Ohio
|
0-13375
|
31-0888951
|
||||
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
10000 Alliance Road, Cincinnati, Ohio
|
45242
|
||
(Address of Principal Executive Offices)
|
(Zip Code)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit Number
|
Description
|
99
|
Press Release Dated April 23, 2015
|
LSI INDUSTRIES INC.
BY: /s/ Ronald S. Stowell
Ronald S. Stowell
Vice President, Chief Financial
Officer and Treasurer
(Principal Financial and Accounting Officer)
|
FOR IMMEDIATE RELEASE
DATE: APRIL 23, 2015
|
CONTACT:
|
DENNIS WELLS or
RON STOWELL
(513) 793-3200
|
· | reported third quarter net sales of $68,603,000, a decrease of less than (1)% as compared to $68,996,000 in the same period of the prior fiscal year; |
· | reported third quarter net income of $393,000, or $0.02 per share, as compared to a net loss of $(1,009,000), or $(0.04) per share, for the same period of the prior fiscal year; |
· | reported nine month net sales of $231,784,000, an increase of 3% as compared to $225,605,000 in the same period of the prior fiscal year; |
· | reported nine month net income of $3,508,000, or $0.14 per share, an increase of 103% as compared to net income of $1,726,000, or $0.07 per share, for the same period of the prior fiscal year; and |
· | declared a regular quarterly cash dividend of $0.03 per share payable May 12, 2015 to shareholders of record May 5, 2015. |
Three Months Ended
March 31 |
Nine Months Ended
March 31 |
|||||||||||||||||||||||
Financial Highlights
(In thousands, except per
share data; unaudited)
|
2015
|
2014
|
% Change
|
2015
|
2014
|
% Change
|
||||||||||||||||||
Net Sales
|
$
|
68,603
|
$
|
68,996
|
(1
|
)%
|
$
|
231,784
|
$
|
225,605
|
3
|
%
|
||||||||||||
Operating Income (Loss) as reported
|
$
|
582
|
$
|
(946
|
)
|
n/
|
m
|
$
|
5,340
|
$
|
3,404
|
57
|
%
|
|||||||||||
Severance costs (income)
|
(295
|
)
|
--
|
n/
|
m
|
662
|
--
|
n/
|
m
|
|||||||||||||||
Self-insured death benefit
|
1,000
|
--
|
n/
|
m
|
1,000
|
--
|
n/
|
m
|
||||||||||||||||
(Loss) on sale of assets, net
|
--
|
--
|
n/
|
m
|
222
|
--
|
n/
|
m
|
||||||||||||||||
Operating Income (Loss) as adjusted (a)
|
$
|
1,287
|
$
|
(946
|
)
|
n/
|
m
|
$
|
7,224
|
$
|
3,404
|
112
|
%
|
|||||||||||
Net Income (Loss) as reported
|
$
|
393
|
$
|
(1,009
|
)
|
n/
|
m
|
$
|
3,508
|
$
|
1,726
|
103
|
%
|
|||||||||||
Net income (Loss) as adjusted
|
$
|
842
|
$
|
(1,009
|
)
|
n/
|
m
|
$
|
4,807
|
$
|
1,726
|
179
|
%
|
|||||||||||
Earnings (loss) per share (diluted) as reported
|
$
|
0.02
|
$
|
(0.04
|
)
|
n/
|
m
|
$
|
0.14
|
$
|
0.07
|
100
|
%
|
|||||||||||
Earnings (loss) per share (diluted) as adjusted
|
$
|
0.03
|
$
|
(0.04
|
)
|
n/
|
m
|
$
|
0.20
|
$
|
0.07
|
186
|
%
|
3/31/15
|
6/30/14
|
|
Working Capital
|
$81,093
|
$76,788
|
Total Assets
|
$174,198
|
$169,888
|
Long-Term Debt
|
$ nil
|
$ nil
|
Shareholders' Equity
|
$ 141,436
|
$ 138,412
|
(a)
|
The Company incurred net pre-tax severance costs (income) of $(295,000) and $662,000 in the third quarter and nine month periods of fiscal 2015, respectively. Additionally, the Company recorded a $1,000,000 self-insured death benefit expense in the third quarter related to the Company's former Chairman and Chief Executive Officer. The Company also sold a manufacturing facility as well as a subsidiary in the first quarter of fiscal 2015, both of which netted to a pre-tax net loss of $222,000. Operating income (loss), net income (loss), and earnings (loss) per share (diluted) before severance costs, self-insured death benefit expense, and sale of assets are Non-GAAP financial measures (see pages 4 and 5).
|
1.
|
The business segment formerly known as the Electronic Components Segment was renamed as the Technology Segment.
|
2.
|
The Smartvision LED Video Screen product line was moved out of the Lighting Segment and into the Technology Segment.
|
3.
