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 ...

Financial Data and Key Metrics Changes - The company reported record net sales of $127 million for Q4 2022, representing a 31% growth year-over-year and a 16% sequential increase from Q3 [28] - For the full fiscal year, sales increased by 44% to a record $455 million, with adjusted net income improving to $18 million, an 84% increase from the prior year [30][31] - Adjusted EBITDA for Q4 was $10.6 million, a 56% increase year-over-year, with an adjusted EBITDA margin of 8.3% [28][29] Business Line Data and Key Metrics Changes - The Lighting segment saw a 29% year-over-year sales increase in Q4, with a gross margin rate of 31%, up 210 basis points from the previous year [34] - The Display Solutions segment experienced a 35% increase in sales for Q4, driven by strong demand in the grocery and quick-serve restaurant verticals [36] - For the full fiscal year, Display Solutions sales increased by 75%, significantly aided by the JSI acquisition [38] Market Data and Key Metrics Changes - The grocery vertical became the company's number one market for the first time, surpassing convenience stores and refueling stations [15] - The company has shifted its sourcing strategy, reducing overseas material sourcing from 80% to 30%, while increasing domestic sourcing to 70% [18][59] Company Strategy and Development Direction - The company aims to reach $500 million in sales with double-digit EBITDA by 2025, focusing on operational improvements and market-specific strategies [9][17] - The management emphasized the importance of maintaining a robust supply chain and inventory levels to ensure timely product delivery [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the first quarter of 2023, citing strong order activity and a positive outlook despite broader economic challenges [63][81] - The company is prepared for potential economic downturns but has not yet seen a slowdown in demand or quote activity [63][81] Other Important Information - The company declared a regular cash dividend of $0.05 per share, payable on September 7 for shareholders of record on August 30 [33] - The company has strategically increased inventory levels to mitigate supply chain disruptions, impacting free cash flow in the first half of the year but improving overall profitability [20][32] Q&A Session Summary Question: Is it too aggressive to assume the $500 million revenue target could be hit in fiscal 2023? - Management is optimistic but does not commit to hitting the target in fiscal 2023, citing ongoing environmental challenges [43] Question: Can the adjusted EBITDA margins be expected to remain steady in fiscal 2023? - Management believes they can maintain and enhance operating and EBITDA margins moving forward due to previous initiatives [45] Question: What led to the decision to reduce inventory? - The company is seeing improvements in supply chain reliability, allowing for a reduction in inventory levels while still maintaining a competitive advantage [52][56] Question: How does the company balance inventory levels with potential technology obsolescence? - The company manages inventory based on availability, technology obsolescence, and supply chain reliability, having shifted from offshore to domestic sourcing [58][59] Question: How does the company view the strength of its business amidst economic weakness? - Management acknowledges broader economic challenges but reports strong demand and order activity, indicating resilience in their business model [62][81] Question: What is the outlook for geographic growth, particularly in Mexico? - Mexico has reopened but is still underperforming expectations due to government approvals, while activity in Canada has picked up significantly [91] Question: Are there opportunities for higher-margin add-on sales? - The company is focused on expanding its share of wallet by solving multiple customer problems and is exploring additional verticals for growth [94][96]

Fourth Quarter and Fiscal 2022 Results Conference Call August 18, 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 ...

