8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 28, 2022

LSI INDUSTRIES INC.

(Exact name of Registrant as Specified in its Charter)

Ohio	01-13375	31-0888951
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

10000 Alliance Road, Cincinnati, Ohio	45242
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (513) 793-3200

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	LYTS	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Item 2.02 Results of Operation and Financial Condition.

On April 28, 2022, LSI Industries Inc. (“LSI” or the “Company”) issued a press release announcing operating results for the fiscal quarter ending March 31, 2022. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1 and is incorporated by reference herein.

Item7.01.Regulation FD Disclosure.

On April 28, 2022, LSI is hosting a conference call for the benefit of its investors to discuss the results set forth in the press release described in Item 2.02 above. A copy of the presentation, which is available at www.lsicorp.com, related to this conference call is attached as Exhibit 99.2 to this report and is incorporated by reference herein.

LSI’s presentation discloses certain financial results both in accordance with generally accepted accounting principles (“GAAP”) and on a non-GAAP basis with adjustments for certain items. LSI’s management believes that presentation of these non-GAAP financial measures and their related reconciliations are useful to investors because the non-GAAP financial measures provide investors with a basis for comparing the results to financial results from prior periods.

Information in the presentation contains forward-looking statements regarding future events and performance of LSI. All such forward-looking statements are based largely on LSI’s experience and perception of current conditions, trends, expected future developments and other factors, and on management’s expectations, and are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, those factors described in the presentation and in LSI’s filings with the Securities and Exchange Commission. LSI disclaims any intention or obligation to update or revise any financial or other projections or other forward-looking statements, whether because of new information, future events or otherwise.

The information in each of Item 2.02 and Item 7.01 of this Form 8-K and in the press release attached as Exhibit 99.1 and the presentation attached as Exhibit 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in each of Item 2.02 and Item 7.01 of this Form 8-K and each of Exhibit 99.1 and Exhibit 99.2 shall not be incorporated by reference in any filing (whether made before or after the date hereof) or any other document under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in any such filing or document.

Item 8.01 Other Events.

LSI is pleased to announce that its Board of Directors has authorized a stock repurchase program under which LSI is approved to acquire up to $15 million shares of LSI’s outstanding common stock in the open market over the next five years at the discretion of management. Each of the press release attached as Exhibit 99.1 (referenced in Items 2.02 and 7.01 above and incorporated into this Item 8.01 by reference) and press release attached as Exhibit 99.2 announces this authorization and describes how the program reflects management’s confidence in LSI’s future.

Item9.01 Financial Statements and Exhibits.

	(d)	Exhibits
ExhibitNo.		Description
99.1		LSI Press Release dated April 28, 2022 reporting financial results
99.2		LSI Press Release dated April 28, 2022 reporting share repurchase program
99.3		Conference Call Presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LSI INDUSTRIES INC.

BY:/s/ James E. Galeese

James E. Galeese

Executive Vice President, Chief

Financial Officer

Dated: April 28, 2022

EX-99.1

Exhibit 99.1

LSI INDUSTRIES REPORTS FISCAL THIRD QUARTER 2022 RESULTS

ANNOUNCES $15 MILLION SHARE REPURCHASE PROGRAM

DECLARES QUARTERLY CASH DIVIDEND

CINCINNATI, April 28, 2022 -- LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of indoor/outdoor lighting and display solutions, today announced results for the third quarter of fiscal year 2022.

FISCAL THIRD QUARTER 2022

● Net sales +53% y/y to $110.1 million, organic net sales +12% y/y

● Lighting sales +25% y/y; Display Solutions sales +100% y/y

● Net Income +146% y/y to $3.6 million, or $0.13 per diluted share

● Adjusted net income +130% y/y to $4.2 million, or $0.15 per diluted share

● Adjusted EBITDA +92% y/y to $8.5 million

● Announces $15 million share repurchase authorization

LSI achieved strong year-over-year increases in both net sales and profitability in the fiscal third quarter, driven by broad-based commercial demand across both the lighting and display solutions businesses, increased price realization, and contributions from the JSI Store Fixtures acquisition (“JSI”) completed in May 2021.

The Company reported third quarter net sales of $110.1 million, an increase of 53% versus the prior year period. Net sales excluding contributions from the JSI acquisition, increased 12% versus fiscal third quarter of 2021.

LSI reported net income of $3.6 million, or $0.13 per diluted share in the third quarter, versus $1.5 million, or $0.05 per diluted share, in the prior-year period. Adjusted net income was $4.2 million, or $0.15 per diluted share for the third quarter of fiscal 2022, compared to $1.8 million, or $0.07 per diluted share, last year.

