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Acuity Brands 4th-quarter earnings miss estimates

*Stock declined -3.56% on Wednesday, October 5th!...

Acuity Brands 4th-quarter earnings miss estimates
Wed Oct 5, 2005 09:47 AM ET

NEW YORK, Oct 5 (Reuters) - Acuity Brands Inc. (AYI.N: Quote, Profile, Research) , a holding company of manufacturers of lighting equipment and fixtures, on Wednesday posted a quarterly profit below analyst estimates, hurt by severance costs related to work force reduction and ongoing restructuring.

The company said fourth-quarter net income rose to $27.8 million or 61 cents per share, from $26.8 million or 62 cents a share a year earlier.

There were more shares outstanding in 2005 which negatively impacted earnings by 3 cents per share, the company said. Earnings included a 9-cent-per-share charge related to severance and restructuring costs as well as a 9 cent benefit from tax-related gains.

Analysts on average had been expecting earnings of 67 cents per share, before items, according to Reuters Estimates.


LINK: http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh33309_2005-10-05_13-47-50_wen....