CINCINNATI, Aug. 19, 2010 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today:
  • reported fourth quarter net sales of $63,886,000, an increase of 27.3% compared to the same period of the prior fiscal year; reported fourth quarter net income of $727,000 or $0.03 per share, compared to a net loss of $(257,000) or $(0.01) per share for the same period of the prior fiscal year;  
  • reported fiscal 2010 net sales of $254,402,000, an increase of 8.8% compared to fiscal 2009; reported fiscal 2010 net income of $1,424,000 or $0.06 per share, compared to a net loss of $(13,414,000) or $(0.62) per share in fiscal 2009. Pre-tax non-cash goodwill and intangible asset impairment charges of $153,000 and $14,467,000 are included in the results of fiscal 2010 and 2009, respectively;  
  • declared a regular quarterly cash dividend of $0.05 per share payable September 7, 2010 to shareholders of record August 31, 2010; and  
  • set the annual indicated cash dividend rate at $0.20 per share for fiscal 2011
Financial Highlights             
(In thousands, except per Three Months Ended Year Ended
share data; unaudited)  June 30 June 30
  2010 2009  % Change 2010 2009 % Change
             
Net Sales  $63,886 $50,185 27.3% $254,402 $233,799 8.8%
             
Operating Income (Loss)  $293 $(825)   $1,909 $(14,411)  
             
Net Income (Loss)  $727 $(257)   $1,424 $(13,414)  
             
Earnings (Loss) Per Share (diluted)  $0.03 $(0.01)   $0.06 $(0.62)  
             
             
   6/30/10  6/30/09        
             
Working Capital  $73,568 $72,500        
Total Assets  $173,845 $153,118        
Long-Term Debt  $1,099  $ --        
Shareholders' Equity  $144,218 $130,473        

Fourth Quarter Fiscal 2010 Results

Net sales in the fourth quarter of fiscal 2010 were $63,886,000, an increase of 27.3% over last year's fourth quarter net sales of $50,185,000. Lighting Segment net sales increased 18.6% to $40,318,000 (sales to the Commercial / Industrial lighting market increased 6%), Graphics Segment net sales increased 11.5% to $16,074,000, Technology Segment net sales increased significantly to $1,927,000, the Electronic Components Segment net sales were $4,455,000 with no net sales in the prior year, and net sales of the All Other Category decreased 32.2% to $1,112,000. The fiscal 2010 fourth quarter net income of $727,000, or $0.03 per share, compares to a fiscal 2009 fourth quarter net loss of $(257,000), or $(0.01) per share. The Company recorded a pre-tax non-cash intangible asset impairment expense of $(153,000) in the fourth quarter of fiscal 2010 in its Lighting ($16,000) and Technology ($137,000) Segments, as compared to a pre-tax non-cash goodwill impairment expense of $(260,000) in its All Other Category in the fourth quarter of fiscal 2009. Earnings or loss per share represents diluted earnings or loss per share.