The Company reported Adjusted EBITDA of $8.5 million in the fiscal third quarter, an increase of 92% versus the prior-year period. A reconciliation of GAAP and non-GAAP financial results is included in this press release.

LSI generated free cash flow of $3.3 million in the quarter, including $6.4 million of discretionary investments in additional inventory intended to support existing elevated backlog levels and order rates. At the end of the third quarter, the Company’s ratio of net debt to trailing twelve month Adjusted EBITDA declined to 2.6x, compared to 2.8x at the end the fiscal second quarter 2022.

The Company declared a regular quarterly cash dividend of $0.05 per share payable May 17, 2022 to shareholders of record on May 9, 2022.

LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

MANAGEMENT COMMENTARY

“The LSI team delivered exceptional fiscal third quarter performance highlighted by significant year-over-year growth in revenue and profitability, accomplished in an ongoing challenging operating environment” stated James A. Clark, President, and Chief Executive Officer of LSI. “Sales exceeded $100 million for the third consecutive quarter, contributing to operating income, net income, and diluted earnings per share all more than double prior year results. Our adjusted operating margin improved 190 bps, while our adjusted EBITDA margin expanded 160 bps”.

“Throughout the last year, we deliberately grew inventory levels to ensure product availability during a period of prolonged global supply chain disruption,” continued Clark. “As order rates and backlog levels accelerated, LSI was well equipped to support rising demand with additional inventory coupled with US based manufacturing capabilities. Last quarter, we continued to secure new business wins by taking advantage of short-lead time project opportunities. For example, LSI was successful in securing interior lighting for a considerable number of locations for one of the nation’s largest warehouse retailers, as an existing supplier could not meet specified delivery requirements. As the existing provider of exterior lighting to this customer, we capitalized on this service gap, while demonstrating the benefit of our fully integrated vertical market solutions. Product availability has been an advantage for LSI during a period of increased market demand and tight construction installation schedules.”

“Sales and order activity increased across most of our major vertical markets during the third quarter,” continued Clark. “Within the grocery sector, we continued to service the $17 million order for refrigerated display fixtures to one of the nation’s largest grocery store chains, shipping to approximately 200 locations. To date, we have already received $12 million in additional orders from the same grocery customer, for shipment scheduled in fiscal 2023. Within the c-store market, customer inquiries for introduction to JSI display products is growing rapidly, with an initial pilot with a large c-store chain planned to commence in the fiscal fourth quarter.”

“In the fiscal third quarter, LSI won an important contract in the quick serve restaurant (QSR) market with a large brand focused on the chicken segment,” continued Clark. “Under the terms of the contract, LSI will provide exterior drive-thru digital menu board systems and interior digital signage to this customer, who currently operates more than 2,500 restaurants worldwide. In addition, we were recently awarded an extension to our existing large QSR program, expanding the program to provide menu board solutions to the customer’s Canadian locations. Revenue from this large existing QSR program is now expected to extend into fiscal 2024.”

“Within our Lighting segment, sales increased 25% in the third quarter, representing the fourth consecutive quarter of double-digit growth, when compared to prior year. Sales growth was broad based, with all key vertical markets reporting year-over-year improvement. Our new and feature/function enhanced products, including our own controls platform, are having a significant impact. Customers embrace not only the products designed for specific applications, but also the multiple price point offerings positioned to meet diverse project budget requirements. The Lighting gross margin rate of 29.2% for the third quarter was consistent sequentially with the second quarter, reflecting our ability to effectively align price to input and transit cost inflation.”

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LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

“Within our Display Solutions segment, sales grew 100% compared to the prior year, including contributions from the JSI acquisition. Inquiry and quote activity is high in each of the three major product categories within this segment, including conventional graphics, digital signage, and display fixtures. Similar to Lighting, we are experiencing growth in our target vertical markets including Grocery and QSR. The Display Solution gross margin rate improved 430 bps, reflecting both the accretion effect of JSI and improvements to core business margins.”

“In addition, we announced today that our Board of Directors authorized a $15 million share repurchase program, consistent with our balanced approach toward capital allocation and commitment to shareholder value creation. This authorization reflects our continued confidence in both the underlying strength of our end-markets, together with the significant profitable growth opportunities for LSI moving forward.”

