false 2021 Q2 0000836157 --08-31 US 4200000 P1Y 0000836157 2020-09-01 2021-02-28 xbrli:shares 0000836157 2021-04-02 iso4217:USD 0000836157 2020-12-01 2021-02-28 0000836157 2019-12-01 2020-02-29 0000836157 2019-09-01 2020-02-29 iso4217:USD xbrli:shares 0000836157 2021-02-28 0000836157 2020-02-29 0000836157 2020-08-31 0000836157 us-gaap:CommonStockMember 2019-08-31 0000836157 us-gaap:TreasuryStockMember 2019-08-31 0000836157 us-gaap:AdditionalPaidInCapitalMember 2019-08-31 0000836157 us-gaap:RetainedEarningsMember 2019-08-31 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-08-31 0000836157 2019-08-31 0000836157 us-gaap:CommonStockMember 2019-09-01 2020-02-29 0000836157 us-gaap:TreasuryStockMember 2019-09-01 2020-02-29 0000836157 us-gaap:AdditionalPaidInCapitalMember 2019-09-01 2020-02-29 0000836157 us-gaap:RetainedEarningsMember 2019-09-01 2020-02-29 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-01 2020-02-29 0000836157 us-gaap:CommonStockMember 2020-02-29 0000836157 us-gaap:TreasuryStockMember 2020-02-29 0000836157 us-gaap:AdditionalPaidInCapitalMember 2020-02-29 0000836157 us-gaap:RetainedEarningsMember 2020-02-29 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-02-29 0000836157 us-gaap:CommonStockMember 2020-08-31 0000836157 us-gaap:TreasuryStockMember 2020-08-31 0000836157 us-gaap:AdditionalPaidInCapitalMember 2020-08-31 0000836157 us-gaap:RetainedEarningsMember 2020-08-31 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-08-31 0000836157 us-gaap:CommonStockMember 2020-09-01 2021-02-28 0000836157 us-gaap:TreasuryStockMember 2020-09-01 2021-02-28 0000836157 us-gaap:AdditionalPaidInCapitalMember 2020-09-01 2021-02-28 0000836157 us-gaap:RetainedEarningsMember 2020-09-01 2021-02-28 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-01 2021-02-28 0000836157 us-gaap:CommonStockMember 2021-02-28 0000836157 us-gaap:TreasuryStockMember 2021-02-28 0000836157 us-gaap:AdditionalPaidInCapitalMember 2021-02-28 0000836157 us-gaap:RetainedEarningsMember 2021-02-28 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-02-28 0000836157 us-gaap:CommonStockMember 2019-11-30 0000836157 us-gaap:TreasuryStockMember 2019-11-30 0000836157 us-gaap:AdditionalPaidInCapitalMember 2019-11-30 0000836157 us-gaap:RetainedEarningsMember 2019-11-30 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-11-30 0000836157 2019-11-30 0000836157 us-gaap:CommonStockMember 2019-12-01 2020-02-29 0000836157 us-gaap:TreasuryStockMember 2019-12-01 2020-02-29 0000836157 us-gaap:AdditionalPaidInCapitalMember 2019-12-01 2020-02-29 0000836157 us-gaap:RetainedEarningsMember 2019-12-01 2020-02-29 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-01 2020-02-29 0000836157 us-gaap:CommonStockMember 2020-11-30 0000836157 us-gaap:TreasuryStockMember 2020-11-30 0000836157 us-gaap:AdditionalPaidInCapitalMember 2020-11-30 0000836157 us-gaap:RetainedEarningsMember 2020-11-30 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-11-30 0000836157 2020-11-30 0000836157 us-gaap:CommonStockMember 2020-12-01 2021-02-28 0000836157 us-gaap:TreasuryStockMember 2020-12-01 2021-02-28 0000836157 us-gaap:AdditionalPaidInCapitalMember 2020-12-01 2021-02-28 0000836157 us-gaap:RetainedEarningsMember 2020-12-01 2021-02-28 0000836157 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-01 2021-02-28 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:IrrigationMember 2020-12-01 2021-02-28 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:InfrastructureMember 2020-12-01 2021-02-28 0000836157 us-gaap:TransferredAtPointInTimeMember 2020-12-01 2021-02-28 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:IrrigationMember 2019-12-01 2020-02-29 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:InfrastructureMember 2019-12-01 2020-02-29 0000836157 us-gaap:TransferredAtPointInTimeMember 2019-12-01 2020-02-29 0000836157 us-gaap:TransferredOverTimeMember lnn:IrrigationMember 2020-12-01 2021-02-28 0000836157 us-gaap:TransferredOverTimeMember lnn:InfrastructureMember 2020-12-01 