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

-- LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of indoor/outdoor lighting and display solutions, today announced results for the first quarter of fiscal year 2022.

First Quarter 2022 Results

	●	Net sales of $106.4 million, growth of 52% versus prior year
	●	Organic net sales increased 19% versus prior year
	●	Net income of $3.1 million; Adjusted net income $3.5 million
	●	EPS of $0.11 per diluted share; Adjusted EPS of $0.13
	●	EBITDA of $7.0 million; Adjusted EBITDA of $7.6 million
	●	Significant year-over-year increase in Comparable Quote/Order/Backlog levels

LSI reported strong year-over-year increases in both net sales and profitability for the fiscal first quarter, driven by a combination of organic growth in both its Lighting and Display Solutions segments, coupled with the first full quarter of financial contribution from the JSI Store Fixtures acquisition (“JSI”) completed in May, 2021.

The Company reported first quarter net sales of $106.4 million, an increase of 52% versus the prior year period. Net sales excluding the contributions from the JSI acquisition, increased 19% versus the fiscal first quarter of 2021. LSI reported net income of $3.1 million, an increase of 57% compared to the prior year period. Adjusted net income was $3.5 million, or $0.13 per diluted share, versus $2.1 million or $0.08 in the prior year period. Adjusted EBITDA increased 59% year-over-year to $7.6 million in the first quarter. A reconciliation of GAAP and non-GAAP financial results is included in this press release.

LSI capitalized on strong demand conditions across its core Lighting and Display Solutions markets, while successfully managing the escalating challenges prevalent in the industrial operating environment. In response to lengthening supplier lead-times and intensified transit reliability issues, the Company invested in additional inventory in the first quarter, minimizing material availability risks. During a period of increased demand and rising backlog, LSI effectively leveraged its vertically integrated operations platform to meet customer order commitments throughout the first quarter.

At the end of the first quarter, the Company’s total debt outstanding was $78 million, with a ratio of net debt to trailing twelve months Adjusted EBITDA of 2.5x. LSI had total cash and availability on its $100 million credit facility of $24 million at quarter end.

The Company declared a regular cash dividend of $0.05 per share payable November 23, 2021 to shareholders of record on November 15, 2021.

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The following information was filed by Lsi Industries Inc (LYTS) on Wednesday, November 3, 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 - Income Highlight
The following represents the income tax effects of the adjustments in the tables above, which were calculated using the estimated combined U.S., Canada and Mexico effective income tax rates for the periods indicated (in thousands): $149 $125 $1 Page 22 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.

Financial - Earnings Highlight
The increase in Non-GAAP adjusted net income is primarily the net result of an increase in sales.
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.
Financial - Expense Highlight
Operating expenses of $5.3 million in the three months ended September 30, 2021 increased $2.7 million from $2.6 million in the same period of fiscal 2021, primarily driven by the inclusion of three months of results for JSI and non-recurring cost savings in the prior year quarter.
Financial - Earnings Highlight
Non-GAAP adjusted net income was $3.5 million for the three months ended September 30, 2021 compared to adjusted net income of $2.1 million for the three months ended September 30, 2020 (Refer to the Non-GAAP tables above).
Other - Other
We believe that these adjusted...Read more
Financial - Earnings
Also included below are Non-GAAP...Read more
Financial - Income
Lighting Segment operating income of...Read more
Revenue - Product
The increase is due to...Read more
Financial - Expense
We were successful in adjusting...Read more
Revenue - Product
Net sales were driven by...Read more
Revenue - Product
The increase of $1.9 million...Read more
Financial - Income
Below is a reconciliation of...Read more
Financial - Cash Flow
The $9.8 million change in...Read more
Financial - Income
The $0.3 million of income...Read more
Other - Other
These non-GAAP measures may be...Read more
Financial - Expense
Operating expenses of $3.7 million...Read more
Revenue - Product
Net sales of $106.4 million...Read more
Financial - Expense
Operating expenses of $11.1 million...Read more
Other - Other
Net inventories of $67.9 million...Read more
Other - Other
Net inventory in the Display...Read more
Revenue - Product
Page 23 Lighting Segment net...Read more
Revenue - Product
Display Solutions Segment net sales...Read more
Financial - Expense
The increase in working capital...Read more
Financial - Income
The $1.0 million of income...Read more
Financial - Dividend
In November 2021, the Board...Read more
Financial - Earnings
Gross profit of $15.5 million...Read more
Financial - Earnings
Gross profit of $9.0 million...Read more
Financial - Income
Page 21 Operating income of...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 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: 0001437749-21-025285
Submitted to the SEC: Thu Nov 04 2021 4:05:53 PM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: Electric Lighting And Wiring Equipment