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Genlyte Announces Record Third Quarter Sales
The Genlyte Group has announced record third quarter earnings per share of $1.38 compared to 2006 earnings per share of $1.32. Net income was $40.1 million, up 5.7% from the third quarter of 2006. Third quarter 2007 net sales of $418.8 million, a record for any quarter, were 2.1% higher than the $410.4 million reported for the same period last year.
Sales during the first nine months of 2007 increased 10.5% from $1.106 billion to $1.222 billion. Year-to-date earnings per share were $3.87 compared to $4.26 for the first nine months of 2006. Year-to-date net income was $112.5 million compared to $122.5 million last year. First quarter 2006 net income included a one-time tax provision benefit of $24.7 million, or $0.86 per share, related to a change in corporate tax structuring. In addition, the second quarter of 2006 included $7.2 million ($4.4 million after-tax) or $0.15 per share impact from foreign currency exchange gain related to return of capital from Canada.
Chairman, president and CEO Larry Powers said: "Once again, we are pleased to report that sales and net income for the third quarter were the highest for any third quarter in the company's history. This was a big challenge to exceed third quarter of last year when sales grew 26% and net income grew 74%. Nevertheless, we rose to the challenge and delivered another record quarter.”
Companies within the Genlyte Group include Vari-Lite, Strand Lighting and Entertainment Technology.
1st November 2007
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