LSI Industries Inc. (NASDAQ:LYTS)
today:
- reported FY 2017 net sales of $331,392,000, an increase of 3%
over $322,196,000 in the prior fiscal year. Excluding the
acquisition of Atlas Lighting Products, organic sales declined 3%
year-over-year;
- reported FY 2017 net income of $3,000,000, or $0.12 per share,
a decrease of 68% as compared to net income of $9,482,000, or $0.37
per share, for the prior fiscal year. On a Non-GAAP basis,
net income was $4,974,000 or $0.19 per share, a decrease of 49% or
$0.19 per share, compared to the prior year Non-GAAP results.
Non-GAAP results exclude adjustments related to the impairment of
an intangible asset, restructuring and plant closure costs,
acquisition deal costs, fair market inventory write-up, and
severance costs (see Non-GAAP Financial Measures);
- reported fourth quarter FY 2017 net sales of $83,419,000 an
increase of 3% as compared to $80,844,000 in the same period
of the prior fiscal year. Excluding the acquisition of Atlas
Lighting, organic sales declined 11% in the fourth quarter
year-over-year;
- reported fourth quarter FY 2017 net income of $696,000, or
$0.03 per share, a decrease of 51% as compared to $1,428,000, or
$0.06 per share, for the same period of the prior fiscal
year. On a Non-GAAP basis, net income was $519,000 or $0.02
per share, a decrease of 65% or $0.04 per share compared to the
prior year fourth quarter Non-GAAP results. Non-GAAP results
exclude adjustments related to acquisition deal costs,
restructuring and plant closure costs, and severance costs (see
Non-GAAP Financial Measures); and
- declared a regular quarterly cash dividend of $0.05 per share
payable September 6, 2017 to shareholders of record August 28,
2017.
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Financial
Highlights |
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(In thousands, except
per |
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Three Months Ended |
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Year Ended |
share data;
unaudited) |
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June 30 |
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June 30 |
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2017 |
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2016 |
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% Change |
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2017 |
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2016 |
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% Change |
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Net Sales |
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$ |
83,419 |
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$ |
80,844 |
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3 |
% |
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$ |
331,392 |
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$ |
322,196 |
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$ |
3 |
% |
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Operating Income |
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as reported |
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$ |
499 |
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$ |
2,081 |
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(76 |
)% |
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$ |
3,609 |
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$ |
13,956 |
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$ |
(74 |
)% |
Impairment of intangible |
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asset |
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-- |
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-- |
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n/m |
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479 |
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-- |
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n/m |
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Acquisition deal costs |
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128 |
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-- |
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n/m |
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1,608 |
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-- |
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n/m |
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Fair
market value inventory |
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write-up |
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-- |
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-- |
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n/m |
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155 |
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-- |
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n/m |
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Restructuring and plant |
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closure costs |
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101 |
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-- |
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n/m |
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897 |
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-- |
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n/m |
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Severance
costs |
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284 |
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68 |
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318 |
% |
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506 |
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469 |
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8 |
% |
Operating
Income |
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as
adjusted (a) |
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$ |
1,012 |
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$ |
2,149 |
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(53 |
)% |
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$ |
7,254 |
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$ |
14,425 |
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(50 |
)% |
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Net Income as
reported |
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$ |
696 |
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$ |
1,428 |
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(51 |
)% |
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$ |
3,000 |
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$ |
9,482 |
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(68 |
)% |
Net Income as
adjusted |
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$ |
519 |
