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© offered by means of The Motley fool LSI Industries (LYTS) Q3 2021 earnings name Transcript
LSI Industries (NASDAQ: LYTS)
Q3 2021 income name
Apr 22, 2021, 11:00 a.m. ET
Contents:
organized Remarks
Questions and solutions
call participants
prepared Remarks:
Operator
Greetings, ladies and gents, and welcome to LSI Industries fiscal third-quarter 2021 conference call. [Operator instructions] it is now my pleasure to introduce your host, Mr. Jim Galeese. thanks.
You may begin.
Jim Galeese -- Chief financial Officer and executive vp
good morning, every person, and thanks for joining. We issued a statement earlier than the market opened this morning, detailing our fiscal third-quarter consequences. along side this free up, we also posted a conference name presentation in the Investor family members portion of our company website at www.lsicorp.com. assistance contained in this presentation will be referenced during ultra-modern convention name.
included are definite non-GAAP measures for enhanced transparency of our operating consequences. an entire reconciliation of third-quarter GAAP and non-GAAP consequences is contained in our press free up and 10-Q. Please notice that management's commentary and responses to ultra-modern questions about the convention call can also consist of forward-searching statements about our business outlook. Such statements contain risks and opportunities, and exact effects may vary materially.
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this article is a transcript of this convention name produced for The Motley fool. while we strive for our silly ideal, there may well be error, omissions, or inaccuracies in this transcript. as with all our articles, The Motley idiot doesn't assume any accountability in your use of this content, and we strongly inspire you to do your personal research, together with paying attention to the call yourself and studying the business's SEC filings. Please see our terms and stipulations for further particulars, including our mandatory Capitalized Disclaimers of liability.
The Motley fool has no position in any of the shares mentioned. The Motley fool has a disclosure policy.
I refer you to our secure harbor commentary, which appears in this morning's press unencumber, in addition to our most exact
10-k and 10-Q. contemporary call will begin with remarks summarizing our fiscal third-quarter results. on the conclusion of these prepared remarks, we will open the road for questions. With that, i'll flip the call over to LSI president and chief government officer, Jim Clark.
Jim Clark -- President and Chief executive Officer, LSI
Thanks, Jim, and decent morning, all. thanks for joining us on modern day call. Let me delivery with the aid of announcing i am very completely satisfied with the persisted progress of the LSI crew in what still looks to be very doubtful market circumstances. COVID and its restrictions continue to lessen on a daily foundation.
besides the fact that children, its effects on project timing, labor and supply chains are all still very present. despite these challenges, i am chuffed to file that we skilled advantageous yr-over-year boom in web earnings for the quarter and prior yr. moreover, gross margins, adjusted web salary, working money circulation and adjusted EBITDA all improved compared to ultimate 12 months. typically, our third quarter is our slowest quarter as climate circumstances across the nation affect our out of doors setting up activities.
beginning out in January and into the primary part of February, situations have been just a little slow. however, we skilled an exponential raise in income and order pastime in the 2d half of the quarter, and i utterly expect this momentum to proceed into the fourth quarter. although lighting fixtures revenue have been down about 7% when in comparison to the prior yr, our quote levels proceed to raise measurably, and the revenue hole versus prior year continues to slender with sequential advancements every quarter. lights section adjusted gross margins for the quarter were 31%, displaying a 530-foundation-point development over prior yr with adjusted operating income for lighting fixtures more than tripled prior-yr levels in the third quarter.
The introduction of more than 20 new LSI lighting fixtures products all over the 12 months have allowed our brokers, companions and income team to present distinct solutions and price facets whereas increasing our close rates, margins and profitability. As I mentioned closing quarter, we have been focusing on our earnings drive and sales force effectiveness. As part of the study, our sales leader, Pablo Leguina, has spent lots of the quarter executing a reorganization of our country wide accounts crew with the intention to increase greater biological income leads and opportunities for our agents, our companions and our company. Early consequences are very encouraging, and we can continue to focal point on developing extra value from our direct income drive efforts.
