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https://killexams.com/exam_list/LSIKillexams : Systematic Financial Management Increases Position in LSI Industries (LYTS)No result found, try new keyword!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 ...Mon, 13 Feb 2023 07:10:00 -0600text/htmlhttps://www.nasdaq.com/articles/systematic-financial-management-increases-position-in-lsi-industries-lytsKillexams : LSI Industries: Gas Station Solar Installations Could Be The Next Growth Driver
buzbuzzer
LSI Industries Inc. (NASDAQ:LYTS) is a leader in the segment of industrial and commercial lighting, along with marketing signage solutions utilized by major corporations. We last covered the stock back in 2021, noting an impressive growth outlook based on strong demand for energy-efficient illumination and a shift by customers toward the modernization of retail properties. Indeed, shares of LYTS have been a big winner, nearly doubling over the past year as an outlier compared to the broader market selloff.
Our update today highlights exact developments including the company's latest earnings report which beat expectations. A new initiative installing solar panel arrays atop retail gas stations represent a new market opportunity the company is pursuing.
We reiterate a bullish long-term view of the stock which checks off several boxes of what we believe to be a high-quality and fundamentally strong small-cap. At its core, LSI Industries has proved capable of successfully executing a growth strategy that remains supported by several market tailwinds. We see more upside going forward.
LYTS reported its fiscal 2023 Q2 earnings on January 26th with a non-GAAP EPS of $0.26, $0.09 ahead of estimates. Adjusted net income for the period at $7.6 million was up 80% year-over-year.
The momentum was driven by both the top-line strength with net sales reaching $129 million, up 16% y/y along with firming margins. The adjusted EBITDA margin of 10.1% was up from 7.6% in the period last year.
source: company IR
An important theme has been the impact of pricing initiatives implemented last year and overall cost control efforts. Management noted the continued demand in both its core lighting and display segments with sales up 17% y/y and 15% y/y, each respectively. End users in applications at refueling stations, convenience stores, grocery, and general merchandising have been strong points.
source: company IR
For context, some of the "wins" LSI has been capturing include efforts by customers looking to enhance lighting and signage through renovations as well as in new builds. During Q2, for example, the company completed a $12 million project to update approximately 200 refueling gas stations in Puerto Rico for a major oil company. While not specifically cited, we can connect the dots with news reports of Exxon Mobil Corp (XOM) converting 177 Shell plc (SHEL) gas stations in the region under its umbrella.
On this point, the record year for the energy sector including downstream operations has been a boom for LSI piggybacking on the earnings momentum and investment activities. Beyond ExxonMobil, other global brands that operate or license gas stations are noted as end-users of LSI solutions. This is important as the business relationships support a runway for future engagements as a positive for growth opportunities.
source: company IR
When looking at LYTS, a big development has been the clear shift toward recurring profitability. The company generated $8.9 million in free cash flow in its Q2 and $30 million over the past year. This has provided flexibility for the company to repay debt while investing in more growth. The net leverage ratio reported at 1.3x at the end of the quarter is now down from 3.1x this time last year.
We can also cite the regular quarterly dividend by LYTS at a current rate of $0.05 per share, which yields 1.4%. With EPS of $0.78 over the trailing twelve months, the earnings payout ratio of around 25% is otherwise well supported. While nothing has been announced, we won't be surprised by a dividend increase in the next year or so as part of the company's return of capital priority.
source: company IR
LYTS Opportunity In Solar?
One of the messages by management this quarter is that despite the economic backdrop, the company remains optimistic regarding operating conditions into the second half of the fiscal year and the long run.
Beyond the ongoing strength in verticals and applications mentioned above, what's also interesting is the company's early steps into solar installations as a turn-key option mounted on top of the gas station and car-wash canopy.
LSI noted the completion of a first-of-its-kind array at a retailer at a "Speedy Stop" refueling and convenience store in August, Texas that is capable of generating upwards of 170 MWh of electricity on an annual basis. The press release noted that the investment by operators can pay for itself within four years.
