LSI Industries Announces $15 Million Share Repurchase Program
28 April 2022 - 12:15PM
Business Wire
LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a
leading U.S. based manufacturer of indoor/outdoor lighting and
display solutions, announced today that its Board of Directors
authorized a new share repurchase program under which the Company
may repurchase up to $15 million of its outstanding shares of
common stock in the open market, in accordance with all applicable
securities laws and regulations, including Rule 10b-18 of the
Securities Exchange Act of 1934, as amended. The Company’s decision
to repurchase its shares, as well as the timing of such
repurchases, will depend on a variety of factors, including the
ongoing assessment of the Company’s capital needs, the market price
of the Company’s common stock, general market conditions and other
corporate considerations, as determined by management. The
repurchase program may be suspended or discontinued at any
time.
“LSI is committed to a balanced capital allocation strategy
designed to maximize total shareholder returns,” stated James A.
Clark, President, and Chief Executive Officer of LSI. “The steadily
improved performance of our business, coupled with a favorable
multi-year outlook for non-residential construction, and ongoing
investment by retail customers to support evolving consumer buying
habits and in-store experience, provides LSI an opportunity to
further balance our capital allocation model.”
“We believe our capital allocation strategy should prioritize a
combination of organic growth investments, the acquisition of
complementary assets in key target markets and an opportunistic
return of capital program. The approval by our Board of Directors
of a new share repurchase authorization demonstrates confidence in
our business, while providing management with another tool to
optimize value creation.”
ABOUT LSI INDUSTRIES
Headquartered in Greater Cincinnati, LSI is a publicly held
company with shares listed on the NASDAQ Stock Market under the
symbol LYTS. The Company manufactures non-residential lighting and
display solutions. Non-residential lighting consists of
high-performance, American-made lighting solutions. The Company’s
strength in outdoor lighting applications creates opportunities to
introduce additional solutions to its valued customers. Display
solutions consist of graphics solutions, digital signage, and
technically advanced food display equipment for strategic vertical
markets. LSI’s team of internal specialists also provide
comprehensive project management services in support of large-scale
product rollouts. The Company employs about 1,400 people at 11
manufacturing plants in the U.S. and Canada. Additional information
about LSI is available at www.lsicorp.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 https://investors.lsicorp.com as well as our
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
which contain risk factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20220428005362/en/
INVESTOR CONTACT Noel Ryan, IRC 720.778.2415
LYTS@vallumadvisors.com
MEDIA CONTACT Cliff Spurlock Marketing Communications
Manager 513.372.3143 cliff.spurlock@lsicorp.com
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