LSI Industries Inc. (NASDAQ: LYTS)
today announced:
Fourth Quarter Operating Results:
- Sales of $83.4 million, flat to fourth quarter 2017;
- Adjusted Operating Income 3% above last year;
- GAAP reported EPS $(0.10), includes $(0.12) related to non-GAAP
adjustments, versus $0.03 in 2017
- Declares regular dividend of $0.05
Full Year Operating Results:
- Sales 3% above last year
- Adjusted Operating Income 33% above prior year
- Adjusted EPS $0.22 versus $0.19 for fiscal 2017
- Positive Cash Flow generates further debt reduction
Net sales in the fourth quarter of fiscal 2018 were $83,409,000,
flat compared to the $83,419,000 reported in the same period of the
prior year. Reported net income was a loss of $(2,664,000)
compared to net income of $696,000 in the fourth quarter
2017. Reported EPS of $(0.10) was below reported EPS of $0.03
for the fourth quarter of the prior year. The business
recorded a fourth quarter charge of $3,136,000 related to the CEO
transition announced earlier in the quarter. This charge
impacts GAAP reported results and is excluded from adjusted
results. Adjusted operating income was $1,045,000 compared to
$1,012,000 for the fourth quarter last year. Adjusted EPS of
$0.02 was flat with the fourth quarter prior year.
Fiscal year 2018 sales of $342,023,000 were 3% above prior
year. Adjusted operating income was $9,612,000 or 33% above
prior year of $7,254,000. Reported EPS for the year was a
loss of $(0.76) compared to EPS of $0.12 in fiscal 2017.
Adjusted full year EPS was $0.22, an increase of $0.03 versus $0.19
in the prior year. See reconciliation of net income and
earnings per share in the Non-GAAP table below.
The business generated positive cash flow in the fourth quarter
and for the full year 2018, serving to further reduce our debt
level and maintain our strong financial position. The Board of
Directors approved a regular cash dividend of $0.05 per share
payable September 4, 2018 to shareholders of record on August 27,
2018.
Management Comments and Outlook
Ron Brown, CEO commented, “Our results in the fourth quarter
were mixed. While the Graphics business posted strong
results, we continue to face challenges in the Lighting
business. During the quarter, we drove several improvement
initiatives across the Company which will better position the
business for growth in the coming quarters. These actions
generated some very positive developments, as well as addressed
some of our continuing challenges.
“Our Graphics business delivered a solid quarter, generating
sales growth of 33% versus last year, with operating income
improving 86%. More encouraging is that orders outpaced
sales, and as a result, we are entering the first quarter of fiscal
2019 with an increased backlog. Activity remains strong in
the petroleum market, with increasing opportunities being realized
at multiple accounts. The deregulation of the Mexico
petroleum industry generated incremental business in the fourth
quarter, and our proven solutions with major oil companies
positions us well for future opportunities in this
region.
“Our digital signage business, branded SOAR, continues to
generate strong interest. We were recently selected by a
national quick service restaurant (QSR) chain to be a significant
supplier for a major image program as they implement digital
technology across the brand. We began shipping products for
pilot locations late in the fourth quarter and are preparing to
accelerate production as required by their renovation
schedule.
“Lighting segment sales were 8% below prior year, with much of
the shortfall occurring in the general commercial and industrial
project (C&I) area. We continue to evaluate the broad
C&I market, focusing on applications which are growing and
present the opportunity for LSI to provide specific solutions to
customer needs. LED sales now represent 93% of all lighting
fixture sales at LSI.
“Petroleum, which is a key market in lighting where we hold a
strong position, has also remained somewhat soft. However, we
are encouraged as customers continue to favorably adopt our new
canopy fixture range. This product line has recently been
expanded to provide customers with the flexibility to choose
feature sets that best meet their individual needs. A similar
scenario is occurring in the automotive market, where customer
reaction to our new outdoor lighting line has been very
favorable. Ongoing training efforts highlighting the features
and benefits of the new product line are leading to increased
levels of inquiries and quotations. The launch schedule for
these new automotive products will continue through October, when
the full product range will be available to the market.
“Other new product development activity remains strong,
targeting growing applications including parking, renovation, and
warehousing. I would like to highlight our new “Excursion”
parking garage fixture. Soon after launch, we received a
significant order which included our AirLink wireless control
solution. LSI was awarded the order not only because we
provided the preferred solution, but also due to our ability to
produce and ship on a short lead-time basis. Our capability
to engineer, produce, and ship customer-specified solutions with
short lead-time requirements is an important element of our value
equation. Going forward, we intend to promote this capability more
effectively in the marketplace.
