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LSI Industries Inc. Reports Operating Results For The Second Quarter And First Half Ended December 31, 2010, And Declares Regular Quarterly Cash Dividend

CINCINNATI, Jan. 27, 2011 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:
  • reported second quarter net sales of $74,805,000, an increase of 8% as compared to the same period of the prior fiscal year;  
  • reported second quarter net income of $2,948,000 or $0.12 per share, as compared to net income of $1,592,000 or $0.07 per share for the same period of the prior fiscal year;  
  • reported first half net sales of $154,656,000, an increase of 13% as compared to the same period of the prior fiscal year;  
  • reported first half net income of $7,216,000 or $0.30 per share, as compared to net income of $3,229,000 or $0.13 per share for the same period of the prior fiscal year; and  
  • declared a regular quarterly cash dividend of $0.05 per share payable February 15, 2011 to shareholders of record February 8, 2011.
Financial Highlights             
(In thousands, except per  Three Months Ended  Six Months Ended
share data; unaudited)   December 31  December 31 
  2010 2009 % Change 2010 2009 % Change
Net Sales  $74,805 $69,374 7.8% $154,656 $137,050 12.8%
Operating Income  $4,649 $2,933 58.5% $11,271 $5,430 107.6%
Net Income  $2,948 $1,592 85.2% $7,216 $3,229 123.5%
Earnings Per Share (diluted) $0.12 $0.07 71.4% $0.30 $0.13 130.8%
   12/31/10   6/30/10 
Working Capital  $80,061 $73,568
Total Assets  $177,122 $173,845
Long-Term Debt  $1,082 $1,099
Shareholders' Equity  $149,658 $144,218

Second Quarter Fiscal 2011 Results

Net sales in the second quarter of fiscal 2011 were $74,805,000, an increase of 7.8% over last year's second quarter net sales of $69,374,000. Lighting Segment net sales increased 8.7% to $47,490,000 (sales to national accounts and niche markets increased 7.5% and sales to the Commercial / Industrial lighting market increased 10.1%), Graphics Segment net sales increased 7.6% to $20,783,000, Electronic Components Segment net sales increased 19.7% to $5,277,000 and net sales of the All Other Category decreased 35.7% to $1,255,000. The fiscal 2011 second quarter net income of $2,948,000, or $0.12 per share, compares to a fiscal 2010 second quarter net income of $1,592,000, or $0.07 per share. Second quarter fiscal 2010 results included pre-tax expense for an acquisition-related fair value inventory adjustment of $87,000 related to purchase accounting requirements of LSI ADL Technology's finished goods and work-in-process inventory. Earnings per share represents diluted earnings per share.

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