LSI Industries Inc. (Nasdaq:LYTS) today announced that it recently
acquired from 3M, for an undisclosed price, certain assets in
connection with 3M's digital signage business including hardware,
software, and access to customer relationships. The Graphics
business segment of LSI Industries has for many years worked with
3M in the digital signage business and has ongoing business
relationships with customers who have purchased and used 3M's
digital signage solutions.
David McCauley, President, LSI Graphics Segment, commented, "As
a leader in the digital signage market, we have enjoyed a long
relationship with 3M. This acquisition will add significant depth
to our capabilities as we supply our customers with total digital
signage solutions from project concept through content development,
deployment, assessment and system monitoring. We look forward to
expanding into new market segments, serving national and
international brands, and responding to the ever-changing needs of
our customers. This acquisition, while not material from a current
sales and earnings standpoint, affords us economies of scale,
lowers our cost structure, and is expected to improve profit
margins through software ownership. We are excited about the
opportunities that this acquisition provides."
"3M Commercial Graphics Division and LSI Industries have had a
long and productive relationship across several 3M product lines,
from large format graphics to digital signage. That, in addition to
LSI's 7 years of experience using the 3M Digital Signage Software –
Network Edition platform, made LSI a great fit for this business.
We understand how important these systems are to customers'
operations, and are pleased that LSI has also agreed to provide
support for these existing digital signage software customers,"
said Robert Doughty, Vice President, 3M Commercial Graphics
Division.
Scott D. Ready, President of LSI Industries Inc., commented,
"This acquisition is consistent with LSI Industries' objective of
investing and promoting technology within both its graphics and
lighting businesses."
"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, whether expressed or implied, 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 over which the Company may have
no control. These risks and uncertainties include, but are not
limited to, the impact of competitive products and services,
product demand and market acceptance risks, potential costs
associated with litigation and regulatory compliance, reliance on
key customers, financial difficulties experienced by customers, the
cyclical and seasonal nature of our business, the adequacy of
reserves and allowances for doubtful accounts, fluctuations in
operating results or costs whether as a result of uncertainties
inherent in tax and accounting matters or otherwise, unexpected
difficulties in integrating acquired businesses, the ability to
retain key employees of acquired businesses, unfavorable economic
and market conditions, and the results of asset impairment
assessments. You are cautioned to not place undue reliance on these
forward-looking statements. In addition to the factors described in
this paragraph, the risk factors identified in our Form 10-K and
other filings the Company may make with the SEC constitute risks
and uncertainties that may affect the financial performance of the
Company and are incorporated herein by reference. The Company does
not undertake and hereby disclaims any duty to update any
forward-looking statements to reflect subsequent events or
circumstances.
About the Company
Leadership. Strength. Innovation. Those are the key values
behind the smart vision upon which LSI Industries Inc. was founded
when established in 1976. Today LSI demonstrates this in our
dedication to advancing technology throughout all aspects of our
business – in both product solutions and production
techniques. We are committed to American innovation through
technology.
We are a vertically integrated manufacturer who combines
assimilated technology, design and manufacturing to produce the
most efficient, high quality products possible. We are
dedicated to advancing solid-state technology to make affordable,
high performance, energy efficient lighting and custom graphic
products that bring value to our customers. In addition, we
can provide sophisticated lighting and energy management control
solutions to help customers manage their energy
performance. Further, we offer design support, engineering,
installation and project management for custom graphics rollout
programs for today's retail environment.
LSI is proud to be an American company with an American work
force, building an American product. We are a U.S.
manufacturer with marketing / sales efforts throughout the world
with concentration currently on North America, Latin America,
Australia, New Zealand, Asia, Europe and the Middle East. Our
major markets include the commercial / industrial lighting,
petroleum / convenience store, multi-site retail (including
automobile dealerships, restaurants and national retail accounts),
sports and entertainment markets. Headquartered in Cincinnati,
Ohio, LSI has facilities in Ohio, Kansas, Kentucky, New York, North
Carolina, Oregon, Rhode Island, Texas and Montreal,
Canada. The Company's common shares are traded on the NASDAQ
Global Select Market under the symbol LYTS.
As we redefine LSI Industries' place in the markets we serve, we
will emphasize our commitment to preserving the foundation of a
well-managed, financially strong and creatively unique company with
even stronger emphasis on a growing technology base. Through
the Leadership, Strength and Innovation that is core to our
culture, we move forward continuing our transition to a
technology-reliant company with lighting and graphics and the
ability to provide the stronger performance our many partners
expect.
For further information, contact either Bob
Ready, Chief Executive Officer, 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 www.lsi-industries.com or by email or
fax, by calling the Investor Relations Department at (513)
793-3200.
CONTACT: BOB READY OR
RON STOWELL
(513) 793-3200
LSI Industries (NASDAQ:LYTS)
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