LSI Industries Inc. Announces Lighting Leadership Change and Comments on Future Plans
11 7월 2018 - 5:01AM
LSI Industries Inc. (NASDAQ:LYTS) today announced
that Ron Newbold, President of LSI Lighting, has decided to leave
the company for personal reasons. Effective immediately Chief
Operating Officer, Crawford Lipsey, will assume direct
responsibility for the Lighting Leadership team.
Ron Brown, Chief Executive Officer, said, “We appreciate Ron
Newbold’s contribution to LSI, particularly his efforts to
accelerate and launch numerous new products and process
improvements which are important to our future growth. We
wish him well in his future endeavors.”
Mr. Brown continued, “I would like to take this opportunity to
comment on some of our plans to strengthen LSI. First, over
the next few months, we will be completing the Atlas
integration. This will improve our already strong service
levels to customers with proven common processes in the areas of
supply chain, customer service and back office support
functions. The Atlas acquisition has been a valuable
addition, providing LSI with a recognized leading brand in the
important stock and flow distribution market. Atlas will
continue to be a significant brand for LSI going
forward.
“Secondly, LSI has a rich history of success in certain key
customer markets. Our Lighting and Graphics markets continue
to evolve very quickly, as evidenced by the growth in wireless
controls and rapidly expanding IoT and digital technologies.
LSI is effectively addressing these market dynamics through its
AirLink™, SmartVision™ and SOAR™ solutions. We are focusing
on a more integrated approach of providing solutions for our
customers that leverages our entire portfolio of technology,
product and service capabilities. As a result, we are
finalizing plans to better align LSI to leverage these and other
capabilities to serve targeted customer markets. We expect to
announce these plans during our fiscal first quarter.”
As previously reported on April 23, 2018, Mr. Brown has been
serving as LSI’s Chief Executive Officer while the company conducts
a search for a permanent CEO. Now that Mr. Brown has been reporting
to the board since April 23, 2018, John Morgan, a member of LSI’s
board of directors, will no longer serve as managing director.
"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, 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 Jim Galeese,
Executive Vice President and Chief Financial Officer 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.
LSI Industries (NASDAQ:LYTS)
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LSI Industries (NASDAQ:LYTS)
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부터 7월(7) 2023 으로 7월(7) 2024