LSI Industries Inc. (NASDAQ: LYTS, or the “Company”) a
leading U.S. based manufacturer of indoor/outdoor lighting and
graphics solutions, today announced results for the fiscal second
quarter 2020.
Second Quarter 2020 Highlights
- Sales of $82.4 million reflects success in demand-shaping
initiatives
- EPS of $0.07 vs. $(0.61) prior year; Adjusted EPS of $0.06 vs.
$0.03 prior year
- Net Income of $1.7 million compared to net loss of $(15.8)
million last year
- Adjusted Net Income of $1.6 million vs. $0.9 million prior year
- Free Cash Flow of $13.8 million
- Net Debt reduced to $9.2 million, a decrease of $29 million in
the fiscal year
- Announced agreement to sell the North Canton, Ohio
facility
During the second quarter of fiscal 2020 the
Company achieved improved earnings on lower sales, consistent with
management’s continued transition toward a less commoditized,
higher-value sales mix. Sales were $82.4 million, a decrease
of 8% versus $89.5 million in the prior year period. Net
Income was $1.7 million compared to a net loss of $(15.8) million
in the same period of fiscal 2019. Earnings per diluted share
were $0.07 versus a loss of $(0.61) for the prior year second
quarter.
Second quarter adjusted net income was $1.6
million versus $0.9 million prior year. Adjusted earnings per
share were $0.06 compared to $0.03 for the same quarter prior year.
Fiscal second quarter adjusted operating earnings of $2.1 million
increased 36% versus last year.
The Company generated free cash flow of $13.8
million in the second quarter, resulting in a further reduction of
long-term debt during the period. At the end of the fiscal
second quarter, LSI has net debt of $9.2 million, or 0.7x trailing
twelve-month Adjusted EBITDA.
In January 2020, the Company announced a
definitive agreement to sell a graphics manufacturing facility in
North Canton, Ohio. Advancements in graphics technology and
the Company’s improved operating productivity have reduced the
quantity of floor space required by the business. Production
at the existing facility will be relocated to a smaller, leased
facility in the North Canton area. Under the terms of the
agreement, the Company will receive approximately $8 million in
gross cash proceeds. The transaction is expected to close by
March 31, 2020.
The Company declared a regular cash dividend of
$0.05 per share payable February 26, 2020 to shareholders of record
on February 18, 2020.
Management Commentary
James A. Clark, President and Chief Executive
Officer commented, “During the fiscal second quarter, we continued
to pivot away from low margin commodity business and focus on
higher margin applications and solutions. Although this
approach contributed to a near-term decline in total sales, both
operating income and net income increased on a year-over-year basis
in the period. The business continues to generate strong free cash
flow from operations, positioning us to reduce net debt by nearly
$30 million during the last twelve months. At the end of the
quarter, total net debt was $9.2 million, the lowest level in
approximately three years.
Execution of our change in commercial policy is
evident in the Lighting Segment where we elected to exit a supply
relationship with a low-margin retail account during the fiscal
second quarter. While this unfavorably impacts sales
short-term, the improved mix contributed to a 420 basis point
improvement in the Lighting Segment gross margin rate in the
quarter, resulting in increased adjusted operating income. We
have made progress to replace this commodity business with higher
value opportunities, as reflected by the recent win of several
large orders received in the quarter that will ship throughout the
second half of the fiscal year and into early fiscal 2021.
Importantly, recent actions to align our manufacturing capacity and
asset base with the demand of the business have positioned us to
execute this transition while improving our financial
performance.
New products are also important to our
transition, and our updated lighting product roadmaps are beginning
to deliver as we launched several key new products during the
quarter. Some of our recent product launches include: the
next generation Alliance high bay; new distribution area light; new
controls platform and configuration app for mobile devices; Low
Profile recessed troffer with Lutron Wireless Integral fixture
control; field selectable Troffers; and Pole retro-fit kits.
We are excited about the impact these products will have in
the market during the coming quarters, and will continue to invest
in innovative products and solutions.
Our Graphics Segment project pipeline remains
strong, resulting in sales and operating income growth of 12% and
81% respectively. The Graphics segment has now reported nine
consecutive quarters of year-over-year growth. We were
awarded a four-year contract extension with ChevronTexaco during
the quarter, one of our largest customers in the petroleum
vertical. With a branded network of nearly 8,500 locations,
ChevronTexaco continues to leverage LSI as a major provider of
image-oriented graphic/lighting products and related
services. The contract extension illustrates another example
of the proven, long-term relationships we have with major petroleum
customers and the innovative products and solutions that we
provide.
