LSI Industries Completes Sale of New Windsor Facility
24 Septembre 2019 - 8:34PM
LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a
leading U.S. based manufacturer of indoor/outdoor lighting and
graphics solutions, today announced that the Company has completed
the sale of its New Windsor, New York manufacturing facility.
As previously disclosed, the closure and sale of the New Windsor
facility follows a strategic decision to transition production
operations to the Company’s existing facilities in Ohio and
Kentucky.
LSI has received $12 million in net proceeds
from the sale of the New Windsor facility. The Company
intends to use these net proceeds to reduce outstanding
indebtedness, while continuing to invest selectively in the ongoing
growth of the business. As previously disclosed, the Company
expects to generate $4 million of annualized cost savings following
the closure of the New Windsor facility, while realizing improved
asset utilization and related operating efficiencies.
As of June 30, 2019, LSI had total net debt outstanding of $39.5
million. Pro-forma for the net proceeds resulting from the
sale of the facility, net debt was reduced by $12 million to $27.5
million, or 1.9x trailing adjusted EBITDA* for the twelve months
ended June 30, 2019.
“The sale of the New Windsor facility is an
important milestone for LSI, one that further streamlines our
manufacturing footprint, while reducing net leverage within the
business,” stated Jim Clark, CEO of LSI Industries. “The
decision to further consolidate production is part of a broader
focus on building a high performance operations network that is
well-equipped to scale with customer demand, while providing
best-in-class customer service. During the past six months,
we have continued to invest in our Ohio, Texas, Kentucky, and North
Carolina facilities, with the objective of positioning the overall
business for profitable growth in market verticals where our
differentiated products, service and support capabilities position
LSI as a market leader.”
*Adjusted EBITDA is a non-GAAP financial measure. Please
see our Annual Report on Form 10-K for the fiscal year ended June
30, 2019 for a reconciliation of this non-GAAP financial measure to
GAAP as well as our discussion on why the Company uses this
non-GAAP measure.
ABOUT LSI
INDUSTRIES
LSI Industries Inc. (NASDAQ:LYTS) is a U.S.-based manufacturer
of lighting, graphics and technology solutions for both indoor and
outdoor applications. LSI is a leading solutions provider to
several primary end-markets, including petroleum, automotive, quick
serve restaurants, grocery, banking, retail, renovation, parking
and warehousing. LSI’s products are marketed throughout North
America through a network of independent sales representatives and
distributors, as well as through national accounts. LSI
partners with 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 seven facilities throughout the United
States.
Learn more: www.lsi-industries.com.
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 http://www.lsi-industries.com/fls as well as
our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
which contain risk factors.
INVESTOR CONTACT
Investor Contact:Noel Ryan,
IRC720.778.2415LYTS@vallumadvisors.com
LSI Industries (NASDAQ:LYTS)
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