-----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, V0gs+gfFNqcm+pOIgSPiUc5Y26re9+93+nooNPg0OARmReJQC7kZnKRhyx2tsvbu oDGW0gbjUKElOlehcpRYrA== 0000950137-05-008246.txt : 20050630 0000950137-05-008246.hdr.sgml : 20050630 20050630150336 ACCESSION NUMBER: 0000950137-05-008246 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050630 DATE AS OF CHANGE: 20050630 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: 05928185 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 c96411e8vk.txt CURRENT REPORT UNITED STATES 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): June 30, 2005 LINDSAY MANUFACTURING CO. ------------------------- (Exact name of registrant as specified in its charter) Delaware 1-13419 47-0554096 - ------------------------ ------------ ---------------------------- (State of Incorporation) (Commission (IRS Employer Identification File Number) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] 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 On June 30, 2005, Lindsay Manufacturing Co. (the "Company") issued a press release announcing the Company's adjusted results of operations for the fiscal quarter ended May 31, 2005. A copy of the press release is furnished herewith as Exhibit 99.1. The revision to the previously announced results of operations is due to settlement through mediation on June 23, 2005 of a pending lawsuit. Under generally accepted accounting principles, the settlement of this litigation requires that the Company increase the estimate of settlement costs related to this matter as of May 31, 2005 by approximately $0.3 million. This revised estimate of settlement costs is recorded as an increase in other current liabilities in the Company's consolidated balance sheets as of May 31, 2005, and as a reduction of other income, net, in the Company's consolidated statements of operations for the three and nine-months ended May 31, 2005. The Company previously reported diluted net earnings per share of $0.34 and $0.40 for the three and nine months respectively ended May 31, 2005. Including this adjustment, diluted net earnings per share for the three and nine-month periods were $0.32 and $0.38, respectively. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS 99.1 Press Release, dated June 30, 2005, issued by the Company The information contained in this Current Report under Item 2.02, including the exhibit referenced in Item 9.01 below, is being "furnished" pursuant to "Item 2.02. Results of Operations and Financial Condition" of Form 8-K and, as such, shall not be deemed to be "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. 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. Dated: June 30, 2005 LINDSAY MANUFACTURING CO. By: /s/ David Downing ------------------------------------ David Downing, Vice President and Chief Financial Officer EX-99.1 2 c96411exv99w1.txt PRESS RELEASE . . . EXHIBIT 99.1 AT THE COMPANY: AT FINANCIAL RELATIONS BOARD: Bruce C. Karsk David Downing Marilyn Windsor Diane Hettwer Tim Grace EVP, Treasurer and Secretary VP and CFO General Inquiries Analyst Inquiries Media Inquiries 402-829-6803 402-827-6235 702-515-1260 312-640-6760 312-640-6667
FOR IMMEDIATE RELEASE THURSDAY, JUNE 30, 2005 LINDSAY MANUFACTURING CO. ADJUSTS 2005 FISCAL THIRD-QUARTER, NINE-MONTH FINANCIAL RESULTS FOR SUBSEQUENT EVENT OMAHA, NEB., JUNE 30, 2005--LINDSAY MANUFACTURING CO. (NYSE: LNN), a leading manufacturer of center pivot, lateral move, and hose reel irrigation systems, issued a press release on June 22, 2005 detailing the Company's financial results for the third quarter and first nine months of fiscal 2005. Subsequently, the Company settled a pending lawsuit through mediation on June 23, 2005. Under generally accepted accounting principles, the settlement of this litigation requires that the Company increase the estimate of settlement costs related to this matter as of May 31, 2005 by approximately $0.3 million. This revised estimate is recorded as an increase in other current liabilities in the accompanying consolidated balance sheets at May 31, 2005, and a reduction of other income, net, in the accompanying consolidated statements of operations for the three and nine months ended May 31, 2005. The Company previously reported diluted net earnings per share of $0.34 and $0.40 for the three and nine months, respectively, ended May 31, 2005. Including this adjustment, diluted net earnings per share for the three and nine-month periods were $0.32 and $0.38, respectively. ABOUT THE COMPANY Lindsay manufactures and markets Zimmatic, Greenfield, Stettyn 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 May 31, 2005, Lindsay had approximately 11.5 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN. FOR MORE INFORMATION REGARDING LINDSAY MANUFACTURING CO., SEE LINDSAY'S WEBSITE AT www.lindsaymanufacturing.com - FINANCIAL TABLES FOLLOW - LINDSAY MANUFACTURING CO. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE-MONTHS AND NINE-MONTHS ENDED MAY 31, 2005 AND 2004 (UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED ------------------------ ------------------------ MAY MAY MAY MAY 2005 2004 2005 2004 ---- ---- ---- ---- (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Operating revenues ............................... $ 55,985 $ 62,286 $ 137,239 $ 150,274 Cost of operating revenues ....................... 43,433 49,299 110,348 118,323 --------- --------- --------- --------- Gross profit ..................................... 12,552 12,987 26,891 31,951 --------- --------- --------- --------- Operating expenses: Selling expense ................................ 2,692 2,830 8,438 8,588 General and administrative expense ............. 3,421 3,255 10,415 9,527 Engineering and research expense ............... 714 762 2,070 2,198 --------- --------- --------- --------- Total operating expenses ......................... 6,827 6,847 20,923 20,313 --------- --------- --------- --------- Operating income ................................. 5,725 6,140 5,968 11,638 Interest income, net ............................. 264 341 820 1,126 Other income, net ................................ (496) (53) (44) 437 --------- --------- --------- --------- Earnings before income taxes ..................... 5,493 6,428 6,744 13,201 Income tax provision ............................. 1,723 2,083 2,199 4,260 --------- --------- --------- --------- Net earnings ..................................... $ 3,770 $ 4,345 $ 4,545 $ 8,941 ========= ========= ========= ========= Basic net earnings per share ..................... $ 0.33 $ 0.37 $ 0.39 $ 0.76 ========= ========= ========= ========= Diluted net earnings per share ................... $ 0.32 $ 0.36 $ 0.38 $ 0.75 ========= ========= ========= ========= Average shares outstanding ....................... 11,596 11,760 11,693 11,752 Diluted effect of stock options .................. 83 187 155 207 --------- --------- --------- --------- Average shares outstanding assuming dilution ..... 11,679 11,947 11,848 11,959 ========= ========= ========= ========= Cash dividends per share ......................... $ 0.055 $ 0.050 $ 0.165 $ 0.150 ========= ========= ========= =========
