LSI Industries Inc. (Nasdaq:LYTS) today announced
the appointment of Paul T. Foster to the position of Executive Vice
President, LSI Business System, effective February 9, 2015. Prior
to joining the Company, Mr. Foster served as Vice President, Supply
Chain, at Fulham Company, Inc. Previous employers include Acuity
Brands Lighting and Regent Lighting. He received a Bachelor of
Science, Industrial Management, from Louisiana Tech University. Mr.
Foster is APICS Certified, and has completed Six Sigma and Lean
training.
Mr. Foster said, "I am excited to join LSI Industries and begin
implementing the LSI Business System. Everyone that I have met at
LSI is enthusiastic to take this company to the next level, and has
shown a positive attitude in rolling up their sleeves to improve
efficiencies. From my tenure in the Lighting Industry, I know that
LSI offers a superior stable of products that are highly regarded
in the marketplace. I believe that these high quality product
offerings, combined with a discipline of continuous improvement
through the implementation of the LSI Business System, will enable
the Company to maximize efficiencies across all areas of the
business, ultimately driving earnings higher."
Dennis W. Wells, President and Chief Executive Officer,
commented, "I welcome Mr. Foster to the LSI team. Mr. Foster's hire
is part of the improvement plan that I laid out in the January 29th
press release, and will enable us to fully implement the LSI
Business System, a comprehensive company-wide discipline of
continuous improvement. At present, we have a list of twelve profit
improvement projects under review, and Mr. Foster will provide
meaningful input on how to implement additional improvements. Based
on early indications, I am very optimistic about the benefits that
the LSI Business System will produce for LSI's top- and
bottom-lines. Mr. Foster will also oversee Human Resources at
LSI."
Further, the Company reported that the following officers were
appointed by the Board of Directors at a board meeting immediately
following the Annual Meeting of Shareholders held November 20,
2014: President and Chief Executive Officer, Dennis W. Wells;
Secretary and Executive Vice President - Manufacturing, James P.
Sferra; Vice President, Chief Financial Officer and Treasurer,
Ronald S. Stowell; President, LSI Lighting Segment, Shawn M. Toney;
President, LSI Graphics Segment, David W. McCauley; Senior Vice
President - Purchasing, Sylvia M. Astrop; Chief Information
Officer, Steven A. Brunker; and Vice President and Corporate
Controller, Jeffery S. Bastian. Subsequent to this meeting, LSI
appointed John A. Bagwell as President, LSI Technology
Division.
Finally, the entire slate of directors nominated for election
per the Proxy Statement (Robert P. Beech, Gary P. Kreider, Dennis
B. Meyer, Wilfred T. O'Gara, Robert J. Ready, Mark A. Serrianne,
and James P. Sferra) were elected by the Shareholders at the most
recent Annual Meeting of Shareholders. During the board meeting
directly following the Annual Meeting, Gary P. Kreider was
appointed Chairman of the Board.
"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, the results of asset impairment assessments,
the Company's ability to maintain an effective system of internal
control over financial reporting, our ability to remediate any
material weaknesses in our internal control over financial
reporting and the 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
Leadership. Strength. Innovation. These are the
key values upon which LSI Industries Inc. was founded in
1976. Today LSI demonstrates these values in our dedication to
advancing technology throughout all aspects of our
business. From product solutions to production techniques, we
are committed to American innovation through technology. The
fundamental core strategy of LSI Industries is "Lighting + Graphics
+ Technology = Complete Image Solution."
We are a vertically integrated manufacturer which combines
technology, design and manufacturing to produce efficient, high
quality lighting and graphics products. We are dedicated to
advancing solid-state LED technology to make affordable, high
performance, energy efficient lighting and custom graphic products
that provide value to our customers. We offer design support,
engineering, installation and project management for custom
lighting and graphics rollout programs for the retail
environment.
Our major markets include commercial / industrial lighting,
petroleum / convenience store and multi-site retail (including
automobile dealerships, restaurants and national retail
accounts).
For further information, contact Dennis W.
Wells, Chief Executive 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.
CONTACT: DENNIS W. WELLS
(513) 793-3200
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