Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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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(Print or Type Responses)
1. Name and Address of Reporting Person *
READY SCOTT
   2. Issuer Name and Ticker or Trading Symbol
LSI INDUSTRIES INC [LYTS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Pres-LSI Light. Solutions Plus
(Last)
(First)
(Middle)
P.O. BOX 42728, 10000 ALLIANCE		 3. Date of Earliest Transaction (Month/Day/Year)
03/02/2007
(Street)

CINCINNATI, OH 45242		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. 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. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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(s)
(Instr. 3 and 4)		 6. Ownership 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 03/02/2007   M   469 A $ 8.07 105,729 D  
Common Shares 03/02/2007   M   2,800 A $ 9.06 108,529 D  
Common Shares 03/02/2007   F   1,827 D $ 15.95 106,702 D  
Common Shares               5,625 I By Spouse
Common Shares               836 (6) D  

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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 Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option to Buy $ 9.06 03/02/2007   M     2,800   (1) 02/21/2008 Common Shares 5,625 $ 0 2,825 D  
Option to Buy $ 8.23               (2) 07/03/2010 Common Shares 6,750   6,750 D  
Option to Buy $ 11.68               (3) 11/14/2011 Common Shares 3,600   3,600 D  
Option to Buy $ 15.84               (4) 03/02/2012 Common Shares 300   300 D  
Option to Buy $ 9.96               (5) 10/27/2014 Common Shares 20,000   20,000 D  
Option to Buy $ 17.6               (7) 08/24/2016 Common Shares 20,000   20,000 D  
Option to Buy $ 8.07 03/02/2007   M     469   (1) 09/04/2007 Common Shares 469 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
READY SCOTT
P.O. BOX 42728
10000 ALLIANCE
CINCINNATI, OH 45242		       Pres-LSI Light. Solutions Plus  

Signatures

 Mark A. Weiss Attorney-in-Fact for Scott Ready   03/06/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The options vest in equal annual amounts of 25% per year beginning on the first anniversary of the date of grant.
(2) Options granted pursuant to the Company's Incentive Stock Option Plans July 3, 2000. Options vest 25% a year commencing on the first anniversary of the date of grant.
(3) Options granted pursuant to the Company's Incentive Stock Option Plans November 14, 2001. Options vest 25% a year commencing on the first anniversary of the date of grant.
(4) Options granted pursuant to the Company's Incentive Stock Option Plans March 1, 2002. Options vest 25% a year commencing on the first anniversary of the date of grant.
(5) Options granted pursuant to the Company's Incentive Stock Option Plans October 27, 2004. Options vest 25% a year commencing on the first anniversary of the date of grant.
(6) Common shares held in the LSI Industries Inc. Non-Qualified Deferred Compensation Plan.
(7) The options vest in equal annual amounts of 25% per year beginning on August 24, 2007.

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