LSI INDUSTRIES INC - Quarter Report: 2018 December (Form 10-Q)

 

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		Three Months Ended								Six Months Ended
		December 31								December 31
(In thousands, except per share data)		2018				2017				2018				2017
Net sales		$	89,541			$	92,305			$	174,498			$	179,771
Cost of products and services sold			69,486				66,998				133,027				130,761
Restructuring costs			376				--				531				--
Severance costs			23				--				23				--
Gross profit			19,656				25,307				40,917				49,010
Selling and administrative expenses			19,148				20,677				37,475				41,194
Impairment of goodwill			20,165				--				20,165				28,000
Transition and realignment costs			120				--				120				--
Severance costs			469				83				469				83
Restructuring costs			25				--				25				--
Operating (loss) income			(20,271	)			4,547				(17,337	)			(20,267	)
Interest (income)			(17	)			(8	)			(31	)			(16	)
Interest expense			632				425				1,164				836
(Loss) income before income taxes			(20,886	)			4,130				(18,470	)			(21,087	)
Income tax (benefit) expense			(5,104	)			5,598				(4,437	)			(3,990	)
Net loss		$	(15,782	)		$	(1,468	)		$	(14,033	)		$	(17,097	)
Loss per common share (see Note 4)
Basic		$	(0.61	)		$	(0.06	)		$	(0.54	)		$	(0.66	)
Diluted		$	(0.61	)		$	(0.06	)		$	(0.54	)		$	(0.66	)
Weighted average common shares outstanding
Basic			26,083				25,858				26,058				25,824
Diluted			26,083				25,858				26,058				25,824

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(In thousands, except shares)		December 31,				June 30,
		2018				2018
ASSETS
Current Assets
Cash and cash equivalents		$	9,563			$	3,178
Accounts receivable, less allowance for doubtful accounts of $301 and $409, respectively			56,430				50,609
Inventories			54,093				50,994
Refundable income tax			1,000				1,784
Other current assets			3,936				3,516
Total current assets			125,022				110,081
Property, Plant and Equipment, at cost
Land			6,770				6,470
Buildings			35,608				35,961
Machinery and equipment			77,865				77,108
Construction in progress			1,135				1,340
			121,378				120,879
Less accumulated depreciation			(80,129	)			(77,176	)
Net property, plant and equipment			41,249				43,703
Goodwill			10,373				30,538
Other Intangible Assets, net			34,029				35,409
Other Long-Term Assets, net			14,405				9,786
Total assets		$	225,078			$	229,517

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		December 31,				June 30,
(In thousands, except shares)		2018				2018
LIABILITIES & SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable		$	26,679			$	17,927
Accrued expenses			23,730				24,272
Total current liabilities			50,409				42,199
Long-Term Debt			48,372				45,360
Other Long-Term Liabilities			1,972				2,707
Commitments and Contingencies (Note 11)			--				--
Shareholders’ Equity
Preferred shares, without par value; Authorized 1,000,000 shares, none issued			--				--
Common shares, without par value; Authorized 40,000,000 shares; Outstanding 25,861,114 and 25,641,913 shares, respectively			125,200				124,104
Treasury shares, without par value			(1,561	)			(2,110	)
Deferred compensation plan			1,591				2,133
Retained earnings			(905	)			15,124
Total shareholders’ equity			124,325				139,251
Total liabilities & shareholders’ equity		$	225,078			$	229,517

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(In thousands)		Six Months Ended
		December 31
		2018				2017
Cash Flows from Operating Activities
Net (loss)		$	(14,033	)		$	(17,097	)
Non-cash items included in net income
Depreciation and amortization			5,235				5,124
Deferred income taxes			(4,701	)			(5,667	)
Impairment of goodwill			20,165				28,000
Deferred compensation plan			196				224
Stock compensation expense			727				1,463
Issuance of common shares as compensation			180				156
Gain on disposition of fixed assets			(10	)			(29	)
Allowance for doubtful accounts			256				115
Inventory obsolescence reserve			2,043				1,033
Changes in certain assets and liabilities:
Accounts receivable			(1,142	)			(10,975	)
Inventories			(9,309	)			313
Refundable income taxes			784				775
Accounts payable			8,704				(2,626	)
Accrued expenses and other			(1,873	)			(631	)
Customer prepayments			406				(221	)
Net cash flows provided by (used in) operating activities			7,628				(43	)
Cash Flows from Investing Activities
Purchases of property, plant and equipment			(1,579	)			(1,190	)
Proceeds from sale of fixed assets			10				1,527
Net cash flows (used in) provided by investing activities			(1,569	)			337
Cash Flows from Financing Activities
Payments of long-term debt			(52,066	)			(48,553	)
Borrowings of long-term debt			55,078				51,004
Cash dividends paid			(2,587	)			(2,564	)
Exercise of stock options			--				175
Purchase of treasury shares			--				(107	)
Shares withheld for employee taxes			(99	)			(111	)
Net cash flows provided by (used in) financing activities			326				(156	)
Increase in cash and cash equivalents			6,385				138
Cash and cash equivalents at beginning of period			3,178				3,039
Cash and cash equivalents at end of period		$	9,563			$	3,177

