SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                  SCHEDULE 13G


                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 12)*



                               LSI Industries Inc.
- -------------------------------------------------------------------------------


                                (NAME OF ISSUER)



                                  Common Stock
- --------------------------------------------------------------------------------


                         (TITLE OF CLASS OF SECURITIES)


                                  502 16C 10 8
- --------------------------------------------------------------------------------



                                 (CUSIP NUMBER)

Check the following  box if a fee is being paid with this  statement [ ]. (A fee
is not required only if the filing person:  (1) has a previous statement on file
reporting  beneficial  ownership  of more  than  five  percent  of the  class of
securities  described  in Item 1;  and (2) has  filed  no  amendment  subsequent
thereto reporting  beneficial  ownership of five percent or less of such class.)
(See Rule 13d-7.)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).


                        (Continued on following page(s))

                                Page 1 of 4 Pages








 CUSIP NO. 502 16C 10 8            13G         PAGE 2 OF 4 PAGES



 1      NAME OF REPORTING PERSONS
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              Robert J. Ready
              ###-##-####

- --------------------------------------------------------------------------------

 2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                (a) [ ]
                                                                         (b) [ ]

- --------------------------------------------------------------------------------

 3      SEC USE ONLY

- --------------------------------------------------------------------------------

 4      CITIZENSHIP OR PLACE OF ORGANIZATION

           United States of America

- --------------------------------------------------------------------------------

                        5      SOLE VOTING POWER

       NUMBER OF                429,100
        SHARES
     BENEFICIALLY       6      SHARED VOTING POWER
       OWNED BY
         EACH                    130,488
       REPORTING
      PERSON WITH        7      SOLE DISPOSITIVE POWER

                                429,100


                        8      SHARED DISPOSITIVE POWER

                                 130,488

- --------------------------------------------------------------------------------

 9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              559,548

- --------------------------------------------------------------------------------

10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

- --------------------------------------------------------------------------------

11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

              5.77%

- --------------------------------------------------------------------------------

12      TYPE OF REPORTING PERSON*

           IN
- --------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!






                                                              Page 3 of 4 Pages


ITEM 1(a)      Name of Issuer:  LSI Industries Inc.

        1(b)   Address of Issuer's Principal Executive Office:

               10000 Alliance Road
               Cincinnati, Ohio 45242

        2(a)   Name of Persons Filing:Robert J. Ready

        2(b)   Address of Principal Business Office:

               10000 Alliance Road
               Cincinnati, Ohio 45242

        2(c)   Citizenship:  U.S.A.

        2(d)   Title of Class of Securities:Common Stock, No Par Value

        2(e)   CUSIP No.:    502 16C 10 8
               ---------

        3.     If this Statement is Filed Pursuant to Rules 13d-1(b) or
               13d-2(b), check whether the Person Filing is a:   N/A

        4.     Ownership:

               (a)    See Item 9 of cover page.
               (b)    See Item 11 of cover page.
               (c)    See Items 5-8 of cover page.

               Share  numbers  in Items 5, 7 and 9 include  options  for  36,563
        shares that are exercisable  within 60 days. Share numbers in Items 6, 8
        and 9  include  130,488  shares  held in trust  for the  benefit  of Mr.
        Ready's  children  of  which  shares  Mr.  Ready  disclaims   beneficial
        ownership.

        5. Ownership of 5% or less of clN/A:

        6.     Ownership of more than 5% on behalf of another person:N/A

        7.     Identification and classification of the subsidiary which
               acquired the security being reported by the parent
               holding company:     N/A

        8.     Identification and classification of members of the
               group: N/A

        9.     Notice of dissolution of grouN/A

        10.    Certification:       N/A










        After  reasonable  inquiry and to the best of my knowledge and belief, I
certify that the information  set forth in this statement is true,  complete and
correct.



Date: February 2, 1998                /s/Robert J. Ready
                                    --------------------------------
                                         Robert J. Ready