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LSI Industries Inc. Reports Operating Results For The Fourth Quarter And Fiscal Year Ended June 30, 2013, And Declares Regular Quarterly Cash Dividend

Stocks in this article: LYTS

CINCINNATI, Aug. 22, 2013 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:

  • reported fourth quarter net sales of $68,837,000, a decrease of 3% as compared to $71,196,000 in the same period of the prior fiscal year;  
  • reported fourth quarter net income of $812,000 or $0.03 per share as compared to net income of $1,505,000 or $0.06 per share for the same period of the prior fiscal year;  
  • reported fiscal 2013 net sales of $280,790,000, an increase of 5% as compared to $268,402,000 in the prior fiscal year;  
  • reported a fiscal 2013 net loss of $(123,000) or $(0.01) per share as compared to net income of $3,224,000 or $0.13 per share for the prior fiscal year; and  
  • declared a regular quarterly cash dividend of $0.06 per share payable September 10, 2013 to shareholders of record September 3, 2013.
Financial Highlights            
(In thousands, except per Three Months Ended Year Ended
share data; unaudited) June 30 June 30
  2013 2012 % Change 2013 2012 % Change
             
Net Sales $68,837 $71,196 (3)% $280,790 $268,402 5%
             
Operating Income $818 $2,840 (71)% $630 $6,331 (90)%
             
Net Income (Loss) $812 $1,505 (46)% $(123) $3,224 n/m
             
Earnings (Loss) per Share (Diluted) $0.03 $0.06 (50)% $(0.01) $0.13 n/m
     
  6/30/13 6/30/12
Working Capital $76,703 $83,702
Total Assets $169,179 $175,226
Long-Term Debt $ nil $ nil
Shareholders' Equity $141,690 $149,368

Fourth Quarter Fiscal 2013 Results

Net sales in the fourth quarter of fiscal 2013 were $68,837,000, a decrease of 3% as compared to last year's fourth quarter net sales of $71,196,000. Lighting Segment net sales decreased 1.5% to $49,457,000 with sales to national accounts and niche markets decreasing 10.5%, sales to the Commercial / Industrial lighting market increasing 0.1%, sales of $224,000 related to LED video screens decreasing 26.8%, and lighting sales to international markets of $5,087,000 increasing 55.9%. In the other reportable business segments, Graphics Segment net sales decreased 1.8% to $12,383,000, Electronic Components Segment net sales decreased 1.2% to $5,225,000 and net sales of the All Other Category decreased 42.8% to $1,772,000. The Company's fourth quarter net sales to the petroleum / convenience store market were approximately $17.4 million, representing a $1.6 million or 8.5% decrease over the same period of the prior fiscal year. In the fourth quarter of fiscal 2013, the Company reduced the contingent earn-out liability related to the March 2012 acquisition of Virticus Corporation to zero and recorded pre-tax income of $241,000 primarily in the Corporate Administrative expenses, with no comparable item in fiscal 2012. The fiscal 2013 fourth quarter net income of $812,000, or $0.03 per share, compares to the fiscal 2012 fourth quarter net income of $1,505,000, or $0.06 per share. Earnings per share represents diluted earnings per share.

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