By Mike Boyer
Enquirer staff writer
Shares of LSI Industries Inc. fell 10 percent Tuesday after the Blue Ash lighting and graphics maker cut earnings forecasts for the fourth-quarter and year ended June 30.
LSI's shares closed at $9.19, down $1.02, in heavy trading. The company said it expects earnings for the June quarter of 6 to 7 cents a share, rather than the 16 to 17 cents a share expected by analysts. For the fiscal year, LSI said it expects earnings of 43 to 44 cents a share, rather than the 53-55 cents a share expected by analysts.
In the fourth quarter a year ago, LSI reported earnings of 12 cents a share and 39 cents a share for the full year.
The company blamed the shortfall on an inventory writedown at its Lightron unit and losses at its Adapt engineering and installation management unit. "We have taken corrective actions to remedy the operations at Lightron and believe this problem is now behind us," said CEO Robert J. Ready.
He said the company has also made management and staffing changes at Adapt.
Ready said the 2005 fiscal year is starting with improved sales and orders.
New carrier may join Delta
Coke's pop art poster touts Freedom Center
Ky. bank's CEO aims to expand
LSI's stock tumbles 10%
Martha Stewart Inc. takes bath
Photo essay: Heart and sole
Oil prices slam markets again
Car sales rebound in July
Consumer spending drop in June biggest since 2001
Huffy trying to steer around bumps in road
Banks address U.S. alert
Adjacent Jeep supplier in Toledo a U.S. first
Tristate business summary