LSI Industries Inc. (LYTS, Financial) filed Quarterly Report for the period ended 2012-09-30.
Lsi Industries, Inc. has a market cap of $158.5 million; its shares were traded at around $6.6 with a P/E ratio of 41.3 and P/S ratio of 0.6. The dividend yield of Lsi Industries, Inc. stocks is 3.6%.
Graphics Segment net sales of $10,745,000 in the first quarter of fiscal 2013 increased 2.5% from fiscal 2012 same period net sales of $10,488,000. The $0.3 million increase in Graphics Segment net sales is the net result of image conversion programs and sales to four petroleum / convenience store customers ($0.6 million net increase), two grocery retailers ($1.8 million increase), a national drug store retailer ($0.5 million decrease), a quick-service restaurant chain ($1.4 million decrease) and changes in volume or completion of several other graphics programs. Sales of graphics products and services to the petroleum / convenience store market represented 38% and 34% of Graphics Segment net sales in the first quarter of fiscal years 2013 and 2012, respectively. Graphics Segment net sales of graphics to this, the Company's largest niche market, were up 15% from last year to $4,044,000. The petroleum / convenience store market has been, and will continue to be, a very important niche market for the Company. The Graphics Segment net sales of graphic identification products that contain solid-state LED light sources and LED lighting for signage totaled $0.2 million in the first quarter of fiscal 2013 as compared to $0.4 million in the same period of the prior year.
The Company reported net income of $1,830,000 in the first quarter of fiscal 2013 as compared to net income of $1,324,000 in the same period of the prior year. The increased net income is primarily the result of increased net sales and increased gross profit, partially offset by increased operating expenses and by increased income tax expense. Diluted earnings per share were $0.08 in the first quarter of fiscal 2013 as compared to $0.05 in the same period of fiscal 2012. The weighted average common shares outstanding for purposes of computing diluted earnings per share in the first quarter of fiscal 2013 were 24,373,000 shares as compared to 24,360,000 shares in the same period last year.
At September 30, 2012, the Company had working capital of $84.7 million, compared to $83.7 million at June 30, 2012. The ratio of current assets to current liabilities was 4.18 to 1 as compared to a ratio of 4.65 to 1 at June 30, 2012. The $1.0 million increase in working capital from June 30, 2012 to September 30, 2012 was primarily related to the net effect of increased cash and cash equivalents ($0.6 million), increased other current assets ($0.7 million), increased net inventory ($3.0 million), and increased net accounts receivable ($0.5 million), partially offset by increased accounts payable ($1.9 million), increased accrued expenses ($1.3 million), and increased accrued income taxes ($0.5 million). The Company has a strategy of aggressively managing working capital, including reduction of the accounts receivable days sales outstanding (DSO) and reduction of inventory levels, without reducing service to its customers.
Net accounts receivable were $44.9 million and $44.4 million at September 30, 2012 and June 30, 2012, respectively. The increase of $0.5 million in net receivables is primarily due to combined effects of a higher amount of net sales in the first quarter of fiscal 2013 as compared to the fourth quarter of fiscal 2012, offset by a lower DSO. The DSO decreased to 53 days at September 30, 2012 from 55 days at June 30, 2012. The Company believes that its receivables are ultimately collectible or recoverable, net of certain reserves, and that aggregate allowances for doubtful accounts are adequate.
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Lsi Industries, Inc. has a market cap of $158.5 million; its shares were traded at around $6.6 with a P/E ratio of 41.3 and P/S ratio of 0.6. The dividend yield of Lsi Industries, Inc. stocks is 3.6%.
Highlight of Business Operations:
Fiscal 2013 first quarter net sales of $74,719,000 increased $9.2 million or 14.1% as compared to first quarter fiscal 2012. Net sales were favorably influenced by increased net sales of the Lighting Segment (up $6.6 million or 13.5%), increased net sales of the Graphics Segment (up $0.3 million or 2.5%), increased net sales of the Electronic Components Segment (up $1.4 million or 30.7%) and increased net sales of the All Other Category (up $1.0 million or 69.6%). Net sales to the Petroleum / Convenience Store market, the Company's largest niche market, were $19,677,000 or 26% of total net sales and $16,778,000 or 26% of total net sales in the first quarter of fiscal 2013 and 2012, respectively.Graphics Segment net sales of $10,745,000 in the first quarter of fiscal 2013 increased 2.5% from fiscal 2012 same period net sales of $10,488,000. The $0.3 million increase in Graphics Segment net sales is the net result of image conversion programs and sales to four petroleum / convenience store customers ($0.6 million net increase), two grocery retailers ($1.8 million increase), a national drug store retailer ($0.5 million decrease), a quick-service restaurant chain ($1.4 million decrease) and changes in volume or completion of several other graphics programs. Sales of graphics products and services to the petroleum / convenience store market represented 38% and 34% of Graphics Segment net sales in the first quarter of fiscal years 2013 and 2012, respectively. Graphics Segment net sales of graphics to this, the Company's largest niche market, were up 15% from last year to $4,044,000. The petroleum / convenience store market has been, and will continue to be, a very important niche market for the Company. The Graphics Segment net sales of graphic identification products that contain solid-state LED light sources and LED lighting for signage totaled $0.2 million in the first quarter of fiscal 2013 as compared to $0.4 million in the same period of the prior year.
The Company reported net income of $1,830,000 in the first quarter of fiscal 2013 as compared to net income of $1,324,000 in the same period of the prior year. The increased net income is primarily the result of increased net sales and increased gross profit, partially offset by increased operating expenses and by increased income tax expense. Diluted earnings per share were $0.08 in the first quarter of fiscal 2013 as compared to $0.05 in the same period of fiscal 2012. The weighted average common shares outstanding for purposes of computing diluted earnings per share in the first quarter of fiscal 2013 were 24,373,000 shares as compared to 24,360,000 shares in the same period last year.
At September 30, 2012, the Company had working capital of $84.7 million, compared to $83.7 million at June 30, 2012. The ratio of current assets to current liabilities was 4.18 to 1 as compared to a ratio of 4.65 to 1 at June 30, 2012. The $1.0 million increase in working capital from June 30, 2012 to September 30, 2012 was primarily related to the net effect of increased cash and cash equivalents ($0.6 million), increased other current assets ($0.7 million), increased net inventory ($3.0 million), and increased net accounts receivable ($0.5 million), partially offset by increased accounts payable ($1.9 million), increased accrued expenses ($1.3 million), and increased accrued income taxes ($0.5 million). The Company has a strategy of aggressively managing working capital, including reduction of the accounts receivable days sales outstanding (DSO) and reduction of inventory levels, without reducing service to its customers.
Net accounts receivable were $44.9 million and $44.4 million at September 30, 2012 and June 30, 2012, respectively. The increase of $0.5 million in net receivables is primarily due to combined effects of a higher amount of net sales in the first quarter of fiscal 2013 as compared to the fourth quarter of fiscal 2012, offset by a lower DSO. The DSO decreased to 53 days at September 30, 2012 from 55 days at June 30, 2012. The Company believes that its receivables are ultimately collectible or recoverable, net of certain reserves, and that aggregate allowances for doubtful accounts are adequate.
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