Key Developments: LSI Industries Inc (LYTS.O)
5.85USD
9 Feb 2010
$0.25 (+4.46%)
$5.60
$5.70
$6.06
$5.59
141,875
106,887
$8.48
$2.75
Latest Key Developments
LSI Industries Inc. Announces Closure Of LSI Marcole Facility
LSI Industries Inc. announced that it will close its LSI Marcole component manufacturing facility located in Manchester, Tennessee effective April 2, 2010. Because of weak domestic demand for wire harness components and the loss of high volume business to offshore competitors, it was determined that this facility was no longer economically viable. For the six months ended December 31, 2009, LSI Marcole had net customer sales of $1,798,000 and an operating loss of $(218,000). LSI will outsource its wire harness needs to existing domestic suppliers.
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.
LSI Industries Inc. Declares Cash Dividend; Reaffirms FY 2009 Guidance
LSI Industries Inc. announced that it has declared a regular quarterly cash dividend of $0.05 per share payable February 10, 2009 to shareholders of record as of February 3, 2009. The Company also announced that it has reaffirmed fiscal 2009 guidance for net sales between $250 million and $265 million unchanged from the previous guidance and, given the impairment of goodwill,revised diluted loss per share guidance to a range of $(0.43) to $(0.39). Excluding the goodwill impairment of $(0.59) per share, the guidance for diluted earnings per share remains at a range of $0.16 to $0.20. According to Reuters Estimates, analysts are expecting the Company to report revenue of $255 million and EPS of $0.16 for fiscal 2009.
LSI Industries Inc. Lowers FY 2009 Outlook
LSI Industries Inc. lowered its fiscal 2009 outlook and expects diluted earnings per share to be between $0.16-$0.20. This revised outlook compares to management's previous outlook of diluted EPS of $0.29-$0.36. Net sales for fiscal 2009 are now expected to be between $250-$265 million, compared to the previous outlook range of $290-$310 million. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.32 and revenues of $285 million for the same period. The Company cited recessionary influences which is affecting its business as the primary reasons for negative outlook.
LSI Industries Inc. Updates Acquisition Related Activity
LSI Industries Inc. announced that it has not been able to reach mutually acceptable terms to acquire a small producer of specialty lighting products that would have been a bolt-on type of product acquisition. Negotiations and pre-acquisition due diligence had been underway for several months.
LSI Industries Inc. Reaffirms FY 2009 Guidance
LSI Industries Inc. announced that it is not revising fiscal 2009 guidance and expects net sales of between $290 million and $310 million and diluted per share earnings of between $0.29 and $0.36. According to Reuters Estimates, analysts are expecting the Company to report EPS of $0.29 for fiscal 2009.
UPDATE 1-LSI Q2 results miss Street view; shares tumble
Jan 21 (Reuters) - Lighting products maker LSI Industries Inc posted a quarterly profit that missed market estimates, hurt by a depressed non-residential construction market, sending its shares down as much as 16 percent.
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