LSI Industries Inc. (Nasdaq:LYTS) today announced the following:
* Based on preliminary information, operating results for the
third quarter ended March 31, 2010 are expected to show net sales
of between $52,000,000 and $53,500,000 and a net loss of between
$(2,600,000) and $(2,100,000), or a diluted per share loss of
between $(0.11) and $(0.09). Included in the results for the
third quarter is a loss of approximately $700,000 related to the
previously announced sale of the operating assets, facility, and
business of LSI Marcole.
Although LSI Industries does not provide net sales and earnings
guidance to the financial markets, it deemed this
preliminary disclosure appropriate since analyst estimates for the
third quarter place net sales between $52 million and $64 million
and diluted per share earnings between $0.00 and $0.05.
For the fiscal year ending June 30, 2010, LSI Industries
believes net sales will be between $248 million and $260 million,
net income will be between $1.8 million and $2.6 million, and
diluted per share earnings will be between $0.07 and $0.10.
* LSI Industries was recently informed by a large national
convenience store customer that it intends to expand its re-imaging
program utilizing solid-state LED lighting to an additional 2,800+
non-petroleum sites. LSI expects to begin working on this
program during the current quarter, with the expectation that it
will be completed in 12 to 18 months.
* Management intends to provide additional comments on actual
third quarter and expected fiscal 2010 operating results, as well
as the LED lighting re-imaging program, when it reports its third
quarter operating results, which is scheduled for April 22,
2010.
"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 "guidance," "forecasts," "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 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. These risks and uncertainties include, but are
not limited to, the impact of competitive products and services,
product demand and market acceptance risks, reliance on key
customers, financial difficulties experienced by customers,
potential costs associated with litigation and regulatory
compliance, the adequacy of reserves and allowances for doubtful
accounts, fluctuations in operating results or costs, unexpected
difficulties in integrating acquired businesses, the cyclical and
seasonal nature of our business, the ability to retain key
employees of acquired businesses and any other factors that may be
identified in our reports filed with the Securities and Exchange
Commission, including our Form 10-K. The Company has no
obligation to update any forward-looking statements to reflect
subsequent events or circumstances.
About the Company
LSI Industries is an Image Solutions company, dedicated to
advancing solid-state LED technology in lighting and graphics
applications. We combine integrated technology, design, and
manufacturing to supply high quality, environmentally friendly
lighting fixtures and graphics elements for commercial, retail and
specialty niche market applications. LSI is a U.S.
manufacturer with marketing / sales efforts throughout the world
with concentration currently on North American, South American,
Asian, Australian, New Zealand and European markets.
Building upon its success with the Crossover® LED canopy
fixture, LSI is committed to producing affordable, high
performance, energy efficient lighting products, including
solid-state LED light fixtures, for indoor and outdoor
use. The Company also designs, produces, markets and manages a
wide array of custom indoor and outdoor graphics programs including
signage, menu board systems, decorative fixturing, LED displays and
digital signage, and large format billboard and sports screens
using solid-state LED technology. In addition, we provide
design support, engineering, installation and project management
for custom rollout programs for today's retail
environment. The Company's technology R&D operation
located in Montreal, Canada designs, produces and supports high
performance light engines and large format billboard, sports and
entertainment video screens using solid-state LED technology.
LSI's major markets are the commercial / industrial lighting,
petroleum / convenience store, multi-site retail (including
automobile dealerships, restaurants and national retail accounts),
sports and entertainment markets. LSI employs approximately
1,300 people in facilities located in Ohio, New York, North
Carolina, Kansas, Kentucky, 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 and President, 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.
CONTACT: LSI Industries Inc.
Bob Ready
Ron Stowell
(513) 793-3200
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