LSI Industries Inc. (LYTS) Earnings Call Transcript & Summary

Good day, and welcome to the 2020 Annual Meeting of Shareholders of LSI Industries. I would now like to turn the conference over to James Clark, President and CEO. Please go ahead.

Thank you, operator. Good morning. Welcome to the 2020 Annual Meeting of Shareholders of LSI Industries. I'm Jim Clark, President and CEO of LSI. I'm also a Board member. On behalf of the entire Board, our officers and employees, I'd like to thank you for attending this meeting. We are conducting this meeting virtually this year so that all our shareholders can participate regardless of their geographic location, and as we continue to be mindful of the current environment and place the health and safety of our shareholders and employees above all else. As a reminder, the agenda and rules of conduct for today's meeting are posted on this meeting's website. Following the conclusions of our remarks, there will be a brief opportunity for questions regarding the proxy items voted upon during this meeting. Questions from shareholders regarding the proxy items may be submitted in the text box field provided on the web portal during the meeting. We are asking shareholders who submit questions to include their names and email addresses. All other questions can be addressed by contacting our Investor Relations group or by calling our main number directly at any time. I would now like to hand things over to Bill O'Gara, LSI's Chairman.

Thank you, Jim, and good morning. This meeting will now be called to order. I would like to start by introducing the other members of our Board of Directors who are also on this call and standing for reelection: Robert Beech, Ronald Brown, Amy Hanson and Chantel Lenard. This year, there are 3 proposals for consideration by shareholders, all of which are fully described in the proxy statement. Proposal #1. Our first proposal is the election of 6 Directors to hold office for 1 year or until a successor is duly elected and qualified. Each Director nominee has been introduced to you this morning. Additional information on their background and qualifications can be found in the annual report and on LSI's website. Proposal #2. The second proposal is the ratification of the appointment of the company's independent registered public accounting firm. Although the Audit Committee has the sole authority to appoint auditors, the committee would like to know the opinion of shareholders regarding its appointment of Grant Thornton as auditors for fiscal 2021. Proposal #3. The third proposal relates to an advisory vote on the compensation of our named executive officers. This proposal is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is referred to as the say-on-pay vote. We ask that shareholders approve, on an advisory basis, the compensation of our named executive officers as disclosed in the proxy statement. We will now open the floor for any questions regarding these 3 proposals. Since there are no questions or comments and the voting is now closed, I would like to report the voting results, all of which are subject to final tabulation. Approximately 95% or over 24.7 million shares of the 26,340,512 outstanding shares have been voted. All 6 nominees proposed by the Board of Directors were elected. The proposals to ratify the appointment of our independent registered public accounting firm and approve the compensation of our named executive officers, on an advisory basis, each has been approved. I want to thank you all again for your participation in today's meeting and your confidence in LSI. The team has made solid progress over the last year of operation, and they have ambitious plans for the coming years. If you'd like to learn more about the company, I encourage you to contact LSI directly or visit the LSI website to learn more. Since there's no other business to conduct at this meeting, I declare the meeting adjourned. Thank you, and have a great day.

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.