<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 10)*
LSI Industries Inc.
______________________________________________________________
(Name of Issuer)
Common Stock
______________________________________________________________
(Title of Class of Securities)
502 16C 10 8
______________________________________________________________
(CUSIP Number)
Check the following box if a fee is being paid with this
statement [ ] . (A fee is not required only if the filing
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five
percent or less of such class.) (See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however,
see the Notes).
(Continued on following page(s))
Page 1 of 4 Pages
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[ ][ ]
CUSIP NO. 50216C108
13G
Page 2 of 4 Pages
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James P. Sferra
###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
5 SOLE VOTING POWER
NUMBER OF 467,014
SHARES
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 26,931
PERSON WITH
7 SOLE DISPOSITIVE POWER
467,014
8 SHARED DISPOSITIVE POWER
26,931
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
493,945
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.3%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1(a) Name of Issuer: LSI Industries Inc.
1(b) Address of Issuer's Principal Executive Office:
10000 Alliance Road
Cincinnati, Ohio 45242
2(a) Name of Persons Filing: James P. Sferra
2(b) Address of Principal Business Office:
10000 Alliance Road
Cincinnati, Ohio 45242
2(c) Citizenship: U.S.A.
2(d) Title of Class of Securities: Common Stock, No Par
Value
2(e) CUSIP No.: 50216C 10 8
3. If this Statement is Filed Pursuant to Rules 13d-1(b)
or
13d-2(b), check whether the Person Filing is a: N/A
4. Ownership:
(a) See Item 9 of cover page.
(b) See Item 11 of cover page.
(c) See Items 5-8 of cover page.
Share numbers in Items 5, 7 and 9 include 38,286
options for shares that are exercisable within 60 days.
Share numbers in Items 6, 8 and 9 include 26,931 shares held
by Mr. Sferra's children for which Mr. Sferra disclaims
beneficial ownership.
5. Ownership of 5% or less of class: N/A
6. Ownership of more than 5% on behalf of another person:
N/A
7. Identification and classification of the subsidiary
which acquired the security being reported by the
parent holding company: N/A
8. Identification and classification of members of the
group: N/A
9. Notice of dissolution of group: N/A
10. Certification: N/A
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: January 15, 1996 /s/ James P. Sferra
______________________________
James P. Sferra