Turning to our stock and move company. Atlas introduced a wholly new product line in March known as origin. This product allowed -- line makes it possible for them to have distinct fee points available in the market. starting place will continue to roll out over this fall, but it will permit us to seize greater of the cost phase of the market, and we're very enthusiastic about this.
furthermore, i would additionally like to mention that Atlas added a wholly new product class known as the Wall Pack Witness in Q3. This product takes a normal Atlas Wall Pack and embeds a security digicam into the unit, enabling consumers the capacity to overview activity via a cell or tablet utility, excited about a value point best a bit higher than the fashioned basic Wall Pack product line. On the pix front, earnings extended by way of greater than 20% versus Q3 of final 12 months. Our digital picture classes proceed to benefit momentum with a transforming into record of purchasers, and our task with one of the world's largest QSR companies remains on course in offering spectacular consequences to the customer and to LSI.
We predict that this challenge will continue its current pace for at least the subsequent one year, at which element we plan to transition to the already dedicated indoor section. I expect that, usual, this mission will extend smartly into calendar-12 months 2023. As I cited in our press release, we've also been working on a brand new cozy digital kiosk answer for a nationwide pharmacy retailer, besides prototyping a few feasible solutions for the starting to be grocery store segment of pickup and delivery. Switching gears, petroleum photographs continues to remain strong with pastime now increasing in Mexico as COVID restrictions ease.
The community did adventure a little bit of a challenge final quarter as we lost six workdays to the Texas snowstorm and resulting vigour outages. No orders had been lost, but rescheduling and timing has put force on the complete pics crew to make up for the lost ground. lastly, i'd like to mention our Adapt neighborhood. this is the group that handles our installing and challenge management, and that they've been key to our expansion in integrated lighting and portraits tasks.
Adapt continues to grow in each its capabilities and magnitude in LSI's value proposition. Fiscal 12 months-to-date revenue has expanded nearly 50% when compared to final 12 months. within the last quarter alone, we engaged in a couple of new tasks, together with a web site evaluation venture for one of the most world's largest convenience shop chains. If this challenge continues to enhance, as we expect it'll, it's going to create giant opportunity for LSI well into the future.
normal, i am completely satisfied with our effects in the third quarter, and i'm confident that we are going to proceed to execute within the fourth quarter. we're working neatly as a crew and continuing to seek organic increase and M&A opportunities. i know these efforts will benefit our employees, valued clientele and shareholders alike. With that, i will be able to turn it returned over to Jim Galeese for a deeper look at our monetary efficiency for the quarter.
Jim?
Jim Galeese -- Chief financial Officer and government vice chairman
thanks, Jim, and respectable morning, everyone. i'll birth by means of highlighting key economic facts for the fiscal third quarter and then provide additional comments on phase efficiency. internet revenue have been $seventy two million for the quarter, growth of two% over prior yr. web profits became $1.5 million, in comparison to profits of $1.9 million closing yr.
it's important to note that the third quarter last year covered a nonrecurring pre-tax benefit of $three.7 million, as a consequence of the sale of the North Canton, Ohio facility. Non-GAAP or adjusted net profits changed into $1.eight million versus a lack of $1.1 million within the prior yr. revenue per diluted share had been $0.05 versus $0.07 within the prior-year quarter, and non-GAAP salary per diluted share have been $0.07 versus a lack of $0.04 per share last 12 months. Adjusted EBITDA was $four.4 million, in comparison to $1.6 million in the prior 12 months.
The business generated $10.6 million of free cash circulation within the quarter or more than 230% of adjusted EBITDA, expanding our cash steadiness to $23.5 million as we exit fiscal Q3. additionally in the quarter, we prolonged the maturity of our revolving credit facility from March 2022 to March 2026 and elevated complete borrowing availability by using $25 million to $one hundred million. We agree with our current liquidity and access to capital will permit us to fund our latest operations, in addition to our growth targets, each biological and inorganic. The company had no lengthy-time period debt on the conclusion of the quarter.
an everyday cash dividend of $0.05 per share turned into declared payable may also 11 for shareholders of checklist on can also three. transferring to segment working efficiency. Q3 changed into a quarter of fluctuating market situations for each segments, driven through the lingering outcomes of COVID and adverse climate circumstances. And regardless of the disruptions, both segments mentioned expanded adjusted operating income versus prior year.
venture quotation pastime took a stair-step enhance in March, contributing to a book-to-bill ratio radically above one for the quarter. The citation and order exercise had been broad-based throughout multiple market verticals, geographic regions of the nation and items. certain to the pics segment, revenue elevated 20% in Q3, driven through our digital solutions enterprise, especially the $a hundred million program in the QSR vertical. As mentioned, sales within the petroleum C-store vertical were adversely impacted within the quarter as inclement weather resulted in lost production at our Houston, Texas facility.