2021-02-28 0000836157 us-gaap:TransferredOverTimeMember 2020-12-01 2021-02-28 0000836157 us-gaap:TransferredOverTimeMember lnn:IrrigationMember 2019-12-01 2020-02-29 0000836157 us-gaap:TransferredOverTimeMember lnn:InfrastructureMember 2019-12-01 2020-02-29 0000836157 us-gaap:TransferredOverTimeMember 2019-12-01 2020-02-29 0000836157 lnn:IrrigationMember 2020-12-01 2021-02-28 0000836157 lnn:InfrastructureMember 2020-12-01 2021-02-28 0000836157 lnn:IrrigationMember 2019-12-01 2020-02-29 0000836157 lnn:InfrastructureMember 2019-12-01 2020-02-29 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:IrrigationMember 2020-09-01 2021-02-28 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:InfrastructureMember 2020-09-01 2021-02-28 0000836157 us-gaap:TransferredAtPointInTimeMember 2020-09-01 2021-02-28 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:IrrigationMember 2019-09-01 2020-02-29 0000836157 us-gaap:TransferredAtPointInTimeMember lnn:InfrastructureMember 2019-09-01 2020-02-29 0000836157 us-gaap:TransferredAtPointInTimeMember 2019-09-01 2020-02-29 0000836157 us-gaap:TransferredOverTimeMember lnn:IrrigationMember 2020-09-01 2021-02-28 0000836157 us-gaap:TransferredOverTimeMember lnn:InfrastructureMember 2020-09-01 2021-02-28 0000836157 us-gaap:TransferredOverTimeMember 2020-09-01 2021-02-28 0000836157 us-gaap:TransferredOverTimeMember lnn:IrrigationMember 2019-09-01 2020-02-29 0000836157 us-gaap:TransferredOverTimeMember lnn:InfrastructureMember 2019-09-01 2020-02-29 0000836157 us-gaap:TransferredOverTimeMember 2019-09-01 2020-02-29 0000836157 lnn:IrrigationMember 2020-09-01 2021-02-28 0000836157 lnn:InfrastructureMember 2020-09-01 2021-02-28 0000836157 lnn:IrrigationMember 2019-09-01 2020-02-29 0000836157 lnn:InfrastructureMember 2019-09-01 2020-02-29 0000836157 us-gaap:OtherCurrentAssetsMember 2021-02-28 0000836157 us-gaap:OtherCurrentAssetsMember 2020-02-29 0000836157 us-gaap:OtherCurrentAssetsMember 2020-08-31 0000836157 us-gaap:OtherCurrentLiabilitiesMember 2021-02-28 0000836157 us-gaap:OtherCurrentLiabilitiesMember 2020-02-29 0000836157 us-gaap:OtherCurrentLiabilitiesMember 2020-08-31 0000836157 us-gaap:RestrictedStockUnitsRSUMember 2020-12-01 2021-02-28 0000836157 us-gaap:RestrictedStockUnitsRSUMember 2019-12-01 2020-02-29 0000836157 us-gaap:RestrictedStockUnitsRSUMember 2020-09-01 2021-02-28 0000836157 us-gaap:RestrictedStockUnitsRSUMember 2019-09-01 2020-02-29 0000836157 us-gaap:EmployeeStockOptionMember 2020-12-01 2021-02-28 0000836157 us-gaap:EmployeeStockOptionMember 2019-12-01 2020-02-29 0000836157 us-gaap:EmployeeStockOptionMember 2020-09-01 2021-02-28 0000836157 us-gaap:EmployeeStockOptionMember 2019-09-01 2020-02-29 0000836157 us-gaap:PerformanceSharesMember 2020-12-01 2021-02-28 0000836157 us-gaap:PerformanceSharesMember 2019-12-01 2020-02-29 0000836157 us-gaap:PerformanceSharesMember 2020-09-01 2021-02-28 0000836157 us-gaap:PerformanceSharesMember 2019-09-01 2020-02-29 xbrli:pure 0000836157 us-gaap:ForeignCountryMember 2021-02-28 0000836157 us-gaap:SeniorNotesMember 2021-02-28 0000836157 us-gaap:SeniorNotesMember 2020-02-29 0000836157 us-gaap:SeniorNotesMember 2020-08-31 0000836157 us-gaap:RevolvingCreditFacilityMember 2021-02-28 0000836157 us-gaap:RevolvingCreditFacilityMember 2020-02-29 0000836157 us-gaap:RevolvingCreditFacilityMember 2020-08-31 0000836157 lnn:Series2006aBondsMember 2021-02-28 0000836157 lnn:Series2006aBondsMember 2020-02-29 0000836157 lnn:Series2006aBondsMember 2020-08-31 0000836157 us-gaap:FairValueInputsLevel1Member 2021-02-28 0000836157 us-gaap:FairValueInputsLevel2Member 2021-02-28 0000836157 us-gaap:FairValueInputsLevel3Member 2021-02-28 0000836157 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateBondSecuritiesMember 2021-02-28 0000836157 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2021-02-28 0000836157 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateBondSecuritiesMember 2021-02-28 0000836157 us-gaap:CorporateBondSecuritiesMember 2021-02-28 0000836157 