CINCINNATI, Aug. 11, 2015 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ:LYTS) today announced that it expects fiscal 2015 net sales will be between $307 million and $308 million, net income will be between $4.9 and $5.2 million, and diluted earnings per share will be between $0.20 and $0.21. For the prior fiscal year net sales were $299 million, net income was $0.93 million, and diluted earnings per share was $0.04.
For the fourth quarter of fiscal 2015, LSI Industries expects that net sales will be between $75.3 million and $76.3 million, net income between $1.4 million and $1.7 million, and diluted earnings per share between $0.06 and $0.07. For fourth quarter of the prior fiscal year, net sales were $73.9 million, the net loss was $(0.8) million, and the diluted loss per share was $(0.03).
LSI Industries expects to announce fiscal fourth quarter and full year 2015 operating results before the market opens on August 20, 2015.
Dennis W. Wells, Chief Executive Officer and President, said, "On behalf of the new management team and all of the LSI employees, I am very pleased to say that the turnaround actions and hard work to improve the profitability of the business have been very effective. Depending upon actual fiscal 2015 results, on a full year basis, the gross profit margin improved approximately 240 basis points from fiscal 2014 to fiscal 2015. The fourth quarter, in particular, improved from 21.3% during fiscal 2014 to approximately 25% during fiscal 2015 (depending upon actual fiscal 2015 results), an increase of about 370 basis points." Mr. Wells went on to say, "There remains the opportunity to further increase LSI's gross margin very substantially as we move forward. With the LSI Business System of management in place and functioning, our goal is to deliver continuous improvement in sales and profitability over the next several years."
LSI industries will be presenting at the Canaccord Genuity 2015 Growth Conference on Thursday, August 13th in Boston.