By this measure, we can start looking at LYTS as a sort of "solar name" capturing ESG trends as a new growth dynamic. This is important considering many of the Federal level tax incentives being pushed into the market since the implementation of the "Inflation Reduction Act" as an opportunity for LSI Industries over the next decade.
The advantage LSI has in this segment relative to competitors is that they already have relationships with the gas station operators from its signage and lighting business. The bullish case for the stock is that these initiatives can accelerate over the next few years.
To be clear, the solar side of the business is still small, but it adds a layer of attraction to the stock that supports both higher growth and even some valuation multiples expansion. There is also a sense that these solutions are in a value-added category of services that should add to the profitability potential. That was also the message from CEO Jim Clark during the earnings conference call:
We see the Canopy at most petroleum retail locations as an untapped opportunity and this project is a good example of how we can turn this unused space into a real profit center for both us and our customers, let alone the environmental impact of the clean energy production. I want to caution everyone that this is simply a first step but it does go a long way into underlining the opportunities and possibilities of expanding products and services we can offer in our various vertical markets.
The current market EPS forecast is for fiscal 2023 EPS to reach $0.77, representing a 43% increase over last year. This would be a continuation of the trends observed in Q2 based on firming margins on top of 9% revenue growth for the full year. For 2024, the outlook is for earnings growth to moderate towards 6.5%, against tough comparables while the top line averages growth in the mid-single-digits.
We believe these estimates may prove to be conservative with a bullish case for the stock that the company can outperform based on operating strength and financial execution. In this regard, LYTS trading at an 18x forward P/E multiple is compelling in our view with room for initiatives in solar representing a new growth component. The ongoing deleveraging is also positive for valuations.
source: company IR
LYTS Stock Price Forecast
We rate LYTS as a buy, with a price target for the year ahead at $17.50 representing a forward P/E of 21x on the current consensus EPS of $0.82 for the fiscal year 2024 which is about 16 months away.
At the same time, it's important to acknowledge what has already been a breathtaking rally with the stock surging by nearly 100% just since lows in late October. We believe part of that dynamic could be related to the messaging on solar alongside the stronger momentum in the stock market over the period. With a sense that economic conditions can Excellerate going forward, there is a case to be made that LSI Industries' outlook is stronger today than at any time over the past year.
Into the next few quarters, the EBITDA margin and cash flow trends will be key monitoring points for the stock. The main risk would be for a disappointing slowdown at the top line or a shift into a deeper deterioration of the economy would undermine demand trends and open the door for a leg lower in the stock.
Seeking Alpha
Tue, 07 Feb 2023 00:19:00 -0600entext/htmlhttps://seekingalpha.com/article/4575800-lsi-industries-gas-station-solar-installations-could-be-the-next-growth-driverKillexams : LSI Crosses Above Average Analyst TargetNo result found, try new keyword!In exact trading, shares of Life Storage Inc (Symbol: LSI) have crossed above the average analyst 12-month target price of $124.10, changing hands for $124.52/share. When a stock reaches the ...Mon, 13 Feb 2023 23:10:00 -0600text/htmlhttps://www.nasdaq.com/articles/lsi-crosses-above-average-analyst-targetKillexams : Life Storage turns down Public Storage's $11B offer for company
Pavel Muravev/iStock via Getty Images
Life Storage's (NYSE:LSI) board on Thursday rejected the unsolicited proposal from rival Public Storage (NYSE:PSA), saying the offer "significantly undervalues" the company as well as its prospects for future growth.
Public Storage (PSA), as previously reported, hadproposed to acquire Life Storage(LSI) in a taxable transaction that would offer LSI shareholders and unitholders 0.4192 PSA share for each share or unit of LSI, giving the proposal an implied value of ~$126.14 per share or unit or an equity value of ~$11B.
Life Storage's (LSI) board said it conducted a comprehensive review process in consultation with its independent and legal advisers.