“Gross margin for the fourth quarter was 140 basis points below
prior year, impacted primarily by volume/mix, and low margins on
the initial pilot runs for several of our new products and
solutions. We expect these margins to improve as we shift out
of the pilot phase to normal production. Operating expenses
decreased 140 basis points, offsetting the lower margin.
“Our sourcing team continues to alertly monitor
tariff activity and supply availability. The uncertainty
regarding tariffs on Chinese imports is driving up demand as
domestic manufacturers increase inventory levels of certain
imported components. This, along with strong global demand,
is causing increased lead-times and shortages. The steel and
aluminum tariffs had limited impact to the business in the fourth
quarter; however, we will realize some impact in Q1. We have
many cost saving initiatives in process to offset these commodity
cost increases. Our announced selling price increase on
legacy and select LED products was effective with new mid-June
quotations. It remains premature to assess the level of price
increase to be realized, and we expect that it will vary by product
category.”
Mr. Brown concluded, “As we move forward, LSI’s structure is
being aligned around our key markets and customers. This will
enable the Company to better package our technology, products and
services in a unique way to continue to provide our customers with
innovative solutions. We will work closely with customers and
channel partners in these markets to better capture the outside-in
view of their evolving needs. I am confident that this
approach will lead to superior solutions for our customers, and
improved opportunities for profitable growth at LSI. Our team
is energized by this approach, and our organization and investment
plans are being aligned accordingly.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
per |
|
|
Three Months Ended |
|
|
Year Ended |
|
share data;
unaudited) |
|
|
June 30 |
|
|
June 30 |
|
|
|
|
2018 |
|
|
|
2017 |
|
%
Change |
|
|
2018 |
|
|
|
2017 |
|
%
Change |
|
Net Sales |
|
$ |
83,409 |
|
|
$ |
83,419 |
|
nil |
|
$ |
342,023 |
|
|
$ |
331,392 |
|
3% |
|
Operating (Loss) Income
as reported |
|
$ |
(2,128 |
) |
|
$ |
499 |
|
n/m |
|
$ |
(21,652 |
) |
|
$ |
3,609 |
|
n/m |
|
Impairment of intangible asset |
|
|
-- |
|
|
|
-- |
|
n/m |
|
|
-- |
|
|
|
479 |
|
n/m |
|
Goodwill
Impairment |
|
|
-- |
|
|
|
-- |
|
n/m |
|
|
28,000 |
|
|
|
-- |
|
n/m |
|
Acquisition deal costs |
|
|
-- |
|
|
|
128 |
|
n/m |
|
|
-- |
|
|
|
1,608 |
|
n/m |
|
Fair
market value inventory write-up |
|
|
-- |
|
|
|
-- |
|
n/m |
|
|
-- |
|
|
|
155 |
|
n/m |
|
Transition and re-alignment costs |
|
|
3,136 |
|
|
|
-- |
|
n/m |
|
|
3,136 |
|
|
|
-- |
|
n/m |
|
Restructuring and plant closure costs |
|
|
-- |
|
|
|
101 |
|
n/m |
|
|
-- |
|
|
|
897 |
|
n/m |
|
Severance
costs |
|
|
37 |
|
|
|
284 |
|
(87)% |
|
|
128 |
|
|
|
506 |
|
(75)% |
|
Operating Income
(Loss) as adjusted |
|
$ |
1,045 |
|
|
$ |
1,012 |
|
3% |
|
$ |
9,612 |
|
|
$ |
7,254 |
|
33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
as reported |
|
$ |
(2,664 |
) |
|
$ |
696 |
|
n/m |
|
$ |
(19,541 |
) |
|
$ |
3,000 |
|
n/m |
|
Net Income as
adjusted |
|
$ |
487 |
|
|
$ |
519 |
|
(6)% |
|
$ |
5,714 |
|
|
$ |
4,974 |
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Earnings per
share (diluted) as reported |
|
$ |
(0.10 |
) |
|
$ |
0.03 |
|
n/m |
|
$ |
(0.76 |
) |
|
$ |
0.12 |
|
n/m |
|
Earnings per
share (diluted) as adjusted |
|
$ |
0.02 |
|
|
$ |
0.02 |
|
nil |
|
$ |
0.22 |
|
|
$ |
0.19 |
|
16% |
|
|
|
|
|
6/30/18 |
|
|
|
|
|
6/30/17 |
Working Capital |
|
|
$ |
67,882 |
|
|
|
|
$ |
61,704 |
Total Assets |
|
|
$ |
229,517 |
|
|
|
|
$ |
256,680 |
Long-Term Debt |
|
|
$ |
45,360 |
|
|
|
|
$ |
49,698 |
Shareholders’
Equity |
|
|
$ |
139,251 |
|
|
|
|
$ |
160,078 |
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Fiscal 2018
Results
Net sales in the fourth quarter of fiscal 2018 were $83,409,000