As announced in January, we have entered into a
definitive agreement to sell the North Canton Graphics
manufacturing facility. The sale proceeds, retention of our
valuable skilled workforce in North Canton, and improved
productivity ensures we will continue to provide the innovation,
quality, and service our customers expect from LSI.
Our goal to build a high performance
organization continues with the addition of our new sales leader,
Jeff Davis, as well as several other additions throughout the
business. Jeff is a successful commercial executive in the
construction and building products markets, with experience in both
project and distribution environments. I look forward to
Jeff’s sales leadership as we drive for profitable growth.
Our transformation continues, positioning the
Company to gain share in select vertical markets, and generating
profitable growth as we move forward. Our strong foundation,
combined with accelerating innovation, more focused sales efforts,
and enhanced service to our partners and customers, provide the
blueprint to achieve success.”
CONFERENCE
CALL
A conference call will be held today at 11:00 A.M. ET to review
the Company’s financial results and conduct a question-and-answer
session.
A webcast of the conference call and accompanying presentation
materials will be available in the Investor Relations section of
LSI Industries’ website at www.lsi-industries.com.
Individuals can also participate by teleconference dial-in.
To listen to a live broadcast, go to the site at least 15 minutes
prior to the scheduled start time in order to register, download,
and install any necessary audio software.
Details of the conference call are as follows:
Call Dial-In: |
877-407-4018 |
|
Conference
ID: |
13697858 |
|
|
|
|
Call
Replay: |
844-512-2921 |
|
Replay
Passcode: |
13697858 |
|
A replay of the conference call will be available between
February 5, 2020 and February 19, 2020. To listen to a replay
of the teleconference via webcast, please visit the Investor
Relations section of LSI Industries’ website at
www.lsi-industries.com.
ABOUT LSI INDUSTRIES
Headquartered in Blue Ash, Ohio (Greater Cincinnati), LSI
Industries is a leading producer of high-performance, American-made
lighting solutions. The Company’s strength in outdoor
lighting applications creates opportunities for it to introduce
additional solutions to its valued customers. LSI’s indoor
and outdoor products and services, including its digital and print
graphics capabilities, are valued by architects, engineers,
distributors and contractors for their quality, reliability and
innovation. The Company’s products are used extensively in
automotive dealerships, petroleum stations, quick service
restaurants, grocery stores and pharmacies, retail establishments,
sports complexes, parking lots and garages, and commercial and
industrial buildings. LSI has approximately 1,200 employees
at seven manufacturing plants in the United States, including its
corporate headquarters and international subsidiaries.
Additional information about LSI is available at
www.lsi-industries.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Forward-looking statements may be identified by words such as
“estimates,” “anticipates,” “encourage,” “projects,” “plans,”
“expects,” “can,” “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. For
details on the uncertainties that may cause our actual results to
be materially different than those expressed in our forward-looking
statements, visit http://www.lsi-industries.com/fls as well as our
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
which contain risk factors.
INVESTOR CONTACT
Noel Ryan, IRC720.778.2415LYTS@vallumadvisors.com
Financial
Highlights
Three Months Ended December 31 |
|
|
|
Six Months Ended December 31 |
|
(Unaudited) |
|
2019 |
|
|
2018 |
|
|
% Change |
|
(In thousands, except per share data) |
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
$ |
82,377 |
$ |
89,541 |
|
|
-8% |
|
|
Net Sales |
|
$ |
171,078 |
|
|
$ |
174,498 |
|
|
-2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,760 |
|
|
(20,271 |
) |
|
n/m |
|
|
Operating
Income (Loss) as reported |
|
8,599 |
|
|
|
(17,337 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276 |
|
|
1,033 |
|
|
|
|
Restructuring and plant closure costs (gains) |
|
(4,312 |
) |
|
|
1,623 |
|
|
|
|
54 |
|
|
492 |
|
|
|
|
Severance
costs |
|
54 |
|
|
|
492 |
|
|
|
|
-- |
|
|
20,165 |
|
|
|
|
Goodwill
Impairment |
|
-- |
|
|
|
20,165 |
|
|
|
|
