UPDATE 1-LSI Industries cuts 2009 earnings outlook

Jan 6 (Reuters) - Lighting products maker LSI Industries Inc (LYTS.O) cut its earnings outlook for 2009 on recession worries, causing shares to fall as much as 20 percent.

The company forecast earnings of 16 cents a share to 20 cents a share for 2009, down from its previous outlook of 29 cents a share to 36 cents a share.

Analysts on average expected earnings of 32 cents a share, excluding items, according to Reuters Estimates.

Canaccord Adams analyst Jonathan Dorsheimer said the market for traditional lighting products tied to commercial, residential and industrial building activities, is all but dried up. He has a "hold" rating on LSI's stock,

Shares of the company were trading down $1.00 to $6.00 in early morning trade on Nasdaq. They had earlier fallen as much as 20 percent to $5.60, making them one of the top losers on Nasdaq. (Reporting by Amulya Nagaraj in Bangalore; Editing by Anil D'Silva)