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LSI Industries Reports Fiscal 2025 First Quarter Results and Declares Quarterly Cash Dividend

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LSI Industries (Nasdaq: LYTS) announced its fiscal 2025 first-quarter results ending September 30, 2024. The company reported net sales of $138.1 million, a 12% increase year-over-year. Net income was $6.7 million or $0.22 per diluted share, while adjusted net income was $8.0 million or $0.26 per share. EBITDA stood at $12.1 million, with adjusted EBITDA at $13.4 million. Free cash flow was $11.1 million, and the ratio of net debt to TTM adjusted EBITDA was 0.8x.

The company highlighted strong commercial and operational execution, with a notable 90% increase in grocery vertical orders. LSI successfully integrated EMI Industries, contributing $26.2 million in sales. Despite lower large project activity in the Lighting segment, total orders and backlog increased.

LSI declared a quarterly cash dividend of $0.05 per share payable on November 26, 2024, to shareholders of record on November 18, 2024. Management forecasts positive activity for Display Solutions and anticipates improved performance in the Lighting Segment in the second quarter.

LSI Industries (Nasdaq: LYTS) ha annunciato i risultati del primo trimestre fiscale 2025, conclusosi il 30 settembre 2024. L'azienda ha riportato vendite nette di 138,1 milioni di dollari, un aumento del 12% rispetto all'anno precedente. Il reddito netto è stato di 6,7 milioni di dollari, pari a 0,22 dollari per azione diluita, mentre il reddito netto rettificato è stato di 8,0 milioni di dollari, o 0,26 dollari per azione. L'EBITDA si è attestato a 12,1 milioni di dollari, con l'EBITDA rettificato a 13,4 milioni di dollari. Il flusso di cassa libero è stato di 11,1 milioni di dollari, e il rapporto debito netto su EBITDA rettificato TTM era di 0,8x.

L'azienda ha evidenziato una forte esecuzione commerciale e operativa, con un notevole aumento del 90% negli ordini del settore alimentare. LSI ha integrato con successo EMI Industries, contribuendo con 26,2 milioni di dollari in vendite. Nonostante un'attività ridotta nei grandi progetti nel segmento Illumazione, gli ordini totali e il backlog sono aumentati.

LSI ha dichiarato un dividendo in contante trimestrale di 0,05 dollari per azione pagabile il 26 novembre 2024, agli azionisti registrati il 18 novembre 2024. La direzione prevede un'attività positiva per le Soluzioni Display e anticipa un miglioramento delle prestazioni nel segmento Illumazione nel secondo trimestre.

LSI Industries (Nasdaq: LYTS) anunció sus resultados del primer trimestre fiscal 2025, que finalizó el 30 de septiembre de 2024. La compañía reportó ventas netas de 138,1 millones de dólares, un aumento del 12% en comparación con el año anterior. La ganancia neta fue de 6,7 millones de dólares o 0,22 dólares por acción diluida, mientras que la ganancia neta ajustada fue de 8,0 millones de dólares o 0,26 dólares por acción. El EBITDA fue de 12,1 millones de dólares, con EBITDA ajustado de 13,4 millones de dólares. El flujo de caja libre fue de 11,1 millones de dólares, y la relación de deuda neta a EBITDA ajustado TTM fue de 0,8x.

La compañía destacó una fuerte ejecución comercial y operativa, con un notable aumento del 90% en los pedidos del sector de comestibles. LSI integró con éxito a EMI Industries, aportando 26,2 millones de dólares en ventas. A pesar de la menor actividad en grandes proyectos en el segmento de Iluminación, los pedidos totales y la cartera de pedidos aumentaron.

LSI declaró un dividendo en efectivo trimestral de 0,05 dólares por acción que se pagará el 26 de noviembre de 2024, a los accionistas registrados el 18 de noviembre de 2024. La dirección prevé una actividad positiva para Soluciones de Pantallas y anticipa una mejora en el rendimiento del Segmento de Iluminación en el segundo trimestre.

LSI Industries (Nasdaq: LYTS)가 2024년 9월 30일 종료된 2025 회계연도 첫 분기 결과를 발표했습니다. 회사는 판매 수익이 1억 3,810만 달러로 지난해 대비 12% 증가했다고 보고했습니다. 순이익은 670만 달러, 즉 주당 0.22달러였으며, 조정된 순이익은 800만 달러, 즉 주당 0.26달러였습니다. EBITDA는 1,210만 달러에 달했고, 조정된 EBITDA는 1,340만 달러였습니다. 자유 현금 흐름은 1,110만 달러였으며, 순 부채와 조정된 EBITDA의 비율(TTM)은 0.8배였습니다.