compared to last year’s fourth quarter net sales of
$83,419,000. Lighting Segment net sales of $61,457,000 were
down 8.2% from last year’s fourth quarter net sales and Graphics
Segment net sales increased 33.4% to $21,952,000. The former
Technology Segment net sales and operating results are now included
in the Lighting Segment and prior year segment results have been
revised accordingly. The Company recorded $3,136,000 of transition
and re-alignment costs in the fourth quarter of fiscal 2018, mostly
related to the departure of its Chief Executive Officer. The
Company recorded other pre-tax severance costs of $37,000 and
$284,000 in the fourth quarter of fiscal 2018 and 2017,
respectively. The Company also recorded $128,000 of pre-tax
acquisition deal costs in the fourth quarter of fiscal 2017 related
to the acquisition of Atlas Lighting Products, Inc. Additionally,
the Company recorded a net pre-tax restructuring cost of $101,000
(expensed in Cost of Products Sold) in the fourth quarter of fiscal
2017. The fiscal 2018 fourth quarter reported a net loss of
$(2,664,000), or $(0.10 per share), compared to the fiscal 2017
fourth quarter net income of $696,000 or $0.03 per share. Earnings
per share represent diluted earnings per share.
Fiscal 2018 Results
Net sales in fiscal 2018 were $342,023,000, an increase of 3.2%
as compared to last year’s net sales of $331,392,000. Lighting
Segment net sales increased 0.6% to $260,613,000 and Graphics
Segment net sales increased 12.5% to $81,410,000. The former
Technology Segment net sales and operating results are now included
in the Lighting Segment and prior year segment results have been
revised accordingly. The Company recorded $3,136,000 of transition
and re-alignment costs in fiscal 2018 mostly related to the
departure of its Chief Executive Officer. The Company recorded
other pre-tax severance costs of $128,000 and $506,000 in fiscal
2018 and 2017, respectively. The Company recorded a $479,000
pre-tax impairment of an intangible asset in the fourth quarter of
fiscal 2017 and a pre-tax goodwill impairment in the Lighting
Segment of $28,000,000 in the first quarter of fiscal 2018. The
Company also recorded $1,608,000 of pre-tax acquisition deal costs
and a fair market write-up of inventory of $155,000, in fiscal 2017
related to the acquisition of Atlas Lighting Products, Inc.
Operating results of Atlas Lighting beginning February 21, 2017 are
included in the Company’s consolidated operating results in fiscal
2017. Also in fiscal 2017 the Company recorded a net pre-tax
restructuring cost of $412,000 ($1,503,000 was expensed in Cost of
Products Sold and a net gain of $1,091,000, primarily resulting
from the gain on sale of a manufacturing facility, was recorded in
Selling and Administrative expenses), and plant closure costs
related to an inventory write-down of $485,000 as the Company
exited the manufacturing of fluorescent lighting fixtures --
combining to a net total expense of $897,000. Fiscal year 2018
reported a net loss of $(19,541,000), or $(0.76 per share),
compared to the fiscal 2017 net income of $3,000,000 or $0.12 per
share. The fiscal 2018 net loss includes a one-time after-tax
charge of $5.5 million related to the revaluation of the Company’s
deferred tax assets as a result of the lower tax rates included in
the Tax Cuts and Jobs Act. Earnings per share represent diluted
earnings per share.
Balance Sheet
The balance sheet at June 30, 2018 included current assets of
$110.1 million, current liabilities of $42.2 million and working
capital of $67.8 million, which includes cash of $3.2
million. The current ratio was 2.6 to 1. The Company
has shareholders’ equity of $139.5 million and $45.4 million of
long-term debt on its balance sheet as of June 30, 2018. With
continued strong cash flow, a sound balance sheet, and $54.6
million available in its credit facility, LSI Industries believes
its financial condition is sound and is capable of supporting the
Company’s planned growth, including acquisitions, if
any.
