Lsi Industries Inc (LYTS) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

Exhibit 99.1

LSI INDUSTRIES REPORTS FISCAL SECOND QUARTER 2022 RESULTS

AND DECLARES QUARTERLY CASH DIVIDEND

CINCINNATI, OH, January 27, 2022

FISCAL SECOND QUARTER 2022

LSI generated significant year-over-year growth in sales and profitability in the fiscal second quarter, driven by a continued recovery in non-residential construction activity, systemic gains in targeted vertical markets, together with contributions from the JSI Store Fixtures acquisition (“JSI”) completed in May 2021.

The Company reported net sales of $111.1 million in the fiscal second quarter, an increase of 45% versus the prior year period. Net sales, excluding contributions from the JSI acquisition, increased 19% versus the fiscal second quarter of 2021. LSI reported net income of $3.1 million, or $0.11 per diluted share, in the second quarter, versus $2.2 million, or $0.08 per diluted share in the prior year period.

The Company reported adjusted net income of $4.2 million, or $0.15 per diluted share, compared to $2.5 million, or $0.09 per diluted share last year. Adjusted operating income increased 90% on a year-over-year basis to $5.9 million, while adjusted EBITDA increased 65% to $8.4 million. A reconciliation of GAAP and non-GAAP financial results is included in this press release.

The Company declared a regular cash dividend of $0.05 per share payable February 15, 2022 to shareholders of record on February 7, 2022.

MANAGEMENT COMMENTARY

“Our solid fiscal second quarter performance reflects the accelerating momentum building in our business,” stated James A. Clark, President and Chief Executive Officer of LSI Industries.