<PAGE>
- - - -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended October 1, 1994
Commission File Number 0-16960
----------------
THE GENLYTE GROUP INCORPORATED
100 Lighting Way
Secaucus, N. J. 07096
(201) 864-3000
Incorporated in Delaware I.R.S. Employer
Identification No. 22-2584333
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO _
The number of shares outstanding of the issuer's common stock as of November 14,
1994 was 12,833,674.
- - - -------------------------------------------------------------------------------
<PAGE>
THE GENLYTE GROUP INCORPORATED
FORM 10-Q
FOR THE QUARTER ENDED OCTOBER 1, 1994
INDEX
PART I. FINANCIAL INFORMATION
Consolidated Statements of Income for the three
months ended October 1, 1994 and October 2, 1993. . . . . . . . . . 1
Consolidated Statements of Income for the nine
months ended October 1, 1994 and October 2, 1993. . . . . . . . . . 2
Consolidated Balance Sheets as of October 1, 1994
and December 31, 1993 . . . . . . . . . . . . . . . . . . . . . . . 3
Consolidated Statements of Cash Flows for the nine
months ended October 1, 1994 and October 2, 1993. . . . . . . . . . 4
Notes to Consolidated Interim Financial Statements . . . . . . . . . 5
Management's Discussion and Analysis of
Financial Condition and Results of Operations . . . . . . . . . . . 6
PART II. OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . 9
Calculation of Primary and Fully Diluted
Earnings Per Share for the three months
ended October 1, 1994 and October 2, 1993. . . . . . . . . . . . . .11
Calculation of Primary and Fully Diluted
Earnings Per Share for the nine months
ended October 1, 1994 and October 2, 1993. . . . . . . . . . . . . .12
Signature. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
<PAGE>
PART 1 FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED OCTOBER 1, 1994 AND
OCTOBER 2, 1993
(000'S OMITTED, EXCEPT PER SHARE DATA)
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
- - - ------------------------------------------------------------------
- - - ------------------------------------------------------------------
<S> <C> <C>
Net Sales $ 111,836 $ 107,970
Cost of Sales 79,142 76,078
- - - ------------------------------------------------------------------
Gross Profit 32,694 31,892
Selling, General and
Administrative Expenses 26,848 26,826
- - - ------------------------------------------------------------------
Operating Profit 5,846 5,066
Corporate Expenses 1,287 1,420
Interest Expense, net 1,928 2,050
- - - ------------------------------------------------------------------
Income Before Income Taxes 2,632 1,596
Provision for Income Taxes 1,158 701
- - - ------------------------------------------------------------------
Net Income $ 1,475 $ 895
- - - ------------------------------------------------------------------
Earnings per Share $ .12 $ .07
- - - ------------------------------------------------------------------
- - - ------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
1
<PAGE>
PART 1 FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED OCTOBER 1, 1994 AND OCTOBER 2, 1993
(000'S OMITTED, EXCEPT PER SHARE DATA)
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
- - - ------------------------------------------------------------------------
- - - ------------------------------------------------------------------------
<S> <C> <C>
Net Sales $ 320,936 $ 323,610
Cost of Sales 224,449 229,663
- - - ------------------------------------------------------------------------
Gross Profit 96,487 93,947
Selling, General and
Administrative Expenses 79,683 80,023
- - - ------------------------------------------------------------------------
Operating Profit 16,804 13,924
Corporate Expenses 3,690 3,588
Interest Expense, net 5,415 6,265
- - - ------------------------------------------------------------------------
Income Before Income Taxes 7,701 4,071
Provision for Income Taxes 3,383 1,791
- - - ------------------------------------------------------------------------
Net Income $ 4,317 $ 2,280
- - - ------------------------------------------------------------------------
Earnings per Share $ .34 $ .18
- - - ------------------------------------------------------------------------
- - - ------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
2
<PAGE>
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF OCTOBER 1, 1994 AND DECEMBER 31, 1993
(000'S OMITTED)
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
(unaudited)
10/1/94 12/31/93
---------------------------
<S> <C> <C>
ASSETS:
- - - ------------------------------------------------
Current Assets:
Cash and cash equivalents $ 5,694 $ 3,319
Accounts receivable, less allowances for 70,618 58,991
doubtful accounts of $3,446 and $3,765
Inventories:
Raw materials and supplies 28,602 29,570
Work in progress 9,911 11,519
Finished goods 44,864 42,754
- - - --------------------------------------------------------------------------------
Total Inventories 83,377 83,843
- - - --------------------------------------------------------------------------------
Other current assets 10,622 9,860
- - - --------------------------------------------------------------------------------
