LSI Industries Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>LSI Industries Inc. has filed its Q2 2024 10-Q report, detailing financial performance for the period ending December 31, 2023.</b>

AI Summary

LSI INDUSTRIES INC (LYTS) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. LSI Industries Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30th. LSI Industries Inc. is in the Electric Lighting & Wiring Equipment industry. The filing was made on February 6, 2024.

Why It Matters

For investors and stakeholders tracking LSI INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of LSI Industries' financial health and operational performance for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the electric lighting and wiring equipment sector.

Risk Assessment

Risk Level: medium — LSI INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments, placing its risk level at medium.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any trends or specific events impacting LSI Industries' performance.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-02-06 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)
• 3640 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• LSI INDUSTRIES INC (company) — Filer name
• LYTS (company) — Ticker symbol
• 20231231 (date) — Period of report
• 20240206 (date) — Filing date
• 3640 (industry) — Standard Industrial Classification
• OH (location) — State of incorporation
• CINCINNATI (location) — Business address city
• 5135796411 (phone) — Business phone

FAQ

Industry Context

LSI Industries Inc. operates within the Electric Lighting & Wiring Equipment sector, a segment of the broader manufacturing industry.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Check for any disclosed risk factors or legal proceedings that may impact the company.

Key Dates

• 2024-02-06: 10-Q Filing — Report for the period ending December 31, 2023
• 2023-12-31: Reporting Period End — End date for the financial data presented in the 10-Q
• 2024-01-31: Subsequent Event — A subsequent event was noted on this date.

Year-Over-Year Comparison

This is the initial 10-Q filing analyzed for the specified period, so no prior filing comparison is available within this data.

Filing Documents

• lyts20231231_10q.htm (10-Q) — 1517KB
• ex_621582.htm (EX-31.1) — 9KB
• ex_621583.htm (EX-31.2) — 9KB
• ex_621584.htm (EX-32.1) — 7KB
• ex_621585.htm (EX-32.2) — 7KB
• lyts20231231_10qimg001.jpg (GRAPHIC) — 3KB
• 0001437749-24-003220.txt (&nbsp;) — 7075KB
• lyts-20231231.xsd (EX-101.SCH) — 60KB
• lyts-20231231_def.xml (EX-101.DEF) — 376KB
• lyts-20231231_lab.xml (EX-101.LAB) — 329KB
• lyts-20231231_pre.xml (EX-101.PRE) — 407KB
• lyts-20231231_cal.xml (EX-101.CAL) — 65KB
• lyts20231231_10q_htm.xml (XML) — 1329KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 3 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 3 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 4 CONDENSED CONSOLIDATED BALANCE SHEETS 5 CONDENSED CONSOLIDATED BALANCE SHEETS 6 CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY 7 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 8 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9 ITEM 2.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 28 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 28

OTHER INFORMATION

PART II. OTHER INFORMATION 29 ITEM 5. OTHER INFORMATION 29 ITEM 6. EXHIBITS 29

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LSI INDUSTRIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended December 31 December 31 (In thousands, except per share data) 2023 2022 2023 2022 Net Sales $ 109,005 $ 128,804 $ 232,446 $ 255,873 Cost of products and services sold 77,438 94,646 163,943 186,964 Severance and restructuring costs 31 18 378 31 Gross profit 31,536 34,140 68,125 68,878 Severance and restructuring costs 4 15 10 15 Selling and administrative expenses 23,713 25,087 49,268 49,804 Operating income 7,819 9,038 18,847 19,059 Interest expense 453 1,258 1,019 2,046 Other (income) expense ( 29 ) ( 55 ) 67 158 Income before income taxes 7,395 7,835 17,761 16,855 Income tax expense 1,489 1,418 3,827 4,177 Net income $ 5,906 $ 6,417 $ 13,934 $ 12,678 Earnings per common share (see Note 4) Basic $ 0.20 $ 0.23 $ 0.48 $ 0.45 Diluted $ 0.20 $ 0.22 $ 0.47 $ 0.44 Weighted average common shares outstanding Basic 29,024 28,078 28,890 27,874 Diluted 30,043 29,204 29,949 28,766 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 3 LSI INDUSTRIES INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended Six Months Ended December 31 December 31 (In thousands) 2023 2022 2023 2022 Net Income $ 5,906 $ 6,417 $ 13,934 $ 12,678 Foreign currency translation adjustment 71 68 15 75 Comprehensive Income $ 5,977 $ 6,485 $ 13,949 $ 12,753 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 4 LSI INDUSTRIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, June 30, (In thousands, except shares) 2023 20

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View this 10-Q filing on SEC EDGAR