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2021-02-28 0000836157 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2021-02-28 0000836157 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2021-02-28 0000836157 us-gaap:USTreasurySecuritiesMember 2021-02-28 0000836157 us-gaap:FairValueInputsLevel1Member 2020-02-29 0000836157 us-gaap:FairValueInputsLevel2Member 2020-02-29 0000836157 us-gaap:FairValueInputsLevel3Member 2020-02-29 0000836157 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateBondSecuritiesMember 2020-02-29 0000836157 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2020-02-29 0000836157 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateBondSecuritiesMember 2020-02-29 0000836157 us-gaap:CorporateBondSecuritiesMember 2020-02-29 0000836157 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2020-02-29 0000836157 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2020-02-29 0000836157 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2020-02-29 0000836157 us-gaap:USTreasurySecuritiesMember 2020-02-29 0000836157 us-gaap:FairValueInputsLevel1Member 2020-08-31 0000836157 us-gaap:FairValueInputsLevel2Member 2020-08-31 0000836157 us-gaap:FairValueInputsLevel3Member 2020-08-31 0000836157 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateBondSecuritiesMember 2020-08-31 0000836157 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2020-08-31 0000836157 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateBondSecuritiesMember 2020-08-31 0000836157 us-gaap:CorporateBondSecuritiesMember 2020-08-31 0000836157 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2020-08-31 0000836157 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2020-08-31 0000836157 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2020-08-31 0000836157 us-gaap:USTreasurySecuritiesMember 2020-08-31 0000836157 lnn:NetIrrigateLLCMember 2020-03-01 2020-05-31 0000836157 lnn:NetIrrigateLLCMember 2020-05-31 0000836157 us-gaap:FairValueMeasurementsNonrecurringMember 2020-09-01 2021-02-28 0000836157 us-gaap:FairValueMeasurementsNonrecurringMember 2019-09-01 2020-02-29 0000836157 lnn:LindsayNebraskaFacilityMember 2021-02-28 0000836157 lnn:LindsayNebraskaFacilityMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-08-31 0000836157 lnn:LindsayNebraskaFacilityMember 2020-09-01 2021-02-28 0000836157 srt:ChiefExecutiveOfficerMember 2020-12-01 2021-02-28 lnn:Segment 0000836157 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2020-12-01 2021-02-28 0000836157 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2020-09-01 2021-02-28 0000836157 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-12-01 2020-02-29 0000836157 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-09-01 2020-02-29 lnn:customer 0000836157 lnn:IrrigationMember srt:NorthAmericaMember 2020-12-01 2021-02-28 0000836157 lnn:IrrigationMember srt:NorthAmericaMember 2019-12-01 2020-02-29 0000836157 lnn:IrrigationMember srt:NorthAmericaMember 2020-09-01 2021-02-28 0000836157 lnn:IrrigationMember srt:NorthAmericaMember 2019-09-01 2020-02-29 0000836157 lnn:IrrigationMember lnn:InternationalMember 2020-12-01 2021-02-28 0000836157 lnn:IrrigationMember lnn:InternationalMember 2019-12-01 2020-02-29 0000836157 lnn:IrrigationMember lnn:InternationalMember 2020-09-01 2021-02-28 0000836157 lnn:IrrigationMember lnn:InternationalMember 2019-09-01 2020-02-29 0000836157 us-gaap:CorporateMember 2020-12-01 2021-02-28 0000836157 us-gaap:CorporateMember 2019-12-01 2020-02-29 0000836157 us-gaap:CorporateMember 2020-09-01 2021-02-28 0000836157 us-gaap:CorporateMember 2019-09-01 2020-02-29 0000836157 lnn:IrrigationMember 2021-02-28 0000836157 lnn:IrrigationMember 2020-02-29 0000836157 lnn:IrrigationMember 2020-08-31 0000836157 lnn:InfrastructureMember 2021-02-28 0000836157 lnn:InfrastructureMember 2020-02-29 0000836157 lnn:InfrastructureMember 2020-08-31 0000836157 us-gaap:CorporateMember 2021-02-28 0000836157 us-gaap:CorporateMember 2020-02-29 0000836157 us-gaap:CorporateMember 2020-08-31

