CINCINNATI, Dec. 01, 2015 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ:LYTS) today reported that Messrs. Beech, Kreider, Meyer, O'Gara, Serrianne, Sferra and Wells were elected by the shareholders to serve a one-year term as directors. Additionally, all of the proposals put before the shareholders were approved.
Following the formal portion of the meeting, presentations were made by the management team concerning the business and outlook for LSI Industries. Dennis Wells, President and Chief Executive Officer, discussed LSI's many opportunities as a provider of Image Solutions combining lighting, graphics and technology, and went on to highlight recently completed Image projects. He also announced that LSI had completed its "Turnaround Year" and had now embarked upon an "Optimization Period." During the Optimization Period, LSI is focusing on increasing revenues and per share earnings; gaining market share; utilizing the LSI Business System to further improve gross profit and operating profit; and continuing to maintain a strong balance sheet.
Shawn Toney, President of the Lighting Segment, discussed the concept of "Form Follows Function" in LSI's lighting product development. He focused on LSI's expanding offering of lighting products, and showcased new lighting styles and shapes that utilize the "Form Follows Function" initiative to create products with visual and technical specifications that provide a competitive edge.
Jeff Croskey, President of the Graphics Segment, introduced his plan to implement the LSI Business System in the Graphics Segment; muscle-build the sales force; expand into new market segments; and enhance cross-selling opportunities among the Lighting, Graphics and Technology Segments.
John Bagwell, President of the Technology Segment, elaborated upon LSI's expanding line of controls offerings, including the new Gold Wireless Lighting Control System; investments the Company has recently made in its Columbus, Ohio facility; and plans to consolidate the controls business into LSI's Cincinnati facilities.
Sylvia Astrop, Senior Vice President, Procurement, focused her discussion on recent successful cost savings initiatives that have played a large role in improving LSI's profitability, as well as ongoing plans to continue to pursue additional cost savings.
Andy Foerster, Executive Vice President and Chief Technology Officer, discussed initiatives taking place at the Company that will pave the way towards the future of LSI Industries, including investments being made in such areas as the Internet of Things (IoT), controls and beacon technology.
LSI recognized Dave McCauley, former President of the LSI Graphics Segment, for his significant contribution to LSI Industries during 18 years of service to the Company. Dennis Wells presented Mr. McCauley with LSI's Masters Recognition Award. Additionally, four high-achieving employees were recognized for their hard work and contributions to the Company.
Following the business presentation and meeting adjournment, shareholders were invited to tour the Company's product display room, the new Inspiration Room, and the iZone area where they watched demonstrations of the many new technology developments that LSI is pursuing.
A video of LSI's business portion of the Annual Shareholders' Meeting is available for viewing on the Company's website at www.lsi-industries.com.
Following the Shareholders' Meeting, the Board of Directors convened and appointed the following executives:
Dennis Wells – President and Chief Executive Officer;
Ron Stowell – Vice President, Chief Financial Officer and Treasurer;
Shawn Toney – President, Lighting Segment;
Jeff Croskey – President, Graphics Segment;
John Bagwell – President, Technology Segment;
Andy Foerster – Executive Vice President and Chief Technology Officer;
Paul Foster – Executive Vice President, LSI Business System and Human Resources;
Sylvia Astrop – Senior Vice President, Procurement;
Jeff Bastian – Vice President and Corporate Controller;
Steve Brunker – Chief Information Officer;
Mike Carollo – Director of Internal Audit; and
John Myron – Corporate Vice President, Manufacturing.
"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 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
We are a customer-centric company that positions itself as a value-added, trusted partner in developing superior image solutions through our world-class lighting, graphics, and technology capabilities. Our core strategy of "Lighting + Graphics + Technology = Complete Image Solutions" differentiates us from our competitors.
We are committed to advancing solid-state LED technology to make affordable, high performance, energy-efficient lighting and custom graphic products that bring value to our customers. We have a vast offering of innovative solutions for virtually any lighting or graphics application. In addition, we provide sophisticated lighting and energy management control solutions to help customers manage their energy performance. Further, we provide a full range of design support, engineering, installation and project management services to our customers.
We are a vertically integrated U.S.-based manufacturer concentrating on serving customers in North America and Latin America. Our major markets include commercial / industrial lighting, petroleum / convenience store and multi-site retail (including automobile dealerships, restaurants and national retail accounts). Headquartered in Cincinnati, Ohio, LSI has facilities in Ohio, Kansas, Kentucky, New York, North Carolina, Oregon, Rhode Island and Texas. The Company’s common shares are traded on the NASDAQ Global Select Market under the symbol LYTS.
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, 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.