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TheStreet Open House

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

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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