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NOTE 1 - INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

The interim condensed consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim financial statements include all normal adjustments and disclosures necessary to present fairly the Company’s financial position as of December 31, 2018, the results of its operations for the three and six month periods ended December 31, 2018 and 2017, and its cash flows for the six month periods ended December 31, 2018 and 2017. These statements should be read in conjunction with the financial statements and footnotes included in the fiscal 2018 Annual Report on Form 10-K.  Financial information as of June 30, 2018 has been derived from the Company’s audited consolidated financial statements.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Consolidation:

 

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s fiscal 2018 Annual Report on Form 10-K. Significant changes to our accounting policies as a result of adopting ASU-2014-09 “Revenue from Contracts with Customers” (Topic 606) are discussed below.

 

Revenue Recognition:

 

The Company recognizes revenue when it satisfies the performance obligation in its customer contracts or purchase orders. Most of the Company’s products have a single performance obligation which is satisfied at a point in time when control is transferred to the customer. Control is generally transferred at time of shipment when title and risk of ownership passes to the customer. For customer contracts with multiple performance obligations, the Company allocates the transaction price and any discounts to each performance obligation based on relative standalone selling prices. Payment terms are typically within 30 to 90 days from the shipping date, depending on our terms with the customer. The Company offers standard warranties that do not represent separate performance obligations.

 

Installation is a separate performance obligation, except for our digital signage products. For digital signage products, installation is not a separate performance obligation as the product and installation is the combined item promised in digital signage contracts. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities other than standard warranties.

 

A number of the Company's products are highly customized. As a result, these customized products do not have an alternative use. For these products, the Company has a legal right to payment for performance to date and generally does not accept returns on these items. The measurement of performance is based upon cost plus a reasonable profit margin for work completed. Because there is no alternative use and there is a legal right to payment, the Company transfers control of the item as the item is being produced and therefore, recognizes revenue over time. The customized product types are as follows:

 

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Customer specific print graphics branding

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Electrical components based on customer specifications

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Digital signage and related media content

 

The Company also offers installation services. Installation revenue is recognized over time as our customer simultaneously receives and consumes the benefits provided through the installation process.

 

For these customized products and installation services, revenue is recognized using a cost-based input method: recognizing revenue and gross profit as work is performed based on the relationship between the actual cost incurred and the total estimated cost for the contract.

 

 

Disaggregation of Revenue

 

The Company disaggregates the revenue from contracts with customers by the timing of revenue recognition because the Company believes it best depicts the nature, amount, and timing of our revenue and cash flows. The table presents a reconciliation of the disaggregation by reportable segments.

 

 

New technology products include LED lighting and controls, electronic circuit boards, and digital signage solutions. Legacy products include lighting fixtures utilizing light sources other than LED technology and printed two and three dimensional graphic products. Turnkey services and other includes installation services along with shipping and handling charges.

 

Practical Expedients and Exemptions

 

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The Company’s contracts with customers have an expected duration of one year or less, as such the Company applies the practical expedient to expense sales commissions as incurred, and have omitted disclosures on the amount of remaining performance obligations.

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Shipping costs that are not material in context of the delivery of products are expensed as incurred.

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The Company’s accounts receivable balance represents the Company’s unconditional right to receive payment from its customers with contracts. Payments are generally due within 30 to 90 days of completion of the performance obligation and invoicing, therefore, payments do not contain significant financing components.

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The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs are treated as fulfillment activities and included in cost of products and services sold on the Consolidated Statements of Operations.