|
The Company's installation management business (LSI Adapt) and the menu board business (LSI Images) were moved out of the All Other Category and into the Graphics Segment.
|
(in thousands, except per share data; unaudited)
|
Third Quarter
|
|||||||||||||||
FY 2015
|
Diluted
EPS
|
FY 2014
|
Diluted
EPS |
|||||||||||||
Reconciliation of net income (loss) to
adjusted net income (loss):
|
||||||||||||||||
Net income (loss) and earnings
(loss) per share as reported
|
$
|
393
|
$
|
0.02
|
$
|
(1,009
|
)
|
$
|
(0.04
|
)
|
||||||
Adjustment for net severance costs,
inclusive of the income tax effect
|
(188
|
)
|
(0.01
|
)
|
--
|
--
|
||||||||||
Adjustment for self-insured death benefit
expense, inclusive of the income tax effect
|
637
|
0.03
|
--
|
--
|
||||||||||||
Adjusted net income (loss) and earnings
(loss) per share
|
$
|
842
|
$
|
0.03
|
$
|
(1,009
|
)
|
$
|
(0.04
|
)
|
(in thousands, except per share data; unaudited) | Nine Month | |||||||||||||||
FY 2015 |
Diluted
EPS
|
FY 2014 |
Diluted
EPS
|
|||||||||||||
Reconciliation of net income to adjusted net income:
|
||||||||||||||||
Net income and earnings
per share as reported
|
$
|
3,508
|
$
|
0.14
|
$
|
1,726
|
$
|
0.07
|
||||||||
Adjustment for severance costs,
inclusive of the income tax effect
|
422
|
0.02
|
--
|
--
|
||||||||||||
Adjustment for self-insured death benefit
expense, inclusive of the income tax effect
|
637
|
0.03
|
--
|
--
|
||||||||||||
Adjustment for the gain on the
sale of a manufacturing facility,
inclusive of the income tax effect
|
(224
|
)
|
(0.01
|
)
|
--
|
--
|
||||||||||
Adjustment for the loss on sale of a
subsidiary
|
565
|
0.02
|
--
|
--
|
||||||||||||
Income tax effect of utilization of a
long-term capital loss
|
(101
|
)
|
--
|
--
|
--
|
|||||||||||
Adjusted net income and earnings per share
|
$
|
4,807
|
$
|
0.20
|
$
|
1,726
|
$
|
0.07
|
Condensed Consolidated Statements of Operations
|
||||||||||||||||
Three Months Ended
March 31 |
Nine Months Ended
March 31
|
|||||||||||||||
(in thousands, except per
share data; unaudited)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Net sales
|
$
|
68,603
|
$
|
68,996
|
$
|
231,784
|
$
|
225,605
|
||||||||
Cost of products and services sold
|
52,298
|
55,281
|
176,316
|
176,011
|
||||||||||||
Gross profit
|
16,305
|
13,715
|
55,468
|
49,594
|
||||||||||||
Selling and administrative expenses
|
15,723
|
14,661
|
50,128
|
46,190
|
||||||||||||
Operating income (loss)
|
582
|
(946
|
)
|
5,340
|
3,404
|
|||||||||||
Interest expense, net
|
3
|
17
|
17
|
41
|
||||||||||||
Income (loss) before income taxes
|
579
|
(963
|
)
|
5,323
|
3,363
|
|||||||||||
Income tax expense
|
186
|
46
|
1,815
|
1,637
|
||||||||||||
Net income (loss)
|
$
|
393
|
$
|
(1,009
|
)
|
$
|
3,508
|
$
|
1,726
|
|||||||
Income (loss) per common share
|
||||||||||||||||
Basic
|
$
|
0.02
|
$
|
(0.04
|
)
|
$
|
0.14
|
$
|
0.07
|
|||||||
Diluted
|
$
|
0.02
|
$
|
(0.04
|
)
|
$
|
0.14
|
$
|
0.07
|
|||||||
Weighted average common shares outstanding
|
||||||||||||||||
Basic
|
24,528
|
24,401
|
24,470
|
24,376
|
||||||||||||
Diluted
|
24,463
|
24,609
|
24,550
|
24,545
|
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
|
||||||||
March 31,
2015
|
June 30,
2014
|
|||||||
Current Assets
|
$
|
112,263
|
$
|
106,077
|
||||
Property, Plant and Equipment, net
|
43,385
|
44,282
|
||||||
Other Assets
|
18,550
|
19,529
|
||||||
$
|
174,198
|
$
|
169,888
|
|||||
Current Liabilities
|
$
|
31,170
|
$
|
29,289
|
||||
Long-Term Debt
|
--
|
--
|
||||||
Other Long-Term Liabilities
|
1,592
|
2,187
|
||||||
Shareholders' Equity
|
141,436
|
138,412
|
||||||
$
|
174,198
|
$
|
169,888
|
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