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
About the Company
LSI Industries is an Image Solutions company, dedicated to advancing solid-state LED technology in lighting and graphics applications. We combine integrated technology, design, and manufacturing to supply high quality, environmentally friendly lighting fixtures and graphics elements for commercial, retail and specialty niche market applications. LSI is a U.S. manufacturer with marketing / sales efforts throughout the world with concentration currently on North American, South American, Asian, Australian, New Zealand and European markets.
Building upon its success with the Crossover ® LED canopy fixture, LSI is committed to producing affordable, high performance, energy efficient lighting products, including solid-state LED light fixtures, for indoor and outdoor use. The Company also designs, produces, markets and manages a wide array of custom indoor and outdoor graphics programs including signage, menu board systems, decorative fixturing, LED displays and digital signage, and large format billboard and sports screens using solid-state LED technology. In addition, we provide design support, engineering, installation and project management for custom rollout programs for today's retail environment. The Company's technology R&D operation located in Montreal, Canada designs, produces and supports high performance light engines and large format billboard, sports and entertainment video screens using solid-state LED technology.
LSI's major markets are the commercial / industrial lighting, petroleum / convenience store, multi-site retail (including automobile dealerships, restaurants and national retail accounts), sports and entertainment markets. LSI employs approximately 1,400 people in facilities located in Ohio, New York, North Carolina, Kansas, Kentucky, Rhode Island, Texas and Montreal, Canada. The Company's common shares are traded on the NASDAQ Global Select Market under the symbol LYTS.The LSI Industries Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3646 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. More information on LSI's quarterly earnings, including additional financial analysis and an earnings overview presentation, will also be available at this site after the Investor Call to be held at 3:00 p.m. Eastern Time today.
|Condensed Statements of Operations|
|Three Months Ended||Fiscal Year Ended|
|(in thousands, except per||June 30||June 30|
|share data; unaudited)||2010||2009||2010||2009|
|Cost of products sold||49,923||38,568||198,030||181,972|
|Loss on sale of subsidiary||--||--||639||--|
|Total cost of products sold||49,923||38,568||198,669||181,972|
|Selling and administrative expenses||13,517||12,182||53,671||51,571|
|Goodwill or intangible asset impairment||153||260||153||14,467|
|Operating income (loss)||293||(825)||1,909||(14,411)|
|Interest (income), net||26||(6)||125||(8)|
|Income (Loss) before income taxes||267||(819)||1,784||(14,403)|
|Income tax (benefit) expense||(460)||(562)||360||(989)|
|Net income (loss)||$727||$(257)||$1,424||$(13,414)|
|Income (Loss) per common share|
|Weighted average common shares outstanding|
|Condensed Balance Sheets|
|(in thousands, unaudited)||June 30,||June 30,|
|Property, Plant and Equipment, net||44,911||42,043|
|Other Long-Term Liabilities||2,685||3,028|
CONTACT: LSI Industries Inc. Bob Ready, Chief Executive Officer and President Ron Stowell, Vice President, Chief Financial Officer, and Treasurer (513) 793-3200
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