Cash Dividend Actions
The Board of Directors declared a regular quarterly cash dividend of $0.06 per share payable September 10, 2013 to shareholders of record as of September 3, 2013. The indicated annual cash dividend rate for fiscal 2013 is $0.24 per share. The declaration and amount of any cash and stock dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings, cash flow requirements and future business developments and opportunities, including acquisitions, if any.
Robert J. Ready, Chief Executive Officer, commented, "During fiscal 2013 total sales increased 5% from $268.4 million to $280.8 million. From a segment viewpoint, lighting sales were $206.4 million, an increase of 3.4%. Graphics sales were $46.8 million, an increase of 11.0%. Electronic Components sales were $20.3 million, an increase of 9.8%. Finally, All Other Category sales were $7.3 million, a decrease of 10.1%. Before goodwill impairment charges and reversal of a contingent Earn-Out liability, operations produced adjusted net income of $1.4 million, or $0.06 per share, for fiscal year 2013."Fiscal 2013 was certainly a challenging year of continued transition for the Company as we continue to move the product line to LED-based lighting technology, and develop and integrate our new lighting controls solutions. "Over 35% of our lighting products sold are now LED with certain market segments exceeding 80% in LED content. The recently introduced Crossover® Legacy™ product has been extremely successful and has exceeded our initial projections. Additional new LED product introductions are planned for fiscal 2014. We have a solid backlog of business booked and a growing expectation for higher volumes during fiscal 2014. We have increased our manufacturing capacity through additional shifts to address this increased volume. With regard to those markets where we have new commercial/industrial representation, we experienced sales growth of over 20% for the second half of fiscal 2013 versus the same period of fiscal 2012. In addition, our LED products are making inroads in the international markets We continue to see long-term opportunity here.