PART I. Financial Information This section presents the company's unaudited financial statements, management's analysis of operations and liquidity, and disclosures on market risk and internal controls [Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited financial statements for March 31, 2022, reveal substantial growth in net sales and income, with total assets increasing to $312.6 million, while operating cash flow shifted to a $12.7 million use [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 fiscal 2022 net sales surged 52.7% to $110.1 million, with net income up 145.8% to $3.6 million, reflecting strong top-line and profitability growth Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | Nine Months Ended Mar 31, 2022 | Nine Months Ended Mar 31, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $110,111 | $72,204 | $327,651 | $218,597 | | **Gross Profit** | $26,793 | $18,092 | $76,751 | $56,070 | | **Operating Income** | $5,161 | $2,096 | $14,027 | $6,984 | | **Net Income** | $3,618 | $1,472 | $9,856 | $5,670 | | **Diluted EPS** | $0.13 | $0.05 | $0.35 | $0.21 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $312.6 million as of March 31, 2022, driven by higher inventories and accounts receivable, while total liabilities also rose to $170.0 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | June 30, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $158,558 | $125,008 | | Inventories | $78,364 | $58,941 | | **Total Assets** | $312,555 | $286,821 | | **Total Current Liabilities** | $75,171 | $70,895 | | Long-term Debt | $81,387 | $68,178 | | **Total Liabilities** | $170,010 | $155,651 | | **Total Shareholders' Equity** | $142,545 | $131,170 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $12.7 million for the nine months ended March 31, 2022, a notable reversal from the prior year's $24.6 million inflow, primarily due to working capital investments Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Mar 31, 2022 | Nine Months Ended Mar 31, 2021 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | $(12,668) | $24,634 | | **Net cash used in investing activities** | $(776) | $(1,517) | | **Net cash provided by (used in) financing activities** | $12,402 | $(3,207) | | **(Decrease) increase in cash and cash equivalents** | $(1,034) | $20,011 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the JSI Store Fixtures acquisition, revenue recognition policies, segment performance, goodwill impairment, debt amendments, and lease obligations - The company recognizes revenue for most products at a **point in time** (upon shipment), but recognizes revenue **over time** for customized products (e.g., branded graphics, digital signage) and installation services using a cost-based input method[30](index=30&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - On May 21, 2021, the Company acquired JSI Store Fixtures for **$93.7 million** to expand its presence in the grocery and convenience store markets, funded by cash and **$71.6 million** from the credit facility[41](index=41&type=chunk) - As of March 1, 2022, the annual preliminary goodwill impairment test was performed, and **no impairment** was indicated for any of the three reporting units[65](index=65&type=chunk) - In September 2021, the company amended its **$100 million** credit facility into a **$25 million** term loan and a **$75 million** revolving line of credit, with **$13.2 million** available for borrowing as of March 31, 2022[70](index=70&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 53% Q3 net sales increase driven by Lighting and Display Solutions, noting operating income doubled, while addressing cost pressures and increased working capital investments for growth and supply chain mitigation [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q3 Lighting segment sales grew 25% to $57.1 million with margin compression, while Display Solutions sales surged 100% to $53.0 million, boosted by the JSI acquisition and improved gross margin Lighting Segment Performance - Q3 (in thousands) | Metric | Q3 2022 | Q3 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $57,126 | $45,740 | +$11,386 | +25% | | **Gross Profit** | $16,654 | $14,159 | +$2,495 | +18% | | **Operating Income** | $4,959 | $3,797 | +$1,162 | +31% | - Lighting segment gross margin decreased from **31.0%** to **29.2%** in Q3 YoY, as selling price increases lagged behind rising input and transportation costs[108](index=108&type=chunk) Display Solutions Segment Performance - Q3 (in thousands) | Metric | Q3 2022 | Q3 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $52,985 | $26,464 | +$26,521 | +100% | | **Gross Profit** | $10,171 | $3,933 | +$6,238 | +159% | | **Operating Income** | $4,556 | $1,230 | +$3,326 | +270% | - The increase in Display Solutions sales and gross profit was driven primarily by the acquisition of JSI, with gross margin improving to **19.2%** from **14.9%** due to the accretive effect of the acquisition and core business improvements[110](index=110&type=chunk)[111](index=111&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Working