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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
for the fiscal year ended December 31, 1997
Or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
[NO FEE REQUIRED]
For the transition period __________ to __________
COMMISSION FILE NUMBER 0-16960
THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
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THE GENLYTE GROUP INCORPORATED
2345 VAUXHALL ROAD, P.O. BOX 3148,
UNION, N.J. 07083-1948
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<PAGE>
THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
1997 FORM 11-K
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
PAGE
----
Report of Independent Public Accountants .................................... 3
Statement of Net Assets Available for Benefits
as of December 31, 1997 ....................................................4
Statement of Net Assets Available for Benefits
as of December 31, 1996.....................................................5
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1997........................................6
Notes to Financial Statements.................................................7
Schedule I: Item 27a, Schedule of Assets Held for Investment
Purposes as of December 31, 1997 ..........................13
Schedule II: Item 27d, Schedule of Reportable Transactions for
the year ended December 31, 1997 ..........................14
All other schedules are omitted since they are not
applicable or are not required based on the disclosure
requirements of the Employee Retirement Income Security
Act of 1974 and applicable regulations issued by the
Department of Labor.
Signature ...................................................................15
Consent of Independent Public Accountants....................................16
Page 2 of 16
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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To the Pension and Benefits Committee of
The Genlyte Group Incorporated:
We have audited the accompanying statements of net assets available for benefits
of The Genlyte Group Incorporated Employees' Savings Plan as of December 31,
1997 and 1996, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1997. These financial statements and
the schedules referred to below are the responsibility of the Plan's
Administration. Our responsibility is to express an opinion on these financial
statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in net assets available for benefits
for the year ended December 31, 1997, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and reportable transactions (Schedules I and II) are
presented for purposes of additional analysis and are not a required part of the
basic financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The Fund Information in the
statements of net assets available for benefits and the statement of changes in
net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
ARTHUR ANDERSEN LLP
New York, New York
Page 3 of 16
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<CAPTION>
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THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1997
THE PUTNAM FUND PUTNAM PUTNAM
ASSETS FOR PUTNAM PUTNAM U.S. GOV'T GENLYTE GLOBAL
- ------------------------------------------ GROWTH & VOYAGER MONEY MARKET INCOME COMMON GROWTH
Investments at Fair Value: INCOME FUND FUND TRUST STOCK FUND TOTAL
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Putnam Money Market Fund $ 911,565 $ 911,565
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Putnam U.S. Gov't Income Trust $ 894,646 894,646
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The Putnam Fund for Growth & Income $ 3,535,665 3,535,665
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Putnam Voyager Fund $ 3,477,577 3,477,577
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Putnam Global Growth Fund $ 800,206 800,206
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Genlyte Common Stock $ 3,469,689 3,469,689
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TOTAL INVESTMENTS 3,535,665 3,477,577 911,565 894,646 3,469,689 800,206 13,089,348
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Contributions Receivable from Participants 37,117 41,766 10,457 12,834 18,392 16,978 137,544
NET ASSETS AVAILABLE FOR BENEFITS $ 3,572,782 $ 3,519,343 $ 922,022 $ 907,480 $ 3,488,081 $ 817,184 $13,226,892
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THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT.
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Page 4 of 16
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<TABLE>
<CAPTION>
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THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1996
THE PUTNAM FUND PUTNAM PUTNAM
ASSETS FOR PUTNAM PUTNAM U.S. GOV'T GENLYTE GLOBAL
- ------------------------------------------ GROWTH & VOYAGER MONEY MARKET INCOME COMMON GROWTH
Investments at Fair Value: INCOME FUND FUND TRUST STOCK FUND TOTAL
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Putnam Money Market Fund $ 723,456 $ 723,456
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Putnam U.S. Gov't Income Trust $ 748,890 748,890
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The Putnam Fund for Growth & Income $ 2,555,956 2,555,956
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Putnam Voyager Fund $2,637,914 2,637,914
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Putnam Global Growth Fund $ 590,470 590,470
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Genlyte Common Stock $ 2,471,103 2,471,103
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TOTAL INVESTMENTS 2,555,956 2,637,914 723,456 748,890 2,471,103 590,470 9,727,789
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Contributions Receivable from Participants 27,143 31,845 7,808 9,135 11,858 11,153 98,942
NET ASSETS AVAILABLE FOR BENEFITS $ 2,583,099 $2,669,759 $ 731,264 $ 758,025 $ 2,482,961 $ 601,623 $ 9,826,731
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THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT.
