further weakness in the economy impacting this
 segment during the second quarter."
     Vice President and Chief Financial Officer Bill Ferko stated,  "Cash flow
 during the first quarter was affected negatively as a result of investments
 required for the new marketing alliances.  During the quarter we utilized
 $16.5 million of cash compared to a surplus of about $1 million during the
 first quarter last year.  Accounts receivable increased as a result of the
 addition of new customers. Inventories also increased during the quarter as a
 result of not reacting fast enough to slowing sales. The first quarter is
 traditionally a very weak cash flow quarter for the company due to tax
 payments, incentive compensation payments, and increase in inventory levels
 required for the second quarter.  We will be more aggressive in managing our
 receivable and inventory levels during the next quarter.
     "Despite spending approximately $100 million for acquisitions, stock
 repurchases, and capital expenditures during the past year, our net debt level
 has increased by only $30 million and the company remains financially very
 strong."
     Genlyte Thomas Group LLC (GTG) is one of North America's leading
 manufacturers of lighting fixtures and controls for commercial, industrial and
 residential markets.  Headquartered in Louisville, Kentucky, GTG is owned
 jointly by The Genlyte Group Incorporated (68%) and Thomas Industries Inc.
 (TII, 32%).  GTG products are sold under the brand names of Bronzelite, Capri,
 Chloride Systems, Crescent, Day-Brite, Electro/Connect, Emco, ExceLine, Fibre
 Light, Forecast, Gardco, Hadco, Ledalite, LightGuard,  Lightolier, Lightolier
 Controls, Lumec, Lumec-Schreder, Matrix, mcPhilben, Omega, Starlight, Stonco,
 Thomas, Translite Sonoma, Wide-Lite and ZED in the United States and Canada,
 and under the additional Canadian brands of C&M, CFI Fluorescent , Horizon,
 Keene-Widelite,  Lite Energy, and Uniglo.  Both Genlyte and Thomas continue to
 exist as separate publicly traded companies.  The Genlyte Group Incorporated
 is traded on the Nasdaq (symbol: GLYT).
 
     For additional information about Genlyte please refers to the Company's
 web site at: http://www.genlyte.com.
     The statements in this report with respect to future results, future
 expectations, and plans for future activities and synergies may be regarded as
 forward-looking statements within the meaning of the Private Securities
 Litigation Reform Act of 1995, and actual results may differ materially from
 those currently expected.  They are subject to various risks, such as the
 ability of the Company to meet new business sales goals, fluctuations in
 commodity prices, slowing of the overall economy, increased interest costs
 arising from a change in the Company's leverage or change in rates, failure of
 the Company's plans to produce anticipated cost savings, and the timing and
 magnitude of capital expenditures, as well as other risks discussed in the
 company's filing with the Securities Exchange Commission, including its Annual
 Report and Form 10-K for the year ended December 31, 2000.  The Company makes
 no commitment to disclose any revision to forward-looking statements, or any
 facts, events, or circumstances after the date hereof that may bear upon
 forward-looking statements.
 
 
                     The Genlyte Group Incorporated
               Consolidated Condensed Statement of Income
             (Amounts in thousands except for per share data)
 
                                          For the three months ended
                             March 31, 2001       April 1, 2000      %  Change
 
 
     Net Sales                   $244,795             $246,360           -0.6%
 
 
     EBIT*                         19,575               19,928           -1.8%
 
 
     Net Income                     7,703                7,654           +0.6%
 
     E.P.S.                      $   0.57             $   0.55           +3.6%
 
 
     Average Shares
      Outstanding                  13,410               13,809           -2.9%
 
 
 
     * EBIT is before deducting Thomas Industries Inc. minority interest of
 $5,642 for the three months ended March 31, 2001, and $5,940 for the three
 months ended April 1, 2000.
 
 SOURCE  The Genlyte Group Inc.