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Lindsay Corp. Reports Operating Results (10-Q)

January 06, 2010 | About:

Lindsay Corp. (NYSE:LNN) filed Quarterly Report for the period ended 2009-11-30.


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Highlight of Business Operations:

Infrastructure products segment revenues for the three months ended November 30, 2009 of $32.7 million increased $5.5 million or 20% from the same prior year period. The increase in revenues was primarily the result of the Mexico City road project. Approximately 80% of the revenue for the $19.6 million project in Mexico City was realized in the first fiscal quarter of 2010 and the remainder is expected to be realized in the second fiscal quarter of 2010. While BSIs revenues were significantly higher in the quarter due to the project in Mexico, Diversified Manufacturing revenues were down approximately $5.0 million compared to the same quarter last year on lower commercial tubing and contract manufacturing revenues.

Net earnings were $6.7 million or $0.53 per diluted share for the three months ended November 30, 2009 compared with $6.3 million or $0.51 per diluted share for the same prior year period.

On December 27, 2006, the Companys wholly-owned Italian subsidiary entered into an unsecured $13.2 million seven-year Term Note and Credit Agreement (the Snoline Term Note) with Wells Fargo Bank, N.A. Borrowings under the Snoline Term Note are guaranteed by the Company and bear interest at a rate equal to LIBOR plus 50 basis points. The Snoline Term Note is due in December of 2013. In connection with the Snoline Term Note, the Company entered into a cross currency swap transaction obligating the Company to make quarterly payments of 0.4 million Euros per quarter over the same seven-year period as the Snoline Term Note and to receive payments of $0.5 million per quarter. In addition, the variable interest rate was converted to a fixed rate of 4.7%. This is approximately equivalent to converting the $13.2 million seven-year Snoline Term Note into a 10.0 million Euro seven-year term note at a fixed rate of 4.7%.

Cash flows provided by operations totaled $9.5 million during the three months ended November 30, 2009 compared to $16.3 million used in operations during the same prior year period. Cash provided by operations improved $25.8 million primarily due to a decrease in cash used for working capital items resulting from lower business activities.

Cash flows used in financing activities totaled $2.7 million during the three months ended November 30, 2009 compared to cash flows used in financing activities of $3.6 million during the same prior year period. The decrease in cash used in financing activities was primarily due to a decrease of $1.6 million from net payments on revolving line of credit, partially offset by an increase of $0.6 million cash used in exercise of stock options and issuance of other stock awards.

As of November 30, 2009, the Company had an order backlog of $36.1 million compared with $40.1 million at November 30, 2008 and $43.6 at August 31, 2009. Irrigation equipment backlog was up slightly compared to the same time last year.

Read the The complete Report

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About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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