LSI Industries Inc. Announces Closing of New Windsor, New York Facility
2018年10月30日 - 5:30AM
LSI Industries Inc. (NASDAQ: LYTS) today
announced that it will permanently close its manufacturing
facility in New Windsor, New York. The facility manufactures
indoor lighting products and production will be transferred to
LSI’s Erlanger, Kentucky and Blue Ash, Ohio facilities. The
New Windsor facility has a workforce of 140 employees.
The closure is part of ongoing actions to align
the Company’s supply chain to more cost effectively serve the
changing requirements of the lighting market. The closure
will allow the Company to improve utilization of existing
manufacturing capacity, and will generate annual savings of
approximately $4 million.
James E. Galeese, CFO, commented, “We have taken
numerous actions over the past few years to improve the efficiency
and service capability of our supply chain, and the New Windsor
production transfer is an important next step in our continuous
improvement process. This closure will help us to streamline
our manufacturing footprint and reduce fixed costs. The
decision to close New Windsor and reduce our workforce was
difficult given the skills and commitment of the employees at this
site."
The company will record estimated restructuring
costs of $2.4 million over the next several quarters. The
transfer of production is expected to be completed by June 30,
2019.
"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, tax law changes, 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 impact of tariffs and trade wars, 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
LSI Industries Inc. is a U.S.-based designer,
manufacturer and marketer of lighting, graphics and technology
solutions for both indoor and outdoor applications. The
Company is a leader in the primary markets it serves including
petroleum, automotive, quick serve restaurants, grocery, banking,
retail, renovation, parking and warehousing. Products are
marketed throughout North America by a network of independent sales
representatives and distributors, as well as through national
accounts. LSI partners with its customers to provide a full
range of design support, engineering, installation and project
management services. Headquartered in Blue Ash, Ohio, LSI
currently employs over 1,200 employees and operates eight
facilities throughout the U.S. The Company’s common shares
are traded on the NASDAQ Global Select Market under the symbol
LYTS. Additional information can be found on the Investor
Relations page at www.lsi-industries.com.
For further information,
contact Jim Galeese, Executive Vice President and Chief
Financial Officer at (513) 793-3200.
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.
CONTACT: JIM GALEESE(513)
793-3200
LSI Industries (NASDAQ:LYTS)
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