 

New Accounting Pronouncements:

 

On July 1, 2018, the Company adopted ASU 2014-09. “Revenue from Contracts with Customers,” (Topic 606) using the modified retrospective adoption method which requires a cumulative effect adjustment to the opening balance of retained earnings. This approach was applied to contracts that were not completed as of June 30, 2018. Results for reporting periods beginning July 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company recorded a net increase to beginning retained earnings of $591,000 on July 1, 2018 due to the cumulative impact of adopting Topic 606, as described below.

 

 

 

In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, “Leases.” The amended guidance requires an entity to recognize assets and liabilities that arise from leases. The amended guidance is effective for financial statements issued for fiscal years and interim periods within those years, beginning after December 15, 2018, or the Company’s fiscal year 2020, with early adoption permitted. The Company has an implementation team tasked with reviewing our lease obligations and determining the impact of the new standard to its financial statements. The implementation team has completed a qualitative assessment of the Company’s active leases and is compiling related data in a central repository. The Company will continue to evaluate the new standard’s impact to its financial statements.  

 

Subsequent Events:

 

The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed.  No items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements other than noted below.

  

On January 16, 2019, the Company appointed Michael C. Beck as the Company’s Senior Vice President - Operations. Mr. Beck entered into an Employment Offer Letter as of January 11, 2019 which provides that his employment with the Company shall begin on February 11, 2019. The Employment Offer Letter also defines his compensation and benefit package.

 

Reclassifications:

 

Certain prior year amounts have been reclassified to conform to the current year presentation within the cash flows from operating activities section and cash flows from financing activities section of the statement of cash flows. These reclassifications have no impact on net income or earnings per share.

 

NOTE 3 - SEGMENT REPORTING INFORMATION 

 

The accounting guidance on Segment Reporting establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (the Company’s Chief Executive Officer or “CODM”) in making decisions on how to allocate resources and assess performance. The Company’s two operating segments are Lighting and Graphics, with one executive team under the new organizational structure reporting directly to the CODM with responsibilities for managing each segment. Corporate and Eliminations, which captures the Company’s corporate administrative activities, is also reported in the segment information.

 

The Lighting Segment includes outdoor and indoor lighting utilizing both traditional and LED light sources that have been fabricated and assembled for the Company’s markets, primarily petroleum / convenience stores, automotive dealerships, quick-service restaurants, grocery and pharmacy store, and retail/national accounts. The Company also addresses lighting product customers through the commercial industrial, stock and flow, and renovation channels. The Lighting Segment also includes the design, engineering, and manufacturing of electronic circuit boards, assemblies and sub-assemblies used to manufacture certain LED light fixtures and sold directly to customers.

 

The Graphics Segment designs, manufactures and installs exterior and interior visual image elements such as traditional graphics, interior branding, electrical and architectural signage, active digital signage along with the management of media content related to digital signage, LED video screens, and menu board systems that are either digital or traditional by design. These products are used in visual image programs in several markets including, but not limited to the petroleum / convenience store market, multi-site retail operations, banking, and restaurants. The Graphics Segment implements, installs and provides program management services related to products sold by the Graphics Segment and by the Lighting Segment.

 

The Company’s corporate administration activities are reported in the Corporate and Eliminations line item.  These activities primarily include intercompany profit in inventory eliminations, expense related to certain corporate officers and support staff, the Company’s internal audit staff, expense related to the Company’s Board of Directors, equity compensation expense for various equity awards granted to corporate administration employees, certain consulting expenses, investor relations activities, and a portion of the Company’s legal, auditing and professional fee expenses. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes (if any), and deferred income taxes.

 

There was no concentration of consolidated net sales in the three and six months ended December 31, 2018 or 2017.  There was no concentration of accounts receivable at December 31, 2018 or June 30, 2018.

 

 

Summarized financial information for the Company’s operating segments is provided for the indicated periods and as of December 31, 2018 and December 31, 2017:

 

 

 

The segment net sales reported above represent sales to external customers.  Segment operating income, which is used in management’s evaluation of segment performance, represents net sales less all operating expenses. Identifiable assets are those assets used by each segment in its operations.

 

The Company records a 10% mark-up on intersegment revenues. Any intersegment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows:

 

 

The Company’s operations are located solely within North America. As a result, the geographic distribution of the Company’s net sales and long-lived assets originate within North America.

 

 

 

NOTE 4 - EARNINGS PER COMMON SHARE

 

The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data):

 

 

(a)

Includes shares accounted for like treasury stock.

