-----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, D150EOHZqEyOLLSL3bGOPdO+0yqXnStveLiFEHgCJQlhYniP0afB/cJuK12kcO4N jNgyfdPAz9A7jiNRZ4w18g== 0000950152-99-000683.txt : 19990208 0000950152-99-000683.hdr.sgml : 19990208 ACCESSION NUMBER: 0000950152-99-000683 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990205 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: 000-13375 FILM NUMBER: 99522630 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. QUARTERLY REPORT 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 DECEMBER 31, 1998. 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 January 27, 1999: 10,055,035 2 LSI INDUSTRIES INC. ------------------- FORM 10-Q --------- FOR THE QUARTER ENDED DECEMBER 31, 1998 --------------------------------------- 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 4. Submission of Matters to a Vote of Securityholders...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 Six Months Ended December 31 December 31 -------------------- -------------------- (in thousands, except per 1998 1997 1998 1997 share data; unaudited) ---- ---- ---- ---- Net sales $56,059 $47,754 $109,473 $91,711 Cost of products sold 36,300 30,634 71,480 59,072 ------- ------- -------- ------- Gross profit 19,759 17,120 37,993 32,639 Selling and administrative expenses 12,360 11,253 24,333 21,982 ------- ------- -------- ------- Operating income 7,399 5,867 13,660 10,657 Interest expense -- 26 54 52 Interest (income) (138) (21) (266) (32) Other expense 20 5 52 20 ------- ------- -------- ------- Income before income taxes 7,517 5,857 13,820 10,617 Income tax expense 2,849 2,177 5,240 3,962 ------- ------- -------- ------- Net income $ 4,668 $ 3,680 $ 8,580 $ 6,655 ======= ======= ======== ======= Earnings per common share Basic $.48 $.39 $.89 $.70 ==== ==== ==== ==== Diluted $.47 $.38 $.87 $.68 ==== ==== ==== ====
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) December 31, June 30, 1998 1998 ---- ---- ASSETS - ------ Current Assets Cash and cash equivalents $ 13,748 $ 9,338 Accounts receivable 32,217 33,184 Inventories 25,769 24,958 Other current assets 2,442 2,068 -------- -------- Total current assets 74,176 69,548 Property, plant and equipment, net 26,941 27,735 Goodwill and other assets, net 12,750 13,033 -------- -------- $113,867 $110,316 ======== ======== LIABILITIES & SHAREHOLDERS' EQUITY - ---------------------------------- Current Liabilities Current maturities of long-term debt $ 138 $ 190 Accounts payable 12,848 13,689 Accrued expenses 12,617 15,432 -------- -------- Total current liabilities 25,603 29,311 Long-Term Debt 1,005 1,005 Other Long-Term Liabilities 1,291 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 9,692,767 and 9,634,608 shares, respectively 35,962 35,368 Retained earnings 50,006 43,289 -------- -------- Total shareholders' equity 85,968 78,657 -------- -------- $113,867 $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) Six Months Ended December 31 ---------------------- 1998 1997 ---- ---- Cash Flows from Operating Activities Net income $ 8,580 $ 6,655 Non-cash items included in income Depreciation and amortization 2,207 1,977 Deferred income taxes 60 60 Loss on disposition of fixed assets 52 20 Changes in operating assets and liabilities Accounts receivable 967 (1,888) Inventories (811) (2,622) Accounts payable and other (4,022) (314) Change in liability for discontinued operations (8) (7) ------- ------- Net cash flows from operating activities 7,025 3,881 ------- ------- Cash Flows from Investing Activities Purchase of property, plant and equipment (1,294) (2,292) Proceeds from sale of fixed assets -- 11 ------- ------- Net cash flows from investing activities (1,294) (2,281) ------- ------- Cash Flows from Financing Activities Payment of long-term debt (52) (60) Cash dividends paid (1,863) (1,551) Purchase of treasury shares (206) (57) Proceeds from issuance of common shares 800 86 ------- ------- Net cash flows from financing activities (1,321) (1,582) ------- ------- Increase in cash and cash equivalents 4,410 18 Cash and cash equivalents at beginning of year 9,338 2,612 ------- ------- Cash and cash equivalents at end of period $13,748 $ 2,630 ======= ======= Supplemental Cash Flow Information Interest paid $ 56 $ 60 Income taxes paid $ 5,400 $ 3,626
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 December 31, 1998, and the results of its operations and its cash flows for the periods ended December 31, 1998 and 1997. 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 December 31, 1998 and 1997, 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 Six Months Ended December 31 December 31 ----------------- ---------------- 1998 1997 1998 1997 ---- ---- ---- ---- BASIC EARNINGS PER SHARE - ------------------------ Net income $4,668 $3,680 $8,580 $6,655 ====== ====== ====== ====== Weighted average shares outstanding during the period, net of treasury shares 9,682 9,542 9,670 9,533 ====== ====== ====== ====== Basic earnings per share $ .48 $ .39 $ .89 $ .70 ====== ====== ====== ====== DILUTED EARNINGS PER SHARE - -------------------------- Net income $4,668 $3,680 $8,580 $6,655 ====== ====== ====== ====== Weighted average shares outstanding during the period, net of treasury shares 9,682 9,542 9,670 9,533 Effect of dilutive securities: Impact of common shares to be issued under stock option plans and a deferred compensation plan (A) (B) 191 222 194 202 ------ ------ ------ ------ Weighted average shares outstanding 9,873 9,764 9,864 9,735 ====== ====== ====== ====== Diluted earnings per share $ .47 $ .38 $ .87 $ .68 ====== ====== ====== ======
