Genlyte (GLYT) 8-K Results of Operations and Financial Condition

Exhibit 99.1

THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except earnings per share data)

(Unaudited and Preliminary)

	For the years ended December 31,
	2004		2003			2002
Net sales	$	1,179,069	$	1,033,899		$	970,304
Cost of sales	760,938		671,322			630,433
Gross profit	418,131		362,577			339,871
Selling and administrative expenses	297,033		261,246			242,602
Amortization of intangible assets	4,280		1,079			851
Gain on settlement of patent litigation	—		(8,000		)	—
Operating profit	116,818		108,252			96,418
Interest expense (income), net	3,937		(324		)	213
Minority interest, net of income taxes	18,354		32,594			29,245
Income before income taxes	94,527		75,982			66,960
Income tax provision	36,274		29,633			25,840
Net income	$	58,253	$	46,349		$	41,120
Earnings per share:
Basic	$	4.27	$	3.44		$	3.04
Diluted	$	4.20	$	3.41		$	3.01
Weighted average number of shares outstanding:
Basic	13,630		13,480			13,535
Diluted	13,885		13,597			13,668

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THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

(Unaudited and Preliminary)

	As of December 31,
	2004		2003		2003			2003
			(As reported)		(As restated)			Difference
Assets:
Current Assets:
Cash and cash equivalents	$	56,233	$	82,136	$	82,136		$	—
Short-term investments	18,619		70,479		70,479			—
Accounts receivable, less allowances for doubtful accounts of $10,724 and $13,456, as of December 31, 2004 and 2003, respectively	183,119		160,111		160,111			—
Inventories	150,077		143,898		143,898			—
Deferred income taxes and other current assets	31,381		28,602		28,602			—
Total current assets	439,429		485,226		485,226			—
Property, plant and equipment, at cost:
Land and land improvements	18,044		8,211		8,211			—
Buildings and leasehold improvements	113,275		88,718		88,718			—
Machinery and equipment	303,471		290,578		290,578			—
Total property, plant and equipment	434,790		387,507		387,507			—
Less: accumulated depreciation and amortization	281,316		275,883		275,883			—
Net property, plant and equipment	153,474		111,624		111,624			—
Goodwill	253,684		150,532		150,532			—
Other intangible assets, net of accumulated amortization	114,986		21,315		21,315			—
Other assets	4,097		5,028		5,028			—
Total Assets	$	965,670	$	773,725	$	773,725		$	—
Liabilities & Stockholders’ Equity:
Current Liabilities:
Short-term debt	$	92,489	$	—	$	—		$	—
Current maturities of long-term debt	20,202		284		284			—
Accounts payable	114,887		98,114		98,114			—
Accrued expenses	93,496		75,431		75,431			—
Total current liabilities	321,074		173,829		173,829			—
Long-term debt	131,029		11,190		11,190			—
Deferred income taxes	40,156		35,577		35,577			—
Minority interest	910		159,632		159,632			—
Accrued pension	21,344		27,567		27,567			—
Other long-term liabilities	8,169		8,562		8,562			—
Total liabilities	522,682		416,357		416,357			—
Commitments and contingencies
Stockholders’ Equity:
Common stock ($.01 par value, 30,000,000 shares authorized; 14,673,131 and 14,481,426 shares issued as of December 31, 2004 and 2003; 13,765,122 and 13,573,395 shares outstanding as of December 31, 2004 and 2003)	138		136		136			—
Additional paid-in capital	54,148		12,988		46,793			(33,805		)
Retained earnings	372,673		314,420		314,420			—
Accumulated other comprehensive income	16,029		29,824		(3,981		)	33,805
Total stockholders’ equity	442,988		357,368		357,368			—
Total Liabilities & Stockholders’ Equity	$	965,670	$	773,725	$	773,725		$	—

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THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts in thousands)

(Unaudited and Preliminary)

