Press release
LSI Industries Reports Fourth Quarter and Full-Year Fiscal 2021 Results and Declares Quarterly Cash Dividend
CINCINNATI, Aug. 19, 2021 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading U.S. based manufacturer of commercial lighting
About this update from Lsi Industries Inc.
[{"type":"text","content":"CINCINNATI, Aug. 19, 2021 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading U.S. based manufacturer of commercial lighting and display solutions, today announced results for the fourth quarter and full-year fiscal 2021. FOURTH QUARTER 2021 SUMMARY Net Sales increased 53% versus Prior Year, organic sales increased 39%Completed acquisition of JSI Store Fixtures on May 21, 2021Net Income of $0.2 million; Adjusted Net Income of $3.3 millionDiluted EPS of $0.01, including $0.08 of acquisition related expenseAdjusted EPS $0.12 versus $0.07 prior year FISCAL YEAR 2021 SUMMARY Net Sales increased 3% from prior year to $316 millionNet Income of $5.9 million; Adjusted Net Income of $9.8 millionDiluted EPS of $0.21; Adjusted EPS of $0.36 versus $0.15 prior yearEBITDA of $16.1 million; Adjusted EBITDA of $21.1 millionFree Cash Flow $25.8 million LSI generated significant year-over-year growth in net sales and profitability during the fiscal fourth quarter, capitalizing on both improved demand across both its lighting and display markets while continuing to expand its presence within higher growth, higher-margin verticals. Fourth quarter and fiscal 2021 results include approximately five weeks of financial contributions from the JSI Store Fixtures (“JSI”) acquisition completed on May 21, 2021. The Company reported net income of $0.2 million, or $0.01 per diluted share in the fourth quarter 2021, versus net income of $1.5 million, or $0.06 per diluted share, in the prior year period. Fourth quarter 2021 results include $2.9 million or $0.08 per share of JSI acquisition related expenses. LSI reported adjusted net income of $3.3 million, or $0.12 per diluted share, compared to $1.8 million or $0.07 per diluted share in the prior period. A reconciliation of GAAP and non-GAAP financial results is included in this press release. For the twelve months ended June 30, 2021, LSI reported net income of $5.9 million, or $0.21 per diluted share versus net income of $9.6 million or $0.36 per share in the prior year. Prior year results include an $8.5 million pre-tax gain on sale of facilities. On an adjusted basis, the Company reported net income of $9.8 million, or $0.36 per diluted share in fiscal 2021, versus $4.1 million, or $0.15 per share in fiscal 2020. LSI generated Adjusted EBITDA of $21.1 million in fiscal 2021,...