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Page 5 of 16
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<TABLE>
<CAPTION>
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THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1997
THE PUTNAM FUND PUTNAM PUTNAM
FOR PUTNAM PUTNAM U.S. GOV'T GENLYTE GLOBAL
GROWTH & VOYAGER MONEY MARKET INCOME COMMON GROWTH
INCOME FUND FUND TRUST STOCK FUND TOTAL
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<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR $ 2,583,099 $ 2,669,759 $ 731,264 $ 758,025 $ 2,482,961 $ 601,623 $ 9,826,731
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Additions:
Employee Contributions 565,210 589,848 143,211 153,686 290,974 240,082 1,983,011
Interest & Dividend Income 452,933 206,752 42,506 52,058 0 144,346 898,595
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Total Additions 1,018,143 796,600 185,717 205,744 290,974 384,428 2,881,606
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Deductions:
Benefit Payments to Participants 316,889 388,186 73,294 62,139 224,345 71,601 1,136,454
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Total Deductions 316,889 388,186 73,294 62,139 224,345 71,601 1,136,454
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Realized Gain/(Loss) 39,450 7,836 0 44,410 36,802 273 128,771
Unrealized Gain/(Loss) 156,151 477,518 0 (26,893) 989,055 (69,593) 1,526,238
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Transfer Between Funds 92,828 (44,184) 78,335 (11,667) (87,366) (27,946) 0
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NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 3,572,782 $ 3,519,343 $ 922,022 $ 907,480 $ 3,488,081 $ 817,184 $13,226,892
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THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT.
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Page 6 of 16
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THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
1. DESCRIPTION OF THE PLAN
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a) General Information and Contributions
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The Genlyte Group Incorporated and certain of its subsidiaries
(collectively referred to herein as the "Company") adopted The Genlyte
Group Incorporated Employees' Savings Plan (the "Plan") as of July 3,
1988, as amended. The Putnam Fiduciary Trust Company is the trustee (the
"Trustee") of the securities and other investments of the Plan. The
Trustee holds all assets of the Plan and executes investment transactions
for the Plan. Refer to the Plan Document for more complete information.
The Plan allows a participant to defer a portion of his or her
compensation and have such amount contributed to the Plan (the "Income
Deferral Feature"). The deferred compensation is contributed to the Plan
from the participant's "before tax" wages for federal income tax purposes.
The contribution is subject to Social Security tax and may also be subject
to state and local taxation. Under the Income Deferral Feature, a
participant may defer from 1% through 15% (in increments of 1%) of his or
her compensation, or lesser amounts as may be restricted by the Pension
and Benefits Committee (the "Committee"), subject to certain Internal
Revenue Code limitations. Such contributions are allocated to the specific
participant's investment fund accounts based upon the participant's
election. Contributions made under the Income Deferral Feature ("Salary
Deferred Contributions") are deducted
Page 7 of 16
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from each participant's compensation and are currently contributed by the
Company to the Plan in the form of cash. The Plan permits Salary Deferred
Contributions, as elected by the participant, to be made in whole or in
part (in multiples of 10%) in any one or more investment funds offered by
the Committee, and permits a participant to elect to transfer some or all
of the assets, which were at one time required to be invested in Genlyte
common stock, to be invested in other investment funds offered by the
Committee.
The Plan, as amended and restated in 1994, authorizes the Pension &
Benefits Committee to effect loan transactions by the participants. To
date, the committee has not initiated a loan procedure. The Plan also
permits the Company to make both matching and non-matching contributions
to the Plan, at its sole discretion. As of December 31, 1997, the Company
made $75,000 in non-matching contributions to four hourly employees'
plans.
b) Participation
-------------
Eligible participants are certain employees employed by the Company for a
minimum of six (6) months on any January 1st or July 1st, as specified in
the Plan. As of December 31, 1997, there were 1,848 eligible participants
in the Plan. Of these eligible participants, 1,041 had elected to
participate in the Plan.
c) Plan Amendments and Termination
-------------------------------
The Company reserves the right to amend or terminate the Plan at any time.
