LSI Industries Inc. (Nasdaq:LYTS
)
today:
- reported first quarter net sales of $80,486,000, an increase of
8% as compared to $74,719,000 in the same period of the prior
fiscal year;
- reported first quarter net income of $1,865,000 or $0.08 per
share as compared to net income of $1,830,000 or $0.08 per share
for the same period of the prior fiscal year;
- declared a regular quarterly cash dividend of $0.06 per share
payable November 12, 2013 to shareholders of record November 5,
2013; and
- commented that it sees strong growth in sales and earnings for
fiscal 2014, and a very favorable outlook longer-term.
Financial Highlights |
|
|
|
(In thousands, except per share data;
unaudited) |
Three Months Ended |
|
September 30 |
|
2013 |
2012 |
% Change |
|
|
|
|
Net Sales |
$80,486 |
$74,719 |
8% |
|
|
|
|
Operating Income |
$2,839 |
$3,027 |
(6)% |
|
|
|
|
Net Income |
$1,865 |
$1,830 |
2% |
|
|
|
|
Earnings Per Share (diluted) |
$0.08 |
$0.08 |
0% |
|
|
|
|
|
9/30/13 |
6/30/13 |
|
Working Capital |
$77,473 |
$76,703 |
|
Total Assets |
$172,104 |
$169,179 |
|
Long-Term Debt |
$ nil |
$ nil |
|
Shareholders' Equity |
$142,802 |
$141,690 |
|
First Quarter Fiscal 2014 Results
Net sales in the first quarter of fiscal 2014 were $80,486,000,
an increase of 8% as compared to last year's first quarter net
sales of $74,719,000. Lighting Segment net sales increased
6.6% to $59,471,000, Graphics Segment net sales increased 30.4% to
$14,008,000, Electronic Components Segment net sales decreased
11.7% to $5,080,000 and All Other Category net sales decreased
20.7% to $1,927,000. The fiscal 2014 first quarter net income
of $1,865,000, or $0.08 per share, compares to fiscal 2013 first
quarter net income of $1,830,000, or $0.08 per share. Earnings
per share represents diluted earnings per share.
Balance Sheet
The balance sheet at September 30, 2013 included current assets
of $105.6 million, current liabilities of $28.1 million and working
capital of $77.5 million, which includes cash of $9.4
million. The current ratio was 3.8 to 1. The Company has
shareholders' equity of $142.8 million, no long-term debt, and
borrowing capacity on its commercial bank facilities as of
September 30, 2013 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 12, 2013 to
shareholders of record as of November 5, 2013. The indicated
annual cash dividend rate for fiscal 2014 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, "I am
pleased to report that the main two economic engines of our
business, the Lighting and Graphics Segments, experienced strong
growth during the first quarter of the new fiscal
year. Lighting sales to niche markets and national accounts
increased over 8%, while sales to the commercial/industrial market
increased nearly 18%. The Graphics Segment achieved an
impressive sales increase of over 30% during the first quarter of
this year as compared to the same period of the prior
year. With the first quarter of fiscal 2014 just completed and
the start of the second quarter well underway, I can report to you
that I am very excited and optimistic about both the short-term and
the longer-term growth prospects for LSI Industries. Barring
any major unforeseen events, fiscal 2014 is anticipated to be a
good year.
"The first quarter started strong and continued to build
momentum throughout the period. New order entry and product
shipments have continued to grow during the second quarter-to-date,
driven by our highly successful new product introductions. In
the last few months we have introduced the Sterling™, AeroMax™,
Crossover® Legacy™, Scottsdale® Legacy™ and XLPG products. All
of these new lighting fixtures are based on solid-state LED
lighting technology.
"Currently, approximately 40% of our total volume of lighting
products utilize LEDs. We are a leader in this important and
rapidly growing transformational lighting
technology. LED-based lighting is without a doubt changing the
lighting landscape and LSI Industries is very well-positioned to
benefit from this trend. We will continue to focus our
research and new product development activities in the LED
space. We will be making investments in new manufacturing
capabilities to meet the demand for our solid-state LED
products. Our mission is to be recognized as the leader in
designing, engineering, manufacturing, controlling, and supporting
solid-state LED lighting products.
"LED lighting products for interior applications continue to
receive increased attention as business establishments convert from
traditional fluorescent lighting. Here, LSI Industries is
focusing on this opportunity and will be introducing additional
LED-based product families for interior lighting
applications. Our goal is to become a leader in the interior
lighting market just as we are in the outdoor lighting
market. You can expect to see a series of new product
announcements beginning later this quarter. We believe this
combination of exterior and interior LED lighting products,
combined with our world-class graphics and LED video display
products, will give LSI Industries a unique and strong competitive
advantage in this dynamic growth industry.
