CINCINNATI, Feb. 10, 2015 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today announced the appointment of Paul T. Foster to the position of Executive Vice President, LSI Business System, effective February 9, 2015. Prior to joining the Company, Mr. Foster served as Vice President, Supply Chain, at Fulham Company, Inc. Previous employers include Acuity Brands Lighting and Regent Lighting. He received a Bachelor of Science, Industrial Management, from Louisiana Tech University. Mr. Foster is APICS Certified, and has completed Six Sigma and Lean training.
Mr. Foster said, "I am excited to join LSI Industries and begin implementing the LSI Business System. Everyone that I have met at LSI is enthusiastic to take this company to the next level, and has shown a positive attitude in rolling up their sleeves to improve efficiencies. From my tenure in the Lighting Industry, I know that LSI offers a superior stable of products that are highly regarded in the marketplace. I believe that these high quality product offerings, combined with a discipline of continuous improvement through the implementation of the LSI Business System, will enable the Company to maximize efficiencies across all areas of the business, ultimately driving earnings higher."
Dennis W. Wells, President and Chief Executive Officer, commented, "I welcome Mr. Foster to the LSI team. Mr. Foster's hire is part of the improvement plan that I laid out in the January 29th press release, and will enable us to fully implement the LSI Business System, a comprehensive company-wide discipline of continuous improvement. At present, we have a list of twelve profit improvement projects under review, and Mr. Foster will provide meaningful input on how to implement additional improvements. Based on early indications, I am very optimistic about the benefits that the LSI Business System will produce for LSI's top- and bottom-lines. Mr. Foster will also oversee Human Resources at LSI."
Further, the Company reported that the following officers were appointed by the Board of Directors at a board meeting immediately following the Annual Meeting of Shareholders held November 20, 2014: President and Chief Executive Officer, Dennis W. Wells; Secretary and Executive Vice President - Manufacturing, James P. Sferra; Vice President, Chief Financial Officer and Treasurer, Ronald S. Stowell; President, LSI Lighting Segment, Shawn M. Toney; President, LSI Graphics Segment, David W. McCauley; Senior Vice President - Purchasing, Sylvia M. Astrop; Chief Information Officer, Steven A. Brunker; and Vice President and Corporate Controller, Jeffery S. Bastian. Subsequent to this meeting, LSI appointed John A. Bagwell as President, LSI Technology Division.
Finally, the entire slate of directors nominated for election per the Proxy Statement (Robert P. Beech, Gary P. Kreider, Dennis B. Meyer, Wilfred T. O'Gara, Robert J. Ready, Mark A. Serrianne, and James P. Sferra) were elected by the Shareholders at the most recent Annual Meeting of Shareholders. During the board meeting directly following the Annual Meeting, Gary P. Kreider was appointed Chairman of the Board.
"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 "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, whether expressed or implied, 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 over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, the results of asset impairment assessments, the Company's ability to maintain an effective system of internal control over financial reporting, our ability to remediate any material weaknesses in our internal control over financial reporting and the other risk factors that are identified herein. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.
About the Company
Leadership. Strength. Innovation. These are the key values upon which LSI Industries Inc. was founded in 1976. Today LSI demonstrates these values in our dedication to advancing technology throughout all aspects of our business. From product solutions to production techniques, we are committed to American innovation through technology. The fundamental core strategy of LSI Industries is "Lighting + Graphics + Technology = Complete Image Solution."
We are a vertically integrated manufacturer which combines technology, design and manufacturing to produce efficient, high quality lighting and graphics products. We are dedicated to advancing solid-state LED technology to make affordable, high performance, energy efficient lighting and custom graphic products that provide value to our customers. We offer design support, engineering, installation and project management for custom lighting and graphics rollout programs for the retail environment.
Our major markets include commercial / industrial lighting, petroleum / convenience store and multi-site retail (including automobile dealerships, restaurants and national retail accounts).
For further information, contact Dennis W. Wells, Chief Executive Officer, at (513) 793-3200.
Additional note: Today's news release, along with past releases from LSI Industries, is available on the Company's internet site at www.lsi-industries.com or by email or fax, by calling the Investor Relations Department at (513) 793-3200.