회사는 상업적 및 운영적 실행이 강력함을 강조했으며, 식료품 부문 주문이 90% 증가한 점이 두드러졌습니다. LSI는 EMI Industries를 성공적으로 통합하여 2,620만 달러의 판매를 기여했습니다. 조명 부문에서 대형 프로젝트 활동이 줄어들었음에도 불구하고 총 주문 및 미결 주문은 증가했습니다.

LSI는 주당 0.05달러의 분기 배당금을 선언하며, 이는 2024년 11월 26일에 지급되며, 2024년 11월 18일 기준 주주에게 지급됩니다. 경영진은 디스플레이 솔루션에 대한 긍정적인 활동을 예측하며, 두 번째 분기 조명 부문에서의 개선된 성과를 기대하고 있습니다.

LSI Industries (Nasdaq: LYTS) a annoncé ses résultats du premier trimestre fiscal 2025, se terminant le 30 septembre 2024. L'entreprise a rapporté des ventes nettes de 138,1 millions de dollars, ce qui représente une augmentation de 12 % par rapport à l'année précédente. Le revenu net a été de 6,7 millions de dollars, soit 0,22 dollar par action diluée, tandis que le revenu net ajusté était de 8,0 millions de dollars ou 0,26 dollar par action. L'EBITDA s'élevait à 12,1 millions de dollars, avec un EBITDA ajusté de 13,4 millions de dollars. Le flux de trésorerie libre était de 11,1 millions de dollars, et le ratio de la dette nette par rapport à l'EBITDA ajusté TTM était de 0,8x.

L'entreprise a souligné sa solide exécution commerciale et opérationnelle, avec une augmentation notable de 90 % des commandes dans le secteur alimentaire. LSI a réussi à intégrer EMI Industries, contribuant à hauteur de 26,2 millions de dollars en ventes. Malgré une activité moindre des grands projets dans le secteur de l'Éclairage, les commandes totales et le carnet de commandes ont augmenté.

LSI a annoncé un dividende en espèces trimestriel de 0,05 dollar par action qui sera versé le 26 novembre 2024, aux actionnaires enregistrés le 18 novembre 2024. La direction prévoit une activité positive pour les Solutions d'Affichage et anticipe une amélioration des performances dans le secteur de l'Éclairage au deuxième trimestre.

LSI Industries (Nasdaq: LYTS) hat seine Ergebnisse für das erste Quartal des Geschäftsjahres 2025 bekannt gegeben, das am 30. September 2024 endete. Das Unternehmen berichtete von Nettoverkäufen in Höhe von 138,1 Millionen Dollar, was einem Anstieg von 12 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn betrug 6,7 Millionen Dollar oder 0,22 Dollar pro verwässerter Aktie, während der bereinigte Nettogewinn 8,0 Millionen Dollar oder 0,26 Dollar pro Aktie betrug. EBITDA lag bei 12,1 Millionen Dollar, mit einem bereinigten EBITDA von 13,4 Millionen Dollar. Der freie Cashflow betrug 11,1 Millionen Dollar, und das Verhältnis von Nettovermögen zu bereinigtem EBITDA TTM lag bei 0,8x.

Das Unternehmen hob die starke kommerzielle und operative Umsetzung hervor, mit einem bemerkenswerten Anstieg von 90 % bei Bestellungen im Lebensmittelbereich. LSI integrierte erfolgreich EMI Industries, was zu einem Umsatz von 26,2 Millionen Dollar beitrug. Trotz geringer Großprojektaktivität im Beleuchtungssegment stiegen die Gesamtbestellungen und der Auftragsbestand.

LSI erklärte eine quartalsweise Barausschüttung von 0,05 Dollar pro Aktie, die am 26. November 2024 an die zum 18. November 2024 eingetragenen Aktionäre ausgezahlt wird. Das Management prognostiziert positive Aktivitäten für Display-Lösungen und erwartet eine Verbesserung der Leistung im Beleuchtungssegment im zweiten Quartal.

