LSI Industries Inc. (Nasdaq:LYTS)
today:
- reported fourth quarter net sales of $68,837,000, a decrease of
3% as compared to $71,196,000 in the same period of the prior
fiscal year;
- reported fourth quarter net income of $812,000 or $0.03 per
share as compared to net income of $1,505,000 or $0.06 per share
for the same period of the prior fiscal year;
- reported fiscal 2013 net sales of $280,790,000, an increase of
5% as compared to $268,402,000 in the prior fiscal year;
- reported a fiscal 2013 net loss of $(123,000) or $(0.01) per
share as compared to net income of $3,224,000 or $0.13 per share
for the prior fiscal year; and
- declared a regular quarterly cash dividend of $0.06 per share
payable September 10, 2013 to shareholders of record September 3,
2013.
Financial Highlights |
|
|
|
|
|
|
(In thousands, except per |
Three Months Ended |
Year Ended |
share data; unaudited) |
June 30 |
June 30 |
|
2013 |
2012 |
% Change |
2013 |
2012 |
% Change |
|
|
|
|
|
|
|
Net Sales |
$68,837 |
$71,196 |
(3)% |
$280,790 |
$268,402 |
5% |
|
|
|
|
|
|
|
Operating Income |
$818 |
$2,840 |
(71)% |
$630 |
$6,331 |
(90)% |
|
|
|
|
|
|
|
Net Income (Loss) |
$812 |
$1,505 |
(46)% |
$(123) |
$3,224 |
n/m |
|
|
|
|
|
|
|
Earnings (Loss) per Share (Diluted) |
$0.03 |
$0.06 |
(50)% |
$(0.01) |
$0.13 |
n/m |
|
|
|
|
6/30/13 |
6/30/12 |
Working Capital |
$76,703 |
$83,702 |
Total Assets |
$169,179 |
$175,226 |
Long-Term Debt |
$ nil |
$ nil |
Shareholders' Equity |
$141,690 |
$149,368 |
Fourth Quarter Fiscal 2013 Results
Net sales in the fourth quarter of fiscal 2013 were $68,837,000,
a decrease of 3% as compared to last year's fourth quarter net
sales of $71,196,000. Lighting Segment net sales decreased
1.5% to $49,457,000 with sales to national accounts and niche
markets decreasing 10.5%, sales to the Commercial / Industrial
lighting market increasing 0.1%, sales of $224,000 related to LED
video screens decreasing 26.8%, and lighting sales to international
markets of $5,087,000 increasing 55.9%. In the other
reportable business segments, Graphics Segment net sales decreased
1.8% to $12,383,000, Electronic Components Segment net sales
decreased 1.2% to $5,225,000 and net sales of the All Other
Category decreased 42.8% to $1,772,000. The Company's fourth
quarter net sales to the petroleum / convenience store market were
approximately $17.4 million, representing a $1.6 million or 8.5%
decrease over the same period of the prior fiscal year. In the
fourth quarter of fiscal 2013, the Company reduced the contingent
earn-out liability related to the March 2012 acquisition of
Virticus Corporation to zero and recorded pre-tax income of
$241,000 primarily in the Corporate Administrative expenses, with
no comparable item in fiscal 2012. The fiscal 2013 fourth quarter
net income of $812,000, or $0.03 per share, compares to the fiscal
2012 fourth quarter net income of $1,505,000, or $0.06 per
share. Earnings per share represents diluted earnings per
share.
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.
Cash Dividend Actions
The Board of Directors declared a regular quarterly cash
dividend of $0.06 per share payable September 10, 2013 to
shareholders of record as of September 3, 2013. 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, "During
fiscal 2013 total sales increased 5% from $268.4 million to $280.8
million. From a segment viewpoint, lighting sales were $206.4
million, an increase of 3.4%. Graphics sales were $46.8
million, an increase of 11.0%. Electronic Components sales
were $20.3 million, an increase of 9.8%. Finally, All Other
Category sales were $7.3 million, a decrease of 10.1%. Before
goodwill impairment charges and reversal of a contingent Earn-Out
liability, operations produced adjusted net income of $1.4 million,
or $0.06 per share, for fiscal year 2013.
"Fiscal 2013 was certainly a challenging year of continued
transition for the Company as we continue to move the product line
to LED-based lighting technology, and develop and integrate our new
lighting controls solutions.
"Over 35% of our lighting products sold are now LED with certain
market segments exceeding 80% in LED content. The recently
introduced Crossover® Legacy™ product has been extremely successful
and has exceeded our initial projections. Additional new LED
product introductions are planned for fiscal 2014. We have a
solid backlog of business booked and a growing expectation for
higher volumes during fiscal 2014. We have increased our
manufacturing capacity through additional shifts to address this
increased volume. With regard to those markets where we have
new commercial/industrial representation, we experienced sales
growth of over 20% for the second half of fiscal 2013 versus the
same period of fiscal 2012. In addition, our LED products are
making inroads in the international markets We continue to see
long-term opportunity here.
"On the Graphics side of the business, we see improving
conditions as programs begin to release this fall indicating a new
level of spend in general. We are aggressively pursuing new
accounts to supplement our established customer base. This
business returned to profitability during the fourth quarter and is
continuing into 2014. We expect sales for the first quarter to
be up over 25% compared to the same period of fiscal 2013.
"The Board of Directors accepted management's recommendation to
set the annual fiscal 2014 cash dividend rate at $0.24 per share,
unchanged from the prior fiscal year. We have paid regular
cash dividends since fiscal 1989, and consider them to be an
important component of shareholder returns.