"The board believes Life Storage (LSI) will deliver greater risk-adjusted total shareholder returns as a standalone company than through the proposed transaction," said Non-Executive Chairman Mark G. Barberio. "The board is always open to and regularly evaluates opportunities to enhance shareholder value and will consider any proposal that appropriately values the company and its prospects."
The company will provide more detail regarding its decision and its financial outlook during its Q4 and full-year 2022 earnings call on Feb. 24 at 8:00 AM ET.
Sun, 22 Jan 2023 10:00:00 -0600entext/htmlhttps://www.design-reuse.com/sip/hdmi-controller-c-467/?page=2Killexams : Federal Work-Study
For a better experience, click the icon above to turn off Compatibility Mode, which is only for viewing older websites.
Federal Work-Study is a need-based program designed to create part-time employment opportunities for eligible students.
Work-study funding is awarded as part of a student's financial aid package. Students search and apply for work-study positions and if hired, earn up to the amount offered for the year through bi-weekly paychecks based on the hours they work.
Information for Students
Federal Work-Study funds are awarded based upon students indicating they are interested in the program on their Free Application for Federal Student Aid (FAFSA) and have an Expected Family Contribution (EFC) that meet the University's established awarding policy. Students must accept the award in DrexelOne to use the funding.
Work-study funding is available to full-time undergraduate students, as well as graduate, law, and medical students. Students must be at least half-time.
Any students who did not receive work-study funding in their initial financial aid award package, but may be eligible, are encouraged to contact Drexel Central to discuss eligibility.
Students are encouraged to use their work-study funding as soon as possible. Financial Aid will check the status of work-study funding regularly. Students who are not utilizing their funding are in jeopardy of this award being canceled.
Work-study funding can only be earned during the federal fiscal year (July 1 – June 30).
Being awarded work-study funding does not ensure students will be hired for employment. Students are responsible for searching and applying for positions.
If a student has been selected for federal verification, the process must be completed before the student can begin employment.
Students cannot work during times when they are scheduled to be in class.
Students cannot work more than 20 hours per week during class terms.
Students cannot be employed in a work-study position in terms during which they are on co-op.
Students cannot earn more in a fiscal year than the total amount awarded to them in their financial aid package.
Students cannot have more than one work-study position at one time, with the exception of students employed as on-campus tutors.
Applying for a Work-Study Position
The first step in applying for a work-study job is to review the list of available positions on the Federal Work-Study Positions page. When you find a position you are eligible to apply for, you should contact the individual listed in the posting to set up an interview.
Work-study supervisors will make the final determination regarding the hiring of students. If you are offered a position, you will need to do the following:
If you have not previously worked at Drexel, complete the New Hire Packet and bring it, along with proper identification, to the Human Resources Department, located at 3201 Arch Street, Suite 430.
Follow the procedures of the department where you are working to submit your hours in order to receive a paycheck.
Monitor your work hours in DrexelOne to ensure you do not exceed your work-study award.
Information for Employers
Drexel faculty and staff can find information about posting positions, hiring students, and other administrative aspects of the work-study process on the Information for Work-Study Employers page.
Thu, 29 Aug 2013 01:43:00 -0500entext/htmlhttps://drexel.edu/drexelcentral/finaid/work-study/Killexams : LSI and MedtechWomen Strengthen Partnership with New Member Additions
Partnership adds four LSI team members to MedtechWomen and elevates the 501(c)(3) organization as a sponsor of LSI USA '23
HUNTINGTON BEACH, Calif., Feb. 2, 2023 /PRNewswire/ -- Life Science Intelligence (LSI), the Medtech Market Intelligence company, today announced an expanded partnership with MedtechWomen, the leading organization dedicated to highlighting and connecting women leaders in medtech. With the partnership, the following four LSI team members officially become members of MedtechWomen:
Kelly Williams, Vice President of Business Development
Maricela Almonte, Director of Operations
Rebekah Murrietta, Director of Media
Amber Hatchell, Operations Associate
MedtechWomen was founded in 2010 by medtech executives to connect, educate and inspire fellow medtech women by creating an ongoing content-driven, solutions-oriented dialogue on the future of the medtech industry. The 501(c)(3) organization is dedicated to highlighting and promoting underrepresented medtech leaders, inclusive of all races, ethnicities, and gender identities.
