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LSI Industries Inc. Reports Operating Results (10-K)

September 08, 2010 | About:
10qk

10qk

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LSI Industries Inc. (LYTS) filed Annual Report for the period ended 2010-06-30.

Lsi Industries Inc. has a market cap of $121.4 million; its shares were traded at around $5.05 with a P/E ratio of 42.1 and P/S ratio of 0.5. The dividend yield of Lsi Industries Inc. stocks is 4%.LYTS is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
This is the annual revenues and earnings per share of LYTS over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LYTS.


Highlight of Business Operations:

The $1.4 million or 0.9% decrease in Lighting Segment net sales in fiscal 2010 is primarily the net result of an $18.4 million or 18.9% decrease in commissioned net sales to the commercial and industrial lighting market, partially offset by a $17.0 million or 27.0% increase in lighting sales to our niche markets of petroleum / convenience stores, automotive dealerships, and retail national accounts (7-Eleven, Inc. represented an increase of approximately $19.5 million as it replaced traditional lighting with solid-state LED lighting). Fiscal 2010 Lighting Segment net sales to the petroleum / convenience store market were approximately $51,462,000, representing 32% of total Lighting net sales. White light solid-state LED light fixtures represent a growth area for the Company, with fiscal 2010 Lighting Segment LED sales of approximately $37,800,000 (approximately 24% of total Lighting Segment net sales) up 496% from the prior year.

The $23.2 million or 12.6% decrease in Lighting Segment net sales in fiscal 2009 was primarily the result of a $13.3 million or 17% net decrease in lighting sales to our niche markets (petroleum / convenience stores, automotive dealerships, and quick service restaurants) and national retail accounts, and a $9.9 million or 9.2% decrease in commissioned net sales to the commercial / industrial lighting market. Fiscal 2009 Lighting Segment net sales to the petroleum / convenience store market were approximately $30,279,000, representing 19% of total Lighting net sales. White light solid-state LED light fixtures represent a growth area for the Company, with such fiscal 2009 Lighting Segment sales of approximately $6,340,000 (approximately 4% of total Lighting Segment net sales).

The $7.6 million or 12.6% increase in Graphics Segment net sales in fiscal 2010 is primarily the result of image conversion programs and sales to ten petroleum / convenience store customers ($16.1 million net increase), and the LED video sports screen market ($0.2 million increase). These increases were partially offset by the following decreases: a grocery retailer ($5.1 million decrease); five retail customers ($1.2 million net decrease); a national drug store retailer ($0.7 million decrease); a lawn care company ($0.4 million decrease); and changes in volume or completion of several other graphics programs. Fiscal 2010 Graphics Segment net sales to the petroleum / convenience store market were approximately $38,490,000, representing 56% of total Graphics net sales. Graphics Segment net sales related to LED products and installation totaled approximately $20,275,000 (approximately 30% of total Graphics Segment net sales).

The $24.5 million or 28.7% decrease in Graphics Segment net sales in fiscal 2009 was primarily the result of completion of programs for certain graphics customers, including an image conversion program for a national drug store retailer ($4.3 million decrease), two petroleum / convenience store customers’ programs ($25.7 million decrease), reductions of net sales to ten other petroleum / convenience store customers ($7.0 million decrease) and changes in volume or completion of other graphics programs. These decreases were partially offset by increased net sales to certain other customers, including a reimaging program for a grocery customer ($8.9 million increase), and sales of solid-state LED video screens for sports markets ($5.7 million increase). Fiscal 2009 Graphics Segment net sales to the petroleum / convenience store market were approximately $24,295,000, representing 40% of total Graphics net sales. Graphics Segment net sales related to LED products and installation totaled approximately $8,014,000 (approximately 13% of total Graphics Segment net sales).

The $0.1 million or 1.6% decrease in Technology Segment net sales in fiscal 2010 relates primarily to decreased net sales of LED video screens to the entertainment market ($0.3 million) and decreased net sales of specialty LED lighting (0.1 million), partially offset by increased net sales to other customers. The $4.6 million or 50% decrease in Technology Segment net sales in fiscal 2009 related primarily to decreased sales of solid-state LED video screens for the sports and advertising markets ($3.0 million) and decreased sales of specialty LED lighting ($2.1 million), partially offset by increased sales of solid-state LED video screens to the entertainment market ($0.8 million).

Fiscal 2010 net sales of $6,281,000 decreased $1.7 million or 21.3% from the prior year primarily as the net result of decreased net sales to two quick service restaurant menu board customers ($0.8 million), decreased sales of electrical wire harnesses ($1.0 million) and changes in volume or completion of other customer programs. The Company sold its wire harness operation and business at the end of the third quarter of fiscal 2010 and will therefore have no further sales of wire harnesses. Fiscal 2009 net sales of $7,983,000 decreased $19.2 million or 71% from the prior fiscal year primarily as a net result of one menu board conversion program that was completed in fiscal 2008 ($19.8 million decrease).

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