The company may enter into Rule 10b5-1 plans to facilitate open market repurchases under the programme 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 CEO of Genlyte Group, said: "The share repurchase programme 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 optimise shareholder value in the future. The stock repurchase programme 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 30 June, 2007 the Company had cash balances of $64.9 million and debt totalling $143.2 million.
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.
(Jim Evans)
