Cash Dividend Actions
The Board of Directors declared a regular quarterly cash dividend of $0.06 per share payable September 4, 2012 to shareholders of record as of August 28, 2012. The indicated annual cash dividend rate for fiscal 2012 is $0.24 per share. The declaration and amount of any cash and stock dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings, cash flow requirements and future business developments and opportunities, including acquisitions.
Robert J. Ready, Chief Executive Officer, commented, "I believe that fiscal 2012 will prove to be a transition year leading to stronger operating performance in fiscal 2013. In particular, our Graphics operations are likely to contribute significantly higher sales and move from operating losses to operating profits. This business unit is experiencing greater national account activity, is expected to have a good year, and is poised for long-term growth. On the Lighting side, we will benefit in fiscal 2013 from having the ability to couple control system technology (through our recent Virticus acquisition) with advanced lighting systems. Our leading position in solid-state lighting fits well with our recently acquired capabilities of integrated lighting control. Taken as a whole, I believe LSI Industries' two major components, Lighting and Graphics, are both likely to show growth in sales and profits during fiscal 2013 and beyond."We finished fiscal 2012 with a solid financial position and a strong balance sheet. As shareholders know, maintaining a sound and conservatively capitalized financial position has always been and will continue to be a hallmark of LSI Industries. "The Board of Directors accepted management's recommendation to set the annual fiscal 2013 cash dividend rate at $0.24 per share, unchanged from the prior year. We have paid regular cash dividends since 1989. "I look forward to reporting our progress to you as fiscal 2013 unfolds."