"The move to LED lighting is taking place not only in the United
States but internationally as well. Our recently introduced
Legacy product line and related area lighting products were
instrumental in winning a petroleum re-imaging project that will,
when completed, result in upgrading over 250 facilities located in
over 11 countries. Currently, over 8% of our total lighting
revenues come from international sources. In addition, through
our association with LSI International Corp. (an independently
owned unaffiliated company), we are positioned to receive sales for
LED lighting products as well as for components and electronic
systems for the control of LED video systems. LSI
International, which serves primarily Middle Eastern and European
markets, has particular expertise in integrated LED video systems
applicable to commercial buildings and entertainment
productions.
"Finally, with regard to our lighting business, we continue to
see progress and strong contributions from our specification-grade
independent representatives who joined LSI Industries earlier in
the year. This progress is being driven in large part by our
extensive LED knowledge base and related product
offerings. Our integration of advanced communications products
to control lighting is also moving forward as we support the
operations and management of Virticus, which we acquired in March
of 2012. Our recently introduced Sterling (XSB) LED area light
is available with the LSI Virticus integrated wireless control and
information systems. The luminaire, complete with controls, is
designed and manufactured in LSI's US facilities.
"Our graphics business, a key part of our fundamental and
long-term strategy of promoting the concept of lighting + graphics
= image, is experiencing much improved operating
results. Sales for the first quarter increased over 30% and
operations contributed to overall profits. We are confident
that the graphics group will report profitable and improved
operating results during the second quarter and remainder of fiscal
2014. This swing from losses in fiscal 2013 to profits in
fiscal 2014 will have a very positive impact on our
earnings. Our graphics management team has had a number of
recent "wins" with national retail accounts. The mood of
retail imaging appears to be improving somewhat and we are busy
quoting a number of attractive new graphics opportunities.
"Investors in LSI Industries know the value we place on
maintaining a strong financial condition and the payment of regular
cash dividends. LSI Industries is conservatively capitalized
and without debt. Cash flow is strong and comfortably funds
our working capital, capital expenditures, product development and
research, and cash dividends.
"In summary, fiscal 2014 promises to be a year of strong sales
and earnings growth. And, a year where we continue to build
foundations for the future, especially with regard to establishing
LSI Industries as the leading company providing solid-state
LED-based lighting and graphics technologies and solutions to a
wide range of customers.
"We invite you to attend our Annual Shareholders' Meeting to
hear more about our plans for fiscal 2014 and the future. It
will be held at our Corporate Headquarters in Blue Ash, Ohio on
November 21, 2013 at 10:00 a.m."
"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 |
(in thousands, except per share
data; unaudited) |
September 30 |
|
2013 |
2012 |
|
|
|
Net sales |
$80,486 |
$74,719 |
|
|
|
Cost of products and services sold |
61,364 |
56,848 |
|
|
|
Gross profit |
19,122 |
17,871 |
|
|
|
Selling and administrative expenses |
16,283 |
14,844 |
|
|
|
Operating income |
2,839 |
3,027 |
|
|
|
Interest expense, net |
12 |
20 |
|
|
|
Income before income taxes |
2,827 |
3,007 |
|
|
|
Income tax expense |
962 |
1,177 |
|
|
|
Net income |
$1,865 |
$1,830 |
|
|
|
Income per common share |
|
|
Basic |
$0.08 |
$0.08 |
Diluted |
$0.08 |
$0.08 |
|
|
|
Weighted average common shares
outstanding |
|
|
Basic |
24,353 |
24,304 |
Diluted |
24,487 |
24,373 |
|
Condensed
Consolidated Balance Sheets |
(in thousands, unaudited) |
September 30, |
June 30, |
|
2013 |
2013 |
Current Assets |
$105,575 |
$105,913 |
Property, Plant and Equipment, net |
45,370 |
45,350 |
Other Assets |
21,159 |
20,916 |
|
$172,104 |
$169,179 |
|
|
|
Current Liabilities |
$28,102 |
$26,210 |
Long-Term Debt |
-- |
-- |
Other Long-Term Liabilities |
1,200 |
1,279 |
Shareholders' Equity |
142,802 |
141,690 |
|
$172,104 |
$169,179 |
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