capital increased to $83.4 million, driven by higher inventory and accounts receivable, while operating cash flow shifted to a $12.7 million use, reflecting strategic working capital investments - Working capital increased by **$29.3 million** since June 30, 2021, primarily driven by a **$19.4 million** increase in inventory and a **$15.9 million** increase in accounts receivable[132](index=132&type=chunk) - The increase in inventory is a strategic decision to support product availability initiatives, capitalize on short-lead time opportunities, and mitigate ongoing supply chain challenges[134](index=134&type=chunk) - For the nine months ended March 31, 2022, the company used **$12.7 million** of cash from operating activities, a significant change from the **$24.6 million** of cash provided in the prior-year period, mainly due to the growth in working capital[136](index=136&type=chunk) [Non-GAAP Financial Measures](index=29&type=section&id=Non-GAAP%20Financial%20Measures) The company presents non-GAAP measures like Adjusted Operating Income and Adjusted EBITDA to enhance comparability, showing significant year-over-year increases for both Q3 and the nine-month period Reconciliation of Operating Income to Adjusted Operating Income (in thousands) | Description | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | Nine Months Ended Mar 31, 2022 | Nine Months Ended Mar 31, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Operating Income as reported** | $5,161 | $2,096 | $14,027 | $6,984 | | Stock compensation expense | $780 | $415 | $2,466 | $1,317 | | Acquisition costs | $21 | $- | $361 | $- | | Severance/Restructuring costs | $5 | $- | $5 | $24 | | **Adjusted Operating Income** | $5,967 | $2,511 | $16,859 | $8,325 | EBITDA and Adjusted EBITDA (in thousands) | Description | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | Nine Months Ended Mar 31, 2022 | Nine Months Ended Mar 31, 2021 | | :--- | :--- | :--- | :--- | :--- | | **EBITDA** | $7,692 | $4,016 | $21,659 | $12,927 | | **Adjusted EBITDA** | $8,498 | $4,431 | $24,491 | $14,268 | [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risk exposure since June 30, 2021, beyond the general economic impacts of the COVID-19 pandemic - There have been no material changes in the company's market risk exposure since the fiscal year ended June 30, 2021, other than the general impacts of the COVID-19 pandemic on the global economy[143](index=143&type=chunk) [Controls and Procedures](index=37&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the period, March 31, 2022[145](index=145&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[146](index=146&type=chunk) PART II. Other Information This section addresses other pertinent information, including a correction regarding a shareholder vote and a list of filed exhibits [Other Information](index=38&type=section&id=ITEM%205.%20Other%20Information) The company invalidated a prior shareholder vote to increase authorized common stock due to a broker non-vote discrepancy and plans to seek a new vote - The company is **invalidating** a previously reported shareholder approval to increase authorized common stock from **40 million** to **50 million** shares due to a discrepancy in counting broker non-votes[149](index=149&type=chunk) - The company plans to seek a **new shareholder vote** on the proposal to amend its Articles of Incorporation to increase authorized shares at a future date[149](index=149&type=chunk) [Exhibits](index=38&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including required CEO and CFO certifications and Inline XBRL data files - Key exhibits filed include **CEO and CFO certifications** under Rule 13a-14(a) and Section 1350[150](index=150&type=chunk)

LSI Industries Inc. (NASDAQ:LYTS) Q3 2022 Earnings Conference Call April 28, 2022 11:00 AM ET Company Participants James Galeese - Executive Vice President and Chief Financial Officer James Clark - President and Chief Executive Officer Conference Call Participants Craig Irwin - ROTH Capital Partners Jed Dorsheimer - Canaccord Genuity Corp. Amit Dayal - H.C. Wainwright & Co, LLC Richard Fearon - Accretive Capital Partners Operator Greetings, and welcome to LSI Industries Fiscal Third Quarter 2022 Earnings Co ...

Third Quarter Fiscal 2022 Results Conference Call April 28, 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 opera ...

NASDAQ: LYTS INVESTOR PRESENTATION MARCH 2022 DISCLAIMER Forward-Looking Statements 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 ...

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) Q2 2022 Results Earnings Conference Call January 27, 2022 11:00 AM ET Company Participants Jim Galeese - Chief Financial Officer Jim Clark - President and Chief Executive Officer Conference Call Participants Craig Irwin - ROTH Capital Jed Dorsheimer - Canaccord Genuity Amit Dayal - H.C. Wainwright Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate ...

Second Quarter Fiscal 2022 Results Conference Call January 27, 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 op ...