-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JtEOe7QOKe606p/w/bb5sBFThWYkSOS62QjGsfRvSIP2Iu9/OA6L/8Xq//XLLInO +OWdMTcERMwoAcR5Jh6ntQ== 0000950152-99-004290.txt : 19990513 0000950152-99-004290.hdr.sgml : 19990513 ACCESSION NUMBER: 0000950152-99-004290 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LSI INDUSTRIES INC CENTRAL INDEX KEY: 0000763532 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] IRS NUMBER: 310888951 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-72407 FILM NUMBER: 99618468 BUSINESS ADDRESS: STREET 1: 10000 ALLIANCE RD STREET 2: P O BOX 42728 CITY: CINCINNATI STATE: OH ZIP: 45242 BUSINESS PHONE: 5135796411 MAIL ADDRESS: STREET 1: 10000 ALLIANCE RD STREET 2: P O BOX 42728 CITY: CINCINNATI STATE: OH ZIP: 45242 FORMER COMPANY: FORMER CONFORMED NAME: LSI LIGHTING SYSTEMS INC DATE OF NAME CHANGE: 19891121 10-Q 1 LSI INDUSTRIES INC. FORM 10-Q 1 FORM 10-Q --------- SECURITIES AND EXCHANGE COMMISSION ---------------------------------- WASHINGTON, D.C. 20549 ---------------------- X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES - ----- EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999. TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________________ TO ________________. Commission File No. 0-13375 LSI Industries Inc. State of Incorporation - Ohio IRS Employer I.D. No. 31-0888951 10000 Alliance Road Cincinnati, Ohio 45242 (513) 793-3200 Indicate by checkmark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. YES X NO --- --- Common Shares, no par value. Shares outstanding at May 5, 1999: 10,137,952 2 LSI INDUSTRIES INC. ------------------- FORM 10-Q --------- FOR THE QUARTER ENDED MARCH 31, 1999 ------------------------------------ INDEX ----- Begins on Page ---- PART I. Financial Information --------------------- ITEM 1. Financial Statements Consolidated Income Statements................. 3 Consolidated Balance Sheets.................... 4 Consolidated Statements of Cash Flows.......... 5 Notes to Financial Statements.................. 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations................................ 9 PART II. Other Information ITEM 2. Change in Securities........................... 12 ITEM 6. Exhibits and Reports on Form 8-K............... 12 Signatures ............................................... 13 Page 2 3 PART I. FINANCIAL INFORMATION ----------------------------- ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- LSI INDUSTRIES INC. CONSOLIDATED INCOME STATEMENTS (Unaudited)
Three Months Ended Nine Months Ended March 31 March 31 ------------------------ ------------------------ (in thousands, except per 1999 1998 1999 1998 share data; unaudited) ---- ---- ---- ---- Net sales $ 53,408 $ 43,386 $ 162,881 $ 135,097 Cost of products sold 36,399 29,669 107,879 88,741 --------- --------- --------- --------- Gross profit 17,009 13,717 55,002 46,356 Selling and administrative expenses 12,109 10,579 36,442 32,561 --------- --------- --------- --------- Operating income 4,900 3,138 18,560 13,795 Interest expense 61 34 115 86 Interest (income) (116) (40) (382) (72) Other expense (5) 46 47 66 --------- --------- --------- --------- Income before income taxes 4,960 3,098 18,780 13,715 Income tax expense 1,877 1,181 7,117 5,143 --------- --------- --------- --------- Net income $ 3,083 $ 1,917 $ 11,663 $ 8,572 ========= ========= ========= ========= Earnings per common share Basic $ .31 $ .20 $ 1.19 $ .90 ========= ========= ========= ========= Diluted $ .30 $ .20 $ 1.17 $ .88 ========= ========= ========= =========
The accompanying Notes to Financial Statements are an integral part of these financial statements. Page 3 4 LSI INDUSTRIES INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share amounts) March 31, June 30, 1999 1998 ---- ---- ASSETS - ------ Current Assets Cash and cash equivalents $ 11,377 $ 9,338 Accounts receivable 32,586 33,184 Inventories 27,542 24,958 Other current assets 2,888 2,068 ---------- --------- Total current assets 74,393 69,548 Property, plant and equipment, net 31,698 27,735 Goodwill and other assets, net 20,193 13,033 --------- -------- $126,284 $110,316 ======== ======== LIABILITIES & SHAREHOLDERS' EQUITY - ---------------------------------- Current Liabilities Current maturities of long-term debt $ 219 $ 190 Accounts payable 13,810 13,689 Accrued expenses 12,700 15,432 --------- -------- Total current liabilities 26,729 29,311 Long-Term Debt 1,428 1,005 Other Long-Term Liabilities 1,355 1,343 Shareholders' Equity Preferred shares, without par value; Authorized 1,000,000 shares; none issued -- -- Common shares, without par value; Authorized 30,000,000 shares; Outstanding 10,081,367 and 9,634,608 shares, respectively 44,361 35,368 Retained earnings 52,411 43,289 --------- --------- Total shareholders' equity 96,772 78,657 --------- --------- $126,284 $110,316 ========= =========
