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LSI Industries Inc. Reports Operating Results For The Third Quarter And Nine Month Period Ended March 31, 2013

Stocks in this article: LYTS

CINCINNATI, April 29, 2013 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:

  • reported third quarter net sales of $66,152,000, an increase of 5% as compared to $62,937,000 in the same period of the prior fiscal year;  
  • reported a third quarter pre-tax non-cash goodwill impairment charge of $272,000;  
  • reported a third quarter net loss of $(315,000) or $(0.01) per share as compared to a net loss of $(377,000) or $(0.02) per share for the same period of the prior fiscal year;  
  • reported nine month net sales of $211,953,000, an increase of 7% as compared to $197,206,000 in the same period of the prior fiscal year; and  
  • reported a nine month net loss of $(935,000) or $(0.04) per share as compared to net income of $1,719,000 or $0.07 per share for the same period of the prior fiscal year
Financial Highlights            
(In thousands, except per share data; unaudited)  Three Months Ended Nine Months Ended
  March 31 March 31 
  2013 2012 % Change 2013 2012 % Change
Net Sales $ 66,152 $ 62,937 5% $ 211,953 $ 197,206 7%
             
Operating Income (loss) $ (506) $ 94 n/m $ (188) $ 3,491 n/m
             
Net Income (loss) $ (315) $ (377) n/m $ (935) $ 1,719 n/m
             
Earnings (loss) per share (diluted) $ (0.01) $ (0.02) n/m $ (0.04) $ 0.07 n/m
     
     
  3/31/13 6/30/12
Working Capital $ 77,671 $ 83,702
Total Assets $ 168,366 $ 175,226
Long-Term Debt $ nil $ nil
Shareholders' Equity $ 142,046 $ 149,368

Third Quarter Fiscal 2013 Results

Net sales in the third quarter of fiscal 2013 were $66,152,000, an increase of 5% as compared to last year's third quarter net sales of $62,937,000. Lighting Segment net sales increased 1.4% to $47,372,000 with sales to national accounts and niche markets decreasing 4.3%, sales to the Commercial / Industrial lighting market increasing 6.1%, sales of $784,000 related to LED video screens increasing 246.9%, and lighting sales to international markets of $3,850,000 decreasing 3.5%. In the other reportable business segments, Graphics Segment net sales increased 46.6% to $13,110,000, Electronic Components Segment net sales decreased 4.6% to $4,395,000 and net sales of the All Other Category decreased 52.3% to $1,275,000. The Company's third quarter net sales to the petroleum / convenience store market were approximately $17.4 million, representing a $2.3 million or 15.4% increase over the same period of the prior fiscal year. The Company reported a non-cash $272,000 goodwill impairment in the Electronic Components Segment in the third quarter of fiscal 2013 with no corresponding impairment in the third quarter of fiscal 2012. The fiscal 2013 third quarter net loss of $(315,000), or $(0.01) per share, compares to the fiscal 2012 third quarter net loss of $(377,000), or $(0.02) per share. Earnings per share represents diluted earnings per share.

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