-- |
|
|
120 |
|
|
|
|
Transition
and re-alignment costs |
|
-- |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,090 |
|
$ |
1,539 |
|
|
36% |
|
|
Operating
Income as adjusted |
$ |
4,341 |
|
|
$ |
5,063 |
|
|
-14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,743 |
|
$ |
(15,782 |
) |
|
n/m |
|
|
Net Income
(Loss) as reported |
$ |
6,218 |
|
|
$ |
(14,033 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,575 |
|
$ |
875 |
|
|
80% |
|
|
Net Income
as adjusted |
$ |
2,601 |
|
|
$ |
3,078 |
|
|
-15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.07 |
|
$ |
(0.61 |
) |
|
n/m |
|
|
Earnings
(Loss) per share as reported |
$ |
0.24 |
|
|
$ |
(0.54 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.06 |
|
$ |
0.03 |
|
|
100% |
|
|
Earnings per share as adjusted |
$ |
0.10 |
|
|
$ |
0.12 |
|
|
-17% |
|
|
|
|
|
|
|
|
|
(amounts in
thousands) |
|
|
12/31/19 |
|
6/30/19 |
Working Capital |
|
$ |
51,598 |
|
$ |
71,105 |
Total Assets |
|
$ |
187,361 |
|
$ |
201,100 |
Long-Term Debt |
|
$ |
10,437 |
|
$ |
39,541 |
Other Long-Term Liabilities |
|
$ |
11,310 |
|
$ |
1,747 |
Shareholders' Equity |
|
$ |
123,913 |
|
$ |
119,937 |
|
|
|
|
|
Second Quarter Fiscal 2020
Results
Net sales in the second quarter of fiscal 2020 were
$82,377,000, down 8% from last year’s second quarter net sales of
$89,541,000. Lighting Segment net sales of $53,436,000
decreased 16% and Graphics Segment net sales of $28,941,000
increased 12% from last year’s second quarter net sales. The
Company recorded pre-tax restructuring and plant closure costs of
$276,000 related to the realignment of its manufacturing footprint
at its Houston, Texas facility. The realignment occurred as the
result of the movement of equipment related to the closure of the
New Windsor, New York facility along with preparations to receive
additional equipment resulting from the relocation of its North
Canton, Ohio facility. The Company also recorded $54,000 of
severance costs. Fiscal 2020 second quarter net income of
$1,743,000, or $0.07 per share, compares to fiscal 2019 second
quarter net loss of $(15,782,000) or $(0.61) per share.
Earnings per share represents diluted earnings per share.
First Half Fiscal 2020
Results
Net sales in the first half of fiscal 2020 were $171,078,000, down
2% from last year’s first half net sales of $174,498,000.
Lighting Segment net sales of $116,627,000 decreased 7% while
Graphics Segment net sales of $54,451,000 increased 10% from last
year’s first half net sales. The Company recorded pre-tax
restructuring and plant closure net (gains) of $(4,312,000) related
to the closure of its New Windsor, New York facility as well as
costs incurred related to the realignment of its manufacturing
footprint at its Houston, Texas facility. The realignment occurred
as the result of the movement of equipment related to the closure
of the New Windsor facility along with preparations to receive
additional equipment resulting from the relocation of its North
Canton, Ohio facility. The Company also recorded $54,000 of
severance costs. The fiscal 2020 first half net income of
$6,218,000 or $0.24 per share, compares to the fiscal 2019 first
half net loss of $(14,033,000) or $(0.54) per share. Earnings
per share represents diluted earnings per share.
Balance
Sheet
The balance sheet at December 31, 2019 included current assets of
$93.3 million, current liabilities of $41.7 million and working
capital of $51.6 million, which includes cash of $1.2 million. The
current ratio was 2.2 to 1. The balance sheet also included
shareholders’ equity of $123.9 million and $10.4 million of
long-term debt. It is the Company’s priority to continuously
generate sufficient cash flow coupled with an approved credit
facility to adequately fund
operations.
Cash Dividend Actions
The Board of Directors declared a regular
quarterly cash dividend of $0.05 per share in connection with the
second quarter of fiscal 2020 payable February 26, 2020 to
shareholders of record as of the close of business on February 18,
2020. The indicated annual cash dividend rate is $0.20 per
share. The Board of Directors has adopted a policy regarding
dividends which provides that dividends will be determined by the
Board of Directors in its discretion based upon its evaluation of
earnings both on a GAAP and non-GAAP basis, cash flow requirements,
financial condition, debt levels, stock repurchases, future
business developments and opportunities, and other factors deemed
relevant by the Board.