LINDSAY MANUFACTURING CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MAY 31, 2005 AND 2004 AND AUGUST 31, 2004
(UNAUDITED) (UNAUDITED) MAY MAY AUGUST 2005 2004 2004 ---- ---- ---- ($ IN THOUSANDS, EXCEPT PAR VALUES) ASSETS Current Assets: Cash and cash equivalents ............................... $ 19,755 $ 12,055 $ 8,973 Marketable securities ................................... 11,759 12,692 14,802 Receivables ............................................. 32,392 36,427 34,369 Inventories ............................................. 22,684 22,700 19,780 Deferred income taxes ................................... 1,684 2,539 1,026 Other current assets .................................... 3,426 2,142 2,422 --------- --------- --------- Total current assets .................................... 91,700 88,555 81,372 Long-term marketable securities ........................... 22,154 32,462 32,527 Property, plant and equipment, net ........................ 16,732 14,992 16,355 Other noncurrent assets ................................... 8,654 8,394 8,747 --------- --------- --------- Total assets .............................................. $ 139,240 $ 144,403 $ 139,001 ========= ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable ........................................ $ 10,398 $ 9,879 $ 9,117 Other current liabilities ............................... 14,234 20,261 15,359 --------- --------- --------- Total current liabilities ............................... 24,632 30,140 24,476 Pension benefits liabilities .............................. 4,733 2,315 2,169 Noncurrent liabilities .................................... 155 179 172 --------- --------- --------- Total liabilities ......................................... 29,520 32,634 26,817 --------- --------- --------- 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, 17,565,184, 17,485,679 and 17,493,841 shares issued in May 2005 and 2004 and August 2004, respectively) ....................... 17,565 17,486 17,494 Capital in excess of stated value ..................... 3,500 2,677 2,966 Retained earnings ..................................... 183,834 181,511 181,209 Less treasury stock, (at cost, 6,048,448, 5,724,069 and 5,724,069 shares, respectively) ..................... (96,547) (89,898) (89,898) Accumulated other comprehensive income (loss), net .... 1,368 (7) 413 --------- --------- --------- Total shareholders' equity ................................ 109,720 111,769 112,184 --------- --------- --------- Total liabilities and shareholders' equity ................ $ 139,240 $ 144,403 $ 139,001 ========= ========= =========
LINDSAY MANUFACTURING CO. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED MAY 31, 2005 AND 2004 (UNAUDITED)
MAY MAY ($ IN THOUSANDS) 2005 2004 - ---------------- ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings ........................................................... $ 4,545 $ 8,941 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization ....................................... 2,639 2,242 Amortization of marketable securities premiums (discounts), net ..... 176 109 Loss (gain) on sale of property, plant and equipment ................ 21 (30) Provision for uncollectible accounts receivable ..................... 72 178 Equity in net (earnings) loss of equity method investments .......... (201) 235 Deferred income taxes ............................................... (158) (134) Other, net .......................................................... 28 (56) Changes in assets and liabilities: Receivables ......................................................... 2,664 (13,432) Inventories ......................................................... (2,454) (2,522) Other current assets ................................................ (438) (1,335) Accounts payable .................................................... 803 1,694 Other current liabilities ........................................... (2,931) 3,379 Current taxes payable ............................................... 1,370 661 Other noncurrent assets and liabilities ............................. 2,640 (630) -------- -------- Net cash provided by (used in) operating activities .................... 8,776 (700) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment ............................. (2,903) (3,308) Proceeds from sale of property, plant and equipment .................... 24 90 Purchases of marketable securities held-to-maturity .................... - (2,982) Proceeds from maturities or sales of marketable securities held-to-maturity .................................................... - 6,676 Purchases of marketable securities available-for-sale .................. (1,841) (7,371) Proceeds from maturities or sales of marketable securities available-for-sale ................................................... 14,500 5,861 -------- -------- Net cash provided by (used in) investing activities .................... 9,780 (1,034) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock option plan ..................... 561 225 Repurchases of common shares ........................................... (6,649) - Dividends paid ......................................................... (1,920) (1,763) -------- -------- Net cash used in financing activities .................................. (8,008) (1,538) -------- -------- -------- -------- Effect of exchange rate changes on cash ................................ 234 (41) -------- -------- Net increase (decrease) in cash and cash equivalents ................... 10,782 (3,313) Cash and cash equivalents, beginning of period ......................... 8,973 15,368 -------- -------- Cash and cash equivalents, end of period ............................... $ 19,755 $ 12,055 ======== ========
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