LSI Industries Inc. (NASDAQ:LYTS) Q1 2020 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 11:00 am ET

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LSI Industries Inc. (NASDAQ:LYTS) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the LSI Industries Fiscal First Quarter 2020 Results Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions]

It is now my pleasure to introduce your host, Jim Galeese, Chief Financial Officer. Thank you, sir. You may begin.

Executive
Jim Galeese

Good morning, everyone. We issued a press release before the market opened this morning detailing our fiscal first quarter results. In conjunction with the release, we also posted a conference call presentation in the Investor Relations portion of our corporate website at www.lsi-industries.com. Information contained in this presentation will be referenced throughout today's conference call.

I would like to remind you that management's commentary and the responses to questions on today's conference call may include forward-looking statements about our business outlook. Such statements involve risks and opportunities and actual results could differ materially. I refer you to our safe harbor statement, which appears in this morning's press release as well as our most recent 10-K and 10-Q.

Today's call will begin with remarks summarizing our fiscal first quarter results. At the conclusion of these prepared remarks, we will open the line for questions.

With that, I will turn the call over to Jim Clark.

Executive
Jim Clark

Jim, thank you. Good morning, everyone. This week marks my one-year anniversary with LSI. As I look back, I can see the effects of the changes we've made throughout the last year, and I'm encouraged that there is a cultural shift occurring and steady progress is being made. This quarter demonstrates to our employees, our agents, our partners and customers and investors that LSI's best days are ahead of us.

Looking at results for Q1 fiscal year 2020, we reported sales of $88.7 million. This represents an increase of 4% over our prior year, but more importantly, these results are a strong indicator that the changes we're making in our sales process and sales organization holds great potential for the future.

Continuing with comments on our commercial effort, I'm happy to say we have now filled all our regional sales positions, and we are one step closer to filling our Head of Sales position. As I mentioned in previous calls, we've been working hard to build out our sales team and increase our customer contact over the last year. Simply put, the work around our sales team is bearing fruit, however, we are aware we still have ways to go.

In October, LSI attended the Petroleum Equipment Institute, PEI, and the National Association of Convenience Stores, NACS, annual trade show in Atlanta, Georgia. This is their industry's largest trade show in North America and the pace of activity is high. I had the opportunity to meet and talk with the number of our petroleum-oriented Lighting and Graphics customers. We had very constructive and positive conversations and all indications are that we should continue to see growth in this segment. You may have seen a press release from us last month as we celebrated our 500 petro-oriented install in Mexico. We have