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

About the Company

LSI Industries Inc. 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, Latin American, Australian, New Zealand, Asian, European and Middle Eastern markets.

Building upon its success with its Crossover ® LED lighting fixtures and SmartVision ® solid-state LED video boards, LSI is committed to producing affordable, high performance, energy efficient lighting and graphic products for indoor and outdoor use. We have a vast offering of innovative solutions for virtually any lighting or graphics application. Further, we can provide design support, engineering, installation and project management for custom graphics rollout programs for today's retail environment. 

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 1,500 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

For further information, contact either Bob Ready, Chief Executive Officer and President, or Ron Stowell, Vice President, Chief Financial Officer, and Treasurer at (513) 793-3200.

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
(in thousands, except per September 30
share data; unaudited) 2010 2009
     
Net sales $79,851 $67,676
Cost of products & services sold 59,229 51,079
Gross profit 20,622 16,597
     
Selling and administrative expenses 14,000 14,100
     
Operating income 6,622 2,497
     
Interest expense, net 22 34
     
Income before income taxes 6,600 2,463
     
Income tax expense 2,332 826
     
Net income $4,268 $1,637
     
Income per common share     
Basic $0.18 $0.07
Diluted $0.18 $0.07
     
Weighted average common shares outstanding    
Basic 24,281 23,683
Diluted 24,289 23,688
     
Condensed Balance Sheets    
(in thousands, unaudited) September 30,  June 30,
  2010 2010
     
Current Assets $102,204 $99,411
Property, Plant and Equipment, net 45,092 44,911
Other Assets 28,886 29,523
  $176,182 $173,845
     
Current Liabilities $24,802 $25,843
Long-Term Debt 1,091 1,099
Other Long-Term Liabilities 2,643 2,685
Shareholders' Equity 147,646 144,218
  $176,182 $173,845
CONTACT:  LSI Industries Inc.
          Bob Ready
          Ron Stowell
          (513) 793-3200

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