Form 4 - Ron Stowell
FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*



Stowell, Ronald S. 		2. Issuer Name and Ticker or Trading Symbol



LSI Industries Inc. - LYTS

6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[_]    Director                                    [_]   10% Owner
[X]    Officer (give title below)             [_]   Other (specify below)
                                    

Vice President, Chief Financial Officer and Treasurer
(Last)             (First)            (Middle)




10000 Alliance Road 		3. I.R.S. Identification Number of Reporting Person, if an entity
(voluntary)

270-50-7800 		4. Statement for Month/Day/Year



April 2, 2003
(Street)



Cincinnati, Ohio 45242 		5. If Amendment, Date of Original (Month/Day/Year)
 		7. Individual or Joint/Group Filing
(Check Applicable Line)
[X]  Form filed by One Reporting Person
[_] Form filed by More than One Reporting Person
(City)             (State)             (Zip) Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
(Instr. 3)

2. Trans-
action
Date
(mm/dd/yy)

2A.
Deemed
Execution
Date, if
any
(mm/dd/yy)
 3. Transaction
Code (Instr. 8)		 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction
(Instr. 3 and 4) 		6. Owner-
ship Form:
Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A)
or
(D)		 Price
 Common Shares                31,485  D  
 Common Shares(2)  4/2/03    A    73  A  $9.03  14,639  D  
               Total  46,124    
                     
                     

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instructions 4(b)(v).
 
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SEC 1474 (9-02)


FORM 4 (continued)
 Table II —Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) 		 
1.Title of Derivative Security
(Instr.3)		 2.  Conversion
or Exercise
Price of
Derivative
Security		 3.  Transaction
Date
(Month/
Day/
Year)		 3A.
Deemed
Execution
Date if
any
(Month/
Day/
Year)		 4. Transaction Code  Instr. 8) 5. Number of Derivative
Securities  Acquired (A) or
Disposed of  (D)  (Instr. 3, 4 and 5)
 6. Date Exercisable
and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying
Securities
(Instr. 3 and 4)		 8. Price of
Derivative
Security
(Instr. 5)

9.Number of
Deriv-
ative
Secur-
ities
Bene-
ficially
Owned
Follow-
ing
Reported
Trans-
action(s)
(Instr. 4)

 10. Owner-
ship
Form of
Deriv-
ative
Security:
Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of
Indirect
Benefi-
cial
Owner-
ship
(Instr. 4)
Code V (A) (D) Date
Exercisable		 Expiration
Date		 Title Amount or
Number
of Shares
 Option to buy(1)  $10.09              9/4/99(3)  9/4/07  Common
Shares		  15,000  $10.09  15,000  D  
 Option to buy(1)  $10.29              7/3/01(3)  7/3/10  Common
Shares		  15,000  $10.29  15,000  D  
 Option to buy(1)  $14.60              11/14/01(4)  11/14/11  Common
Shares		  15,000  $14.60  15,000  D  
                               
                               
                               
Explanation of Responses:

(1)  Option granted pursuant to the Company’s Incentive Stock Option Plans. Option grants have been previously reported.
(2)  Common shares held in the LSI Industries Inc. Non-Qualified Deferred Compensation Plan.
(3)  Options are exercisable at a rate of 25% per year beginning on the 2nd grant date anniversary, cumulative to the extent not exercised in a prior year.
(4)  Options are exercisable at a rate of 10% beginning on the 1st grant date anniversary, 28% on the 2nd anniversary date, 27% on the 3rd anniversary date,
       and 35% on the 4th anniversary date, cumulative to the extent not exercised in a prior year.
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).		 /s/  Kurt R. Gearhart
Signautre of Kurt R. Gearhart
as Attorney-in-Fact for Ronald S. Stowell 		4/3/03
Date
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