Total current assets 170,311 156,013
- - - --------------------------------------------------------------------------------
Property, plant and equipment, at cost 221,418 217,433
Less: accumulated depreciation and
amortization on plant and equipment 152,254 143,800
- - - --------------------------------------------------------------------------------
Net property, plant and equipment 69,164 73,633
- - - --------------------------------------------------------------------------------
Cost in excess of net assets of purchased
businesses 12,221 12,336
Other assets 2,079 2,554
- - - --------------------------------------------------------------------------------
TOTAL ASSETS $253,776 $244,536
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
LIABILITIES & STOCKHOLDERS' INVESTMENT:
- - - ---------------------------------------------
Current Liabilities:
Current maturities of long-term debt $ 2,885 $ 7,060
Accounts payable 35,968 31,893
Accrued expenses 29,216 31,247
- - - --------------------------------------------------------------------------------
Total current liabilities 68,069 70,200
- - - --------------------------------------------------------------------------------
Long-term debt 99,972 93,359
Deferred income taxes 7,500 7,508
Other liabilities 13,404 12,627
- - - --------------------------------------------------------------------------------
Total liabilities $188,945 $183,694
- - - --------------------------------------------------------------------------------
Stockholders' Investment:
Common stock 128 128
Paid-in capital 9,881 9,881
Foreign currency translation adjustment (1,799) (1,470)
Retained earnings 56,620 52,303
- - - --------------------------------------------------------------------------------
Total stockholders' investment 64,830 60,842
- - - --------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT $253,776 $244,536
</TABLE>
The accompanying notes are an integral part of these consolidated balance
sheets.
3
<PAGE>
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED OCTOBER 1, 1994 AND OCTOBER 2, 1993
(000'S OMITTED) (Unaudited)
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
1994 1993
- - - --------------------------------------------------------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
- - - --------------------------------------------
Net Income $ 4,317 $ 2,280
Adjustments to reconcile net income to net cash
flows provided (used) by operating activities:
Depreciation and amortization 12,109 12,783
(Increase) decrease in:
Accounts receivable (11,627) (7,839
Inventories 466 3,471
Other current assets (762) (412)
Other assets 204 122
Increase (decrease) in:
Accounts payable and accrued expenses 2,044 5,448
Other liabilities 777 (1,257)
Deferred income Taxes (8) (54)
All other, net 379 77
- - - --------------------------------------------------------------------------------
Net cash flows provided (used) by operating
activities 7,899 14,619
- - - --------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
- - - --------------------------------------------------------------------------------
Purchase of treasury stock - (3)
Options exercised - 100
Increase/(decrease) in debt to outsiders 2,438 (6,359)
- - - --------------------------------------------------------------------------------
Net cash flows provided (used) in financing
activities 2,438 (6,262)
- - - --------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
- - - --------------------------------------------------------------------------------
Purchases of plant and equipment (8,261) (6,747)
Disposals of plant and equipment 628 52
- - - --------------------------------------------------------------------------------
Net cash flows provided (used) in investing
activities (7,633) (6,695)
- - - --------------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES (329) (683)
- - - --------------------------------------------------------------------------------
Net increase/(decrease) in cash and cash
equivalents 2,375 979
Cash and cash equivalents at beginning of year 3,319 2,810
- - - --------------------------------------------------------------------------------
Cash and cash equivalents at end of quarter $ 5,694 $ 3,789
- - - --------------------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - CASH PAID
DURING THE THREE MONTH PERIOD FOR:
- - - --------------------------------------------------------------------------------
Interest $ 5,716 $ 5,452
- - - --------------------------------------------------------------------------------
Income taxes $ 3,239 $ 1,652
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
4
<PAGE>
THE GENLYTE GROUP INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF OCTOBER 1, 1994
(Unaudited)
1. Accounting Policies
The consolidated financial statements included in this report were prepared
in conformity with the accounting standards set forth in Accounting
Principles Board Opinion No. 28, "Interim Financial Reporting", as amended,
and the rules and regulations of the Securities and Exchange Commission
related to interim reporting. During the periods shown, there were no
changes in accounting principles or practices from those applied in prior
periods.