													Accumulated
	Common Stock												Other				Total
	Number						Additional				Retained		Comprehensive				Stockholders’
	of Shares		Amount				Paid-in Capital				Earnings		Income				Equity
Balance, December 31, 2001 (As restated)	13,433		$	135			$		44,438		$	226,951	$		(8,959	)	$	262,565
Net income	—		—				—				41,120		—				41,120
Increase in minimum pension liability, before tax	—		—				—				—		(12,717			)	(12,717			)
Related tax effect	—		—				—				—		4,185				4,185
Increase in minimum pension liability, after tax	—		—				—				—		(8,532			)	(8,532			)
Foreign currency translation adjustments	—		—				—				—		14				14
Total comprehensive income																	32,602
Exercise of stock options	217		2				4,142				—		—				4,144
Income tax benefit from exercise of stock options	—		—				1,463				—		—				1,463
Purchases of treasury stock	(203	)	(2			)	(6,787			)	—		—				(6,789			)
Balance, December 31, 2002 (As restated)	13,447		135				43,256				268,071		(17,477			)	293,985
Net income	—		—				—				46,349		—				46,349
Increase in minimum pension liability, before tax	—		—				—				—		(323			)	(323			)
Related tax effect	—		—				—				—		100				100
Increase in minimum pension liability, after tax	—		—				—				—		(223			)	(223			)
Foreign currency translation adjustments	—		—				—				—		13,719				13,719
Total comprehensive income																	59,845
Exercise of stock options	126		1				2,712				—		—				2,713
Income tax benefit from exercise of stock options	—		—				825				—		—				825
Balance, December 31, 2003 (As restated)	13,573		136				46,793				314,420		(3,981			)	357,368
Net income	—		—				—				58,253		—				58,253
Decrease in minimum pension liability, before tax	—		—				—				—		11,995				11,995
Related tax effect	—		—				—				—		(4,608			)	(4,608			)
Decrease in minimum pension liability, after tax	—		—				—				—		7,387				7,387
Fair market value of interest rate swaps, before tax	—		—				—				—		432				432
Related tax effect	—		—				—				—		(151			)	(151			)
Fair market value of interest rate swaps, after tax	—		—				—				—		281				281
Foreign currency translation adjustments	—		—				—				—		12,342				12,342
Total comprehensive income																	78,263
Exercise of stock options	192		2				5,194				—		—				5,196
Income tax benefit from exercise of stock options	—		—				2,161				—		—				2,161
Balance, December 31, 2004	13,765		$		138		$	54,148			$	372,673	$	16,029			$		442,988

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THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited and Preliminary)

	For the years ended December 31,
	2004			2003			2002
Cash Flows From Operating Activities:
Net income	$	58,253		$	46,349		$	41,120
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,069			24,207			23,169
Net (gain) loss from disposals of property, plant and equipment	(1,790		)	1,131			1,010
Provision for deferred income taxes	652			1,573			2,769
Minority interest	13,238			25,666			10,465
Changes in assets and liabilities, net of effect of acquisitions:
(Increase) decrease in:
Accounts receivable	(20,740		)	(3,261		)	(5,470		)
Inventories	(1,579		)	(663		)	2,069
Deferred income taxes and other current assets	(3,388		)	(41		)	465
Intangible and other assets	4,807			(2,778		)	8,195
Increase (decrease) in:
Accounts payable	13,636			(1,659		)	3,648
Accrued expenses	16,806			(352		)	2,729
Deferred income taxes, long-term	1,306			235			(6,428		)
Accrued pension and other long-term liabilities	(6,564		)	1,927			1,318
All other, net	2,579			920			486
Net cash provided by operating activities	105,285			93,254			85,545
Cash Flows From Investing Activities:
Acquisitions of businesses, net of cash received	(405,187		)	(20,350		)	(10,641		)
Purchases of property, plant and equipment	(26,620		)	(17,559		)	(18,912		)
Proceeds from sales of property, plant and equipment	4,607			31			1,807
Purchases of short-term investments	(60,467		)	(126,998		)	(157,198		)
Proceeds from sales of short-term investments	113,725			103,775			123,062
Net cash used in investing activities	(373,942		)	(61,101		)	(61,882		)
Cash Flows From Financing Activities:
Proceeds from short-term debt	100,000			—			—
Repayments of short-term debt	(7,511		)	—			—
Proceeds from long-term debt	200,000			—			—
Repayments of long-term debt	(60,068		)	(27,410		)	(3,318		)
Exercise of stock options	5,196			2,713			4,144
Net increase in disbursements outstanding	1,470			7,903			815
Purchases of treasury stock	—			—			(6,789		)
Net cash provided by (used in) financing activities	239,087			(16,794		)	(5,148		)
Effect of exchange rate changes on cash and cash equivalents	3,667			(242		)	(521		)
Net (decrease) increase in cash and cash equivalents	(25,903		)	15,117			17,994
Cash and cash equivalents at beginning of year	82,136			67,019			49,025
Cash and cash equivalents at end of year	$	56,233		$	82,136		$	67,019
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest paid, net	$	4,061		$	320		$	1,013
Income taxes, net of refunds of $2,168, $823, and $289, respectively	$	28,674		$	30,453		$	20,742

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