In the first quarter of fiscal 2012, we continued to experience growth in irrigation equipment demand in both domestic and international markets. We leveraged those sales gains into increased cash flows and higher margins from operations.The margin gains were offset by an accrual in the quarter of $7.2 million or $0.37 per diluted share and expenses that we expect will be incurred in future years for environmental remediation at our Lindsay, Nebraska facility. Consolidated revenues for the quarter were a record $119 million, increasing 34% from $89 million in the same quarter last year. Net earnings were $2.9 million or $0.23 per diluted share, compared with $4.3 million or $0.34 per diluted share in the prior year's first quarter. Excluding the environmental accrual, net earnings were $7.7 million or $0.60 per diluted share.
Lindsay's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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