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

About the Company

Leadership. Strength. Innovation. Those are the key values behind the smart vision upon which LSI Industries Inc. was founded when established in 1976. Today LSI demonstrates this in our dedication to advancing technology throughout all aspects of our business. We are a vertically integrated manufacturer who combines integrated technology, design and manufacturing to produce the most efficient, high quality products possible. Everything we build is done right here in one of our US plants.

We are committed to advancing solid-state technology to make affordable, high performance, energy efficient lighting and custom graphic products that bring value to our customers. We have a vast offering of innovative solutions for virtually any lighting or graphics application. In addition, we can provide sophisticated lighting and energy management control solutions to help customers manage their energy performance. Further, we can provide design support, engineering, installation and project management for custom graphics rollout programs for today's retail environment. 

LSI is a U.S. manufacturer with marketing / sales efforts throughout the world with concentration currently on North America, Latin America, Australia, New Zealand, Asia, Europe and the Middle East. Our major markets include the commercial / industrial lighting, petroleum / convenience store, multi-site retail (including automobile dealerships, restaurants and national retail accounts), sports and entertainment markets. Headquartered in Cincinnati, Ohio, LSI has facilities in Ohio, Kansas, Kentucky, New York, North Carolina, Oregon, Rhode Island, Texas and Montreal, Canada. The Company's common shares are traded on the NASDAQ Global Select Market under the symbol LYTS. 

The LSI Industries Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3646

For further information, contact either Bob Ready, Chief Executive Officer, or Ron Stowell, Vice President, Chief Financial Officer, and Treasurer at (513) 793-3200.

Additional note: Today's news release, along with past releases from LSI Industries, is available on the Company's internet site at www.lsi-industries.com or by email or fax, by calling the Investor Relations Department at (513) 793-3200.

Condensed Consolidated Statements of Operations

  Three Months Ended  Six Months Ended 
 (in thousands, except per   December 31 December 31
 share data; unaudited)  2012 2011 2012 2011
         
Net sales $71,082 $68,774 $145,801 $134,269
         
Cost of products and services sold 57,200 53,848 114,048 103,879
         
Gross profit 13,882 14,926 31,753 30,390
         
Selling and administrative expenses 14,450 13,707 29,294 26,735
         
Goodwill impairment 2,141  -- 2,141 258
         
Operating income (loss) (2,709) 1,219 318 3,397
         
Interest expense (income), net (18) 37 2 77
         
Income (loss) before income taxes (2,691) 1,182 316 3,320
         
Income tax expense (benefit) (241) 410 936 1,224
         
Net income (loss) $(2,450) $772 $(620) $2,096
         
Income (loss) per common share         
Basic        
Diluted $(0.10) $0.03 $(0.03) $0.09
  $(0.10) $0.03 $(0.03) $0.09
Weighted average common shares outstanding        
Basic 24,307 24,298 24,306 24,295
Diluted 24,391 24,341 24,382 24,348

Condensed Consolidated Balance Sheets

(in thousands, unaudited)  December 31,  June 30,
  2012 2012
Current Assets $101,998 $106,623
Property, Plant and Equipment, net 43,302 42,526
Other Assets 22,478 26,077
  $167,778 $175,226
     
Current Liabilities $23,401 $22,921
Long-Term Debt --  --
Other Long-Term Liabilities 2,193 2,937
Shareholders' Equity 142,184 149,368
  $167,778 $175,226
CONTACT: BOB READY OR
         RON STOWELL
         (513) 793-3200

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