2. Consolidated Statement of Stockholders' Investment ($ in 000's):
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Foreign
Additional Currency
Common Paid-in Translation Retained
Stock Capital Adjustment Earnings
- - - --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balance, December 31, 1993 $ 128 $ 9,881 $ (1,470) $52,303
- - - --------------------------------------------------------------------------------
Net Income - - - 4,317
- - - --------------------------------------------------------------------------------
Options Exercised - - - -
- - - --------------------------------------------------------------------------------
Treasury Stock purchased - - - -
- - - --------------------------------------------------------------------------------
Translation Adjustments - - (329) -
- - - --------------------------------------------------------------------------------
Balance, October 1, 1994 $ 128 $ 9,881 $ (1,799) $56,620
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
RESULTS OF OPERATIONS:
COMPARISON OF THIRD QUARTER 1994 TO THIRD QUARTER 1993
Genlyte's net sales for the third quarter of 1994 were $111.8 million, which
reflects a $3.9 million or 3.6% increase from the third quarter of 1993. Net
income increased 64.8% to $1.5 million from $.9 million in 1993 and earnings per
share increased from $.07 to $.12 on a comparable number of outstanding shares.
All divisions experienced sales growth from the third quarter of 1993 except the
DFT and Controls divisions. DFT continues to experience operating difficulties
related to its move from Cleveland, Ohio to Elgin, Illinois. However, the
shipping problems previously reported in DFT have improved. Controls
experienced a temporary manufacturing equipment breakdown in September which
slowed production, and reduced shipments. In addition, the decline in the
Canadian exchange rate by approximately 4 points from the prior year's third
quarter reduced Genlyte's reported sales by $1 million, despite local currency
sales growth.
Selling, general and administrative expenses for third quarter 1994, as a
percent of sales, were improved from the third quarter 1993. Headcount and
other cost reductions implemented earlier in the year, coupled with reduced DFT
transition expenses, account for an approximate 1% improvement as a percent of
sales.
Operating profit increased in the third quarter of 1994 to $5.8 million, a 15.4%
improvement from the third quarter of 1993. Lightolier U.S. realized an
increase in operating profit as compared to prior year due to increased sales of
higher margin products, product line pruning, and ongoing facility
rationalizations which reduced fixed costs. DFT's operating profits decreased
compared to the same period of the prior year from the transition inefficiencies
discussed above. Other U.S. divisions such as Stonco, Wide-Lite and Hadco
experienced volume increases, favorable operating variances and effective cost
reductions which resulted in additional operating profit.
Interest expense dropped $.1 million as a $14.4 million reduction in debt from
the third quarter 1993 was slightly offset by rising interest rates.
The effective tax rate was 44% for both the third quarter of 1993 and 1994.
COMPARISON OF FIRST NINE MONTHS 1994 TO FIRST NINE MONTHS 1993
Genlyte net sales for 1994 were $320.9 million, a .8% decrease from the prior
year. The sales decrease at DFT and Controls more than offset increases in
sales volumes in all product lines at Lightolier U.S., for reasons described
above. In addition the Canadian exchange rate decline of approximately 5 points
from 1993 to 1994 resulted in a $3.1 million decrease as compared to the prior
year in U.S. dollars, despite local currency sales growth. Operating profit
increased in 1994 to $16.8 million, a 20.7% increase from the prior year for
reasons described above.
Selling, general and administrative expenses for 1994 were $79.7 million, or
24.8% of sales, as compared to $80 million, or 24.7% of sales in 1993.
Headcount reductions were offset by expenses incurred by DFT during their
relocation from Ohio to Illinois.
6
<PAGE>
Interest expense for the first nine months of 1994 was down $.9 million as
compared to the first nine months of 1993 due to lower average borrowings
partially offset by slightly higher interest rates.
As a result of the above factors, net income and earnings per share improved by
$2 million (89%) and $.16 (89%), respectively.
FINANCIAL CONDITION
As of October 1, 1994 accounts receivable increased by $11.6 million, or 19.7%;
inventories decreased by .5 million or .6%; accounts payable increased by $4
million, or 12.8%; and long term debt increased $6.6 million, or 7.1%. Working
capital increases are customary for the Company at this time of year.
LIQUIDITY AND CAPITAL RESOURCES
Working capital was $102.2 million as of October 1, 1994, up $16.4 million from
year-end 1993, due primarily to significantly lower current maturities of long-
term debt as a result of the revolving credit line extension. In addition, an
increase in accounts receivable was only partially offset by an increase in
accrued expenses, a decrease in inventories, and an increase in accounts
payable.
In the fourth quarter of 1992, the Company recorded a pre-tax charge of $6.2
million to establish a reserve for the costs associated with the Company's
decision to consolidate and improve the manufacturing processes in its plants.
The Company's plan included: relocation of its DFT manufacturing and
distribution operations (leased) in Cleveland, Ohio to an existing facility in
Elgin, Illinois; closure of its Prodel operations in Quebec City, Canada, and a
sale of the existing building, downsizing of manufacturing and distribution
facilities in Edison, New Jersey and Compton, California; and the transfer of
certain Headquarters staff to the Company's expanded Fall River, Massachusetts
facility. The Company intended to complete all aspects of the plan during 1993,
but union negotiations and construction at the Fall River facility created
significant delays in implementation. As a result, charges against the reserve
in 1993 totalled only $.7 million of which $.4 million required cash. During
1994 the Company expects to charge an additional $5.1 million to the reserve,
using cash of approximately $4.8 million. Charges against the reserve through
the first three quarters of 1994 are summarized in the following table:
7
<PAGE>
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Category Charges
<S> <C> <C>
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Plant and Equipment Write-down $ 286,000
- - - --------------------------------------------------------------------------------
Inventory Write-down 299,000
- - - --------------------------------------------------------------------------------
Severance Costs 1,090,000
- - - --------------------------------------------------------------------------------
Personnel Relocation Costs 1,897,000
- - - --------------------------------------------------------------------------------
Other Costs 101,000
- - - --------------------------------------------------------------------------------
TOTAL $3,673,000
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Location Charges
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
<S> <C> <C>
Elgin $ 2,317,000
- - - --------------------------------------------------------------------------------
Prodel 909,000
- - - --------------------------------------------------------------------------------
Headquarters 447,000
- - - --------------------------------------------------------------------------------
TOTAL $ 3,673,000
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
Proceeds from the sale of the Prodel facility were realized in September 1994.
The Company expects the plan to generate operating profit improvements,
primarily representing labor cost savings, in excess of $4.4 million per year
beginning in 1995; specific results are difficult to measure as operating
efficiencies may occur for reasons not directly associated with the
consolidation process. The margin improvements will be offset to a large degree
in 1994 by indirect costs and inefficiencies resulting from relocation.
Genlyte's Revolving Credit and Term Loan Agreement was amended on May 20, 1994
(the "Amended Agreement") to provide for a revolving credit facility of $125
million reducing to $110 million over a two-year period maturing on July 1, 1996
which, subject to the satisfaction of certain conditions, will convert to a $110
million term loan amortizing through July 1, 1999.
The Company expects funds generated from operations plus amounts available under
the existing loan agreement and short-term credit lines to be sufficient to
fulfill anticipated requirements for capital expenditures, the facility
restructurings, and working capital.
8
<PAGE>
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Genlyte Group Incorporated has been named as one of a number of
corporate and individual defendants in several actions commenced in
August 1993 in the U.S. District Court in New York. The actions are
on behalf of a purported class of alleged creditors of Keene
Corporation ("Keene"), seeking from the defendants damages of an
unspecified amount, rescission of certain asset sale and stock
transactions and other relief. With respect to Genlyte, the complaint
principally maintains that certain lighting assets of Keene were sold
to Genlyte in 1984 at less than fair value, while both Keene and
Genlyte were wholly-owned subsidiaries of Bairnco Corporation
("Bairnco"). The suits also allege that Genlyte, as well as the other
corporate defendants, were successors to and alter egos of Keene.
These cases remain stayed by order of the United States Bankruptcy
Court due to the December 1993 filing by Keene of a petition for
reorganization pursuant to Chapter 11 of the Bankruptcy Code.
In April, an independent Examiner was appointed by the Bankruptcy
Court in the Keene bankruptcy proceeding to investigate the viability
of the claims asserted in the stayed cases and the applicability of
statutes of limitations to bar such claims. A preliminary report by
the Examiner addressing the issues was completed on July 18, 1994 and
publicly released on September 23, 1994. Such report has been
submitted to the bankruptcy court for further proceedings.
ITEM 2. CHANGES IN SECURITIES
Not Applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable.
