Chairman, president and CEO Larry Powers said: "We are pleased to report second quarter increases in both sales and earnings. Our focus on higher margin product lines and the price increases helped us achieve higher sales and gross margins for the second quarter.
"Our commercial lighting business grew moderately from last year, but the growth was offset by weakness in the residential sector. In addition, results for the second quarter of 2006 include a spike in shipments in advance of a price increase during June 2006. Our core commercial business is participating in the commercial construction cyclical recovery that began earlier this year and should continue for the next year or two. However, we are seeing pockets of softness in the light commercial, suburban retail, and stock and flow parts of the business."
Genlyte sells lighting and lighting accessory products under the 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)
