Press release
LSI Industries Reports Fiscal Second Quarter 2021 Results and Declares Quarterly Cash Dividend
CINCINNATI, Jan. 21, 2021 (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, Jan. 21, 2021 (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 second quarter fiscal 2021. Second Quarter 2021 Highlights Net Income of $2.2 million, 27% above prior yearAdjusted Net Income of $2.5 million, 47% above prior yearEPS of $0.08 versus $0.07 prior yearEBITDA of $4.7 million; Adjusted EBITDA of $5.1 million Free cash flow of $5.3 million, no long-term debtContinued investments in commercial initiatives LSI delivered improved year-over-year growth in profitability during the fiscal second quarter, supported by a higher margin sales mix across both its Graphics and Lighting segments that more than offset adverse market conditions related to the COVID-19 pandemic. The Company reported net income of $2.2 million, or $0.08 per diluted share for the fiscal second quarter, versus net income of $1.7 million or $0.07 per diluted share in the prior year period. LSI reported adjusted net income of $2.5 million, or $0.09 per diluted share for the quarter, compared to $1.7 million, or $0.07 per diluted share last year. Fiscal second quarter EBITDA was $4.7 million, or 20% above prior year, and adjusted EBITDA was $5.1 million. The Company generated free cash flow of $5.3 million for the quarter, increasing its total cash and equivalents to $13.6 million as of December 31, 2020. The Company had no long-term debt at the end of the fiscal second quarter, with $75 million available on its existing credit facility. The Company declared a regular cash dividend of $0.05 per share payable February 9, 2021 to shareholders of record on February 1, 2021. Management Commentary James A. Clark, President and Chief Executive Officer commented, “Our improved second quarter profitability was a testament to the versatility of the LSI team, as together we successfully managed through a resurgence of pandemic related market and supply chain disruptions. Despite these challenges, we generated sequential sales growth compared to the first quarter, while our gross margin rate, operating income, net income and earnings per share all improved versus the prior year period. Our Graphics segment generated sales growth of 8% versus the prior year, adapting to fluctuating customer project schedules throughout t...