LSI Industries Inc. Declares Regular Quarterly Cash Dividend, Payable on February 11, 2014; Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013
January 23, 2014 at 06:45 am EST
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The Board of Directors of LSI Industries Inc. declared a regular quarterly cash dividend of $0.06 per share payable on February 11, 2014 to shareholders of record as of February 4, 2014. The indicated annual cash dividend rate for fiscal 2014 is $0.24 per share. The declaration and amount of any cash and stock dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings, cash flow requirements and future business developments and opportunities, including acquisitions, if any.
The company announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2013. The company's net sales in the second quarter of fiscal 2014 were $76,123,000, an increase of 7% as compared to last year's second quarter net sales of $71,082,000. Operating income was $1,511,000 against operating loss of $2,709,000 a year ago. Income before income taxes was $1,499,000 against loss before income taxes of $2,691,000 a year ago. Net income was $870,000 or $0.04 per diluted share against net loss of $2,450,000 or $0.10 per diluted share a year ago.
The company's net sales for the first six months of 2013 were $156,609,000, an increase of 7% as compared to last year's first half net sales of $145,801,000. Operating income was $4,350,000 against $318,000 a year ago. Income before income taxes was $4,326,000 against $316,000 a year ago. Net income was $2,735,000 or $0.11 per diluted share against net loss of $620,000 or $0.03 per diluted share a year ago.
LSI Industries Inc. is a producer of non-residential lighting and retail display solutions. It operates through two segments: Lighting and Display Solutions. Its Lighting Segment manufactures, markets, and sells outdoor and indoor lighting fixture and controls solutions in the commercial and industrial markets, including refueling and convenience store, parking lot and garage, quick-service restaurant, retail, grocery and pharmacy, automotive dealership, sports court and field, and warehouse. The Company services these markets through multiple channels: project business sold through electrical distributors and agents, standard products sold to and stocked by distributors, and direct to end-use customers. Its Display Solutions Segment manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, store display fixtures, refrigerated displays, and custom display elements.
LSI Industries Inc. Declares Regular Quarterly Cash Dividend, Payable on February 11, 2014; Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013