"I'm honored to join the distinguished MedtechWomen community and am eager to continue connecting with like-minded women in our industry," said Williams. "MedtechWomen is a unique forum for women in our industry to be exposed to diverse perspectives, celebrate and learn from each other's wins, and serve as role models for future leaders. Our partnership with MedtechWomen reinforces LSI's core belief that we rise by lifting others. Together, we will promote and advance the careers of women in this dynamic industry and continue to shape the future of medtech."
"It's my pleasure to welcome these four leaders to our organization and deepen our relationship with LSI," said Jessica Richter, Member of the Board of Directors at MedtechWomen and Executive Vice President, Regulatory, Clinical & Quality Systems at Veranex Solutions. "LSI's commitment to showcasing diverse leaders, paired with their global community, world-class events, and opportunities for thought partnership make them valuable allies in our mission to connect, educate, and inspire women in medtech. We look forward to continuing to work together to advance our shared goals and create a brighter future through medtech."
The announcement comes ahead of "LSI USA '23," LSI's flagship partnering event held annually in Dana Point, California. The event will bring together more than 1,000 top innovators, investors and strategics and 250 vetted presenting companies at the world-class Waldorf Astoria Monarch Beach.
MedtechWomen will be an official sponsor of LSI USA '23. Event attendees can meet the organization's leadership team and hear how they are advancing healthcare at the MedtechWomen sponsored networking breakfast on March 21st at 7:00am (open to all registered attendees).
Registration for LSI USA '23 is open, with limited spots still available. To view the agenda and register, visit www.ls-intel.com.
About Life ScIence Intelligence (LSI)
LSI helps medtech leaders build businesses that save lives. With LSI's ecosystem of market research, media, and partnering events, medtech leaders can access the community, capital, and insights that enable growth. For over 15 years, medtech's global leaders have trusted LSI to cultivate world-class partnering experiences and provide trusted market research and advisory. Based in Huntington Beach, California, LSI is building an enduring company to impact millions of people's health.
For more information, visit www.ls-intel.com and follow Life Science Intelligence - LSI on LinkedIn .
About MedtechWomen
MedtechWomen is a 510(c)(3) educational nonprofit organization dedicated to highlighting and connecting women leaders in medical devices and diagnostics. The organization was founded in 2010 when a group of women acted on their vision of bringing together sector leaders and policymakers to discuss real-world solutions to the most challenging issues in the medical technology industry today. They enlisted the support of their mentors and a broadening circle of colleagues to bring this vision to reality, resulting in the inaugural MedtechVision conference in 2011.
Founders and organizing members of MedtechWomen are innovators from across the U.S. in varied aspects of the medtech sector including business leaders, financial investors, researchers, physicians and experts in new product commercialization. For more information please visit www.medtechwomen.org.
Thu, 02 Feb 2023 03:46:00 -0600entext/htmlhttps://www.victoriaadvocate.com/lsi-and-medtechwomen-strengthen-partnership-with-new-member-additions/article_51fd2f75-4ea9-58bc-9c99-3c5cf03061e1.htmlKillexams : Why LSI Industries Inc. (NASDAQ:LYTS) Could Be Worth Watching
LSI Industries Inc. (NASDAQ:LYTS), is not the largest company out there, but it received a lot of attention from a substantial price increase on the NASDAQGS over the last few months. Less-covered, small caps sees more of an opportunity for mispricing due to the lack of information available to the public, which can be a good thing. So, could the stock still be trading at a low price relative to its genuine value? Today I will analyse the most exact data on LSI Industries’s outlook and valuation to see if the opportunity still exists.
