Genlyte (GLYT) 8-K Financial statements and exhibits

Exhibit 99.1

	The Genlyte Group Incorporated 10350 Ormsby Park Place, Suite 601
	Louisville, KY  40223
News Release	For Immediate Release

Contact:  William G. Ferko, CFO

(502) 420-9502

GENLYTE ANNOUNCES RECORD THIRD QUARTER EARNINGS OF $1.16 PER SHARE

Louisville, KY, October 24, 2003. The Genlyte Group Incorporated (NASDAQ: GLYT) today announced its third quarter earnings per share rose 45% over prior year to $1.16.  Net income was $15.8 million, up 44% from the third quarter of 2002 and the highest quarterly earnings in the company’s history. The successful $8.0 million patent litigation settlement, previously announced, positively impacted third quarter operating profit by $7.1 million, net of $.9 million legal expenses, and net income by $2.9 million or $.21 per share after adjustments for minority interest and taxes.  Genlyte achieved an all-time record quarter excluding the benefit of the legal settlement, with net income increasing 17.5% over prior year to $12.9 million and earnings of $.95 per share, up 18.7%.

The company reported record third quarter 2003 sales of $272.8 million were 9.9% higher than the $248.3 million reported last year.

The year to date earnings per share of $2.53 and net income of $34.4 million, which include amounts related to the patent litigation settlement, were up 14.0% and 13.4%, respectively, from 2002.  Sales during the nine-month period increased 5.0% to $764.8 million from $728.1 million.

Chairman, President and CEO Larry Powers said, “We are pleased to report a sales and earnings increase for the quarter and year to date despite the soft commercial and industrial construction markets.  While current news reports portray strengthening in the North American economy, the overall construction statistics show little, if any, rebound and no significant improvement expected until the second half of 2004.   Office, retail and high-end hospitality markets continue to be soft.  In continued contrast, the residential construction market maintains its strong pace.  We have seen some recent strength in sales due to an increase in school and healthcare construction business, however, with schools now open, we do not expect that market strength to continue.

“Our Vari-Lite and Shakespeare acquisitions helped to increase sales by $17.1 million for the quarter and $32.2 million for the year to date.  Sales for comparable operations excluding acquisitions were up 3.0% for the quarter and 0.6% year to date.   Business activity during the months of June through August was relatively robust, however, activity during the month of September was somewhat weaker.

“We have realized some benefit from the recent price increases, however, the magnitude of insurance, freight, and legal cost increases have substantially offset the benefit of the price increases and our ongoing cost reduction efforts.

“As always, we continue to take actions to minimize these economic issues.  These actions include our ongoing industry leadership in product development, a refocusing of our sales force toward the more active markets including healthcare and other institutional facilities, and continuing cost reductions.”

Vice President and Chief Financial Officer Bill Ferko stated,  “During the quarter we generated a record $47.4 million of cash from operations (including the $8.0 million legal settlement), less $3.6 million for plant and equipment investments, compared to the third quarter of last year when we generated $36.7 million of cash from operations less $5.6 million for plant and equipment investments.  Accounts receivable and inventories increased by $30.7 million from year-end and $21.7 million from last September. Approximately $23.0 million of the accounts receivable and inventory increase over last September is attributed to recent acquisitions.  The $63.6 million of year-to-date cash flow from operations has funded $19.0 million for acquisitions, $13.0 million for capital expenditures, and debt reductions of $22.5 million.

“Our balance sheet remains very strong.  We closed the third quarter of 2003 with a cash balance of $121.6 million and debt of $16.0 million, or a net-cash position of $105.6 million compared to a net-cash balance of $63.8 million last September.”

Live audio of Genlyte’s conference call with securities analysts, scheduled for 11 a.m. EDT on October 24, can be accessed from the investor relations section of Genlyte’s website (http://www.genlyte.com) or from www.vcall.com.  An audio replay of the call will be available for 90 days.

The Genlyte Group Incorporated (Nasdaq: GLYT) holds a 68% interest in Genlyte Thomas Group LLC, which is a leading manufacturer of lighting fixtures and controls for the commercial, industrial and residential markets. Genlyte Thomas sells products under the major brand names of Capri, Chloride Systems, Crescent, Day-Brite, Gardco, Hadco, Ledalite, Lightolier, Lightolier Controls, Lumec, Shakespeare Composite Structures, Stonco, Thomas, Vari-Lite and Wide-Lite in the United States and Canlyte and Thomas in Canada.

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 and realize desired price increases, fluctuations in commodity and transportation prices, slowing of the overall economy, changes in foreign currency translation rates, 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, the outcome of pending litigation, and the timing and magnitude of capital expenditures, as well as other risks discussed in the company’s filing with the Securities Exchange Commission. 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.

For additional information about Genlyte please refer to the Company’s web site at: http://www.genlyte.com.

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The Genlyte Group Incorporated

Condensed Consolidated Statements of Income

(Amounts in thousands, except earnings per share data)

	For the three months ended
	September 27, 2003		September 28, 2002		% Change
Net Sales	$	272,769	$	248,268	9.9	%
Operating Profit*	36,456		25,563		42.6	%
Net Income	15,770		10,957		43.9	%
E.P.S.	$	1.16	$	0.80	45.0	%
Average Shares Outstanding	13,645		13,781		(1.0	)%

* Operating Profit is before deducting minority interest of $10,730 for the three months ended September 27, 2003 and $7,645 for the three months ended September 28, 2002.