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-13419

 

Lindsay Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-0554096

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

18135 Burke Street, Suite 100, Omaha, Nebraska

 

68022

(Address of principal executive offices)

 

(Zip Code)

 

402829-6800

(Registrant's telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:  

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

LNN

New York Stock Exchange, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:  

 

Large accelerated filer

  ☒  

 

Accelerated filer

  ☐  

Non‑accelerated filer

  ☐  

 

Smaller reporting company

    

Emerging growth company

  ☐  

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No 

As of April 2, 2021, 10,906,590 shares of the registrant’s common stock were outstanding.

 

 

 

 


Table of Contents

 

 

Lindsay Corporation

INDEX FORM 10-Q

 

 

 

 

 

Page

 

 

 

 

 

Part I – FINANCIAL INFORMATION

 

3

 

 

 

 

 

 

 

ITEM 1 – Financial Statements

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Earnings for the three and six months ended February 28, 2021 and February 29, 2020

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended February 28, 2021 and February 29, 2020

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of February 28, 2021, February 29, 2020, and August 31, 2020

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended February 28, 2021 and February 29, 2020

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended February 28, 2021 and February 29, 2020

 

8

 

 

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

 

 

ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

17

 

 

 

 

 

 

 

ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk

 

24

 

 

 

 

 

 

 

ITEM 4 – Controls and Procedures

 

25

 

 

 

 

 

Part II – OTHER INFORMATION

 

26

 

 

 

 

 

 

 

ITEM 1 – Legal Proceedings

 

26

 

 

 

 

 

 

 

ITEM 1A – Risk Factors

 

26

 

 

 

 

 

 

 

ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds

 

26

 

 

 

 

 

 

 

ITEM 3 – Defaults Upon Senior Securities

 

26

 

 

 

 

 

 

 

ITEM 4 – Mine Safety Disclosures

 

26

 

 

 

 

 

 

 

ITEM 5 – Other Information

 

26

 

 

 

 

 

 

 

ITEM 6 – Exhibits

 

27

 

 

 

 

 

SIGNATURES

 

28

 

- 2 -


Table of Contents

 

Part I – FINANCIAL INFORMATION

ITEM 1 - Financial Statements

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

($ and shares in thousands, except per share amounts)

 

February 28,

2021

 

 

February 29,

2020

 

 

February 28,

2021

 

 

February 29,

2020

 

Operating revenues

 

$

143,577

 

 

$

113,788

 

 

$

252,062

 

 

$

223,181

 

Cost of operating revenues

 

