LSI Industries Inc. (Nasdaq:LYTS)
today:
- reported first quarter net sales of $74,719,000, an increase of
14% as compared to $65,495,000 in the same period of the prior
fiscal year;
- reported first quarter net income of $1,830,000 or $0.08 per
share, increases of 38% and 60%, respectively, as compared to
$1,324,000 or $0.05 per share for the same period of the prior
fiscal year; and
- declared a regular quarterly cash dividend of $0.06 per share
payable November 13, 2012 to shareholders of record November 6,
2012.
Financial Highlights |
Three Months Ended |
(In thousands, except per share data;
unaudited) |
September 30 |
|
2012 |
2011 |
% Change |
|
|
|
|
Net Sales |
$74,719 |
$65,495 |
14% |
|
|
|
|
Operating Income |
$ 3,027 |
$ 2,178 |
39% |
|
|
|
|
Net Income |
$ 1,830 |
$ 1,324 |
38% |
|
|
|
|
Earnings Per Share (diluted) |
$ 0.08 |
$ 0.05 |
60% |
|
|
|
|
|
9/30/12 |
|
6/30/12 |
Working Capital |
$ 84,719 |
|
$ 83,702 |
Total Assets |
$179,520 |
|
$175,226 |
Long-Term Debt |
$ nil |
|
$ nil |
Shareholders' Equity |
$150,226 |
|
$149,368 |
First Quarter Fiscal 2013 Results
Net sales in the first quarter of fiscal 2013 were $74,719,000,
an increase of 14% as compared to last year's first quarter net
sales of $65,495,000. Lighting Segment net sales increased
13.5% to $55,791,000 with sales to national accounts and niche
markets increasing 17.0%, sales to the Commercial / Industrial
lighting market decreasing 7.2%, sales of $4,273,000 related to LED
video screens increasing significantly, and lighting sales to the
international markets of $3,740,000 increasing 22.1%. In the
other reportable business segments, Graphics Segment net sales
increased 2.5% to $10,745,000, Electronic Components Segment net
sales increased 30.7% to $5,754,000 and net sales of the All Other
Category increased 69.6% to $2,429,000. The Company's first
quarter net sales to the Petroleum / Convenience Store market were
approximately $19.7 million, representing a $2.8 million or 17.3%
increase over the same period of the prior year. Fiscal 2013
first quarter net income of $1,830,000, or $0.08 per share,
increased 38.2% and 60%, respectively, as compared to fiscal 2012
first quarter net income of $1,324,000, or $0.05 per
share. Earnings per share represents diluted earnings per
share.
Balance Sheet
The balance sheet at September 30, 2012 included current assets
of $111.3 million, current liabilities of $26.6 million and working
capital of $84.7 million, which includes cash of $15.9
million. The current ratio was 4.2 to 1. The Company has
shareholders' equity of $150.2 million, no long-term debt, and has
borrowing capacity on its commercial bank facilities as of
September 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, if any.
Cash Dividend Actions
The Board of Directors declared a regular quarterly cash
dividend of $0.06 per share payable November 13, 2012 to
shareholders of record as of November 6, 2012. The indicated
annual cash dividend rate for fiscal 2013 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, if any.
Company Comments
Robert J. Ready, Chief Executive Officer, commented, "The fiscal
year is off to a respectable start with first quarter net sales,
operating income, net income, and diluted earnings per share up
significantly over the same period of the prior year. Our
focus on introducing and promoting energy-efficient solid-state LED
lighting products continues to drive sales
growth. Approximately 35% of the Lighting Segment net sales
during the first quarter were solid-state LED lighting
products. Our recently installed electronic scoreboard for the
University of Arkansas (the second largest dedicated collegiate
football stadium scoreboard and video screen in the United States)
represented an additional $4.2 million of LED product net sales for
the Lighting Segment, and received strong favorable reviews from
our customer and their specifying consultant. We plan to do
more in this marketplace. The Graphics business was improved
during the quarter and this business segment is expected to gain
strength during the remainder of the fiscal year. We are now
involving the sales team of recently acquired Virticus in customer
presentations to offer wireless controls and
communication. This is an important technology capability to
have in addressing both new installations and the energy focused
retrofit business of either LED lighting or traditional
lighting. We continue to maintain a strong and debt-free
balance sheet. As earnings increase, we will give
consideration to increasing our regular cash dividend rate.
"We cordially invite you to attend our Annual Shareholders'
Meeting which will be held at our Corporate headquarters on
November 15th at 10:00 a.m. We will have some exciting new
products and technologies to introduce and demonstrate."
Non-GAAP Financial Measures
This press release includes adjustments to GAAP net income for
the three months ended September 30, 2011. Adjusted net income
and earnings per share, which excludes the impact of a goodwill
impairment, 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 this non-recurring item
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.
(in thousands, except per share data;
unaudited) |
First Quarter |
|
FY 2013 |
Diluted EPS |
FY 2012 |
Diluted EPS |
Reconciliation of net income to adjusted net
income: |
|
|
|
|
|
|
|
|
|
Net income as
reported |
$1,830 |
$0.08 |
$1,324 |
$0.05 |
|
|
|
|
|
Adjustment for goodwill
impairment, Inclusive of the income tax effect |
-- |
-- |
258 |
0.01 |
|
|
|
|
|
Adjusted net income and
earnings per share |
$1,830 |
$0.08 |
$1,582 |
$0.06 |
"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. In addition, we can provide
sophisticated lighting and energy management control solutions to
help customers manage their energy performance. 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, Kansas, Kentucky, New
York, North Carolina, 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.
Condensed Consolidated
Statements of Income |
|
|
|
|
(in thousands, except per share
data; unaudited) |
Three Months Ended
September 30 |
|
2012 |
2011 |
|
|
|
Net sales |
$ 74,719 |
$ 65,495 |
|
|
|
Cost of products and services sold |
56,848 |
50,031 |
|
|
|
Gross profit |
17,871 |
15,464 |
|
|
|
Selling and administrative expenses |
14,844 |
13,286 |
|
|
|
Operating income |
3,027 |
2,178 |
|
|
|
Interest expense, net |
20 |
40 |
|
|
|
Income before income taxes |
3,007 |
2,138 |
|
|
|
Income tax expense |
1,177 |
814 |
|
|
|
Net income |
$ 1,830 |
$ 1,324 |
|
|
|
Income per common share |
|
|
Basic |
$ 0.08 |
$ 0.05 |
Diluted |
$ 0.08 |
$ 0.05 |
|
|
|
Weighted average common shares
outstanding |
|
|
Basic |
24,304 |
24,294 |
Diluted |
24,373 |
24,360 |
|
|
|
Condensed Consolidated Balance
Sheets |
|
|
(in thousands, unaudited) |
September 30, 2012 |
June 30, 2012 |
Current Assets |
$111,332 |
$106,623 |
Property, Plant and Equipment,
net |
42,682 |
42,526 |
Other Assets |
25,506 |
26,077 |
|
$179,520 |
$175,226 |
|
|
|
Current Liabilities |
$ 26,613 |
$ 22,921 |
Long-Term Debt |
-- |
-- |
Other Long-Term
Liabilities |
2,681 |
2,937 |
Shareholders' Equity |
150,226 |
149,368 |
|
$179,520 |
$175,226 |
CONTACT: BOB READY OR
RON STOWELL
(513) 793-3200
LSI Industries (NASDAQ:LYTS)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
LSI Industries (NASDAQ:LYTS)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024