Positive
  • Net sales increased by 12% year-over-year to $138.1 million.
  • Net income of $6.7 million or $0.22 per diluted share.
  • Adjusted net income of $8.0 million or $0.26 per share.
  • Free cash flow of $11.1 million.
  • 90% increase in grocery vertical orders.
  • Successful integration of EMI Industries contributing $26.2 million in sales.
  • Quarterly cash dividend of $0.05 per share declared.
Negative
  • Revenue was below the prior-year period on a comparable basis due to timing of customer orders in the grocery vertical and lower large project activity in the Lighting segment.

Insights

LSI Industries delivered a solid Q1 FY2025 with $138.1M in revenue, up 12% year-over-year, though largely driven by the EMI acquisition contributing $26.2M. Core profitability remains healthy with adjusted EPS of $0.26 and strong free cash flow of $11.1M.

The balance sheet position is robust with a net debt to TTM Adjusted EBITDA ratio of 0.8x and $49M in available liquidity. While organic revenue declined due to timing of grocery projects and lower lighting segment activity, the 90% increase in grocery vertical orders and 1.3x book-to-bill ratio signal improving momentum heading into Q2.

The EMI acquisition integration is exceeding expectations, creating cross-selling opportunities. However, investors should monitor the lengthening conversion cycle in large lighting projects, particularly in the warehouse vertical, which could impact near-term growth.

CINCINNATI--(BUSINESS WIRE)-- LSI Industries Inc. (Nasdaq: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of commercial lighting and display solutions, today reported financial results for the fiscal 2025 first quarter ended September 30, 2024.

FISCAL 2025 FIRST QUARTER RESULTS

  • Net Sales of $138.1 million, +12% y/y
  • Net Income of $6.7 million, or $0.22 per diluted share
  • Adjusted Net Income of $8.0 million, or $0.26 per diluted share
  • EBITDA of $12.1 million; Adjusted EBITDA $13.4 million
  • Free Cash Flow of $11.1 million
  • Ratio of net debt to TTM Adjusted EBITDA of 0.8x
  • Display Solutions Backlog strong; Grocery vertical orders increased 90% y/y

LSI demonstrated strong commercial and operational execution during the fiscal 2025 first quarter, a performance highlighted by consistent profitability, solid free cash flow generation, disciplined balance sheet management, and successful integration of EMI Industries, which LSI acquired on April 18, 2024.

The Company reported first quarter sales of $138.1 million, an increase of 12% versus the prior-year period, including $26.2 million sales contribution from the acquisition of EMI. On a comparable basis, revenue was below the prior-year period, driven by the timing of customer orders within the grocery vertical, together with lower large project activity within the Lighting segment. Total orders and backlog increased for the quarter, driven in part by a recovery in orders within the grocery vertical.

LSI reported net income of $6.7 million and $0.22 per diluted share for the quarter, while adjusted net income was $8.0 million and $0.26 per share. EBITDA was $12.1 million for the quarter and adjusted EBITDA $13.4 million.

LSI’s acquisition activity has increased in recent years, and inorganic growth is part of our long-term growth strategy, as outlined in our Fast Forward plan. Management believes in providing increased transparency to our core operating results, therefore beginning with the fiscal first quarter 2025, LSI will include amortization expense related to acquired intangible assets as an add-back to its non-GAAP reconciliation. A complete reconciliation of GAAP and non-GAAP results, together with a comparison of current and prior year calculations, is included in this release.

The Company generated free cash flow of $11.1 million in the first quarter, driven by earnings and working capital efficiency. LSI ended the first quarter with approximately $49.0 million in cash and available liquidity, and a ratio of net debt to trailing twelve-month adjusted EBITDA of 0.8x.

The Company declared a regular cash dividend of $0.05 per share payable on November 26, 2024, to shareholders of record on November 18, 2024.

MANAGEMENT COMMENTARY

“During a period of fluctuating demand levels within our vertical markets, LSI continues to build leading positions across our key markets during the first quarter, though a combination of new business wins, together with the recent, successful integration of EMI Industries,” stated James A. Clark, President, and Chief Executive Officer of LSI.

“We continued to execute on large, multi-year customer programs within our refueling/c-store vertical during the quarter, while order rates within our grocery vertical increased materially versus the prior-year period,” continued Clark. “Overall order rates increased versus prior year, resulting in a 12% increase in backlog entering the second quarter.

“The durability of our operating model was on display during the first quarter, as our diverse end-markets, long-term customer base, deep solutions portfolio, and unique value proposition supported a solid financial performance, highlighted by sustained profitability and free cash flow generation.

