CINCINNATI, Dec. 4, 2012 (GLOBE NEWSWIRE) — LSI Industries Inc. (LYTS) announced that its Board of Directors today took two cash dividend actions. First, the Board declared an accelerated cash dividend of $0.06 per share payable on December 24, 2012 to shareholders of record on December 17, 2012. The declaration and payment of this cash dividend is in lieu of the regular quarterly cash dividend that would have normally been paid in February 2013. Second, the Board declared a one-time special cash dividend of $0.12 per share also payable on December 24, 2012 to shareholders of record on December 17, 2012.
The Board has taken these dividend actions in the best interest of LSI Industries’ shareholders in light of the likelihood of potential tax law changes and the pending increase of the federal tax rate on dividend income in 2013. The special cash dividend of $0.12 per share is intentionally stepping outside of LSI Industries’ stated dividend payout ratio as set forth in its cash dividend policy. Given the debt-free and strong cash position of LSI Industries, as well as the outlook for future cash flow generation, the Board believes it’s appropriate to return a modest portion of available cash to shareholders on a tax-efficient basis.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “expects,” “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. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, and the results of asset impairment assessments. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.