Financial Data and Key Metrics Changes - The company reported fourth quarter earnings per share of $0.28, with adjusted EPS at $0.30, compared to $0.18 and $0.21 for the prior year quarter, reflecting improved profitability and a lower effective tax rate [22] - Full year sales increased to $497 million, representing a 9% year-over-year growth, while adjusted net income increased 61% to $29 million, and adjusted earnings per share increased 55% to $0.99 per share, marking the highest full year EPS in over 20 years [46] - The adjusted EBITDA for the full year increased to $52 million, with the adjusted EBITDA margin rate expanding 270 basis points to 10.4% [46] Business Line Data and Key Metrics Changes - Display Solutions sales for the full year increased by 1%, but increased by 13% when excluding a large digital menu board order, indicating ongoing strength in grocery, c-store, and QSR market verticals [25] - Lighting sales increased by 5% in Q4, marking the ninth consecutive quarter of growth, with full year lighting sales increasing by 17% [47] - The gross margin rate for lighting improved to 33% in Q4, while the full year margin rate improved to 32%, 190 basis points above last year [47] Market Data and Key Metrics Changes - The company entered fiscal '24 with a project quotation level steady at a high level, and Q4 bookings were favorable with a book-to-bill ratio above 1 [24] - There is a noted slowing in large projects, but small and medium project activity remains healthy, with lengthening quote-to-order conversion periods being observed [24] - The company continues to see strong inquiry levels for branding and image initiatives, particularly in the refueling c-store and grocery space [25] Company Strategy and Development Direction - The company aims to reach $800 million in sales and nearly $100 million in EBITDA performance by 2028, with a balanced approach to growth through organic activities and M&A [14][16] - The strategic focus is on high potential vertical markets such as grocery, c-store, warehousing, manufacturing, automotive, and sports courts, with differentiated goods and services designed for these markets [16] - The introduction of more than 20 new products is planned for 2024, including a next-generation environmentally friendly refrigerated display solution [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage and seek out continued productivity and cost opportunities while managing price, margin, and cash flow [20] - The company noted that while there are external pressures affecting timing, the overall inquiry levels and project activity remain healthy [39] - Management highlighted that the macroeconomic environment is stable, but there are extended timelines for project execution due to external factors such as financing and labor issues [79] Other Important Information - The company reduced its net debt to about $35 million, lowering the ratio of net debt to trailing 12-month adjusted EBITDA to 0.7x, providing balance sheet flexibility for growth initiatives [23] - A regular cash dividend of $0.05 per share was declared, payable September 5 for shareholders of record on August 28 [23] Q&A Session Summary Question: Factors influencing the second half of FY '24 being stronger than the first half - Management indicated that while they are not shielded from macroeconomic factors, their strategy focuses on vertical markets that are more resistant to economic cycles, which has proven effective over the past five years [51] Question: Update on capital allocation priorities - Management stated that there would be no material changes in capital allocation models, with a focus on organic growth and maintaining a disciplined approach to M&A opportunities [55] Question: M&A outlook and environment - Management expressed optimism about the current M&A environment, noting that they are actively looking for opportunities but remain disciplined in their approach to ensure strategic fit and cultural alignment [58] Question: Impact of lead time delays on operating profits - Management indicated that while there could be mid-single digit adjustments on a quarter-by-quarter basis due to delays, these do not significantly disrupt overall quarterly performance [89] Question: Size of the opportunity for the R-290 refrigerated display - Management emphasized the importance of earning every project and maintaining customer loyalty, noting that while the market is larger than their current share, they need to actively pursue new opportunities [93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q Commission File No. 0-13375 LSI Industries Inc. (Exact name of registrant as specified in its charter) Ohio 31-0888951 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 10000 Alliance Road, Cincinnati, Ohio 45242 (Address of principal executive offices) (Zip Code) (513) 793-3200 Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of ...

