Saturday, August 19, 2000
LSI Industries profits slow
The Cincinnati Enquirer
LSI Industries reported lower fourth quarter earnings and sales, after a string of 13 consecutive quarters of higher earnings.
For the three months ended June 30, the lighting and graphics manufacturer said net income was $3.1 million, or 30 cents a share, down from $5.4 million, or 53 cents a share, a year ago. The company said the most recent period included a $1 million charge as a loss contingency for a lease guarantee on its discontinued European operations.
Sales were $56.3 million, down from $64.9 million a year ago.
In June, LSI, which has relied on sales to the petroleum and convenience store markets, cautioned that results for the fourth quarter would be lower because of sluggish sales in that market.
The company said it expects sales to remain near current levels through December.
For the fiscal year, LSI said net income was $17.3 million, or $1.67 a share, vs. $17.1 million, or $1.70 a share, in the prior year. Revenues were a record $235.6 million versus $227.8 million in the prior year.
The company also declared a cash dividend of 13 cents a share, made up of the regular cash dividend of 8 cents a share and a special year-end dividend of 5 cents a share, payable Sept. 12 to shareholders of record on Sept. 5. The company said it also plans to raise the November dividend to 8 1/4 cents a share, for an indicated annual dividend of 34 cents a share.
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