LSI Industries Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Announces Goodwill Impairment for the Second Quarter Ended December 31, 2012
January 25, 2013 at 08:44 pm IST
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LSI Industries Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. The company's net sales in the second quarter of fiscal 2013 were $71,082,000, an increase of 3% as compared to last year's second quarter net sales of $68,774,000. Operating loss was $2,709,000 against operating income of $1,219,000 a year ago. Loss before income taxes was $2,691,000 against income before income taxes of $1,182,000 a year ago. Net loss was $2,450,000 or $0.10 per diluted share against net income of $772,000 or $0.03 per diluted share a year ago. Adjusted net income was $1,409,000 or $0.06 per diluted share against net income of $772,000 or $0.03 per diluted share a year ago.
The company's net sales in the first half of fiscal 2013 were $145,801,000, an increase of 9% as compared to last year's first half net sales of $134,269,000. Operating income was $318,000 against $3,397,000 a year ago. Income before income taxes was $316,000 against $3,320,000 a year ago. Net loss was $620,000 or $0.03 per diluted share against net income of $2,096,000 or $0.09 per diluted share a year ago. Adjusted net income was $421,000 or $0.02 per diluted share against net income of $2,354,000 or $0.10 per diluted share a year ago.
For the second quarter, the company announced a goodwill impairment of $2,141,000.
LSI Industries Inc. is a producer of non-residential lighting and retail display solutions. It operates through two segments: Lighting and Display Solutions. Its Lighting Segment manufactures, markets, and sells outdoor and indoor lighting fixture and controls solutions in the commercial and industrial markets, including refueling and convenience store, parking lot and garage, quick-service restaurant, retail, grocery and pharmacy, automotive dealership, sports court and field, and warehouse. The Company services these markets through multiple channels: project business sold through electrical distributors and agents, standard products sold to and stocked by distributors, and direct to end-use customers. Its Display Solutions Segment manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, store display fixtures, refrigerated displays, and custom display elements.
LSI Industries Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Announces Goodwill Impairment for the Second Quarter Ended December 31, 2012