June 27, 2023
LSI Industries Joins Russell 3000 Index
With annual revenues approaching $500 million, LSI gains even more traction in financial markets
CINCINNATI — LSI Industries Inc. (Nasdaq: LYTS), a leading U.S. based manufacturer of commercial lighting and display solutions, announced that it has earned the opportunity to join the broad-market Russell 3000® Index at the conclusion of the 2023 Russell indexes annual reconstitution. This move was effective after the U.S. market opened on June 26, 2023, according to a preliminary list of additions posted May 19.
LSI Industries' fiscal year 2023 ends this week and the company is expected to get close to $500 million in sales revenue for the year, with the Lighting segment contributing to more than half that amount.
The Russell® 3000 Index, created in 1984 and part of the FTSE Russell, offers exposure to the U.S. stock market by tracking the performance of the country's largest 3,000 companies. Representing around 96% of the investable U.S. equity market, the index serves as a comprehensive, unbiased measure of the broad market. It undergoes annual reconstitution to include new and expanding equities. Significant sectors represented within the index include financial, consumer discretionary, health care, and technology.
FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
“We believe LSI remains one of the most exciting Industrial growth opportunities in the U.S. public equity markets, one defined by a multi-year track record of sustained value creation,” stated James A. Clark, President and Chief Executive Officer of LSI. “Our addition to the Russell 3000® Index is a testament to the many contributions of our employees and partners who, as one team, remain committed to building an integrated platform of scale within the advanced lighting and display solutions markets.”
