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LSI Industries Inc. Reports Operating Results For The Third Quarter And Nine Month Periods Ended March 31, 2014, Announces Management Succession And Retirement Plans, And Declares Regular Quarterly Cash Dividend

Stocks in this article: LYTS

CINCINNATI, April 24, 2014 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:

  • reported third quarter net sales of $68,996,000, an increase of 4% as compared to $66,152,000 in the same period of the prior fiscal year;  
  • reported a third quarter net loss of $(1,009,000) or $(0.04) per share as compared to a net loss of $(315,000) or $(0.01) per share for the same period of the prior fiscal year;  
  • reported nine month net sales of $225,605,000, an increase of 6% as compared to $211,953,000 in the same period of the prior fiscal year;  
  • reported nine month net income of $1,726,000 or $0.07 per share as compared to a net loss of $(935,000) or $(0.04) per share for the same period of the prior fiscal year; and  
  • declared a regular quarterly cash dividend of $0.06 per share payable May 13, 2014 to shareholders of record May 6, 2014
             
Financial Highlights            
(In thousands, except per   Three Months Ended   Nine Months Ended
share data; unaudited)   March 31   March 31
   2014  2013  % Change   2014  2013  % Change
             
Net Sales $68,996 $66,152 4% $225,605 $211,953 6%
             
Operating Income (loss) $(946) $(506) n/m $3,404 $(188) n/m
             
Net Income (loss) $(1,009) $(315) n/m $1,726 $(935) n/m
             
Earnings (loss) per             
share (diluted) $(0.04) $(0.01) n/m $0.07 $(0.04) n/m
             
     3/31/14   6/30/13
Working Capital $ 75,651 $ 76,703
Total Assets $167,870 $169,179
Long-Term Debt  $ nil  $ nil
Shareholders' Equity $140,429 $141,690

Third Quarter Fiscal 2014 Results

Net sales in the third quarter of fiscal 2014 were $68,996,000, an increase of 4% as compared to last year's third quarter net sales of $66,152,000. Lighting Segment net sales increased 11.9% to $53,013,000, Graphics Segment net sales decreased 24.5% to $9,894,000, Electronic Components Segment net sales increased 15.1% to $5,060,000 and All Other Category net sales decreased 19.3% to $1,029,000. The Company recorded $362,000 of tax expense related to the inability to utilize tax credits due to a change in the New York state tax code, with no corresponding charge in the third quarter of fiscal 2013. The Company reported a non-cash $272,000 goodwill impairment in the Electronic Components Segment in the third quarter of fiscal 2013, with no corresponding impairment in the third quarter of fiscal 2014. The fiscal 2014 third quarter net loss of $(1,009,000), or $(0.04) per share, compares to a fiscal 2013 third quarter net loss of $(315,000), or $(0.01) per share. Earnings per share represents diluted earnings per share.

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