LSI Industries Reports Fiscal Third Quarter 2020 Results and Declares Quarterly Cash Dividend

About this update from Lsi Industries Inc.

[{"type":"text","content":"CINCINNATI, April 23, 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 third quarter 2020.\n Third Quarter 2020 Highlights Sales of $71.0 million reflects shift to higher margin sales mixEPS of $0.07 versus ($0.12) prior yearNet Income $1.9 million compared to Net Loss of ($3.2) million last year EBITDA $4.7 million versus $0.3 million prior yearFree Cash Flow of $3.5 millionNet Debt reduced to $7.1 million, decrease of $35.0 million from prior yearReceived cash proceeds of $7.6 million from facility sale LSI generated improved profitability on modestly lower sales during the fiscal third quarter, given an increased focus on a higher-value sales mix, together with targeted, structural reductions in operating expenses. The Company reported net income of $1.9 million, or $0.07 per diluted share, in the fiscal third quarter, versus a net loss of ($3.2) million or ($0.12) per diluted share in the prior-year period. Fiscal third quarter results include a non-recurring $3.7 million pre-tax gain resulting from sale of the LSI North Canton, Ohio facility in March, 2020, as well as $0.7 million of restructuring expense. Excluding these recurring items, LSI reported an adjusted net loss of ($1.1) million, or ($0.04) per diluted share, compared to an adjusted net loss of ($2.2) million or ($0.08) per diluted share in the prior year period. The Company reported fiscal third quarter adjusted EBITDA of $1.7 million, versus $0.7 million in the prior-year period. LSI generated free cash flow of $3.5 million in the third quarter, contributing to a further reduction in long-term debt outstanding during the period. As of March 31, 2020 LSI had total net debt of $7.1 million or 0.5x trailing twelve month Adjusted EBITDA. The schedule reconciling GAAP and non-GAAP financial results is included later in the release. Within the Graphics Segment, sales increased on a year-over-year basis for the tenth consecutive quarter, supported by a combination of new and existing programs serving customers within the petroleum vertical. Within the Lighting segment, the continued migration toward a higher-value product mix resulted in slightly lower sales during the period, although segment operating income remaine...

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