“In summary, our business is in a strong position as we look to the fourth quarter and year ahead,” stated Clark. “Third quarter order rate was strong, achieving a book-to-bill ratio over 1.0. As a result, our backlog entering the fiscal fourth quarter increased sequentially from the third quarter, while being significantly above prior year levels. Market indicators remain favorable and quote levels remain at a high level. On balance, recent market share gains with new and existing customers, together with effective and consistent operational execution, supported by improved demand fundamentals across our end markets, position us to drive sustained growth for the balance of the year and into fiscal 2023.”

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 in order to register, download and install any necessary audio software.

Details of the conference call are as follows:

Call Dial-In:	1-877-407-4018
Conference ID:	13728792
Call Replay:	1-844-512-2921
Replay Passcode:	13728792

A replay of the conference call will be available between April 28, 2022 and May 12, 2022. To listen to a replay of the teleconference via webcast, please visit the Investor Relations section of LSI’s website at www.lsicorp.com

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LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

ABOUT LSI INDUSTRIES

Headquartered in Greater Cincinnati, LSI is a publicly held company with shares listed on the NASDAQ Stock Market under the symbol LYTS. The Company manufactures non-residential lighting and display solutions. Non-residential lighting consists of high-performance, American-made lighting solutions. The Company’s strength in outdoor lighting applications creates opportunities to introduce additional solutions to its valued customers. Display solutions consist of graphics solutions, digital signage, and technically advanced food display equipment for strategic vertical markets. LSI’s team of internal specialists also provide comprehensive project management services in support of large-scale product rollouts. The Company employs about 1,400 people at 11 manufacturing plants in the U.S. and Canada. Additional information about LSI is available at www.lsicorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “encourage,” “projects,” “plans,” “expects,” “can,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” or the negative versions of those words and similar expressions and by the context in which they are used. 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. 

INVESTOR CONTACT

Noel Ryan, IRC
720.778.2415
LYTS@vallumadvisors.com

MEDIA CONTACT

Cliff Spurlock

Marketing Communications Manager

513.372.3143

cliff.spurlock@lsicorp.com

Page 4 of 9

LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

Financial Highlights

Three Months Ended March 31							(Unaudited)	Nine Months Ended March 31
2022		2021		% Change			(In thousands, except per share data)	2022		2021		% Change
$	110,111	$	72,204		53	%	Net sales	$	327,651	$	218,597		50	%
	5,161		2,096		146	%	Operating income as reported		14,027		6,984		101	%
	780		415		88	%	Stock compensation expense		2,466		1,317		87	%
	21		-		NM		Acquisition costs		361		-		NM
	5		-		NM		Severance costs		5		21		-76	%
	-		-		NM		Restructuring costs		-		3		-100	%
$	5,967	$	2,511		138	%	Operating income as adjusted	$	16,859	$	8,325		103	%
$	3,618	$	1,472		146	%	Net income as reported	$	9,856	$	5,670		74	%
$	4,214	$	1,830		130	%	Net income as adjusted	$	11,995	$	6,447		86	%
$	0.13	$	0.05		160	%	Earnings per share (diluted) as reported	$	0.35	$	0.21		67	%
$	0.15	$	0.07		114	%	Earnings per share (diluted) as adjusted	$	0.43	$	0.24		79	%

	(amounts in thousands)
	March 31,		June 30,
	2022		2021
Working capital	$	83,387	$	54,113
Total assets	$	312,555	$	286,821
Long-term debt	$	81,387	$	68,178
Other long-term liabilities	$	13,452	$	16,578
Shareholders' equity	$	142,545	$	131,170

Three Months Ended March 31, 2022 Results

Net sales for the three months ended March 31, 2022 were $110.1 million, up 53% from the three months ended March 31, 2021 reported net sales of $72.2 million. Lighting Segment net sales of $57.1 million increased 25% and Display Solutions Segment net sales of $53.0 million increased 100% from last year’s third quarter net sales. Net income for the three months ended March 31, 2022 was $3.6 million, or $0.13 per share, compared to $1.5 million or $0.05 per share for the three months ended March 31, 2021. Earnings per share represents diluted earnings per share.

Nine Months Ended March 31, 2022 Results

Net sales for the nine months ended March 31, 2022 were $327.7 million, up 50% from the nine months ended March 31, 2021 reported net sales of $218.6 million. Lighting Segment net sales of $165.7 million increased 22% and Display Solutions Segment net sales of $162.0 million increased 97% from last year’s net sales. Net income for the nine months ended March 31, 2022 was $9.9 million, or $0.35 per share, compared to $5.7 million or $0.21 per share for the nine months ended March 31, 2021. Earnings per share represents diluted earnings per share.

