Press release
LSI Industries Reports Fiscal 2024 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 2024 fourth quarter and full year ended June 30, 2024.\n\n\nFISCAL 2024 FOURTH QUARTER\n\n\n\nNet Sales $129.0 million, +4% to prior year\n\n\n\nNet Income $5.7 million, including $1.0 million of acquisition related expense\n\n\n\nAdj. Net Income $7.3 million or $0.24 per diluted share\n\n\n\nEBITDA $11.9 million; Adjusted EBITDA $14.0 million or 10.9%/sales\n\n\n\nFree Cash Flow $10.3 million\n\n\n\nCompleted acquisition of EMI Industries for $50 million cash\n\n\n\nFISCAL 2024 FULL YEAR\n\n\n\nNet Sales $469.6 million\n\n\n\nNet Income $25.0 million or $0.83 per diluted share\n\n\n\nAdjusted Net Income $28.6 million, $0.95 per diluted share\n\n\n\nEBITDA of $45.5 million; Adjusted EBITDA $51.4 million or 11.0%/sales, +60 bps y/t/y\n\n\n\nFree Cash Flow of $38.0 million\n\n\n\nLSI demonstrated solid execution on its vertical market strategy during the fiscal fourth quarter, with an emphasis on higher-value, fully integrated solutions. The Company’s fourth quarter performance reflects continuation of recent demand trends which fluctuate by vertical market.\n\n\nAs previously disclosed, LSI acquired EMI Industries (“EMI”) on April 18, 2024, serving to further enhance its one-stop, end-to-end integrated display solutions offering within convenience store, grocery, and restaurant industries. LSI believes the transaction, which is immediately accretive to LSI’s adjusted earnings per share, will provide significant commercial synergy potential through the coming years, consistent with the value creation thesis outlined within LSI’s Fast Forward Strategy.\n\n\nLSI reported net sales of $129.0 million in the quarter, including $18.1 million of partial-quarter contribution from EMI. Excluding EMI, sales declined versus the prior-year period, due largely to continued lower demand in the grocery vertical. Lower grocery sales activity was due primarily to the proposed merger of two large industry participants, which we have previously reported and remains under regulatory review at this time.\n\n\nFourth quarter net income was $5.7 million, including $1.0 million of non-recurring EMI acquisition related expense. Adjusted net...