Press release
LSI Industries Reports Fiscal 2024 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 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 the fiscal 2024 first quarter ended September 30, 2023.\n\n\nFISCAL 2024 FIRST QUARTER\n\n\n\nNet Income +28% y/y to $8.0 million, or $0.27 per diluted share\n\n\n\nAdjusted Net Income +23% y/y to $8.7 million or $0.29 per diluted share\n\n\n\nNet Sales $123.4 million; Lighting sales steady versus prior year\n\n\n\nEBITDA of $13.4 million; Adjusted EBITDA $15.1 million or 12.2% of sales\n\n\n\nFree Cash Flow $9.2 million\n\n\n\nRatio of net debt to TTM Adjusted EBITDA of 0.5x as of September 30, 2023\n\n\n\nLSI delivered significant year-over-year growth in margin realization, operating income, and profitability in the fiscal first quarter, driven by disciplined price and cost management, as well as general stability across the Company’s diverse vertical markets.\n\n\nThe Company reported fiscal first quarter net income of $8.0 million, or $0.27 per diluted share, on net sales of $123.4 million. Adjusted net income was $8.7 million, or $0.29 per diluted share, versus $7.1 million or $0.25 per diluted share last year. Net sales of $123.4 million was 3% below prior year.\n\n\nLSI reported Adjusted EBITDA of $15.1 million in the fiscal first quarter, an increase of 13% versus the prior-year period. Adjusted EBITDA margin rate improved 170 basis points year-over-year to 12.2% in the fiscal first quarter, driven by a higher-value sales mix, continued price discipline, and effective cost management.\n\n\nThe Company generated free cash flow of $9.2 million and $45.4 million, respectively, for the three and twelve months ended September 30, 2023. The strong cash flow allowed the Company to continue to reduce net debt. In the quarter net debt decreased to $25.1 million from $68.5 million last year, resulting in a reduction in the ratio of net debt to trailing twelve-month adjusted EBITDA to 0.5x.\n\n\nThe Company declared a regular cash dividend of $0.05 per share payable on November 21, 2023, to shareholders of record on November 13, 2023.\n\n\nMANAGEMENT COMMENTARY\n\n\n“Our Company delivered solid first quarter results, driven by strong execution across all facets of our business,” stated James A. Clark, President, and Chief Exec...