Earnings Labs

Acuity Brands, Inc. (AYI)

Q1 2008 Earnings Call· Tue, Jan 8, 2008

$284.56

-0.19%

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Transcript

David Woodyatt - Keeley Asset Management

Management

Yes, I was wondering if you could elaborate just little bit more on the share repurchasing you’ve, helped us out by mentioning what you had done so far this quarter but clue me in shares bought in the first quarter seems like a high level. I what kind of a pace would you generally expect going forward and be another way of asking is how soon. Or, is there a point in time when you want to get the million and a half shares remaining completed. R: Looking at the first quarter therate of repurchase was ata higher level as we took advantage of the dividend we received on the distribution of Zep the $62½ million and felt that the best use for that cash flowin terms of enhancing shareholder value was to repurchase shares with that. So, we were pretty aggressive, in our first quarter while we’ve, been aggressive over the last couple of years. We were at a higher rate there in our first quarter taking advantage of the opportunity of reinvesting or using that dividend from the distribution of Zep on what we thought was the highest use for shareholder value creation we are looking to continue to repurchase. and it will a million and a half shares that we have we’ve got a 10b5 program in place now that we’re purchasing under and just based on various market factors. As well as other opportunities we may see to reinvest that, capital would cause us to continue to examine what’s, the highest and best use of that capital atthe moment. Though I think, you're, likely to continue to see us in the market repurchasing shares but probably not as aggressive, arate as you saw in our first quarter because we had the added boost of the dividend…

David Woodyatt - Keeley Asset Management

Management

Also, could you just comment briefly on those stock options have you issued any yet since the spinoff of and do you have any immediate plans in that area? V: I can’t, comment on that, I don't, know the precise number but our long-term incentive plans are annual plans they are pay for performance plans. what that means is, is that we have to hit certain financial targets in order to fund a pool of long term incentive for the last four years we have generally used restricted shares as the only vehicle in terms of how we have funded those long term incentive plans through the first quarter post spin. We funded our long-term incentive plans and it was primarily again restricted shares but we did issue some options. And, Ricky the number was pretty small, right. ernon: I can’t, comment on that, I don't, know the precise number but our long-term incentive plans are annual plans they are pay for performance plans. what that means is, is that we have to hit certain financial targets in order to fund a pool of long term incentive for the last four years we have generally used restricted shares as the only vehicle in terms of how we have funded those long term incentive plans through the first quarter post spin. We funded our long-term incentive plans and it was primarily again restricted shares but we did issue some options. And, Ricky the number was pretty small, right. J. Nagel : I can’t, comment on that, I don't, know the precise number but our long-term incentive plans are annual plans they are pay for performance plans. what that means is, is that we have to hit certain financial targets in order to fund a pool of long term incentive for the…

David Woodyatt - Keeley Asset Management

Management

Okay just one last question given the fact that you're, say a new entity but changed entity do you have any near term plans for getting on the road to meet with investors. V: We yes we do that on a quarterly basis we present at different conferences that are sponsored by the folks that provide coverage on us and so it’d be our opportunity or it’d be our expectation to continue to do that. So and Dan I look to you I believe we have various road shows or trips that are planned we try and, do something once a quarter and. ernon: We yes we do that on a quarterly basis we present at different conferences that are sponsored by the folks that provide coverage on us and so it’d be our opportunity or it’d be our expectation to continue to do that. So and Dan I look to you I believe we have various road shows or trips that are planned we try and, do something once a quarter and. J. Nagel : We yes we do that on a quarterly basis we present at different conferences that are sponsored by the folks that provide coverage on us and so it’d be our opportunity or it’d be our expectation to continue to do that. So and Dan I look to you I believe we have various road shows or trips that are planned we try and, do something once a quarter and. D: Yeah we’ll, probably have a northeast in the next month or so and then probably Midwest later on. an Smith: Yeah we’ll, probably have a northeast in the next month or so and then probably Midwest later on. V: Just one last comment on the stock options our overhang has dropped dramatically over the…

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Management

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Management

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES INTHE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!