LSI Industries Inc. Declares Regular Quarterly Cash Dividend for the Third Quarter Ended March 31, 2018, Payable on May 15, 2018; Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2018; Provides Tax Rate Guidance for 2018 and 2019; Announces Pre-Tax Impairment of an Intangible Asset for the Third Quarter of Fiscal 2017
April 26, 2018 at 06:45 am
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The board of directors of LSI Industries Inc. declared a regular quarterly cash dividend of $0.05 per share in connection with the third quarter ended March 31, 2018, payable on May 15, 2018 to shareholders of record as of May 7, 2018. The indicated annual cash dividend rate is $0.20 per share.
The company announced unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2018. For the quarter, the company reported net sales were $78,843,000 compared to $78,156,000 a year ago. Operating income was $743,000 compared to operating loss of $774,000 a year ago. Income before income taxes was $343,000 compared to loss before income taxes $937,000 a year ago. Net income was $220,000 compared to net loss of $531,000 a year ago. Basic and diluted income per common share was $0.01 compared to basic and diluted loss per common share of $0.02 a year ago. Adjusted net income was $226,000 compared to $357,000 a year ago. Adjusted EPS of $0.01 compared to $0.01 a year ago. Operating income as adjusted was $751,000 compared to $432,000 a year ago. Capital expenditures were $1 million in the quarter.
For the nine months, the company reported net sales were $258,614,000 compared to $247,973,000 a year ago. Operating loss was $19,524,000 compared to operating income of $3,110,000 a year ago. Loss before income taxes was $20,744,000 compared to income before income taxes $2,981,000 a year ago. Net loss was $16,877,000 compared to net income of $2,304,000 a year ago. Basic and diluted loss per common share was $0.65 compared to basic and diluted income per common share of $0.09 a year ago. Adjusted net income was $5,227,000 compared to $4,455,000 a year ago. Adjusted EPS of $0.20 compared to $0.17 a year ago. Operating income as adjusted was $8,567,000 compared to $6,242,000 a year ago.
The company expects to close fiscal 2018 with a effective tax rate before discrete items of right at 29% versus 34% last year.
And look forward to 2019, it will see the full effect of the Tax Cut Jobs Act (sic), it is looking at a rate of between 23% and 24% effective tax rate.
The company recorded a $479,000 pre-tax impairment of an intangible asset in the third quarter of fiscal 2017.
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. Declares Regular Quarterly Cash Dividend for the Third Quarter Ended March 31, 2018, Payable on May 15, 2018; Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2018; Provides Tax Rate Guidance for 2018 and 2019; Announces Pre-Tax Impairment of an Intangible Asset for the Third Quarter of Fiscal 2017
LSI INDUSTRIES INC. 
