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

"As we look forward, we will be introducing important new solid-state lighting products during the third and fourth quarters, as well as solidifying a very new and substantial opportunity to expand our reach further into the commercial and industrial lighting market. In this regard so far in the third quarter, we have already entered into new agreements with six leading specification-grade independent agent organizations covering key domestic markets. We plan to tell you more about this major game-changing development later in the quarter, but suffice to say, it is expected to have a substantial impact on lighting revenues as well as a down-the-line favorable influence on graphics sales.

"We continue to make important industry leading progress in solid-state LED lighting, utilizing our technology, assets, knowledge of what the market wants, and product design capabilities to fulfill these needs. During the second quarter, our advanced solid-state LED products represented about 33% of total lighting sales.

"Although the second quarter was difficult for our Graphics business, we expect quite dramatic improvement during the third and fourth quarters based on a large retail grocery re-imaging project and additional new sales. 

"I look forward to reporting to you more about our new opportunities soon. Of course, we continue to look for ways to improve efficiencies, will likely need to add to our manufacturing capabilities to meet expected higher demand, and will continue to stay conservatively financed with a strong balance sheet."

Non-GAAP Financial Measures

This press release includes adjustments to GAAP net income for the three month period ended December 31, 2012 and the six month periods ended December 31, 2012 and 2011. Adjusted net income (loss) and earnings (loss) per share, which excludes the impact of goodwill impairment and reversal of a contingent Earn-Out liability, are non-GAAP financial measures. We believe that it is useful as a supplemental measure in assessing the operating performance of our business. This measure is used by our management, including our chief operating decision maker, to evaluate business results. We exclude these non-recurring items because they are not representative of the ongoing results of operations of our business. Below is a reconciliation of this non-GAAP measurement to the net income reported for the periods indicated.
(in thousands, except per share data; unaudited) Second Quarter
    Diluted   Diluted
  FY 2013  EPS FY 2012 EPS
Reconciliation of net income (loss) to adjusted net income (loss):        
Net income (loss) and earnings (loss) per share as reported  $(2,450) $(0.10) $772 $0.03
Adjustment for the reversal of a contingent Earn-Out liability, inclusive of the income tax effect (511) (0.02)  -- --
Adjustment for goodwill impairment, inclusive of the income tax effect 1,552 0.06  -- --
Adjusted net income (loss) and earnings (loss) per share $(1,409) $(0.06) $772 $0.03
(in thousands, except per share data; unaudited) First Half
    Diluted   Diluted
  FY 2013 EPS FY 2012 EPS
Reconciliation of net income (loss) to adjusted net income:        
Net income (loss) and earnings (loss) per share as reported  $(620) $(0.03) $2,096 $0.09
Adjustment for the reversal of a contingent Earn-Out liability, inclusive of the income tax effect (511) (0.02)  -- --
Adjustment for goodwill impairment, inclusive of the income tax effect 1,552 0.06 258 0.01
Adjusted net income and earnings per share $421 $0.02 $2,354 $0.10

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "seeks," "may," "will," "should" or the negative versions of those words and similar expressions, and by the context in which they are used. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, and the results of asset impairment assessments. You are cautioned to not place undue reliance on these forward-looking statements.  In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.

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