LSI Industries Files 2024 10-K

TL;DR

LSI Industries filed its 2024 10-K. All good.

AI Summary

LSI Industries Inc. filed its 2024 10-K report, detailing its fiscal year ending June 30, 2024. The company, headquartered in Cincinnati, Ohio, operates in the electric lighting & wiring equipment sector. The filing covers financial performance and operational details for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of LSI Industries' financial health and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

• FY 2024 — Fiscal Year (Reporting period ending June 30, 2024.)
• 0630 — Fiscal Year End (Indicates the end of the company's financial reporting year.)

Key Players & Entities

• LSI INDUSTRIES INC (company) — Filer
• 0000763532 (company) — Central Index Key
• 3640 (company) — Standard Industrial Classification (Electric Lighting & Wiring Equipment)
• OH (company) — State of Incorporation
• CINCINNATI (company) — City
• 20240630 (date) — Fiscal Year End
• 20240911 (date) — Filing Date

FAQ

Key Financial Figures

• $14.08 — ,044 based upon a closing sale price of $14.08 per share as reported on The NASDAQ Glo
• $3.5 million — roduct and software development totaled $3.5 million and $3.4 million for the fiscal years e
• $3.4 million — re development totaled $3.5 million and $3.4 million for the fiscal years ended June 30, 202

Filing Documents

• lyts20240630_10k.htm (10-K) — 2020KB
• ex_721924.htm (EX-21) — 44KB
• ex_721923.htm (EX-23.1) — 3KB
• ex_721925.htm (EX-31.1) — 12KB
• ex_721926.htm (EX-31.2) — 12KB
• ex_721927.htm (EX-32.1) — 5KB
• ex_721928.htm (EX-32.2) — 5KB
• ex_721903.htm (EX-97.1) — 15KB
• 0001437749-24-028964.txt ( ) — 11080KB
• lyts-20240630.xsd (EX-101.SCH) — 87KB
• lyts-20240630_def.xml (EX-101.DEF) — 608KB
• lyts-20240630_lab.xml (EX-101.LAB) — 553KB
• lyts-20240630_pre.xml (EX-101.PRE) — 661KB
• lyts-20240630_cal.xml (EX-101.CAL) — 90KB
• lyts20240630_10k_htm.xml (XML) — 2128KB

RISK FACTORS

ITEM 1A. RISK FACTORS 8

UNRESOLVED STAFF COMMENTS

ITEM 1B UNRESOLVED STAFF COMMENTS 15

CYBERSECURITY

ITEM 1C. CYBERSECURITY 15

PROPERTIES

ITEM 2. PROPERTIES 16

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 16

MINE SAFETY DISCLOSURESES

ITEM 4. MINE SAFETY DISCLOSURESES 16 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 17

[RESERVED]

ITEM 6. [RESERVED] 17

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 17

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 17

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 18

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 18

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 19

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 19

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 19 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 19

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 20

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 20

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 20

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 20 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 20

SIGNATURES

SIGNATURES 23 3 Note About Forward-Looking Statements This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including the following sections: "Business" (Part I, Item 1 of this Form 10-K), "Risk Factors" (Part I, Item 1A of this Form 10-K), "Management's Discussion and Analysis of Financial Condition and Results of Operations" (Part II, Item 7 of this Form 10-K) and "Quantitative and Qualitative Disclosures about Market Risk" (Part II, Item 7A of this Form 10-K). These forward-looking statements generally are identified by the words "encourage," "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. We describe risks and uncertainties that could cause actual results and events to differ materially in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures about Market Risk." Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Website and Social Media Disclosure We use our website (www.lsicorp.com) and our corporate Facebook, YouTube, LinkedIn, Vimeo and Instagra

BUSINESS

ITEM 1. BUSINESS Overview LSI Industries Inc. (LSI) is a leading producer of non-residential lighting and retail display solutions. Non-residential lighting consists of American-made fixtures and services for both indoor and outdoor applications satisfying the specific performance requirements of our customers. Retail display solutions consist of multiple custom products and services which enhance our customer's brand image and improve the customer shopping experience. We offer customers in target vertical markets a package solution set of both lighting and display solutions, providing value for the customer by working with one partner to manage their regional and national location programs, versus multiple suppliers. Our business is organized as follows: the Lighting Segment, which represented 56% of our fiscal 2024 net sales and the Display Solutions Segment, which represented 44% of our fiscal 2024 net sales. See Note 3 of Notes to Consolidated Financial Statements beginning on page 48 of this Form 10-K for additional information on business segments. Net sales by segment are as follows (in thousands): 2024 2023 Lighting Segment $ 262,413 $ 272,451 Display Solutions Segment 207,225 224,528 Total Net Sales $ 469,638 $ 496,979 Lighting Segment Our Lighting Segment manufactures, markets, and sells outdoor and indoor lighting fixture and controls solutions in the following vertical markets: refueling and convenience store, parking lot and garage, quick-service restaurant, retail, grocery and pharmacy, automotive dealership, sports court and field, and warehouse. We service these markets through multiple channels: project business sold through electrical distributors and agents and shipped directly to the customer; standard products sold to and stocked by distributors; and direct to end-use customers. Our products are designed and manufactured to provide maximum customer value and meet the high-quality, competitively priced product require

RISK FACTORS

ITEM 1A. RISK FACTORS In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition, cash flows or future results. Any one of these factors could cause the Company's actual results to vary materially from recent results or from anticipated future results. The risks described below are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. Risk Factor Summary Risks Related to Our Strategy Lower levels of economic activity in our end markets could adversely affect our operating results. The inability to effectively execute our business strategies could adversely affect our financial condition and results of operations. The markets in which we operate are subject to competitive pressures that could affect selling prices, and therefore could adversely affect our operating results. Two of our largest market verticals are to the refueling and convenience store and grocery markets, and any substantial change in these markets could have an adverse effect on our business. The Company may pursue future growth through strategic acquisitions and investments, which may not yield anticipated benefits. If we do not develop the appropriate new products or if customers do not accept new products, we could experience a loss of competitive position which could adversely affect future revenues. If we are unable to adequately protect our intellectual property, we may lose some of our competitive advantage. Risks Related to our Operations Sudden or unexpected changes in a customer's creditworthiness could result in significant accounts receivable write-offs. Price increases in, and significant shortages of, raw materials and components; and shortages in transportation and

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View this 10-K filing on SEC EDGAR