LSI Industries Inc. (NASDAQ:LYTS)
today
announced:
Second Quarter Summary
- Sales increased 8% compared to Q2 of the prior year
- Adjusted Operating Income increased 31%, with adjusted
operating margin improving 90 basis points
- Adjusted Net Income increased 32% versus prior year (see
reconciliation in Non-GAAP items below)
- Recorded one-time incremental $4.7 million after-tax charge to
reduce the value of its deferred tax assets related to the new Tax
Cuts and Jobs Act legislation
- GAAP reported EPS was a loss of $(0.06) versus $0.08 in prior
year Q2. Adjusted EPS of $0.12 compared to $0.10 in Q2 prior
year
Net sales in the second quarter of fiscal 2018 were $92,305,000,
an increase of 8% compared to the $85,658,000 reported in the
second quarter of the prior year. The Company reported a one-time
after-tax charge of $4,676,000 to reduce the value of its deferred
tax assets as a result of the new lower corporate tax rate included
in the recently enacted “Tax Cut and Jobs Act” (TCJA) legislation.
As a result, the Company reported a GAAP net loss of $(1,468,000).
See reconciliation in Non-GAAP measures below. Adjusted net
income was $3,267,000 in Q2 FY 2018 versus $2,477,000 in Q2 FY
2017. GAAP EPS after the tax adjustment was a loss of $(0.06)
versus $0.08 in the second quarter of FY 2017. Adjusted EPS
of $0.12 is $0.02 above second quarter of the prior year. The
Company declared a regular cash dividend of $0.05 per share payable
February 13, 2018 to shareholders of record on February 5,
2017.
Management Comments and Outlook
Dennis W. Wells, Chief Executive Officer and President,
commented, “Our Q2 results reflect a continuation of the improved
performance generated in Q1. The emphasis of the management
team throughout the first half was: focus on higher quality sales
growth opportunities; achieve value for our investments in new
products and technology; strengthen and leverage our service
capabilities; and continue to drive productivity and cost control
initiatives. The results indicate our team is working on the
right priorities and these efforts are generating a positive
influence on our results. Our Q2 gross margin increased 160
basis points compared to prior year, driven primarily by the
progress on these priorities. Results were achieved despite
overall market conditions which remain challenging. Lighting
specifically, according to published reference information, was
again soft in Q2.
“We communicated previously our efforts to intentionally shift
away from low margin, conventional technology sales opportunities,
instead focusing almost exclusively on LED and other technology
solutions. Our LED sales in Q2 increased 25% versus Q2 prior
year and now represent 92% of our lighting product sales. The
soft market and reduction in low margin sales were responsible for
a 9% decline in organic sales.
“As mentioned, we continue to focus on higher quality sales
opportunities in Lighting. Multiple initiatives have been
deployed to drive growth in both the stock and flow distribution
segment of the business, as well as executing an improved approach
to managing project business opportunities. Let me reference
several examples. Our Atlas brand is a strong player in the
“stock and flow” segment, and again delivered solid performance in
the second quarter. We continue to achieve key synergy
targets, including distribution expansion and select
cross-branding. In another vertical category, our dedicated
efforts on the renovation opportunities have produced a 94% growth
rate in the first half of the fiscal year.
“Another example is our continued investment and innovation in
new technologies related to lighting control and retail
solutions. With increasing frequency, these wireless
technologies intersect and fall into a category popularly referred
to as IoT. The technologies and enabling business models are
managed using a process that LSI refers to as the incubation
model. Some are advancing very nicely – the digital signage
business generated growth of 100+% in the first half of the fiscal
year, and our lighting control business has more than
doubled. Others, including specific wireless applications
such as our Airlink™ indoor ambient lighting solution, and
SmartVision® platform, are in earlier stages of adoption. LSI
is collaborative in its approach to new technologies, embracing a
partnership model that provides flexibility for customer choices
and preferences. The IoT is creating new opportunities for
retailers to create digital experiences, not only to improve
operational efficiencies, but to enhance customer relationships,
spending, and loyalty. LSI is positioned to assist our retail
customers achieve these benefits.
