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LSI Industries Inc. (LYTS-3.23%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details net sales of $147.7 million for the three months ended December 31, 2024, a 36% increase from $109.0 million in the same period the previous year. The increase was driven by a 103% rise in Display Solutions Segment sales, partially offset by a 10% decline in Lighting Segment sales.
Operating income for the quarter was $8.5 million, up from $7.8 million in the previous year. The increase was attributed to higher net sales, despite a change in product mix impacting profit margins.
The company reported a net income of $5.6 million for the quarter, compared to $5.9 million in the previous year. The decrease in net income was primarily due to the impact of product mix on profit margins.
Cash flow from operations was $21.7 million for the six months ended December 31, 2024, compared to $19.9 million in the same period the previous year. The increase was driven by effective working capital management and increased cash flow from earnings.
LSI's acquisition of EMI Industries contributed $23.4 million to the Display Solutions Segment's quarterly sales growth. The acquisition is expected to expand the company's market reach in the grocery, quick-service restaurant, and convenience store sectors.
The company maintained a borrowing rate of 5.7% against its revolving line of credit as of December 31, 2024, with $50.2 million available for borrowing under the $75 million line of credit.
LSI declared a regular quarterly cash dividend of $0.05 per share, payable on February 11, 2025, with an annual dividend rate of $0.20 per share.
The filing also includes details on the company's segment reporting, highlighting the performance of the Lighting and Display Solutions Segments, and corporate administrative activities.
The company's effective tax rate for the quarter was 23.2%, impacted by the favorable tax treatment of long-term performance-based compensation.
LSI Industries continues to invest in equipment and tooling to support sales growth, with $1.8 million spent on capital expenditures during the six months ended December 31, 2024.
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 February 7, 2025. To report an error, please email earnings@qz.com.