LSI Industries Inc. (NASDAQ:LYTS)
today
announced:
Third Quarter Summary
- Sales increased 1% compared to Q3 of the prior year.
- Adjusted Operating Income increased 74%, with adjusted
operating margin improving 40 basis points
- Adjusted Net Income of $226,000 (See Non-GAAP reconciliation
below).
- GAAP reported EPS was $0.01 versus loss of $(0.02) in PY Q3.
Adjusted EPS was $0.01, flat compared to PY Q3.
- Year-to-date sales increased 4% above prior year; while
adjusted operating earnings increased 37%. Through the first
three quarters, adjusted EPS is $0.20 versus $0.17 in 2017.
Net sales in the third quarter of fiscal 2018 were $78,843,000,
an increase of 1% compared to the $78,156,000 reported in the third
quarter of the prior year. Reported net income was $220,000
in the third quarter versus a loss of $(531,000) in Q3 FY
2017. Reported EPS of $0.01 is above reported EPS of $(0.02)
for the third quarter of the prior year. Adjusted net income
was $226,000 compared to $357,000 for third quarter FY 2017.
Adjusted EPS of $0.01 is flat with the third quarter prior year.
The Q3 tax rate was above the prior year tax rate, with both years
including discrete adjustments. See reconciliation of net
income and earnings per share in the Non-GAAP table below. The
Company declared a regular cash dividend of $0.05 per share payable
May 15th, 2018 to shareholders of record on May 7th,
2018.
The business generated positive cash flow in Q3, and debt has
been reduced by $10 million fiscal year-to-date. The Board
approved a quarterly dividend payment of $0.05 per share.
Management Comments and Outlook
Third quarter results reflect a steadfast, balanced approach to
managing in a soft market environment, while continuing progress on
key priorities. These priorities include shifting our sales
focus exclusively to LED solutions in Lighting, new product
introductions across the business; and continued efforts on gross
margin improvement. This approach generated year-over-year
sales growth of 1%, gross margin improvement of 110 basis points,
and an operating earnings improvement of 74%, or 40 basis points
during the quarter.
The 1% sales growth reflects the Lighting Segment’s exclusive
focus on LED solutions, combined with the continued shift away from
conventional fluorescent and HID technologies. LED growth for
the quarter was 14%, while our conventional technology sales
decreased 58% compared to same quarter PY. While this
accelerated shift has unfavorably impacted our organic sales in the
short-term, this move positions LSI to dedicate the necessary
business assets required to capitalize on the forward growth
opportunities in LED lighting.
The markets for both lighting and graphics, but notably
lighting, remain stubbornly soft. Various published sources
indicate that the lighting market is down mid-single digits,
despite overall favorable economic fundamentals. Given this
overall environment, our LED growth and gross margin improvement
suggests the business is sensibly executing. LED now
represents 92% of all lighting product sales at
LSI.
The business continued a disciplined approach of managing
price/volume trade-off decisions during this ongoing soft market,
contributing to a 110 basis point improvement in our gross margin
rate versus Q3 prior year. Selling prices remain very
competitive, driven in part by the soft market. The business
intends to launch in Q4 the “Protector” series of products to more
effectively serve a broader segment of the market. This
product offering will provide a lower price point solution to
market applications requiring this range while assisting in
maintaining price levels of the more feature rich product
range. Pricing conditions are expected to remain extremely
competitive for at least the next quarter.
The opposite side of the margin equation is product cost
inflation, specifically materials. Prices in key commodities
continue to increase, compounded by the Commerce Department
“Section 232” announcement of a 24% tariff on steel and 10% on
aluminum. Domestic metal producers have already published new
price increases as a result. LSI will realize modest cost
increases in these categories in fiscal Q4 and Q1 2019; however,
decreases in other categories, most notably electronics, are
contributing to successfully offsetting the increase. In
addition, the impact of the announced tariff on a wide range of
Chinese imports remains unclear. The tariffs are not yet in
effect, and we continue to analyze the harmonized tariff schedule
for any potential impact and developing creative sourcing
alternatives.
The current market environment requires a high vitality level of
both new product development and cost reduction engineering
activity. The launch of the new Scottsdale® Vertex™
under-canopy fixture, with the intent to solidify our market
leading position in petroleum and c-store applications, has
exceeded initial expectations. Shipment of the Vertex product
began in March and the order backlog is strong. Additionally,
a record twelve new LED products will be launched over the next
four months, replacing a sizeable portion of the existing current
product offering.