We have been a hit in securing a brand new petroleum software within the quarter which comprises renovating consumer areas at defense force bases right through the nation. Our software backlog within this vertical continues to be robust as our design request for abilities new programs. We proceed to peer expanding renovation alternatives in the grocery vertical with purchasers focusing on bigger-conclusion aspects and finishes right through the store interior and our commercial group working to identify new the way to expand our share of enterprise during this vertical. For lights, revenue proceed to recover from the pandemic because the revenue hole versus prior 12 months persisted to slender.
lights generated a positive e-book-to-bill ratio in Q3, and we're encouraged to peer challenge quotation degrees coming returned in select areas of the country the place development has been severely limited over the closing three hundred and sixty five days. We're additionally beginning to see greater venture opportunities which reduced greatly right through the pandemic. Key warning signs, such because the ABI, Architectural Billings Index, persevered to enhance. The lighting gross margin cost turned into 31% for Q3, 530 foundation features above prior year, increasing the fiscal yr-to-date rate improvement to 310 basis facets.
We proceed to focus on all add-ons of gross margin. for that reason, numerous components are contributing to the development, including bigger-price functions, pricing, new products, design discounts on present products, best and manufacturing productiveness. As Jim mentioned, adjusted working salary for lighting fixtures become more than tripled final year. we've been a hit today in managing world deliver chain challenges and proceed to straight away adjust to altering conditions.
as a result of our planning and movements, together with extra inventory of $6 million in view that Q1, we are expecting minimal disruption as we control during the fourth quarter. Inflation continues to unfold throughout opt for commodities and services. due to this fact, LSI lately introduced additional fee adjustments to a lot of product categories. We predict to offset these charges in each segments via a combination of price administration and product charge-reduction movements.
moving ahead, we intend to continue the trend of gross margin cost growth. i could now return the name returned to the moderator.
Questions & solutions:
Operator
[Operator instructions] Our first query comes from the road of Craig Irwin with ROTH Capital partners. Please proceed together with your question.
Craig Irwin -- Roth Capital partners -- Analyst
respectable morning, and thanks for taking my questions. So the first component i needed to ask about is earnings progression, sequential profits progression. So this previous 18 months has been highly odd for every person, and you guys are making strong development with the increase year over year now. usually, the fourth fiscal quarter, the June quarter, profits is up somewhat nicely sequentially.
should we count on an identical seasonality for LSI within the June quarter? Do you predict a material raise quarter over quarter? And is the right comp, no longer basically 4Q '20, but possibly 4Q '19 or 4Q '18 as we attain again to one of the crucial historic performance?
Jim Clark -- President and Chief executive Officer, LSI
Craig, this is Jim Clark, and thanks for joining. So we're looking at the fourth quarter, it's form of a -- there may be some power the exterior power, in case you will. there may be 2 things that we're taking a look at. One is a labor challenge exterior to LSI, that means, as we export, as we sell the products, we ship them out, we're hearing from a number of our purchasers a few the projects that are happening that labor to get the installations achieved up during the entire building chain is struggling.
So we're now not rather sure what that have an effect on is going to be, however we do consider that there could be some pressure when it comes to what definitely finally ends up getting deployed or put in in the fourth quarter. As a matter -- as a route of business here within our enterprise, we are anchoring everything. All our experiences, all our studies have the '19 numbers right subsequent to the '20 numbers into '21 in order that nobody gets distracted relative to a few huge growth on account of the COVID impact. but we do -- we're privy to this labor problem out within the popular development market, and we're also privy to variety of substances inflation problem out in the market.
And or not it's now not just the pricing side. it's availability and building substances, so we -- as we are coming out of COVID, we're very fine about that. We're very enthusiastic about that. but we're seeing these other issues which are putting on that probably have not been thoroughly resolved, once again, outdoor the partitions of LSI, but we're privy to them.
Jim Galeese -- Chief economic Officer and govt vice president
Video: Apple Q1 income preview: what buyers can are expecting (Yahoo! Finance)
And Craig, Jim Galeese right here. Let me simply aid Jim's feedback. We're very inspired by the continuing raise in market pastime it is occurring. As we commented in our remarks, our citation ranges and our orders are booked to bill.
We suppose very good about. It is only very difficult to hone in on a specific number at this factor in time, given what Jim mentioned, however we do think very decent about the usual route. And your factor about FY '20, this fall being the acceptable benchmark, you are right. it's really not.
we are able to see a stair-step growth from that degree, given the outlet up of the development industry etc. but the level of which is what all and sundry, now not just ourselves, has to are attempting to hone in on.
