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(LSI) is a leading producer of non-residential lighting and retail display solutions.
−Removed: Non-residential lighting consists of high-performance, American-made lighting solutions.
−Removed: The Company’s strength in indoor and outdoor lighting applications creates opportunities for LSI to introduce additional solutions to its valued customers.
−Removed: Retail display solutions consist of graphics solutions, digital signage, and technically advanced food display equipment for strategic vertical markets.
−Removed: LSI’s team of internal specialists also provide comprehensive project management services in support of large-scale product rollouts.
+Added: Non-residential lighting consists of American-made fixtures and services for both indoor and outdoor applications satisfying the specific performance requirements of our customers.
+Added: Retail display solutions consist of multiple custom products and services which enhance our customer’s brand image and improve the customer shopping experience.
+Added: We offer customers in target vertical markets a package solution set of both lighting and display solutions, providing value for the customer by working with one partner to manage their regional and national location programs, versus multiple suppliers.
Our business is organized as follows:
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Focusing on key vertical applications allows us to deliver unique product solutions, which in turn provide differentiated value to our customers.
−Removed: Our lighting fixtures, poles and accessories are produced in a variety of design, aesthetics, and finishes. 
−Removed: Application of our lighting fixtures vary to include surface, pole, and pendant mounted applications.  
−Removed: Functional light distributions from our products varies depending upon application providing application specific photometric outputs including, but not limited to, interior and exterior downlighting, wall-wash lighting, canopy lighting, floodlighting, emergency exit lighting, industrial lighting, area and parking structure lighting and security lighting. 
−Removed: To further energy efficiency gains from our luminaires, we offer a suite of lighting control options including sensors, photocontrols, dimming, motion detection and circuit controllers in both analog and wireless technologies to further support the application of our luminaires and provide means to additional energy savings  
−Removed: We design and certify to all applicable safety, photometric and performance standards including UL Solutions, Design Lights Consortium, International Dark-Sky Association, Norma Official Mexicana (NOM), and Institute for Printed Circuits (IPC). 
−Removed: Utilizing LED light sources, our products are designed for energy efficiency, reliability, performance, ease of installation and service while providing a high degree of overall aesthetic appeal. 
−Removed: We focus on providing performance based, energy efficient lighting solutions implemented across all key vertical markets served. 
+Added: Our lighting fixtures, poles and accessories are produced in a variety of designs, aesthetics, and finishes.
+Added: Application of our lighting fixtures vary to include surface, pole, and pendant mounted applications.
+Added: Functional light distributions from our products varies depending upon application, providing application specific photometric outputs including, but not limited to, interior and exterior downlighting, wall-wash lighting, canopy lighting, floodlighting, emergency exit lighting, industrial lighting, area and parking structure lighting and security lighting.
+Added: To further energy efficiency gains from our luminaires, we offer a suite of lighting control options, including sensors, photocontrols, dimming, motion detection and circuit controllers in both analog and wireless technologies to further support the application of our luminaires and provide means to additional energy savings We design and certify to all applicable safety, photometric and performance standards including UL Solutions, Design Lights Consortium, International Dark-Sky Association, Norma Official Mexicana (NOM), and Institute for Printed Circuits (IPC).
+Added: Utilizing LED light sources, our products are designed for energy efficiency, reliability, performance, ease of installation and service while providing a high degree of overall aesthetic appeal.
+Added: We focus on providing performance based, energy efficient lighting solutions implemented across all key vertical markets served.
Display Solutions Segment
−Removed: The Display Solutions Segment manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, store display fixtures, refrigerated displays, and custom display elements.
−Removed: The major products and services offered within our Display Solutions Segment include signage and canopy graphics, pump dispenser graphics, building fascia graphics, decals, interior signage and marketing graphics, aisle markers, wall mural graphics, and refrigerated and non-refrigerated merchandising displays.
+Added: We acquired EMI Industries, LLC (EMI) in the fourth quarter of fiscal 2024.
+Added: EMI is a metal and millwork manufacturer of standard and customized fixtures, displays, and food equipment for the convenience store, grocery, and restaurant industries.
+Added: Due to the similarity and complimentary nature of the products manufactured by EMI with our other current product offerings, we consolidated EMI with our Display Solutions Segment.
+Added: In addition to the products manufactured by EMI, the Display Solutions Segment also manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, refrigerated displays, and custom display elements.
+Added: The major products and services offered by our Display Solutions Segment include signage and canopy graphics, pump dispenser graphics, building fascia graphics, decals, interior signage and marketing graphics, aisle markers, wall mural graphics, and refrigerated food and beverage displays, check-out counters, and non-refrigerated merchandising displays.
