0001437749-23-003239.txt : 20230315 0001437749-23-003239.hdr.sgml : 20230315 20230214094648 ACCESSION NUMBER: 0001437749-23-003239 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20230214 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: CORRESP 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 CORRESP 1 filename1.htm lyts20230213_corresp.htm

logo02.jpg

 

February 14, 2023

 

Via Edgar

 

Hugh West

Branch Chief

U.S. Securities and Exchange Commission

Division of Corporation Finance

Washington, D.C. 20549

 

Re:

LSI Industries Inc.

Form 10-K for the fiscal year ended June 30, 2022

Filed September 9, 2022

File No. 000-13375

 

Dear Hugh West:

 

This letter responds to your letter, dated February 7, 2023, regarding our Form 10-K for the fiscal year ended June 30, 2022. Your comment is set forth below, followed by our response.

 

Form 10-K for the fiscal year ended June 30, 2022

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

Non-GAAP Financial Measures, page 26

 

1. We note that you reconcile EBITDA and Adjusted EBITDA to operating income. Please

revise your presentation in future annual and quarterly filings to reconcile these non-

GAAP measures to net income, the most directly comparable GAAP measure. Refer to

Item 10(e)(1)(i)(B) of Regulations S-K and Question 103.02 of the SECs Division of

Corporation Finance C&DIs on Non-GAAP Measures. This comment also applies to your

earnings releases furnished on Form 8-K.

 

Response: We acknowledge your comment and direction, and we will revise our presentation in future annual and quarterly reports and, as applicable, our Form 8-K reports to reconcile EBITDA and Adjusted EBITDA to net income.

 

 

 

 

 

You may contact me at (513) 793-3200 with any questions.

 

 

Sincerely,

 

     
  LSI INDUSTRIES INC.  

 

 

 

 

 

 

 

 

 

By:

/s/ James E. Galeese

 

 

 

James E. Galeese

 

 

 

Chief Financial Officer

 

 

 

 

cc: F. Mark Reuter, Keating Muething & Klekamp PLL

 

 

 
GRAPHIC 2 logo02.jpg begin 644 logo02.jpg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end