Cash and cash equivalents of $152.2 million were $43.4 million higher compared to the end of the first quarter last year, while debt decreased $4.3 million.
Backlog of unshipped orders at November 30, 2012 was $85.1 million compared with $52.8 million at November 30, 2011 and $57.1 million at August 31, 2012.
Rick Parod, president and chief executive officer, commented, “Irrigation order volumes remained extremely robust throughout the first quarter as drought conditions combined with positive farmer sentiment, farm incomes and commodity prices continued into fiscal 2013. Infrastructure sales were disappointing, although we remain optimistic that we will see improving trends over the course of the year.”
Parod added, “We believe the quarter end backlog represents pulling forward some volume, at least in part, from the second half of fiscal 2013. As is always the case, full year results will be dependent on conditions for agriculture equipment sales through the peak selling season this spring. Overall the long term fundamentals of the business remain very positive, as growth drivers of population growth, expanded food production and efficient and environmentally friendly water use remain imperative.”
First-Quarter Conference Call
Lindsay’s fiscal 2013 first quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (888) 321-8161 domestically, or (706) 758-0065 internationally, and referring to conference ID # 82593517. 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,
. Replays of the conference call will remain on our Web site through the end of the second quarter of fiscal 2013. 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, 2012 Lindsay had approximately 12.8 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.