Thursday, October 28, 2004

Higher sales boost Blue Ash's LSI

Net income bested expectations

By Mike Boyer
Enquirer staff writer

LSI Industries Inc., the Blue Ash provider of commercial lighting and graphics, Wednesday reported higher net income in the three months ending Sept. 30. The company credited higher sales and cost-cutting for the improved bottom line in its fiscal first quarter.

LSI reported net income of $3.3 million, or 17 cents a share, up 28 percent from the $2.6 million, or 13 cents a share, in the same period last year. The per-share figure bested analysts' expectations of 13 cents a share.

Revenue rose 16 percent to $68.3 million from $59.1 million a year ago. The company said the turnaround of its Lightron fluorescent lighting division is progressing. LSI also said it received a "sizeable" order to manufacture and install menu boards for a quick-serve restaurant chain that it did not name.

In Nasdaq trading Wednesday, LSI stock gained 31 cents to close at $9.96 a share.

In other earnings news:

L-3 Communications

L-3 Communications Holdings, the New York-based defense supplier that owns KDI Precision Products in Clermont County, reported double-digit gains in third-quarter net income and revenue.

Net income for the three months ended Sept. 30 was $102.5 million, or 93 cents a share, up 35 percent from $76.1 million, or 74 cents a share, a year ago. Revenue rose 41 percent to $1.78 billion.

Chairman Frank Lanza expressed frustration in the Justice Department delay of approval of L-3's $174 million acquisition of Cincinnati Electronics in Mason. The two companies say the deal, originally expected to close by August, is now expected to be completed by the end of the year.

In New York Stock Exchange trading Wednesday, L-3 Communications stock gained $1.71 to close at $66.07.

Pierre Foods

Pierre Foods Inc., the West Chester food processor, reported a net loss of $9.6 million for the three months ended Sept. 4, compared with a loss of $1.9 million in the same period a year ago. Revenue rose 22 percent to $99 million.

The company, acquired in June by Chicago-based Madison Dearborn Partners, said the wider loss reflected substantially higher raw material costs, acquisition costs and start-up costs for a new regional restaurant account.


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