“We are excited about several key new lighting products
announced late in Q2, which we expect to generate a positive sales
impact throughout the second half of fiscal 2018. These
include the completely redesigned Scottsdale® Vertex™ under-canopy
fixture, intended to solidify our market leading position in
petroleum and c-store applications. Also announced was a new
linear product for high bay applications, designed to service the
growing warehousing and other high bay segments. The product
represents a significantly reduced fixture size, improved lumen
performance, and is priced at competitive market levels.
Lastly, we strengthened our outdoor area lighting offering with the
latest generation of Mirada products. The first products have
already been introduced with the balance of the range scheduled in
Q3. The new Mirada has industry leading photometry utilizing
LSI’s exclusive new silicone optical system, and is available with
integral and wireless controls.
“The Graphics Segment delivered a solid quarter with sales
increasing 12% versus prior year, and generating significantly
improved operating earnings. The improvement was led by
growth in our SOAR digital signage business which, as noted above,
generated sales growth of 100+% versus prior year. We’re successful
in the conventional graphics segment as well, adding a number of
new customers in the quarter. Investments in critical
technology equipment in 2017 have assisted in further improving our
lead-time and service capabilities, a critical element of the
demanding graphics business model.
“We continue to keep a watchful eye on commodity prices.
While stabilized at the recent high levels, projections indicate
the market may incur additional movement in steel, aluminum and
other select commodities utilized in the production of lighting
products. As a result, we continue to be aggressive in all
areas of cost reduction and management utilizing our LSI business
system framework. These productivity efforts have been
successful in offsetting the impact of inflation throughout the
first half of fiscal 2018.
“The business generated positive cash flow in Q2 and our overall
financial position remains strong. The Board approved a
quarterly dividend payment of $0.05 per share.
“In December, the President signed the Tax Cut and Jobs Act
(TCJA) legislation into law. Management is optimistic that
the tax cuts will stimulate investment and generate growth in both
new and retrofit non-residential construction, generating demand
for lighting products. In addition, as a result of the
reduction in the federal corporation tax rate from 35% to 21%, we
expect TCJA to favorably impact future LSI net income, earnings per
share, and cash flow. For full year fiscal 2018, we
forecast that the Company’s blended consolidated effective income
tax rate will be approximately 29% before discrete items, as
compared to approximately 34% for fiscal 2017. The full year
impact of TCJA will be realized in 2019 and our effective tax rate
is currently estimated at 24%. With the passage of TCJA
however, we were required to record a one-time after-tax charge
related to valuation of our net deferred tax assets.
“We are encouraged about the future prospects for the lighting
market. Recent indicators such as the Dodge non-residential
construction momentum index are improving. Coupled with the
TCJA, we believe the probability of an improved market environment
is increasing. However, these developments will not
necessarily have a significant influence to our fiscal Q3, but will
more likely impact fiscal Q4 and forward. That said, we will
continue to work diligently on the priorities outlined earlier:
focus on higher quality sales growth opportunities; achieve value
for our investments in new products and technology; strengthen and
leverage our service capabilities; and continue to drive
productivity and cost control initiatives. With this focus,
we are confident the business will be positioned to capitalize on
developing market growth opportunities.”
Mr. Wells continued, “I want to thank Ronald (Ron) S. Stowell
for his dedicated service to LSI Industries for over 25
years. Ron has been an invaluable resource and partner to me
since I joined the Company in October 2014. During the past
six months, he has worked closely with James (Jim) E. Galeese,
Executive Vice President and Chief Financial Officer, to ensure a
smooth transition. I wish Ron the very best as he embarks
upon new adventures during his retirement.”
