This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Cash Dividend Actions

In December 2012, the Board of Directors accelerated payment into December 2012 of the fiscal 2013 second quarter regular quarterly cash dividend of $0.06 per share.  Also, an additional cash dividend of $0.12 per share was paid in December 2012. The indicated annual cash dividend rate for fiscal 2013 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, if any. 

Company Comments

Robert J. Ready, Chief Executive Officer, commented, "As I write this message early in the third quarter, I am pleased to say that we now have before us a world-class opportunity that has the potential to have a major positive impact on our lighting revenues later this fiscal year. But first I want to comment briefly on our second quarter. Results were heavily impacted by a number of accounting elements. First, we took a goodwill impairment charge of $2.14 million in our Electronic Components Segment in connection with our acquisition of Virticus. This was a non-cash charge and should not be interpreted as a reduction in our intermediate and long-term outlook for this important part of our company. Virticus is making solid progress and is an important part of our 'one-stop' capabilities. Second, during the quarter we also conducted a careful and rigorous analysis of our inventory, particularly as it related to our technologically advanced solid-state products and components. We have been on the leading edge of developing new solid-state LED products, including technology advances, since we entered the market with the acquisition of SACO Technologies in 2006. As such, we have had to cope with adjusting our inventory levels and obsolescence factors on a different and more rapid basis than our conventional lines of lighting products. After careful review, we decided to take the conservative, and we believe appropriate, position of providing an additional inventory reserve in the aggregate amount of $1.9 million (approximately $1.6 million after a U.S.-only tax benefit) during the second quarter. The result of these inventory reserves is an improved quality of an already strong, debt-free balance sheet. As a further accounting action, we reduced the contingent earn-out liability related to the acquisition of Virticus, and thereby recorded pre-tax income of $705,000 ($511,000 after income tax effect) primarily under the category of Corporate Administrative expenses. We believe these actions were appropriate and will provide greater clarity and visibility into the earnings of LSI Industries as we move through the second half of fiscal 2013 and into fiscal 2014.

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs