-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WdXXf2xEJY7hiPJamAg66gnSMQYgbNk9mWjkRN1C3xic34pTCHtjk+SsC55GsmmS ODrEc5fokbhAkzhugzGNVw== 0000950124-03-004063.txt : 20031223 0000950124-03-004063.hdr.sgml : 20031223 20031223094642 ACCESSION NUMBER: 0000950124-03-004063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031222 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINDSAY MANUFACTURING CO CENTRAL INDEX KEY: 0000836157 STANDARD INDUSTRIAL CLASSIFICATION: FARM MACHINERY & EQUIPMENT [3523] IRS NUMBER: 470554096 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13419 FILM NUMBER: 031069533 BUSINESS ADDRESS: STREET 1: 2707 NORTH 108TH STREET STE 102 CITY: OMAHA STATE: NE ZIP: 68644 BUSINESS PHONE: 4024282131 MAIL ADDRESS: STREET 1: 2707 NORTH 108TH STREET STE 102 CITY: OMAHA STATE: NE ZIP: 68644 8-K 1 c81747e8vk.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 22, 2003 LINDSAY MANUFACTURING CO. ------------------------- (Exact name of registrant as specified in its charter) Delaware 1-13419 47-0554096 - -------------- ----------- ------------ (State of (Commission (IRS Employer Incorporation) File Number) Identification Number) 2707 North 108th Street, Suite 102 Omaha, Nebraska 68164 ---------------------------------- -------- (Address of principal executive offices) (Zip Code) (402) 428-2131 --------------------------------------- (Registrant's telephone number, including area code) Not applicable -------------- (Former name or former address, if changed since last report) [NEWS LOGO] ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. 99.1 Press Release, dated December 22, 2003, issued by the Company. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. 99.2 On December 22, 2003, the Company issued a press release announcing the Company's results of operations for the first fiscal quarter ended November 30, 2003. A copy of the press release is furnished herewith as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LINDSAY MANUFACTURING CO. Dated: December 22, 2003 By /s/ Bruce C. Karsk ---------------------------------------- Bruce C. Karsk, Executive Vice President and Chief Financial Officer EX-99.1 3 c81747exv99w1.txt PRESS RELEASE, DATED 12/22/03 EXHIBIT 99.1 RE: LINDSAY MANUFACTURING CO. 2707 NORTH 108TH STREET SUITE 102 OMAHA, NEBRASKA 68164 402-428-2131 FOR FURTHER INFORMATION: AT THE COMPANY: AT FRB/WEBER SHANDWICK: Bruce C. Karsk Marilyn Windsor Diane Hettwer Tim Grace Executive VP and CFO General Inquiries Analyst Inquiries Media Inquiries 402-829-6803 702-515-1260 312-640-6760 312-640-6667 FOR IMMEDIATE RELEASE MONDAY, DECEMBER 22, 2003 LINDSAY MANUFACTURING CO. REPORTS FISCAL FIRST-QUARTER 2004 RESULTS OMAHA, NEB., DECEMBER 22, 2003--LINDSAY MANUFACTURING CO. (NYSE: LNN), a leading manufacturer of center pivot, lateral move, and hose reel irrigation systems, today announced results for its fiscal first quarter ended November 30, 2003. Revenues grew 9 percent from the same period a year ago, and earnings per diluted share were $0.09 compared with $0.10 in the year ago period. The company also reported its strongest first-quarter order backlog in over five years. FIRST-QUARTER RESULTS First-quarter fiscal 2004 total revenues were $36.5 million, up 9 percent from $33.5 million for the prior year's first quarter. Irrigation equipment revenues increased 11 percent to $34.0 million, while diversified products revenues declined 10 percent as one large customer continued to transition its outsourcing business to internal production and rescheduled orders from the first fiscal quarter to the second fiscal quarter. "Our domestic irrigation equipment revenues were robust as our dealers saw good traffic that converted to orders at a high rate. We also continued to make strong gains in our South Africa and South America operations," said Rick Parod, president and chief executive officer. "Expanding our diversified manufacturing revenues profitably remains part of our strategy. We are continuing our efforts to seek additional suitable business that contributes to efficient utilization of our manufacturing capabilities." Gross profit rose to $7.4 million from $7.0 million; however, gross margin decreased to 20.1 percent from 21.0 percent, reflecting increases in steel costs, a less favorable domestic product mix, and a shift in revenues. Sales from the company's foreign facilities, which currently carry lower gross margins, comprised 