Press release
LSI Industries Reports Fiscal Second Quarter 2020 Results and Declares Quarterly Cash Dividend
CINCINNATI, Feb. 05, 2020 (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, Feb. 05, 2020 (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 second quarter 2020.\n Second Quarter 2020 Highlights Sales of $82.4 million reflects success in demand-shaping initiativesEPS of $0.07 vs. $(0.61) prior year; Adjusted EPS of $0.06 vs. $0.03 prior yearNet Income of $1.7 million compared to net loss of $(15.8) million last yearAdjusted Net Income of $1.6 million vs. $0.9 million prior year Free Cash Flow of $13.8 millionNet Debt reduced to $9.2 million, a decrease of $29 million in the fiscal yearAnnounced agreement to sell the North Canton, Ohio facility During the second quarter of fiscal 2020 the Company achieved improved earnings on lower sales, consistent with management’s continued transition toward a less commoditized, higher-value sales mix. Sales were $82.4 million, a decrease of 8% versus $89.5 million in the prior year period. Net Income was $1.7 million compared to a net loss of $(15.8) million in the same period of fiscal 2019. Earnings per diluted share were $0.07 versus a loss of $(0.61) for the prior year second quarter. Second quarter adjusted net income was $1.6 million versus $0.9 million prior year. Adjusted earnings per share were $0.06 compared to $0.03 for the same quarter prior year. Fiscal second quarter adjusted operating earnings of $2.1 million increased 36% versus last year. The Company generated free cash flow of $13.8 million in the second quarter, resulting in a further reduction of long-term debt during the period. At the end of the fiscal second quarter, LSI has net debt of $9.2 million, or 0.7x trailing twelve-month Adjusted EBITDA. In January 2020, the Company announced a definitive agreement to sell a graphics manufacturing facility in North Canton, Ohio. Advancements in graphics technology and the Company’s improved operating productivity have reduced the quantity of floor space required by the business. Production at the existing facility will be relocated to a smaller, leased facility in the North Canton area. Under the terms of the agreement, the Company will receive approximately $8 million in gross cash proceeds. The transaction is expected to close by March 31, 2020. The Company declared a regular cash dividend of $0...