LSI Industries Announces Consolidation Of Its Dallas, Texas Manufacturing Facility
CINCINNATI, June 1, 2010 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today announced that it will consolidate the Dallas-based landscape and architectural outdoor lighting operations of LSI Greenlee Lighting into its Cincinnati manufacturing facility. This consolidation action, which is expected to be completed in phases over the next six months, is being taken to centralize manufacturing operations, lower costs, and improve capacity utilization in the Company's main lighting facility. The award winning product lines of Greenlee will continue to be promoted and supported in the Company's markets. Certain engineering and sales personnel will remain in Dallas. The Company believes this consolidation will accelerate its initiative of introducing LED light sources into its landscape and architectural outdoor lighting products. Efforts will be made to sub-lease the 40,000 square foot facility in Dallas which is leased by LSI Industries through February 2012. All expenses incurred in connection with this facility consolidation will be recorded as period expenses, and discontinued operations accounting treatment will not apply.
"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 "guidance," "forecasts," "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, including statements contained herein regarding anticipated trends in the Company's business, 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. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, reliance on key customers, financial difficulties experienced by customers, potential costs associated with litigation and regulatory compliance, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs, unexpected difficulties in integrating acquired businesses, the cyclical and seasonal nature of our business, the ability to retain key employees of acquired businesses and any other factors that may be identified in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company has no obligation to update any forward-looking statements to reflect subsequent events or circumstances.
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