Fiscal 2013 Results

Net sales in fiscal 2013 were $280,790,000, an increase of 5% as compared to last year's net sales of $268,402,000. Lighting Segment net sales increased 3.4% to $206,363,000 with sales to national accounts and niche markets increasing 1.3%, sales to the Commercial / Industrial lighting market increasing 0.2%, sales of $6,026,000 related to LED video screens increasing 220.2%, and lighting sales to international markets of $16,918,000 increasing 7.5%. In the other reportable business segments, Graphics Segment net sales increased 11.0% to $46,770,000, Electronic Components Segment net sales increased 9.8% to $20,333,000 and net sales of the All Other Category decreased 10.1% to $7,324,000. The Company's fiscal 2013 net sales to the petroleum / convenience store market were approximately $76.4 million, representing a $5.1 million or 7.2% increase over the prior fiscal year. In 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 $897,000 primarily in the Corporate Administrative expenses, with no comparable item in fiscal 2012. The Company reported a $2,413,000 goodwill impairment in the Electronic Components Segment in fiscal 2013 as compared to a $258,000 goodwill impairment in the Graphics Segment in fiscal 2012. The fiscal 2013 net loss of $(123,000), or $(0.01) per share, compares to fiscal 2012 net income of $3,224,000, or $0.13 per share. Earnings per share represents diluted earnings per share.

Balance Sheet

The balance sheet at June 30, 2013 included current assets of $102.9 million, current liabilities of $26.2 million and working capital of $76.7 million, which includes cash of $7.9 million. The current ratio was 3.9 to 1. The Company has shareholders' equity of $141.7 million, no long-term debt, and borrowing capacity on its commercial bank facilities as of June 30, 2013 of $34.7 million. With continued strong cash flow, a sound and conservatively capitalized balance sheet, and $35 million in credit facilities, LSI Industries believes its financial condition is sound and capable of supporting the Company's planned growth, including acquisitions, if any.

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