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LSI Industries CEO Discusses F1Q2011 Results - Earnings Call Transcript

And then so our total of $6.6 million, on the face of it, was up a hundred and sixty-five percent from last year. However, in our press release, I do want to point out here, to reiterate that, we made some non-GAAP financial measure. Adjustments to last year’s number related to, yes, related to the purchase accounting effects last year and so we’re – our net income is up really 88%.

Rate increase on an 18% sales increase. Quickly just over to the balance sheet. You’ll notice that we had $12.1 million of cash that is down from June but we have invested, if you will, invested in working capital. Our inventories are up a couple of million dollars and our receivables are up almost $7 million due to the size of the sales in the quarter.

They’re in good shape. Our DSOs are 47 days now and at the end of December versus 48 days at June. And we’ll point out, too, that our – something everybody is interested in. Our total LED product sales – sales related to LED products, $16.7 million this quarter and that’s about 21% of our total net sales.

Last year in the first quarter was with lower total net sales and with more sport sports sales last year than we had this year. Our LED sales were actually 27 percent of total net sales.

Bob, I think those are the highlights of our point of views.

Bob Ready

Yes, and if I may kind of add to that Ron, we could sit and see in the LED sales as it relates primarily to our lighting products are definitely pretty consistent. And we’ll address more of that when we get into Scott’s dialogue as it relates to the lighting side of it. I’m not sure David has a couple of comments in reference to that as well.

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