May 14, 2009 (FinancialWire) — LSI Industries Inc. (NASDAQ: LYTS) is re-evaluating goodwill impairment tests performed in June 2008 and December 2008 to determine if the appropriate amount of non-cash goodwill impairment charges were recorded.

Until this analysis is complete, the company will not be able to file form 10-Q for the period ended March 31, 2009, and has filed a form 12(b)-25 with the Securities Exchange Commission to request a five-day extension of time to file this form 10-Q.

Goodwill impairment expense in the amount of $27,149,000 and $12,669,000 in the quarters ended June 30, 2008 and December 31, 2008, respectively, was recorded in the financial statements of the company. Based upon a preliminary analysis as of this date, the company believes it recorded approximately $400,000 too much impairment in these two periods, on a net basis.

As a result, the amount will be restored to the balance sheet as of March 31, 2009, with a related reduction of non-cash pre-tax impairment expense of approximately $400,000 will be reversed on the company’s consolidated statements of operations.

LSI currently anticipates filing the form 10-Q on or before May 18, 2009, although there can be no assurance in this regard.

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