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

First Half Fiscal 2013 Results

Net sales in the first half of fiscal 2013 were $145,801,000, an increase of 9% as compared to last year's first half net sales of $134,269,000. Lighting Segment net sales increased 6.7% to $109,534,000 with sales to national accounts and niche markets increasing 8.4%, sales to the Commercial / Industrial lighting market decreasing 5.7%, sales of $5,018,000 related to LED video screens increasing 272.6%, and lighting sales to international markets of $7,981,000 increasing 27.8%. In the other reportable business segments, Graphics Segment net sales increased 3.4% to $21,277,000, Electronic Components Segment net sales increased 24.3% to $10,713,000 and net sales of the All Other Category increased 80.2% to $4,277,000. The Company's first half net sales to the Petroleum / Convenience Store market were approximately $41.5 million, representing a $4.0 million or 10.6% increase over the same period of the prior year. In the first half 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 first half of fiscal 2012. The Company reported a $2,141,000 goodwill impairment in the Electronic Components Segment in the first half of fiscal 2013 as compared to a $258,000 goodwill impairment in the Graphics Segment in the first half of fiscal 2012. The fiscal 2013 first half net loss of $(620,000), or $(0.03) per share, compares to fiscal 2012 first half net income of $2,096,000, or $0.09 per share. Earnings per share represents diluted earnings per share.

Balance Sheet

The balance sheet at December 31, 2012 included current assets of $102.0 million, current liabilities of $23.4 million and working capital of $78.6 million, which includes cash of $14.5 million. The current ratio was 4.4 to 1. The Company has shareholders' equity of $142.2 million, no long-term debt, and borrowing capacity on its commercial bank facilities as of December 31, 2012 of $34.7 million. With continued strong cash flow, a sound and conservatively capitalized balance sheet, and $35 million in credit facilities, LSI Industries believes its financial condition is sound and capable of supporting the Company's planned growth, including acquisitions, if any.

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