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$ |
1,483 |
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(65 |
)% |
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$ |
4,974 |
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$ |
9,800 |
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(49 |
)% |
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Earnings per share |
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(diluted) as
reported |
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$ |
0.03 |
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$ |
0.06 |
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(50 |
)% |
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$ |
0.12 |
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$ |
0.37 |
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(68 |
)% |
Earnings per share |
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(diluted) as
adjusted |
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$ |
0.02 |
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$ |
0.06 |
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(67 |
)% |
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$ |
0.19 |
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$ |
0.38 |
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(50 |
)% |
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6/30/17 |
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6/30/16 |
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Working Capital |
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$ |
61,704 |
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$ |
88,510 |
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Total Assets |
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$ |
256,680 |
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$ |
195,560 |
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Long-Term Debt |
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$ |
49,698 |
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$ |
nil |
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Shareholders’
Equity |
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$ |
160,078 |
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$ |
155,520 |
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(a) |
The Company
recorded a $479,000 pre-tax impairment of an intangible asset in
fiscal 2017. The Company also recorded pre-tax acquisition
deal costs of $128,000 and $1,608,000 in the fourth quarter and
twelve month periods of fiscal 2017, respectively. The
Company recorded a $155,000 fair market value inventory write-up
associated with the acquisition of Atlas Lighting in the fiscal
2017. The Company also recorded pre-tax restructuring costs
and plant closure costs totaling $101,000 and $897,000 in the
fourth quarter and twelve month periods of fiscal 2017,
respectively. Restructuring costs in fiscal 2017 include a
$1,361,000 gain on the sale of one of the facilities that had been
closed. Additionally, the Company incurred pre-tax severance
costs of $284,000 and $68,000 in the fourth quarter of fiscal 2017
and 2016, respectively, and incurred pre-tax severance costs of
$506,000 and $469,000 in fiscal 2017 and fiscal 2016,
respectively. |
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Management Comments and Outlook
Dennis W. Wells, Chief Executive Officer and President,
commented, “In spite of difficult market conditions and
inflationary pressures, fiscal 2017 represented a year of
significant progress for LSI. We continued to invest in our
LED Lighting portfolio and Digital Signage with positive
results. Our lean efforts are providing meaningful savings,
although masked by a soft market and heavy inflation. We
completed the highly-strategic acquisition of Atlas, broadening our
abilities into the stock and flow portion of the market.
“Notable softness in several market segments where LSI has a
strong market position, specifically petroleum and retail, was
responsible for the organic decline. This served to mask the
growth generated in other target segments and products. Our
LED Lighting products grew by 20% and LED now comprises 78% of
total lighting sales. We introduced several new LED lighting
products during the year, many of which include controls-enhanced
solutions. Our recently introduced Mirada family of LED
Fixtures has been received positively. These fixtures are
ideal for parking lot, strip mall, auto dealership, and general
site illumination purposes.
"On our Smart Lighting advancement, our Lighting Controls sales
grew by 50%, led by AirLink™ in partnership with Lutron using
factory installed components. We continue to be encouraged by
the feedback we are receiving from the beta installation of our
SmartVision® platform, and we will be commercializing this system
at the NACS/PEI show in October.
“We completed the acquisition of Atlas Lighting Products during
February 2017. This highly strategic acquisition has
broadened our abilities into the stock and flow portion of the
market. In addition to expanding the product portfolio for
both LSI and Atlas, we are now in the early stages of increasing
our Asian sourcing utilizing Atlas’ existing relationships, a move
that will produce company-wide cost synergies. Integration
efforts have been very successful to date, and the continued
positive input that we are receiving from customers, agents and
distributors is encouraging. LSI’s results in fiscal 2017
included just over four months of contribution from the Atlas
business. I look forward to reporting a full year of
contribution from Atlas during fiscal 2018.
“Our targeted internal investments are also generating sales
growth in important, fast growing segments. I am proud to
report that sales at our SOAR™ Digital Signage program doubled
during fiscal 2017. Over the past few years we have moved
this program through the incubation stage into what is now a
profitable, cutting edge product line for LSI. Dynamic
digital signage is a rapidly growing sector in the graphics market,
and our SOAR solution is well-positioned in this space. We
offer a complete digital signage package for the customer,
including installation, monitoring, content creation and refresh
capabilities. We expect this program to continue to gain
momentum during fiscal 2018.
“We continued to improve efficiencies through the use of our LSI
Business System. Three facilities were closed during the
first half of fiscal 2017. We expect to see a full year of
benefit resulting from these closures during fiscal 2018, including
reduced fixed costs and payroll expenses. Investments in new
equipment during the year are also improving productivity
meaningfully. We have also begun to see positive results from
new sourcing and design initiatives aimed at lowering costs.