Non-GAAP Financial Measures
This press release includes adjustments to GAAP
operating income, net income and earnings per share for the three
and six months ended December 31, 2019 and 2018. Operating
income, net income and earnings per share, which exclude the impact
of restructuring and plant closure costs, severance costs, goodwill
impairment charges, and transition and re-alignment costs are
non-GAAP financial measures. We exclude these non-recurring
items because they are not representative of the ongoing results of
operations of our business. Also included in this press
release are non-GAAP financial measures including Earnings before
Interest, Taxes, Depreciation and Amortization (EBITDA and Adjusted
EBITDA) and Free Cash Flow. 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, and are frequently referenced by those who follow the
Company. Below is a reconciliation of these non-GAAP
financial measures to the net income and earnings per share
reported for the periods indicated along with the calculation of
EBIDTA, Adjusted EBITDA and Free Cash Flow.
Three Months
Ended |
|
|
|
Six Months
Ended |
December 31 |
|
|
|
December 31 |
|
2019 |
|
|
|
|
2018 |
|
|
|
(In thousands, except per share data) |
|
|
2019 |
|
|
|
|
2018 |
|
|
|
Diluted EPS |
|
|
Diluted EPS |
|
|
|
|
Diluted EPS |
|
|
Diluted EPS |
|
|
|
|
Reconciliation of net income (loss) to adjusted net
income |
|
|
$ |
1,743 |
|
$ |
0.07 |
|
|
$ |
(15,782 |
) |
$ |
(0.61 |
) |
|
Net Income (Loss) as reported |
|
$ |
6,218 |
|
$ |
0.24 |
|
|
$ |
(14,033 |
) |
$ |
(0.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
223 |
|
$ |
0.01 |
|
|
|
817 |
|
|
0.03 |
|
|
Restructuring and plant closure (gains) costs |
|
|
(3,226 |
) |
|
(0.12 |
) |
|
|
1,271 |
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 |
|
|
-- |
|
|
|
385 |
|
|
0.01 |
|
|
Severance costs |
|
|
44 |
|
|
-- |
|
|
|
385 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
|
|
-- |
|
|
|
15,361 |
|
|
0.60 |
|
|
Goodwill Impairment |
|
|
-- |
|
|
-- |
|
|
|
15,361 |
|
|
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
|
|
-- |
|
|
|
94 |
|
|
-- |
|
|
Transition and re-alignment costs |
|
|
-- |
|
|
-- |
|
|
|
94 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact
due to the change in the estimated annual tax rate used for GAAP
reporting purposes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(435 |
) |
$ |
(0.02 |
) |
|
|
-- |
|
|
-- |
|
|
|
|
(435 |
) |
|
(0.02 |
) |
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,575 |
|
$ |
0.06 |
|
|
$ |
875 |
|
$ |
0.03 |
|
|
Net Income adjusted |
|
$ |
2,601 |
|
$ |
0.10 |
|
|
$ |
3,078 |
|
$ |
0.12 |
|
|
|
|
NOTE: All adjustments are net of tax except for the
adjustment of the tax impact from the change in the estimated
annual tax rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31 |
|
(Unaudited; In thousands) |
|
Six Months Ended December 31 |
|
EBITDA |
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
|
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
$ |
1,760 |
|
|
$ |
(20,271 |
) |
-109 |
% |
|
Operating Income (Loss) as reported |
|
$ |
8,599 |
|
|
$ |
(17,337 |
) |
|
-150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,152 |
|
|
|
2,592 |
|
|
|
|
Depreciation and Amortization |
|
|
4,551 |
|
|
|
5,235 |
|
|
|
$ |
3,912 |
|
|
$ |
(17,679 |
) |
n/m |
|
|
EBITDA |
|
$ |
13,150 |
$ |
(12,102 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31 |
|
(Unaudited; In thousands) |
|
Six Months Ended December 31 |
|
Adjusted EBITDA |
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
|
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
$ |
2,090 |
|
|
$ |
1,539 |
|
|
36 |
% |
|
Operating Income as adjusted |
|
$ |
4,341 |
|
|
$ |
5,063 |
|
|
-14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,152 |
