Exhibit 99.1

 

                               

 

LSI INDUSTRIES REPORTS FISCAL FOURTH QUARTER 2019 RESULTS

AND DECLARES QUARTERLY CASH DIVIDEND

 

CINCINNATI, OH., August 22, 2019

-- 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 fourth quarter 2019.

 

Fourth Quarter 2019 Summary

 

 

Sales of $81.5 million; EPS $0.03; EBITDA $2.2 million; Adjusted EBITDA $3.3 million

 

Order rate mid-single digits above last year; increased backlog

 

Free Cash Flow $4.8 million; Debt reduction of $4.3 million, net leverage ratio 2.7x

 

New Windsor, NY production transfer complete; cost savings beginning fiscal Q2

 

New Windsor, NY building sale/closing expected in September; proceeds to be $12 million

 

Net sales were $81.5 million in the fiscal fourth quarter 2019, a decrease of 2% compared to $83.4 million in the fourth quarter 2018. Reported net income was $0.9 million, or $0.03 per diluted share, versus a loss of $(2.7 million), or $(0.10) per diluted share, in the fourth quarter 2018. Reported fiscal fourth quarter 2019 results include pre-tax restructuring charges and a favorable tax adjustment that resulted in a net favorable impact of $0.03 per share in the period. The tax adjustment relates to the pending sale of the New Windsor facility.

 

Adjusted EBITDA was $3.3 million in fiscal fourth quarter 2019, versus $3.6 million in the same period of 2018. Free cash flow for the quarter was $4.8 million, reflecting continued emphasis on balance sheet management. Cash flow generated in the quarter served to reduce outstanding debt by $4.3 million. Reconciliation of our GAAP and non-GAAP financial results is included later in this release.

 

Earlier in August, 2019, the Company secured final approval from the town of New Windsor, NY for the sale of its manufacturing facility. The Company currently anticipates the formal sale of the property to be completed on or before September 30, 2019 for approximately $12 million, consistent with prior estimates.

 

The Company declared a regular cash dividend of $0.05 per share payable September 12, 2019 to shareholders of record on September 3, 2019.

 

Management Commentary

 

James A. Clark, President and Chief Executive Officer commented, “Our fourth quarter reflects the initial impact of our restructuring which began last year. Sales and Adjusted EBITDA performance represents a stair-step improvement from the third quarter, although slightly below prior year. Our sales performance versus prior year was the best in five quarters; completing the New Windsor production transfer improves capacity utilization and generates an annual cost savings; and our new product pipeline is developing, with several key launches scheduled over the next several quarters. We generated strong free cash flow in the fourth quarter that resulted in further debt reduction, reflecting our ongoing commitment to disciplined balance sheet management. We finished the fiscal year with total debt below $40 million, and proceeds from the sale of the New Windsor facility will provide liquidity to further reduce our debt from current levels as well as invest in the business.

 

 

The following information was filed by Lsi Industries Inc (LYTS) on Thursday, August 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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