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LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

Balance Sheet

The balance sheet at March 31, 2022 included current assets of $158.6 million, current liabilities of $75.2 million and working capital of $83.4 million, which includes cash of $1.2 million. The current ratio was 2.1 to 1. The balance sheet also included shareholders’ equity of $142.5 million and long-term debt of $81.4 million. It is the Company’s priority to continuously generate sufficient cash flow, coupled with our credit facility, to adequately fund operations.

Cash Dividend Actions

The Board of Directors declared a regular cash dividend of $0.05 per share for the third quarter of fiscal 2022, payable May 17, 2022 to shareholders of record as of the close of business on May 9, 2022. 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 and nine months ended March 31, 2022 and 2021. Operating income, net income and earnings per share, which exclude the impact of stock compensation expense, acquisition costs, severance costs and restructuring costs, are non-GAAP financial measures. We exclude these items because we believe they are not representative of the ongoing results of operations 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), Free Cash Flow and Organic Net Sales. 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 Organic Net Sales.

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LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

Three Months Ended									Nine Months Ended
March 31									March 31
2022				2021				(In thousands, except per share data)	2022				2021
		Diluted				Diluted					Diluted					Diluted
		EPS				EPS		Reconciliation of net income to adjusted net income			EPS					EPS
$	3,618	$	0.13	$	1,472	$	0.05	Net income as reported	$	9,856	$	0.35	$	5,670		$	0.21
	576		0.02		314		0.01	Stock compensation expense		1,850		0.07		1,012			0.04
	16		-		-		-	Acquisition costs		285		0.01		-			-
	4		-		-		-	Severance costs		4		-		17			-
	-		-		-		-	Restructuring costs		-		-		2			-
	-		-		44		-	Tax impact due to the change in the estimated annual tax rate used for GAAP reporting purposes		-		-		(254	)		(0.01	)
$	4,214	$	0.15	$	1,830	$	0.07	Net income adjusted	$	11,995	$	0.43	$	6,447		$	0.24

NOTE: All adjustments are net of tax except for the adjustment of the tax impact from the change in the estimated annual tax rate

Three Months Ended March 31							(Unaudited; In thousands)	Nine Months Ended March 31
2022		2021		% Change			EBITDA and Adjusted EBITDA	2022		2021		% Change
$	5,161	$	2,096		146	%	Operating Income as reported	$	14,027	$	6,984		101	%
	2,531		1,920				Depreciation and amortization		7,632		5,943
$	7,692	$	4,016		92	%	EBITDA	$	21,659	$	12,927		68	%
	780		415				Stock compensation expense		2,466		1,317
	21		-				Acquisition costs		361		-
	5		-				Severance costs		5		21
	-		-				Restructuring costs		-		3
$	8,498	$	4,431		92	%	Adjusted EBITDA	$	24,491	$	14,268		72	%

Three Months Ended March 31									(Unaudited; In thousands)	Nine Months Ended March 31
2022			2021			% Change			Free Cash Flow	2022			2021			% Change
$	3,875		$	11,217			-65	%	Cash flow from operations	$	(12,668	)	$	24,634			-151	%
	(531	)		(637	)				Capital expenditures		(1,276	)		(1,517	)
$	3,344		$	10,580			-68	%	Free cash flow	$	(13,944	)	$	23,117			-160	%

Three Months Ended March 31							(Unaudited; In thousands)	Nine Months Ended March 31
2022		2021		% Change			Reconciliation of net sales to organic net sales	2022		2021		% Change
$	57,126	$	45,740		24.9	%	Lighting Segment	$	165,663	$	136,271		21.6	%
$	52,985	$	26,464		100.2	%	Display Solutions Segment	$	161,988	$	82,326		96.8	%
$	110,111	$	72,204		52.5	%	Total Net Sales	$	327,651	$	218,597		49.9	%
	29,045		-				JSI		72,952		-
$	81,066	$	72,204		12.3	%	Total organic net sales	$	254,699	$	218,597		16.5	%

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LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

