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LSI Industries Inc. (LYTS+0.30%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $138.1 million from $123.4 million in the same quarter the previous year. The increase is attributed to the acquisition of EMI Industries, LLC.
Net sales in the Lighting Segment decreased by 14% to $58.4 million, attributed to lower large project activity and overall lower non-residential construction activity.
Net sales in the Display Solutions Segment increased by 43% to $79.7 million, driven by $26.2 million in sales from the acquisition of EMI Industries.
Operating income for the quarter was $9.1 million, down from $11.0 million in the previous year. The decrease is attributed to lower sales in the Lighting Segment.
Net income for the quarter was $6.7 million, down from $8.0 million in the previous year. The decrease is attributed to the decline in sales in the Lighting Segment.
Cash generated from operations was $11.8 million, compared to $10.6 million in the previous year.
The company reported a gross profit of $33.6 million for the quarter, compared to $36.6 million in the previous year, with the decline attributed to product and vertical market mix.
LSI Industries declared a regular quarterly cash dividend of $0.05 per share, payable on November 26, 2024, to shareholders of record as of November 18, 2024.
The filing also details the acquisition of EMI Industries, LLC, a Florida-based manufacturer, for $50.0 million, which is expected to increase the company's total addressable markets.
LSI Industries does not anticipate any material adverse effect from current legal proceedings on its financial position.
As of September 30, 2024, the company had $41.6 million available for borrowing under its $75 million line of credit.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LSI Industries Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.