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Sep 30, 2020
LSI Q1 2021 Earnings Report
LSI Industries reported improved first quarter adjusted earnings, EPS, gross margin rate, and lower operating costs, while realizing the initial recovery in construction markets and re-building project backlogs.
Key Takeaways
LSI Industries Inc. announced results for the first quarter fiscal 2021, reporting a net income of $2.0 million, or $0.07 per diluted share. The company saw increased adjusted net income, EPS, and cash flow compared to the prior year, with orders rebounding and backlog increasing by 10% entering Q2. Gross margin rate improvement continued, and the cash balance increased to $9.5 million, with a total liquidity position of $84 million.
Net Income of $2.0 million and EPS of $0.07.
Adjusted Net Income, EPS, and Cash Flow increased versus prior year.
Orders rebounded in Q1; backlog increased 10% entering Q2.
Cash balance increases to $9.5 million, total liquidity position now $84 million.
Forward Guidance
LSI Industries is committed to executing on near-term objectives while positioning the business for sustained, profitable growth.
Positive Outlook
- Improving quote and order activity, with orders increasing sequentially each month of the first quarter.
- Increased backlog entering the fiscal second quarter.
- Increased demand for short lead-time opportunities as delayed projects are released.
- Accelerating product development plans with an even larger launch plan scheduled for fiscal 2021.
- Graphics segment rebounded quickly with sales approaching pre-pandemic levels.
Challenges Ahead
- The recovery is uneven across geographies and applications, reflected in continued project interruptions and delays.
- Pandemic-related slowdown exiting the fiscal fourth quarter resulted in a year-over-year decline in sales in the fiscal first quarter for the Lighting segment.
- Markets are improving, the recovery is uneven across geographies and applications.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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