17.12.2008 13:00

Lindsay Corporation Reports Fiscal 2009 First Quarter Results


Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal first quarter ended November 30, 2008.

First Quarter Results

First quarter fiscal 2009 total revenues increased 49 percent to $113.1 million from $75.9 million for the year-ago period. Net earnings were $6.3 million or $0.51 per diluted share, compared with $4.4 million or $0.36 per diluted share, in the prior year’s first quarter.

Total irrigation equipment revenues increased 52 percent to $86.0 million from $56.5 million in the prior fiscal year’s first quarter. Domestic irrigation revenues increased 55 percent, while international irrigation revenues improved 47 percent from the prior year’s first quarter. Infrastructure revenues were $27.2 million compared with $19.4 million in the prior year period, an increase of 40 percent.

Gross margin was 25.3 percent compared to 25.4 percent a year ago with improved irrigation margins offset by lower infrastructure margins resulting from unfavorable product mix and factory efficiency variances in the quarter.

Operating expenses were $16.9 million, increasing $4.1 million over the first quarter of the prior year, and were 14.9 percent of sales, compared with 16.8 percent of sales in the prior year period. The increased spending was primarily due to the inclusion of Watertronics, $0.7 million of incremental expenses for additional environmental monitoring and remediation as part of an EPA work plan at our Lindsay, Nebraska facility and personnel related costs. Operating income of $11.8 million increased 81 percent compared with $6.5 million in the prior year period. Other expense of $1.7 million primarily resulted from foreign currency translation losses experienced from the volatility of exchange rates.

Lindsay’s backlog of unshipped orders at November 30, 2008 was $40.1 million compared with $51.2 million at November 30, 2007. Irrigation backlog of $23.8 million decreased $6.1 million ($9.0 million prior to the inclusion of Watertronics) from the first quarter of fiscal 2008, and decreased $47.9 million from August 31, 2008. Infrastructure backlog of $16.3 million decreased $5.0 million from the first quarter of fiscal 2008 and decreased $4.3 million from the fiscal 2008 year-end.


Rick Parod, president and chief executive officer, commented, "General economic conditions and agricultural commodity prices turned unfavorable during the quarter, which is expected to adversely affect future irrigation equipment demand. These economic changes did impact the incoming order rate during the quarter, with orders received down considerably from the high level experienced in fiscal 2008. However, the first quarter is a seasonally-low sales period for the U.S. market, and not a good indicator of future demand. We have taken action to adjust our staffing and other expenses, and we will continue to monitor the current economic situation and take appropriate action.”

Lindsay also announced today that Barrier Systems Sales & Service, LLC, a wholly-owned subsidiary, has been awarded a contract for approximately $19.6 million to provide moveable barrier and barrier transfer machines for a section of toll road in Mexico City. The contract will also include crash cushions and gate products supplied by Barrier Systems. Work on the contract is currently underway with an estimated completion date of January 2010.

Parod commented, "We are pleased at the opportunity to provide a solution, in part, to the traffic congestion issues facing Mexico City. While general economic conditions have deteriorated, we are optimistic about the opportunities that may develop for our infrastructure segment. We are well positioned to take advantage of incremental U.S. spending for roads and bridges. The drivers for our markets, which include expanded food production, efficient water use, and improvements in transportation safety, remain very positive for long-term growth in our business segments.”

First-Quarter Conference Call

Lindsay’s fiscal 2009 first quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. The conference call will be simulcast live on the Internet, and can be accessed via the investor relations section of the Company's Web site, The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's Web site.

About the Company

Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products through its wholly owned subsidiaries, Barrier Systems Inc. and Snoline S.P.A. At November 30, 2008, Lindsay had approximately 12.3 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

For more information regarding Lindsay Corporation, see Lindsay's Web site at For more information on the Company's infrastructure products, visit and

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that we file with the Securities and Exchange Commission. Forward-looking statements include the information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words "intend,” "expectation," "outlook," "could," "may," "should," or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Lindsay Corporation and Subsidiaries
Three months ended
November 30,

(in thousands, except per share amounts)

2008 2007
Operating revenues $ 113,121 $ 75,928
Cost of operating revenues   84,472     56,632  
Gross profit   28,649     19,296  
Operating expenses:
Selling expense 6,763 5,130
General and administrative expense 8,349 6,144
Engineering and research expense   1,741     1,506  
Total operating expenses   16,853     12,780  
Operating income 11,796 6,516
Other income (expense):
Interest expense (625 ) (599 )
Interest income 316 476
Other income (expense), net   (1,706 )   114  
Earnings before income taxes 9,781 6,507
Income tax provision   3,459     2,141  
Net earnings $ 6,322   $ 4,366  
Basic net earnings per share $ 0.52   $ 0.37  
Diluted net earnings per share $ 0.51   $ 0.36  
Weighted Average shares outstanding 12,250 11,766
Diluted effect of stock equivalents   235     462  
Weighted average shares outstanding assuming dilution   12,485     12,228  
Cash dividends per share $ 0.075   $ 0.070  
Lindsay Corporation and Subsidiaries
(Unaudited) (Unaudited)
November 30, November 30, August 31,

($ in thousands, except par values)