These continued efforts to lean the business, combined with price
increases that were initiated in fiscal 2017, will contribute to
offsetting cost increases in materials and labor going forward.
“During fiscal 2017 we began to revitalize our marketing
and sales efforts, including focusing on previously underserved
markets, such as hospitality and assisted living facilities.
We are encouraged by the reception we are receiving as we work with
prospective customers in these markets, and look forward to
reporting on this initiative as we progress through fiscal
2018. These efforts are supported by a full slate of new
products scheduled for launch throughout fiscal 2018.
“Our financial position remains strong. Our debt
position at June 30, 2017 was $49.7 million, down 25% from $66
million on the date of the Atlas transaction. We are
continuing to maintain our dividend at a $0.20 annual rate and will
consider increasing the rate based upon the strength of operating
results, financial position, and other factors in upcoming
quarters.
“We are entering fiscal 2018 with revitalized sales efforts, a
pipeline of new products, leaner operations, and a solid financial
condition. We remain encouraged that the high level of
quoting activity in the marketplace is suggestive of pent-up
demand. Overall economic indicators, while mixed, support
growth in construction activity in both new and renovation/retrofit
markets. Further, we are confident that the internal progress
that we achieved during fiscal 2017 will positively impact our
operating leverage during fiscal 2018.”
Fourth Quarter Fiscal 2017 Results
Net sales in the fourth quarter of fiscal 2017 were $83,419,000,
up 3% from last year’s fourth quarter net sales of
$80,844,000. Lighting Segment net sales of $62,427,000, which
include the results of recently acquired Atlas Lighting from
February 21st through June 30th, were up 6.0% from last year’s
fourth quarter net sales, Graphics Segment net sales decreased 4.3%
to $16,456,000, and Technology Segment net sales (excluding
significant intersegment net sales) decreased 4.8% to
$4,536,000. After consideration of the Technology Segment’s
intersegment sales primarily in support of LED products
manufactured and sold by the Lighting Segment, this segment’s net
sales decreased 4.5% in the fourth quarter of fiscal 2017. The
Company 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. Operating results of Atlas Lighting
beginning February 21, 2017 are included in the Company’s
consolidated operating results. In the fourth quarter of
fiscal 2017 the Company recorded a net pre-tax restructuring cost
of $101,000 (expensed in Cost of Products Sold).
Additionally, the Company recorded other pre-tax severance costs of
$284,000 and $68,000 in the fourth quarter of fiscal 2017 and 2016,
respectively. The Company recognized a tax benefit in the
fourth quarter of fiscal 2017 resulting from an adjustment in the
effective tax rate. The fiscal 2017 fourth quarter net income
of $696,000, or $0.03 per share, compared to the fiscal 2016 fourth
quarter net income of $1,428,000 or $0.06 per share. Earnings
per share represents diluted earnings per share.
Fiscal 2017 Results
Net sales in fiscal 2017 were $331,392,000, an increase of 3% as
compared to last year’s net sales of $322,196,000. Lighting
Segment net sales, which include the results of recently acquired
Atlas Lighting from February 21st through June 30th,
increased 5.3% to $239,005,000, Graphics Segment net sales
decreased 7.1% to $72,395,000, and Technology Segment net sales
(excluding significant intersegment net sales) increased 15.3% to
$19,992,000. After consideration of the Technology Segment’s
intersegment sales primarily in support of LED products
manufactured and sold by the Lighting Segment, this segment’s net
sales increased 1.7% in fiscal 2017. The Company recorded a
$479,000 pre-tax impairment of an intangible asset in fiscal
2017. The Company recorded $1,608,000 of pre-tax acquisition
deal costs 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 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. Additionally, the Company recorded other pre-tax
severance costs of $506,000 and $469,000 in fiscal 2017 and 2016,
respectively. The expense related to the Company’s incentive
compensation plan was significantly less in fiscal 2017 as compared
to the prior year. The Company reduced an income tax
valuation reserve in fiscal 2017 in the amount of $0.6 million due
to the recording of a long-term capital gain related to the sale of
a facility. The fiscal 2017 net income of $3,000,000, or
$0.12 per share, decreased 68% from fiscal 2016 net income of
$9,482,000, or $0.37 per share. Earnings per share represents
diluted earnings per share.
