Press release
LSI Industries Reports Fourth Quarter and Full-Year Fiscal 2020 Results and Declares Quarterly Cash Dividend
CINCINNATI, Aug. 20, 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, Aug. 20, 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 fourth quarter and full-year fiscal 2020.\n Fourth Quarter 2020 Summary Net Income of $1.5 million compared to $0.9 million last year EPS of $0.06 versus $0.03 prior yearEBITDA of $3.9 million; Adjusted EBITDA $4.5 millionFree Cash Flow of $11.5 million; Reduced outstanding debt to zero as of June 30, 2020Completed Graphics facility relocation to Akron, OH Fiscal Year 2020 Summary Net Income of $9.6 million versus loss of ($16.3) million last yearEPS of $0.36 versus ($0.63) in fiscal 2019EBITDA of $21.7 million; Adjusted EBITDA of $15.0 millionFree Cash Flow of $47.1 million LSI achieved improved fourth quarter profitability despite the disruptive impact of the pandemic on our markets and customers during this period. For the three months ended June 30, 2020, LSI reported net income of $1.5 million, or $0.06 per diluted share, versus $0.9 million or $0.03 per diluted share in the prior-year fourth quarter. Adjusted EPS was $0.06 versus $0.00 for the prior-year fourth quarter. Sales for the period declined 22%. Total free cash flow increased to $11.5 million in the fourth quarter, resulting in the elimination of all long-term debt as of June 30, 2020. For the full fiscal year, LSI generated free cash flow of $47.1 million, versus $8.9 million in fiscal 2019. Excluding $20.0 million in non-recurring cash proceeds resulting from the sale of non-core assets; free cash flow was $27.1 million in fiscal 2020. For the twelve months ending June 30, 2020, LSI reported net income of $9.6 million, or $0.36 per diluted share versus a net loss of ($16.3) million or ($0.63) per share in the prior year, which included a pre-tax, non-cash goodwill impairment charge of $20.2 million. On an adjusted basis, the Company reported net income of $3.2 million, or $0.12 per share in fiscal 2020, versus $1.0 million, or $0.04 per share in fiscal 2019. LSI incurred approximately $0.6 million in restructuring and severance costs in the fourth quarter. A schedule reconciling GAAP and non-GAAP financial results is included in this press release. The Company declared a regular cash dividend of $0.05 per share payable September 8, 2020 to shareholde...