LSI Industries Inc. (Nasdaq:LYTS)
today:
- reported fourth quarter net sales of $71,196,000, a decrease of
4% as compared to $74,217,000 in the same period of the prior
fiscal year;
- reported fourth quarter net income of $1,505,000 or $0.06 per
share as compared to $1,497,000 or $0.06 per share for the same
period of the prior fiscal year;
- reported fiscal 2012 net sales of $268,402,000, a decrease of
9% as compared to $293,501,000 in fiscal 2011;
- reported fiscal 2012 net income of $3,224,000 or $0.13 per
share as compared to $10,828,000 or $0.44 per share in fiscal 2011;
and
- declared a regular quarterly cash dividend of $0.06 per share
payable September 4, 2012 to shareholders of record August 28,
2012.
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Financial Highlights |
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(In thousands, except per |
Three Months Ended |
Year Ended |
share data; unaudited) |
June 30 |
June 30 |
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2012 |
2011 |
% Change |
2012 |
2011 |
% Change |
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Net Sales |
$71,196 |
$74,217 |
(4)% |
$268,402 |
$293,501 |
(9)% |
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Operating Income |
$2,840 |
$2,550 |
11% |
$6,331 |
$16,304 |
(61)% |
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Net Income |
$1,505 |
$1,497 |
1% |
$3,224 |
$10,828 |
(70)% |
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Earnings Per |
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Share (diluted) |
$0.06 |
$0.06 |
-- |
$0.13 |
$0.44 |
(70)% |
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6/30/2012 |
6/30/2011 |
Working Capital |
$83,702 |
$84,524 |
Total Assets |
$175,226 |
$176,021 |
Long-Term Debt |
$ -- |
$1,064 |
Shareholders' Equity |
$149,368 |
$151,218 |
Fourth Quarter Fiscal 2012 Results
Net sales in the fourth quarter of fiscal 2012 were $71,196,000,
a decrease of 4% as compared to last year's fourth quarter net
sales of $74,217,000. Lighting Segment net sales decreased
8.6% to $50,199,000 with sales to national accounts and niche
markets increasing 0.6%, sales to the Commercial / Industrial
lighting market decreasing 13.4%, sales related to LED video
screens of $306,000 increasing significantly, and lighting sales to
the international markets decreasing 36.4%. In the other
reportable business segments, Graphics Segment net sales increased
18.0% to $12,612,000, Electronic Components Segment net sales
decreased 2.0% to $5,287,000 and net sales of the All Other
Category decreased 3.2% to $3,098,000. Fiscal 2012 fourth
quarter net income of $1,505,000, or $0.06 per share, compares to
fiscal 2011 fourth quarter net income of $1,497,000 or $0.06 per
share. Earnings per share represents diluted earnings per
share.
Fiscal 2012 Results
Net sales in fiscal 2012 were $268,402,000, a decrease of 8.6%
as compared to net sales in fiscal 2011 of
$293,501,000. Lighting Segment net sales increased 1.0% to
$199,610,000 with sales to national accounts and niche markets
increasing 6.2%, sales to the Commercial / Industrial lighting
market decreasing 4.9%, sales related to LED video screens of
$1,879,000 increasing 74%, and lighting sales to the international
markets increasing 1.8%. In the other reportable business
segments, Graphics Segment net sales decreased 37.2% to
$42,131,000, Electronic Components Segment net sales decreased
13.7% to $18,515,000 and net sales of the All Other Category
increased 10.9% to $8,146,000. A 7-Eleven program to install
LED lighting and signage throughout its retail store system
accounted for $40.0 million of net sales in fiscal 2011. This
program was completed in the second quarter of fiscal
2011. Net sales to 7-Eleven in fiscal 2012 were significantly
less than the prior year, down by $23.8 million in the Graphics
Segment and down by $9.7 million in the Lighting
Segment. Fiscal 2012 net income of $3,224,000, or $0.13 per
share, compares to fiscal 2011 net income of $10,828,000 or $0.44
per share. In the third quarter of fiscal 2012, the Company
acquired a lighting controls company, LSI Virticus, which reported
a fiscal 2012 operating loss of $777,000 on net sales of
$71,000. In fiscal 2012, the Company recorded a pre-tax
non-cash goodwill impairment expense of $258,000, as well as
pre-tax expense of $610,000 related to acquisition deal costs and
related expenses as well as fair value inventory adjustments, but
had no corresponding expenses in fiscal 2011. Earnings per
share represents diluted earnings per share.
Balance Sheet
The balance sheet at June 30, 2012 included current assets of
$106.6 million, current liabilities of $22.9 million and working
capital of $83.7 million, which includes cash of $15.3
million. The current ratio was 4.7 to 1. The Company has
shareholders' equity of $149.4 million, no long-term debt, and has
borrowing capacity on its commercial bank facilities as of June 30,
2012 of $35 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.
Cash Dividend Actions
The Board of Directors declared a regular quarterly cash
dividend of $0.06 per share payable September 4, 2012 to
shareholders of record as of August 28, 2012. The indicated
annual cash dividend rate for fiscal 2012 is $0.24 per
share. The declaration and amount of any cash and stock
dividends will be determined by the Board of Directors in its
discretion based upon its evaluation of earnings, cash flow
requirements and future business developments and opportunities,
including acquisitions.
Company Comments
Robert J. Ready, Chief Executive Officer, commented, "I believe
that fiscal 2012 will prove to be a transition year leading to
stronger operating performance in fiscal 2013. In particular,
our Graphics operations are likely to contribute significantly
higher sales and move from operating losses to operating
profits. This business unit is experiencing greater national
account activity, is expected to have a good year, and is poised
for long-term growth. On the Lighting side, we will benefit in
fiscal 2013 from having the ability to couple control system
technology (through our recent Virticus acquisition) with advanced
lighting systems. Our leading position in solid-state lighting
fits well with our recently acquired capabilities of integrated
lighting control. Taken as a whole, I believe LSI Industries'
two major components, Lighting and Graphics, are both likely to
show growth in sales and profits during fiscal 2013 and beyond.