LSI Industries Inc. (NASDAQ:LYTS) Q3 2023 Results Conference Call April 27, 2023 11:00 AM ET Company Participants Jim Galeese - Chief Financial Officer Jim Clark - President and Chief Executive Officer Conference Call Participants Aaron Spychalla - Craig-Hallum Amit Dayal - HCI Wainwright George Gianarikas - Canaccord Rick Fearon - Accretive Capital Partners Operator Good day, and welcome to the LSI Industries Fiscal Third Quarter 2023 Results Conference Call [Operator Instructions]. I would now like to tur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q Commission File No. 0-13375 LSI Industries Inc. | Title of each class | Trading Symbol(s) | Name of each exchange on which | | --- | --- | --- | | | | registered | | Common Stock, no par value | LYTS | NASDAQ Global Select Market | Indicate by checkmark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such s ...

LSI Industries Inc. (NASDAQ:LYTS) Q2 2023 Earnings Conference Call January 26, 2023 11:00 AM ET Company Participants Jim Galeese - Chief Financial Officer Jim Clark - President and Chief Executive Officer Conference Call Participants George Gianarikas - Canaccord Genuity Aaron Spychalla - Craig-Hallum Amit Dayal - H.C. Wainwright Operator Greetings and welcome to the LSI Industries Fiscal Second Quarter 2023 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I ...

This presentation contains "forward-looking statements"—that is, statements related to future events within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In this context, forward-looking statements often address our expected future business, financial performance, financial condition and results of operations, often contain words such as "estimates," "targets," "anticipates," "h ...

First Quarter Fiscal 2023 Results Conference Call November 2, 2022 DISCLAIMER This presentation contains "forward-looking statements"—that is, statements related to future events within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In this context, forward-looking statements often address our expected future business, financial performance, financial condition and results of ope ...

