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Lindsay Corporation Reports Fiscal 2013 First 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
November 30, November 30,
($ and shares in thousands, except per share amounts) 2012 2011
 
Operating revenues $ 147,370 $ 119,205
Cost of operating revenues   104,513     88,957  
Gross profit   42,857     30,248  
 
Operating expenses:
Selling expense 7,321 6,944
General and administrative expense 10,118 8,940
Engineering and research expense 3,154 2,056
Environmental remediation expense   -     7,225  
Total operating expenses   20,593     25,165  
 
Operating income 22,264 5,083
 
Other income (expense):
Interest expense (143 ) (143 )
Interest income 138 96
Other income (expense), net   124     (595 )
 
Earnings before income taxes 22,383 4,441
 
Income tax expense   7,655     1,520  
 
Net earnings $ 14,728   $ 2,921  
 
Earnings per share:
Basic $ 1.15 $ 0.23
Diluted $ 1.15 $ 0.23
 
Shares used in computing earnings per share:
Basic 12,756 12,682
Diluted 12,853 12,764
 
Cash dividends declared per share $ 0.115 $ 0.090
 
 
Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
   
Three months ended
November 30, November 30,
($ in thousands) 2012 2011
 
Net earnings $ 14,728   $ 2,921  
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax 33 26
Unrealized gain on cash flow hedges, net of tax 26 72
Foreign currency translation adjustment, net of hedging activities, net of tax   (41 )   (4,131 )
Total other comprehensive income (loss), net of tax
(benefit) expense of ($393) and $139   18     (4,033 )
Total comprehensive income (loss) $ 14,746   $ (1,112 )
 
 
Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
     
November 30, November 30, August 31,
($ and shares in thousands, except par values) 2012 2011 2012
 
ASSETS
Current Assets:
Cash and cash equivalents $ 152,173 $ 108,731 $ 143,444
Receivables, net of allowance of $1,645, $2,171 and $1,717 88,893 76,671 82,565
Inventories, net 67,250 57,646 52,873
Deferred income taxes 8,171 8,980 9,505
Other current assets   10,719     11,787     10,478  
Total current assets   327,206     263,815     298,865  
 
Property, Plant and Equipment:
Cost 139,032 131,555 136,695
Less accumulated depreciation   (82,947 )   (74,580 )   (80,515 )
Property, plant and equipment, net   56,085     56,975     56,180  
 
Intangibles, net 24,410 27,494 25,070
Goodwill 30,114 30,390 29,961
Other noncurrent assets   5,063     5,408     5,455  
Total assets $ 442,878   $ 384,082   $ 415,531  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 50,662 $ 39,955 $ 31,372
Current portion of long-term debt 3,214 4,286 4,285
Other current liabilities   39,141     38,072     44,781  
Total current liabilities   93,017     82,313     80,438  
 
Pension benefits liabilities 6,749 6,173 6,821
Long-term debt - 3,214 -
Deferred income taxes 9,622 10,433 9,984
Other noncurrent liabilities   7,417     8,128     7,450  
Total liabilities   116,805     110,261     104,693  
 
Shareholders' Equity:
Preferred stock of $1 par value-
Authorized 2,000 shares; none issued - - -
Common stock of $1 par value-
Authorized 25,000 shares; 18,531 issued 18,531 18,397 18,421
Capital in excess of stated value 44,995 39,446 43,140
Retained earnings 354,367 304,510 341,115
Less treasury stock (at cost, 5,698 shares) (90,961 ) (90,961 ) (90,961 )
Accumulated other comprehensive (loss) income, net   (859 )   2,429     (877 )
Total shareholders' equity   326,073     273,821     310,838  
Total liabilities and shareholders' equity $ 442,878   $ 384,082   $ 415,531  
 
 
Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
   
Three months ended
November 30, November 30,
($ in thousands) 2012 2011
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 14,728 $ 2,921
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 3,130 3,125
Provision for uncollectible accounts receivable 199 47
Deferred income taxes (782 ) (2,596 )
Share-based compensation expense 1,219 898
Other, net 157 1,014
Changes in assets and liabilities:
Receivables (6,441 ) 162
Inventories (14,341 ) (9,565 )
Other current assets (357 ) (928 )
Accounts payable 19,210 8,775
Other current liabilities (4,396 ) (6,399 )
Current taxes payable 1,312 3,553
Other noncurrent assets and liabilities   (181 )   5,200  
Net cash provided by operating activities   13,457     6,207  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (2,215 ) (2,632 )
(Payment) proceeds for settlement of net investment hedge   (1,093 )   476  
Net cash used in investing activities   (3,308 )   (2,156 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 1,082 -
Common stock withheld for payroll tax withholdings (2,441 ) (579 )
Principal payments on long-term debt (1,072 ) (1,071 )
Excess tax benefits from share-based compensation 2,185 135
Dividends paid   (1,476 )   (1,143 )
Net cash used in financing activities   (1,722 )   (2,658 )
 
Effect of exchange rate changes on cash and cash equivalents   302     (829 )
Net change in cash and cash equivalents 8,729 564
Cash and cash equivalents, beginning of period   143,444     108,167  
Cash and cash equivalents, end of period $ 152,173   $ 108,731  




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