"We finished fiscal 2012 with a solid financial position and a
strong balance sheet. As shareholders know, maintaining a
sound and conservatively capitalized financial position has always
been and will continue to be a hallmark of LSI Industries.
"The Board of Directors accepted management's recommendation to
set the annual fiscal 2013 cash dividend rate at $0.24 per share,
unchanged from the prior year. We have paid regular cash
dividends since 1989.
"I look forward to reporting our progress to you as fiscal 2013
unfolds."
Non-GAAP Financial Measures
This press release includes adjustments to the GAAP net income
for the twelve months ended June 30, 2012. Adjusted net income
and earnings per share, which excludes the impact of a goodwill
impairment and the LSI Virticus 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 period
indicated.
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(in thousands, except per share data;
unaudited) |
Full Year |
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Diluted |
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Diluted |
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FY 2012 |
EPS |
FY 2011 |
EPS |
Reconciliation of net income to |
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adjusted net income: |
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Net income as reported |
$3,224 |
$0.13 |
$10,828 |
$0.44 |
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Adjustment for goodwill impairment, |
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Inclusive of the income tax effect |
258 |
0.01 |
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Adjustment for the acquisition deal |
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costs, related expenses, and |
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acquisition-related fair value |
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inventory adjustment, inclusive |
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of the income tax effect |
373 |
0.02 |
-- |
-- |
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Adjusted net income and |
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earnings per share |
$3,855 |
$0.16 |
$10,828 |
$0.44 |
"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.
About the Company
Leadership. Strength. Innovation. Those are the
key values behind the smart vision upon which LSI Industries Inc.
was founded when established in 1976. Today LSI demonstrates
this in our dedication to advancing technology throughout all
aspects of our business. We are a vertically integrated
manufacturer who combines integrated technology, design and
manufacturing to produce the most efficient, high quality products
possible. Everything we build is done right here in one of our
US plants.
We are committed to advancing solid-state technology to make
affordable, high performance, energy efficient lighting and custom
graphic products that bring value to our customers. We have a
vast offering of innovative solutions for virtually any lighting or
graphics application. Further, we can provide design support,
engineering, installation and project management for custom
graphics rollout programs for today's retail environment.
LSI is a U.S. manufacturer with marketing / sales efforts
throughout the world with concentration currently on North America,
Latin America, Australia, New Zealand, Asia, Europe and the Middle
East. Our major markets include the commercial / industrial
lighting, petroleum / convenience store, multi-site retail
(including automobile dealerships, restaurants and national retail
accounts), sports and entertainment markets. Headquartered in
Cincinnati, Ohio, LSI has facilities in Ohio, New York, North
Carolina, Kansas, Kentucky, Oregon, Rhode Island, Texas and
Montreal, Canada. The Company's common shares are traded on
the NASDAQ Global Select Market under the symbol LYTS.
The LSI Industries Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3646
For further information, contact either Bob
Ready, Chief Executive Officer, or Ron Stowell, Vice President,
Chief Financial Officer, and Treasurer at (513) 793-3200.
Additional note: Today's news
release, along with past releases from LSI Industries, is available
on the Company's internet site at www.lsi-industries.com or by
email or fax, by calling the Investor Relations Department at (513)
793-3200.
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Condensed Consolidated
Income Statements |
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Three Months Ended |
Year Ended |
(in thousands, except per |
June 30 |
June 30 |
share data; unaudited) |
2012 |
2011 |
2012 |
2011 |
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Net sales |
$71,196 |
$74,217 |
$268,402 |
$293,501 |
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Cost of products and services sold |
54,589 |
57,465 |
208,089 |
221,156 |
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Gross profit |
16,607 |
16,752 |
60,313 |
72,345 |
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Selling and administrative expenses |
13,767 |
14,202 |
53,982 |
56,041 |
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Operating income |
2,840 |
2,550 |
6,331 |
16,304 |
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Interest expense, net |
32 |
66 |
140 |
137 |
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Income before income taxes |
2,808 |
2,484 |
6,191 |
16,167 |
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Income tax expense |
1,303 |
987 |
2,967 |
5,339 |
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Net income |
$1,505 |
$1,497 |
$3,224 |
$10,828 |
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Income per common share |
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Basic |
$0.06 |
$0.06 |
$0.13 |
$0.45 |
Diluted |
$0.06 |
$0.06 |
$0.13 |
$0.44 |
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Weighted average common shares
outstanding |
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Basic |
24,302 |
24,293 |
24,298 |
24,287 |
Diluted |
24,357 |
24,366 |
24,352 |
24,339 |
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Condensed Consolidated Balance
Sheets |
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(in thousands, unaudited) |
June 30, |
June 30, |
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2012 |
2011 |
Current Assets |
$106,623 |
$106,100 |
Property, Plant and Equipment, net |
42,526 |
44,284 |
Other Assets |
26,077 |
25,637 |
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$175,226 |
$176,021 |
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Current Liabilities |
$22,921 |
$21,576 |
Long-Term Debt |
-- |
1,064 |
Other Long-Term Liabilities |
2,937 |
2,163 |
Shareholders' Equity |
149,368 |
151,218 |
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$175,226 |
$176,021 |
CONTACT: BOB READY OR
RON STOWELL
(513) 793-3200
LSI Industries (NASDAQ:LYTS)
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