The Atlas Lighting acquisition attained its one year anniversary
approximately mid-Q3. The Atlas brand continues to achieve
success in the market, as well as generating the synergies targeted
in the acquisition case. Specifically, cross-branding
opportunities continue to expand; the continuous launch of new,
lower cost products provides price competitive solutions; and
global sourcing leverage and distribution expansion are all
actively being managed.
The Graphics segment generated a growth rate of 5% in Q3, driven
by continued growth in the SOAR digital signage business.
Significant quotation activity continues, with specific major
opportunities in the Quick Service Restaurant (QSR) and Grocery
retail verticals. Reaction and interest to SOAR at the recent
Digital Design Expo was multi-fold above prior year, reflecting
growing brand recognition and proven solution. The graphics
petroleum business also had a solid quarter with strong activity at
all three key accounts. The outlook for petroleum looks
promising, with a mix of traditional solutions, complimented by new
initiative growth opportunities. Positive momentum continues
to build in our Graphics business.
Indicators for both the Lighting and Graphics market remain
mixed, suggesting the current sluggish market may continue for the
short-intermediate future. The soft market, combined with
uncertainty surrounding materials costs, will maintain pressure on
margins. In spite of the current softness, the benefits of
LED lighting have been proven, yet today LED as a percent of the
overall installed base is estimated to be less than 15%.
Advanced technologies, including smart lighting and digital
signage, provide compelling opportunities to drive further
growth.
The previously announced search for the CEO position is in
process. We are targeting a leader with the skill set to
manage through market transformations that we are seeing in both
the lighting and graphics markets we serve; including focusing on
advancing innovation and revenue growth.
Financial
Highlights(In thousands, except per share data;
unaudited) |
Three Months Ended March 31 |
|
Nine Months Ended March 31 |
|
2018 |
|
2017 |
|
% Change |
|
2018 |
|
2017 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
78,843 |
|
$ |
78,156 |
|
|
1 |
% |
|
$ |
258,614 |
|
|
$ |
247,973 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) as reported |
$ |
743 |
|
$ |
(774 |
) |
|
n/m |
|
|
$ |
(19,524 |
) |
|
$ |
3,110 |
|
n/m |
|
Goodwill
impairment |
|
-- |
|
-- |
|
|
n/m |
|
|
28,000 |
|
|
-- |
|
n/m |
|
Impairment of
intangible asset |
|
-- |
|
479 |
|
|
n/m |
|
|
-- |
|
|
479 |
|
n/m |
|
Acquisition deal
costs |
|
-- |
|
1,480 |
|
|
n/m |
|
|
-- |
|
|
1,480 |
|
n/m |
|
Fair market
value inventory write-up |
|
-- |
|
155 |
|
|
n/m |
|
|
-- |
|
|
155 |
|
n/m |
|
Restructuring costs
and plant closure costs |
|
-- |
|
(957 |
) |
|
n/m |
|
|
-- |
|
|
796 |
|
n/m |
|
Severance costs |
|
8 |
|
49 |
|
|
(84 |
)% |
|
91 |
|
|
222 |
|
(59 |
)% |
Operating
Income as adjusted (a) |
$ |
751 |
|
$ |
432 |
|
|
74 |
% |
|
$ |
8,567 |
|
|
$ |
6,242 |
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) as reported |
$ |
220 |
|
$ |
(531 |
) |
|
n/m |
|
|
$ |
(16,877 |
) |
|
$ |
2,304 |
|
n/m |
|
Net Income as
adjusted |
$ |
226 |
|
$ |
357 |
|
|
(37 |
)% |
|
$ |
5,227 |
|
|
$ |
4,455 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) per
share (diluted) as reported |
$ |
0.01 |
|
$ |
(0.02 |
) |
|
n/m |
|
|
$ |
(0.65 |
) |
|
$ |
0.09 |
|
n/m |
|
Earnings per share
(diluted) as adjusted |
$ |
0.01 |
|
$ |
0.01 |
|
|
n/m |
|
|
$ |
0.20 |
|
|
$ |
0.17 |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/18 |
|
6/30/17 |
Working Capital |
$ |
67,141 |
|
$ |
61,704 |
Total Assets |
$ |
228,367 |
|
$ |
256,680 |
Long-Term Debt |
$ |
45,289 |
|
$ |
49,698 |
Shareholders’
Equity |
$ |
141,829 |
|
$ |
160,078 |
|
|
|
|
(a) The Company recorded pre-tax goodwill impairment of
$28,000,000 in the first quarter of fiscal 2018.The Company also
recorded a $479,000 pre-tax impairment of an intangible asset in
the third quarter and nine month periods of fiscal 2017. The
Company recorded pre-tax acquisition deal costs of $1,480,000 in
the third quarter and nine month periods of fiscal 2017,
respectively. The Company also recorded a $155,000 fair market
value inventory write-up associated with the acquisition of Atlas
Lighting in the third quarter and nine month periods of fiscal
2017.The Company recorded pre-tax restructuring costs and plant
closure (income) costs totaling $(957,000) in the third quarter of
fiscal 2017 and $796,000 in the nine month period of fiscal 2017.