(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 6,799 common shares and 500 common shares during the quarters ended December 31, 1998 and 1997, respectively, and 3,399 common shares and 14,716 common shares during the six month periods ended December 31, 1998 and 1997, 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): December 31, 1998 June 30, 1998 ----------------- ------------- Raw Materials $12,748 $12,192 Work-in-Process and Finished Goods 13,021 12,766 ------- ------- $25,769 $24,958 ======= ======= NOTE 6: CASH DIVIDENDS The Company paid cash dividends of $1,863,000 and $1,551,000 in the six month periods ended December 31, 1998 and 1997, respectively. In January 1999, the Company's Board of Directors declared a $.0675 per share regular quarterly cash dividend ($678,000) payable on February 16, 1999 to shareholders of record February 9, 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 December 31, 1998 a total of 44,660 common shares at a cost of $672,891 were held in the Plan, and, accordingly, have been recorded as treasury shares. NOTE 8: SUBSEQUENT EVENT The Company acquired the outstanding common and preferred stock of both Mid-West Chandelier Company and Fairfax Lighting Co. on January 1, 1999. Total purchase price for the two companies was approximately $16 million ($12 million for Mid-West and $4 million for Fairfax) consisting of $8 million in cash and 357,143 common shares of LSI Industries. In addition, a contingent "earn-out" having a maximum value of $1 million in cash and $1 million in stock could be earned during the three years subsequent to the merger providing certain minimum earnings thresholds are exceeded. The new subsidiary, LSI MidWest Lighting Inc., will continue to operate in Kansas City, Kansas as a manufacturer of a broad line of fluorescent lighting fixtures for the retail and commercial markets. 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 Six Months Ended December 31 December 31 -------------------- ------------------- 1998 1997 1998 1997 ---- ---- ---- ---- Image Group $40,628 $35,034 $ 78,584 $66,833 Commercial / Industrial Lighting Group 15,431 12,720 30,889 24,878 ------- ------- -------- ------- $56,059 $47,754 $109,473 $91,711 ======= ======= ======== ======= RESULTS OF OPERATIONS - --------------------- THREE MONTHS ENDED DECEMBER 31, 1998 COMPARED WITH THREE MONTHS ENDED DECEMBER 31, 1997 Net sales of $56,059,000 in the second quarter of fiscal 1999 increased 17% over fiscal 1998 second quarter net sales of $47,754,000. Commercial / Industrial Lighting Group net sales increased 21% and Image Group net sales increased 16% in the second quarter of fiscal 1999 as compared to the prior year. The increase in the Commercial / Industrial Lighting Group net sales resulted from growth in substantially all markets and from inclusion of the results of LSI Marcole (acquired February 1998; approximately 1% of sales in FY 1999). 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 45% and 47% of net sales in the second 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 $19,759,000 increased 15% over last year's second quarter gross profit of $17,120,000, and decreased as a percentage of net sales to 35.2% in fiscal year 1999 as compared to 35.9% in the prior year. The increase in amount of gross profit is due primarily to the 17% increase in net sales. The decrease in gross profit percentage is primarily related to lower margins in the graphics product lines in the Image Group and to the lower gross margin of the acquired business of LSI Marcole. Selling and administrative expenses increased to $12,360,000 from $11,253,000 primarily as a result of increased sales volume. As a percentage of net sales, selling and administrative expenses were at 22.0% in the second quarter of fiscal 1999 as compared to 23.6% in the prior year. The Company reported net interest income of $138,000 in the second quarter of fiscal 1999 as compared to net interest expense of $5,000 in fiscal 1998 reflective of an increased amount short-term cash investments. The Company's effective tax rate increased to 37.9% in the second quarter of fiscal 1999 as compared to 37.2% in fiscal 1998 primarily due to increased provision of state and local income tax. Page 9 10 Net income of $4,668,000 increased 27% over $3,680,000 in the second 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 earnings of $0.47 increased 24% in the second quarter of fiscal 1999 from $0.38 per share in fiscal 1998. The weighted average common shares outstanding for purposes of computing diluted earnings per share increased 1% in the second quarter of fiscal 1999 to 9,873,000 shares from 9,764,000 shares in 1998 primarily as a result of stock options. Certain recently issued accounting pronouncements will affect the Company's future financial statements and/or disclosures. See Note 2 to these financial statements for additional discussion. SIX MONTHS ENDED DECEMBER 31, 1998 COMPARED WITH SIX MONTHS ENDED DECEMBER 31, 1997 Net sales of $109,473,000 in the first half of fiscal 1999 increased 19% over fiscal 1998 first half net sales of $91,711,000. Commercial / Industrial Lighting Group net sales increased 24% and Image Group net sales increased 18% in the first half of fiscal 1999 as compared to the prior year. The increase in the Commercial / Industrial Lighting Group net sales resulted from growth in substantially all markets and from inclusion of the results of LSI Marcole (acquired February 1998; approximately 2% of sales in FY 1999). 