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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

Balance Sheet

The balance sheet at June 30, 2010 included current assets of $99.4 million, current liabilities of $25.8 million and working capital of $73.6 million. The current ratio was 3.85 to 1. The Company has shareholders' equity of $144.2 million, $1.1 million of long-term debt, and has borrowing capacity on its commercial bank facilities as of June 30, 2010 of $35 million. With continued strong cash flow, a sound and conservatively capitalized balance sheet, and $35 million in credit facilities, LSI Industries believes its financial condition is sound and capable of supporting the Company's planned growth, including acquisitions.

Cash Dividend Actions

The Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable September 7, 2010 to shareholders of record as of August 31, 2010 and set the indicated annual cash dividend rate of $0.20 per share for fiscal 2011. LSI Industries has paid regular cash dividends since 1989. The declaration and amount of any cash and stock dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings, cash flow requirements and future business developments and opportunities, including acquisitions. 

Non-GAAP Financial Measures

This press release includes adjustments to the GAAP net income (loss) for the three and twelve month periods ended June 30, 2010 and 2009. Adjusted net income (loss) and earnings (loss) per share, which excludes the impact of the impairment of goodwill and intangible assets as well as a contingency settlement on a menu board patent litigation, a loss on the sale of LSI Marcole, and costs associated with the acquisition of LSI ADL Technology is a non-GAAP financial measure. We believe that this adjusted supplemental measure is useful in assessing the operating performance of our business. This measure is used by our management, including our chief operating decision maker, to evaluate business results. We exclude these costs in our evaluation because they are not representative of the ongoing results of operations of our business. Below is a reconciliation of this non-GAAP measure to net income (loss) for the periods indicated.

  Fiscal 2010 Fiscal 2009
  Dollars Diluted EPS Dollars Diluted EPS
  (in thousands)   (in thousands)  
         
Reconciliation of net income (loss) to adjusted net income:     
         
Net income (loss)  $1,424 $0.06 $(13,414) $(0.62)
         
Adjustment for the non-cash goodwill and intangible asset impairment charge, inclusive of the income tax effect  148 0.01 13,583 0.62
         
Adjustment for the loss on sale of LSI Marcole inclusive of the income tax effect  422 0.02  --  --
         
Adjustment for the acquisition deal costs and acquisition-related  fair value inventory adjustment, inclusive of the income tax effect  791 0.03  --  --
         
Adjustment for the loss contingency related to the menu board patent litigation,  inclusive of the income tax effect   --  -- 125 0.01
         
Adjusted net income and earnings per share  $2,785 $0.12 $294 $0.01
         
         
  Fourth Quarter Fiscal 2010 Fourth Quarter Fiscal 2009
  Dollars Diluted EPS Dollars Diluted EPS
  (in thousands)   (in thousands)  
         
Reconciliation of net income (loss) to adjusted net income (loss):    
         
Net income (loss)  $727 $0.03 $(257) $(0.01)
         
Adjustment for the non-cash goodwill and intangible asset impairment charge, inclusive of the income tax effect  148 0.01 200 0.01
         
Adjusted net income (loss) and  earnings (loss) per share  $875 $0.04 $(57) $(0.00)

"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 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, reliance on key customers, financial difficulties experienced by customers, the economic strength and competitive nature of the geographic markets that the Company serves, interruption of supplies from the Company's key suppliers, 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 Form 10-K. You are cautioned to not place undue reliance on these forward-looking statements. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.

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