The accompanying Notes to Financial Statements are an integral part of these financial statements. Page 4 5 LSI INDUSTRIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands) Nine Months Ended March 31 ---------------------------- 1999 1998 ---- ---- Cash Flows from Operating Activities Net income $ 11,663 $ 8,572 Non-cash items included in income Depreciation and amortization 3,366 3,166 Deferred income taxes 90 90 Loss on disposition of fixed assets 47 66 Changes in operating assets and liabilities Accounts receivable 2,410 (456) Inventories (286) (2,982) Accounts payable and other (3,904) (1,395) Change in liability for discontinued operations (97) (9) -------- -------- Net cash flows from operating activities 13,289 7,052 -------- -------- Cash Flows from Investing Activities Purchase of property, plant and equipment (3,069) (3,403) Proceeds from sale of fixed assets 3 11 Acquisition of businesses, net of cash acquired (6,059) (712) -------- -------- Net cash flows from investing activities (9,125) (4,104) -------- -------- Cash Flows from Financing Activities Payment of long-term debt (1,145) (417) Increase in long-term debt 569 -- Cash dividends paid (2,542) (2,148) Purchase of treasury shares (205) 42 Proceeds from issuance of common shares 1,198 201 -------- -------- Net cash flows from financing activities (2,125) (2,322) -------- -------- Increase (decrease) in cash and cash equivalents 2,039 626 Cash and cash equivalents at beginning of year 9,338 2,612 -------- -------- Cash and cash equivalents at end of period $ 11,377 $ 3,238 ======== ======== Supplemental Cash Flow Information Interest paid $ 125 $ 112 Income taxes paid $ 8,311 $ 6,204
The accompanying Notes to Financial Statements are an integral part of these financial statements. Page 5 6 LSI INDUSTRIES INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1: INTERIM FINANCIAL STATEMENTS The interim financial statements are unaudited and are prepared in accordance with rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of Management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company's financial position as of March 31, 1999, and the results of its operations and its cash flows for the periods ended March 31, 1999 and 1998. These statements should be read in conjunction with the financial statements and footnotes included in the fiscal 1998 annual report. NOTE 2: RECENT PRONOUNCEMENTS In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133 (SFAS No. 133), "Accounting for Derivative Instruments and Hedging Activities," which establishes standards for reporting and disclosure of derivative and hedging instruments. SFAS No. 133 is effective for all fiscal quarters of all fiscal years beginning after June 15, 1999. The Company will not be affected by this new standard because the Company has no derivative or hedging financial instruments. NOTE 3: COMPREHENSIVE INCOME In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130 (SFAS No. 130), "Reporting Comprehensive Income," which established standards for reporting and display of comprehensive income and its components (revenues, expenses, gains, and losses) in a full set of general-purpose financial statements. The Company adopted SFAS No. 130 in the quarter ended September 30, 1998. For the periods disclosed, periods ending March 31, 1999 and 1998, comprehensive income is equal to the net income reported. NOTE 4: EARNINGS PER COMMON SHARE In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 (SFAS No. 128), "Earnings Per Share," which requires the presentation of basic and diluted earnings per share on the face of the income statement for all entities with complex capital structures and requires a reconciliation of both the numerator and denominator of the basic and dilutive earnings per share computations. The Company adopted SFAS No. 128 effective with the second quarter of fiscal year 1998. All prior period earnings per share have been restated for the new disclosure. Page 6 7 NOTE 4: EARNINGS PER COMMON SHARE (continued) The following table presents the amounts used to compute earnings per common share and the effect of dilutive potential common shares on net income and weighted average shares outstanding:
