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Lindsay Corporation Reports Fiscal 2012 Third Quarter Results

Stocks in this article: LNN

Lindsay’s backlog of unshipped orders at May 31, 2012 was $44.5 million compared with $43.3 million at May 31, 2011 and $87.3 million at February 29, 2012.

Nine Month Results

Total revenues for the nine months ended May 31, 2012 were $423.4 million, a 17 percent increase from $362.8 million for the prior year’s nine-month period. Total irrigation equipment revenues of $367.4 million increased 32 percent from a year ago, while infrastructure revenues decreased 33 percent to $56.1 million. The Company’s operating income for the nine-month period was $52.8 million compared to $46.8 million during the same prior year period. Net earnings were $34.5 million or $2.70 per diluted share, as compared to $30.9 million, or $2.44 per diluted share for the prior year period.

Fiscal 2012 operating costs included $7.2 million of expenses accrued in the Company’s first fiscal quarter, or $0.37 per diluted share on an after tax basis, relating to an estimated increase in the Company’s liability for environmental remediation at its Lindsay, Nebraska facility. Comparatively, fiscal 2011 included environmental remediation expense of $1.2 million, or $0.06 per diluted share after tax.

Outlook

Rick Parod, president and chief executive officer, commented, “Farm incomes and commodity prices have driven positive farmer sentiment, leading to increased domestic irrigation demand. The increase in sales, along with cost reductions and efficiency improvements across our business segments have resulted in higher operating margins in the third quarter.”

Parod added, “The long term fundamentals of the business remain very positive, as growth drivers of expanded food production and efficient and environmentally friendly water use remain intact. Infrastructure demand will continue to be challenging and uncertain until global governments commit to more consistent investments in roads and other infrastructure.”

Third-Quarter Conference Call

Lindsay’s fiscal 2012 third quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (877) 307-0228 domestically, or (706) 758-0065 internationally, and referring to conference ID # 85159441. Additionally, 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, www.lindsay.com. Replays of the conference call will remain on our Web site through the end of the fourth quarter. 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 May 31, 2012, Lindsay had approximately 12.7 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

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