However, the Plan may not be amended to divert assets of the Plan for
purposes other than the exclusive benefit of the participants, their
beneficiaries and estates or, except for amendments required in connection
with Internal Revenue Service ("IRS") rulings, to reduce amounts
previously credited to the accounts of participants. In November 1994, the
Plan was amended and
Page 8 of 16
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restated retroactive to January 1, 1989, in order to comply with changes
mandated by the Tax Reform Act of 1986 (TRA `86). The Plan Administrator
received a favorable determination related to the Plan from the IRS on
March 11, 1996, subject to the adoption of a previously proposed technical
amendment to the Plan. In response to the March 11, 1996 IRS determination
letter, Amendment #1, which incorporated consolidation of income
requirements for officers and key employees who are members of the same
family, was adopted by the Pension and Benefit Committee of the Company on
April 30, 1996.
d) Vesting
-------
All amounts allocated to participant accounts pursuant to the Income
Deferral Feature of the Plan are fully vested at all times. Company
matching and non-matching contributions, if made in any subsequent year,
will become vested at the rate of 20% per year of service following the
completion of three (3) years of service.
e) Distributions
-------------
Generally, distributions can only be made from the Plan upon termination
of employment (i.e., death, retirement, or other separation from service)
in the form of lump sum payments. However, distributions can be made to
participants while still employed from contributions made pursuant to the
Income Deferral Feature only if they have reached age 59 1/2 or in the
event of "financial hardship". A financial hardship is defined as an
immediate and serious financial need of the participant. The amount which
can be withdrawn due to financial hardship cannot exceed the amount
required to meet the financial hardship, and no amount can be withdrawn if
the needed funds are reasonably available from other resources. The Plan
lists the specific criteria for determining if a hardship exists.
Distributions are made in cash and/or Genlyte common stock.
Page 9 of 16
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f) Plan Investments
----------------
At December 31, 1997, the investments of the Plan consist of the Putnam
Money Market Fund, the Putnam U.S. Government Income Trust, the Putnam
Fund for Growth and Income, the Putnam Voyager Fund, and the Putnam Global
Growth Fund, all managed by the Trustee, and Genlyte common stock.
The Putnam Money Market Fund is a fund investing in money market
instruments. The Putnam U.S. Government Income Trust invests exclusively
in securities backed by the full faith and credit of the United States
government. The Putnam Fund for Growth and Income invests primarily in
common stocks and is designed for investors seeking a diversified
portfolio offering the opportunity for growth while providing current
income. The Putnam Voyager Fund seeks capital appreciation, primarily from
a portfolio of common stocks. The Putnam Global Growth Fund is designed
for investors seeking potential above-average capital growth through a
globally diversified portfolio of common stocks.
As of December 31, 1997 and 1996, the following investments at fair market
value represent five percent or more of the net assets available for
benefits:
1997 1996
---- ----
The Putnam Fund for Growth & Income $3,535,665 $2,555,956
Putnam Voyager Fund 3,477,577 2,637,914
Genlyte Common Stock 3,469,689 2,471,103
Putnam Money Market Fund 911,565 723,456
Putnam U.S. Government Income Trust 894,646 748,890
Putnam Global Growth Fund 800,206 590,470
Page 10 of 16
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g) Allocation of Investment Income
-------------------------------
On a daily basis, each participant's account is adjusted to reflect the
Plan's investment income and increases and decreases in the fair market
value of the assets held in the Plan.
h) Plan Expenses
-------------
The Company may elect to pay all expenses, including administrative
expenses, of the Plan. Any expenses not borne by the Company will be paid
by the Trustee and borne by the Plan. The Company paid all expenses
incurred by the Plan for 1997.
2. ACCOUNTING POLICIES
-------------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements. Actual results could differ from
those estimates. The financial statements have been prepared using the
accrual basis of accounting. Investments are reflected in the Statements
of Net Assets Available for Benefits at market value, based upon readily
available market quotations. The purchase and sale of investments are
recorded on a trade date basis. Unrealized gain is the difference between
the cost of investments and the current market value of investments. The
increase in unrealized gain included on the Statement of Changes in Net
Assets Available for Benefits represents the change in unrealized gain
between the beginning and end of each year or between the date of purchase
and the end of the year, if purchased during the year. In accordance with
the Department of Labor's Rules and Regulations, the realized gain on sale
of investments is calculated based upon the comparison of selling price to
fair value of
Page 11 of 16
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the investment at the beginning of the year. If the investment was
acquired during the year, realized gain on sale of investments is
calculated based upon comparison of selling price of the investment to
purchase cost.
3. TAX STATUS
----------
By letter dated March 11, 1996, the IRS determined that the Plan is
qualified and tax exempt under the provisions of Section 401(a) of the
Internal Revenue Code with respect to the 1994 amendment and restatement
of the Plan effective January 1, 1989. Since its inception, the Plan has
been administered in accordance with the provisions of the TRA `86 and
other applicable laws. The Plan Administrator and its tax counsel do not
anticipate that changes in the Plan after the IRS determination letter
will affect the qualified and tax-exempt status of the Plan and the Trust,
respectively. Accordingly, no provision for federal income tax has been
made in the accompanying financial statements.
4. ADDITIONAL INFORMATION
----------------------
The Plan conducted no transactions of a prohibited nature with known
parties-in-interest and had no lease commitments, loans, leases or fixed
income obligations in default, or deemed uncollectible, as defined by the
Employee Retirement Income Security Act of 1974, during the year ended
December 31, 1997.
Page 12 of 16
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<TABLE>
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SCHEDULE I
EIN 22-2584333
PN #018
THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
IRS FORM 5500 ITEM 27a
AS OF DECEMBER 31, 1997
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Description of # of Current
Identity of Issue Investment Units/Shares Cost Value
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<S> <C> <C> <C> <C>
Genlyte Common Stock * Common Stock 195,475 $ 1,348,681 $ 3,469,689
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The Putnam Fund for Growth
& Income * Equity Fund 180,945 2,964,290 3,535,665
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Putnam Voyager Fund * Equity Fund 182,550 2,614,599 3,477,577
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Putnam U.S. Government
Income Trust * Bond Fund 68,346 889,514 894,646
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Putnam Money Market
Fund * Money Market Fund 911,565 911,565 911,565
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Putnam Global Growth Fund * Equity Fund 80,342 842,526 800,206
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Total Assets Held for
Investment Purposes $ 9,571,175 $13,089,348
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* Party in Interest to the Plan
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS SCHEDULE.
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Page 13 of 16
</TABLE>
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<TABLE>
<CAPTION>
SCHEDULE II
EIN 22-2584333
PN #018
THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
SCHEDULE OF REPORTABLE (5%) TRANSACTIONS
IRS FORM 5500 ITEM 27d
FOR THE YEAR ENDED DECEMBER 31, 1997
SINGLE TRANSACTIONS
NONE
SERIES OF TRANSACTIONS IN SAME SECURITY
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Number Identity
of of Party Asset Purchase Selling Cost of Net
Transactions Involved Description Price Price Asset Gain
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<S> <C> <C> <C> <C> <C> <C> <C>
The Putnam Fund for
67 Putnam * Growth & Income $ 1,203,192 --- $ 1,203,192 ---
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The Putnam Fund for
70 Putnam * Growth & Income --- $ 1,622,297 $ 1,532,484 $ 89,813
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Putnam
40 Putnam * Global Growth Fund --- $ 571,324 $ 554,196 $ 17,128
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Putnam
59 Putnam * Voyager Fund $ 906,827 --- $ 906,827 ---
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Putnam
71 Putnam * Voyager Fund --- $ 1,459,345 $ 1,337,327 $ 122,018
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Genlyte
53 Various * Common Stock --- $ 671,800 $ 491,774 $ 180,026
- --------------------------------------------------------------------------------------------------------------------
Putnam
47 Putnam * Money Market --- $ 524,517 $ 524,517 ---
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* Party in Interest Transactions
There were no lease rentals or material expenses incurred with the transactions listed above.
Additionally, the purchase price and selling price of these assets approximates their current value on the
transaction date.
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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS SCHEDULE.
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Page 14 of 16
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Pension
and Benefits Committee has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
THE GENLYTE GROUP INCORPORATED
EMPLOYEES' SAVINGS PLAN
-----------------------
(Registrant)
By: /s/ NEIL M. BARDACH
-----------------------
Neil M. Bardach
Vice President & Chief Financial Officer
Pension and Benefits Committee Member
DATED: June 26, 1998
Page 15 of 16
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CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
TO THE PENSION AND BENEFITS COMMITTEE OF THE GENLYTE GROUP INCORPORATED:
As independent public accountants, we hereby consent to the incorporation
of our report included in this Form 11-K into The Genlyte Group
Incorporated Employees' Savings Plan previously filed Registration
Statement on Form S-8 (File No.'s 33-30722 and 33-27190).
ARTHUR ANDERSEN LLP
New York, New York
June 26, 1998
Page 16 of 16