ITEM 5. OTHER INFORMATION
Not Applicable.
9
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 11 Calculation of Primary and Fully
Diluted Earnings Per Share
Exhibit 27 Requirements for the Format and Input of
Financial Data Schedules
(b) Reports on Form 8-K - None
10
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
Genlyte has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE GENLYTE GROUP INCORPORATED
------------------------------
(Registrant)
Date: November 14, 1994 /s/ Neil Bardach
------------------ ----------------------------------
Neil Bardach, VP - CFO & Treasurer
11
<PAGE>
Exhibit 11
THE GENLYTE GROUP INCORPORATED
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED OCTOBER 1, 1994 AND OCTOBER 2, 1993
(000'S OMITTED, EXCEPT PER SHARE DATA)
(Unaudited)
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
1994 1993
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
<S> <C> <C>
PRIMARY EARNINGS PER SHARE:
- - - ---------------------------------------
Net Income $ 1,475 $ 895
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Average Common Shares Outstanding 12,732 12,732
- - - --------------------------------------------------------------------------------
Common Shares Issuable in Respect to
Common Stock Equivalents, with a
Dilutive Effect 8 0
- - - --------------------------------------------------------------------------------
Total Common and Common Equivalent
Shares 12,740 12,732
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Primary Earnings per Share $ .12 $ .07
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
FULLY DILUTED EARNINGS PER SHARE:
- - - --------------------------------------------
Net Income Applicable to Common
Stock and Common Stock Equivalents $ 1,475 $ 895
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Total Common and Common Equivalent
Shares 12,736 12,732
- - - --------------------------------------------------------------------------------
Additional Common Shares Assuming
Full Dilution 15 0
- - - --------------------------------------------------------------------------------
Total Common Shares Assuming
Full Dilution 12,751 12,732
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Fully Diluted Earnings per Share $ .12 $ .07
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Exhibit 11
THE GENLYTE GROUP INCORPORATED
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
FOR THE NINE MONTHS ENDED OCTOBER 1, 1994 AND OCTOBER 2, 1993
(000'S OMITTED, EXCEPT PER SHARE DATA)
(Unaudited)
<TABLE>
<CAPTION>
1994 1993
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
<S> <C> <C>
PRIMARY EARNINGS PER SHARE:
- - - --------------------------------------
Net Income $ 4,317 $ 2,280
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Average Common Shares Outstanding 12,732 12,725
- - - --------------------------------------------------------------------------------
Common Shares Issuable in Respect to
Common Stock Equivalents, with a
Dilutive Effect 3 89
- - - --------------------------------------------------------------------------------
Total Common and Common Equivalent
Shares 12,735 12,814
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Primary Earnings per Share $ .34 $ .18
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
FULLY DILUTED EARNINGS PER SHARE:
- - - -------------------------------------------
Net Income Applicable to Common
Stock and Common Stock Equivalents $ 4,317 $ 2,280
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Total Common and Common Equivalent
Shares 12,814 12,814
- - - --------------------------------------------------------------------------------
Additional Common Shares Assuming
Full Dilution 16 16
- - - --------------------------------------------------------------------------------
Total Common Shares Assuming
Full Dilution 12,830 12,830
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
Fully Diluted Earnings per Share $ .34 $ .18
- - - --------------------------------------------------------------------------------
- - - --------------------------------------------------------------------------------
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000833076
<NAME> GENLYTE GROUP INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> OCT-01-1994
<CASH> 5,694
<SECURITIES> 0
<RECEIVABLES> 74,064
<ALLOWANCES> 8,446
<INVENTORY> 83,377
<CURRENT-ASSETS> 170,311
<PP&E> 221,418
<DEPRECIATION> 152,254
<TOTAL-ASSETS> 253,776
<CURRENT-LIABILITIES> 68,069
<BONDS> 99,972
<COMMON> 128
0
0
<OTHER-SE> 64,702
<TOTAL-LIABILITY-AND-EQUITY> 253,776
<SALES> 320,936
<TOTAL-REVENUES> 320,936
<CGS> 224,449
<TOTAL-COSTS> 79,683
<OTHER-EXPENSES> 3,690
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,415
<INCOME-PRETAX> 7,701
<INCOME-TAX> 3,383
<INCOME-CONTINUING> 4,317
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,317
<EPS-PRIMARY> .34
<EPS-DILUTED> .34
</TABLE>
