Outdoor Digital Billboard Market Targeted CINCINNATI, March 2
/PRNewswire-FirstCall/ -- LSI Industries Inc. (NASDAQ:LYTS) today
announced it has stepped up its commitment to designing,
engineering, manufacturing, marketing, and selling solid-state LED
products for the lighting and graphics markets. Digital billboards
using solid-state LEDs for the outdoor advertising industry are
slated to be the first products produced. Last week the Board of
Directors approved one of the largest capital investments in the
Company's history to purchase and install a specialized
state-of-the-art Salvagnini automated fabrication center for sheet
metal production as part of this initiative. This Salvagnini
equipment utilizes advanced manufacturing technology and will allow
LSI to consolidate work centers, perform all work with less man
hours, increase throughput, and reduce operating costs. The system
is expected to be installed at LSI's metal fabrication facility in
Northern Kentucky as soon as possible. Commenting on LSI's targeted
commitment to the outdoor digital billboard market, Bob Ready,
President and Chief Executive Officer said, "We believe LSI
Industries is perfectly suited to becoming a leading producer of
digital billboards. We have the design, engineering, technology,
and manufacturing capabilities and capacity at hand to dedicate to
this product category. Our goal will be to provide customers with
the most advanced, feature rich, and cost effective digital
billboard products available based on our efficient high production
manufacturing. This is exactly the kind of niche market that LSI
has been so successful in penetrating throughout its history.
Furthermore, we see this as a stepping stone to increasing our
participation in related markets including indoor digital
billboards and displays for sports arenas, public transit, shopping
malls, and similar opportunities. Our analysis and information
indicate that digital billboards, both indoor and outdoor, will
experience rapid and sustainable growth over the next decade. LSI's
first five outdoor digital billboards will be shipped during the
current quarter to Clear Channel Outdoor for installation in the
Memphis market." LSI's capital investment program will provide for
the efficient manufacturing of outdoor billboards, stadium and
arena scoreboards and ribbon displays, and white light commercial
fixtures based on solid-state LED technology. Manufacturing of
these products at commercial production rates will be conducted at
LSI's principal manufacturing facilities located in the Cincinnati
area. The Montreal facility (LSI Saco Technologies) will continue
to utilize its specialized knowledge and research and development
skills to prototype new design concepts and validate new products.
It will oversee all stages of solid-state product development and
prototyping, and coordinate with LSI's Lighting and Graphics
divisions to reach large-scale production. Montreal operations will
continue to be responsible for the production of customized large
format LED video screen displays for the entertainment market. LSI
Industries formally entered the solid-state LED marketplace with
its acquisition of Saco Technologies in June of last year. Mr.
Ready stated, "When industry experts talk about solid-state LED
lighting, terms like 'paradigm shift' and 'disruptive technology'
are frequently heard. We believe these terms indicate the measure
of importance that LEDs will play in both specialized and general
lighting applications as time moves forward. There can be little
doubt as to the strength of the factors driving solid-state based
lighting. LEDs are more energy-efficient, last longer, require less
maintenance, and produce less heat as compared to conventional
light sources. As solid-state lighting becomes more cost effective
and performance continues to improve, LEDs will become an
attractive replacement for other light sources such as metal
halide, incandescent, and fluorescent." Mr. Ready went on to say,
"LSI Industries is taking the necessary steps to establish and
maintain a leadership position in the emerging market for LED
lighting. Our acquisition of Saco Technologies provided the core
capabilities we needed and we are now building upon that base with
a recent plant expansion in Montreal, the creation of a new
customer technology center in Cincinnati, and most recently, our
purchase of advanced manufacturing equipment described in this
press release. We believe our well established presence in the
lighting and graphics markets ideally positions us to capitalize on
the growing importance of solid-state LED lighting. The initiatives
we have already put in place, with more to come, will have a
significant impact on the growth of LSI's sales and earnings for
years to come." LSI Saco Technologies is a worldwide leader and
pioneer in the design, production, and support of high-performance
light engines and large format video screens using LED technology.
