Lindsay Corp. Reports Operating Results (10-Q)
Lindsay Corp. has a market cap of $419.9 million; its shares were traded at around $33.63 with a P/E ratio of 22.1 and P/S ratio of 1.3. The dividend yield of Lindsay Corp. stocks is 0.9%. Lindsay Corp. had an annual average earning growth of 10.6% over the past 10 years.LNN is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:Net earnings were $6.2 million or $0.50 per diluted share for the three months ended May 31, 2010 compared with $5.3 million or $0.42 per diluted share for the same prior year period.
Operating revenues for the nine months ended May 31, 2010 increased by $8.4 million to $271.2 million compared with $262.8 million for the nine months ended May 31, 2009. The increase is attributable to a $0.8 million increase in irrigation equipment revenues and $7.6 million increase in infrastructure segment revenues.
For the nine months ended May 31, 2010, the Company recorded discrete items that reduced income tax expense. The discrete items included a benefit of $1.1 million related to income tax credits earned in the first nine months of fiscal 2010, a benefit of $0.3 million for an immaterial correction of previously recorded tax expense and a benefit of $0.4 million for the reversal of previously recorded liabilities for uncertain tax positions. This reversal was recorded due to the expiration of the statute of limitations in the applicable tax jurisdictions without any actual tax liability being assessed. These benefits were slightly offset by additional expense of $0.4 million in the first quarter of fiscal 2010 relating to a tax ruling impacting the Companys French subsidiary.
Net earnings were $18.9 million or $1.50 per diluted share for the nine months ended May 31, 2010 compared with $11.7 million or $0.94 per diluted share for the same prior year period.
Cash flows used in financing activities totaled $13.4 million during the nine months ended May 31, 2010 compared to cash flows used in financing activities of $6.5 million during the same prior year period. The increase in cash used in financing activities was primarily due to the $7.1 million repayment of the Snoline Term Note during the third quarter of fiscal 2010. This was partially offset by an increase of $0.5 million in net borrowings on revolving lines of credit.
As of May 31, 2010, the Company had an order backlog of $33.9 million compared with $33.6 million at February 28, 2010 and $40.2 million at May 31, 2009. The May 31, 2009 backlog included $19.6 million for the Mexico City road project that was completed in the first half of fiscal 2010.
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