Source: LSI Industries Inc.
CINCINNATI, July 28, 2015 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ:LYTS) today announced that plans are underway to build the senior management and leadership team at LSI Graphics, as David McCauley, President of the Division, transitions into retirement over the next few months.
The LSI Board of Directors and the entire LSI management team want to thank Dave for his considerable contribution to LSI Industries as he plans his retirement after eighteen years of service. Dave will continue to make himself available through the management transition period. Dave was one of the original founders of Grady McCauley in North Canton, OH which was acquired by LSI Industries in 1997 and subsequently became the headquarters for the LSI Graphics Division. The LSI Graphics Division at one point grew to over $100 million in sales with close to 450 employees and included Grady McCauley, LSI Retail Graphics, LSI Integrated Graphics, LSI Images and LSI Adapt. The LSI Graphics Division continues to be one of the largest graphics and image companies in the country thanks to Dave’s leadership.
Dave will transition into retirement over the coming 90 days as his replacement is identified and hired. He will also be available on a consulting basis for several months thereafter. Dennis Wells, CEO of LSI Industries, commented, "I want to personally thank Dave for his contribution to the Graphics Division over many years. Importantly, Dave was instrumental in helping me to understand the strengths at LSI's graphics operations when I joined the Company last fall. Dave will remain in his current role until we find a replacement, after which I am pleased that he has agreed to continue in a consulting role to provide for a seamless transition."
LSI's world-class graphics capability is a key element of strategic importance as LSI Industries enters into a new era of growth. "Lighting + Graphics = Image" is a fundamental core strategy of LSI Industries that differentiates it from its competitors in the marketplace. "Image through the use of lighting and graphics products enhanced by technology and integrated by one supplier is what national, regional and local customers are looking for," said Mr. Wells. He went on to say, "We are seeing a resurgence in customer demand for re-imaging, remodeling, and refresh programs at all levels. The 'Experience 66' program launched by Phillips 66 is a good example of how LSI Industries combines its lighting, graphics, and technology capabilities (http://www.csnews.com/product-categories/fuels/phillips-66-roll-out-new-images-two-its-brands?cc=3). The LSI Graphics Division recently made a significant investment in equipment at its Houston facility to meet an increase in demand for its image programs. The division has also put in place plans to increase the size of its sales force and incrementally invest in marketing and advertising. We believe we are poised to capture an increasing share of business in the markets we serve."
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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 any 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.
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 Wells, Chief Executive Officer and President at (513) 793-3200.
Additional note: Today’s news release, along with past releases from LSI Industries, are 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.
DENNIS WELLS (513) 793-3200