Condensed Consolidated Statement of Operations

Three Months Ended March 31					(Unaudited)	Nine Months Ended March 31
2022			2021		(In thousands, except per share data)	2022		2021
$	110,111		$	72,204	Net sales	$	327,651	$	218,597
	83,318			54,112	Cost of products sold		250,900		162,519
	-			-	Severance costs		-		5
	-			-	Restructuring costs		-		3
	26,793			18,092	Gross profit		76,751		56,070
	21,627			15,996	Selling and administrative costs		62,719		49,070
	5			-	Severance costs		5		16
	5,161			2,096	Operating Income		14,027		6,984
	(55	)		43	Other expense (income)		33		(197	)
	524			52	Interest expense, net		1,287		171
	4,692			2,001	Income before taxes		12,707		7,010
	1,074			529	Income tax		2,851		1,340
$	3,618		$	1,472	Net income	$	9,856	$	5,670
					Weighted Average Common Shares Outstanding
	27,378			26,771	Basic		27,220		26,642
	28,083			27,727	Diluted		27,945		27,352
					Earnings Per Share
$	0.13		$	0.05	Basic	$	0.36	$	0.21
$	0.13		$	0.05	Diluted	$	0.35	$	0.21

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LSI Industries Third Quarter Fiscal 2022 Results

April 28, 2022

Condensed Balance Sheet

	(amounts in thousands)
	March 31,		June 30,
	2022		2021
Current assets	$	158,558	$	125,008
Property, plant and equipment, net		27,982		30,552
Other assets		126,015		131,261
Total assets	$	312,555	$	286,821
Current maturities of long-term debt	$	3,571	$	-
Other current liabilities		71,600		70,895
Long-term debt		81,387		68,178
Other long-term liabilities		13,452		16,578
Shareholders' equity		142,545		131,170
	$	312,555	$	286,821

Page 9 of 9

EX-99.2

Exhibit 99.2

LSI INDUSTRIES ANNOUNCES $15 MILLION SHARE REPURCHASE PROGRAM

CINCINNATI, April 28, 2022 -- LSI Industries Inc. (NASDAQ: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of indoor/outdoor lighting and display solutions, announced today that its Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $15 million of its outstanding shares of common stock in the open market, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company’s decision to repurchase its shares, as well as the timing of such repurchases, will depend on a variety of factors, including the ongoing assessment of the Company’s capital needs, the market price of the Company’s common stock, general market conditions and other corporate considerations, as determined by management. The repurchase program may be suspended or discontinued at any time.

“LSI is committed to a balanced capital allocation strategy designed to maximize total shareholder returns,” stated James A. Clark, President, and Chief Executive Officer of LSI. “The steadily improved performance of our business, coupled with a favorable multi-year outlook for non-residential construction, and ongoing investment by retail customers to support evolving consumer buying habits and in-store experience, provides LSI an opportunity to further balance our capital allocation model.”

“We believe our capital allocation strategy should prioritize a combination of organic growth investments, the acquisition of complementary assets in key target markets and an opportunistic return of capital program. The approval by our Board of Directors of a new share repurchase authorization demonstrates confidence in our business, while providing management with another tool to optimize value creation.”

ABOUT LSI INDUSTRIES

Headquartered in Greater Cincinnati, LSI is a publicly held company with shares listed on the NASDAQ Stock Market under the symbol LYTS. The Company manufactures non-residential lighting and display solutions. Non-residential lighting consists of high-performance, American-made lighting solutions. The Company’s strength in outdoor lighting applications creates opportunities to introduce additional solutions to its valued customers. Display solutions consist of graphics solutions, digital signage, and technically advanced food display equipment for strategic vertical markets. LSI’s team of internal specialists also provide comprehensive project management services in support of large-scale product rollouts. The Company employs about 1,400 people at 11 manufacturing plants in the U.S. and Canada. Additional information about LSI is available at www.lsicorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “encourage,” “projects,” “plans,” “expects,” “can,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” or the negative versions of those words and similar expressions and by the context in which they are used. 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. 

INVESTOR CONTACT

Noel Ryan, IRC
720.778.2415
LYTS@vallumadvisors.com

MEDIA CONTACT

Cliff Spurlock

Marketing Communications Manager

513.372.3143

cliff.spurlock@lsicorp.com

EX-99.3

Exhibit 99.3

XML

Document And Entity Information	Apr. 28, 2022
Document Information [Line Items]
Entity, Registrant Name	LSI INDUSTRIES INC.
Document, Type	8-K
Document, Period End Date	Apr. 28, 2022
Entity, Incorporation, State or Country Code	OH
Entity, File Number	01-13375
Entity, Tax Identification Number	31-0888951
Entity, Address, Address Line One	10000 Alliance Road
Entity, Address, City or Town	Cincinnati
Entity, Address, State or Province	OH
Entity, Address, Postal Zip Code	45242
City Area Code	513
Local Phone Number	793-3200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	LYTS
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000763532