LSI Industries 2nd-Quarter Net Rose 49%
-- Stock Up 63%
01/21/2004
How LSI Industries has done for us: 96.5% annualized (+62.7%
in 8.6 months). Today the company announced that net income
increased 49%. The company's statement follows:
CINCINNATI, Jan. 21 /PRNewswire-FirstCall/
-- LSI Industries Inc. (Nasdaq: LYTS). Net sales in the second
quarter of fiscal 2004 were $64.1 million, a 12% increase
from last year's second quarter net sales of $57.3 million.
Fiscal 2004 net income of $4.0 million ($0.20 per share) increased
49% from the $2.7 million ($0.13 per share) reported last
year.
Lighting Segment net sales increased 19%
to $41.7 million, and Graphics Segment net sales increased
1% to $22.4 million. Net sales to the petroleum/convenience
store market, the Company's major market, represented 33%
and 31% of total net sales in the second quarters of fiscal
years 2004 and 2003, respectively. Earnings per share for
all periods represent diluted earnings per share.
Bob Ready, President and Chief Executive
Officer, stated, "Our operating results for the second
quarter have confirmed the improving business outlook that
became evident during the first quarter. Sales and earnings
for the second quarter were in line with internal budgets
and above "street" analyst estimates in the financial
community. Both of our business segments recorded solid sales
growth. The Lighting Segment increased 19% and the Graphics
Segment increased 1% over the same period of the prior fiscal
year. Our petroleum/convenience store market, which represents
33% of our net sales, was up 20%."
"As the economic recovery continues,
we are very well positioned to take advantage of the greater
number of business opportunities related to both our lighting
and graphics products and capabilities. Having come through
the recent cost conscious "belt-tightening" environment
we are truly poised to benefit from the highly favorable operating
leverage that comes with increased sales. We have never been
better strategically positioned to serve either our well-protected
niche markets or the much larger and broader commercial and
industrial market."
"With regard to the commercial/industrial
lighting market, our program to upgrade and expand our sales
representative organizations, along with expanded product
offerings, has been an unqualified success. We look forward
to serving and competing in this multi-billion dollar marketplace.
As investors know, we were successful in getting a very significant
contract to provide a new store lighting program for the Country's
largest retail chain. Shipments to this customer under this
new program will ramp up in the third quarter and the program
will provide internal growth over the next two fiscal years.
This business is also a testimony to the effectiveness of
our acquisition program. Without the integrated capabilities
and expanded product line provided through our acquired businesses,
we would not have been in a position to pursue and successfully
secure this business."
About the Company
LSI Industries, headquartered in Cincinnati,
is an integrated design, manufacturing, and imaging company
supplying its own high-quality lighting fixtures and graphic
elements for both exterior and interior applications primarily
in North America. The Company's major markets are the petroleum/
convenience store market, the multi-site retail market (including
restaurants, automobile dealerships, and national retail accounts),
and the commercial/ industrial lighting market. LSI employs
approximately 1,700 people in sixteen facilities located in
Ohio, California, Georgia, New York, North Carolina, Kansas,
Kentucky, Oregon, Rhode Island, Tennessee, Texas and Washington.
The Company's common shares are traded on the Nasdaq National
Market under the symbol LYTS.
Additional note: Today's news release, along
with past releases from LSI Industries, are available on the
Company's internet site at www.lsi-industries.com or by fax,
by calling the Investor Relations Department at (513) 793-3200.
Source: LSI Industries, Inc. |