Three Months Ended Nine Months Ended March 31 March 31 ---------------------- ---------------------- 1999 1998 1999 1998 ---- ---- ---- ---- BASIC EARNINGS PER SHARE - ------------------------ Net income $ 3,083 $ 1,917 $11,663 $ 8,572 ======= ======= ======= ======= Weighted average shares outstanding during the period, net of treasury shares 10,062 9,557 9,799 9,541 ======= ======= ======= ======= Basic earnings per share $ .31 $ .20 $ 1.19 $ .90 ======= ======= ======= ======= DILUTED EARNINGS PER SHARE - -------------------------- Net income $ 3,083 $ 1,917 $11,663 $ 8,572 ======= ======= ======= ======= Weighted average shares outstanding during the period, net of treasury shares 10,062 9,557 9,799 9,541 Effect of dilutive securities: Impact of common shares to be issued under stock option plans and a deferred compensation plan (A)(B) 170 255 186 220 ------- ------- ------- ------- Weighted average shares outstanding 10,232 9,812 9,985 9,761 ======= ======= ======= ======= Diluted earnings per share $ .30 $ .20 $ 1.17 $ .88 ======= ======= ======= =======
(A) Calculated using the "Treasury Stock" method as if dilutive securities were exercised and the funds were used to purchase Common Shares at the average market price during the period. (B) Options to purchase 25,763 common shares and 500 common shares during the quarters ended March 31, 1999 and 1998, respectively, and 10,745 common shares and 2,361 common shares during the nine month periods ended March 31, 1999 and 1998, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. Page 7 8 NOTE 5: INVENTORIES Inventories consist of the following (in thousands):
March 31, 1999 June 30, 1998 -------------- ------------- Raw Materials $12,270 $12,192 Work-in-Process and Finished Goods 15,272 12,766 ------- ------- $27,542 $24,958 ======= =======
NOTE 6: CASH DIVIDENDS The Company paid cash dividends of $2,542,000 and $2,148,000 in the nine month periods ended March 31, 1999 and 1998, respectively. In April 1999, the Company's Board of Directors declared a $.0675 per share regular quarterly cash dividend ($681,000) payable on May 18, 1999 to shareholders of record May 11, 1999. NOTE 7: SHAREHOLDERS' EQUITY The Company has a non-qualified Deferred Compensation Plan with all Plan investments in common shares of the Company. As of March 31, 1999 a total of 44,177 common shares at a cost of $671,733 were held in the Plan, and, accordingly, have been recorded as treasury shares. NOTE 8: SUBSEQUENT EVENT The Company acquired substantially all of the assets and the business of Retail Graphics, Inc., including its newly constructed facility in Woonsocket, Rhode Island on April 9, 1999. Total consideration for this purchase was $3,300,000, consisting of $2,475,000 in cash and 47,578 common shares of LSI Industries valued at $825,000. In addition, a contingent "earn-out" having a maximum value of $600,000, payable in similar percentages of cash and LSI common shares, could be earned during the first two years after acquisition. The new subsidiary, LSI Retail Graphics Inc. is engaged in the business of designing, fabricating, selling, and installing decorative graphics elements and interior signs for retail store environments. Results of Retail Graphics will be included in the Company's Image Group. The acquisition will be accounted for as a purchase, effective on the date of acquisition. Page 8 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL - ---------------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS ----------------------------------- NET SALES BY BUSINESS SEGMENT (In thousands, unaudited)
Three Months Ended Nine Months Ended March 31 March 31 ------------------------- ------------------------ 1999 1998 1999 1998 ---- ---- ---- ---- Image Group $36,143 $32,313 $114,727 $ 99,146 Commercial/Industrial Lighting Group 17,265 11,073 48,154 35,951 ------- ------- -------- -------- $53,408 $43,386 $162,881 $135,097 ======= ======= ======== ========
