Fiscal 2012 ResultsNet sales in fiscal 2012 were $268,402,000, a decrease of 8.6% as compared to net sales in fiscal 2011 of $293,501,000. Lighting Segment net sales increased 1.0% to $199,610,000 with sales to national accounts and niche markets increasing 6.2%, sales to the Commercial / Industrial lighting market decreasing 4.9%, sales related to LED video screens of $1,879,000 increasing 74%, and lighting sales to the international markets increasing 1.8%. In the other reportable business segments, Graphics Segment net sales decreased 37.2% to $42,131,000, Electronic Components Segment net sales decreased 13.7% to $18,515,000 and net sales of the All Other Category increased 10.9% to $8,146,000. A 7-Eleven program to install LED lighting and signage throughout its retail store system accounted for $40.0 million of net sales in fiscal 2011. This program was completed in the second quarter of fiscal 2011. Net sales to 7-Eleven in fiscal 2012 were significantly less than the prior year, down by $23.8 million in the Graphics Segment and down by $9.7 million in the Lighting Segment. Fiscal 2012 net income of $3,224,000, or $0.13 per share, compares to fiscal 2011 net income of $10,828,000 or $0.44 per share. In the third quarter of fiscal 2012, the Company acquired a lighting controls company, LSI Virticus, which reported a fiscal 2012 operating loss of $777,000 on net sales of $71,000. In fiscal 2012, the Company recorded a pre-tax non-cash goodwill impairment expense of $258,000, as well as pre-tax expense of $610,000 related to acquisition deal costs and related expenses as well as fair value inventory adjustments, but had no corresponding expenses in fiscal 2011. Earnings per share represents diluted earnings per share.
LSI Industries Inc. Reports Operating Results For The Fourth Quarter And Year Ended June 30, 2012, And Declares Regular Quarterly Cash Dividend
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