CINCINNATI, Oct. 27 /PRNewswire-FirstCall/ -- LSI Industries Inc.
(NASDAQ:LYTS) today reported operating results for the first
quarter ended September 30, 2005. Financial Highlights (In
thousands, except per share data; unaudited) Three Months Ended
September 30 2005 2004 % Change Net Sales $70,900 $68,335 3.8%
Operating Income $5,737 $5,325 7.7% Net Income $3,669 $3,316 10.6%
Earnings Per Share (diluted) $0.18 $0.17 5.9% 9/30/05 6/30/05
Working Capital $69,364 $67,189 Total Assets $175,836 $172,637 Debt
$-- $-- Shareholders' Equity $139,866 $138,040 First Quarter 2006
Results Net sales in the first quarter of fiscal 2006 were $70.9
million, a 4% increase from last year's first quarter net sales of
$68.3 million. Fiscal 2006 first quarter net income of $3.7 million
($0.18 per share) increased 11% from the $3.3 million ($0.17 per
share) reported last year in the same period. Lighting Segment net
sales increased 10% to $49.4 million, and Graphics Segment net
sales decreased 9% to $21.5 million. Net sales to the petroleum /
convenience store market, the Company's major market, represented
25% and 23% of total net sales in the first quarter of fiscal years
2006 and 2005, respectively. First quarter fiscal 2006 results
include the following two compensation expense charges totaling
$435,000 ($0.02 per share): (1) a non-cash net of tax charge of
$361,000 related to the variable accounting treatment of a deferred
compensation plan; and (2) a non-cash net of tax expense of $74,000
related to stock option expense. The deferred compensation plan was
amended, effective September 9, 2005, thereby eliminating variable
accounting treatment so as to avoid similar charges in the future.
In accordance with a new accounting pronouncement, the Company is
now required to record stock option expense in its financial
statements for the first time ever in the first quarter of fiscal
2006. Earnings per share represent diluted earnings per share. Bob
Ready, President and Chief Executive Officer, commented, "Operating
results for the first quarter were higher than those of the same
period a year earlier and generally in line with our expectations.
We did, however, suffer from two non-cash charges (as explained
under first quarter 2006 results) that reduced our per share
earnings by $0.02 or 10%. The charge related to our deferred
compensation plan will not be an issue going forward as we have
amended our plan to avoid variable accounting treatment. I have
been asked what effect, if any, the hurricanes have had on our
business. It's a fair question, but difficult to accurately
quantify. Certainly, there were some shipments that were delayed by
customers and a few days lost in our Houston production. Taken as a
whole, we believe the impact was not significant. As I mentioned in
the Annual Report to Shareholders, the management team feels very
positive about how the Company's strategies, plans, and directions
are all working together. Our competitive position in the
marketplace, ability to execute, and financial condition are all
strong. Once again, we look forward to fiscal 2006 and beyond with
confidence - Opportunity is Everywhere." Balance Sheet The balance
sheet at September 30, 2005 included current assets of $102.8
million, current liabilities of $33.4 million and working capital
of $69.4 million. The current ratio was a strong 3.07 to 1. The
Company has shareholders' equity of $139.9 million and no long-term
debt. The Company has borrowing capacity as of September 30, 2005
of the full $50 million of its commercial bank facility. With
continued strong cash flow, a sound and conservatively capitalized
balance sheet, and a $50 million credit facility, LSI Industries'
financial condition is sound and capable of supporting the
Company's planned growth. Cash Dividend Actions The Board of
Directors declared a regular cash dividend of $0.12 per share
payable November 15, 2005 to shareholders of record as of November
8, 2005. This new annual indicated rate of $0.48 per share
represents a 20% increase over the fiscal 2005 annual rate of $0.40
per share. LSI Industries has increased its regular cash dividend
rate thirteen times since it established a regular dividend in
1989. Annual Shareholders' Meeting The Annual Meeting of LSI
Shareholders will be held on Tuesday, November 15, 2005 at 10:00
a.m. at the Company's headquarters located at 10000 Alliance Road,
Cincinnati, Ohio. All LSI shareholders are invited and encouraged
to attend. "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 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. These risks and uncertainties include, but are not
limited to, the impact of competitive products and services,
product demand and market acceptance risks, reliance on key
customers, financial difficulties experienced by customers, the
adequacy of reserves and allowances for doubtful accounts,
fluctuations in operating results or costs, unexpected difficulties
in integrating acquired businesses, and the ability to retain key
employees of acquired businesses. The Company has no obligation to
update any forward-looking statements to reflect subsequent events
or circumstances. About the Company LSI Industries is an Image
Solutions company, combining integrated design, manufacturing, and
technology to supply its own high quality lighting fixtures and
graphics elements for applications in the retail, specialty niche,
and commercial markets. The Company's Lighting Segment produces
high performance products dedicated to the outdoor, architectural
outdoor, indoor, architectural indoor and accent/downlight markets.
The Graphics Segment provides a vast array of products and services
including signage, menu board systems, active digital signage,
decorative fixturing, design support, engineering and project
management for custom programs for today's retail environment.
LSI's major markets are the petroleum / convenience store,
multi-site retail (including automobile dealerships, restaurants
and national retail accounts) and the commercial / industrial
lighting markets. LSI employs approximately 1,700 people in fifteen
facilities located in Ohio, California, New York, North Carolina,
Kansas, Kentucky, Oregon, Rhode Island, Tennessee, Texas and
Washington. The Company's common shares are traded on the Nasdaq
National Market under the symbol LYTS. Additional note: Today's
news release, along with past releases from LSI Industries, is
available on the Company's internet site at
http://www.lsi-industries.com/ or by email or fax, by calling the
Investor Relations Department at (513) 793-3200. LSI INDUSTRIES
INC. Condensed Income Statements Three Months Ended (in thousands,
except per September 30 share data; unaudited) 2005 2004 Net sales
$70,900 $68,335 Cost of products sold 52,188 50,530 Gross profit
18,712 17,805 Selling and administrative expenses 12,975 12,294
Goodwill Impairment -- 186 Operating income 5,737 5,325 Interest
(income) expense, net (86) 62 Income before income taxes 5,823
5,263 Income tax expense 2,154 1,947 Net income $3,669 $3,316
Earnings per common share Basic $0.18 $0.17 Diluted $0.18 $0.17
Weighted average common shares outstanding Basic 19,905 19,758
Diluted 20,344 19,993 Condensed Balance Sheets (in thousands,
unaudited) September 30, June 30, 2005 2005 Current Assets $102,837
$98,804 Property, Plant and Equipment, net 50,374 51,084 Other
Assets 22,625 22,749 $175,836 $172,637 Current Liabilities $33,473
$31,615 Other Long-Term Liabilities 2,497 2,982 Shareholders'
Equity 139,866 138,040 $175,836 $172,637 DATASOURCE: LSI Industries
Inc. CONTACT: Bob Ready, Chief Executive Officer and President, or
Ron Stowell, Vice President, Chief Financial Officer, and
Treasurer, both of LSI Industries Inc., +1-513-793-3200 Web site:
http://www.lsi-industries.com/
Copyright
LSI Industries (NASDAQ:LYTS)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
LSI Industries (NASDAQ:LYTS)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024