LSI INDUSTRIES COMPLETES SALE OF NORTH CANTON, OHIO FACILITY
18 März 2020 - 4:30PM
LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a
leading U.S. based manufacturer of indoor/outdoor lighting and
graphics solutions, today announced that the Company has completed
the sale of its North Canton, Ohio manufacturing
facility.
The Company is in the process of relocating its
existing operations to a smaller, leased facility in the North
Canton area while retaining its existing workforce. As
previously disclosed, recent advancements in graphics technology,
together with other productivity improvements, allowed for a
significant reduction in square footage required to support the
ongoing growth of the business. The production transition
will be fully completed by June 2020.
LSI has received $7.6 million in net proceeds
from the sale of the North Canton facility. The Company
intends to use these net proceeds to reduce outstanding
indebtedness while continuing to invest selectively in the ongoing
growth of the business. As of December 31, 2019, LSI had
total net debt of $9.2 million, a reduction of $29.4 million from
the end of the company fiscal year, June 30, 2019.
“The sale of the North Canton facility
represents another important step toward further maximizing the
systemic efficiency of our supply chain and asset base.
Relocating to a nearby leased facility allows us to retain our
valuable skilled workforce in North Canton, ensuring that we
continue to provide the innovation, quality and service our
customers expect from LSI,” stated Jim Clark, President and CEO of
LSI Industries. “Our reduction in debt during the past year
has materially improved our capital position, providing the
flexibility to invest in targeted, profitable market verticals
consistent with the long-term focus of our leadership team.”
ABOUT LSI
INDUSTRIES
Headquartered in Blue Ash, Ohio (Greater Cincinnati), LSI
Industries is a leading producer of lighting, graphics and
technology solutions. It’s Indoor and Outdoor products and
services 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/c-store locations, 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
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.
CONTACTS
Investor Contact:Noel Ryan,
IRC720.778.2415LYTS@vallumadvisors.com
Media Contact:Mike WallnerSr. Manager of Communications, LSI
Industries(513) 372-3417mike.wallner@lsi-industries.com
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