LSI Industries Inc. (NASDAQ:LYTS) Q1 2024 Earnings Conference Call November 2, 2023 11:00 AM ET
Company Participants
Jim Galeese - Chief Financial Officer
Jim Clark - President and Chief Executive Officer
Conference Call Participants
Aaron Spychalla - Craig Hallum Capital Group
Amit Dayal - H.C. Wainwright
George Gianarikas - Canaccord Genuity
Richard Fearon - Accretive Capital Partners
Operator
Greetings, and welcome to LSI Industries' Fiscal First Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Jim Galeese, Chief Financial Officer. Thank you, Mr. Galeese, you may begin.
Jim Galeese
Good morning, everyone, and thank you for joining. We issued a press release before the market opened this morning, detailing our fiscal '24 first quarter results. In addition to this release, we also posted a conference call presentation in the Investor Relations section of our corporate Web site.
Information contained in this presentation will be referenced throughout today's conference call, included are certain non-GAAP measures for improved transparency of our operating results. A complete reconciliation of GAAP and non-GAAP results is contained in our press release and 10-Q. Please note that management's commentary and responses to today's questions on today's conference call may include forward-looking statements about our business outlook. Such statements involve risks and opportunities and actual results could differ materially. I refer you to our safe harbor statement, which appears in this morning's press release as well as our most recent 10-K and 10-Q. Today's call will begin with remarks summarizing our fiscal first quarter results. At the conclusion of these prepared remarks, we will open the line for questions.
With that, I'll turn the call over to LSI President and Chief Executive Officer, Jim Clark.
Jim Clark
Thank you, Jim. Good morning, all, and thank you for joining us today. As you have likely noted from our press release, we had solid results in our first quarter of fiscal year 2024. We continue to improve business operations in nearly every category and the commitment of our team and their ability to execute continues to be demonstrated each day.
Adjusted net income for the quarter was up 23%. Adjusted EBITDA came in at 12.2%. We had an EPS of $0.29, which was up $0.04 from last year, and free cash flow was better than $9 million for the quarter, bringing our net debt to $25 million, while sales remained steady. As you may recall from my last call, I spoke about our Fast Forward plan at LSI. This plan outlines our business goals and objectives extending out the fiscal year 2028, and it is regularly shared with our entire management team and company personnel. It is also posted on our Web site under our Investor Relations section.