Balance Sheet
The balance sheet at June 30, 2017 included current assets of
$107.1 million, current liabilities of $45.4 million and working
capital of $61.7 million, which includes cash of $3.0
million. The current ratio was 2.4 to 1. The Company
has shareholders’ equity of $160.1 million and $49.7 million of
long-term debt on its balance sheet as of June 30, 2017. With
continued strong cash flow, a sound balance sheet, and $50.3
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 2017 payable September 6, 2017 to shareholders of record
as of the close of business on August 28, 2017. 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, 2017 and 2016. Adjusted net income and
earnings per share, which exclude the impact of the impairment of
an intangible asset, acquisition deal costs, fair market value
inventory write-up, restructuring and plant closure costs, and
other severance 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 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.
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Fourth Quarter |
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Diluted |
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Diluted |
(in thousands, except per share data; unaudited) |
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FY 2017 |
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EPS |
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FY 2016 |
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EPS |
Reconciliation of net income to adjusted net income: |
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Net income and earnings per |
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share as
reported |
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$ |
696 |
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$ |
0.03 |
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$ |
1,428 |
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$ |
0.06 |
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Adjustment for acquisition deal costs, |
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inclusive of the income tax effect |
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73 |
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-- |
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-- |
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-- |
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Adjustment for restructuring and plant |
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closure
costs (income) , inclusive of the |
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income
tax effect |
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(433 |
) |
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(0.02 |
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-- |
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-- |
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Adjustment for other severance costs, |
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inclusive of the income tax effect |
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183 |
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0.01 |
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55 |
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-- |
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Adjusted net income and earnings per share |
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$ |
519 |
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$ |
0.02 |
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$ |
1,483 |
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$ |
0.06 |
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(in thousands, except per share data; unaudited) |
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Twelve Month Period |
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Diluted |
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Diluted |
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FY 2017 |
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EPS |
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FY 2016 |
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EPS |
Reconciliation of net income to adjusted net income: |
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Net income and earnings per share as reported |
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$ |
3,000 |
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$ |
0.12 |
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$ |
9,482 |
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$ |
0.37 |
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Adjustment for impairment of intangible asset, |
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inclusive of the income tax effect |
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335 |
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0.01 |
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-- |
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-- |
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Adjustment for acquisition deal costs, |
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inclusive of the income tax effect |
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1,103 |
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0.04 |
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-- |
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-- |
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Adjustment for fair market value inventory |
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write-up, inclusive of the income |
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tax
effect |
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108 |
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-- |
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-- |
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-- |
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Adjustment for restructuring and plant closure |
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costs,
inclusive of the income tax effect |
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81 |
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-- |
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-- |
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-- |
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Adjustment for other severance costs, |
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inclusive of the income tax effect |
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347 |
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0.01 |
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318 |
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0.01 |
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Adjusted net income and earnings per share |
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$ |
4,974 |
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$ |
0.19 |
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$ |
9,800 |
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$ |
0.38 |
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"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, 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 of acquired businesses, unfavorable economic
and market conditions, 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
We are a customer-centric company that positions itself as a
value-added, trusted partner in developing superior image solutions
through our world-class lighting, graphics, and technology
capabilities. Our core strategy of "Lighting + Graphics +
Technology = Complete Image Solutions" differentiates us from our
competitors.
We are committed to advancing solid-state LED technology to make
affordable, high performance, energy-efficient lighting and custom
graphic products that bring value to our customers. We have a
vast offering of innovative solutions for virtually any lighting or
graphics application. In addition, we provide sophisticated
lighting and energy management control solutions to help customers
manage their energy performance. Further, we provide a full
range of design support, engineering, installation and project
management services to our customers.
