Cincinnati, OH; October 22, 2015 – LSI Industries Inc. (NASDAQ:  LYTS) today:

·	reported first quarter net sales of $85,925,000, an increase of 10% as compared to $78,466,000 in the same period of the prior fiscal year;

·	reported first quarter net income of $3,750,000, or $0.15 per share, an increase of 146% as compared to  $1,527,000 or $0.06 per share for the same period of the prior fiscal year; and

·	declared the new higher regular quarterly cash dividend of $0.04 per share payable November 10, 2015 to shareholders of record November 2, 2015.

 

Financial Highlights		Three Months Ended September 30
(In thousands, except per share data; unaudited)		2015				2014				% Change
Net Sales			$85,925				$78,466				10%
Operating Income as reported			$5,763				$2,534				n/m
(Loss) on sale of assets, net			--				$222				127%
Operating Income as adjusted (a)			$5,763				$2,756				109%
Net Income as reported			$3,750				$1,527				146%
Net Income as adjusted			$3,750				$1,767				112%
Earnings per share as reported			$0.15				$0.06				150%
Earnings per share as adjusted			$0.15				$0.07				114%

		9/30/15				6/30/15
Working Capital			$89,429				$83,967
Total Assets			$188,408				$182,379
Long-Term Debt		$ nil				$ nil
Shareholders' Equity			$149,084				$142,952

 

 

 

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties.  The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements.  Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "seeks," "may," "will," "should" or the negative versions of those words and similar expressions, and by the context in which they are used.  Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made.  Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control.  These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, the results of asset impairment assessments, the Company's ability to maintain an effective system of internal control over financial reporting, our ability to remediate any material weaknesses in our internal control over financial reporting and any other risk factors that are identified herein.  You are cautioned to not place undue reliance on these forward-looking statements.  In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference.  The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.

About the Company

We are a customer-centric company that positions itself as a value-added, trusted partner in developing superior image solutions through our world-class lighting, graphics, and technology capabilities.  Our core strategy of "Lighting + Graphics + Technology = Complete Image Solutions" differentiates us from our competitors.

We are committed to advancing solid-state LED technology to make affordable, high performance, energy-efficient lighting and custom graphic products that bring value to our customers.  We have a vast offering of innovative solutions for virtually any lighting or graphics application.  In addition, we provide sophisticated lighting and energy management control solutions to help customers manage their energy performance.  Further, we provide a full range of design support, engineering, installation and project management services to our customers.

We are a vertically integrated U.S.-based manufacturer concentrating on serving customers in North America and Latin America.  Our major markets include commercial / industrial lighting, petroleum / convenience store and multi-site retail (including automobile dealerships, restaurants and national retail accounts).  Headquartered in Cincinnati, Ohio, LSI has facilities in Ohio, Kansas, Kentucky, New York, North Carolina, Oregon, Rhode Island and Texas.  The Company's common shares are traded on the NASDAQ Global Select Market under the symbol LYTS.

For further information, contact either Dennis Wells, Chief Executive Officer and President, or Ron Stowell, Vice President, Chief Financial Officer, and Treasurer at (513) 793-3200.

Additional note:    Today's news release, along with past releases from LSI Industries, is available on the Company's internet site at www.lsi-industries.com or by email or fax, by calling the Investor Relations Department at (513) 793-3200.

 

(in thousands, except per share data; unaudited)		Three Months Ended September 30
		2015				2014
Net sales			$85,925			$	$78,466
Cost of products and services sold			62,576				59,858
Gross profit			23,349				18,608
Gain on sale of facility			--				(343	)
Loss on sale of subsidiary			--				565
Selling and administrative expenses			17,586				15,852
Operating income (loss)			5,763				2,534
Interest expense, net			--				8
Income (loss) before income taxes			5,763				2,526
Income tax expense			2,013				999
Net income (loss)			$3,750				$1,527
Income (loss) per common share
Basic			$0.15				$0.06
Diluted			$0.15				$0.06
Weighted average common shares outstanding
Basic			24,764				24,436
Diluted			25,194				24,508

 

Condensed Consolidated Balance Sheets
(in thousands, unaudited)		June 30, 2015				June 30, 2014
Current Assets			$126,587				$120,814
Property, Plant and Equipment, net			43,574				43,188
Other Assets			18,247				18,377
			$188,408				$182,379
Current Liabilities			$37,158				$36,847
Long-Term Debt			--				--
Other Long-Term Liabilities			2,166				2,580
Shareholders' Equity			149,084				142,952
			$188,408				$182,379