The Genlyte Group Incorporated

Condensed Consolidated Statements of Income

(Amounts in thousands, except earnings per share data)

	For the nine months ended
	September 27, 2003		September 28, 2002		% Change
Net Sales	$	764,795	$	728,061	5.0	%
Operating Profit*	80,290		71,066		13.0	%
Net Income	34,412		30,353		13.4	%
E.P.S.	$	2.53	$	2.22	14.0	%
Average Shares Outstanding	13,576		13,654		(0.6	)%

* Operating Profit is before deducting minority interest of $ 23,941 for the nine months ended September 27, 2003 and $21,302 for the nine months ended September 28, 2002.

The foregoing unaudited figures have been approved by the management of The Genlyte Group Incorporated for official release on the date indicated. 

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THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 27, 2003 AND SEPTEMBER 28, 2002

(Amounts in thousands, except earnings per share data)

(Unaudited and Preliminary)

	Three Months Ended September 27 and 28					Nine Months Ended September 27 and 28
	2003			2002		2003			2002
Net sales	$	272,769		$	248,268	$	764,795		$	728,061
Cost of sales	176,146			161,943		497,613			473,947
Gross profit	96,623			86,325		267,182			254,114
Selling and administrative expenses	67,772			60,558		194,040			182,419
Gain on settlement of patent litigation	(8,000		)	—		(8,000		)	—
Amortization of intangible assets	395			204		852			629
Operating profit	36,456			25,563		80,290			71,066
Interest (income) expense, net	(128		)	76		(65		)	338
Minority interest, net of income taxes	10,730			7,645		23,941			21,302
Income before income taxes	25,854			17,842		56,414			49,426
Income tax provision	10,084			6,885		22,002			19,073
Net income	$	15,770		$	10,957	$	34,412		$	30,353
Earnings per share:
Basic	$	1.17		$	0.80	$	2.55		$	2.24
Diluted	$	1.16		$	0.80	$	2.53		$	2.22
Weighted average number of shares outstanding:
Basic	13,492			13,622		13,472			13,523
Diluted	13,645			13,781		13,576			13,654

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THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 27, 2003 AND DECEMBER 31, 2002

(Amounts in thousands)

(Preliminary)

	(Unaudited)
	9/27/2003		12/31/2002
Assets:
Current Assets:
Cash and cash equivalents	$	121,647	$	111,906
Accounts receivable, less allowances for doubtful accounts of $10,748 and $10,616, respectively	174,683		148,279
Inventories	140,812		136,470
Deferred income taxes and other current assets	29,752		27,915
Total current assets	466,894		424,570
Property, plant and equipment, at cost	382,039		365,811
Less: accumulated depreciation and amortization	270,270		258,235
Net property, plant and equipment	111,769		107,576
Goodwill	146,871		134,231
Other intangible assets, net of accumulated amortization	21,531		22,195
Other assets	3,313		3,841
Total Assets	$	750,378	$	692,413
Liabilities & Stockholders’ Equity:
Current Liabilities:
Current maturities of long-term debt	$	327	$	4,100
Accounts payable	95,559		87,568
Accrued expenses	76,725		73,133
Total current liabilities	172,611		164,801
Long-term debt	15,702		33,028
Deferred income taxes	33,358		32,935
Minority interest	156,820		133,789
Accrued pension and other long-term liabilities	33,372		33,875
Total liabilities	411,863		398,428
Commitments and contingencies
Stockholders’ Equity:
Common stock	135		135
Additional paid-in capital	11,077		9,451
Retained earnings	302,483		268,071
Accumulated other comprehensive income	24,820		16,328
Total stockholders’ equity	338,515		293,985
Total Liabilities & Stockholders’ Equity	$	750,378	$	692,413

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THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 27, 2003 AND SEPTEMBER 28, 2002

(Amounts in thousands)

(Unaudited and Preliminary)

	2003			2002
Cash Flows From Operating Activities:
Net income	$	34,412		$	30,353
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,129			17,640
Net (gain) loss from disposals of property, plant and equipment	172			(6		)
Provision for doubtful accounts receivable	1,213			2,242
Changes in assets and liabilities, net of effect of acquisition:
(Increase) decrease in:
Accounts receivable	(19,559		)	(23,589		)
Inventories	1,665			2,505
Deferred income taxes and other current assets	(1,536		)	385
Intangible and other assets	(202		)	718
Increase (decrease) in:
Accounts payable	4,363			10,253
Accrued expenses	1,489			3,343
Deferred income taxes, long-term	—			399
Minority interest	22,893			15,588
Accrued pension and other long-term liabilities	(756		)	(5,514		)
All other, net	279			981
Net cash provided by operating activities	63,562			55,298
Cash Flows From Investing Activities:
Acquisition of business	(19,000		)	—
Purchases of property, plant and equipment	(13,026		)	(14,368		)
Proceeds from sales of property, plant and equipment	28			1,705
Net cash used in investing activities	(31,998		)	(12,663		)
Cash Flows From Financing Activities:
Reductions of long-term debt	(22,497		)	(355		)
Purchases of treasury stock	—			(1,620		)
Exercise of stock options	1,389			3,839
Net cash provided by (used in) financing activities	(21,108		)	1,864
Effect of exchange rate changes on cash and cash equivalents	(715		)	(359		)
Net increase in cash and cash equivalents	9,741			44,140
Cash and cash equivalents at beginning of period	111,906			59,789
Cash and cash equivalents at end of period	$	121,647		$	103,929
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest, net of interest received	$	122		$	301
Income taxes, net of refunds of $161 in 2003 and $146 in 2002	$	20,101		$	16,143

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