We are a vertically integrated U.S.-based manufacturer
concentrating on serving customers in North America and Latin
America. Our major markets include commercial / industrial
lighting, petroleum / convenience store and multi-site retail
(including automobile dealerships, restaurants and national retail
accounts). Headquartered in Cincinnati, Ohio, LSI has
facilities in Ohio, California, Kentucky, New York, North Carolina
and Texas. The Company’s common shares are traded on the
NASDAQ Global Select Market under the symbol LYTS.
For further information, contact either Dennis
Wells, Chief Executive Officer and President, or Jim Galeese,
Executive Vice President and Chief Financial Officer 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
(in
thousands, except per |
|
June 30 |
|
|
|
June 30 |
|
share data;
unaudited) |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
$ |
83,419 |
|
|
|
$ |
80,844 |
|
|
|
$ |
331,392 |
|
|
$ |
322,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
products and services sold |
|
|
62,135 |
|
|
|
|
60,997 |
|
|
|
|
248,012 |
|
|
|
238,525 |
|
Restructuring costs – cost of sales |
|
|
48 |
|
|
|
|
-- |
|
|
|
|
1,503 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
21,236 |
|
|
|
|
19,847 |
|
|
|
|
81,877 |
|
|
|
83,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses |
|
|
20,609 |
|
|
|
|
17,766 |
|
|
|
|
77,272 |
|
|
|
69,715 |
|
Impairment
of an intangible asset |
|
|
-- |
|
|
|
|
-- |
|
|
|
|
479 |
|
|
|
-- |
|
Acquisition
deal costs |
|
|
128 |
|
|
|
|
-- |
|
|
|
|
1,608 |
|
|
|
-- |
|
Restructuring costs – SG&A expense |
|
|
-- |
|
|
|
|
-- |
|
|
|
|
(1,091 |
) |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
499 |
|
|
|
|
2,081 |
|
|
|
|
3,609 |
|
|
|
13,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
(income) expense, net |
|
|
400 |
|
|
|
|
(21 |
) |
|
|
|
529 |
|
|
|
(48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
99 |
|
|
|
|
2,102 |
|
|
|
|
3,080 |
|
|
|
14,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit) |
|
|
(597 |
) |
|
|
|
674 |
|
|
|
|
80 |
|
|
|
4,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
696 |
|
|
|
$ |
1,428 |
|
|
|
$ |
3,000 |
|
|
$ |
9,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.03 |
|
|
|
$ |
0.06 |
|
|
|
$ |
0.12 |
|
|
$ |
0.38 |
|
|
Diluted |
|
$ |
0.03 |
|
|
|
$ |
0.06 |
|
|
|
$ |
0.12 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,705 |
|
|
|
|
25,201 |
|
|
|
|
25,436 |
|
|
|
24,988 |
|
|
Diluted |
|
|
26,270 |
|
|
|
|
25,934 |
|
|
|
|
25,988 |
|
|
|
25,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
(in
thousands, unaudited) |
|
June 30, |
|
June 30, |
|
|
|
2017 |
|
2016 |
|
Current
Assets |
|
$ |
107,129 |
|
$ |
127,743 |
|
Property,
Plant and Equipment, net |
|
|
47,354 |
|
|
47,462 |
|
Other
Assets |
|
|
102,197 |
|
|
20,355 |
|
|
|
$ |
256,680 |
|
$ |
195,560 |
|
|
|
|
|
|
|
Current
Liabilities |
|
$ |
45,425 |
|
$ |
39,233 |
|
Long-Term
Debt |
|
|
49,698 |
|
|
-- |
|
Other
Long-Term Liabilities |
|
|
1,479 |
|
|
807 |
|
Shareholders’ Equity |
|
|
160,078 |
|
|
155,520 |
|
|
$ |
256,680 |
|
$ |
195,560 |
|
|
|
|
|
|
|
|
CONTACT:
DENNIS WELLS or
JIM GALEESE
(513) 793-3200
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