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TheStreet Open House

LSI Industries Inc. Reports Operating Results For The First Quarter Ended September 30, 2010, And Declares Regular Quarterly Cash Dividend

CINCINNATI, Oct. 21, 2010 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:

  • reported first quarter net sales of $79,851,000, an increase of 18% as compared to the same period of the prior fiscal year;  
  • reported first quarter net income of $4,268,000 or $0.18 per share, as compared to net income of $1,637,000 or $0.07 per share for the same period of the prior fiscal year; and  
  • declared a regular quarterly cash dividend of $0.05 per share payable November 9, 2010 to shareholders of record November 2, 2010.
       
Financial Highlights      
(In thousands, except per  Three Months Ended
share data; unaudited)  September 30
  2010 2009 % Change
       
Net Sales $79,851 $67,676 18.0%
       
Operating Income  $6,622 $2,497 165.2%
       
Net Income  $4,268 $1,637 160.7%
       
Earnings Per Share (diluted) $0.18 $0.07 157.1%
       
  9/30/2010  6/30/10
     
Working Capital $77,402 $73,568
Total Assets $176,182 $173,845
Long-Term Debt $1,091 $1,099
Shareholders' Equity $147,646 $144,218

First Quarter Fiscal 2011 Results

Net sales in the first quarter of fiscal 2011 were $79,851,000, an increase of 18.0% over last year's first quarter net sales of $67,676,000. Lighting Segment net sales increased 19.8% to $47,475,000 (sales to national accounts and niche markets increased 31.2% and sales to the Commercial / Industrial lighting market increased 10.4%), Graphics Segment net sales increased 18.1% to $26,087,000, Electronic Components Segment net sales increased 41.0% to $4,564,000 and net sales of the All Other Category decreased 36.1% to $1,725,000. The fiscal 2011 first quarter net income of $4,268,000 or $0.18 per share, compares to a fiscal 2010 first quarter net income of $1,637,000, or $0.07 per share. First quarter fiscal 2010 results included pre-tax expenses of acquisition deal costs of $513,000 and an acquisition-related fair value inventory adjustment of $526,000 related to purchase accounting requirements of LSI ADL Technology's finished goods and work-in-process inventory. Earnings per share represents diluted earnings per share.

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