|
Financial Highlights |
(In thousands, except
per share data; unaudited) |
Three Months EndedDecember 31 |
|
Six Months EndedDecember 31 |
|
|
2017 |
|
|
|
2016 |
|
% Change |
|
|
2017 |
|
|
|
2016 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
92,305 |
|
|
$ |
85,658 |
|
8 |
% |
|
$ |
179,771 |
|
|
$ |
169,817 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
|
|
|
|
|
|
|
|
|
|
|
as reported |
$ |
4,547 |
|
|
$ |
2,818 |
|
61 |
% |
|
$ |
(20,267 |
) |
|
$ |
3,884 |
|
n/m |
|
Goodwill
impairment |
|
-- |
|
|
|
-- |
|
n/m |
|
|
|
28,000 |
|
|
|
-- |
|
n/m |
|
Restructuring costs
and |
|
|
|
|
|
|
|
|
|
|
|
plant closure
costs |
|
-- |
|
|
|
697 |
|
n/m |
|
|
|
-- |
|
|
|
1,753 |
|
n/m |
|
Severance
costs |
|
83 |
|
|
|
28 |
|
n/m |
|
|
|
83 |
|
|
|
173 |
|
(52 |
)% |
Operating
Income |
|
|
|
|
|
|
|
|
|
|
|
as adjusted
(a) |
$ |
4,630 |
|
|
$ |
3,543 |
|
31 |
% |
|
$ |
7,816 |
|
|
$ |
5,810 |
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
as reported |
$ |
(1,468 |
) |
|
$ |
2,006 |
|
n/m |
|
|
$ |
(17,097 |
) |
|
$ |
2,835 |
|
n/m |
|
Net Income as
adjusted |
$ |
3,267 |
|
|
$ |
2,477 |
|
32 |
% |
|
$ |
5,001 |
|
|
$ |
4,098 |
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
(diluted) as
reported |
$ |
(0.06 |
) |
|
$ |
0.08 |
|
n/m |
|
|
$ |
(0.66 |
) |
|
$ |
0.11 |
|
n/m |
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
(diluted) as
adjusted |
$ |
0.12 |
|
|
$ |
0.10 |
|
20 |
% |
|
$ |
0.19 |
|
|
$ |
0.16 |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights (continued) |
(In
thousands) |
|
12/31/17 |
|
6/30/17 |
Working Capital |
$ |
72,750 |
|
$ |
61,704 |
Total Assets |
$ |
238,374 |
|
$ |
256,680 |
Long-Term Debt |
$ |
52,149 |
|
$ |
49,698 |
Shareholders’
Equity |
$ |
142,328 |
|
$ |
160,078 |
|
|
|
(a) The Company recorded pre-tax goodwill impairment
of $28,000,000 in the first quarter of fiscal 2018 and a $4.7
million tax charge related to the revaluation of the Company’s
deferred tax assets in the second quarter of fiscal 2018. The
Company recorded pre-tax restructuring costs and plant closure
costs totaling $697,000 in the second quarter of fiscal 2017 and
$1,753,000 in the first half of fiscal 2017. The Company incurred
net pre-tax other severance expense of $83,000 and $28,000 in the
second quarter of fiscal 2018 and fiscal 2017, respectively, and
incurred net pre-tax severance expense of $173,000 in the first
half of fiscal 2017. Operating income, net income, and earnings per
share (diluted) before the goodwill impairment, one-time tax
charge, restructuring costs, plant closure costs and severance
expense are Non-GAAP financial measures (see below for a
reconciliation).
Second Quarter Fiscal 2018 Results
Net sales in the second quarter of fiscal 2018 were $92,305,000,
up 7.8% from last year’s second quarter net sales of
$85,658,000. Lighting Segment net sales of $69,174,000 were
up 6.3% from last year’s second quarter net sales and Graphics
Segment net sales increased 12.4% to $23,131,000. The former
Technology Segment net sales and operating results are now included
in the Lighting Segment and prior year segment results have been
revised accordingly. In the second quarter of fiscal 2017 the
Company recorded pre-tax restructuring costs of $697,000 ($640,000
was expensed in Cost of Products Sold and $57,000 was expensed in
Selling and Administrative expenses). The Company incurred
net pre-tax other severance expense of $83,000 and $28,000 in the
second quarter of fiscal 2018 and fiscal 2017, respectively. The
fiscal 2018 second quarter net loss of $(1,468,000), or $(0.06) per
share, compared to the fiscal 2017 second quarter net income of
$2,006,000 or $0.08 per share. The fiscal 2018 second quarter net
loss includes a one-time after-tax charge of $4.7 million tax
adjustment related to the revaluation of the Company’s deferred tax
assets as a result of the lower tax rates included in the Tax Cut
and Jobs Act. Earnings per share represents diluted earnings per
share.