2008 2007 2008
Current Assets:
Cash and cash equivalents $ 28,298 $ 17,324 $ 50,760
Marketable securities - 8,207 -
Receivables, net of allowance, $1,241, $1,029 and $1,457, respectively 84,089 60,437 88,410
Inventories, net 72,488 54,964 53,409
Deferred income taxes 7,754 5,645 8,095
Other current assets   6,627     8,453     7,947  
Total current assets 199,256 155,030 208,621
Property, plant and equipment, net 55,669 47,286 57,571
Other intangible assets, net 29,195 27,713 30,808
Goodwill, net 23,333 18,829 24,430
Other noncurrent assets   4,973     6,112     5,447  
Total assets $ 312,426   $ 254,970   $ 326,877  
Current Liabilities:
Accounts payable $ 33,300 $ 24,664 $ 32,818
Current portion of long-term debt 6,171 6,171 6,171
Other current liabilities   33,058     25,427     43,458  
Total current liabilities 72,529 56,262 82,447
Pension benefits liabilities 5,606 5,426 5,673
Long-term debt 24,082 30,253 25,625
Deferred income taxes 12,197 10,036 11,786
Other noncurrent liabilities   4,281     5,503     5,445  
Total liabilities   118,695     107,480     130,976  
Shareholders' equity:

Preferred stock, ($1 par value, 2,000,000 shares authorized, no shares issued and outstanding)

- - -

Common stock, ($1 par value, 25,000,000 shares authorized, 18,093,191, 17,795,683 and 18,055,292 shares issued and outstanding in November 2008 and 2007 and August 2008, respectively)

18,093 17,796 18,055
Capital in excess of stated value 26,818 12,924 26,352
Retained earnings 245,019 207,422 239,676

Less treasury stock (at cost, 5,813,448, 5,998,448 and 5,843,448 shares in November 2008 and 2007 and August 2008, respectively)

(92,796 ) (95,749 ) (93,275 )
Accumulated other comprehensive income, net   (3,403 )   5,097     5,093  
Total shareholders' equity   193,731     147,490     195,901  
Total liabilities and shareholders' equity $ 312,426   $ 254,970   $ 326,877  
Lindsay Corporation and Subsidiaries
Three Months Ended

($ in thousands)

Years Ended November 30,
2008 2007
Net earnings $ 6,322 $ 4,366
Adjustments to reconcile net earnings to net cash used in
operating activities:
Depreciation and amortization. 2,686 2,131
Provision for uncollectible accounts receivable 27 (68 )
Deferred income taxes 338 281
Stock-based compensation expense 457 572
Other, net 67 (36 )
Changes in assets and liabilities:
Receivables, net 1,507 (12,114 )
Inventories, net (22,684 ) (11,612 )
Other current assets (44 ) (983 )
Accounts payable 2,128 4,424
Other current liabilities (6,489 ) 161
Current taxes payable (867 ) 604
Other noncurrent assets and liabilities   225     (2,873 )
Net cash used in operating activities   (16,327 )   (15,147 )
Purchases of property, plant and equipment (2,275 ) (4,502 )
Proceeds from sale of property, plant and equipment 6 5
Acquisition of business, net of cash acquired - (3,520 )
Proceeds from settlement of net investment hedge 859 -
Purchases of marketable securities available-for-sale - (13,860 )
Proceeds from maturities of marketable securities available-for-sale   -     33,265  
Net cash (used in) provided by investing activities   (1,410 )   11,388  
Proceeds from issuance of common stock under stock compensation plan 116 307
Principal payments on long-term debt (1,543 ) (1,543 )
Net borrowings under revolving line of credit (1,630 ) -
Excess tax benefits from stock-based compensation 328 373
Dividends paid   (920 )   (826 )
Net cash used in financing activities   (3,649 )   (1,689 )
Effect of exchange rate changes on cash   (1,076 )   1,750  
Net decrease in cash and cash equivalents (22,462 ) (3,698 )
Cash and cash equivalents, beginning of period   50,760     21,022  
Cash and cash equivalents, end of period $ 28,298   $ 17,324  

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Analysen zu Lindsay CorpShs

  • Alle
  • Buy
  • Hold
  • Sell
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13.10.2017Lindsay HoldStifel, Nicolaus & Co., Inc.
01.12.2016Lindsay HoldStifel, Nicolaus & Co., Inc.
14.10.2016Lindsay SellStifel, Nicolaus & Co., Inc.
02.06.2016Lindsay SellStifel, Nicolaus & Co., Inc.
24.05.2016Lindsay NeutralSeaport Global Securities
13.10.2017Lindsay HoldStifel, Nicolaus & Co., Inc.
01.12.2016Lindsay HoldStifel, Nicolaus & Co., Inc.
24.05.2016Lindsay NeutralSeaport Global Securities
01.04.2016Lindsay NeutralWedbush Morgan Securities Inc.
28.01.2015Lindsay NeutralBoenning & Scattergood
10.10.2014Lindsay HoldGabelli & Co
14.10.2016Lindsay SellStifel, Nicolaus & Co., Inc.
02.06.2016Lindsay SellStifel, Nicolaus & Co., Inc.
14.09.2015Lindsay SellMonness, Crespi, Hardt & Co.
26.03.2015Lindsay SellMonness, Crespi, Hardt & Co.
08.12.2014Lindsay SellMonness, Crespi, Hardt & Co.

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