EXHIBIT 99.2
SUPPLEMENTAL DATA FOR THE QUARTER ENDED MARCH 29, 2003
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 29, 2003 AND MARCH 30, 2002
(Amounts in thousands, except earnings per share data)
(Unaudited)
| | 2003 | | 2002 | |
| | | | | |
Net sales | | $ | 237,913 | | $ | 232,026 | |
Cost of sales | | 156,083 | | 151,806 | |
| | | | | |
Gross profit | | 81,830 | | 80,220 | |
Selling and administrative expenses | | 60,824 | | 59,544 | |
Amortization of intangible assets | | 227 | | 222 | |
| | | | | |
Operating profit | | 20,779 | | 20,454 | |
Interest expense, net of interest income | | 28 | | 219 | |
Minority interest, net of income taxes | | 6,265 | | 6,038 | |
| | | | | |
Income before income taxes | | 14,486 | | 14,197 | |
Income tax provision | | 5,678 | | 5,479 | |
| | | | | |
Net income | | $ | 8,808 | | $ | 8,718 | |
| | | | | |
Earnings per share: | | | | | |
Basic | | $ | 0.65 | | $ | 0.65 | |
Diluted | | $ | 0.65 | | $ | 0.64 | |
| | | | | |
Weighted average number of shares outstanding: | | | | | |
Basic | | 13,463 | | 13,453 | |
Diluted | | 13,545 | | 13,566 | |
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 29, 2003 AND DECEMBER 31, 2002
(Amounts in thousands)
| | (Unaudited) | | | |
| | 3/29/2003 | | 12/31/2002 | |
Assets: | | | | | |
Current Assets: | | | | | |
Cash and cash equivalents | | $ | 105,382 | | $ | 111,906 | |
Accounts receivable, less allowances for doubtful accounts of $11,033 and $10,616, respectively | | 156,308 | | 148,279 | |
Inventories | | 142,008 | | 136,470 | |
Deferred income taxes and other current assets | | 28,215 | | 27,915 | |
Total current assets | | 431,913 | | 424,570 | |
Property, plant and equipment, at cost | | 375,315 | | 365,811 | |
Less: accumulated depreciation and amortization | | 266,901 | | 258,235 | |
Net property, plant and equipment | | 108,414 | | 107,576 | |
Goodwill, net of accumulated amortization | | 136,468 | | 134,231 | |
Other intangible assets, net of accumulated amortization | | 21,977 | | 22,195 | |
Other assets | | 3,332 | | 3,841 | |
Total Assets | | $ | 702,104 | | $ | 692,413 | |
| | | | | |
Liabilities & Stockholders’ Equity: | | | | | |
Current Liabilities: | | | | | |
Current maturities of long-term debt | | $ | 4,385 | | $ | 4,100 | |
Accounts payable | | 88,380 | | 87,568 | |
Accrued expenses | | 63,147 | | 73,133 | |
Total current liabilities | | 155,912 | | 164,801 | |
Long-term debt | | 30,009 | | 33,028 | |
Deferred income taxes | | 33,117 | | 32,935 | |
Minority interest | | 142,091 | | 133,789 | |
Other long-term liabilities | | 33,671 | | 33,875 | |
Total liabilities | | 394,800 | | 398,428 | |
Commitments and contingencies | | | | | |
Stockholders’ Equity: | | | | | |
Common stock | | 135 | | 135 | |
Additional paid-in capital | | 9,849 | | 9,451 | |
Retained earnings | | 276,879 | | 268,071 | |
Accumulated other comprehensive income | | 20,441 | | 16,328 | |
Total stockholders’ equity | | 307,304 | | 293,985 | |
Total Liabilities & Stockholders’ Equity | | $ | 702,104 | | $ | 692,413 | |
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THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 29, 2003 AND MARCH 30, 2002
(Amounts in thousands)
(Unaudited)
| | 2003 | | 2002 | |
Cash Flows From Operating Activities: | | | | | |
Net income | | $ | 8,808 | | $ | 8,718 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
Depreciation and amortization | | 6,237 | | 5,823 | |
Net loss from disposals of property, plant and equipment | | 42 | | 2 | |
Provision for doubtful accounts receivable | | 647 | | 571 | |
Changes in assets and liabilities: | | | | | |
(Increase) decrease in: | | | | | |
Accounts receivable | | (7,182 | ) | (3,061 | ) |
Inventories | | (4,412 | ) | (820 | ) |
Deferred income taxes and other current assets | | (166 | ) | (694 | ) |
Intangible and other assets | | 398 | | 785 | |
Increase (decrease) in: | | | | | |
Accounts payable | | (166 | ) | (1,118 | ) |
Accrued expenses | | (10,632 | ) | (5,736 | ) |
Deferred income taxes, long-term | | 0 | | 394 | |
Minority interest | | 8,240 | | 6,698 | |
Other long-term liabilities | | (310 | ) | 481 | |
All other, net | | 6 | | (66 | ) |
Net cash provided by operating activities | | 1,510 | | 11,977 | |
Cash Flows From Investing Activities: | | | | | |
Purchases of property, plant and equipment | | (5,227 | ) | (3,975 | ) |
Proceeds from sales of property, plant and equipment | | 17 | | 177 | |
Net cash used in investing activities | | (5,210 | ) | (3,798 | ) |
Cash Flows From Financing Activities: | | | | | |
Increase in short-term debt | | — | | 188 | |
Reductions of long-term debt | | (3,716 | ) | (114 | ) |
Purchases of treasury stock | | 0 | | (87 | ) |
Exercise of stock options | | 392 | | 1,328 | |
Net cash provided by (used in) financing activities | | (3,324 | ) | 1,315 | |
Effect of exchange rate changes on cash and cash equivalents | | 500 | | 18 | |
Net increase (decrease) in cash and cash equivalents | | (6,524 | ) | 9,512 | |
Cash and cash equivalents at beginning of period | | 111,906 | | 59,789 | |
Cash and cash equivalents at end of period | | $ | 105,382 | | $ | 69,301 | |
| | | | | |
Supplemental Disclosure of Cash Flow Information: | | | | | |
Cash paid during the period for: | | | | | |
Interest, net of interest received | | $ | 115 | | $ | 274 | |
Income taxes, net of refunds of $26 in 2003 and $51 in 2002 | | $ | 4,215 | | $ | 3,064 | |
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