"Looking forward we are optimistic about our continued growth in solid-state LED lighting. Our recently introduced Crossover® Generation 3 product line has been very well received and is a market leader resulting in increasing unit sales and a broader customer base. Lighting solutions geared to energy reduction are popular in all markets and we have a number of new products that will be released during the second quarter of this fiscal year that will continue to fuel the growth of our advanced fluorescent and solid-state LED products. LSI continues to lead the way in advanced energy-efficient lighting and graphics products. We believe we also made very good progress in the establishment of a distribution channel to the European and Middle East markets for our solid-state LED lighting products and have obtained nearly all required European product certifications. This is expected to lead to sales growth in new markets for LSI in the near future.
"In summary, we are off to a strong start in fiscal 2011. LSI is well positioned to capitalize on sales opportunities in our niche and general markets with advanced lighting and graphics products and services. I look forward to keeping you posted on our progress and important developments as the fiscal year unfolds. As a reminder, LSI will be holding its Annual Shareholder Meeting on November 18, 2010. We cordially invite shareholders to attend."
The balance sheet at September 30, 2010 included current assets of $102.2 million, current liabilities of $24.8 million and working capital of $77.4 million. The current ratio was 4.12 to 1. The Company has shareholders' equity of $147.6 million, $1.1 million of long-term debt, and has borrowing capacity on its commercial bank facilities as of September 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.