Great news for investors – LSI Industries is still trading at a fairly cheap price. My valuation model shows that the intrinsic value for the stock is $18.84, which is above what the market is valuing the company at the moment. This indicates a potential opportunity to buy low. However, given that LSI Industries’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. This is based on its high beta, which is a good indicator for share price volatility.
What kind of growth will LSI Industries generate?
earnings-and-revenue-growth
Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. With profit expected to grow by 59% over the next couple of years, the future seems bright for LSI Industries. It looks like higher cash flow is on the cards for the stock, which should feed into a higher share valuation.
What This Means For You
Are you a shareholder? Since LYTS is currently undervalued, it may be a great time to increase your holdings in the stock. With a positive outlook on the horizon, it seems like this growth has not yet been fully factored into the share price. However, there are also other factors such as financial health to consider, which could explain the current undervaluation.
Are you a potential investor? If you’ve been keeping an eye on LYTS for a while, now might be the time to enter the stock. Its prosperous future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy LYTS. But before you make any investment decisions, consider other factors such as the strength of its balance sheet, in order to make a well-informed buy.
If you want to dive deeper into LSI Industries, you'd also look into what risks it is currently facing. Case in point: We've spotted 2 warning signs for LSI Industries you should be mindful of and 1 of these is significant.
Have feedback on this article? Concerned about the content?Get in touchwith us directly.Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Wed, 25 Jan 2023 06:53:00 -0600en-UStext/htmlhttps://finance.yahoo.com/news/why-lsi-industries-inc-nasdaq-132936627.htmlKillexams : LSI Industries Reports Fiscal 2023 Second Quarter Results and Declares Quarterly Cash Dividend
CINCINNATI, January 26, 2023--(BUSINESS WIRE)--LSI Industries Inc. (Nasdaq: LYTS, or the "Company"), a leading U.S. based manufacturer of display solutions and indoor/outdoor lighting, today reported fiscal second quarter financial results for the three months ended December 31, 2022.
Fiscal 2023 Second Quarter
Net Sales +16% y/y to $128.8 million
Net Income +107% y/y to $6.4 million; Adjusted Net Income of $7.6 million
Diluted EPS of $0.22; Adjusted EPS of $0.26
EBITDA of $11.5 million; Adjusted EBITDA $13.0 million or 10.1%/sales
Free Cash Flow of $8.9 million
Net debt declines to $60.1 million, or 1.3x TTM Adjusted EBITDA
LSI delivered strong year-over-year increases in both sales and profitability in the fiscal second quarter, driven by broad-based commercial demand across both the lighting and display solutions businesses, continued price discipline and a more profitable sales mix.
The Company reported net sales of $128.8 million in the fiscal second quarter, an increase of 16% versus the prior-year period. LSI reported net income of $6.4 million, or $0.22 per diluted share in the fiscal second quarter, versus $3.1 million, or $0.11 per diluted share in the prior-year period. Adjusted net income for the fiscal second quarter was $7.6 million, or $0.26 per diluted share, compared to $4.2 million, or $0.15 per diluted share last year.
LSI reported Adjusted EBITDA of $13.0 million for the fiscal second quarter, or an increase of 54% versus the prior-year period. The company reported an Adjusted EBITDA margin rate of 10.1%, an increase of 250 bps versus the prior year period. The improved margin rate was driven by a combination of volume growth, improved price realization, disciplined cost management and a more favorable sales mix. A reconciliation of GAAP to non-GAAP financial results is included in the attached press release schedules.
LSI generated free cash flow of $8.9 million in the fiscal second quarter, increasing free cash flow for the first half of fiscal 2023 to $19.0 million. Net debt decreased from $77.1 million entering the fiscal year to $60.1 million at the end of the fiscal second quarter, reducing the ratio of net debt to trailing twelve-month adjusted EBITDA to 1.3x from 2.2x last fiscal year.
The Company declared a regular cash dividend of $0.05 per share payable on February 14, 2023, to shareholders of record on February 6, 2023.