 

102,403

 

 

 

80,382

 

 

 

179,480

 

 

 

155,701

 

Gross profit

 

 

41,174

 

 

 

33,406

 

 

 

72,582

 

 

 

67,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

7,778

 

 

 

8,192

 

 

 

15,110

 

 

 

14,684

 

General and administrative expense

 

 

14,275

 

 

 

13,167

 

 

 

27,727

 

 

 

24,971

 

Engineering and research expense

 

 

3,312

 

 

 

3,405

 

 

 

6,402

 

 

 

6,907

 

Total operating expenses

 

 

25,365

 

 

 

24,764

 

 

 

49,239

 

 

 

46,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

15,809

 

 

 

8,642

 

 

 

23,343

 

 

 

20,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,205

)

 

 

(1,191

)

 

 

(2,406

)

 

 

(2,377

)

Interest income

 

 

268

 

 

 

389

 

 

 

571

 

 

 

1,004

 

Other expense, net

 

 

(311

)

 

 

(973

)

 

 

(65

)

 

 

(1,423

)

Total other (expense) income

 

 

(1,248

)

 

 

(1,775

)

 

 

(1,900

)

 

 

(2,796

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

14,561

 

 

 

6,867

 

 

 

21,443

 

 

 

18,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

2,685

 

 

 

1,351

 

 

 

2,472

 

 

 

4,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

11,876

 

 

$

5,516

 

 

$

18,971

 

 

$

13,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.09

 

 

$

0.51

 

 

$

1.75

 

 

$

1.28

 

Diluted

 

$

1.08

 

 

$

0.51

 

 

$

1.74

 

 

$

1.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

10,884

 

 

 

10,825

 

 

 

10,865

 

 

 

10,810

 

Diluted

 

 

10,981

 

 

 

10,857

 

 

 

10,934

 

 

 

10,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.32

 

 

$

0.31

 

 

$

0.64

 

 

$

0.62

 

 

See accompanying notes to condensed consolidated financial statements.

- 3 -


Table of Contents

 

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

($ in thousands)

 

February 28,

2021

 

 

February 29,

2020

 

 

February 28,

2021

 

 

February 29,

2020

 

Net earnings

 

$

11,876

 

 

$

5,516

 

 

$

18,971

 

 

$

13,861

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustment, net of tax

 

 

59

 

 

 

43

 

 

 

102

 

 

 

86

 

Foreign currency translation adjustment, net of hedging activities and tax

 

 

481

 

 

 

(895

)

 

 

1,864

 

 

 

(1,188

)

Unrealized gain (loss) on marketable securities, net of tax

 

 

(25

)

 

 

61

 

 

 

(56

)

 

 

61

 

Total other comprehensive income (loss), net of tax expense (benefit) of $20, ($449), ($12), and ($373), respectively

 

 

515

 

 

 

(791

)

 

 

1,910

 

 

 

(1,041

)

Total comprehensive income

 

$

12,391

 

 

$

4,725

 

 

$

20,881

 

 

$

12,820

 

 

See accompanying notes to condensed consolidated financial statements.

- 4 -


Table of Contents

 

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

($ and shares in thousands, except par values)

 

February 28,

2021

 

 

February 29,

2020

 

 

August 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

110,775

 

 

$

101,272

 

 

$

121,403

 

Marketable securities

 

 

19,555

 

 

 

18,740

 

 

 

19,511

 

Receivables, net of allowance of $3,021, $2,597, and $2,780,

   respectively

 

 

94,211

 

 

 

80,468

 

 

 

84,604

 

Inventories, net

 

 

121,566

 

 

 

105,454

 

 

 

104,792

 

Other current assets, net

 

 

29,509

 

 

 

19,083

 

 

 

17,625

 

Total current assets

 

 

375,616

 

 

 

325,017

 

 

 

347,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

 

223,418

 

 

 

191,688

 

 

 

208,107

 

Less accumulated depreciation

 

 

(134,197

)

 

 

(122,926

)

 

 

(128,526

)

Property, plant, and equipment, net

 

 

89,221

 

 

 

68,762

 

 

 

79,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles, net

 

 

22,383

 