RESULTS OF OPERATIONS - --------------------- THREE MONTHS ENDED MARCH 31, 1999 COMPARED WITH THREE MONTHS ENDED MARCH 31, 1998 Net sales of $53,408,000 in the third quarter of fiscal 1999 increased 23% over fiscal 1998 third quarter net sales of $43,386,000. Commercial / Industrial Lighting Group net sales increased 56% and Image Group net sales increased 12% in the third quarter of fiscal 1999 as compared to the prior year. The increase in the Commercial / Industrial Lighting Group net sales resulted from growth by all operations in substantially all markets. Additionally, a portion of the increase is from inclusion of the results of both LSI Marcole and LSI MidWest Lighting (acquired February 1998 and January 1999, respectively; totaling approximately 11% of net sales in FY 1999 versus 1% of net sales in FY 1998). The increase in Image Group sales is attributed to growth in substantially all markets and products, particularly petroleum lighting, graphics, and quick service restaurant. Net sales of the Image Group to the petroleum / convenience store market represented 42% and 50% of net sales in the third quarter of fiscal 1999 and fiscal 1998, respectively. While sales prices were increased, inflation did not have a significant impact on sales in 1999 as competitive pricing pressures held price increases to a minimum. Gross profit of $17,009,000 increased 24% over last year's third quarter gross profit of $13,717,000, and increased as a percentage of net sales to 31.8% in fiscal year 1999 as compared to 31.6% in the prior year. The increase in amount of gross profit is due primarily to the 23% increase in net sales. Selling and administrative expenses increased to $12,109,000 from $10,579,000 primarily as a result of increased sales volume. As a percentage of net sales, selling and administrative expenses were at 22.7% in the third quarter of fiscal 1999 as compared to 24.4% in the prior year due primarily to operating efficiencies at the higher sales volume. The Company reported net interest income of $55,000 in the third quarter of fiscal 1999 as compared to net interest income of $6,000 in fiscal 1998 reflective of an increased amount of short-term cash investments. The Company's effective tax rate was reduced to 37.8% in the third quarter of fiscal 1999 as compared to 38.1% in fiscal 1998 primarily due to decreased provision of state and local income tax. Page 9 10 Net income of $3,083,000 increased 61% over $1,917,000 in the third quarter of fiscal 1998. The increased net income resulted from increased gross profit on higher net sales, and from the reporting of a larger amount of net interest income in fiscal 1999 as compared to 1998, partially offset by increased operating expenses and income taxes. Diluted earnings per share of $0.30 increased 50% in the third quarter of fiscal 1999 from $0.20 per share in fiscal 1998. The weighted average common shares outstanding for purposes of computing diluted earnings per share increased 4% in the third quarter of fiscal 1999 to 10,232,000 shares from 9,812,000 shares in 1998. This increase resulted primarily from the acquisition of LSI MidWest Lighting in January 1999 as well as the effect of stock options. A certain recently issued accounting pronouncement could affect the Company's future financial statements and / or disclosures. See Note 2 to these financial statements for additional discussion. NINE MONTHS ENDED MARCH 31, 1999 COMPARED WITH NINE MONTHS ENDED MARCH 31, 1998 Net sales of $162,881,000 in the first nine months of fiscal 1999 increased 21% over nine month fiscal 1998 net sales of $135,097,000. Commercial / Industrial Lighting Group net sales increased 34% and Image Group net sales increased 16% in the first nine months of fiscal 1999 as compared to the prior year. The increase in the Commercial / Industrial Lighting Group net sales resulted from growth by all operations in substantially all markets. Additionally, a portion of the increase is from inclusion of the results of both LSI Marcole and LSI MidWest Lighting (acquired February 1998 and January 1999, respectively; totaling approximately 5% of net sales in FY 1999 versus less than 1% of net sales in FY 1998). The increase in Image Group sales is attributed to growth in substantially all markets and products, particularly petroleum lighting, graphics, and quick service restaurant. Net sales of the Image Group to the petroleum / convenience store market represented 42% and 50% of net sales in the first nine months of fiscal 1999 and fiscal 