Craig Irwin -- Roth Capital companions -- Analyst
Understood, understood. So continued reasonable growth and inside the constraints of the broader ambiance. Is that a good way to paraphrase?
Jim Clark -- President and Chief executive Officer, LSI
Yeah. I consider it really is very well stated. and i will -- as i discussed in the name and in our press release, our quote exercise has picked up measurably. however one element we've noticed, and now we've received kind of a broader, longer view of it, is our conversion timing.
So the prices come in, and we had a undeniable conversion timing. We might say if a quote came in often X percentage of that, 70% of those would become orders. 60% of these have became into orders within 60 days or anything around those strains. What we're seeing is an extension of that conversion.
The charges don't get lost. They get requoted to account for substances inflation and issues like that. however the conversion expense from the initial quote to the shut, this -- all these things are nevertheless -- appear to be in flux. And what we're seeing is more desirable visibility to the entire building chain that's where these alterations or the place the delays are occurring.
Craig Irwin -- Roth Capital partners -- Analyst
Understood, understood. So my subsequent question is basically about components, chips, drivers and ballast, right. there may be lots of dialog available about shortages in diverse areas of the semiconductor market. are you able to probably confer with us how assured you're concerning the availability of enough components for the next variety of months? is this something where you may probably be impacted? Do you have contingency plans already in place if one organisation is brief? can you simply probably work this out for us and support us remember the place you sit down?
Jim Clark -- President and Chief executive Officer, LSI
Yeah, absolutely. So first off, i may just say we're no longer immune to the rest, any of those challenges that are out there. And transportation is the other factor in there, which is a wild card. however I think as we have mentioned over the closing few quarters, over the remaining 12 months and a half, we purposely set out two years ago to diversify our deliver
chain.
We tried to do -- there were three aspects that we have been concentrated on. One become range to steer clear of any single aspect of failure. The different became diversity when it comes to competitiveness. And the remaining turned into this theory of on -- seeing how a great deal we could onshore our sourcing.
We're no longer fully onshore relative to the U.S. sourcing. however through these workout routines, we diversified our supply chain plenty. So I suppose we now have lots of redundancy and contingency constructed into it.
And at this element, we're no longer -- we do not count on any giant issues.
Jim Galeese -- Chief monetary Officer and government vp
Yeah. Craig, simply let me add, Jim Galeese here, that we consciously made the determination over the closing quarter plus to raise inventory stages for this very motive, specifically on one of the crucial longer lead time add-ons etc. So whereas it's an everyday fight per se, our groups, Mike Beck and the operations team, Brian Vincent, procurement and supply chain groups have executed a brilliant job of navigating through this. And as Jim stated, we've had minimal effects on the business, and we expect no primary consequences within the business during this fall and moving ahead.
Craig Irwin -- Roth Capital partners -- Analyst
Understood, understood. That makes experience. So then operationally, I just desired to perhaps remember a little bit more desirable the margin progression. Seasonality is -- your March quarter is down from your December quarter.
So there tends to be some headwinds in there. but can you might be discuss this moderate 70-plus foundation elements in margin compression? is that this really simply driven with the aid of revenue insurance or possibly the mix circulation in opposition t you? and the way do you predict margins to play out in the fourth quarter? should we see an development in sort of fresh efficiency? Is there an opportunity to perhaps exceed that? Or did the margins face moderate headwinds given the transportation and different charges which are cropping up?
Jim Clark -- President and Chief government Officer, LSI
neatly, there is loads of things where -- I think you simply hit the nail on the pinnacle. there may be lots of features we're kind of struggling with. average, Q3 tends to be a bit bit greater pressure on margin, ordinarily as a result of that combine factor, where we get rather less outdoor, a little bit more indoor or outdoor projects, particularly within the Northeast and any areas that are suffering from weather are come under pressure. however we've been reliable in what we're doing from a pricing with our partners, our brokers, our consumers, however we now have additionally been fair relative to whatever our input charges are.
We do purchase ahead. We -- as Jim just mentioned, we purposely made some selections to up a few of our inventories, our components and issues like that. As you comprehend, we're nonetheless a build-to-order store, however getting these pieces and being capable of be equipped is essential. I suppose that given any external components, our margin will stay solid or we'll proceed to circulation up as now we have finished over the remaining few quarters.
