Genlyte Announces Stock Repurchase Program
August 22 2007 - 11:55AM
PR Newswire (US)
LOUISVILLE, Ky., Aug. 22 /PRNewswire-FirstCall/ -- The Genlyte
Group Incorporated (NASDAQ:GLYT) today announced that the company's
Board of Directors has authorized the repurchase of up to 5% or
approximately 1,450,000 shares of the Company's outstanding common
stock. Under the share repurchase program, the company expects to
acquire shares primarily through open market transactions, subject
to market conditions and other factors. The company may enter into
Rule 10b5-1 plans to facilitate open market repurchases under the
program at times when it might otherwise be prevented from doing so
under certain securities laws, provided the plan is adopted when
the Company is not in possession of material non-public
information. Larry Powers, Chairman, President, and Chief Executive
Officer of Genlyte Group, said, "The share repurchase program
reflects our confidence in Genlyte's financial and operating
performance strength. We completed four acquisitions during the
past 18 months and we look forward to additional investments to
optimize shareholder value in the future. The stock repurchase
program will not impair our ability to take advantage of good
acquisition and capital investment opportunities." Genlyte's sales
for the year ended December 31, 2006 were $1,484.8 million with net
income of $154.5 million and EBITDA of $240.3 million. As of the
second quarter ended June 30, 2007 the Company had cash balances of
$64.9 million and debt totaling $143.2 million. The Genlyte Group
Incorporated (NASDAQ:GLYT) is a leading manufacturer of lighting
fixtures, controls, and related products for the commercial,
industrial and residential markets. Genlyte sells lighting and
lighting accessory products under the major brand names of Alkco,
Allscape, Ardee, Canlyte, Capri/Omega, Carsonite, Chloride Systems,
Crescent, D'ac, Day-Brite, Gardco, Guth, Hadco, Hanover Lantern,
High-Lites, Hoffmeister, Lam, Ledalite, Lightolier, Lightolier
Controls, Lumec, Morlite, Nessen, Quality, Shakespeare Composite
Structures, Specialty, Stonco, Strand, Thomas Lighting, Thomas
Lighting Canada, Vari-Lite, Vista, and Wide-Lite. For additional
information about Genlyte please refer to the Company's web site
at: http://www.genlyte.com/ . DATASOURCE: The Genlyte Group
Incorporated CONTACT: William G. Ferko, CFO, The Genlyte Group
Incorporated, +1-502-420-9502 Web site: http://www.genlyte.com/
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