State-of-the-art technology, strong commitment to research and
development, over 18 years of industry experience and success in
markets throughout the world have earned Saco its place as a major
player in the production of solid-state lighting and LED video
systems. LSI Saco's proprietary SMARTVISION(R) solid-state system
has become a recognized brand name in both indoor and outdoor LED
video displays. As an innovator, LSI Saco offers its customers
expertise in developing and utilizing high-performance LED color
and white lightsource solutions for both lighting and graphics
applications. LSI Saco's established position and extensive
capabilities in LEDs allow it to address the architectural,
multimedia, industrial, entertainment and theatrical, sports,
digital signage, outdoor billboard, transportation, and custom
lighting and graphics markets. Recently, Saco produced the
solid-state LED video screens for Madonna's "Confessions" tour
using its advanced SMARTVISION(R) V9 technology, installed indoor
and outdoor lighting at the Rexall Place (Edmonton Oilers, Edmonton
Rush and Canadian Finals Rodeo), and has received purchase orders
to design and manufacture digital billboards for outdoor
advertising. LSI Saco Technologies has also developed a proprietary
innovative software package that allows customers to manage their
digital signage network, content, scheduling and reporting system
with minimal staff. The software package is designed with open
architecture which allows future upgrades, using the LSI Saco
"SmartUpgrade" automated upgrade seeker, which keeps customers
current with new developments or custom plugins. LSI's technology
and graphics segments are working together to provide a wide array
of digital signage solutions to the marketplace. This includes
solid-state LEDs, plasma, liquid crystal, projection and video
technologies. Introducing advanced products and utilizing
state-of-the-art technologies have been an important growth
strategy and a hallmark of LSI throughout its history. In all of
its product lines, the Company continually employs advanced
engineering and development with regard to photometrics, energy
conservation, installation, maintenance and durability, and
efficient manufacturing processes. LSI's Scottsdale(R) and
Encore(R) product lines are good examples of this continual product
improvement philosophy. New product lines are also introduced for
specific markets or applications such as the Lightron LiniArc line
of linear fluorescent series or indirect and direct/indirect
lighting fixtures launched in April 2006. For the past several
years, LSI has been investigating and quietly gaining an
understanding of the future of solid-state LED lighting. Management
has concluded that now is the appropriate point in time to
aggressively pursue and actively participate in the nearly certain
bright future of solid-state LED lighting. LSI is on a deliberate
tract to engineer and design energy- efficient and low maintenance
solid-state LED lighting into standard commercial fixtures that
will appeal to a broad base of lighting customers. A number of
converging industry and environmental dynamics have already begun
to combine in a way to suggest that LED based solid-state lighting
is clearly the future in the lighting business: - LED performance
is rising rapidly in the same fashion that the speed of computer
processors grew in the 1980s and 1990s; - LED costs are falling
steadily as volume production increases and manufacturing
technologies are perfected; - increasing energy costs and limited
new energy supply sources are bringing unprecedented attention from
government and industry to the energy efficiency potential that
solid-state lighting promises; - growing pressure from
environmental groups to control light trespass and develop tighter
lighting performance standards in terms of both energy and
photometric characteristics are changing the industry accepted
design standards which influence how lighting is used; and -
maintenance costs associated with other types of lighting continue
to grow thereby providing another economic advantage to solid-state
LED lighting. The adoption of solid-state LED lighting in all types
of outdoor and indoor applications means unprecedented opportunity
for LSI. The nature of LED technology also allows for LSI to have
greater control as fixture design and optics expertise are combined
with the LED experience and electronic control knowledge of LSI
Saco Technologies. In the past, LSI controlled only the fixture
housing and the reflector design and relied on outside suppliers
for the light source and ballast designs. In the future LSI will be
able to control all aspects of product design. Products will be
more easily adapted to specific applications, a feature that serves
well LSI's niche market segment philosophy. LSI's position and
buying power combined with LSI Saco's market strength in the sports
and entertainment business will provide an advantage over other
companies seeking to develop lighting products and will allow LSI
to enter the market at cost effective levels. LSI stands as an
established leader in lighting and graphics and is well-positioned
to capitalize on the trend toward LED solution based products.
"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. The
Company's Technology Segment develops and designs high performance
light engines, digital signage and other products using LED
lighting technology, including large format LED video screens for
the entertainment and sports markets. 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 1,850 people in fifteen facilities located in Ohio,
California, New York, North Carolina, Kansas, Kentucky, Rhode
Island, Tennessee, Texas and Montreal, Canada. The Company's common
shares are traded on the NASDAQ Global Select Market under the
symbol LYTS. For further information, contact either Bob Ready,
Chief Executive Officer and President, or Ron Stowell, Vice
President, Chief Financial Officer, and Treasurer at (513)
793-3200. 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.
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/
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