1998, respectively. While sales prices were increased, inflation did not have a significant impact on sales in 1999 as competitive pricing pressures held price increases to a minimum. Gross profit of $55,002,000 increased 19% over last year's nine month gross profit of $46,356,000, and decreased as a percentage of net sales to 33.8% in fiscal year 1999 as compared to 34.3% in the prior year. The increase in amount of gross profit is due primarily to the 21% increase in net sales. The decrease in gross profit percentage is primarily related to slightly lower margins in the graphics product lines in the Image Group and to the lower gross margin of the acquired businesses. Selling and administrative expenses increased to $36,442,000 from $32,561,000 primarily as a result of increased sales volume. As a percentage of net sales, selling and administrative expenses were at 22.4% in the first nine months of fiscal 1999 as compared to 24.1% in the prior year due primarily to operating efficiencies at the higher sales volume. The Company reported net interest income of $267,000 in the first nine months of fiscal 1999 as compared to net interest expense of $14,000 in fiscal 1998 reflective of an increased amount of short-term cash investments. The Company's effective tax rate increased to 37.9% in the first nine months of fiscal 1999 as compared to 37.5% in fiscal 1998 primarily due to increased provision of state and local income tax. Net income of $11,663,000 increased 36% over $8,572,000 in the first nine months of fiscal 1998. The increased net income resulted from increased gross profit on higher net sales, Page 10 11 and from the reporting of net interest income in fiscal 1999 as compared to net interest expense in fiscal 1998, partially offset by increased operating expenses and income taxes. Diluted earnings per share of $1.17 increased 33% in the first nine months of fiscal 1999 from $0.88 per share in fiscal 1998. The weighted average common shares outstanding for purposes of computing diluted earnings per share increased 2% in the first nine months of fiscal 1999 to 9,985,000 shares from 9,761,000 shares in 1998. The increase resulted primarily from the result of stock options and from stock issued for the acquisition of LSI MidWest Lighting. LIQUIDITY AND CAPITAL RESOURCES At March 31, 1999 the Company had working capital of $47.7 million, compared to $40.2 million at June 30, 1998. The ratio of current assets to current liabilities increased to 2.78 to 1 from 2.37 to 1. The increased working capital is primarily attributed to increased cash, inventories, and other assets, and to decreased accrued expenses, partially offset by decreased accounts receivable. The Company generated $13.3 million of cash from operating activities in the first nine months of fiscal 1999 as compared to $7.1 million in the same period of fiscal 1998. The Company generated more cash in the first nine months of fiscal 1999 primarily due to increased net income, reduction of accounts receivable, and a lesser increase in inventories, partially offset by significantly greater decreases in accounts payable and accrued expenses. As of March 31, 1999, the Company's days sales outstanding were at approximately 55 days, consistent with the June 30, 1998 DSO statistic. Accrued expenses decreased significantly reflective of payments related to the Company's compensation and retirement plans. In addition to cash generated from operations, the Company's primary source of liquidity continues to be its lines of credit. The Company has two revolving lines of credit totaling $24 million, all of which was available as of May 4, 1999. These lines of credit are unsecured and expire in the fourth quarter of fiscal 1999. The Company is currently in renewal negotiations and expects to establish lines of credit under favorable terms and borrowing rates. The Company believes that the total of available lines of credit plus cash flows from operating activities is adequate for the Company's fiscal 1999 operational and capital expenditure needs. The Company is in compliance with all of its loan covenants. Capital expenditures of $3.1 million in the first nine months of fiscal 1999 compare to $3.4 million in the prior year. Capital expenditures totaling approximately $5 million are planned for fiscal 1999, exclusive of business acquisitions. As discussed in Note 8 to the financial