Press release
LSI Industries Reports Fiscal 2023 Fourth Quarter and Full-Year 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 commercial lighting and display
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 commercial lighting and display solutions, today reported financial results for its fiscal 2023 fourth quarter and full year ended June 30, 2023.\n\n\nFISCAL 2023 FOURTH QUARTER\n\n\n\nNet Sales $123.6 million; Lighting sales +5% y/y\n\n\n\nNet Income +63% y/y to $8.4 million, $0.28 per diluted share\n\n\n\nAdjusted Net Income +46% y/y of $8.8 million, $0.30 per diluted share\n\n\n\nEBITDA of $12.6million; Adjusted EBITDA $14.1 million or 11.4%/sales\n\n\n\nFree Cash Flow +94% y/y to $15.6 million\n\n\n\nRatio of net debt to TTM Adjusted EBITDA of 0.7x as of June 30, 2023\n\n\n\nFISCAL 2023 FULL YEAR\n\n\n\nNet Sales +9% y/y to $497.0 million\n\n\n\nNet Income +71% y/y to $25.8 million, $0.88 per diluted share\n\n\n\nAdjusted Net Income +61%% y/y to $29.0 million, $0.99 per diluted share\n\n\n\nEBITDA of $46.7 million; Adjusted EBITDA +47% y/y to $51.6 million or 10.4%/sales\n\n\n\nFree Cash Flow of $46.4 million\n\n\n\nReduced net debt more than 50% to $33.4 million\n\n\n\nDuring the fiscal fourth quarter, LSI benefitted from a combination of favorable demand conditions across its vertical markets, accelerated adoption of recently introduced products and services, sustained price discipline, a higher-value sales mix, and strong operational execution, all contributing to significant year-over-year growth in margin rate realization, Adjusted EBITDA, free cash flow, and profitability.\n\n\nIn the fiscal fourth quarter, LSI reported net income of $8.4 million, or $0.28 per diluted share, on net sales of $123.6 million, while adjusted net income was $8.8 million, or $0.30 per diluted share. The Company generated Adjusted EBITDA of $14.1 million in the fourth quarter, an increase of 33% versus the prior year period, with Adjusted EBITDA margin increasing more than 300 basis points to 11.4%.\n\n\nFree cash flow increased to $15.6 million in the fiscal fourth quarter, with free cash flow conversion exceeding 100% in the period. Year-over-year growth in free cash flow was driven by improved profitability and working capital efficiency.\n\n\nFor the twelve months ended June 30, 2023, LSI reported record sales of $497.0 million, an increase of 9% versus the full year fiscal 2022. Net income was $25.8 million, or ...