CINCINNATI (AP) — LSI Industries Inc. on Wednesday reported a loss of $15.8 million in its fiscal second quarter.
The Cincinnati-based company said it had a loss of 61 cents per share. Earnings, adjusted for asset impairment costs and restructuring costs, came to 3 cents per share.The lighting and LED display company posted revenue of $89.5 million in the period.The company’s shares closed at $3.76. A year ago, they were trading at $7.06.
James A. Clark, President and Chief Executive Officer commented, “In my two plus months with LSI, my priority has been focused on meeting with our employees, agents, customers and suppliers to better understand our key business processes. During this process, I have attained a better understanding of our strong business foundation, and the commitment of the employees and partners to further grow and improve the business. I have also been able to assess where we are in the transformation process and to formulate additional changes required to drive our business performance to the next level. Many of these items are focused on execution, while select others may be more structural and strategic.
“Our second quarter reflects the position of the business as we transition to become more focused on key market segments and applications where our products and solutions are valued by our customers. This transition is disruptive, and this disruption is felt as an adverse impact on sales and margins as we re-align our sales and marketing focus in both business segments. We are not satisfied with our second quarter results, but I am confident our changes will result in profitable growth.”
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