statements, the Company completed the acquisition of an interior graphics business effective April 9, 1999. Total purchase price for the business was approximately $3.3 million, consisting of $2.5 million in cash and 47,578 common shares of LSI Industries. The acquisition provides for a contingent "earn-out" having a maximum value of $.6 million, payable in similar percentages of cash and LSI Common Shares, which could be earned during the first two years after acquisition providing certain minimum net sales and earnings thresholds are exceeded. An additional approximate $1 million of cash was used immediately following the acquisition to reduce acquired liabilities. Additionally, the Company completed the acquisition of two fluorescent lighting companies effective January 1, 1999. Total purchase price for these two companies was approximately $16 million, consisting of $8 million in cash and 357,143 common shares of LSI Industries. The acquisition provides for a contingent "earn-out" having a maximum value of $1 million in cash and $1 million in stock which could be earned during the three years subsequent Page 11 12 to the merger providing certain minimum earnings thresholds are exceeded. An additional approximate $1 million cash was used immediately following the acquisition to reduce acquired liabilities. The Company continues to invest excess cash in high-grade short-term cash investments, although at lesser amounts following the acquisition. In April 1999, the Board of Directors declared a regular quarterly cash dividend of $.0675 per share ($681,000) to be paid May 18, 1999 to shareholders of record on May 11, 1999. The Company has completed its review of its business systems, office support systems, and its facilities and equipment with respect to year 2000 programming deficiencies. No systems or equipment critical to operation of the business have been identified as having a year 2000 deficiency, and therefore the Company has not yet developed any contingency plans. The review has extended to major suppliers and customers, and this element of the review is expected to be completed by September 30, 1999. The Company does not anticipate material costs to be incurred to modify or replace any affected systems. The Company anticipates completion of this process prior to September 30, 1999. The Company has not to date developed any contingency plans related to its major suppliers. Such plans will depend upon the responses from major suppliers in the event any of them should fail to become year 2000 compliant. The Company continues to seek opportunities to invest in new products and markets, and in acquisitions which fit its strategic growth plans in the lighting and graphics markets. The Company believes that adequate financing for any such investments or acquisitions will be available through future borrowings or through the issuance of common or preferred shares in payment for acquired businesses. PART II. OTHER INFORMATION -------------------------- ITEM 2. CHANGE IN SECURITIES - ----------------------------- c) During the quarterly period ended March 31, 1999, the Company issued 357,143 Common Shares to six owners of the two companies which were acquired. This issuance was exempt from the registration requirements of the Securities Act of 1933 as a private offering pursuant to Section 4(2) of that Act. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits 27 Financial Data Schedule b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter for which this Report is filed. [All other items required in Part II have been omitted because they are not applicable or are not required.] Page 12 13 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LSI Industries Inc. ------------------- BY: /s/ Robert J. Ready ----------------------------- Robert J. Ready President and Chief Executive Officer (Principal Executive Officer) BY: /s/ Ronald S. Stowell ----------------------------- Ronald S. Stowell Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) May 11, 1999 Page 13 EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000763532 LSI INDUSTRIES INC. 1,000 9-MOS JUN-30-1999 JUL-01-1998 MAR-31-1999 11,377 0 33,846 (1,260) 27,542 74,393 50,570 (18,872) 126,284 26,729 1,428 0 0 44,361 52,411 126,284 162,881 162,881 107,879 36,442 47 0 (267) 18,780 7,117 11,663 0 0 0 11,663 1.19 1.17
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