Press release
LSI Industries Reports Fiscal 2023 First Quarter Results and Declares Quarterly Cash Dividend
CINCINNATI--(BUSINESS WIRE)-- LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of display solutions and
About this update from Lsi Industries Inc.
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nLSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of display solutions and indoor/outdoor lighting, today reported financial results for its fiscal 2023 first quarter.\n\nFISCAL 2023 FIRST QUARTER\n\n\nNet Sales +19% y/y to $127.1 million\n\n\nNet Income +100% y/y to $6.3 million; Adjusted Net Income of $7.1 million\n\n\nDiluted EPS of $0.22; Adjusted EPS of $0.25\n\n\nEBITDA of $12.4 million; Adjusted EBITDA $13.3 million or 10.5%/sales\n\n\nFree Cash Flow of $10.1 million\n\n\nDebt net leverage decline of 32% y/y to 1.7x\n\n\nFor the fiscal first quarter 2023, LSI delivered significant year-over-year growth in net sales, driven by strong demand in the Company’s key vertical markets for both Lighting and Display Solution products. Operating Income, net income, and adjusted EBITDA each increased substantially on a year-over-year basis in the first quarter, driven by a combination of higher net sales and strong margin realization.\n\nThe Company reported fiscal first quarter net sales of $127.1 million, an increase of 19% versus the prior-year period. Reported net income was $6.3 million, or $0.22 per diluted share, versus $3.1 million, or $0.11 per diluted share in the prior-year period. Adjusted net income was $7.1 million, or $0.25 per diluted share in the fiscal first quarter, compared to $3.5 million, or $0.13 per diluted share last year.\n\nThe Company reported adjusted EBITDA of $13.3 million in the fiscal first quarter, an increase of 76% versus the prior-year period. LSI reported an adjusted EBITDA margin rate of 10.5% in the first quarter, versus 7.1% in the first quarter last year, driven by a combination of volume growth, improved price realization, disciplined cost management and a more favorable sales mix. A reconciliation of GAAP to non-GAAP financial results is included in the attached press release schedules.\n\nLSI generated free cash flow of $10.1 million in the fiscal first quarter, driven by year-over-year growth in operating cash flow, together with improved non-cash working capital management. Improved cash flow conversion resulted in a corresponding reduction in the ratio of net debt to trailing twelve-month adjusted EBITDA to 1.7x, LSI’s lowest level in nearly two years.\n\nThe Company declared a regular cash dividend of $0.05 per ...