Lsi Industries Inc (LYTS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Exhibit 99.1

LSI INDUSTRIES REPORTS FISCAL THIRD QUARTER 2022 RESULTS

ANNOUNCES $15 MILLION SHARE REPURCHASE PROGRAM

DECLARES QUARTERLY CASH DIVIDEND

CINCINNATI, April 28, 2022

FISCAL THIRD QUARTER 2022

LSI achieved strong year-over-year increases in both net sales and profitability in the fiscal third quarter, driven by broad-based commercial demand across both the lighting and display solutions businesses, increased price realization, and contributions from the JSI Store Fixtures acquisition (“JSI”) completed in May 2021.

The Company reported third quarter net sales of $110.1 million, an increase of 53% versus the prior year period. Net sales excluding contributions from the JSI acquisition, increased 12% versus fiscal third quarter of 2021.

LSI reported net income of $3.6 million, or $0.13 per diluted share in the third quarter, versus $1.5 million, or $0.05 per diluted share, in the prior-year period. Adjusted net income was $4.2 million, or $0.15 per diluted share for the third quarter of fiscal 2022, compared to $1.8 million, or $0.07 per diluted share, last year.

The Company reported Adjusted EBITDA of $8.5 million in the fiscal third quarter, an increase of 92% versus the prior-year period. A reconciliation of GAAP and non-GAAP financial results is included in this press release.

LSI generated free cash flow of $3.3 million in the quarter, including $6.4 million of discretionary investments in additional inventory intended to support existing elevated backlog levels and order rates. At the end of the third quarter, the Company’s ratio of net debt to trailing twelve month Adjusted EBITDA declined to 2.6x, compared to 2.8x at the end the fiscal second quarter 2022.

The Company declared a regular quarterly cash dividend of $0.05 per share payable May 17, 2022 to shareholders of record on May 9, 2022.