Management Commentary
"LSI delivered strong second quarter results, highlighted by substantial year-over-year growth in sales and profitability, along with improvements to other key operating metrics," stated James A. Clark, President, and Chief Executive Officer of LSI. "Our performance reflects balanced sales and margin performance attained across our two reportable segments, while continuing to successfully navigate a demanding operating environment.
"During the second quarter, our Lighting and Display Solutions segments each achieved double-digit sales growth and margin expansion, versus the prior year period," continued Clark. "Total Adjusted EBITDA increased 54% year-over-year in the quarter, while Adjusted EBITDA margin exceeded 10% for another consecutive quarter. We continue to grow our share-of-wallet within key verticals markets, building upon a growing base of loyal customers, while demonstrating the value of our one-stop, integrated lighting, display and merchandising solutions within underserved and emerging growth applications."
"As expected, our business continues to generate strong cash flow from operations," continued Clark. "With trailing twelve-month free cash flow conversion approaching 70%, we’ve continued to direct capital toward debt reduction, consistent with our current allocation priorities. During the last year, we’ve reduced net debt by more than $25 million and ended the second quarter with net leverage at 1.3x. We anticipate continued, positive free cash flow generation as we enter the second half of our fiscal year, positioning us to further reduce debt levels while increasing availability under our existing credit facility.
"In the second quarter, we successfully completed a $12+ million rebranding project involving approximately 200 refueling sites in Puerto Rico for a major oil company. Most of these sites were rebranded during the second quarter, as we successfully delivered on the demanding scheduling requirements of the customer. Following the successful completion of this project, which was our first ever project in Puerto Rico, we continue to evaluate additional early-stage international market opportunities that could represent exciting new entry points for our business.
"Also in the second quarter, one of the nation’s largest grocery chains awarded LSI a major display case expansion and replacement project, committing to purchase more than $12 million of refrigerated and non-refrigerated displays during the next nine months. The award follows the successful completion of an earlier project with the same customer, which represented a similar number of stores and revenue profile. Our grocery customers continue to invest in programs to enhance the customer shopping experience and generate incremental sales," noted Clark. "LSI is well positioned to capitalize on these opportunities, partnering with a number of grocery chains on their specific branding and technological requirements.
"The Lighting segment continued its strong momentum during the second quarter, generating year-over-year sales growth of 17%, while operating earnings improved 45% versus prior year. Sales growth was broad-based, with significant increases in all vertical market applications. Our new product development activity the last two years prioritized improving and expanding our indoor product range for select vertical markets which, when combined with our widely accepted outdoor portfolio, creates a powerful, value-add solution set. Indoor sales continue to accelerate, achieving second quarter sales growth of 32%. Our enhanced offering has increased the number of orders containing both indoor and outdoor products, serving to increase our average order size.
"Display Solutions segment sales increased 15% versus the prior year second quarter, reflecting volume growth across a number of our key verticals. Our order fulfillment and service execution for these made-to-order custom specification projects have been excellent, meeting or exceeding demanding delivery requirements despite ongoing delays and changes to customer installation schedules, permitting and component availability. The Display Solutions segment gross margin improved 620 bps year-over-year, given favorable program pricing and improved sales mix. Operating income margin improved to 12.8% compared to 7.4% in the fiscal second quarter last year.
Clark concluded, "We delivered a solid second quarter and we exit the fiscal first half with continued momentum across our business. Demand levels in key vertical markets remain favorable, our backlog is healthy, customers increasingly recognize the value of our solutions, manufacturing and supply chain execution remain on-point, and positive cash flow and debt reduction are expected to continue. Looking ahead, despite ongoing pressures on the general economy, we remain optimistic about the second half of the fiscal year and the long-term prospects of our markets. We’ll continue our emphasis on balancing short-term execution with long-term investments to build the business and achieve profitable growth in the years ahead."
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, get and install any necessary software.
A replay of the conference call will be available between January 26, 2023, and February 9, 2023. To listen to a replay of the teleconference via webcast, please visit the Investor Relations section of LSI Industries’ website at www.lsicorp.com.
