Apr 15, 2020
CINCINNATI, April 15, 2020 (GLOBE NEWSWIRE) — LSI Industries (NASDAQ: LYTS) today announced that one of its long-standing quick service restaurant (QSR) customers has awarded the Company new business valued at more than $100 million through calendar year-end 2022. Ranked among America’s top fast food chains by annual revenue, the customer will have LSI digital menu boards installed at more than 6,000 locations throughout North America. Under the terms of the award, LSI will manufacture the menu boards and perform the lead system integrator function, which includes program management and installation responsibilities.
“Our recent QSR program award highlights LSI’s strategy to anticipate changing requirements in key vertical markets and lead in the development of new, differentiated solutions that are valued by our customers,” said Jim Clark, President and CEO of LSI Industries. “The award reflects the quality of our products, as well as our broad program management capabilities. This customer recognizes the benefits of partnering with one company to manage the diverse set of requirements for a critical, multi-year program. We value the trust and confidence they have in LSI to deliver a superior solution.”
LSI will use its internal team of specialists to facilitate the digital menu board implementation across more than 6,000 restaurants. Program activity under the new award has already begun, and the project implementation schedule is expected to accelerate during LSI’s fiscal fourth quarter and into fiscal 2021.
LSI’s digital menu boards will replace the majority of the customer’s traditional indoor and outdoor signage. Compared to printed materials, digital menu boards provide more control, flexibility and consistency of content across multiple sites. As a leading producer, integrator and content management provider of digital menu board systems, LSI strives to help QSR customers ensure that placing an order at the counter, or the drive-thru, is always a positive experience.
About LSI Industries, Inc.
Headquartered in Blue Ash, Ohio (Greater Cincinnati), LSI Industries is a leading producer of high-performance, American-made lighting solutions. The Company’s strength in outdoor lighting applications creates opportunities for it to introduce additional solutions to its valued customers. LSI’s indoor and outdoor products and services, including its digital and print graphics capabilities, are valued by architects, engineers, distributors and contractors for their quality, reliability and innovation. The Company’s products are used extensively in automotive dealerships, petroleum stations, quick service restaurants, grocery stores and pharmacies, retail establishments, sports complexes, parking lots and garages, and commercial and industrial buildings. LSI has approximately 1,200 employees at seven manufacturing plants in the United States, including its corporate headquarters and international subsidiaries. Additional information about LSI is available at www.lsi-industries.com.
This press release contains forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “encourage,” “projects,” “plans,” “expects,” “can,” “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. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit http://www.lsi-industries.com/fls as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.
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