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LSI Industries Inc. Reports Operating Results For The Fourth Quarter And Fiscal Year Ended June 30, 2010, Declares Regular Quarterly Cash Dividend, Sets Fiscal 2011 Cash Dividend Rate, And Reports On Other Matters

CINCINNATI, Aug. 19, 2010 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:
  • reported fourth quarter net sales of $63,886,000, an increase of 27.3% compared to the same period of the prior fiscal year; reported fourth quarter net income of $727,000 or $0.03 per share, compared to a net loss of $(257,000) or $(0.01) per share for the same period of the prior fiscal year;  
  • reported fiscal 2010 net sales of $254,402,000, an increase of 8.8% compared to fiscal 2009; reported fiscal 2010 net income of $1,424,000 or $0.06 per share, compared to a net loss of $(13,414,000) or $(0.62) per share in fiscal 2009. Pre-tax non-cash goodwill and intangible asset impairment charges of $153,000 and $14,467,000 are included in the results of fiscal 2010 and 2009, respectively;  
  • declared a regular quarterly cash dividend of $0.05 per share payable September 7, 2010 to shareholders of record August 31, 2010; and  
  • set the annual indicated cash dividend rate at $0.20 per share for fiscal 2011
Financial Highlights             
(In thousands, except per Three Months Ended Year Ended
share data; unaudited)  June 30 June 30
  2010 2009  % Change 2010 2009 % Change
Net Sales  $63,886 $50,185 27.3% $254,402 $233,799 8.8%
Operating Income (Loss)  $293 $(825)   $1,909 $(14,411)  
Net Income (Loss)  $727 $(257)   $1,424 $(13,414)  
Earnings (Loss) Per Share (diluted)  $0.03 $(0.01)   $0.06 $(0.62)  
   6/30/10  6/30/09        
Working Capital  $73,568 $72,500        
Total Assets  $173,845 $153,118        
Long-Term Debt  $1,099  $ --        
Shareholders' Equity  $144,218 $130,473        

Fourth Quarter Fiscal 2010 Results

Net sales in the fourth quarter of fiscal 2010 were $63,886,000, an increase of 27.3% over last year's fourth quarter net sales of $50,185,000. Lighting Segment net sales increased 18.6% to $40,318,000 (sales to the Commercial / Industrial lighting market increased 6%), Graphics Segment net sales increased 11.5% to $16,074,000, Technology Segment net sales increased significantly to $1,927,000, the Electronic Components Segment net sales were $4,455,000 with no net sales in the prior year, and net sales of the All Other Category decreased 32.2% to $1,112,000. The fiscal 2010 fourth quarter net income of $727,000, or $0.03 per share, compares to a fiscal 2009 fourth quarter net loss of $(257,000), or $(0.01) per share. The Company recorded a pre-tax non-cash intangible asset impairment expense of $(153,000) in the fourth quarter of fiscal 2010 in its Lighting ($16,000) and Technology ($137,000) Segments, as compared to a pre-tax non-cash goodwill impairment expense of $(260,000) in its All Other Category in the fourth quarter of fiscal 2009. Earnings or loss per share represents diluted earnings or loss per share.

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