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Acuity Brands Inc. (AYI) filed Annual Report for the period ended 2011-08-31.
Acuity Brands Inc. has a market cap of $2.14 billion; its shares were traded at around $49.35 with a P/E ratio of 20.4 and P/S ratio of 1.2. The dividend yield of Acuity Brands Inc. stocks is 1%. Acuity Brands Inc. had an annual average earning growth of 5.8% over the past 10 years.
This is the annual revenues and earnings per share of AYI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AYI.
Highlight of Business Operations:
During fiscal 2011, the Company generated net cash from operating activities of $161.1, which was similar compared with $160.5 generated in the prior-year period. This modest increase was due primarily to higher net income and lower operating working capital (calculated by adding accounts receivable, net, plus inventories, and subtracting accounts payable-net of acquisitions), partially offset by a decrease in other current liabilities during fiscal 2011 compared with the prior-year period. Net cash provided by operating activities was negatively impacted by a decrease in other current liabilities due primarily to the payment of employee annual incentive compensation, which was paid in fiscal 2011 but attributable to fiscal 2010 performance. Operating working capital, excluding the impact of acquisitions, decreased by approximately $0.6 in fiscal 2011 as compared to fiscal 2010, due primarily to higher accounts payable, partially offset by increased inventory and accounts receivable. The increases in accounts receivable and accounts payable were attributable to the higher level of net sales in fiscal 2011 as compared with fiscal 2010. The increase in inventory, primarily raw materials, was due partly to strategic purchases of certain commodities and components to better support customer service and the relocation of certain production. In addition, higher commodities costs and the procurement of more expensive light emitting diode (“LED”) components contributed to the rise in year-over-year inventory levels. Operating working capital (excluding the impact of acquisitions) as a percentage of net sales decreased to 11.9% at the end of fiscal 2011 from 12.9% at the end of fiscal 2010.Gross profit for fiscal 2011 increased $68.5, or 10.4%, to $730.0 compared with $661.5 for the prior year. The increase was due primarily to the rise in overall sales volumes, improvements in price/mix, favorable contributions from acquired businesses, and benefits from productivity improvements. These benefits were partially offset by the impact of significantly higher material and component costs that were not recovered through implemented price increases, which the Company estimates had an adverse effect on gross profit of approximately $15.0 in fiscal 2011. Gross profit margin remained flat at 40.7% for the years ended August 31, 2011 and 2010, respectively.
As part of the Company s initiative to streamline and simplify operations, the Company recorded in fiscal 2010 and 2009 pre-tax charges of $8.4 and $26.7, respectively, to reflect severance and related employee benefit costs associated with the consolidation of certain manufacturing facilities and a reduction in workforce, as well as non-cash asset impairment charges on certain assets related to those manufacturing facilities. The pre-tax, non-cash asset impairment charges for fiscal 2010 and 2009 were $5.1 and $1.6, respectively. The Company realized approximately $50.0 ($28.0 during fiscal 2009 and an additional $22.0 during fiscal 2010) in annualized benefits related to these streamlining actions, which were initiated in fiscal 2009.
During fiscal 2011, the Company s consolidated stockholders equity increased $62.6 to $757.0 at August 31, 2011 from $694.4 at August 31, 2010. The increase was due primarily to net income earned in the period, as well as amortization of stock-based compensation, and stock issuances resulting primarily from the exercise of stock options, partially offset by repurchases of common stock, payment of dividends, pension plan adjustments, and foreign currency translation adjustments. The Company s debt to total capitalization ratio (calculated by dividing total debt by the sum of total debt and total stockholders equity) was 31.8% and 33.7% at August 31, 2011 and August 31, 2010, respectively. The ratio of debt, net of cash, to total capitalization, net of cash, was 19.4% at August 31, 2011 and 18.9% at August 31, 2010.
Net sales were $1,626.9 for fiscal 2010 compared with $1,657.4 for fiscal 2009, a decrease of $30.5, or approximately 2%. For fiscal 2010, the Company reported income from continuing operations of $79.0 compared with $85.2 earned in the prior-year period. Diluted earnings per share from continuing operations for fiscal 2010 decreased 10.9% to $1.79 from $2.01 for the prior-year period. Results for fiscal 2010 and 2009 include after-tax special charges of $5.5 and $16.8, respectively, related to estimated costs to be incurred to simplify and streamline operations and to consolidate certain manufacturing facilities. In addition, a $6.8 after-tax loss associated with the early extinguishment of debt was incurred during the second quarter of fiscal 2010. The special charges and loss on early extinguishment of debt negatively impacted fiscal 2010 results by $0.29 per diluted share; special charges recorded in the prior year negatively impacted the fiscal 2009 results by $0.40 per diluted share.
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