Press release
LSI Industries Reports Fiscal First Quarter 2020 Results and Declares Quarterly Cash Dividend
CINCINNATI, Ohio, Nov. 06, 2019 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, or the “Company”) a leading U.S. based manufacturer of indoor/outdoor
About this update from Lsi Industries Inc.
[{"type":"text","content":"CINCINNATI, Ohio, Nov. 06, 2019 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, or the “Company”) a leading U.S. based manufacturer of indoor/outdoor lighting and graphics solutions, today announced results for the fiscal first quarter 2020.\n First Quarter 2020 Summary Sales of $88.7 million, 4% growth versus prior year EPS of $0.17; Adjusted EPS of $0.04Net Income of $4.5 million, Adjusted Net income $1.0 millionEBITDA of $9.2 million; Adjusted EBITDA of $4.7 million Free Cash Flow of $18.3 million; Net Debt reduced by $20.4 million versus prior yearNet Debt to Adjusted EBITDA ratio improves to 1.7x Net sales increased 4% to $88.7 million in the fiscal first quarter 2020, versus $85.0 million in the first quarter 2019. Reported net income was $4.5 million, or $0.17 per diluted share, versus income of $1.7 million or $0.07 per diluted share, in the first quarter 2019. Reported fiscal first quarter 2020 results include a $4.8 million pre-tax gain on sale resulting from the divestiture of the New Windsor, NY facility in September 2019. Fiscal first quarter results also include restructuring charges of $0.2 million. EBITDA was $9.2 million for the quarter compared to $5.6 million in the prior year quarter. Non-GAAP adjusted EBITDA was $4.7 million in fiscal first quarter 2020, versus $6.2 million in the fiscal quarter 2019. The prior year period included a $1.2 million non-reoccurring favorable adjustment related to a change in the Company’s employee benefits policy. The Company generated free cash flow of $18.3 million in the fiscal first quarter 2020, including $12.3 million in net proceeds resulting from the sale of the New Windsor facility. Excluding the impact of net proceeds from the facility sale, total free cash flow was $6.0 million in the fiscal first quarter 2020, compared to $1.5 million in the fiscal first quarter 2019. During the twelve months ended September 30, 2019, LSI reduced total net debt outstanding by 49% to $21.6 million, consistent with the Company’s ongoing focus on disciplined capital management. At the end of the fiscal first quarter 2020, the Company’s net debt to Adjusted EBITDA ratio was 1.7x. The schedule reconciling GAAP and non-GAAP financial results is included later in this release. The Company declared a regular cash dividend of $0.05 per share payable November 26, 2019 to shareholders o...