The third quarter is always our most compelled quarter. So in totality, I do not have any heartburn about our performance for Q3.
Craig Irwin -- Roth Capital companions -- Analyst
No. It become effective relative to 3Q '19. I mean, very robust. So -- and it be -- 3Q '20, I bet, turned into in diverse world, fiscal.
So congratulations, I may still say, on the brand new petroleum consumer win. it really is in reality healthy. it's respectable to listen to. can you probably frame out for us what this client looks like from a fiscal probability for LSI being a couple of locations and expertise content material per place? And are there others within the pipeline you feel that you may potentially win over the subsequent variety of months?
Jim Clark -- President and Chief executive Officer, LSI
Yeah. well, Craig, as you be aware of, because you've been covering us for a long time, these petroleum consumers, it's certainly one of our predominant consumers that we have been doing business with for a long time, but they accelerated the pace in a form of a -- frankly, or not it's a gaggle of defense force-based mostly installations. and that they've, during the past, possibly segmented a few of that company. And so it be a brand new win for us, however it's all a part of that carrying on with sort of refresh cycle that we focus on so often.
i will point out that -- I did not mention it earlier than, but i may mention it at the moment as a result of we had been able to confirm it the day prior to this, however we're relatively excited about some thing happening in petroleum the place we have a consumer the place we're totally undertaking a solar setting up. and they've selected us to be kind of the lead on that. We study it as anything that could definitely be expansive for us as we circulation ahead. And the large component being that there's two things -- there's two points we're looking at in terms of value to the consumer and the manner we're taking part in.
One is simply the complete -- this transition carbon offset being an improved constituent when it comes to supplier and presence here in the U.S. The 2d being that there is a couple of areas where we're in a position to use solar as emergency power, and i believe that they are greedy onto that concept presently. So we're going via a confirmed installing. it's going to take us an improved part of six months to get all the permitting in work that we need to do in the heritage.
however I did wish to mention that I wasn't in a position to point out it earlier than because we weren't able to verify it until the previous day, however this is whatever thing we're truly excited about on the petroleum.
Craig Irwin -- Roth Capital partners -- Analyst
wonderful. well, congratulations on the development, and first rate success for the summer selling season.
Jim Clark -- President and Chief government Officer, LSI
neatly, thanks, Craig. Take care.
Operator
Our next query comes from the road of from Amit Dayal with H.C. Wainwright. Please proceed together with your query.
Amit Dayal -- H.C. Wainwright -- Analyst
thank you. respectable morning, guys. thank you for taking the questions. With appreciate to the graphics segment, you cited an opportunity with the pharmacy chain.
is this similar in dimension, probably, to what you're doing with the QSR, the $one hundred million level possibility? Or is it possibly a bit smaller? Any color on that could be advantageous.
Jim Clark -- President and Chief government Officer, LSI
first rate morning, Amit. Thanks for the question. i'd be hesitant to comment on the dimension right now. We're actually in a assorted prototype stage.
So depending during which route they in the end become occurring, we will really verify the measurement of the undertaking and the deployment schedule. I consider we're going to need an additional quarter or in an effort to be able to answer that question with confidence. although, i will be able to say that based on preliminary form of discussions, I do not know if it would somewhat attain the $a hundred million mark, but I believe it may be large. it is early to forecast on that.
Amit Dayal -- H.C. Wainwright -- Analyst
adequate, adequate. And with admire to the QSR assignment, how a good deal of that has been delivered?
Jim Clark -- President and Chief govt Officer, LSI
We -- i would say that if i would simply put it in percentage, we're still -- we're within the -- we're just coming up to the 50% mark presently. now we have acquired a full 12 months left. Our -- we will be entirely engaged in that through our entire fiscal '22. And we have now received a 2d comply with-on, which is the indoor factor of that, so that you can comply with in '23 -- our fiscal '23.
but we will certainly continue to be engaged in this unless -- into calendar-yr '23. and that i would say, Amit, i will additionally say that our deployment schedule will remain pretty consistent as we're it at the moment for at the least the next one year.
Amit Dayal -- H.C. Wainwright -- Analyst
ok, understood. Did you face any variety of labor challenges during this previous quarter? Or is it something that you are expecting that could develop into bigger? here's attempting to peer if there became any affect to competencies deployments as a result of these considerations already? Or is that this some thing that may be coming down sooner or later?
