# EDGAR Filing Document

**Accession Number:** 0000763532
**File Stem:** 0001437749-23-005809
**Filing Date:** 2023-3
**Character Count:** 13009
**Document Hash:** f3b31b631bffec94ec20abdf4f5c6f1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-005809.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001437749-23-005809

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20230308

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LSI INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000763532
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC LIGHTING & WIRING EQUIPMENT [3640]
- **IRS NUMBER:** 310888951
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-13375
- **FILM NUMBER:** 23716857

**BUSINESS ADDRESS:**
- **STREET 1:** 10000 ALLIANCE RD
- **STREET 2:** P O BOX 42728
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45242
- **BUSINESS PHONE:** 5135796411

**MAIL ADDRESS:**
- **STREET 1:** 10000 ALLIANCE RD
- **STREET 2:** P O BOX 42728
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45242

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LSI LIGHTING SYSTEMS INC
- **DATE OF NAME CHANGE:** 19891121

lyts20230308_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM **8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) March 8, 2023

![logo.jpg](logo.jpg)

**<u>LSI INDUSTRIES INC.</u>**

(Exact name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Ohio** | **01-13375** | **31-0888951** |
| (State or Other<br> Jurisdiction of<br> Incorporation) | (Commission File Number) | (IRS Employer<br> Identification<br> No.) |

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| | |
|:---|:---|
| **10000 Alliance Road, **Cincinnati**, **Ohio** | **45242** |
| (Address of Principal Executive Offices) | (Zip Code) |

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Registrant's telephone number, including area code **<u>(**<u>513</u>**) **<u>793-3200</u>**</u>**

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(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):<br>

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, no par value | LYTS | NASDAQ |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

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**<u>Item</u><u>7.01.</u><u>Regulation FD Disclosure</u>.**

On March 8, 2023, LSI Industries Inc. ("LSI" or the "Company") issued a press release introducing its long-term strategic growth plan, including new, five year financial targets through fiscal year 2028. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1. In conjunction with the press release, on March 8, 2023, LSI posted accompanying presentation materials in the Investor Relations section of LSI's corporate website at <u>www.lsicorp.com</u>. A copy of the presentation materials are furnished with this Form 8-K as Exhibit 99.2.

LSI's presentation discloses certain financial results both in accordance with generally accepted accounting principles ("GAAP") and on a non-GAAP basis with adjustments for certain items. LSI's management believes that presentation of these non-GAAP financial measures and their related reconciliations are useful to investors because the non-GAAP financial measures provide investors with a basis for comparing the results to financial results from prior periods.

Information in the presentation contains forward-looking statements regarding future events and performance of LSI. All such forward-looking statements are based largely on LSI's experience and perception of current conditions, trends, expected future developments and other factors, and on management's expectations, and are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, those factors described in the presentation and in LSI's filings with the Securities and Exchange Commission. LSI disclaims any intention or obligation to update or revise any financial or other projections or other forward-looking statements, whether because of new information, future events or otherwise.

The information in Item 7.01 of this Form 8-K, the press release attached as Exhibit 99.1, and the presentation attached as Exhibit 99.2 are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Form 8-K and each of Exhibit 99.1 and Exhibit 99.2 shall not be incorporated by reference in any filing (whether made before or after the date hereof) or any other document under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in any such filing or document.

**<u>Item</u><u>9.01 Financial Statements and Exhibits.</u>**

(d) Exhibits

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| | |
|:---|:---|
| <u>Exhibit</u><u>No</u>. | <u>Description</u> |
| 99.1 | [LSI Press Release dated March 8, 2023](ex_485676.htm) |
| 99.2 | [Strategic Update Presentation](ex_485677.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| |
|:---|
| LSI INDUSTRIES INC. |
| BY:<u>/s/ James E. Galeese</u> |
| James E. Galeese |
| Executive Vice President, Chief<br> Financial Officer |

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Dated: March 8, 2023

## Exhibit 99.1

**Exhibit 99.1**

![lsi01.jpg](lsi01.jpg)

**LSI INDUSTRIES INTRODUCES STRATEGIC PLAN UPDATE, FIVE-YEAR FINANCIAL TARGETS**

*"Fast Forward*" *Strategy to Deliver $800 million in Net Sales and $100 million Adjusted EBITDA by FY28*

**CINCINNATI -- March 8, 2023** -- LSI Industries Inc. (Nasdaq: LYTS, "LSI" or the "Company") a leading U.S. based manufacturer of indoor/outdoor lighting and display solutions, today introduced its long-term strategic growth plan, including new, five-year financial targets through FY28.

