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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

About the Company

Leadership. Strength. Innovation. Those are the key values behind the smart vision upon which LSI Industries Inc. was founded when established in 1976. Today LSI demonstrates this in our dedication to advancing technology throughout all aspects of our business. We are a vertically integrated manufacturer who combines integrated technology, design and manufacturing to produce the most efficient, high quality products in all of our facilities across the United States.

We are committed to advancing solid-state technology to produce affordable, high performance, energy efficient lighting and custom graphic products that bring value to our customers. We have a vast offering of innovative solutions for virtually any lighting or graphics application. Further, we can provide design support, engineering, installation and project management for custom graphics rollout programs for today's retail environment. 

LSI is a U.S. manufacturer with marketing / sales efforts throughout the world with concentration currently on North America, Latin America, Australia, New Zealand, Asia, Europe and the Middle East. Our major markets include the commercial / industrial lighting, petroleum / convenience store, multi-site retail (including automobile dealerships, restaurants and national retail accounts), sports and entertainment markets. Headquartered in Cincinnati, Ohio, LSI has facilities in Ohio, New York, North Carolina, Kansas, Kentucky, Rhode Island, Texas and Montreal, Canada. The Company's common shares are traded on the NASDAQ Global Select Market under the symbol LYTS. 

The LSI Industries Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3646

For further information, contact either Bob Ready, Chief Executive Officer and President, or Ron Stowell, Vice President, Chief Financial Officer, and Treasurer at (513) 793-3200.

Additional note:   Today's news release, along with past releases from LSI Industries, is available on the Company's internet site at www.lsi-industries.com or by email or fax, by calling the Investor Relations Department at (513) 793-3200. More information on LSI's quarterly earnings, including additional financial analysis and an earnings overview presentation, will also be available at this site after the Investor Call to be held at 3:00 p.m. Eastern Time today.

Condensed Statements of Operations        
         
   Three Months Ended  Six Months Ended
 (in thousands, except per   December 31   December 31 
 share data; unaudited)  2010 2009 2010 2009
         
Net sales  $74,805 $69,374 $154,656 $137,050
Cost of products and services sold  56,158 53,074 115,387 104,153
 Gross profit  18,647 16,300 39,269 32,897
         
Selling and administrative expenses  13,998 13,367 27,998 27,467
         
 Operating income  4,649 2,933 11,271 5,430
         
Interest expense, net  38 32 60 66
         
 Income before income taxes  4,611 2,901 11,211 5,364
         
Income tax expense  1,663 1,309 3,995 2,135
         
Net income  $2,948 $1,592 $7,216 $3,229
         
Income per common share         
 Basic  $0.12 $0.07 $0.30 $0.13
 Diluted  $0.12 $0.07 $0.30 $0.13
         
Weighted average common shares outstanding         
 Basic  24,288 24,275 24,285 23,979
 Diluted  24,408 24,284 24,319 23,986
         
Condensed Balance Sheets     
 (in thousands, unaudited)  December 31,  June 30, 
  2010 2010
     
Current Assets  $103,843 $99,411
Property, Plant and Equipment, net  45,099 44,911
Other Assets  28,180 29,523
  $177,122 $173,845
     
Current Liabilities  $23,782 $25,843
Long-Term Debt  1,082 1,099
Other Long-Term Liabilities  2,600 2,685
Shareholders' Equity  149,658 144,218
  $177,122 $173,845
     
CONTACT: Bob Ready or
         Ron Stowell
         (513) 793-3200

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