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Lsi Industries Inc (LYTS) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

SEC Filings

Lsi Industries Inc

CIK: 1379396 Ticker: LYTS

Exhibit 99.1

 

lsi01.jpg

         

LSI INDUSTRIES REPORTS FISCAL 2023 THIRD QUARTER RESULTS

AND DECLARES QUARTERLY CASH DIVIDEND

 

CINCINNATI -- APRIL 27, 2023

-- LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S.-based manufacturer of display solutions and indoor/outdoor lighting, today reported fiscal third quarter financial results for the three months ended March 31, 2023.

 

FISCAL 2023 THIRD QUARTER

 

 

Net Sales +7% y/y to $117.5 million

 

Net Income +29% y/y to $4.7 million; Adjusted Net Income of $5.5 million

 

Diluted EPS of $0.16; Adjusted EPS of $0.19

 

EBITDA of $10.2 million; Adjusted EBITDA $11.2 million

 

Strong Free Cash Flow of $11.7 million

 

Net debt declined to $48.2 million, or 1.0x TTM Adjusted EBITDA

 

 

LSI generated significant year-over-year growth in sales and profitability in the fiscal third quarter, driven by continued demand strength within the Lighting segment, margin management and consistent operational execution. The Company continued its focus on balancing short-term performance with investments in future growth initiatives.

 

The Company reported fiscal third quarter sales of $117.5 million, an increase of 7% versus the prior-year period, as growth within the Lighting segment more than offset a small decline year-over-year in the Display Solutions segment.

 

Reported net income was $4.7 million, or $0.16 per diluted share, versus $3.6 million, or $0.13 per diluted share in the prior-year period. Adjusted net income was $5.5 million or $0.19 per diluted share in the third quarter, compared to $4.2 million, or $0.15 per diluted share last year.

 

LSI recorded Adjusted EBITDA of $11.2 million for the fiscal third quarter, an increase of 32% versus the prior-year period. The Adjusted EBITDA margin rate was 9.6% for the quarter, or 190 bps above the prior year quarter, driven by volume growth, price realization, disciplined cost management and a favorable sales mix.

 

The Company generated free cash flow of $11.7 million in the fiscal third quarter, driven by increased profitability and further working capital optimization. Improved cash flow conversion resulted in a corresponding reduction in the ratio of net debt to trailing twelve-month adjusted EBITDA, which declined to 1.0x at the end of the fiscal third quarter, versus 2.7x in the prior-year period. LSI has reduced net debt by more than $35 million during this twelve-month period.

 

 

The following information was filed by Lsi Industries Inc (LYTS) on Thursday, April 27, 2023 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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) (Parentheticals)
Note 1 - Interim Condensed Consolidated Financial Statements
Note 10 - Equity Compensation
Note 10 - Equity Compensation (Details Textual)
Note 11 - Supplemental Cash Flow Information
Note 11 - Supplemental Cash Flow Information (Tables)
Note 11 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details)
Note 12 - Commitments And Contingencies
Note 13 - Leases
Note 13 - Leases (Details Textual)
Note 13 - Leases (Tables)
Note 13 - Leases - Maturities Of Lease Liability (Details)
Note 13 - Leases - Operating Lease Information (Details)
Note 14 - Income Taxes
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes - Reconciliation Of Income Tax Rate (Details)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Tables)
Note 2 - Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Note 3 - Segment Reporting Information
Note 3 - Segment Reporting Information (Details Textual)
Note 3 - Segment Reporting Information (Tables)
Note 3 - Segment Reporting Information - Identifiable Assets By Segment (Details)
Note 3 - Segment Reporting Information - Intersegment Revenues (Details)
Note 3 - Segment Reporting Information - Summarized Financial Information By Operating Segments (Details)
Note 4 - Earnings Per Common Share
Note 4 - Earnings Per Common Share (Tables)
Note 4 - Earnings Per Common Share - Basic And Diluted Earnings Per Share (Details)
Note 5 - Inventories, Net
Note 5 - Inventories, Net (Tables)
Note 5 - Inventories, Net - Inventories (Details)
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses (Tables)
Note 6 - Accrued Expenses - Accrued Expenses (Details)
Note 7 - Goodwill And Other Intangible Assets
Note 7 - Goodwill And Other Intangible Assets (Details Textual)
Note 7 - Goodwill And Other Intangible Assets (Tables)
Note 7 - Goodwill And Other Intangible Assets - Amortization Expense Of Other Intangible Assets (Details)
Note 7 - Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Note 7 - Goodwill And Other Intangible Assets - Goodwill (Details)
Note 7 - Goodwill And Other Intangible Assets - Other Intangible Assets (Details)
Note 8 - Debt
Note 8 - Debt (Details Textual)
Note 8 - Debt (Tables)
Note 8 - Debt - Debt (Details)
Note 8 - Debt - Debt (Details) (Parentheticals)
Note 9 - Cash Dividends
Note 9 - Cash Dividends (Details Textual)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

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

Ticker: LYTS
CIK: 763532
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-23-012796
Submitted to the SEC: Fri May 05 2023 4:01:48 PM EST
Accepted by the SEC: Fri May 05 2023
Period: Friday, March 31, 2023
Industry: Electric Lighting And Wiring Equipment

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