CINCINNATI, June 1, 2010 (GLOBE NEWSWIRE) — LSI Industries Inc. (Nasdaq:LYTS)
today announced that it will consolidate the Dallas-based landscape and
architectural outdoor lighting operations of LSI Greenlee Lighting into its
Cincinnati manufacturing facility. This consolidation action, which is expected
to be completed in phases over the next six months, is being taken to centralize
manufacturing operations, lower costs, and improve capacity utilization in the
Company’s main lighting facility. The award winning product lines of Greenlee
will continue to be promoted and supported in the Company’s markets. Certain
engineering and sales personnel will remain in Dallas. The Company believes this
consolidation will accelerate its initiative of introducing LED light sources
into its landscape and architectural outdoor lighting products. Efforts will be
made to sub-lease the 40,000 square foot facility in Dallas which is leased by
LSI Industries through February 2012. All expenses incurred in connection with
this facility consolidation will be recorded as period expenses, and
discontinued operations accounting treatment will not apply.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995
This document contains certain forward-looking statements that are subject to
numerous assumptions, risks or uncertainties. The Private Securities Litigation
Reform Act of 1995 provides a safe harbor for forward-looking statements.
Forward-looking statements may be identified by words such as “guidance,”
“forecasts,” “estimates,” “anticipates,” “projects,” “plans,” “expects,”
“intends,” “believes,” “seeks,” “may,” “will,” “should” or the negative versions
of those words and similar expressions, and by the context in which they are
used. Such statements, including statements contained herein regarding
anticipated trends in the Company’s business, are based upon current
expectations of the Company and speak only as of the date made. Actual results
could differ materially from those contained in or implied by such
forward-looking statements as a result of a variety of risks and uncertainties.
These risks and uncertainties include, but are not limited to, the impact of
competitive products and services, product demand and market acceptance risks,
reliance on key customers, financial difficulties experienced by customers,
potential costs associated with litigation and regulatory compliance, the
adequacy of reserves and allowances for doubtful accounts, fluctuations in
operating results or costs, unexpected difficulties in integrating acquired
businesses, the cyclical and seasonal nature of our business, the ability to
retain key employees of acquired businesses and any other factors that may be
identified in our reports filed with the Securities and Exchange Commission,
including our Annual Report on Form 10-K. The Company has no obligation to
update any forward-looking statements to reflect subsequent events or
circumstances.
About the Company
LSI Industries is an Image Solutions company, dedicated to advancing solid-state
LED technology in lighting and graphics applications. We combine integrated
technology, design, and manufacturing to supply high quality, environmentally
friendly lighting fixtures and graphics elements for commercial, retail and
specialty niche market applications. LSI is a U.S. manufacturer with marketing /
sales efforts throughout the world with concentration currently on North
American, South American, Asian, Australian, New Zealand and European markets.
Building upon its success with the Crossover(R) LED canopy fixture, LSI is
committed to producing affordable, high performance, energy efficient lighting
products, including solid-state LED light fixtures, for indoor and outdoor use.
The Company also designs, produces, markets and manages a wide array of custom
indoor and outdoor graphics programs including signage, menu board systems,
decorative fixturing, LED displays and digital signage, and large format
billboard and sports screens using solid-state LED technology. In addition, we
provide design support, engineering, installation and project management for
custom rollout programs for today’s retail environment. The Company’s technology
R&D operation located in Montreal, Canada designs, produces and supports high
performance light engines and large format billboard, sports and entertainment
video screens using solid-state LED technology.
LSI’s major markets are the commercial / industrial lighting, petroleum /
convenience store, multi-site retail (including automobile dealerships,
restaurants and national retail accounts), sports and entertainment markets. LSI
employs approximately 1,300 people in facilities located in Ohio, New York,
North Carolina, Kansas, Kentucky, Rhode Island, Texas and Montreal, Canada. The
Company’s common shares are traded on the NASDAQ Global Select Market under the
symbol LYTS.
The LSI Industries Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3646.
For further information, contact either Bob Ready, Chief Executive Officer and
President, or Ron Stowell, Vice President, Chief Financial Officer, and
Treasurer at (513) 793-3200.
CONTACT: LSI Industries
Bob Ready
Ron Stowell
(513) 793-3200