First Half Fiscal 2018 Results
Net sales in the first half of fiscal 2018 were $179,771,000, an
increase of 5.9% as compared to last year’s first half net sales of
$169,817,000. Lighting Segment net sales increased 5.5% to
$137,602,000 and Graphics Segment net sales increased 6.8% to
$42,169,000. The former Technology Segment net sales and operating
results are now included in the Lighting Segment and prior year
segment results have been revised accordingly. In the first half of
fiscal 2017 the Company recorded pre-tax restructuring costs of
$1,353,000 ($1,143,000 was expensed in Cost of Products Sold and
$210,000 was expensed in Selling and Administrative expenses) and
plant closure costs related to an inventory write-down of $400,000
as the Company exited the manufacturing of fluorescent lighting
fixtures -- combining to a total of $1,753,000. Additionally,
the Company recorded other severance costs of $83,000 and $173,000
in the first half of fiscal 2018 and 2017, respectively. The first
half fiscal 2018 net loss of $(17,097,000), or $(0.66), compared to
the fiscal 2017 first half net income of $2,835,000, or $0.11 per
share. The fiscal 2018 first half net loss includes a one-time
after-tax charge of $4.7 million related to the revaluation of the
Company’s deferred tax assets as a result of the lower tax rates
included in the Tax Cut and Jobs Act and a pre-tax goodwill
impairment in the Lighting Segment of $28,000,000. Earnings per
share represents diluted earnings per share.
Balance Sheet
The balance sheet at December 31, 2017 included current assets
of $115.3 million, current liabilities of $42.5 million and working
capital of $72.8 million, which includes cash of $3.2
million. The current ratio was 2.7 to 1. The Company
has shareholders’ equity of $142.3 million and $52.1 million of
long-term debt on its balance sheet as of December 31, 2017. With
continued strong cash flow, a sound balance sheet, and $47.9
million available in its credit facility, LSI Industries believes
its financial condition is sound and is capable of supporting the
Company’s planned growth, including acquisitions, if any.
Cash Dividend Actions
The Board of Directors declared a regular quarterly cash
dividend of $0.05 per share in connection with the second quarter
of fiscal 2018 payable February 13, 2018 to shareholders of record
as of February 5, 2018. The indicated annual cash dividend
rate is $0.20 per share. The Board of Directors has adopted a
policy regarding dividends which indicates that dividends will be
determined by the Board of Directors in its discretion based upon
its evaluation of earnings, cash flow requirements, financial
condition, debt levels, stock repurchases, future business
developments and opportunities, and other factors deemed
relevant.
Non-GAAP Financial Measures
This press release includes adjustments to GAAP net income and
earnings per share for the three and six month periods ended
December 31, 2017 and 2016. Adjusted net income and earnings
per share, which exclude the impact of a goodwill impairment, a tax
charge related to the revaluation of the Company’s Deferred Tax
Assets, restructuring and plant closure costs, and other severance
costs, are non-GAAP financial measures. We believe that these are
useful as supplemental measures in assessing the operating
performance of our business. These measures are used by our
management, including our chief operating decision maker, to
evaluate business results. We exclude these non-recurring
items because they are not representative of the ongoing results of
operations of our business. Below is a reconciliation of
these non-GAAP financial measures to the net income and earnings
per share reported for the periods indicated.
|
(in thousands, except
per share data; unaudited) |
Second Quarter |
|
|
|
Diluted |
|
|
|
Diluted |
|
FY 2018 |
|
EPS |
|
FY 2017 |
|
EPS |
Reconciliation of net
income to adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income and earnings per share as reported |
$ |
(1,468 |
) |
|
$ |
(0.06 |
) |
|
$ |
2,006 |
|
$ |
0.08 |
|
|
|
|
|
|
|
|
Tax
impact from the reduction of the Deferred Tax Assets |
|
4,676 |
|
|
$ |
0.18 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
Adjustment for restructuring and plant closure costs, inclusive of
the income tax effect |
|
-- |
|
|
|
-- |
|
|
|
448 |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
Adjustment for other severance costs, inclusive of the income tax
effect |
|
59 |
|
|
|
-- |
|
|
|
23 |
|
|
-- |
|
|
|
|
|
|
|
|
Adjusted
net income and earnings per share |
$ |
3,267 |
|
|
$ |
0.12 |
|
|
$ |
2,477 |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
(in thousands, except
per share data; unaudited) |
Six Month Period |
|
|
|
Diluted |
|
|
|
Diluted |
|
FY 2018 |
|
EPS |
|
FY 2017 |
|
EPS |
Reconciliation of net
income to adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income and earnings per share as reported |
$ |
(17,097 |
) |
|
$ |
(0.66 |
) |
|
$ |
2,835 |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