Restructuring costs in the third quarter and nine month periods of
fiscal 2017 include a $1,361,000 gain on the sale of one of the
facilities that had been closed. Additionally, the Company incurred
net pre-tax other severance expense of $8,000 and $49,000 in the
third quarter of fiscal 2018 and fiscal 2017, respectively, and
incurred net pre-tax severance expense of $91,000 and $222,000 in
the nine month period of fiscal 2018 and 2017, respectively.
Operating income, net income, and earnings per share (diluted)
before the goodwill and intangible asset impairments, the fair
market inventory write-up, the one-time tax charge, restructuring
costs, plant closure costs and severance expense are Non-GAAP
financial measures (see below for a reconciliation).
Third Quarter Fiscal 2018 Results
Net sales in the third quarter of fiscal 2018 were $78,843,000,
up 0.9% from last year’s third quarter net sales of
$78,156,000. Lighting Segment net sales of $61,554,000 were
down 0.2% from last year’s third quarter net sales and Graphics
Segment net sales increased 5.0% to $17,289,000. The former
Technology Segment net sales and operating results are now included
in the Lighting Segment and prior year segment results have been
revised accordingly. The Company recorded a $479,000 pre-tax
impairment of an intangible asset in the third quarter of fiscal
2017. The Company also recorded $1,480,000 of pre-tax
acquisition deal costs and a fair market write-up of inventory of
$155,000, in the third quarter of fiscal 2017 related to the
acquisition of Atlas Lighting Products, Inc. Operating results of
Atlas Lighting beginning February 21, 2017 are included in the
Company’s consolidated operating results. In the third
quarter of fiscal 2017 the Company recorded a net pre-tax
restructuring and plant closure income of $957,000 ($344,000 was
expensed in Cost of Products Sold and a net gain of $1,301,000,
primarily resulting from the gain on sale of a manufacturing
facility, was recorded in Selling and Administrative
expenses). Additionally, the Company recorded other pre-tax
severance costs of $8,000 and $49,000 in the third quarter of
fiscal 2018 and 2017, respectively. The fiscal 2018 third quarter
net income of $220,000, or $ 0.01 per share, compared to the fiscal
2017 third quarter net loss of $(531,000) or $(0.02) per share.
Earnings per share represents diluted earnings per share.
Nine Months Fiscal 2018 Results
Net sales in the first nine months of fiscal 2018 were
$258,614,000, an increase of 4.3% as compared to last year’s first
nine month net sales of $247,973,000. Lighting Segment net sales
increased 3.7% to $199,156,000 and Graphics Segment net sales
increased 6.3% to $59,458,000. The former Technology Segment net
sales and operating results are now included in the Lighting
Segment and prior year segment results have been revised
accordingly. The Company recorded a $479,000 pre-tax impairment of
an intangible asset in the first nine months of fiscal 2017 and a
pre-tax goodwill impairment in the Lighting Segment of $28,000,000
in the first nine months of fiscal 2018. The Company recorded
$1,480,000 of pre-tax acquisition deal costs and a fair market
write-up of inventory of $155,000, in the first nine months of
fiscal 2017 related to the acquisition of Atlas Lighting Products,
Inc. Operating results of Atlas Lighting beginning February
21, 2017 are included in the Company’s consolidated operating
results. In the first nine months of fiscal 2017 the Company
recorded a net pre-tax restructuring and plant closure costs of
$796,000 ($1,455,000 was expensed in Cost of Products Sold and a
net gain of $1,091,000, primarily resulting from the gain on sale
of a manufacturing facility, was recorded in Selling and
Administrative expenses), and plant closure costs related to an
inventory write-down of $432,000 as the Company exited the
manufacturing of fluorescent lighting fixtures -- combining
to a net total expense of $796,000. Additionally, the Company
recorded other pre-tax severance costs of $91,000 and $222,000 in
the first nine months of fiscal 2018 and 2017, respectively. The
nine month fiscal 2018 net loss of $(16,877,000), or $(0.65 per
share), compared to the fiscal 2017 first nine month net income of
$2,304,000, or $0.09 per share. The fiscal 2018 nine month net loss
includes a one-time after-tax charge of $4.7 million related to the
revaluation of the Company’s deferred tax assets as a result of the
lower tax rates included in the Tax Cut and Jobs Act. Earnings per
share represents diluted earnings per share.
