Lsi Industries Inc (LYTS) 10-K Annual Report September 2023

– LSI Industries Inc. (Nasdaq: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of commercial lighting and display solutions, today reported financial results for its fiscal 2023 fourth quarter and full year ended June 30, 2023.

FISCAL 2023 FOURTH QUARTER

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Net Sales $123.6 million; Lighting sales +5% y/y

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Net Income +63% y/y to $8.4 million, $0.28 per diluted share

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Adjusted Net Income +46% y/y of $8.8 million, $0.30 per diluted share

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EBITDA of $12.6million; Adjusted EBITDA $14.1 million or 11.4%/sales

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Free Cash Flow +94% y/y to $15.6 million

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Ratio of net debt to TTM Adjusted EBITDA of 0.7x as of June 30, 2023

FISCAL 2023 FULL YEAR

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Net Sales +9% y/y to $497.0 million

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Net Income +71% y/y to $25.8 million, $0.88 per diluted share

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Adjusted Net Income +61%% y/y to $29.0 million, $0.99 per diluted share

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EBITDA of $46.7 million; Adjusted EBITDA +47% y/y to $51.6 million or 10.4%/sales

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Free Cash Flow of $46.4 million

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Reduced net debt more than 50% to $33.4 million

During the fiscal fourth quarter, LSI benefitted from a combination of favorable demand conditions across its vertical markets, accelerated adoption of recently introduced products and services, sustained price discipline, a higher-value sales mix, and strong operational execution, all contributing to significant year-over-year growth in margin rate realization, Adjusted EBITDA, free cash flow, and profitability.

In the fiscal fourth quarter, LSI reported net income of $8.4 million, or $0.28 per diluted share, on net sales of $123.6 million, while adjusted net income was $8.8 million, or $0.30 per diluted share. The Company generated Adjusted EBITDA of $14.1 million in the fourth quarter, an increase of 33% versus the prior year period, with Adjusted EBITDA margin increasing more than 300 basis points to 11.4%.

Free cash flow increased to $15.6 million in the fiscal fourth quarter, with free cash flow conversion exceeding 100% in the period. Year-over-year growth in free cash flow was driven by improved profitability and working capital efficiency.

For the twelve months ended June 30, 2023, LSI reported record sales of $497.0 million, an increase of 9% versus the full year fiscal 2022. Net income was $25.8 million, or $0.88 per diluted share, versus net income of $15.0 million or $0.54 per share in the prior year. The Company reported adjusted net income of $29.0 million, or $0.99 per diluted share in fiscal 2023, versus $18.0 million, or $0.64 per share in fiscal 2022. Adjusted EBITDA was $51.6 million in fiscal 2023, versus $35.1 million in the prior year. A reconciliation of GAAP and non-GAAP financial results is included in this press release.

The following information was filed by Lsi Industries Inc (LYTS) on Thursday, August 17, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

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Material Contracts, Statements, Certifications & more

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

Exhibit 19: Report Composed To Security Holders

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001437749-23-025488
Submitted to the SEC: Fri Sep 08 2023 4:01:42 PM EST
Accepted by the SEC: Fri Sep 08 2023
Period: Friday, June 30, 2023
Industry: Electric Lighting And Wiring Equipment