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Lindsay Corporation Reports Fiscal 2013 Third Quarter Results

Third-Quarter Conference Call

Lindsay’s fiscal 2013 third 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 in the U.S., or (706) 758-0065 internationally, and referring to conference ID # 91367297. 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 next quarterly earnings release. 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 under the Lindsay Transportation Solutions trade name. At May 31, 2013 Lindsay had approximately 12.9 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

For more information regarding Lindsay Corporation, see the Company’s Web site at www.lindsay.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,
($ and shares in thousands, except per share amounts) 2013 2012 2013 2012
 
Operating revenues $ 219,542 $172,099 $ 542,451 $ 423,438
Cost of operating revenues   156,506   123,071     386,194     307,668  
Gross profit   63,036   49,028     156,257     115,770  
 
Operating expenses:
Selling expense 8,674 7,324 23,995 21,136
General and administrative expense 11,783 10,390 32,056 27,764
Engineering and research expense 3,029 2,527 8,946 6,827
Environmental remediation expense   -   -     -     7,225  
Total operating expenses   23,486   20,241     64,997     62,952  
 
Operating income 39,550 28,787 91,260 52,818
 
Other income (expense):
Interest expense (32 ) (103 ) (258 ) (376 )
Interest income 100 137 367 327
Other income (expense), net   132   (234 )   252     (314 )
 
Earnings before income taxes 39,750 28,587 91,621 52,455
 
Income tax expense   13,687   9,764     31,479     17,937  
 
Net earnings $ 26,063   $18,823   $ 60,142   $ 34,518  
 
Earnings per share:
Basic $ 2.03 $1.48 $ 4.69 $ 2.72
Diluted $ 2.01 $1.47 $ 4.66 $ 2.70
 
Shares used in computing earnings per share:
Basic 12,858 12,714 12,819 12,700
Diluted 12,947 12,814 12,894 12,799
 
Cash dividends declared per share $ 0.115 $0.090 $ 0.345 $ 0.270
 

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
       
Three months ended Nine months ended
May 31, May 31, May 31, May 31,
($ in thousands)   2013     2012     2013     2012  
 
Net earnings $ 26,063   $ 18,823   $ 60,142   $ 34,518  
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax 33 26 99 77
Unrealized gain on cash flow hedges, net of tax 15 57 6 177
Foreign currency translation adjustment, net of
hedging activities and tax   (1,389 )   (4,599 )   (282 )   (7,386 )
Total other comprehensive loss, net of tax (benefit)
expense of ($10), $530, ($128) and $885   (1,341 )   (4,516 )   (177 )   (7,132 )
Total comprehensive income $ 24,722   $ 14,307   $ 59,965   $ 27,386  
 

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
     
May 31, May 31, August 31,
($ and shares in thousands, except par values)   2013     2012     2012  
 
ASSETS
Current Assets:
Cash and cash equivalents $ 170,215 $ 119,785 $ 143,444
Receivables, net of allowance of $2,847, $1,786 and $1,717 130,924 95,693 82,565
Inventories, net 72,458 62,119 52,873
Deferred income taxes 11,810 9,399 9,505
Other current assets   18,307     13,177     10,478  
Total current assets   403,714     300,173     298,865  
 
Property, Plant and Equipment:
Cost 144,199 134,508 136,695
Less accumulated depreciation   (87,293 )   (78,365 )   (80,515 )
Property, plant and equipment, net   56,906     56,143     56,180  
 
Intangibles, net 22,974 25,709 25,070
Goodwill 30,111 29,866 29,961
Other noncurrent assets   4,416     5,057     5,455  
Total assets $ 518,121   $ 416,948   $ 415,531  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 56,902 $ 38,820 $ 31,372
Current portion of long-term debt 1,071 4,286 4,285
Other current liabilities   65,259     45,502     44,781  
Total current liabilities   123,232     88,608     80,438  
 
Pension benefits liabilities 6,603 6,057 6,821
Long-term debt - 1,071 -
Deferred income taxes 8,809 10,458 9,984
Other noncurrent liabilities   7,715     8,573     7,450  
Total liabilities   146,359     114,767     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; 18,560 issued 18,560 18,413 18,421
Capital in excess of stated value 48,392 41,580 43,140
Retained earnings 396,825 333,819 341,115
Less treasury stock (at cost, 5,698 shares) (90,961 ) (90,961 ) (90,961 )
Accumulated other comprehensive loss, net   (1,054 )   (670 )   (877 )
Total shareholders' equity   371,762     302,181     310,838  
Total liabilities and shareholders' equity $ 518,121   $ 416,948   $ 415,531  
 

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
  Nine months ended
May 31, May 31,
($ in thousands)   2013     2012  
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 60,142 $ 34,518
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 9,380 9,384
Provision for uncollectible accounts receivable 1,502 230
Deferred income taxes (5,304 ) (3,899 )
Share-based compensation expense 3,452 2,611
Other, net 176 132
Changes in assets and liabilities:
Receivables (49,375 ) (20,151 )
Inventories (19,898 ) (14,892 )
Other current assets (7,712 ) (1,371 )
Accounts payable 25,203 8,124
Other current liabilities 18,233 (1,597 )
Current taxes payable 4,551 6,864
Other noncurrent assets and liabilities   536     5,943  
Net cash provided by operating activities   40,886     25,896  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (8,149 ) (7,573 )
Proceeds from sale of property, plant and equipment 21 107
(Payment) proceeds for settlement of net investment hedge   (515 )   1,237  
Net cash used in investing activities   (8,643 )   (6,229 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 1,781 387
Common stock withheld for payroll tax withholdings (2,441 ) (577 )
Principal payments on long-term debt (3,214 ) (3,214 )
Excess tax benefits from share-based compensation 2,751 256
Dividends paid   (4,432 )   (3,431 )
Net cash used in financing activities   (5,555 )   (6,579 )
 
Effect of exchange rate changes on cash and cash equivalents   83     (1,470 )
Net change in cash and cash equivalents 26,771 11,618
Cash and cash equivalents, beginning of period   143,444     108,167  
Cash and cash equivalents, end of period $ 170,215   $ 119,785  




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