Balance Sheet
The balance sheet at March 31, 2018 included current assets of
$107.0 million, current liabilities of $39.8 million and working
capital of $67.1 million, which includes cash of $2.1
million. The current ratio was 2.7 to 1. The Company
has shareholders’ equity of $141.8 million and $45.3 million of
long-term debt on its balance sheet as of March 31, 2018. With
continued strong cash flow, a sound balance sheet, and $54.7
million available in its credit facility, LSI Industries believes
its financial condition is sound and is capable of supporting the
Company’s planned growth, including acquisitions, if
any.
Cash Dividend Actions
The Board of Directors declared a regular quarterly cash
dividend of $0.05 per share in connection with the third quarter of
fiscal 2018 payable May 15, 2018 to shareholders of record as of
May 7, 2018. The indicated annual cash dividend rate is $0.20
per share. The Board of Directors has adopted a policy regarding
dividends which indicates that dividends will be determined by the
Board of Directors in its discretion based upon its evaluation of
earnings, cash flow requirements, financial condition, debt levels,
stock repurchases, future business developments and opportunities,
and other factors deemed relevant.
Non-GAAP Financial Measures
This press release includes adjustments to GAAP net income and
earnings per share for the three and nine month periods ended March
31, 2018 and 2017. Adjusted net income and earnings per
share, which exclude the impact of a goodwill and intangible asset
impairment, acquisition deal costs, a fair market inventory
write-up, a tax charge related to the revaluation of the Company’s
deferred tax assets, restructuring and plant closure costs, and
other severance costs, are non-GAAP financial measures. We believe
that these are useful as supplemental measures in assessing the
operating performance of our business. These measures are
used by our management, including our chief operating decision
maker, to evaluate business results. We exclude these
non-recurring items because they are not representative of the
ongoing results of operations of our business. Below is a
reconciliation of these non-GAAP financial measures to the net
income and earnings per share reported for the periods
indicated.
(in thousands, except
per share data; unaudited) |
Third Quarter |
|
FY 2018 |
|
DilutedEPS |
|
FY 2017 |
|
DilutedEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
income to adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income and earnings per share as reported |
$ |
220 |
|
$ |
0.01 |
|
$ |
(531 |
) |
|
$ |
(0.02 |
) |
Adjustment for impairment of intangible asset, inclusive of the
income tax effect |
|
-- |
|
-- |
|
335 |
|
|
0.01 |
|
Adjustment for acquisition deal costs, inclusive of the income tax
effect |
|
-- |
|
-- |
|
1,030 |
|
|
0.04 |
|
Adjustment for fair market inventory write-up, inclusive of
the income tax effect |
|
-- |
|
-- |
|
108 |
|
|
-- |
|
Tax
impact from the reduction of the Deferred Tax Assets |
|
-- |
|
-- |
|
-- |
|
|
-- |
|
Adjustment for restructuring and plant closure costs, inclusive of
the income tax effect |
|
-- |
|
-- |
|
(629 |
) |
|
(0.02 |
) |
Adjustment for other severance costs, inclusive of the income tax
effect |
|
6 |
|
-- |
|
44 |
|
|
-- |
|
Adjusted
net income and earnings per share |
$ |
226 |
|
$ |
0.01 |
|
$ |
357 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except
per share data; unaudited) |
Nine Month Period |
|
FY 2018 |
|
DilutedEPS |
|
FY 2017 |
|
DilutedEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
income to adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income and earnings per share as reported |
$ |
(16,877 |
) |
|
$ |
(0.65 |
) |
|
$ |
2,304 |
|
$ |
0.09 |
Adjustment for goodwill impairment, inclusive of the income
tax effect |
|
17,361 |
|
|
0.67 |
|
|
-- |
|
-- |
Adjustment for impairment of intangible asset, inclusive of
the income tax effect |
|
-- |
|
|
-- |
|
|
335 |
|
0.01 |
Adjustment for acquisition deal costs, inclusive of the income
tax effect |
|
-- |
|
|
-- |
|
|
1,030 |
|
0.04 |
Adjustment for fair market inventory write-up, inclusive of the
income tax effect |
|
-- |
|
|
-- |
|
|
108 |
|
-- |
Tax
impact from the reduction of the Deferred Tax Assets |
|
4,676 |
|
|
0.18 |
|
|
-- |
|
-- |
Adjustment for restructuring and plant closure costs, inclusive of
the income tax effect |
|
-- |
|
|
-- |
|
|
514 |
|
0.02 |
Adjustment for other severance costs, inclusive of the income tax
effect |
|
66 |
|
|
-- |
|
|
164 |
|
0.01 |
Adjusted
net income and earnings per share |
$ |
5,227 |
|
|
$ |
0.20 |
|
|
$ |
4,455 |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
The reconciliation of reported net income and earnings per share
to adjusted net income and earnings per share may not agree due to
rounding differences and due to the difference between basic and
dilutive weighted average shares outstanding in the computation of
earnings per share.