|
|
|
2,592 |
|
|
|
|
Depreciation and Amortization |
|
|
4,551 |
|
|
|
5,235 |
|
|
|
$ |
4,242 |
|
|
$ |
4,131 |
|
|
3 |
% |
|
Adjusted EBITDA |
|
$ |
8,892 |
|
|
$ |
10,298 |
|
|
-14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31 |
|
(Unaudited; In thousands) |
|
Six Months Ended December 31 |
|
Free Cash Flow |
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
|
|
|
2019 |
|
|
|
2018 |
|
|
% Change |
$ |
14,544 |
$ |
5,440 |
|
|
167 |
% |
|
Cash Flow
From Operations |
$ |
20,903 |
|
|
$ |
7,628 |
|
|
174 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
|
|
|
-- |
|
|
|
|
Proceeds from Sale of Facility |
|
|
12,332 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(764 |
) |
|
|
(931 |
) |
|
|
|
Capital
Expenditures |
|
(1,119 |
) |
|
|
(1,579 |
) |
|
|
$ |
13,780 |
$ |
4,509 |
|
|
206 |
% |
|
Free Cash Flow |
|
$ |
32,116 |
$ |
6,049 |
|
|
431 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations
Three Months Ended December 31 |
|
|
Six Months Ended December 31 |
(Unaudited) |
|
|
2019 |
|
|
|
2018 |
|
|
(In thousands, except per share data) |
|
|
2019 |
|
|
|
2018 |
|
|
$ |
82,377 |
|
|
$ |
89,541 |
|
|
Net Sales |
|
$ |
171,078 |
|
|
$ |
174,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
62,136 |
|
|
|
69,486 |
|
|
Cost of
Products Sold |
|
128,724 |
|
|
|
133,027 |
|
|
|
277 |
|
|
|
376 |
|
|
Restructuring Costs |
|
535 |
|
|
|
531 |
|
|
|
- |
|
|
|
23 |
|
|
Severance Costs |
|
|
- |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
19,964 |
|
|
|
19,656 |
|
|
Gross Profit |
|
|
41,819 |
|
|
|
40,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,151 |
|
|
|
19,148 |
|
|
Selling and Administrative Costs |
|
|
38,013 |
|
|
|
37,475 |
|
|
|
(1 |
) |
|
|
25 |
|
|
Restructuring Costs |
|
(4,847 |
) |
|
|
25 |
|
|
|
54 |
|
|
|
469 |
|
|
Severance Costs |
|
|
54 |
|
|
|
469 |
|
|
|
- |
|
|
|
20,165 |
|
|
Goodwill
Impairment |
|
- |
|
|
|
20,165 |
|
|
|
- |
|
|
|
120 |
|
|
Transition and re-alignment costs |
|
|
- |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,760 |
|
|
|
(20,271 |
) |
|
Operating
Income (Loss) |
|
8,599 |
|
|
|
(17,337 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
|
|
Other Expense |
|
|
|
|
-- |
|
|
|
142 |
|
|
|
615 |
|
|
Interest
Expense, net |
|
655 |
|
|
|
1,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,618 |
|
|
|
(20,886 |
) |
|
Income (Loss) Before Taxes |
|
|
7,944 |
|
|
|
(18,470 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(125 |
) |
|
|
(5,104 |
) |
|
Income Tax |
|
|
1,726 |
|
|
|
(4,437 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,743 |
|
|
$ |
(15,782 |
) |
Net Income (Loss) |
$ |
6,218 |
|
|
$ |
(14,033 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
26,280 |
|
|
|
26,083 |
|
|
Basic |
|
|
26,257 |
|
|
|
26,058 |
|
|
|
26,534 |
|
|
|
26,083 |
|
|
Diluted |
|
|
26,364 |
|
|
|
26,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) Per Share |
|
|
|
|
$ |
0.07 |
|
|
$ |
(0.61 |
) |
|
Basic |
|
$ |
0.24 |
|
|
$ |
(0.54 |
) |
|
$ |
0.07 |
|
|
$ |
(0.61 |
) |
|
Diluted |
|
$ |
0.24 |
|
|
$ |
(0.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet
|
|
(amounts in
thousands) |
|
|
12/31/19 |
|
6/30/19 |
Current Assets (Less Assets Held for Sale) |
$ |
93,299 |
|
$ |
103,468 |
Assets Held for Sale |
|
-- |
|
|
7,512 |
Property, Plant and Equipment, net |
|
29,851 |
|
|
31,976 |
Other Assets |
|
64,211 |
|
|
58,144 |
Total Assets |
$ |
187,361 |
|
$ |
201,100 |
|
|
|
|
|
Current Liabilities |
$ |
41,701 |
|
$ |
39,875 |
Long-Term Debt |
|
10,437 |
|
|
39,541 |
Other Long-Term Liabilities |
|
11,310 |
|
|
1,747 |
Shareholders' Equity |
|
123,913 |
|
|
119,937 |
|
|
$ |
187,361 |
|
$ |
201,100 |
|
|
|
|
|
LSI Industries (NASDAQ:LYTS)
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