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MarketScreener Homepage  >  Equities  >  Nasdaq  >  LSI Industries Inc.    LYTS

LSI INDUSTRIES INC.

(LYTS)
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LSI Industries Inc. Announces Sale of North Canton, Ohio Facility

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01/22/2020 | 06:01pm EDT

CINCINNATI, Jan. 22, 2020 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading U.S. based manufacturer of indoor/outdoor lighting and graphics solutions, today announced a definitive agreement to sell its 212,000 square foot North Canton, Ohio graphics manufacturing facility. 

The Company will relocate its existing operations to a smaller, leased facility in the North Canton area, while retaining its existing workforce.  Recent advancements in graphics technology, together with other productivity improvements, allowed for a significant reduction in square footage required to support the ongoing growth of the business. 

Under the terms of the agreement, the Company will receive approximately $8 million in gross proceeds.  Sale proceeds will serve to fuel additional investments and reduce net debt, which was $21.6 million at the end of the first quarter fiscal 2020. 

“The sale of our North Canton facility and relocation of existing production represents another important step toward maximizing the efficiency and leverage of our supply chain and asset base,” stated Jim Clark, President and CEO of LSI Industries.  “Relocating to a nearby leased facility allows us to retain our valuable skilled workforce in North Canton, ensuring that we continue to provide the innovation, quality and service our customers expect from LSI,” concluded Mr. Clark.    

The Company expects the sale of the North Canton facility to close on or before the end of its fiscal third quarter.   

About LSI Industries
LSI Industries Inc. is a U.S.-based manufacturer of lighting, graphics and technology solutions for both indoor and outdoor applications.  We are a leading solutions provider to the primary end-markets we serve, including petroleum, automotive, quick serve restaurants, grocery, banking, retail, renovation, parking and warehousing.  Our products are marketed throughout North America through a network of independent sales representatives and distributors, as well as through national accounts.  We partner with our customers to provide a full range of design support, engineering, installation and project management services.  Headquartered in Blue Ash, Ohio, LSI currently employs more than 1,200 employees and operates seven facilities throughout the United States. 

Forward-Looking Statements
For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit http://www.lsi-industries.com/fls as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors. 

Contacts: 
Media: Mike Wallner, Sr. Manager of Communications, (513) 372-3417, mike.wallner@lsi-industries.com
Investors: Noel Ryan, IRC, (720) 778-2415, LYTS@vallumadvisors.com

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© GlobeNewswire 2020

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Financials (USD)
Sales 2021 302 M - -
Net income 2021 7,63 M - -
Net Debt 2021 - - -
P/E ratio 2021 27,3x
Yield 2021 -
Capitalization 190 M 190 M -
Capi. / Sales 2021 0,63x
Capi. / Sales 2022 0,53x
Nbr of Employees 1 072
Free-Float 89,1%
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 8,67 $
Last Close Price 7,23 $
Spread / Highest target 38,3%
Spread / Average Target 19,9%
Spread / Lowest Target -3,18%
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Managers
NameTitle
James A. Clark President, Chief Executive Officer & Director
Wilfred T. O'Gara Chairman
Crawford C. Lipsey Chief Operating Officer
James E. Galeese Chief Financial Officer & Executive Vice President
Robert Patterson Beech Independent Director
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