This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Lindsay Corporation Reports Fiscal 2012 Third Quarter Results

For more information regarding Lindsay Corporation, see Lindsay's Web site at www.lindsay.com . For more information on the Company's infrastructure products, visit www.barriersystemsinc.com and www.snoline.com .

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 the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” "expect," "outlook," "could," "may," "should," “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
       
 
Three months ended Nine months ended
May 31, May 31, May 31, May 31,
($ in thousands, except per share amounts) 2012 2011 2012 2011
 
Operating revenues $ 172,099 $ 153,446 $ 423,438 $ 362,780
Cost of operating revenues   123,071     111,947     307,668     263,049  
Gross profit   49,028     41,499     115,770     99,731  
 
Operating expenses:
Selling expense 7,324 6,929 21,136 20,858
General and administrative expense 10,390 8,178 27,764 22,761
Engineering and research expense 2,527 2,789 6,827 8,125
Environmental remediation expense   -     462     7,225     1,175  
Total operating expenses   20,241     18,358     62,952     52,919  
 
Operating income 28,787 23,141 52,818 46,812
 
Other income (expense):
Interest expense (103 ) (192 ) (376 ) (591 )
Interest income 137 71 327 150
Other income (expense), net   (234 )   139     (314 )   366  
 
Earnings before income taxes 28,587 23,159 52,455 46,737
 
Income tax provision   9,764     7,870     17,937     15,837  
 
Net earnings $ 18,823   $ 15,289   $ 34,518   $ 30,900  
 
Basic net earnings per share $ 1.48   $ 1.22   $ 2.72   $ 2.46  
 
Diluted net earnings per share $ 1.47   $ 1.20   $ 2.70   $ 2.44  
 
Weighted average shares outstanding 12,714 12,564 12,700 12,538
Diluted effect of stock equivalents   100     139     99     139  
Weighted average shares outstanding assuming dilution   12,814     12,703     12,799     12,677  
 
Cash dividends per share $ 0.090   $ 0.085   $ 0.270   $ 0.255  
 
 
Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
     
 
(Unaudited) (Unaudited)
May 31,

May 31,

August 31,
($ and shares in thousands, except par values) 2012 2011 2011
ASSETS
Current assets:
Cash and cash equivalents $ 119,785 $ 100,568 $ 108,167
Receivables, net of allowance 95,693 87,588 79,006
Inventories, net 62,119 52,833 49,524
Deferred income taxes 9,399 6,798 8,598
Other current assets   13,177     12,177     12,398  
Total current assets 300,173 259,964 257,693
 
Property, plant and equipment, net 56,143 57,279 58,465
Other intangible assets, net 25,709 27,430 28,639
Goodwill 29,866 28,815 30,943
Other noncurrent assets   5,057     4,318     5,404  
Total assets $ 416,948   $ 377,806   $ 381,144  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 38,820 $ 42,966 $ 32,153
Current portion of long-term debt 4,286 4,286 4,286
Other current liabilities   45,502     40,445     42,880  
Total current liabilities 88,608 87,697 79,319
 
Pension benefits liabilities 6,057 6,233 6,231
Long-term debt 1,071 5,357 4,285
Deferred income taxes 10,458 10,947 12,550
Other noncurrent liabilities   8,573     1,790     3,094  
Total liabilities   114,767     112,024     105,479  
 
Shareholders' equity:
Preferred stock - - -
Common stock 18,413 18,269 18,374
Capital in excess of stated value 41,580 34,162 39,058
Retained earnings 333,819 297,971 302,732
 
Less treasury stock (90,961 ) (90,961 ) (90,961 )
Accumulated other comprehensive (loss) income, net   (670 )   6,341     6,462  
Total shareholders' equity   302,181     265,782     275,665  
Total liabilities and shareholders' equity $ 416,948   $ 377,806   $ 381,144  
 
 
Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
   
 
($ in thousands) Nine Months Ended
May 31, May 31,
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 34,518 $ 30,900
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 9,384 8,820
Provision for uncollectible accounts receivable 230 248
Deferred income taxes (3,899 ) (2,001 )
Share-based compensation expense 2,611 2,384
Other, net 132 (350 )
Changes in assets and liabilities:
Receivables (20,151 ) (21,326 )
Inventories (14,892 ) (5,330 )
Other current assets (1,371 ) (2,929 )
Accounts payable 8,124 15,441
Other current liabilities (1,597 ) 2,642
Current taxes payable 6,864 853
Other noncurrent assets and liabilities   5,943     (1,077 )
Net cash provided by operating activities   25,896     28,275  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (7,573 ) (5,315 )
Proceeds from sale of property, plant and equipment 107 57
Acquisition of business, net of cash acquired - (1,279 )
Proceeds (payment) for settlement of net investment hedge   1,237     (1,261 )
Net cash used in investing activities   (6,229 )   (7,798 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under share-based compensation plans 387 1,086
Common stock withheld from share-based compensation for payroll tax withholdings (577 ) (843 )
Principal payments on long-term debt (3,214 ) (3,214 )
Net borrowing on revolving line of credit - 1,212
Excess tax benefits from share-based compensation 256 1,068
Dividends paid   (3,431 )   (3,201 )
Net cash used in financing activities   (6,579 )   (3,892 )
 
Effect of exchange rate changes on cash   (1,470 )   565  
Net increase in cash and cash equivalents 11,618 17,150
Cash and cash equivalents, beginning of period   108,167     83,418  
Cash and cash equivalents, end of period $ 119,785   $ 100,568  




Stock quotes in this article: LNN 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs