Acuity Brands, Inc. (NYSE: AYI) today announced that the Company has
been authorized to repurchase an additional 2,000,000 shares, or almost
5%, of the Company's outstanding common stock.
Also, at the end of the previous fiscal quarter, the Company had
continuing authorization to buyback 368,300 shares of the Company's
stock under the repurchase program announced in June of 2006. Under the
share repurchase programs, 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 programs. A Rule 10b5-1
plan would generally permit the Company to repurchase shares 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. Shares repurchased under
the programs may be retired or used for general corporate purposes,
which may include the Company's share-based
compensation and employee benefit plans.
Vernon J. Nagel, Chairman, President, and Chief Executive Officer of
Acuity Brands, said, ?This additional share
repurchase program is a reflection of our confidence in the Company's
future and its ability to continue to generate strong cash flow from
operations. We believe that repurchasing our shares represents a wise
use of our cash flow, especially during periods of high stock price
volatility, and also allows us to offset dilution resulting from our
stock-based compensation and benefit programs. Additionally, we believe
that the repurchase program supports Acuity Brands'
objective to maximize long-term stockholder value, while continuing to
fund investments to better serve our customers, to grow our businesses,
and to improve our operating and financial performance.?
Acuity Brands, Inc., with fiscal year 2006 net sales of approximately
$2.4 billion, is comprised of Acuity Brands Lighting and Acuity
Specialty Products. Acuity Brands Lighting is one of the world's leading
providers of lighting fixtures and includes brands such as Lithonia
Lighting®, Holophane®,
Peerless®, Hydrel®,
American Electric Lighting®, Gotham®,
Carandini®, SpecLight®,
MetalOptics®, Antique Street Lamps?,
and Mark Architectural Lighting®. Acuity
Specialty Products is a leading provider of specialty chemicals and
includes brands such as Zep®, Zep Commercial®,
Enforcer®, and Selig?.
Headquartered in Atlanta, Georgia, Acuity Brands employs approximately
10,000 people and has operations throughout North America and in Europe
and Asia.
Forward-Looking Statements
This release contains forward-looking statements, within the meaning of
the Private Securities Litigation Reform Act of 1995. Statements that
may be considered forward-looking include statements incorporating terms
such as "expects," "believes," "intends," "anticipates," ?may,?
and similar terms that relate to future events, performance, or results
of the Company and specifically include statements regarding the Company's
expectations to repurchase shares in open market transactions.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
the historical experience of Acuity Brands and management's present
expectations or projections. These risks and uncertainties include, but
are not limited to, customer and supplier relationships and prices;
competition; ability to realize anticipated benefits from initiatives
taken and timing of benefits; market demand; litigation and other
contingent liabilities; and economic, political, governmental, and
technological factors affecting the Company's operations, tax rate,
markets, products, services, and prices, among others. Please see the
other risk factors more fully described in the Company's SEC filings
including the Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on July 10, 2007.
Acuity Brands, Inc.
Dan Smith, 404-853-1423
bourse