 

 

23,162

 

 

 

23,477

 

Goodwill

 

 

68,087

 

 

 

64,338

 

 

 

68,004

 

Operating lease right-of-use assets

 

 

20,173

 

 

 

27,257

 

 

 

27,457

 

Deferred income tax assets

 

 

10,347

 

 

 

10,162

 

 

 

9,935

 

Other noncurrent assets

 

 

10,821

 

 

 

15,632

 

 

 

14,137

 

Total assets

 

$

596,648

 

 

$

534,330

 

 

$

570,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

39,934

 

 

$

33,307

 

 

$

29,554

 

Current portion of long-term debt

 

 

215

 

 

 

211

 

 

 

195

 

Other current liabilities

 

 

74,687

 

 

 

54,303

 

 

 

72,646

 

Total current liabilities

 

 

114,836

 

 

 

87,821

 

 

 

102,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

6,182

 

 

 

5,868

 

 

 

6,374

 

Long-term debt

 

 

115,599

 

 

 

115,765

 

 

 

115,682

 

Operating lease liabilities

 

 

20,174

 

 

 

25,919

 

 

 

25,862

 

Deferred income tax liabilities

 

 

900

 

 

 

839

 

 

 

889

 

Other noncurrent liabilities

 

 

19,933

 

 

 

20,791

 

 

 

20,806

 

Total liabilities

 

 

277,624

 

 

 

257,003

 

 

 

272,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding

 

 

 

 

 

 

 

 

 

Common stock of $1 par value - authorized 25,000 shares;

   18,990, 18,918, and 18,918 shares issued, respectively

 

 

18,990

 

 

 

18,918

 

 

 

18,918

 

Capital in excess of stated value

 

 

84,206

 

 

 

74,645

 

 

 

77,686

 

Retained earnings

 

 

511,728

 

 

 

481,890

 

 

 

499,724

 

Less treasury stock - at cost, 8,083 shares

 

 

(277,238

)

 

 

(277,238

)

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

(18,662

)

 

 

(20,888

)

 

 

(20,572

)

Total shareholders' equity

 

 

319,024

 

 

 

277,327

 

 

 

298,518

 

Total liabilities and shareholders' equity

 

$

596,648

 

 

$

534,330

 

 

$

570,526

 

 

See accompanying notes to condensed consolidated financial statements.

 

- 5 -


Table of Contents

 

 

Lindsay Corporation and Subsidiaries

 

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

 

($ and shares in thousands, except per share amounts)

 

(Unaudited)

 

 

 

Shares of

common

stock

 

 

Shares of

treasury

stock

 

 

Common

stock

 

 

Capital in

excess of

stated

value

 

 

Retained

earnings

 

 

Treasury

stock

 

 

Accumulated

other

comprehensive

loss,

net

 

 

Total

shareholders’

equity

 

Balance at August 31, 2019

 

 

18,870

 

 

 

8,083

 

 

$

18,870

 

 

$

71,684

 

 

$

474,740

 

 

$

(277,238

)

 

$

(19,847

)

 

$

268,209

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,861

 

 

 

 

 

 

 

 

 

13,861

 

     Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,041

)

 

 

(1,041

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,820

 

Cash dividends ($.62) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,711

)

 

 

 

 

 

 

 

 

(6,711

)

Issuance of common shares under share compensation plans, net

 

 

48

 

 

 

 

 

 

48

 

 

 

386

 

 

 

 

 

 

 

 

 

 

 

 

434

 

Share-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

2,575

 

 

 

 

 

 

 

 

 

 

 

 

2,575

 

Balance at February 29, 2020

 

 

18,918

 

 

 

8,083

 

 

$

18,918

 

 

$

74,645

 

 

$

481,890

 

 

$

(277,238

)

 

$

(20,888

)

 

$

277,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at August 31, 2020

 

 

18,918

 

 

 

8,083

 

 

$

18,918

 

 

$

77,686

 

 

$

499,724

 

 

$

(277,238

)

 

$

(20,572

)

 

$

298,518

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,971

 

 

 

 

 

 

 

 

 

18,971

 

     Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,910

 

 

 

1,910

 

Total comprehensive income