Adjustment for goodwill impairment, inclusive of the income tax
effect |
|
17,361 |
|
|
$ |
0.67 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
Tax
impact from the reduction of the Deferred Tax Assets |
|
4,676 |
|
|
$ |
0.18 |
|
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
Adjustment for restructuring and plant closure costs, inclusive of
the income tax effect |
|
-- |
|
|
|
-- |
|
|
|
1,143 |
|
|
0.04 |
|
|
|
|
|
|
|
|
Adjustment for other severance costs, inclusive of the income tax
effect |
|
59 |
|
|
|
-- |
|
|
|
120 |
|
|
-- |
|
|
|
|
|
|
|
|
Adjusted
net income and earnings per share |
$ |
5,001 |
|
|
$ |
0.19 |
|
|
$ |
4,098 |
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The reconciliation of reported net income and earnings per share
to adjusted net income and earnings per share may not agree due to
rounding differences and due to the difference between basic and
dilutive weighted average shares outstanding in the computation of
earnings per share.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This document contains certain forward-looking statements that
are subject to numerous assumptions, risks or
uncertainties. The Private Securities Litigation Reform
Act of 1995 provides a safe harbor for forward-looking
statements. Forward-looking statements may be identified
by words such as “estimates,” “anticipates,” “projects,” “plans,”
“expects,” “intends,” “believes,” “seeks,” “may,” “will,” “should”
or the negative versions of those words and similar expressions,
and by the context in which they are used. Such
statements, whether expressed or implied, are based upon current
expectations of the Company and speak only as of the date
made. Actual results could differ materially from those
contained in or implied by such forward-looking statements as a
result of a variety of risks and uncertainties over which the
Company may have no control. These risks and
uncertainties include, but are not limited to, the impact of
competitive products and services, product demand and market
acceptance risks, potential costs associated with litigation and
regulatory compliance, reliance on key customers, financial
difficulties experienced by customers, the cyclical and seasonal
nature of our business, the adequacy of reserves and allowances for
doubtful accounts, fluctuations in operating results or costs
whether as a result of uncertainties inherent in tax and accounting
matters or otherwise, failure of an acquisition or acquired company
to achieve its plans or objectives generally, unexpected
difficulties in integrating acquired businesses, the ability to
retain key employees, unfavorable economic and market conditions,
the results of asset impairment assessments, the ability to
maintain an effective system of internal control over financial
reporting, the ability to remediate any material weaknesses in
internal control over financial reporting and any other risk
factors that are identified herein. You are cautioned to
not place undue reliance on these forward-looking
statements. In addition to the factors described in this
paragraph, the risk factors identified in our Form 10-K and other
filings the Company may make with the SEC constitute risks and
uncertainties that may affect the financial performance of the
Company and are incorporated herein by reference. The
Company does not undertake and hereby disclaims any duty to update
any forward-looking statements to reflect subsequent events or
circumstances.
About the Company
We are a customer-centric company that positions itself as a
value-added, trusted partner in developing superior image solutions
through our world-class lighting, graphics, and technology
capabilities. Our core strategy of "Lighting + Graphics +
Technology = Complete Image Solutions" differentiates us from our
competitors.
We are committed to advancing solid-state LED technology to make
affordable, high performance, energy-efficient lighting and custom
graphic products that bring value to our customers. We have a
vast offering of innovative solutions for virtually any lighting or
graphics application. In addition, we provide sophisticated
lighting and energy management control solutions to help customers
manage their energy performance. Further, we provide a full
range of design support, engineering, installation and project
management services to our customers.
We are a vertically integrated U.S.-based manufacturer
concentrating on serving customers in North America and Latin
America. Our major markets include commercial / industrial
lighting, petroleum / convenience store and multi-site retail
(including automobile dealerships, restaurants and national retail
accounts). Headquartered in Cincinnati, Ohio, LSI has
facilities in Ohio, California, Kentucky, New York, North Carolina
and Texas. The Company’s common shares are traded on the
NASDAQ Global Select Market under the symbol LYTS.
For further information, contact either Dennis
Wells, Chief Executive Officer and President, or Jim Galeese,
Executive Vice President and Chief Financial Officer at (513)
793-3200.
