Lsi Industries Inc (LYTS) 10-Q Quarterly Report January 2021

CINCINNATI, OH, January 21, 2021 -- 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 second quarter fiscal 2021.

Second Quarter 2021 Highlights

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Net Income of $2.2 million, 27% above prior year

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Adjusted Net Income of $2.5 million, 47% above prior year

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EPS of $0.08 versus $0.07 prior year

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EBITDA of $4.7 million; Adjusted EBITDA of $5.1 million

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Free cash flow of $5.3 million, no long-term debt

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Continued investments in commercial initiatives

LSI delivered improved year-over-year growth in profitability during the fiscal second quarter, supported by a higher margin sales mix across both its Graphics and Lighting segments that more than offset adverse market conditions related to the COVID-19 pandemic.

The Company reported net income of $2.2 million, or $0.08 per diluted share for the fiscal second quarter, versus net income of $1.7 million or $0.07 per diluted share in the prior year period. LSI reported adjusted net income of $2.5 million, or $0.09 per diluted share for the quarter, compared to $1.7 million, or $0.07 per diluted share last year. Fiscal second quarter EBITDA was $4.7 million, or 20% above prior year, and adjusted EBITDA was $5.1 million.

The Company generated free cash flow of $5.3 million for the quarter, increasing its total cash and equivalents to $13.6 million as of December 31, 2020. The Company had no long-term debt at the end of the fiscal second quarter, with $75 million available on its existing credit facility.

The Company declared a regular cash dividend of $0.05 per share payable February 9, 2021 to shareholders of record on February 1, 2021.

The following information was filed by Lsi Industries Inc (LYTS) on Thursday, January 21, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lsi Industries Inc's 10-Q Quarterly Report:

Financial - Cash Flow Highlight
This $7.5 million decrease in net cash flows from operating activities is the result of a $10.2 million decrease in accounts receivable in the six months ended December 31, 2019, partially offset by our improved earnings in the current year period.

Financial - Expense Highlight
The decrease in selling and administrative expenses was due to lower operating costs as a result of an organizational restructuring executed in the second half of fiscal 2020 and a program to reduce spending as a result of the pandemic.
Financial - Income Highlight
Non-GAAP adjusted operating income was $5.9 million in the six months ended December 31, 2020 compared to adjusted operating income of $7.7 million in the six months ended December 31, 2019 (refer to the Non-GAAP table below for a reconciliation of Lighting Segment operating income to adjusted operating income).
Other - Other Highlight
We describe risks and uncertainties that could cause actual results and events to differ materially in in our Annual Report on Form 10-K in the following sections: Managements Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, and Risk Factors.
Revenue - Product Highlight
When the impact of the sale of the New Windsor facility, other restructuring and plant closure costs, stock compensation expense and severance costs are removed from the operating results, adjusted operating income, a Non-GAAP measure, was $5.8 million in the six months ended December 31, 2020 compared to $4.9 million in the six months ended December 31, 2019.
Financial - Earnings
Non-GAAP adjusted net income was...Read more
Financial - Earnings
Non-GAAP adjusted net income was...Read more
Other - Other
We believe that these adjusted...Read more
Other - Other
The $7.0 million increase in...Read more
Financial - Expense
The decrease in selling and...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Income
Adjusted operating income, net income...Read more
Financial - Earnings
Gross profit as a percentage...Read more
Financial - Earnings
Gross profit as a percentage...Read more
Financial - Earnings
Also included below are Non-GAAP...Read more
Financial - Expense
The net decrease was the...Read more
Financial - Earnings
The increase of $1.8 million...Read more
Financial - Earnings
The increase of $2.6 million...Read more
Other - Other
See the risk factor captioned...Read more
Financial - Expense
The net decrease was the...Read more
Financial - Income
Below is a reconciliation of...Read more
Financial - Cash Flow
We sold our New Windsor...Read more
Financial - Income
The $1.7 million income tax...Read more
Financial - Income
The $0.8 million income tax...Read more
Revenue - Product
The $3.7 million decrease from...Read more
Revenue - Product
The increase in sales is...Read more
Revenue - Product
The increase in sales is...Read more
Financial - Expense
Selling and administrative expenses of...Read more
Financial - Expense
Selling and administrative expenses of...Read more
Financial - Expense
Administrative expenses of $2.6 million...Read more
Financial - Expense
Administrative expenses of $5.8 million...Read more
Revenue - Product
Graphics Segment net sales of...Read more
Revenue - Product
Graphics Segment net sales of...Read more
Financial - Income
The $0.6 million income tax...Read more
Financial - Dividend
In January 2021, the Board...Read more
Financial - Earnings
Gross profit of $6.0 million...Read more
Financial - Earnings
Gross profit of $10.4 million...Read more
Financial - Income
Page 26 Lighting Segment operating...Read more
Financial - Income
Operating income of $2.7 million...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Lsi Industries Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: LYTS
CIK: 763532
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-21-001519
Submitted to the SEC: Fri Jan 29 2021 6:02:35 AM EST
Accepted by the SEC: Fri Jan 29 2021
Period: Thursday, December 31, 2020
Industry: Electric Lighting And Wiring Equipment