“Within our Display Solutions segment, we continued to execute on an elevated backlog of refueling/c-store program wins awarded in fiscal 2024, which partially offset slower scheduled project activity within the grocery vertical,” continued Clark. “Importantly, order rates within our grocery vertical increased 90% in the first quarter and remain strong early into the second quarter, as both deferred maintenance and planned investments begin to rebound. Our grocery vertical book-to-bill was 1.3x in the first quarter, driven by the adoption of the new R290 refrigerant solution and increased demand for non-refrigerated display case products. As grocery vertical demand resumes, with our new products and increased production capacity, LSI is positioned to support the requirements of our customer base.

“EMI delivered a near record performance in its first full quarter as an LSI company, driven by improved customer activity within the C-Store and Quick Serve Restaurant (“QSR”) verticals,” continued Clark. “Entering the fiscal second quarter, EMI continues to realize strong project quotation activity supported by a broad base of c-store, grocery and restaurant customer brands. Our integration of EMI is performing ahead of plan, with the collaboration with other divisions of LSI generating considerable cross-selling synergy opportunities across our comprehensive product and solution offerings.

“We forecast positive activity to continue for Display Solutions in the fiscal second quarter with comparable sales expected to increase year-over-year, and backlog continuing to improve,” stated Clark. “Our second half fiscal 2025 is developing favorably, as much of the recent order activity is scheduled to commence after the holiday season, when store renovation activity is limited.

“Within our Lighting segment, net sales declined year-over year due to lower levels of large project activity,” continued Clark. “While smaller project activity remains healthy, supported by a stable quote-to-order conversion period, we’ve seen a lengthening in the conversion period for large projects, particularly within the warehouse vertical, where construction starts have slowed. Conversely, we’ve continued to experience demand growth in select verticals, including refueling and sport court applications. We anticipate that our Lighting Segment performance will improve in the second quarter, when compared to the year-ago period, and larger known projects, many of which are on hold pending final approval, are released to move forward in the first half of calendar year 2025. Selling prices and material input costs remain stable across all verticals and applications.

“Our Lighting go-to-market model is led by our strong portfolio of outdoor solutions,” stated Clark. “Our area lighting offering is considered one of the best in the industry, led by our Mirada series of products. In the first quarter we formally launched an innovative family of area lights to complement our Mirada range, representing our largest lighting product launch in seven years. The V-LOCITY™ series fixtures offer a sleek, streamlined aesthetic design, and many distinct features providing numerous benefits to end users. Highlighting the benefits is the modular and configurable optical distribution options, customizable to specific applications. Ease and speed of installation is also a major differentiator, providing a unique, simplified solution to the challenging installation process. The interchangeable mounting system along with a lighter weight fixture is expected to generate a 45% reduction in installation time, representing a significant savings to the contractor and end-user.

Clark concluded, “We have built a stronger, more capable business during the last several years, a durable platform equipped to deliver profitable growth, consistent with the financial targets outlined in our Fast Forward plan. We see significant opportunities for both organic and inorganic growth over the coming years as we capitalize on the favorable, long-term secular tailwinds evident across our key vertical markets. We remain committed to a balanced, disciplined approach to capital allocation, maximizing the balance of economic returns, ongoing investment, and shareholder value.”

FISCAL 2024 FIRST QUARTER CONFERENCE CALL

A conference call will be held today at 11:00 A.M. ET to review the Company’s financial results and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of LSI Industries’ website at www.lsicorp.com. Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register, download and install any necessary audio software.

Domestic Live:

 

844-826-3035

International Live:

 

412-317-5195

To listen to a replay of the teleconference, which subsequently will be available through November 21, 2024

Domestic Replay:

 

844-512-2921

International Replay:

 

412-317-6671

Conference ID:

 

10193820

ABOUT LSI INDUSTRIES

Headquartered in Cincinnati, LSI Industries (NASDAQ: LYTS) specializes in the creation of advanced lighting, graphics, and display solutions. The Company’s American-made products, which include lighting, print graphics, digital graphics, millwork, metal and refrigerated products, and custom displays, are engineered to elevate brands in competitive markets. With a workforce of approximately 1,900 employees and 16 facilities throughout North America, LSI is dedicated to providing top-quality solutions to its clients. 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.

