CINCINNATI, Nov. 24, 2010 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today reported that the shareholders of the Company at the Annual Meeting of Shareholders held November 18 approved (i) election of the six Directors nominated to serve, (ii) ratified the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for fiscal 2011, and (iii) amended the Company's Nonqualified Deferred Compensation Plan to increase the number of Common Shares available for issuance thereunder. Following the formal portion of the meeting, Robert Ready (CEO and President), Scott Ready (President of LSI Lighting Solutions Plus), David McCauley (President of LSI Graphics Solutions Plus), and Ronald Stowell (CFO) presented a review of fiscal 2010 accomplishments and the position of LSI Industries and the general outlook for fiscal 2011 and beyond.
Regarding fiscal 2010 accomplishments, the following points were included: sales of solid-state LED products for fiscal 2010, as compared to fiscal 2009, increased approximately 230% from $19 million to $63 million; growth accelerated in LSI's core petroleum market; higher capital investment in manufacturing capabilities and vertical integration; and LSI's participation with the Department of Energy, and a major national retailer, in their Gateway Demonstration project.
Regarding the current position of LSI Industries and the outlook for 2011 and beyond, the following statements were included: continuing emphasis on new solid-state LED lighting products; establishing a new electronic manufacturing center for LED lighting in Cincinnati; increasing manufacturing technology and capabilities; expanding international sales and marketing activities; exciting future for the lighting and graphics industries; and maintaining a sound balance sheet.Following the Shareholders Meeting, the Board of Directors promoted Scott Ready to the position of President of LSI Industries. He will also continue to serve as President of LSI Lighting Solutions Plus until further notice. Bob Ready will continue as Chairman and Chief Executive Officer, and will remain as a director of the Company. This action was taken by the Board of Directors in recognition of Scott Ready's significant contributions over his 26 years of employment at the Company, his outstanding contributions to making LSI Industries a leader in solid-state LED lighting, and as a part of LSI Industries' management succession planning. As Chief Executive Officer, Bob Ready will continue to manage the overall business and set the strategic direction of LSI Industries.