LSI Industries Expands $100 Million Quick Service Restaurant Program

Rhea-AI Summary

LSI Industries (NASDAQ: LYTS) announced a new business award worth up to $20 million from a major quick service restaurant customer, expanding upon a previously announced $100 million agreement. This includes providing interior digital signage at over 6,000 locations throughout North America. The project implementation is ongoing, with expectations for acceleration in the current fiscal year. CEO Jim Clark emphasized LSI's capability to deliver complex solutions, reflecting the strong trust placed in the company by its customer.

Positive

• Award of up to $20 million from a major QSR demonstrates client trust.
• Expansion of a previous $100 million agreement signifies strong business growth.
• Implementation across more than 6,000 locations indicates significant operational scale.

Negative

• None.

CINCINNATI, Jan. 18, 2021 (GLOBE NEWSWIRE) -- LSI Industries (NASDAQ: LYTS), a leading U.S. based manufacturer of indoor and outdoor lighting and graphics solutions, said today that one of its long-standing quick service restaurant (QSR) customers has awarded the Company new business valued at up to $20 million through calendar year-end 2022.  The award expands on a $100 million agreement that was announced last year.  Along with designing and manufacturing the customer’s drive-thru digital menu boards, LSI also manages the installation and ongoing support.  The new award is for LSI to provide interior digital signage at more than 6,000 of the customer’s locations throughout North America.    

“We are pleased that one of the largest quick service restaurants in the world has once again chosen LSI to implement another highly complex, multi-site solution,” said Jim Clark, President and CEO of LSI Industries.  “The expansion of our $100 million contract exemplifies LSI’s ability to deliver innovative solutions that are recognized and valued by our customers.  We appreciate the trust this customer has placed in LSI, as it reflects the level of confidence we strive to earn through demonstrated performance.”

LSI is using its internal team of specialists to facilitate the program across more than 6,000 restaurants.  Program activity is well underway, and the project implementation schedule is expected to accelerate during LSI’s current fiscal year. 

About LSI Industries, Inc.
Headquartered in Blue Ash, Ohio (Greater Cincinnati), LSI Industries is a leading producer of high-performance, American-made lighting solutions.  The Company’s strength in outdoor lighting applications creates opportunities for it to introduce additional solutions to its valued customers.  LSI’s indoor and outdoor products and services, including its digital and print graphics capabilities, are valued by architects, engineers, distributors and contractors for their quality, reliability and innovation.  The Company’s products are used extensively in automotive dealerships, petroleum stations, quick service restaurants, grocery stores and pharmacies, retail establishments, sports complexes, parking lots and garages, and commercial and industrial buildings.  LSI has approximately 1,100 employees at seven manufacturing plants in the United States, including its corporate headquarters.  Additional information about LSI is available at www.lsicorp.com.

Forward-Looking Statements:
For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit https://investors.lsicorp.com as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.

Contacts: 

Investors:
Noel Ryan, IRC
720.778.2415
LYTS@vallumadvisors.com

Media:
Mike Wallner
Senior Manager, Communications
513.372.3417
mike.wallner@lsi-industries.com

FAQ

What is the new business award for LSI Industries (LYTS)?

LSI Industries received a new business award valued at up to $20 million from a major quick service restaurant customer.

How many locations will LSI Industries provide digital signage for?

LSI will provide interior digital signage at over 6,000 locations throughout North America.

What is the total value of the agreement LSI Industries has with the customer?

The new award expands on a previously announced agreement valued at $100 million.

When is the project implementation expected to accelerate?

The project implementation is expected to accelerate during LSI’s current fiscal year.