 

Three Months Ended
September 30

(Unaudited)
(In thousands, except per share data)

 

2024

 

 

 

2023

 

Net sales

$

138,095

 

$

123,441

 

 
Cost of products sold

 

104,343

 

 

86,505

 

Expense on step-up basis of acquired lease

 

67

 

 

-

 

Severance costs and restructuring costs

 

38

 

 

347

 

 
Gross profit

 

33,647

 

 

36,589

 

 
Severance costs and restructuring costs

 

22

 

 

6

 

Amortization expense of acquired intangible assets

 

1,408

 

 

-

 

Acquisition costs

 

48

 

 

-

 

Consulting expense: commercial growth initiatives

 

-

 

 

19

 

Selling and administrative costs

 

23,038

 

 

25,536

 

 
Operating income

 

9,131

 

 

11,028

 

 
Other (income) expense

 

(61

)

 

96

 

Interest expense, net

 

875

 

 

566

 

 
Income before taxes

 

8,317

 

 

10,366

 

 
Income tax

 

1,635

 

 

2,338

 

 
Net income

$

6,682

 

$

8,028

 

 
Weighted Average Common Shares Outstanding
Basic

 

29,593

 

 

28,757

 

Diluted

 

30,530

 

 

29,955

 

 
Earnings Per Share
Basic

$

0.23

 

$

0.28

 

Diluted

$

0.22

 

$

0.27

 

 
 

(amounts in thousands)

September 30,

 

June 30,

 

2024

 

 

 

2024

 

Current assets

$

166,890

 

$

162,499

 

Property, plant and equipment, net

 

32,221

 

 

32,959

 

Other assets

 

150,391

 

 

153,342

 

Total assets

$

349,502

 

$

348,800

 

 
Current maturities of long-term debt

$

3,571

 

$

3,571

 

Other current liabilities

 

76,497

 

 

75,636

 

Long-term debt

 

44,118

 

 

50,658

 

Other long-term liabilities

 

14,133

 

 

14,580

 

Shareholders' equity

 

211,183

 

 

204,355

 

$

349,502

 

$

348,800

 

 

Three Months Ended September 30, 2024 Results

Net sales for the three months ended September 30, 2024 of $138.1 million increased 12% from the three months ended September 30, 2023 net sales of $123.4 million. Lighting Segment net sales of $58.4 million decreased 14% from prior year’s first quarter net sales of 67.6 million while Display Solutions Segment net sales of $79.7 million increased 43% from prior year’s first quarter net sales of $55.8 million. Net income for the three months ended September 30, 2024 was $6.7 million, or $0.22 per share, compared to $8.0 million or $0.27 per share for the three months ended September 30, 2023. Earnings per share represents diluted earnings per share.

Balance Sheet

The balance sheet at September 30, 2024 included current assets of $166.9 million, current liabilities of $80.1 million and working capital of $86.8 million, which includes cash of $7.0 million. The current ratio was 2.1 to 1. The balance sheet included shareholders’ equity of $211.2 million and long-term debt of $44.1 million. It is the Company’s priority to continuously generate sufficient cash flow, coupled with an approved credit facility, to adequately fund operations.

Cash Dividend Actions

The Board of Directors declared a regular quarterly cash dividend of $0.05 per share in connection with the first quarter of fiscal 2025, payable November 26, 2024, to shareholders of record as of the close of business on November 18, 2024. The indicated annual cash dividend rate is $0.20 per share. The Board of Directors has adopted a policy regarding dividends which provides that dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings both on a GAAP and non-GAAP basis, cash flow requirements, financial condition, debt levels, stock repurchases, future business developments and opportunities, and other factors deemed relevant by the Board.

Non-GAAP Financial Measures

This press release includes adjustments to GAAP operating income, net income, and earnings per share for the three months ended September 30, 2024 and 2023. Operating income, net income, and earnings per share, which exclude the impact of long-term performance based compensation expense, the amortization expense of acquired intangible assets, commercial growth opportunity expense, acquisition costs, the lease expense on the step-up basis of acquired leases, and restructuring and severance costs, are non-GAAP financial measures. We further note that while the amortization expense of acquired intangible assets is excluded from the non-GAAP financial measures, the revenue of the acquired companies is included in the measures and the acquired assets contribute to the generation of revenue. We believe these non-GAAP measures will provide increased transparency to our core operating performance of the business. Also included in this press release are non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA and Adjusted EBITDA), Net Debt to Adjusted EBITDA, and Free Cash Flow. We believe that these are useful as supplemental measures in assessing the operating performance of our business. These measures are used by our management, including our chief operating decision maker, to evaluate business results, and are frequently referenced by those who follow the Company. These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, the non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations, in that they do not reflect all amounts associated with our results as determined in accordance with U.S. GAAP. Therefore, these measures should be used only to evaluate our results in conjunction with corresponding GAAP measures. Below is a reconciliation of these non-GAAP measures to net income and earnings per share reported for the periods indicated along with the calculation of EBITDA, Adjusted EBITDA, Free Cash Flow, and Net Debt to Adjusted EBITDA.