"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, tax law changes, 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.
Conference Call
As previously disclosed, John Morgan, Managing Director, and Jim
Galeese will host a conference call later this morning at
10:00 a.m. EDT to discuss Q3 results. The call will contain
forward looking statements and other material
information.
Access to the live Webcast will be available via the Investor
Relations page of the Company’s website:
http://www.lsi-industries.com
A replay of the Webcast will be posted to the Investor Relations
page of the Company’s website shortly after the completion of the
conference call, where it will be archived for three months.
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.
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands, except
per |
March 31 |
|
March 31 |
share data;
unaudited) |
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
78,843 |
|
$ |
78,156 |
|
|
$ |
258,614 |
|
|
$ |
247,973 |
|
|
|
|
|
|
|
|
|
Cost of products and
services sold |
|
58,925 |
|
|
59,445 |
|
|
|
189,686 |
|
|
|
185,877 |
|
Restructuring costs -
cost of sales |
|
-- |
|
|
312 |
|
|
|
-- |
|
|
|
1,455 |
|
|
|
|
|
|
|
|
|
Gross
profit |
|
19,918 |
|
|
18,399 |
|
|
|
68,928 |
|
|
|
60,641 |
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses |
|
19,175 |
|
|
18,515 |
|
|
|
60,452 |
|
|
|
56,663 |
|
|
|
|
|
|
|
|
|
Impairment of goodwill
and intangible assets |
|
-- |
|
|
479 |
|
|
|
28,000 |
|
|
|
479 |
|
|
|
|
|
|
|
|
|
Acquisition deal
costs |
|
-- |
|
|
1,480 |
|
|
|
-- |
|
|
|
1,480 |
|
|
|
|
|
|
|
|
|
Restructuring costs -
SG&A expense |
|
-- |
|
|
(1,301 |
) |
|
|
-- |
|
|
|
(1,091 |
) |
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
743 |
|
|
(774 |
) |
|
|
(19,524 |
) |
|
|
3,110 |
|
|
|
|
|
|
|
|
|
Interest expense,
net |
|
400 |
|
|
163 |
|
|
|
1,220 |
|
|
|
129 |
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
343 |
|
|
(937 |
) |
|
|
(20,744 |
) |
|
|
2,981 |
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
123 |
|
|
(406 |
) |
|
|
(3,867 |
) |
|
|
677 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
220 |
|
$ |
(531 |
) |
|
$ |
(16,877 |
) |
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
Income per common
share |
|
|
|
|
|
|
|
Basic |
$ |
0.01 |
|
$ |
(0.02 |
) |
|
$ |
(0.65 |
) |
|
$ |
0.09 |
|
Diluted |
$ |
0.01 |
|
$ |
(0.02 |
) |
|
$ |
(0.65 |
) |
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
Basic |
|
25,875 |
|
|
25,452 |
|
|
|
25,835 |
|
|
|
25,346 |
|
Diluted |
|
26,437 |
|
|
25,452 |
|
|
|
25,835 |
|
|
|
25,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
|
(in thousands,
unaudited) |
March 31, |
|
June 30, |
|
2018 |
|
2017 |
Current
Assets |
$ |
106,950 |
|
$ |
107,129 |
Property,
Plant and Equipment, net |
|
44,000 |
|
|
47,354 |
Other
Assets |
|
77,417 |
|
|
102,197 |
|
$ |
228,367 |
|
$ |
256,680 |
|
|
|
|
Current
Liabilities |
$ |
39,809 |
|
$ |
45,425 |
Long-Term
Debt |
|
45,289 |
|
|
49,698 |
Other
Long-Term Liabilities |
|
1,440 |
|
|
1,479 |
Shareholders’ Equity |
|
141,829 |
|
|
160,078 |
|
$ |
228,367 |
|
$ |
256,680 |
|
CONTACT:JIM GALEESE(513 793-3200)
LSI Industries (NASDAQ:LYTS)
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