About LSI Industries
Headquartered in Greater Cincinnati, LSI is a publicly held company traded over the NASDAQ Stock Exchange under the symbol LYTS. The company manufactures non-residential lighting and retail display solutions. Non-residential lighting consists of high-performance, American-made lighting solutions. The Company’s strength in lighting applications creates opportunities to introduce additional solutions to its valued customers. Retail display solutions consist of graphics solutions, digital signage and technically advanced food display equipment for strategic vertical markets. LSI’s team of internal certified also provide comprehensive project management services in support of large-scale product rollouts. The company employs approximately 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
For details on the uncertainties that may cause our genuine 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 December 31
Six Months Ended December 31
(Unaudited)
2022
2021
% Change
(In thousands, except per share data)
2022
2021
% Change
$
128,804
$
111,143
16%
Net sales
$
255,873
$
217,540
18%
9,038
4,422
104%
Operating income as reported
19,059
8,866
115%
1,002
1,130
-11%
Stock compensation expense
1,553
1,686
-8%
-
340
NM
Acquisition costs
-
340
NM
33
-
NM
Severance costs
46
-
NM
486
-
NM
Consulting expense: Commercial Growth Initiatives
789
-
NM
$
10,559
$
5,892
79%
Operating income as adjusted
$
21,447
$
10,892
97%
$
6,417
$
3,105
107%
Net income as reported
$
12,678
$
6,238
103%
$
7,627
$
4,241
80%
Net income as adjusted
$
14,704
$
7,781
89%
$
0.22
$
0.11
100%
Earnings per share (diluted) as reported
$
0.44
$
0.22
100%
$
0.26
$
0.15
73%
Earnings per share (diluted) as adjusted
$
0.51
$
0.28
82%
(amounts in thousands)
December 31,
June 30,
2022
2022
Working capital
$
84,891
$
84,298
Total assets
$
296,283
$
311,080
Long-term debt
$
59,250
$
76,025
Other long-term liabilities
$
11,583
$
12,667
Shareholders' equity
$
161,316
$
147,769
Three Months Ended December 31, 2022, Results
Net sales for the three months ended December 31, 2022, were $128.8 million, up 16% from the three months ended December 31, 2021, net sales of $111.1 million. Lighting Segment net sales of $66.8 million increased 17% and Display Solutions Segment net sales of $62.0 million increased 15% from last year’s second quarter net sales. Net income for the three months ended December 31, 2022, was $6.4 million, or $0.22 per share, compared to $3.1 million or $0.11 per share for the three months ended December 31, 2021. Earnings per share represents diluted earnings per share.
Six Months Ended December 31, 2022, Results
Net sales for the six months ended December 31, 2022, were $255.9 million, up 18% from the six months ended December 31, 2021, net sales of $217.5 million. Lighting Segment net sales of $134.4 million increased 24% and Display Solutions Segment net sales of $121.5 million increased 11% from last year’s net sales. Net income for the six months ended December 31, 2022 was $12.7 million, or $0.44 per share, compared to $6.2 million or $0.22 per share for the six months ended December 31, 2021. Earnings per share represents diluted earnings per share.
Balance Sheet
The balance sheet at December 31, 2022, included current assets of $149.0 million, current liabilities of $64.1 million and working capital of $84.9 million, which includes cash of $2.8 million. The current ratio was 2.3 to 1. The balance sheet also included shareholders’ equity of $161.3 million and long-term debt of $59.3 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 second quarter of fiscal 2023, payable February 14, 2023, to shareholders of record as of the close of business on February 6, 2023. 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 six months ended December 31, 2022, and 2021. Operating income, net income, and earnings per share, which exclude the impact of stock compensation expense, commercial growth opportunity expense, and severance 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), 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
Six Months Ended
December 31
December 31
2022
2021
(In thousands, except per share data)
2022
2021
Diluted EPS
Diluted EPS
Diluted EPS
Diluted EPS
Reconciliation of net income to adjusted net income
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