 

(b)

Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

 

(c)

Options to purchase 3,536,732 common shares and 3,569,762 common shares for the three months ended December 31, 2018 and 2017, respectively, were not included in the computation of the three month diluted loss per share because the exercise price was greater than the average fair market value of the common shares. Additionally, options to purchase 3,356,101 common shares and 3,549,705 common shares for the six months ended at December 31, 2018 and 2017, respectively, were not included in the computation of the six month diluted loss per share because the exercise price was greater than the average fair market value of the common shares. For the three months ended and the six months ended in December 31, 2018 and December 31, 2017, the effect of dilutive securities was not included in the calculation of diluted loss per share because there was a net loss for the period.

 

 

 

NOTE 5 - INVENTORIES

 

The following information is provided as of the dates indicated:

 

 

 

NOTE 6 - ACCRUED EXPENSES

 

The following information is provided as of the dates indicated:

 

 

NOTE 7 - GOODWILL AND OTHER INTANGIBLE ASSETS

 

The carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment.  The Company may first assess qualitative factors in order to determine if goodwill and indefinite-lived intangible assets are impaired. If through the qualitative assessment it is determined that it is more likely than not that goodwill and indefinite-lived assets are not impaired, no further testing is required. If it is determined more likely than not that goodwill and indefinite-lived assets are impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value of the reporting unit using a combination of a market approach and an income (discounted cash flow) approach, at the reporting unit level.  The estimation of the fair value of reporting unit requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate.  The estimates of the fair value of reporting units are based on the best information available as of the date of the assessment.  The fair value measurements of the reporting units are based on significant inputs not observable in the market and thus represent Level 3 measurements as defined by ASC 820 “Fair Value Measurements.”  The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge.  Company management uses its judgment in assessing whether assets may have become impaired between annual impairment tests.  Indicators such as adverse business conditions, economic factors and technological change or competitive activities may signal that an asset has become impaired.

 

The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company has a total of three reporting units that contain goodwill. There are two reporting units within the Lighting Segment and one reporting unit within the Graphics Segment. The Company relies upon a number of factors, judgments and estimates when conducting its impairment testing including, but not limited to, the Company’s stock price, operating results, forecasts, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment.

 

A sustained and significant decline in the Company’s stock price in the second quarter of fiscal 2019 led management to believe that a triggering event occurred and that an interim goodwill impairment test was required for one of the reporting units in the Lighting Segment that contains goodwill, as of December 31, 2018. In accordance with ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” which was adopted in a prior period, the requirement to perform step 2 in the impairment test was not required. The result of the impairment test on the reporting unit in the Lighting Segment indicated that goodwill was impaired by $20,165,000.

 

The following table presents information about the Company's goodwill on the dates or for the periods indicated:

 

 

 

The following table presents the gross carrying amount and accumulated amortization by each major asset class:

 

 

 

Amortization expense for intangible assets was $689,000 and $690,000 for the three months ended December 31, 2018 and 2017, respectively, and $1,380 and $1,380 for the six months ended December 31, 2018 and 2017, respectively. Future amortization expense (in thousands) associated with these intangible assets is expected to be $2,761 in 2019, $2,687 in 2020, $2,682 in 2021, $2,460 in 2022, $2,412 in 2023, and $18,985 after 2023.

 

NOTE 8 - REVOLVING LINE OF CREDIT

 

In February 2017, the Company amended its secured line of credit to a $100 million facility. The line of credit expires in the third quarter of fiscal 2022. Interest on the revolving line of credit is charged based upon an increment over the LIBOR rate as periodically determined, or at the bank’s base lending rate, at the Company’s option.  The increment over the LIBOR borrowing rate, as periodically determined, fluctuates between 125 and 250 basis points depending upon the ratio of indebtedness to earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined in the line of credit agreement. The increment over LIBOR borrowing rate will be 200 basis points for the third quarter. The fee on the unused balance of the $100 million committed line of credit is 20 basis points.  Under the terms of this line of credit, the Company has agreed to a negative pledge of real estate assets and is required to comply with financial covenants that limit the ratio of indebtedness to EBITDA and require a minimum fixed charge coverage ratio. As of December 31, 2018, there was $48.4 million borrowed against the line of credit, and $51.6 million was available as of that date. Based on the terms of the line of credit and the maturity date, the debt has been classified as long term.

 

 

The Company is in compliance with all of its loan covenants as of December 31, 2018.

