Press release
LSI Industries Reports Fiscal First Quarter 2022 Results and Declares Quarterly Cash Dividend
CINCINNATI, Nov. 03, 2021 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of indoor/outdoor
About this update from Lsi Industries Inc.
[{"type":"text","content":"CINCINNATI, Nov. 03, 2021 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of indoor/outdoor lighting and display solutions, today announced results for the first quarter of fiscal year 2022. First Quarter 2022 Results Net sales of $106.4 million, growth of 52% versus prior yearOrganic net sales increased 19% versus prior yearNet income of $3.1 million; Adjusted net income $3.5 millionEPS of $0.11 per diluted share; Adjusted EPS of $0.13EBITDA of $7.0 million; Adjusted EBITDA of $7.6 millionSignificant year-over-year increase in Comparable Quote/Order/Backlog levels LSI reported strong year-over-year increases in both net sales and profitability for the fiscal first quarter, driven by a combination of organic growth in both its Lighting and Display Solutions segments, coupled with the first full quarter of financial contribution from the JSI Store Fixtures acquisition (“JSI”) completed in May, 2021. The Company reported first quarter net sales of $106.4 million, an increase of 52% versus the prior year period. Net sales excluding the contributions from the JSI acquisition, increased 19% versus the fiscal first quarter of 2021. LSI reported net income of $3.1 million, an increase of 57% compared to the prior year period. Adjusted net income was $3.5 million, or $0.13 per diluted share, versus $2.1 million or $0.08 in the prior year period. Adjusted EBITDA increased 59% year-over-year to $7.6 million in the first quarter. A reconciliation of GAAP and non-GAAP financial results is included in this press release. LSI capitalized on strong demand conditions across its core Lighting and Display Solutions markets, while successfully managing the escalating challenges prevalent in the industrial operating environment. In response to lengthening supplier lead-times and intensified transit reliability issues, the Company invested in additional inventory in the first quarter, minimizing material availability risks. During a period of increased demand and rising backlog, LSI effectively leveraged its vertically integrated operations platform to meet customer order commitments throughout the first quarter. At the end of the first quarter, the Company’s total debt outstanding was $78 million, with a ratio of net debt to trailing twelve months Adjusted EBITDA of 2.5x. LSI had tota...