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TheStreet Open House

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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