LSI Industries Inc. Reports Operating Results For The First Quarter Ended September 30, 2010, And Declares Regular Quarterly Cash Dividend
Cash Dividend Actions
The Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable November 9, 2010 to shareholders of record as of November 2, 2010. The indicated annual cash dividend rate for fiscal 2011 is $0.20 per share. 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 for the three month period ended September 30, 2009. Adjusted net income and earnings per share, which excludes the impact of the LSI ADL Technology acquisition deal costs and acquisition-related fair value inventory adjustment is a non-GAAP financial measure. We believe that it is useful as a supplemental measure 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 non-recurring items 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 for the period indicated, excluding the acquisition related costs.
|(in thousands, except per share data; unaudited)||First Quarter|
|FY 2011||Diluted EPS||FY 2010||Diluted EPS|
|Reconciliation of net income to adjusted net income:|
|Net income as reported||$4,268||$0.18||$1,637||$0.07|
|Adjustment for the acquisition deal costs and acquisition-related fair value inventory adjustment, inclusive of the income tax effect||--||--||634||0.03|
|Adjusted net income and earnings per share||$4,268||$0.18||$2,271||$0.10|
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