LSI Industries Inc. (NASDAQ:LYTS) Q1 2023 Results Conference Call November 2, 2022 11:00 AM ET Company Participants James Galeese - EVP and CFO James Clark - President and CEO Conference Call Participants Richard Fearon - Accretive Capital Partners Amit Dayal - H.C. Wainwright & Co, LLC Operator Ladies and gentlemen, greetings and welcome to the LSI Industries Fiscal First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Unaudited statements show significant growth in net sales, net income, and operating cash flow for the quarter [Condensed Consolidated Statements of Operations](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Quarterly net sales grew 19.4% to $127.1 million, driving a 100.6% increase in net income to $6.3 million Consolidated Statements of Operations Highlights (Unaudited) | (In thousands, except per share data) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Net Sales** | $127,069 | $106,397 | | **Gross Profit** | $34,738 | $24,510 | | **Operating Income** | $10,021 | $4,444 | | **Net Income** | $6,262 | $3,133 | | **Diluted EPS** | $0.22 | $0.11 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets grew to $319.5 million, supported by increased shareholders' equity from retained earnings Condensed Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | September 30, 2022 | June 30, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $170,407 | $158,917 | | **Total Assets** | $319,501 | $311,080 | | **Total Current Liabilities** | $79,935 | $74,618 | | **Total Liabilities** | $165,772 | $163,311 | | **Total Shareholders' Equity** | $153,729 | $147,769 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash from operations improved significantly to $10.6 million from a $7.9 million use in the prior year Consolidated Statements of Cash Flows Highlights (Unaudited) | (In thousands) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $10,583 | $(7,889) | | **Net cash (used in) investing activities** | $(434) | $(297) | | **Net cash (used in) provided by financing activities** | $(3,590) | $8,505 | | **Increase in cash and cash equivalents** | $6,566 | $288 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail key accounting policies, segment operations, debt compliance, and dividend declarations - Revenue is recognized when control transfers to the customer, which is at the time of shipment for most products. For customized products and installation services, revenue is recognized over time using a cost-based input method[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The company operates through two reportable segments: **Lighting and Display Solutions**. The Lighting segment focuses on non-residential lighting fixtures and controls, while the Display Solutions segment provides visual image and display elements[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - As of September 30, 2022, the company had a $75 million secured revolving line of credit and a $25 million term loan, with **$18.9 million available for borrowing**. The company was in compliance with all loan covenants[61](index=61&type=chunk)[62](index=62&type=chunk) - In November 2022, the Board of Directors declared a **quarterly cash dividend of $0.05 per share**, indicating an annual rate of $0.20 per share[63](index=63&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes strong sales and income growth to robust demand and effective cost management [Summary of Consolidated Results](index=23&type=section&id=Summary%20of%20Consolidated%20Results) Consolidated net sales rose 19% to $127.1 million, driven by growth in both business segments - Net sales increased by **$20.7 million (19%) YoY**, driven by growth in both the Lighting (32%) and Display Solutions (8%) segments[81](index=81&type=chunk) - Operating income increased by **$5.6 million**, attributed to higher volume, a better sales mix, pricing actions offsetting inflation, and cost management[82](index=82&type=chunk) [Non-GAAP Financial Measures](index=24&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures show improved Adjusted EBITDA and a reduced Net Debt to Adjusted EBITDA ratio of 1.7x Reconciliation of Operating Income to Adjusted EBITDA | (In thousands) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Operating Income as reported** | $10,021 | $4,444 | | Depreciation and Amortization | $2,421 | $2,563 | | **EBITDA** | **$12,442** | **$7,007** | | Adjustments (Stock comp, consulting, severance) | $866 | $556 | | **Adjusted EBITDA** | **$13,308** | **$7,563** | Net Debt to Adjusted EBITDA | (In thousands, except ratio) | September 30, 2022 | September 30, 2021 | | :--- | :--- | :--- | | **Net Debt** | $68,518 | $77,026 | | **Adjusted EBITDA - Trailing 12 Months** | $40,836 | $30,907 | | **Net Debt to Adjusted EBITDA** | **1.7** | **2.5** | [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Both Lighting and Display Solutions segments reported strong sales growth and significant margin expansion - Lighting Segment net sales increased **32% YoY**, with gross margin improving to **33.0% from 30.2%** due to pricing actions and cost control[91](index=91&type=chunk)[92](index=92&type=chunk) - Display Solutions Segment net sales grew **8% YoY**, with gross margin expanding to **20.9% from 16.4%** due to pricing and favorable project mix[94](index=94&type=chunk)[95](index=95&type=chunk) - Corporate operating expenses increased by **$2.0 million**, primarily due to higher performance-based incentive compensation driven by improved business results[99](index=99&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity strengthened with increased working capital and a significant positive swing in operating cash flow - Working capital increased to **$90.5 million** at Sep 30, 2022, from $84.3 million at June 30, 2022[105](index=105&type=chunk) - Net inventories increased by **$6.1 million to $80.5 million** to mitigate supply chain risks and support ongoing programs[107](index=107&type=chunk) - The company generated **$10.6 million in cash from operations**, a $18.5 million positive swing from the prior year, due to improved earnings and working capital management[109](index=109&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) No material changes in the company's market risk exposure were reported for the period - There have been **no material changes** in the company's market risk exposure since June 30, 2022[116](index=116&type=chunk) [Controls and Procedures](index=30&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective with no material changes - The CEO and CFO concluded that as of September 30, 2022, the company's disclosure controls and procedures were **effective**[118](index=118&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[119](index=119&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Other Information](index=31&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other information was reported for the period - None[122](index=122&type=chunk) [Exhibits](index=31&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including certifications and XBRL data - Filed exhibits include the Fiscal Year 2023 Long-Term and Short-Term Incentive Plans, CEO and CFO certifications (Rule 13a-14(a) and Section 1350), and Inline XBRL documents[124](index=124&type=chunk) [Signatures](index=32&type=section&id=SIGNATURES) The report was duly signed by the CEO and CFO on November 4, 2022 - The report was signed on **November 4, 2022**, by the Principal Executive Officer and Principal Financial Officer[127](index=127&type=chunk)[128](index=128&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED JUNE 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission File No. 0-13375 (State or other jurisdiction of incorporation or organization) 10000 Alliance Road Ohio Cincinnati, Ohio 45242 IRS Employer I.D. (Address of prin ...