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LSI Industries Inc. Reports Operating Results For The Second Quarter Ended December 31, 2013, And Declares Regular Quarterly Cash Dividend

CINCINNATI, Jan. 23, 2014 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:
  • reported second quarter net sales of $76,123,000, an increase of 7% as compared to $71,082,000 in the same period of the prior fiscal year;  
  • reported second quarter net income of $870,000 or $0.04 per share as compared to a net loss of $(2,450,000) or $(0.10) per share for the same period of the prior fiscal year;  
  • reported first half net sales of $156,609,000, an increase of 7% as compared to $145,801,000 in the same period of the prior fiscal year;  
  • reported first half net income of $2,735,000 or $0.11 per share as compared to a net loss of $(620,000) or $(0.03) per share for the same period of the prior fiscal year; and  
  • declared a regular quarterly cash dividend of $0.06 per share payable February 11, 2014 to shareholders of record February 4, 2014
Financial Highlights            
(In thousands, except per share data; unaudited) Three Months Ended Six Months Ended
  December 31 December 31
  2013 2012 % Change 2013 2012 % Change
             
Net Sales $ 76,123 $ 71,082 7% $ 156,609 $ 145,801 7%
             
Operating Income (loss) $ 1,511 $ (2,709) n/m $ 4,350 $ 318 n/m
             
Net Income (loss) $ 870 $ (2,450) n/m $ 2,735 $ (620) n/m
             
Earnings (loss) per share (diluted) $ 0.04 $ (0.10) n/m $ 0.11 $ (0.03) n/m
             
  12/31/13    6/30/13      
Working Capital $ 77,353   $ 76,703      
Total Assets $ 171,974   $ 169,179      
Long-Term Debt $ nil   $ nil      
Shareholders' Equity $ 142,512   $ 141,690      

Second Quarter Fiscal 2014 Results

Net sales in the second quarter of fiscal 2014 were $76,123,000, an increase of 7% as compared to last year's second quarter net sales of $71,082,000. Lighting Segment net sales increased 6.8% to $57,380,000, Graphics Segment net sales increased 23.0% to $12,954,000, Electronic Components Segment net sales decreased 17.9% to $4,073,000 and All Other Category net sales decreased 7.1% to $1,716,000. In the second quarter of 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 $705,000 primarily in the Corporate Administrative expenses, with no comparable item in the second quarter of fiscal 2014. The Company reported a non-cash $2,141,000 goodwill impairment in the Electronic Components Segment in the second quarter of fiscal 2013, with no corresponding impairment in the second quarter of fiscal 2014. The fiscal 2014 second quarter net income of $870,000, or $0.04 per share, compares to a fiscal 2013 second quarter net loss of $(2,450,000), or $(0.10) per share. Earnings per share represents diluted earnings per share.

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