LSI Industries (LYTS) has proven a challenging portfolio position during the year since our initial article on the company. The view that the company was undervalued was perhaps rather early as the company’s shares continued to decline well into the year. In addition, our projection of annual operating results proved quite wide of the mark as our optimism in the company’s ability to stabilize the lighting segment last year was mistaken. Nonetheless, despite the interim challenges, we maintain our broader view that the company has significant potential (especially under current management), remains undervalued,