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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

"On the Graphics side of the business, we see improving conditions as programs begin to release this fall indicating a new level of spend in general. We are aggressively pursuing new accounts to supplement our established customer base. This business returned to profitability during the fourth quarter and is continuing into 2014. We expect sales for the first quarter to be up over 25% compared to the same period of fiscal 2013.

"The Board of Directors accepted management's recommendation to set the annual fiscal 2014 cash dividend rate at $0.24 per share, unchanged from the prior fiscal year. We have paid regular cash dividends since fiscal 1989, and consider them to be an important component of shareholder returns.

"Overall we are encouraged by our strong start to fiscal 2014. We believe our investments to date, while pressuring fiscal 2013, will improve our results in fiscal 2014 and beyond. We finished fiscal 2013 with a healthy debt-free balance sheet and strong financial position. Our balance sheet, combined with our positive cash flow, is expected to fund our working capital, capital expenditures, product development, and cash dividend requirements."

Non-GAAP Financial Measures

This press release includes adjustments to GAAP net income for the three and twelve month periods ended June 30, 2013 and 2012. Adjusted net income and earnings per share, which excludes the impact of goodwill impairment, reversal of a contingent Earn-Out liability, and acquisition deal costs and related expenses, are non-GAAP financial measures. We believe that it is useful as a supplemental measure in assessing the operating performance of our business. This measure is used by our management, including our chief operating decision maker, to evaluate business results. We exclude these non-recurring items because they are not representative of the ongoing results of operations of our business. Below is a reconciliation of this non-GAAP measurement to the net income reported for the periods indicated.

(in thousands, except per share data; unaudited) Fourth Quarter
    Diluted   Diluted
  FY 2013 EPS FY 2012 EPS
Reconciliation of net income to adjusted net income:        
         
Net income and earnings per share as reported $812 $0.03 $1,505 $0.06
         
Adjustment for the reversal of a contingent Earn-Out liability, inclusive of the income tax effect (346) (0.01) -- --
         
Adjustment for the income tax effect related to goodwill impairment 527 0.02 -- --
         
Adjusted net income and earnings per share $993 $0.04 $1,505 $0.06
         
         
(in thousands, except per share data; unaudited) Full Year
    Diluted   Diluted
  FY 2013 EPS FY 2012 EPS
Reconciliation of net income (loss) to adjusted net income:        
         
Net income (loss) and earnings (loss) per share as reported $(123) $(0.01) $3,224 $0.13
         
Adjustment for the reversal of a contingent Earn-Out liability, inclusive of the income tax effect (897) (0.04) -- --
         
Adjustment for the acquisition deal costs and related expenses, inclusive of the income tax effect -- -- 373 0.02
         
Adjustment for goodwill impairment, inclusive of the income tax effect 2,413 0.10 258 0.01
         
Adjusted net income and earnings per share $1,393 $0.06 $3,855 $0.16

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "seeks," "may," "will," "should" or the negative versions of those words and similar expressions, and by the context in which they are used. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, and the results of asset impairment assessments. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.

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