Conference Call
As previously disclosed, Dennis Wells and Jim Galeese will host
a conference call later this morning at 10:00 a.m. EST to discuss
Q2 results. The call will contain forward looking statements
and other material information.
Access to the live Webcast will be available via the Investor
Relations page of the Company’s website:
http://www.lsi-industries.com
A replay of the Webcast will be posted to the Investor Relations
page of the Company’s website shortly after the completion of the
conference call, where it will be archived for twelve months.
Additional note: Today’s news
release, along with past releases from LSI Industries, is available
on the Company’s internet site at www.lsi-industries.com or by
email or fax, by calling the Investor Relations Department at (513)
793-3200.
|
Condensed Consolidated Statements of
Operations |
|
(in thousands, except
per share data; unaudited) |
Three Months Ended December 31 |
|
Six Months Ended December 31 |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
92,305 |
|
|
$ |
85,658 |
|
|
$ |
179,771 |
|
|
$ |
169,817 |
|
|
|
|
|
|
|
|
|
Cost of products and
services sold |
|
66,998 |
|
|
|
63,611 |
|
|
|
130,761 |
|
|
|
126,432 |
|
Restructuring costs –
cost of sales |
|
-- |
|
|
|
640 |
|
|
|
-- |
|
|
|
1,143 |
|
|
|
|
|
|
|
|
|
Gross
profit |
|
25,307 |
|
|
|
21,407 |
|
|
|
49,010 |
|
|
|
42,242 |
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses |
|
20,760 |
|
|
|
18,532 |
|
|
|
69,277 |
|
|
|
38,148 |
|
|
|
|
|
|
|
|
|
Restructuring costs –
SG&A expense |
|
-- |
|
|
|
57 |
|
|
|
-- |
|
|
|
210 |
|
|
|
|
|
|
|
|
|
Operating
income |
|
4,547 |
|
|
|
2,818 |
|
|
|
(20,267 |
) |
|
|
3,884 |
|
|
|
|
|
|
|
|
|
Interest (income)
expense, net |
|
417 |
|
|
|
(20 |
) |
|
|
820 |
|
|
|
(34 |
) |
|
|
|
|
|
|
|
|
Income
before income taxes |
|
4,130 |
|
|
|
2,838 |
|
|
|
(21,087 |
) |
|
|
3,918 |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
5,598 |
|
|
|
832 |
|
|
|
(3,990 |
) |
|
|
1,083 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
(1,468 |
) |
|
$ |
2,006 |
|
|
$ |
(17,097 |
) |
|
$ |
2,835 |
|
|
|
|
|
|
|
|
|
Income per common
share |
|
|
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
0.08 |
|
|
$ |
(0.66 |
) |
|
$ |
0.11 |
|
Diluted |
$ |
(0.06 |
) |
|
$ |
0.08 |
|
|
$ |
(0.66 |
) |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
|
|
|
|
|
|
Basic |
|
25,858 |
|
|
|
25,314 |
|
|
|
25,824 |
|
|
|
25,924 |
|
Diluted |
|
25,858 |
|
|
|
25,803 |
|
|
|
25,824 |
|
|
|
25,859 |
|
Condensed Consolidated Balance Sheets |
|
(in thousands,
unaudited) |
December 31, |
|
June 30, |
|
|
2017 |
|
|
2017 |
Current
Assets |
$ |
115,291 |
|
$ |
107,129 |
Property,
Plant and Equipment, net |
|
44,863 |
|
|
47,354 |
Other
Assets |
|
78,220 |
|
|
102,197 |
|
$ |
238,374 |
|
$ |
256,680 |
|
|
|
|
Current
Liabilities |
$ |
42,541 |
|
$ |
45,425 |
Long-Term
Debt |
|
52,149 |
|
|
49,698 |
Other
Long-Term Liabilities |
|
1,356 |
|
|
1,479 |
Shareholders’ Equity |
|
142,328 |
|
|
160,078 |
|
$ |
238,374 |
|
$ |
256,680 |
CONTACT: DENNIS WELLS or JIM GALEESE (513)
793-3200
LSI Industries (NASDAQ:LYTS)
過去 株価チャート
から 9 2024 まで 10 2024
LSI Industries (NASDAQ:LYTS)
過去 株価チャート
から 10 2023 まで 10 2024