Delaware | 1-13419 | 47-0554096 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
2222 North 111th Street Omaha, Nebraska |
68164 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits |
99.1 | Press Release, dated October 13, 2011, issued by the Company. |
Dated: October 13, 2011 | LINDSAY CORPORATION |
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By: | /s/ Jim Raabe | |||
VP and Chief Financial Officer | ||||
For further information, contact: |
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LINDSAY CORPORATION:
|
HALLIBURTON INVESTOR RELATIONS: | |
Jim Raabe
|
Hala Elsherbini or Geralyn DeBusk | |
Vice President & Chief Financial Officer
|
972-458-8000 | |
402-827-6579 |
(Unaudited) | ||||||||
August 31, | August 31, | |||||||
($ in thousands, except par values) | 2011 | 2010 | ||||||
ASSETS |
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Current Assets: |
||||||||
Cash and cash equivalents |
$ | 108,167 | $ | 83,418 | ||||
Receivables, net of allowance of $2,340 and $2,244, respectively |
79,006 | 63,629 | ||||||
Inventories, net |
49,524 | 45,296 | ||||||
Deferred income taxes |
8,598 | 6,722 | ||||||
Other current assets |
12,398 | 8,946 | ||||||
Total current assets |
257,693 | 208,011 | ||||||
Property, plant and equipment, net |
58,465 | 57,646 | ||||||
Other intangible assets, net |
28,639 | 27,715 | ||||||
Goodwill, net |
30,943 | 27,395 | ||||||
Other noncurrent assets |
5,404 | 4,714 | ||||||
Total assets |
$ | 381,144 | $ | 325,481 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 32,153 | $ | 26,501 | ||||
Current portion of long-term debt |
4,286 | 4,286 | ||||||
Other current liabilities |
42,880 | 36,295 | ||||||
Total current liabilities |
79,319 | 67,082 | ||||||
Pension benefits liabilities |
6,231 | 6,400 | ||||||
Long-term debt |
4,285 | 8,571 | ||||||
Deferred income taxes |
12,550 | 10,816 | ||||||
Other noncurrent liabilities |
3,094 | 3,005 | ||||||
Total liabilities |
105,479 | 95,874 | ||||||
Shareholders equity: |
||||||||
Preferred stock, ($1 par value, 2,000,000 shares authorized, no shares
issued and outstanding) |
| | ||||||
Common stock, ($1 par value, 25,000,000 shares authorized,
18,373,549 and 18,184,820 shares issued at August 31, 2011
and 2010, respectively) |
18,374 | 18,185 | ||||||
Capital in excess of stated value |
39,058 | 30,756 | ||||||
Retained earnings |
302,732 | 270,272 | ||||||
Less treasury stock (at cost, 5,698,448 shares at
August 31, 2011 and 2010, respectively) |
(90,961 | ) | (90,961 | ) | ||||
Accumulated other comprehensive income, net |
6,462 | 1,355 | ||||||
Total shareholders equity |
275,665 | 229,607 | ||||||
Total liabilities and shareholders equity |
$ | 381,144 | $ | 325,481 | ||||
Three months ended | ||||||||||||||||
August 31, | Years ended August 31, | |||||||||||||||
(in thousands, except per share amounts) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Operating revenues |
$ | 116,110 | $ | 87,201 | $ | 478,890 | $ | 358,440 | ||||||||
Cost of operating revenues |
86,056 | 61,489 | 349,105 | 259,540 | ||||||||||||
Gross profit |
30,054 | 25,712 | 129,785 | 98,900 | ||||||||||||
Operating expenses: |
||||||||||||||||
Selling expense |
6,984 | 6,387 | 27,842 | 23,070 | ||||||||||||
General and administrative expense |
11,018 | 7,233 | 34,954 | 30,196 | ||||||||||||
Engineering and research expense |
2,278 | 2,374 | 10,403 | 7,792 | ||||||||||||
Total operating expenses |
20,280 | 15,994 | 73,199 | 61,058 | ||||||||||||
Operating income |