We also provide a variety of project management services to complement our display elements, such as installation management, site surveys, permitting, and content management which are offered to our customers to support our digital signage.
−Removed: We also manage and execute the implementation of large rollout programs with our professional services group.
+Added: Our professional services group manages and executes the implementation of large rollout programs.
These programs provide our customers a variety of display solutions and visual image upgrades in the same markets served in the lighting segment, which include the following markets:
refueling and convenience store, quick-service restaurant, retail, grocery and pharmacy, and automotive dealerships.
−Removed: We believe our expertise with the products and services we offer in the markets we serve represents a significant competitive advantage.
−Removed: We work with our customers and design firms to establish and implement cost-effective corporate visual image programs to advance our customer’s brands and deliver value to their customers.
+Added: It is our belief that our expertise with the products and services we offer in the markets we serve represents a significant competitive advantage.
+Added: We work with our customers and design firms to establish and implement cost-effective corporate visual image programs to advance our customers’ brands and to improve the consumer experience.
Increasingly, we have become the primary supplier of exterior and interior visual image and display elements for our customers.
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The second revenue stream is from selling standard products to stocking distributors, who subsequently provide products to electrical contractors and end users for a variety of lighting applications.
−Removed: Our lighting products are primarily sold through manufacturer’s sales representatives and to a lesser degree directly through our own sales force.
−Removed: Our display solution elements and related services, which in many instances are program-driven, are sold primarily through our own sales force.
−Removed: This revenue stream is from more significant program initiatives that often represent multiple sites over a period of time. These customers are usually established and have a long-term relationship with LSI. These products and services are sold directly to the customer or a brand marketer acting as an intermediary.
+Added: Our lighting products are primarily sold through manufacturer’s sales representatives and to a lesser degree directly through our own sales force.
+Added: Our display solution elements and related services, which in many instances are program-driven, are sold primarily through our direct sales force.
+Added: This revenue stream is from more significant program initiatives that often represent multiple sites over a period of time.
+Added: These customers are usually established and have a long-term relationship with LSI.
+Added: These products and services are sold directly to the customer or a brand marketer acting as an intermediary.
Sales are developed through a wide variety of contacts such as, but not limited to, national retail marketers, branded product companies, and franchised and dealer operations.
In addition, sales are also achieved through recommendations from local architects, engineers, electrical distributors, and contractors.
−Removed: The Company utilizes the latest technology to track sales leads and customer quotes with the goal to turn them into orders from our customers.
−Removed: Our sales are partially seasonal as installation of our non-residential outdoor lighting and visual display solutions in the northern states decreases during the winter months.
−Removed: The Company markets its products and service capabilities to end users in multiple channels through a broad spectrum of marketing and promotional methods, including direct customer contact, trade shows, on-site and virtual training, print advertising in industry publications, product brochures and other literature, e learning, the company’s website, as well social media.
+Added: The Company utilizes the latest technology to track sales leads and customer quotes with the goal of turning them into orders from our customers.
+Added: As the Company grows both organically and through acquisition, the products, services and technologies the Company offers its customers also grows.
+Added: These offerings provide significant cross-selling opportunities between the segments that enable the Company to be a single-source provider to existing and new customers.
+Added: The Company markets its products and service capabilities to end users in multiple channels through a broad spectrum of marketing and promotional methods, including direct customer contact, trade shows, on-site and virtual training, print advertising in industry publications, product brochures and other literature, e-learning, the company’s website, as well social media.
Our marketing approach and means of distribution vary by product line and by market.
Manufacturing and Distribution
−Removed: We currently operate out of eleven manufacturing facilities located within six U.S.
+Added: We currently operate out of sixteen manufacturing facilities located within eleven U.S.
states and one province in Ontario, Canada.
−Removed: We design, engineer and manufacture most of our lighting and visual display products through the utilization of lean manufacturing principles.
−Removed: Our investment in our production facilities is focused primarily on improving capabilities, product quality, and manufacturing efficiency, as well as environmental, health, and safety compliance.
+Added: We design, engineer, and manufacture most of our lighting and display products through the utilization of lean manufacturing principles.
+Added: Our investment in our production facilities focuses primarily on improving capabilities, product quality, manufacturing efficiency, and environmental, health, and safety compliance.
The majority of products we sell are engineered, designed, and assembled by the Company, while a small portion of the products and components we sell are purchased from select qualified vendors.
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Although an interruption of these supplies and components could disrupt our operations, we believe generally that alternative sources of supply exist and could be readily arranged.
