Key Developments For LSI Industries Inc
LSI Industries Inc (LYTS.O) (Nasdaq)
LSI Industries Inc. Declares Regular Quarterly Cash Dividend
LSI Industries Inc. announced that the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable November 10, 2009 to shareholders of record as of November 3, 2009. The indicated annual cash dividend rate for fiscal 2010 is $0.20 per share.
LSI Industries Inc. Completes Acquisition Of AdL Technology And Related Companies
LSI Industries Inc. announced that it has completed the acquisition of AdL Technology and related companies (AdL Engineering and Kelmilfeen), privately owned and based in Columbus, Ohio. Consideration for the asset purchase of these businesses consisted of 2,469,676 shares of the Company's unregistered common stock, cash of $1,328,000, and assumed indebtedness of $3,526,000. The management team of AdL has entered into employment agreements and will continue in their current positions to manage the business for the Company.
LSI Industries Inc. Announces Delay In Filing Form 10-Q
LSI Industries Inc. announced that it will amend its Annual Report on Form 10-K for the fiscal year ended June 30, 2008 and Form10-Q for period ended December 31, 2008 to revise the amount of goodwill impairment expense reported. LSI Industries Inc. expects to file its Form 10-Q for the period ended March 31, 2009 after the filing of such amendments.
LSI Industries Inc. Announces Delay in Filing Form 10-Q for Quarter Ended March 31, 2009
LSI Industries Inc. announced that it is re-evaluating goodwill impairment tests performed in June 2008 and December 2008 to determine if the appropriate amount of non-cash goodwill impairment charges were recorded. Until this analysis is complete, the Company will not be able to file Form 10-Q for the period ended March 31, 2009. The Company filed a Form 12(b)-25 with the Securities Exchange Commission to request a five day extension of time to file this Form 10-Q. LSI was unable to timely finalize its accounting documentation and analysis related to these goodwill impairment tests by the prescribed filing date without unreasonable effort and expense, primarily due to the complexities of the goodwill impairment testing as required under SFAS No. 142 and the need to re-evaluate the prior calculations. The Company currently anticipates filing the Form 10-Q on or before May 18, 2009, although there can be no assurance in this regard.
LSI Industries Inc. Withdraws FY 2009 Guidance
LSI Industries Inc. announced that it is withdrawing its previous fiscal 2009 guidance issued on January 22, 2009, and stated that it will suspend providing sales and earnings guidance due to the difficulty in providing reasonable estimates of future operating results considering the uncertainty of the economy and resultant outlook for the lighting and graphics markets.