"Overall we are encouraged by our strong start to fiscal
2014. We believe our investments to date, while pressuring
fiscal 2013, will improve our results in fiscal 2014 and
beyond. We finished fiscal 2013 with a healthy debt-free
balance sheet and strong financial position. Our balance
sheet, combined with our positive cash flow, is expected to fund
our working capital, capital expenditures, product development, and
cash dividend requirements."
Non-GAAP Financial Measures
This press release includes adjustments to GAAP net income for
the three and twelve month periods ended June 30, 2013 and
2012. Adjusted net income and earnings per share, which
excludes the impact of goodwill impairment, reversal of a
contingent Earn-Out liability, and 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 periods
indicated.
(in thousands, except per share data;
unaudited) |
Fourth Quarter |
|
|
Diluted |
|
Diluted |
|
FY 2013 |
EPS |
FY 2012 |
EPS |
Reconciliation of net income to adjusted net
income: |
|
|
|
|
|
|
|
|
|
Net income and earnings per
share as reported |
$812 |
$0.03 |
$1,505 |
$0.06 |
|
|
|
|
|
Adjustment for the reversal of
a contingent Earn-Out liability, inclusive of the income tax
effect |
(346) |
(0.01) |
-- |
-- |
|
|
|
|
|
Adjustment for the income tax
effect related to goodwill impairment |
527 |
0.02 |
-- |
-- |
|
|
|
|
|
Adjusted net income and
earnings per share |
$993 |
$0.04 |
$1,505 |
$0.06 |
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data;
unaudited) |
Full Year |
|
|
Diluted |
|
Diluted |
|
FY 2013 |
EPS |
FY 2012 |
EPS |
Reconciliation of net income (loss) to
adjusted net income: |
|
|
|
|
|
|
|
|
|
Net income (loss) and earnings
(loss) per share as reported |
$(123) |
$(0.01) |
$3,224 |
$0.13 |
|
|
|
|
|
Adjustment for the reversal of
a contingent Earn-Out liability, inclusive of the income tax
effect |
(897) |
(0.04) |
-- |
-- |
|
|
|
|
|
Adjustment for the acquisition
deal costs and related expenses, inclusive of the income tax
effect |
-- |
-- |
373 |
0.02 |
|
|
|
|
|
Adjustment for goodwill
impairment, inclusive of the income tax effect |
2,413 |
0.10 |
258 |
0.01 |
|
|
|
|
|
Adjusted net income and
earnings per share |
$1,393 |
$0.06 |
$3,855 |
$0.16 |
"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 – in both product solutions and production
techniques. We are committed to American innovation through
technology.
We are a vertically integrated manufacturer who combines
assimilated technology, design and manufacturing to produce the
most efficient, high quality products possible. We are
dedicated to advancing solid-state technology to make affordable,
high performance, energy efficient lighting and custom graphic
products that bring value to our customers. In addition, we
can provide sophisticated lighting and energy management control
solutions to help customers manage their energy
performance. Further, we offer design support, engineering,
installation and project management for custom graphics rollout
programs for today's retail environment.
LSI is proud to be an American company with an American work
force, building an American product. We are 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.
As we redefine LSI Industries' place in the markets we serve, we
will emphasize our commitment to preserving the foundation of a
well-managed, financially strong and creatively unique company with
even stronger emphasis on a growing technology base. Through
the Leadership, Strength and Innovation that is core to our
culture, we move forward continuing our transition to a
technology-reliant company with lighting and graphics and the
ability to provide the stronger performance our many partners
expect.
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
Operations |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Year Ended |
(in thousands, except per |
June 30 |
June 30 |
share data; unaudited) |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Net sales |
$68,837 |
$71,196 |
$280,790 |
$268,402 |
|
|
|
|
|
Cost of products and services sold |
54,101 |
54,589 |
220,380 |
208,089 |
|
|
|
|
|
Gross profit |
14,736 |
16,607 |
60,410 |
60,313 |
|
|
|
|
|
Selling and administrative expenses |
13,918 |
13,767 |
57,367 |
53,724 |
|
|
|
|
|
Goodwill impairment |
-- |
-- |
2,413 |
258 |
|
|
|
|
|
Operating income |
818 |
2,840 |
630 |
6,331 |
|
|
|
|
|
Interest expense (income), net |
(8) |
32 |
15 |
140 |
|
|
|
|
|
Income before income taxes |
826 |
2,808 |
615 |
6,191 |
|
|
|
|
|
Income tax expense |
14 |
1,303 |
738 |
2,967 |
|
|
|
|
|
Net income (loss) |
$812 |
$1,505 |
$(123) |
$3,224 |
|
|
|
|
|
Income (loss) per common share |
|
|
|
|
Basic |
$0.03 |
$0.06 |
$(0.01) |
$0.13 |
Diluted |
$0.03 |
$0.06 |
$(0.01) |
$0.13 |
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
Basic |
24,326 |
24,302 |
24,313 |
24,298 |
Diluted |
24,447 |
24,357 |
24,385 |
24,352 |
|
|
|
Condensed Consolidated Balance
Sheets |
|
|
(in thousands, unaudited) |
June 30, |
June 30, |
|
2013 |
2012 |
Current Assets |
$102,913 |
$106,623 |
Property, Plant and Equipment,
net |
45,350 |
42,526 |
Other Assets |
20,916 |
26,077 |
|
$169,179 |
$175,226 |
|
|
|
Current Liabilities |
$26,210 |
$22,921 |
Long-Term Debt |
-- |
-- |
Other Long-Term
Liabilities |
1,279 |
2,937 |
Shareholders' Equity |
141,690 |
149,368 |
|
$169,179 |
$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