LSI Industries Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Tax Rate Guidance for the Fiscal Year 2018
January 25, 2018 at 06:45 am
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LSI Industries Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported net sales were $92,305,000 compared to $85,658,000 a year ago. Operating income was $4,547,000 compared to operating income of $2,818,000 a year ago. Income before income taxes was $4,130,000 compared to income before income taxes $2,838,000 a year ago. Net loss was $1,468,000 compared to net income of $2,006,000 a year ago. Basic and diluted loss per common share was $0.06 compared to basic and diluted income per common share of $0.08 a year ago. Adjusted net income was $3,267,000 compared to $2,477,000 a year ago. Adjusted EPS of $0.12 compared to $0.10 a year ago. Operating income as adjusted was $4,630,000 compared to $3,543,000 a year ago. Capital expenditures were $700,000 in the second quarter.
For the six months, the company reported net sales were $179,771,000 compared to $169,817,000 a year ago. Operating loss was $20,267,000 compared to operating income of $3,884,000 a year ago. Loss before income taxes was $21,087,000 compared to income before income taxes $3,918,000 a year ago. Net loss was $17,097,000 compared to net income of $2,835,000 a year ago. Basic and diluted loss per common share was $0.66 compared to basic and diluted income per common share of $0.11 a year ago. Adjusted net income was $5,001,000 compared to $4,098,000 a year ago. Adjusted EPS of $0.19 compared to $0.16 a year ago. Operating income as adjusted was $7,816,000 compared to $5,810,000 a year ago.
For full year fiscal 2018, the company forecast that the company's blended consolidated effective income tax rate will be approximately 29% before discrete items, as compared to approximately 34% for fiscal 2017. The full year impact of Tax Cut and Jobs Act will be realized in 2019 and effective tax rate is currently estimated at 24%.
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. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Tax Rate Guidance for the Fiscal Year 2018