9,774 | 9,718 | 56,586 | 37,842 | ||||||||||||
Other income (expense): |
||||||||||||||||
Interest expense |
(171 | ) | (266 | ) | (762 | ) | (1,557 | ) | ||||||||
Interest income |
165 | 137 | 315 | 352 | ||||||||||||
Other income (expense), net |
9 | 73 | 375 | 145 | ||||||||||||
Earnings before income taxes |
9,777 | 9,662 | 56,514 | 36,782 | ||||||||||||
Income tax provision |
3,875 | 3,703 | 19,712 | 11,920 | ||||||||||||
Net earnings |
$ | 5,902 | $ | 5,959 | $ | 36,802 | $ | 24,862 | ||||||||
Basic net earnings per share |
$ | 0.47 | $ | 0.48 | $ | 2.93 | $ | 2.00 | ||||||||
Diluted net earnings per share |
$ | 0.46 | $ | 0.48 | $ | 2.90 | $ | 1.98 | ||||||||
Weighted average shares outstanding |
12,624 | 12,486 | 12,560 | 12,451 | ||||||||||||
Diluted effect of stock equivalents |
113 | 125 | 132 | 134 | ||||||||||||
Weighted average shares outstanding assuming dilution |
12,737 | 12,611 | 12,692 | 12,585 | ||||||||||||
Cash dividends per share |
$ | 0.090 | $ | 0.085 | $ | 0.345 | $ | 0.325 | ||||||||
Years Ended August 31, | ||||||||
($ in thousands) | 2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net earnings |
$ | 36,802 | $ | 24,862 | ||||
Adjustments to reconcile net earnings to net cash provided by
operating activities: |
||||||||
Depreciation and amortization |
11,734 | 10,710 | ||||||
Provision for uncollectible accounts receivable |
388 | 732 | ||||||
Deferred income taxes |
(2,828 | ) | (1,500 | ) | ||||
Stock-based compensation expense |
3,474 | 2,206 | ||||||
(Gain) loss on disposal of fixed assets |
(22 | ) | (519 | ) | ||||
Other, net |
230 | 120 | ||||||
Changes in assets and liabilities: |
||||||||
Receivables |
(12,626 | ) | (22,294 | ) | ||||
Inventories |
(1,826 | ) | 827 | |||||
Other current assets |
(1,430 | ) | (2,862 | ) | ||||
Accounts payable |
4,780 | 6,739 | ||||||
Other current liabilities |
8,223 | 1,388 | ||||||
Current taxes payable |
(2,327 | ) | 5,287 | |||||
Other noncurrent assets and liabilities |
(1,517 | ) | (1,863 | ) | ||||
Net cash provided by operating activities |
43,055 | 23,833 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchases of property, plant and equipment |
(8,405 | ) | (5,784 | ) | ||||
Proceeds from sale of property, plant and equipment |
80 | 606 | ||||||
Acquisition of business, net of cash acquired |
(6,180 | ) | (6,436 | ) | ||||
Proceeds from note receivable |
| 1,409 | ||||||
(Payment) proceeds for settlement of net investment hedge |
(1,119 | ) | 518 | |||||
Net cash used in investing activities |
(15,624 | ) | (9,687 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Issuance of common stock under stock compensation plans |
2,736 | 549 | ||||||
Principal payments on long-term debt |
(4,286 | ) | (12,769 | ) | ||||
Net borrowing on revolving line of credit |
| | ||||||
Excess tax benefits from stock-based compensation |
2,487 | 76 | ||||||
Dividends paid |
(4,342 | ) | (4,051 | ) | ||||
Net cash used in financing activities |
(3,405 | ) | (16,195 | ) | ||||
Effect of exchange rate changes on cash |
723 | (462 | ) | |||||
Net increase (decrease) in cash and cash equivalents |
24,749 | (2,511 | ) | |||||
Cash and cash equivalents, beginning of period |
83,418 | 85,929 | ||||||
Cash and cash equivalents, end of period |
$ | 108,167 | $ | 83,418 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION |
||||||||
Income taxes paid |
$ | 22,057 | $ | 8,368 | ||||
Interest paid |
$ | 860 | $ | 1,648 |
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