Jim Clark -- President and Chief executive Officer, LSI
Yeah. well, i could spoil that into two items it truly is sort of interior to LSI and exterior to LSI. The external, we simply talked about recently with Craig's query, and it's in fact via that total development chain out in the box, so as to speak. inside LSI, we're now not resistant to the ambiance presently it is happening -- is our business, any surges and things like that, that require us to add labor.
it's a problem. there may be no doubt about it. Now with that observed, we sat down with the operations group and our human materials team over four months ago, and that they put collectively some fairly innovative plans to be in a position to be certain we are able to body of workers up for it. now we have established it in constrained trying out, and we're continuing to expand that.
but we -- it definitely might hit us, however I accept as true with that we have some plans in place that would mitigate that risk vastly.
Amit Dayal -- H.C. Wainwright -- Analyst
Understood. The income reorg it's taking location, is that just for the lighting fixtures phase? Or is it additionally the portraits phase?
Jim Clark -- President and Chief government Officer, LSI
it's usually focused on the lights phase. if you seem to be at the history of things that we have now carried out on the industrial side, we sat down on the -- the pics side turned into one of the most first things we did since it became part of that whole reorganization where we consolidated the operations up in Akron-Canton and created lots improved continuity between our Houston operation and our Akron operation. And as part of that, we have been capable of seem on the business facet returned then, for instance, 18 months ago, 12 months ago. So lots of the reorganization that Pablo is leading at this time is basically associated with lighting fixtures, and i feel it's the area we have the most advantageous probability in right now.
Amit Dayal -- H.C. Wainwright -- Analyst
Understood.
Jim Clark -- President and Chief govt Officer, LSI
From a industrial reorganization point of view.
Amit Dayal -- H.C. Wainwright -- Analyst
ok, good enough. You highlighted possibly some further improvements coming on the gross margin entrance. How tons more room is there together with your latest sort of setup to Excellerate margins?
Jim Clark -- President and Chief executive Officer, LSI
neatly, if we were working in a vacuum relative to the commodity pricing and substances pricing and shortages and transportation cost, I think that we still had some tips on how to go. if you aspect in all of these items which are occurring kind of genuine
time, I nonetheless think that we will -- we now have the desires in location, Amit, is to make certain that we're working towards these. we have the KPIs that push the groups and us as a company to get there. I accept as true with that we are able to nonetheless continue to make incremental improvement, but we do have headwinds that are variety of offsetting a few of our efforts.
I don't are expecting us to slip backwards in any regard. but so tons of what we're doing, peculiarly as we come into this fourth quarter with things opening up and stuff, is new to us. I feel or not it's new to all businesses which are dealing with this reemergence from COVID. So the short answer is that I feel we still have some room, but we definitely have some challenges.
Jim Galeese -- Chief monetary Officer and govt vice president
Amit, let -- Jim Galeese right here. Let me just add is, as you understand, our goal is double-digit EBITDA, and we're on a nice path of development to achieving that. and positively, a key element of that is going to be an ongoing development in our gross margin fee. Now it's going to come from diverse items.
quantity is a part of that, the exceptional, the greater cost content material of enterprise is a chunk of that. after which, of direction, all of the operational points. it truly is what's allowed us to obtain our margin enlargement that we've got driven over the closing 18 months or so. And or not it's going to be these identical variables with the extent part that is going to continue to allow us to force margin growth relocating forward.
Amit Dayal -- H.C. Wainwright -- Analyst
Understood. thank you, guys. that is all I had. admire it.
Jim Clark -- President and Chief government Officer, LSI
adequate.
Operator
thank you. girls and gents, at the present, there are no further questions. i want to show the ground returned to administration for closing feedback.
Jim Clark -- President and Chief executive Officer, LSI
this is Jim Clark. I simply need to say thank you once more for taking the time and the investment to tune into our updates and discover what our business is doing. As i mentioned in the press unencumber, i'm very satisfied with the effects of the third quarter, the trouble the team's put in. and that i'm very encouraged with the fourth quarter as we -- as a rustic as we start to emerge from this COVID pressures that we've got been dealing with for the ultimate 12 months.
I just wish to say thank you once again, and we seem to be ahead to talking to you within the next quarter. Take care.
Operator
[Operator signoff]
duration: 37 minutes
call individuals:
Jim Galeese -- Chief financial Officer and government vice chairman
Jim Clark -- President and Chief government Officer, LSI
Craig Irwin -- Roth Capital partners -- Analyst
Amit Dayal -- H.C. Wainwright -- Analyst
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