 

Three Months Ended
September 30

(Unaudited)
(In thousands, except per share data)

 

2024

 

 

 

2023

 

 

% Change

Net sales

$

138,095

 

$

123,441

 

12

%

 
Operating income as reported

 

9,131

 

 

11,028

 

-17

%

 
Long-term performance based compensation

 

1,184

 

 

1,325

 

Amortization expense of acquired intangible assets

 

1,408

 

 

1,190

 

Acquisition costs

 

48

 

 

-

 

Lease expense on the step-up basis of acquired leases

 

67

 

 

-

 

Consulting expense: commercial growth initiatives

 

-

 

 

19

 

Severance costs and restructuring costs

 

60

 

 

353

 

Operating income as adjusted

$

11,898

 

$

13,915

 

-14

%

 
Net income as reported

$

6,682

 

$

8,028

 

-17

%

 
Net income as adjusted

$

7,981

 

$

9,610

 

-17

%

 
Earnings per share (diluted) as reported

$

0.22

 

$

0.27

 

-19

%

 
Earnings per share (diluted) as adjusted

$

0.26

 

$

0.32

 

-19

%

 
 

Three Months Ended

September 30

(In thousands, except per share data)

 

2024

 

 

 

 

2023

 

 

 

Diluted EPS

 

 

Diluted EPS

Reconciliation of net income to adjusted net income

 

 

 

Net income as reported

$

6,682

 

$

0.22

 

$

8,028

 

$

0.27

 

Long-term performance based compensation

 

881

 

 

0.03

 

 

974

 

 

0.03

 

Amortization expense of acquired intangible assets

 

1,042

 

 

0.03

 

 

870

 

 

0.03

 

Acquisition costs

 

36

 

 

-

 

 

-

 

 

-

 

Lease expense on the step-up basis of acquired leases

 

50

 

 

-

 

 

-

 

 

-

 

Consulting expense: commercial growth initiatives

 

-

 

 

-

 

 

13

 

 

-

 

Severance costs and restructuring costs

 

45

 

 

-

 

 

256

 

 

0.01

 

Tax rate difference between reported and adjusted
net income

 

(755

)

 

(0.02

)

 

(531

)

 

(0.02

)

Net income adjusted

$

7,981

 

$

0.26

 

$

9,610

 

$

0.32

 

 
 
(Unaudited; In thousands)

Three Months Ended
September 30

Net Income to Adjusted EBITDA

 

2024

 

 

 

2023

 

 

% Change

Net Income as reported

$

6,682

 

$

8,028

 

Income tax

 

1,635

 

 

2,338

 

Interest expense, net

 

875

 

 

566

 

Other expense (income)

 

(61

)

 

96

 

Operating income as reported

$

9,131

 

$

11,028

 

-17

%

 
Depreciation and amortization

 

2,940

 

 

2,371

 

EBITDA

$

12,071

 

$

13,399

 

-10

%

Long-term performance based compensation

 

1,184

 

 

1,325

 

Acquisition costs

 

48

 

 

-

 

Lease expense on the step-up basis of acquired leases

 

67

 

 

-

 

Consulting expense: commercial growth initiatives

 

-

 

 

19

 

Severance costs and restructuring costs

 

60

 

 

353

 

Adjusted EBITDA

$

13,430

 

$

15,096

 

-11

%

Adjusted EBITDA as a percentage of sales

 

9.7

%

 

12.2

%

 
(Unaudited; In thousands)

Three Months Ended
September 30

Free Cash Flow

 

2024

 

 

 

2023

 

 

% Change

Cash flow from operations

$

11,846

 

$

10,592

 

12

%

 
Capital expenditures

 

(759

)

 

(1,393

)

Free cash flow

$

11,087

 

$

9,199

 

21

%

 
 
Net Debt to Adjusted EBITDA Ratio

September 30,

(amounts in thousands)

 

2024

 

 

 

2023

 

Current maturity of long-term debt

$

3,571

 

$

3,571

 

