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

Hello, and welcome to the 2024 Shareholder Meeting for LSI Industries. [Operator Instructions] I will now turn the call over to Mr. Jim Clark. Jim?

Good morning, and welcome to the 2024 Annual Meeting of LSI Shareholders. I'm Jim Clark, President and CEO and also a member of the Board of Directors. 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 so that our shareholders can participate regardless of their geographic location. As a reminder, the agenda and rules of conduct for today's meetings are posted on this meeting's website. Following the conclusion of my remarks, there will be a brief opportunity for questions about the proxy items voted upon during this meeting. These questions from shareholders may be submitted in the text box field provided on the web portal during this meeting. We are asking shareholders who submit a question to include their name and e-mail address as well. All other questions can be addressed by contacting our Investor Relations contact or by calling our main number at any time. I would now like to hand things off to Bill O'Gara, LSI's Chairman.

Thank you, Jim, and good morning, all. I'd like to start by introducing the other members of our Board of Directors who are standing for reelection in addition to Jim Clark and me. Robert Beech, Ronald Brown, Amy Hansen, Chantel Lenard and Ernest Marshall. This year, there are three proposals for consideration by shareholders, all of which are fully described in the proxy statement. Proposal #1. Our first proposal is the election of seven 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. 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 2025. Representatives of Grant Thornton are attending this meeting. Proposal #3. The third proposal relates to an advisory vote on the compensation of our named executive officers. The 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. [Voting] Since there are no other 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 88% over 26.3 million shares of the 29,761,511 outstanding shares have been voted. All seven nominees proposed by the Board of Directors were elected. The proposal 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 by the requisite votes cast. I'll now pass the meeting back to Jim Clark, President and CEO.

I want to thank you all for tuning in today and again for your participation in today's meeting and your continued confidence in LSI. We experienced substantial changes in our business over the last year, and we have ambitious plans for the coming year. If you would like to learn more about LSI, I encourage you to contact us directly or visit our website to learn more. Since there is no other business to conduct at this meeting, I declare the meeting adjourned. Thank you, and have a good day.

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