Cash Dividend Actions
The Board of Directors declared a regular quarterly cash
dividend of $0.05 per share in connection with the fourth quarter
of fiscal 2018 payable September 4, 2018 to shareholders of record
as of the close of business on August 27, 2018. The indicated
annual cash dividend rate is $0.20 per share. The Board of
Directors has adopted a policy regarding dividends which provides
that dividends will be determined by the Board of Directors in its
discretion based upon its evaluation of earnings both on a GAAP and
Non-GAAP basis, cash flow requirements, financial condition, debt
levels, stock repurchases, future business developments and
opportunities, and other factors deemed relevant by the
Board.
Non-GAAP Financial Measures
This press release includes adjustments to GAAP net income and
earnings per share for the three and twelve month periods ended
June 30, 2018 and 2017. Adjusted net income and earnings per
share, which exclude the impact of the impairment of an intangible
asset and the impairment of goodwill, acquisition deal costs, fair
market value inventory write-up, restructuring and plant closure
costs, other severance costs, and transition and re-alignment
costs are non-GAAP financial measures. We believe that
these are useful as supplemental measures in assessing the
operating performance of our business. These measures are
used by our management, including our chief operating decision
maker, to evaluate business results. We exclude these
non-recurring items because we believe they are not representative
of the ongoing results of operations of our business. Below
is a reconciliation of these non-GAAP financial measures to the net
income and earnings per share reported for the periods
indicated.
|
|
|
|
|
|
|
Fourth Quarter |
(in thousands, except
per share data; unaudited) |
|
|
FY
2018 |
|
|
Diluted EPS |
|
|
|
FY
2017 |
|
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
(loss) income to adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income and earnings per share as
reported |
|
$ |
(2,664 |
) |
$ |
(0.10 |
) |
|
$ |
696 |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for acquisition deal costs, inclusive
of the income tax effect |
|
|
-- |
|
|
-- |
|
|
|
73 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for restructuring and plant closure
costs (income), inclusive of the income tax
effect |
|
|
__ |
|
|
-- |
|
|
|
(433 |
) |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for transition and re-alignment
costs, inclusive of the income tax effect |
|
|
2,261 |
|
|
0.09 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
impact of from the reduction of the deferred
tax assets |
|
|
863 |
|
|
0.03 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for other severance costs, inclusive
of the income tax effect |
|
|
27 |
|
|
-- |
|
|
|
183 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
net income and earnings per share |
|
$ |
487 |
|
$ |
0.02 |
|
|
$ |
519 |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Month Period |
|
|
|
FY
2018 |
|
|
Diluted EPS |
|
|
|
FY
2017 |
|
|
Diluted EPS |
|
Reconciliation of net
(loss) income to adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income and earnings per share as
reported |
|
$ |
(19,541 |
) |
$ |
(0.76 |
) |
|
$ |
3,000 |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for impairment of intangible asset,
inclusive of the income tax effect |
|
|
-- |
|
|
-- |
|
|
|
335 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for goodwill impairment inclusive of
the income tax effect |
|
|
17,361 |
|
|
0.67 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for acquisition deal costs,
inclusive of the income tax effect |
|
|
-- |
|
|
-- |
|
|
|
1,103 |
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for fair market value inventory
write-up, inclusive of the income tax
effect |
|
|
-- |
|
|
-- |
|
|
|
108 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for restructuring and plant closure
costs, inclusive of the income tax effect |
|
|
-- |
|
|
-- |
|
|
|
81 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for transition and re-alignment
costs, inclusive of the income tax effect |
|
|
2,261 |
|
|
0.09 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
impact of from the reduction of the deferred
tax assets |
|
|
5,541 |
|
|
0.22 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for other severance costs, inclusive
of the income tax effect |
|
|
92 |
|
|
-- |
|
|
|
347 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
net income and earnings per share |
|
$ |
5,714 |
|
$ |
0.22 |
|
|
$ |
4,974 |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"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, tax law changes, failure of an acquisition or
acquired company to achieve its plans or objectives generally,
unexpected difficulties in integrating acquired businesses, the
ability to retain key employees, unfavorable economic and market
conditions, the impact of tariffs and trade wars, the results of
asset impairment assessments, the ability to maintain an effective
system of internal control over financial reporting, the ability to
remediate any material weaknesses in internal control over
financial reporting and any other risk factors that are identified
herein. 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
LSI Industries Inc. is a U.S.-based designer, manufacturer and
marketer of lighting, graphics and technology solutions for both
indoor and outdoor applications. The Company is a leader in
the primary markets it serves including petroleum, automotive,
quick serve restaurants, grocery, banking, retail, renovation,
parking and warehousing. Products are marketed throughout
North America by a network of independent sales representatives and
distributors, as well as through national accounts. LSI
partners with its customers to provide a full range of design
support, engineering, installation and project management
services. Headquartered in Blue Ash, Ohio, LSI currently
employs over 1,200 employees and operates eight facilities
throughout the U.S. The Company’s common shares are traded on
the NASDAQ Global Select Market under the symbol LYTS.
