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.
|(In thousands, except per||Three Months Ended||Six Months Ended|
|share data; unaudited)||December 31||December 31|
|2010||2009||% Change||2010||2009||% Change|
|Earnings Per Share (diluted)||$0.12||$0.07||71.4%||$0.30||$0.13||130.8%|
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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