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LSI Industries

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.

 




 

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