**MANAGEMENT COMMENTARY** 

"During the last three years, our team has demonstrated significant progress on our business transformation strategy, one that emphasizes targeted commercial expansion within higher-value, growth-oriented vertical markets, improved operational efficiency, and a disciplined approach toward capital allocation," stated James A. Clark, President and Chief Executive Officer of LSI Industries. "During this period of transformation, we've built a balanced, integrated lighting and display solutions platform, introduced a record number of new products, strengthened our partner and end-user relationships, expanded our procurement and sourcing capabilities, and successfully integrated a significant strategic acquisition with the purchase of JSI."

"Having built a strong foundation for profitable growth, LSI will now seek to build scale through its distinct vertical market model, positioning us to deliver superior value to both customers and shareholders," continued Clark. "Today, with the introduction of our *Fast Forward* strategy, we are publishing new, five-year financial targets. Over the next five years, we project net sales growth of more than 60%, Adjusted EBITDA growth of more than 100% and Adjusted EBITDA margin expansion of approximately 250+ basis points, or 12.5% of net sales. We anticipate sales growth will be evenly balanced across both organic and inorganic investments."

"In the current fiscal year 2023 ended June 30, 2023, we project net sales of approximately $490-$500 million and Adjusted EBITDA of $47-$49 million, or ~9.5% to 10% of net sales," concluded Clark.

***FAST FORWARD* STRATEGY OVERVIEW** 

LSI's *Fast Forward* Strategy seeks to deliver sustained commercial expansion, operational excellence and disciplined capital allocation, consistent with the Company's focus on long-term value creation. Key elements of the Strategy include the following:

&nbsp;&nbsp;&nbsp;&nbsp;● Seek to expand "customer share" within **existing verticals** through a combination of new customer originations; increasing penetration of existing customer accounts; and expansion within adjacent, complimentary new applications/solutions

&nbsp;&nbsp;&nbsp;&nbsp;● Seek to expand "market share" into **new high-value verticals**, utilizing existing solutions in addition to adjacent, complementary new applications/solutions

&nbsp;&nbsp;&nbsp;&nbsp;● Continue the ongoing launch of vertical/customer specific new products, and build and scale new competencies and solutions, some of which acquired through targeted acquisitions

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**INTRODUCING FY28 FINANCIAL TARGETS** 

In conjunction with the launch of LSI's *Fast Forward* Strategy, the Company has introduced FY28 financial targets for net sales, Adjusted EBITDA, and Adjusted EBITDA margin.

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| | | | |
|:---|:---|:---|:---|
|  | **FY23e** | **FY28e** | **5-Year Growth** |
| Net Sales ($MM) | $490-$500 | $800 | 60%+ |
| Adjusted EBITDA ($MM) | $47-$49 | $100 | 100%+ |
| Adjusted EBITDA Margin (%) | 9.5%-10% | 12.5% | 250 bps+ |

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Consistent with the Company's focus on disciplined capital allocation, LSI is committed to maintaining a long-term ratio of net debt to trailing twelve-month adjusted EBITDA of at or below 3.0x.

In conjunction with this press release, accompanying presentation materials are available in the Investor Relations section of LSI's corporate website at <u>www.lsicorp.com</u>.

**ABOUT LSI INDUSTRIES**

Headquartered in Greater Cincinnati, LSI is a publicly held company with shares listed on the NASDAQ Stock Market under the symbol LYTS. The Company manufactures non-residential lighting and display solutions. Non-residential lighting consists of high-performance, American-made lighting solutions. The Company's strength in outdoor lighting applications creates opportunities to introduce additional solutions to its valued customers. Display solutions consist of graphics solutions, digital signage, and technically advanced food display equipment for strategic vertical markets. LSI's team of internal specialists also provide comprehensive project management services in support of large-scale product rollouts. The Company employs approximately 1,600 people at 11 manufacturing plants in the U.S. and Canada. Additional information about LSI is available at <u>www.lsicorp.com</u>.

**FORWARD-LOOKING STATEMENTS**

This press release contains forward-looking statements. Forward-looking statements may be identified by words such as "target," "commit," "estimates," "anticipates," "encourage," "projects," "plans," "expects," "can," "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. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit https://investors.lsicorp.com as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.

**INVESTOR CONTACT**

Noel Ryan, IRC

720.778.2415 <u>LYTS@vallumadvisors.com</u>

Page 2 of 2

## Exhibit 99.2

**Exhibit 99.2**

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