Long-term debt

 

44,118

 

 

25,098

 

Total debt

$

47,689

 

$

28,669

 

Less: cash

 

(6,969

)

 

(3,533

)

Net debt

$

40,720

 

$

25,136

 

Adjusted EBITDA - trailing twelve months

$

49,770

 

$

53,408

 

Net debt to adjusted EBITDA ratio

 

0.8

 

 

0.5

 

 
 
Reconciliation of net income to adjusted net income - five quarter view
 
FY 2024
 

 

Diluted EPS

 

 

Diluted EPS

Q1 2024

 

Q2 2024

Net Income Reported

$

8,028

 

$

0.27

 

$

5,906

 

$

0.20

 

Consulting expense: commercial growth initiatives

 

13

 

 

-

 

 

-

 

 

-

 

Amortization expense of acquired intangible assets

 

870

 

 

0.03

 

 

885

 

 

0.03

 

Severance costs/Restructuring costs

 

256

 

 

0.01

 

 

34

 

 

-

 

Long-term performance based compensation

 

974

 

 

0.03

 

 

625

 

 

0.02

 

Tax rate difference between reported and adjusted net income

 

(531

)

 

(0.02

)

 

(201

)

 

(0.01

)

Net Income Adjusted

$

9,610

 

$

0.32

 

$

7,249

 

$

0.24

 

Adjusted Net Income %

 

7.8

%

 

6.7

%

 

FY 2024

 

 

 

 

 

 

Diluted EPS

 

 

Diluted EPS

Q3 2024

 

Q4 2024

Net Income Reported

$

5,375

 

$

0.18

 

$

5,668

 

$

0.19

 

Acquisition costs

 

-

 

 

-

 

 

722

 

 

0.02

 

Amortization expense of acquired intangible assets

 

888

 

 

0.03

 

 

1,028

 

 

0.04

 

Severance costs/Restructuring costs

 

101

 

 

-

 

 

5

 

 

-

 

Long-term performance based compensation

 

767

 

 

0.03

 

 

906

 

 

0.03

 

Tax rate difference between reported and adjusted net income

 

-

 

 

(25

)

 

-

 

Net Income Adjusted

$

7,131

 

$

0.24

 

$

8,304

 

$

0.28

 

Adjusted Net Income %

 

6.6

%

 

6.4

%

 

FY 2025

 

 

 

Diluted EPS

Q1 2025

Net Income Reported

$

6,682

 

$

0.22

 

Acquisition costs

$

36

 

$

-

 

Amortization expense of acquired intangible assets

 

1,042

 

 

0.03

 

Lease expense on the step-up basis of acquired leases

 

50

 

 

-

 

Severance costs/Restructuring costs

 

45

 

 

-

 

Long-term performance based compensation

 

881

 

 

0.03

 

Tax rate difference between reported and adjusted net income

 

(755

)

 

(0.02

)

Net Income Adjusted

$

7,981

 

$

0.26

 

Adjusted Net Income %

 

5.8

%

 

Effective in the first quarter of fiscal 2025, LSI will include the amortization expense related to acquired intangible assets as an add-back to its non-GAAP reconciliation. Prior quarter non-GAAP reconciliations have been adjusted accordingly.

INVESTOR & MEDIA CONTACT

Noel Ryan, IRC

720.778.2415

LYTS@vallumadvisors.com

Source: LSI Industries Inc.

FAQ

What were LSI Industries' net sales for fiscal 2025 Q1?

LSI Industries reported net sales of $138.1 million for fiscal 2025 Q1, a 12% increase year-over-year.

What was LSI Industries' net income for fiscal 2025 Q1?

The net income for fiscal 2025 Q1 was $6.7 million or $0.22 per diluted share.

How much was LSI Industries' adjusted net income for fiscal 2025 Q1?

Adjusted net income for fiscal 2025 Q1 was $8.0 million or $0.26 per share.

What was LSI Industries' EBITDA for fiscal 2025 Q1?

LSI Industries' EBITDA for fiscal 2025 Q1 was $12.1 million, with adjusted EBITDA at $13.4 million.

How much free cash flow did LSI Industries generate in fiscal 2025 Q1?

LSI Industries generated $11.1 million in free cash flow during fiscal 2025 Q1.

What dividend did LSI Industries declare for fiscal 2025 Q1?

LSI Industries declared a quarterly cash dividend of $0.05 per share, payable on November 26, 2024.

LSI Industries Inc

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