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LSI Industries Inc. Reports Operating Results For The Second Quarter And First Half Ended December 31, 2012

Stocks in this article: LYTS

CINCINNATI, Jan. 25, 2013 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:

  • reported second quarter net sales of $71,082,000, an increase of 3% as compared to $68,774,000 in the same period of the prior fiscal year;  
  • reported a second quarter (and first half) pre-tax non-cash goodwill impairment charge of $2,141,000 (or $1,552,000 after tax);  
  • reported a second quarter net loss of $(2,450,000) or $(0.10) per share as compared to net income of $772,000 or $0.03 per share for the same period of the prior fiscal year;  
  • reported first half net sales of $145,801,000, an increase of 9% as compared to $134,269,000 in the same period of the prior fiscal year; and  
  • reported a first half net loss of $(620,000) or $(0.03) per share as compared to net income of $2,096,000 or $0.09 per share for the same period of the prior fiscal year
Financial Highlights            
(In thousands, except per  Three Months Ended  Six Months Ended
share data; unaudited)   December 31 December 31
  2012 2011 % Change  2012 2011 % Change
Net Sales $71,082 $68,774 3% $145,801 $134,269 9%
Operating Income (loss) $(2,709) $1,219 n/m $318 $3,397 (91)%
Net Income (loss) $(2,450) $772 n/m $(620) $2,096 n/m
Earnings (loss) per             
share (diluted) $(0.10) $0.03 n/m $(0.03) $0.09 n/m
  12/31/12 6/30/12
Working Capital $78,597 $83,702
Total Assets $167,778 $175,226
Long-Term Debt $ nil $ nil
Shareholders' Equity $142,184 $149,368

Second Quarter Fiscal 2013 Results

Net sales in the second quarter of fiscal 2013 were $71,082,000, an increase of 3% as compared to last year's second quarter net sales of $68,774,000. Lighting Segment net sales increased 0.4% to $53,743,000 with sales to national accounts and niche markets increasing 1.7%, sales to the Commercial / Industrial lighting market decreasing 4.1%, sales of $745,000 related to LED video screens decreasing 35.6%, and lighting sales to international markets of $4,241,000 increasing 33.2%. In the other reportable business segments, Graphics Segment net sales increased 4.4% to $10,532,000, Electronic Components Segment net sales increased 17.7% to $4,959,000 and net sales of the All Other Category increased 96.2% to $1,848,000. The Company's second quarter net sales to the Petroleum / Convenience Store market were approximately $21.9 million, representing a $1.1 million or 5.2% increase over the same period of the prior year. In the second quarter of fiscal 2013, the Company reduced the contingent earn-out liability related to the March 2012 acquisition of Virticus Corporation and recorded pre-tax income of $705,000 primarily in the Corporate Administrative expenses, with no comparable item in the second quarter of fiscal 2012. The Company reported a non-cash $2,141,000 goodwill impairment in the Electronic Components Segment in the second quarter of fiscal 2013 with no corresponding impairment in the second quarter of fiscal 2012. The fiscal 2013 second quarter net loss of $(2,450,000), or $(0.10) per share, compares to fiscal 2012 second quarter net income of $772,000, or $0.03 per share. Earnings per share represents diluted earnings per share.

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