Additional information can be found on the Investor Relations page
at www.lsi-industries.com.
For further information, contact Jim Galeese,
Executive Vice President and Chief Financial Officer at (513)
793-3200.
Conference Call
As previously disclosed, Ron Brown, Chief Executive Officer, and
Jim Galeese, Executive Vice President and Chief Financial Officer,
will host a conference call later this morning at 10:00 a.m. EDT to
discuss fourth quarter results along with an update on the status
of current and future actions to strengthen the company. The
call will contain forward looking statements and other material
information.
Access to the live Webcast will be available via the Investor
Relations page of the Company’s website:
http://www.lsi-industries.com
A replay of the Webcast will be posted to the Investor Relations
page of the Company’s website shortly after the completion of the
conference call, where it will be archived for three months.
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.
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
(in
thousands, except per |
|
|
June 30 |
|
|
|
June 30 |
|
share
data; unaudited) |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
83,409 |
|
|
$ |
83,419 |
|
|
$ |
342,023 |
|
|
$ |
331,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
|
63,103 |
|
|
|
62,135 |
|
|
|
252,789 |
|
|
|
248,012 |
|
Restructuring costs – cost of sales |
|
|
-- |
|
|
|
48 |
|
|
|
-- |
|
|
|
1,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
20,306 |
|
|
|
21,236 |
|
|
|
89,234 |
|
|
|
81,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and administrative expenses |
|
|
19,298 |
|
|
|
20,609 |
|
|
|
79,750 |
|
|
|
77,272 |
|
Goodwill
Impairment |
|
|
-- |
|
|
|
-- |
|
|
|
28,000 |
|
|
|
-- |
|
Impairment of an intangible asset |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
479 |
|
Acquisition deal costs |
|
|
-- |
|
|
|
128 |
|
|
|
-- |
|
|
|
1,608 |
|
Transition and re-alignment expenses |
|
|
3,136 |
|
|
|
-- |
|
|
|
3,136 |
|
|
|
-- |
|
Restructuring costs – SG&A expense |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
(1,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss) income |
|
|
(2,128 |
) |
|
|
499 |
|
|
|
(21,652 |
) |
|
|
3,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
460 |
|
|
|
400 |
|
|
|
1,680 |
|
|
|
529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income before income taxes |
|
|
(2,588 |
) |
|
|
99 |
|
|
|
(23,332 |
) |
|
|
3,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense (benefit) |
|
|
76 |
|
|
|
(597 |
) |
|
|
(3,791 |
) |
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income |
|
$ |
(2,664) |
|
|
$ |
696 |
|
|
$ |
(19,541 |
) |
|
$ |
3,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.10 |
) |
|
$ |
0.03 |
|
|
$ |
(0.76 |
) |
|
$ |
0.12 |
|
Diluted |
|
$ |
(0.10 |
) |
|
$ |
0.03 |
|
|
$ |
(0.76 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,959 |
|
|
|
25,705 |
|
|
|
25,866 |
|
|
|
25,436 |
|
Diluted |
|
|
25,959 |
|
|
|
26,270 |
|
|
|
25,866 |
|
|
|
25,988 |
|
Condensed
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
(in thousands,
unaudited) |
|
June 30,2018 |
|
|
|
June 30,2017 |
|
|
|
|
|
|
|
|
|
|
|
Current
Assets |
|
$ |
110,081 |
|
|
|
$ |
107,129 |
|
Property,
Plant and Equipment, net |
|
|
43,703 |
|
|
|
|
47,354 |
|
Other
Assets |
|
|
75,733 |
|
|
|
|
102,197 |
|
|
|
$ |
229,517 |
|
|
|
$ |
256,680 |
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
$ |
42,199 |
|
|
|
$ |
45,425 |
|
Long-Term
Debt |
|
|
45,360 |
|
|
|
|
49,698 |
|
Other
Long-Term Liabilities |
|
|
2,707 |
|
|
|
|
1,479 |
|
Shareholders’ Equity |
|
|
139,251 |
|
|
|
|
160,078 |
|
|
|
$ |
229,517 |
|
|
|
$ |
256,680 |
|
|
|
|
|
|
|
|
|
|
|
CONTACT: JIM GALEESE
(513) 793-3200
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