LSI Industries Inc. (NASDAQ:LYTS)
today announced the appointment of James E.
Galeese as Executive Vice President and Chief Financial Officer,
succeeding Ronald S. Stowell, who has been named Chief Financial
Officer Emeritus and Treasurer and will remain a key part of LSI’s
financial leadership team. Jeffery S. Bastian, CPA, Vice
President and Controller, has been promoted to the role of Vice
President and Chief Accounting Officer.
Mr. Galeese most recently, from 2014 to present, served as Vice
President, Chief Financial Officer, and a Director of privately
held Universal Trailer Holding Corporation (manufacturer of
trailers for the hauling requirements of businesses and
individuals). He was with Philips Electronics NV from 1998 to
2014 as Senior Vice President and Chief Financial Officer for its
North American Lighting business and its Electronics
business. Prior to that Mr. Galeese served in the financial
Controllership organization of Square D Company / Schneider
Electric. He graduated from Miami University with a degree in
Business Administration and obtained an MBA from Xavier
University.
Dennis W. Wells, Chief Executive Officer and President,
commented, “I look forward to Jim Galeese joining the executive
management team of LSI. His extensive years of financial
leadership experience in large company environments and in the
lighting business make him uniquely qualified for this position of
Chief Financial Officer. His experience will enable him to
contribute to the business and financial leadership of LSI with an
immediate impact as we grow beyond the roughly $400 million company
that we are today.”
Dennis Wells continued, “I am pleased that Jeff Bastian has
accepted the role of Vice President and Chief Accounting Officer at
LSI. During Mr. Bastian’s 28-year tenure with the Company, he
has assumed increasing levels of responsibility and currently
oversees both the internal and external financial reporting for
LSI. Mr. Bastian’s familiarity with reporting requirements,
combined with his impeccable attention to detail, provides me with
confidence that our Accounting Department will remain in good hands
moving forward.”
Dennis Wells added, “This is a planned transition as Mr.
Stowell, who has been Chief Financial Officer for nearly
twenty-five years, has discussed his desire to retire at the end of
calendar 2017. Ron’s contributions since joining LSI in 1992
as Chief Financial Officer cannot be overstated and I am very
pleased he has agreed to remain an important part of our financial
leadership team. We wish to thank Ron for his many
years of leadership as LSI more than quadrupled in size through
both organic growth as well as several acquisitions. He has
been instrumental in all of the Company’s internal financial
reporting practices, the external financial and other SEC
reporting, developed and trained the Company’s Controllers and
senior financial management team, worked with the administration of
compensation and benefit programs, and advised the Board of
Directors and the Chief Executive Officer on many business
matters. In his new role he will manage the Company’s
treasury and tax functions, and will be a resource for Jim Galeese
and the LSI Corporate financial management team over the next six
months.”
"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, failure of an acquisition or acquired company
to achieve its plans or objectives generally, unexpected
difficulties in integrating acquired businesses, the ability to
retain key employees of acquired businesses, unfavorable economic
and market conditions, the results of asset impairment assessments,
the ability to maintain an effective system of internal control
over financial reporting, the ability to remediate any material
weaknesses in internal control over financial reporting and any
other risk factors that are identified herein. 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
We are a customer-centric company that positions itself as a
value-added, trusted partner in developing superior image solutions
through our world-class lighting, graphics, and technology
capabilities. Our core strategy of "Lighting + Graphics +
Technology = Complete Image Solutions" differentiates us from our
competitors.
We are committed to advancing solid-state LED 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 provide sophisticated
lighting and energy management control solutions to help customers
manage their energy performance. Further, we provide a full
range of design support, engineering, installation and project
management services to our customers.
We are a vertically integrated U.S.-based manufacturer
concentrating on serving customers in North America and Latin
America. Our major markets include commercial / industrial
lighting, petroleum / convenience store and multi-site retail
(including automobile dealerships, restaurants and national retail
accounts). Headquartered in Cincinnati, Ohio, LSI has
facilities in Ohio, California, Kentucky, New York, North Carolina
and Texas. The Company’s common shares are traded on the
NASDAQ Global Select Market under the symbol LYTS.
For further information, contact Dennis Wells,
Chief Executive Officer and President 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.
CONTACT:
DENNIS WELLS
(513) 793-3200
LSI Industries (NASDAQ:LYTS)
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LSI Industries (NASDAQ:LYTS)
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