−Removed: When faced with supply chain challenges, we increase our safety stock in certain components in order to mitigate potential disruption to our operations resulting from an anticipated shortage of certain components. We are not dependent on any one supplier for critical component parts.
+Added: When faced with supply chain challenges, we increase our safety stock in certain components in order to mitigate potential disruption to our operations resulting from an anticipated shortage of certain components.
+Added: We are not dependent on any one supplier for critical component parts.
We strive to reduce price volatility in our purchases of raw materials and components through annual contracts with strategic suppliers.
Our Lighting operations generally carry a certain level of sub-assemblies and finished goods inventory to meet quick delivery requirements.
−Removed: The Company’s operations dealing with LED products generally carry LED and LED component inventory due to longer lead times.
+Added: The Company’s operations dealing with LED products generally carry LED and LED component inventory due to longer lead times.
Most lighting products are made to order and shipped shortly after they are manufactured.
−Removed: Our display solutions operations manufacture custom products for customers who require us to stock certain amounts of finished goods in exchange for their commitment to that inventory. An example is our digital signage business, where customers require us to carry an inventory of digital screens to meet the demands of a large rollout program.
+Added: Our display solutions operations manufacture custom products for customers who require us to stock certain amounts of finished goods in exchange for their commitment to that inventory.
+Added: An example is our digital signage business, where customers require us to carry an inventory of digital screens to meet the demands of a large rollout programs.
Research and Development :
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Working Capital
−Removed: For a discussion of our working capital, see “Liquidity and Capital Resources”
−Removed: in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations."
+Added: For a discussion of our working capital, see “Liquidity and Capital Resources” in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations."
Environmental Regulations
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Failure to comply with such provisions could result in fines and other liabilities to the government or third parties.
+Added: Our business in both lighting and display solutions segments is subject to some seasonality, with net sales being affected by weather and seasonal demand on construction and installation programs, particularly during the winter months, as well as the annual budget cycles of some major customers.
+Added: Certain market verticals, grocery and QSR for example, restrict renovation activity during the November and December holiday season, as these are the high consumer traffic and sales periods.
+Added: Sales in our Lighting Segment are to customers in both the new construction and renovation and retrofit markets.
+Added: The construction market is cyclical in nature and subject to changes in general economic conditions and fiscal policies.
+Added: Intellectual Property
+Added: We own or have rights with respect to various domestic patents, trademarks, and other intellectual property related to our lighting products.
+Added: These intellectual property rights are important to our businesses.
+Added: We rely on copyright, patent, trade secret, and trademark laws to protect certain proprietary rights.
+Added: Despite these protections, unauthorized parties may attempt to infringe on our intellectual property.
+Added: While patents and patent applications in the aggregate are important to our competitive position, no single patent or patent application is individually material to us.
Human Capital
We recognize that in order to drive innovation, growth, and operational excellence, we must identify, attract, retain, and motivate top talent.
−Removed: Our approach is to develop talent from within and supplement with external hires. We are committed to building a diverse, inclusive, and engaged workforce.
+Added: Our approach is to develop talent from within and supplement with external hires.
+Added: We are committed to building a diverse, inclusive, and engaged workforce.
Our management teams and all of our employees are expected to exhibit the principles of fairness, honesty, and integrity in the actions we undertake.
−Removed: Our employees must adhere to a code of conduct that sets standards for appropriate behavior and includes required annual training on preventing, identifying, reporting, and stopping any type of unlawful discrimination or unethical actions.
−Removed: We have 1,540 full-time employees and 87 agency employees as of June 30, 2023.
+Added: Our employees must adhere to a code of conduct and ethics that sets standards for appropriate behavior and includes required annual training on preventing, identifying, reporting, and stopping any type of unlawful discrimination or unethical actions.
+Added: We have approximately 1,900 full-time and part-time employees and approximately 70 agency employees as of June 30, 2024.
We offer a comprehensive compensation and benefits program to our employees, including competitive wages, medical and dental insurance, and a 401(k)-retirement savings plan.
−Removed: The Company offers a nonqualified deferred compensation plan, an equity-based incentive plan and an incentive plan that is based upon the achievement of the Company’s business plan goals, for certain employees.
+Added: The Company offers a nonqualified deferred compensation plan, an equity-based incentive plan and an incentive plan that is based upon the achievement of the Company’s business plan goals, for certain employees.
Information Concerning the Company
−Removed: We file reports with the Securities and Exchange Commission (“SEC”) on Forms 10-K, 10-Q and 8-K.
+Added: We file reports with the Securities and Exchange Commission (“SEC”) on Forms 10-K, 10-Q and 8-K.
The SEC maintains an internet website that contains reports, proxy and information statements and other information regarding us.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.