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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

Fiscal 2013 Results

Net sales in fiscal 2013 were $280,790,000, an increase of 5% as compared to last year's net sales of $268,402,000. Lighting Segment net sales increased 3.4% to $206,363,000 with sales to national accounts and niche markets increasing 1.3%, sales to the Commercial / Industrial lighting market increasing 0.2%, sales of $6,026,000 related to LED video screens increasing 220.2%, and lighting sales to international markets of $16,918,000 increasing 7.5%. In the other reportable business segments, Graphics Segment net sales increased 11.0% to $46,770,000, Electronic Components Segment net sales increased 9.8% to $20,333,000 and net sales of the All Other Category decreased 10.1% to $7,324,000. The Company's fiscal 2013 net sales to the petroleum / convenience store market were approximately $76.4 million, representing a $5.1 million or 7.2% increase over the prior fiscal year. In fiscal 2013, the Company reduced the contingent earn-out liability related to the March 2012 acquisition of Virticus Corporation and recorded pre-tax income of $897,000 primarily in the Corporate Administrative expenses, with no comparable item in fiscal 2012. The Company reported a $2,413,000 goodwill impairment in the Electronic Components Segment in fiscal 2013 as compared to a $258,000 goodwill impairment in the Graphics Segment in fiscal 2012. The fiscal 2013 net loss of $(123,000), or $(0.01) per share, compares to fiscal 2012 net income of $3,224,000, or $0.13 per share. Earnings per share represents diluted earnings per share.

Balance Sheet

The balance sheet at June 30, 2013 included current assets of $102.9 million, current liabilities of $26.2 million and working capital of $76.7 million, which includes cash of $7.9 million. The current ratio was 3.9 to 1. The Company has shareholders' equity of $141.7 million, no long-term debt, and borrowing capacity on its commercial bank facilities as of June 30, 2013 of $34.7 million. With continued strong cash flow, a sound and conservatively capitalized balance sheet, and $35 million in credit facilities, LSI Industries believes its financial condition is sound and capable of supporting the Company's planned growth, including acquisitions, if any.

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