LSI Industries Inc. (NASDAQ:LYTS) today reported
that Messrs. Beech, Kreider, Meyer, O'Gara, Serrianne, Sferra and
Wells were elected by the shareholders to serve a one-year term as
directors. Additionally, all of the proposals put before the
shareholders were approved.
Following the formal portion of the meeting, presentations were
made by the management team concerning the business and outlook for
LSI Industries. Dennis Wells, President and Chief Executive
Officer, discussed LSI's many opportunities as a provider of Image
Solutions combining lighting, graphics and technology, and went on
to highlight recently completed Image projects. He also
announced that LSI had completed its "Turnaround Year" and had now
embarked upon an "Optimization Period." During the
Optimization Period, LSI is focusing on increasing revenues and per
share earnings; gaining market share; utilizing the LSI Business
System to further improve gross profit and operating profit; and
continuing to maintain a strong balance sheet.
Shawn Toney, President of the Lighting Segment, discussed the
concept of "Form Follows Function" in LSI's lighting product
development. He focused on LSI's expanding offering of
lighting products, and showcased new lighting styles and shapes
that utilize the "Form Follows Function" initiative to create
products with visual and technical specifications that provide a
competitive edge.
Jeff Croskey, President of the Graphics Segment, introduced his
plan to implement the LSI Business System in the Graphics Segment;
muscle-build the sales force; expand into new market segments; and
enhance cross-selling opportunities among the Lighting, Graphics
and Technology Segments.
John Bagwell, President of the Technology Segment, elaborated
upon LSI's expanding line of controls offerings, including the new
Gold Wireless Lighting Control System; investments the Company has
recently made in its Columbus, Ohio facility; and plans to
consolidate the controls business into LSI's Cincinnati
facilities.
Sylvia Astrop, Senior Vice President, Procurement, focused her
discussion on recent successful cost savings initiatives that have
played a large role in improving LSI's profitability, as well as
ongoing plans to continue to pursue additional cost savings.
Andy Foerster, Executive Vice President and Chief Technology
Officer, discussed initiatives taking place at the Company that
will pave the way towards the future of LSI Industries, including
investments being made in such areas as the Internet of Things
(IoT), controls and beacon technology.
LSI recognized Dave McCauley, former President of the LSI
Graphics Segment, for his significant contribution to LSI
Industries during 18 years of service to the Company. Dennis
Wells presented Mr. McCauley with LSI's Masters Recognition
Award. Additionally, four high-achieving employees were
recognized for their hard work and contributions to the
Company.
Following the business presentation and meeting adjournment,
shareholders were invited to tour the Company's product display
room, the new Inspiration Room, and the iZone area where they
watched demonstrations of the many new technology developments that
LSI is pursuing.
A video of LSI's business portion of the Annual Shareholders'
Meeting is available for viewing on the Company's website at
www.lsi-industries.com.
Following the Shareholders' Meeting, the Board of Directors
convened and appointed the following executives:
Dennis Wells – President and Chief Executive Officer;Ron Stowell
– Vice President, Chief Financial Officer and Treasurer;Shawn Toney
– President, Lighting Segment;Jeff Croskey – President, Graphics
Segment;John Bagwell – President, Technology Segment;Andy Foerster
– Executive Vice President and Chief Technology Officer;Paul Foster
– Executive Vice President, LSI Business System and Human
Resources;Sylvia Astrop – Senior Vice President, Procurement;Jeff
Bastian – Vice President and Corporate Controller;Steve Brunker –
Chief Information Officer;Mike Carollo – Director of Internal
Audit; andJohn Myron – Corporate Vice President, Manufacturing.
"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 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, Kansas, Kentucky, New York, North Carolina,
Oregon, Rhode Island 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 W. WELLS
(513) 793-3200
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