14 percent of total sales compared with 11 percent in the prior-year period. Operating expenses were $804,000 higher than in the fiscal 2003 period, primarily reflecting increases in health insurance costs, full operation of the South African unit, and new product development expenses. The increase in operating expenses, combined with the softer gross margin, reduced operating income to $734,000 compared with $1.2 million during the same period last year. Other income increased to $873,000 from $519,000, reflecting higher foreign currency transaction gains. Net earnings were $1.1 million, or $0.09 per diluted share, compared with $1.2 million, or $0.10 per diluted share, in last year's first quarter. Lindsay's order backlog at November 30, 2003, improved significantly to $38.7 million compared with $21.9 million at August 31, 2003 and $19.4 million at November 30, 2002. "We instituted a price increase that will affect orders after the end of the quarter. As a result, our irrigation backlog doubled from a year ago. Additionally, our European operations have realized an increase in backlog for hose reels in response to the severe drought experienced in the region this past summer. The significant increase in the backlog, coupled with the benefits of the price increase, should boost revenues, improve gross margin, and position us well for the second quarter and remainder of the year," Parod said. Shareholders' equity at November 30, 2003, was $105.6 million, or $8.99 per outstanding common share, compared with $93.2 million, or $7.95 per outstanding common share, at November 30, 2002. OUTLOOK Parod commented, "Our strong backlog and order flow, combined with the recent price increase, support our continued positive outlook for the year. We continue to anticipate double-digit earnings growth on revenue growth of approximately 8 to 10 percent, excluding acquisitions, for fiscal 2004. On the domestic front, commodity prices are good, farmer profitability is strong, and there remain areas that continue to suffer from drier-than-normal conditions. Our international operations continue to grow and are expected to leverage their operating expenses through higher volumes. We expect to continue to make progress on this front and by the end of fiscal 2004 bring international margins up near the levels earned in the domestic and export markets." FIRST-QUARTER CONFERENCE CALL Lindsay's first-quarter fiscal 2004 investor conference call is scheduled for 11 a.m. ET today. This call will be simulcast and available over the Internet via the web site www.vcall.com. The webcast will be available for replay for a period of 30 days. Lindsay will have a slide presentation available to augment management's formal presentation, which will be accessible via the company's website at www.lindsaymanufacturing.com. ABOUT THE COMPANY Lindsay manufactures and markets Zimmatic, Greenfield, and Perrot center pivot, lateral move and hose reel irrigation systems and GrowSmart controls, all of which are used by farmers to increase or stabilize crop production while conserving water, energy, and labor. The Company also produces large diameter steel tubing and provides outsourced manufacturing and production services for other companies. At November 30, 2003, Lindsay had approximately 11.8 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN. 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. Forward-looking statements include the information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words "expectation," "outlook," "could," "may," "should," or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. FOR MORE INFORMATION REGARDING LINDSAY MANUFACTURING CO., SEE LINDSAY'S WEBSITE AT www.lindsaymanufacturing.com - Financial Tables Follow - LINDSAY MANUFACTURING CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS NOVEMBER 30, 2003 AND 2002 AND AUGUST 31, 2003
