Earnings Call Excerpt
Acuity Brands, Inc. (AYI)
F1Q09 Earnings Call
January 6, 2009 10:00 am ET
Executives
Dan Smith – Vice President, Treasurer
Vernon Nagel – President, Chief Executive Officer
Richard Reece – Executive Vice President, Chief Financial Officer
Analysts
Peter Lisnic - Robert W. Baird
Matt McCall - BB&T Markets
Chris Glynn - Oppenheimer
Steve [Gambootha] – Longbow Capital
Glen Wortman – Sidoti and Company
Jay [Schwartzrike] – Glenview Capital
Presentation
Operator
Good morning and welcome to the Acuity Brands 2009 first quarter financial conference call. (Operator Instructions) I would now like to introduce Dan Smith, Vice President, Treasurer and Secretary of Acuity Brands. Sir you may begin.
Dan Smith
Good morning. With me today to discuss our first quarter results are Vernon Nagel, our Chairman, President and Chief Executive Officer and Richard Reece, our Executive Vice President and Chief Financial Officer. We are web casting today’s conference call at www.acuitybrands.com.
I would like to remind everyone that during this call, we may make projections or forward-looking statements regarding future events or future financial performance of the company. Such statements involve risk and uncertainties, such that actual results may differ materially.
Please refer to our most recent 10-K and 10-Q SEC filings and today’s press release, which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.
Now, let me turn the call over to Vernon Nagel.
Vernon Nagel
Thank you Dan. Good morning everyone. Richard and I would like to make a few comments and then we would be happy to answer your questions. I also apologize in advance as I am fighting a cold here.
Our results for the first quarter 2009 reflect the impact that the turbulent economic conditions throughout the world are having on all manufacturing companies and the impact of our aggressive streamlining actions which we announced previously.
While our results for the quarter were disappointing relative to our original expectations, upon closer examination we actually executed very well overcoming a number of challenges. This quarter’s results reflect the first in 15 quarters where we did not set records for period over period improvement though I believe we performed at least as well, if not better, than our served markets.
In spite of the many challenges we faced in the quarter, as I will explain in more detail, we achieved great success on a number of strategic priorities including accelerating programs to introduce new, more energy efficient products and services, enhance customer service, expand into new markets and improve our productivity.
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