 

NOTE 9 - CASH DIVIDENDS

 

The Company paid cash dividends of $2,587,000 and $2,564,000 in the six months ended December 31, 2018 and 2017, respectively. Dividends on restricted stock units in the amount of $34,631 and $38,463 were accrued as of December 31, 2018 and 2017, respectively. These dividends will be paid upon the vesting of the restricted stock units when shares are issued to the award recipients. In January 2019, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable February 12, 2019 to shareholders of record as of February 4, 2019. The indicated annual cash dividend rate is $0.20 per share.

 

NOTE 10 - SUPPLEMENTAL CASH FLOW INFORMATION

 

 

 

NOTE 11 - COMMITMENTS AND CONTINGENCIES

 

The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not disclose a range of potential loss because the likelihood of such a loss is remote. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity.

 

The Company may occasionally issue a standby letter of credit in favor of third parties. As of December 31, 2018, there were no standby letter of credit agreements.

 

 

NOTE 12 – SEVERANCE COSTS

 

The Company recorded severance expense of $492,000 and $83,000 in the six months ended December 31, 2018 and 2017, respectively. This severance expense was related to reductions in staffing not related to plant restructuring. See further discussion of restructuring expenses in Note 13.

 

The activity in the Company’s accrued severance liability is as follows for the periods indicated:

 

 

Of the total $1,715,000 severance reserve reported as of December 31, 2018, $869,000 has been classified as a current liability and will be paid out over the next twelve months. The remaining $846,000 has been classified as a long-term liability.

 

 

 

NOTE 13 – RESTRUCTURING COSTS

 

On October 29, 2018, the Company announced plans to close its lighting facility in New Windsor, New York. The closure is part of ongoing actions to align the Company’s supply chain to more cost effectively serve the changing requirements of the lighting market. The Company will move production to its other existing facilities. The closure will allow the Company to improve utilization of existing manufacturing capacity, and will generate annual savings of approximately $4.0 million. The Company will record an estimated range of restructuring costs of $0.8 million to $1.5 million mostly over the next two quarters and up until the time the facility is ultimately sold.  The transfer of production is expected to be completed by June 30, 2019. As of December 31, 2018, the Company has incurred restructuring costs of $401,000 related to the closure of the New Windsor facility. The Company also incurred $919,000 of expense to write-down inventory which is not included in the tables below.

 

In the first quarter of fiscal 2019, management approved the closure of its 12,000 square foot leased facility in Hawthorne, California. The facility was used as a warehouse and for light assembly of light fixtures. The Company has moved the light assembly to its Blue Ash, Ohio facility. The restructuring charges consist primarily of transportation costs to move inventory to Blue Ash, the impairment of equipment, costs to restore the leased facility, and severance benefits. As of December 31, 2018, the Company has incurred restructuring costs of $155,000 related to the closure of the Hawthorne facility. The Company also incurred $148,000 of expense to write-down inventory which is a re-valuation of the previous estimate and which is not included in the tables below.

 

The following table presents information about restructuring costs for the periods indicated:

 

 

The following table presents restructuring costs incurred by line item in the consolidated statement of operations in which the costs are included:

 

 

Additionally, the above tables do not include expense of $632,000 and $1,067,000 recorded during the three months ended and during the six months ended December 31, 2018, respectively, related to the write-down of inventory included as cost of sales as part of facility closures.

 

 

The following table presents a roll forward of the beginning and ending liability balances related to the restructuring costs:

 

 

The above table does not include fixed asset impairment and accelerated depreciation expense of $228,000 recorded in the first six months of fiscal 2019.

 

Refer to Note 12 for information regarding additional severance expenses that are not included in the restructuring costs identified in this footnote.

 

NOTE 14 – INCOME TAXES

 

The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. In the second quarter of fiscal 2019, a deferred tax asset of $4.8 million was created as a result of the impairment of goodwill in the Lighting reporting unit. In the first quarter of fiscal 2018, a deferred tax asset of $10.7 million was created as a result of the impairment of goodwill in the Lighting reporting unit.

 

The Tax Cuts and Jobs Act (the “Act”) was signed into law in December 2017 and makes numerous changes to the Internal Revenue Code. Among other changes, the Act reduces the U.S. corporate income tax rate to 21% effective January 1, 2018. Because the Act became effective mid-way through the Company’s fiscal 2018 tax year, the Company had a U.S. statutory income tax rate of 34% in the first quarter of fiscal 2018, before the new tax law was enacted, and will have a 21% U.S statutory income tax rate for fiscal years 2019 and after.

 

 

 

 

 

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