(UNAUDITED) (UNAUDITED) NOVEMBER NOVEMBER AUGUST ($ IN THOUSANDS, EXCEPT PAR VALUES) 2003 2002 2003 - ----------------------------------- -------- -------- -------- ASSETS Current Assets: Cash and cash equivalents $ 6,263 $ 3,906 $ 15,368 Marketable securities 5,730 15,279 8,770 Receivables, net 29,691 28,589 22,970 Inventories, net 21,728 18,736 20,019 Deferred income taxes 2,398 2,798 2,301 Other current assets 1,538 1,175 1,010 --------- --------- --------- Total current assets 67,348 70,483 70,438 Long-term marketable securities 43,971 27,333 38,674 Property, plant and equipment, net 14,157 14,453 13,889 Other noncurrent assets 8,259 6,793 8,219 --------- --------- --------- Total assets $ 133,735 $ 119,062 $ 131,220 ========= ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 10,172 $ 9,822 $ 8,228 Other current liabilities 15,020 13,917 16,053 --------- --------- --------- Total current liabilities 25,192 23,739 24,281 Pension benefits liabilities 2,315 1,862 2,315 Noncurrent liabilities 632 246 333 --------- --------- --------- Total liabilities 28,139 25,847 26,929 --------- --------- --------- Commitments and Contingencies 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, 17,475,748, 17,452,621 and 17,459,561 shares issued in November 2003 and 2002, and August 17,476 17,453 17,460 2003) Capital in excess of stated value 2,574 2,454 2,484 Retained earnings 174,840 164,047 174,333 Less treasury stock, (at cost, 5,724,069 shares) (89,898) (89,898) (89,898) Accumulated other comprehensive gain (loss) 604 (841) (88) --------- --------- --------- Total shareholders' equity 105,596 93,215 104,291 --------- --------- --------- Total liabilities and shareholders' equity $ 133,735 $ 119,062 $ 131,220 ========= ========= =========
LINDSAY MANUFACTURING CO. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2003 AND 2002
(UNAUDITED) THREE MONTHS ENDED --------------------------------------- NOVEMBER NOVEMBER (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2003 2002 - ---------------------------------------- ----- ---- Operating revenues $36,513 $33,462 Cost of operating revenues 29,159 26,451 ------- ------- Gross profit 7,354 7,011 ------- ------- Operating expenses: Selling expense 2,867 2,640 General and administrative expense 2,993 2,578 Engineering and research expense 760 598 ------- ------- Total operating expenses 6,620 5,816 ------- ------- Operating income 734 1,195 Interest income, net 424 423 Other income, net 449 96 ------- ------- Earnings before income taxes 1,607 1,714 Income tax provision 514 521 ------- ------- Net earnings $ 1,093 $ 1,193 ======= ======= Basic net earnings per share $ 0.09 $ 0.10 ======= ======= Diluted net earnings per share $ 0.09 $ 0.10 ======= ======= Average shares outstanding 11,741 11,713 Diluted effect of stock options 224 217 ------- ------- Average shares outstanding assuming dilution 11,965 11,930 ======= ======= Cash dividends per share $ 0.050 $ 0.035 ======= =======
LINDSAY MANUFACTURING CO. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2003 AND 2002 (UNAUDITED)
NOVEMBER NOVEMBER ($ IN THOUSANDS) 2003 2002 - ---------------- ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 1,093 $ 1,193 Adjustments to reconcile net earnings to net cash used in operating activities: Depreciation and amortization 774 871 Amortization of marketable securities premiums, net 40 (43) Loss on sale of fixed assets 8 - Provision for uncollectible accounts receivable (60) (60) Deferred income taxes (135) (225) Equity in net earnings of equity method investments 7 (178) Other, net (28) 264 Changes in assets and liabilities: Receivables, net (6,244) (5,264) Inventories, net (1,217) (3,153) Other current assets (565) (393) Accounts payable, trade 1,176 3,754 Other current liabilities (934) (866) Current taxes payable (197) 1,144 Other noncurrent assets and liabilities 543 (509) -------- -------- Net cash used in operating activities (5,739) (3,465) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (743) (784) Proceeds from sale of property, plant and equipment 11 - Purchases of marketable securities held to maturity (2,982) (4,324) Proceeds from maturities of marketable securities held to maturity 2,785 460 Purchases of marketable securities available for sale (3,288) - Proceeds from maturities of marketable securities available for sale 1,315 - -------- -------- Net cash used in investing activities (2,902) (4,648) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of options under stock option plan 110 4 Dividends paid (586) (410) -------- -------- Net cash used in financing activities (476) (406) -------- -------- Effect of exchange rate changes on cash 12 - Net decrease in cash and cash equivalents (9,105) (8,519) Cash and cash equivalents, beginning of period 15,368 12,425 -------- -------- Cash and cash equivalents, end of period $ 6,263 $ 3,906 ======== ========
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