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 46% and 47% of net sales in the first half 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 $37,993,000 increased 16% over last year's first half gross profit of $32,639,000, and decreased as a percentage of net sales to 34.7% in fiscal year 1999 as compared to 35.6% in the prior year. The increase in amount of gross profit is due primarily to the 19% 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 business of LSI Marcole. Selling and administrative expenses increased to $24,333,000 from $21,982,000 primarily as a result of increased sales volume. As a percentage of net sales, selling and administrative expenses were at 22.2% in the second quarter of fiscal 1999 as compared to 24.0% in the prior year. The Company reported net interest income of $212,000 in the first half of fiscal 1999 as compared to net interest expense of $20,000 in fiscal 1998 reflective of an increased amount short-term cash investments. The Company's effective tax rate increased to 37.9% in the first half of fiscal 1999 as compared to 37.3% in fiscal 1998 primarily due to increased provision of state and local income tax. Net income of $8,580,000 increased 29% over $6,655,000 in the first half 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, Page 10 11 partially offset by increased operating expenses and income taxes. Diluted earnings per share earnings of $0.87 increased 28% in the first half of fiscal 1999 from $0.68 per share in fiscal 1998. The weighted average common shares outstanding for purposes of computing diluted earnings per share increased 1% in the first half of fiscal 1999 to 9,864,000 shares from 9,735,000 shares in 1998 primarily as a result of stock options. LIQUIDITY AND CAPITAL RESOURCES At December 31, 1998 the Company had working capital of $48.6 million, compared to $40.2 million at June 30, 1998. The ratio of current assets to current liabilities increased to 2.90 to 1 from 2.37 to 1. The increased working capital is primarily attributed to increased cash and inventories, and decreased accrued expenses and accounts payable, partially offset by decreased accounts receivable. The Company generated $7.0 million of cash from operating activities in the first half of fiscal 1999 as compared to $3.9 million fiscal 1998. The Company generated more cash in the first half 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 December 31, 1998, 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 first half payments related to the Company's compensation and retirement plans, and accounts payable decreased in line with the flow of inventory replenishment. 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 January 25, 1999. These lines of credit are unsecured and expire in the third 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 $1.3 million in the first half of fiscal 1999 compare to $2.3 million in the prior year. Capital expenditures totaling approximately $7 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 two companies effective January 1, 1999. Total purchase price for the 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 to the merger providing certain minimum earnings thresholds are exceeded. An additional approximate $1 million 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 January 1999, the Board of Directors declared a regular quarterly cash dividend of $.0675 per share ($678,000) to be paid February 16, 1999 to shareholders of record on February 9, 1999. Page 11 12 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. 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 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS - ----------------------------------------------------------- At the Company's Annual Meeting of Shareholders held November 12, 1998, the following actions were taken by shareholders: 4.1 All persons nominated as Class B Directors were elected with the votes for each person being: ---------------------------------------------------------------------- Shares - Withheld Name Shares For Authority ---------------------------------------------------------------------- Allen L. Davis 8,810,957 9,747 ---------------------------------------------------------------------- James P. Sferra 8,805,942 14,762 ---------------------------------------------------------------------- 4.2 The selection of Arthur Andersen LLP as independent public accountants for fiscal year 1999 was ratified by the following vote: - -------------------------------------------------------------------------------- Shares For Shares Against Shares Abstained Broker Non-Votes - -------------------------------------------------------------------------------- 8,806,877 6,087 7,740 None - -------------------------------------------------------------------------------- ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ----------------------------------------- a) Exhibits 27 Financial Data Schedule Page 12 13 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.] 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) January 28, 1999 Page 13 EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR THE PERIOD ENDED DECEMBER 31, 1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000763532 LSI INDUSTIRIES INC. 1,000 6-MOS JUN-30-1999 JUL-01-1998 DEC-31-1998 13,748 0 33,095 (878) 25,769 2,442 44,797 (17,856) 113,867 25,603 2,296 0 0 35,962 50,006 113,867 109,473 109,473 71,480 24,333 52 0 (212) 13,820 5,240 8,580 0 0 0 8,580 0.89 0.87
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