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LSI Industries Reports Fiscal Second Quarter 2022 Results and Declares Quarterly Cash Dividend

In This Article:

CINCINNATI, Jan. 27, 2022 (GLOBE NEWSWIRE) -- 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 second quarter of fiscal year 2022.

FISCAL SECOND QUARTER 2022

  • Total net sales +45% y/y to $111.1 million, organic net sales +19% y/y

  • Lighting sales +27% y/y; Display Solution sales +72% y/y

  • Net Income +41% y/y to $3.1 million, or $0.11 per diluted share

  • Adjusted net income +67% y/y to $4.2 million, or $0.15 per diluted share

  • Adjusted EBITDA +65% y/y to $8.4 million

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.

“Entering the third quarter, demand conditions have improved, contributing to organic growth across both our Lighting and Display Solutions businesses,” continued Clark. “Sales exceeded $100 million for the second consecutive quarter, and increased sequentially from our record first quarter. Our sales and earnings improvement reflects effective execution of our vertical market strategy and continued price management actions to counter ongoing increases in input costs. The LSI team again navigated multiple obstacles to deliver a successful quarter, managing ongoing supply chain challenges including fluctuating supplier lead-times, transit capacity issues, as well as widespread inflation.