0000950170-22-000109.txt : 20220106 0000950170-22-000109.hdr.sgml : 20220106 20220106164600 ACCESSION NUMBER: 0000950170-22-000109 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 72 CONFORMED PERIOD OF REPORT: 20211130 FILED AS OF DATE: 20220106 DATE AS OF CHANGE: 20220106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINDSAY CORP 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13419 FILM NUMBER: 22515340 BUSINESS ADDRESS: STREET 1: 18135 BURKE STREET STREET 2: SUITE 100 CITY: OMAHA STATE: NE ZIP: 68022 BUSINESS PHONE: 4028296800 MAIL ADDRESS: STREET 1: 18135 BURKE STREET STREET 2: SUITE 100 CITY: OMAHA STATE: NE ZIP: 68022 FORMER COMPANY: FORMER CONFORMED NAME: LINDSAY MANUFACTURING CO DATE OF NAME CHANGE: 19920703 10-Q 1 lnn-20211130.htm 10-Q 10-Q
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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 November 30, 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 January 4, 2022, 10,972,392 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 months ended November 30, 2021 and November 30, 2020

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended November 30, 2021 and November 30, 2020

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of November 30, 2021, November 30, 2020, and August 31, 2021

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three months ended November 30, 2021 and November 30, 2020

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2021 and November 30, 2020

 

7

 

 

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

 

 

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

 

17

 

 

 

 

 

 

 

ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk

 

23

 

 

 

 

 

 

 

ITEM 4 – Controls and Procedures

 

24

 

 

 

 

 

Part II – OTHER INFORMATION

 

25

 

 

 

 

 

 

 

ITEM 1 – Legal Proceedings

 

25

 

 

 

 

 

 

 

ITEM 1A – Risk Factors

 

25

 

 

 

 

 

 

 

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

 

25

 

 

 

 

 

 

 

ITEM 3 – Defaults Upon Senior Securities

 

25

 

 

 

 

 

 

 

ITEM 4 – Mine Safety Disclosures

 

25

 

 

 

 

 

 

 

ITEM 5 – Other Information

 

25

 

 

 

 

 

 

 

ITEM 6 – Exhibits

 

26

 

 

 

 

 

SIGNATURES

 

27

 

- 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

 

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

 

November 30,
2021

 

 

November 30,
2020

 

Operating revenues

 

$

166,152

 

 

$

108,485

 

Cost of operating revenues

 

 

128,714

 

 

 

77,077

 

Gross profit

 

 

37,438

 

 

 

31,408

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Selling expense

 

 

7,990

 

 

 

7,331

 

General and administrative expense

 

 

12,880

 

 

 

13,452

 

Engineering and research expense

 

 

3,207

 

 

 

3,090

 

Total operating expenses

 

 

24,077

 

 

 

23,873

 

 

 

 

 

 

 

 

Operating income

 

 

13,361

 

 

 

7,535

 

 

 

 

 

 

 

 

Other (expense) income:

 

 

 

 

 

 

Interest expense

 

 

(1,163

)

 

 

(1,201

)

Interest income

 

 

177

 

 

 

303

 

Other expense, net

 

 

(2,900

)

 

 

246

 

Total other (expense) income

 

 

(3,886

)

 

 

(652

)

 

 

 

 

 

 

 

Earnings before income taxes

 

 

9,475

 

 

 

6,883

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

1,574

 

 

 

(212

)

 

 

 

 

 

 

 

Net earnings

 

$

7,901

 

 

$

7,095

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

0.72

 

 

$

0.65

 

Diluted

 

$

0.72

 

 

$

0.65

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

Basic

 

 

10,927

 

 

 

10,845

 

Diluted

 

 

11,026

 

 

 

10,888

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.33

 

 

$

0.32

 

 

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

 

($ in thousands)

 

November 30,
2021

 

 

November 30,
2020

 

Net earnings

 

$

7,901

 

 

$

7,095

 

Other comprehensive (loss) income:

 

 

 

 

 

 

Defined benefit pension plan adjustment, net of tax

 

 

49

 

 

 

43

 

Foreign currency translation adjustment, net of hedging activities and tax

 

 

(3,350

)

 

 

1,384

 

Unrealized loss on marketable securities, net of tax

 

 

(57

)

 

 

(32

)

Total other comprehensive (loss) income, net of tax expense of $2 and $32, respectively

 

 

(3,358

)

 

 

1,395

 

Total comprehensive income

 

$

4,543

 

 

$

8,490

 

 

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)

 

November 30,
2021

 

 

November 30,
2020

 

 

August 31,
2021

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

84,719

 

 

$

126,802

 

 

$

127,107

 

Marketable securities

 

 

30,195

 

 

 

19,624

 

 

 

19,604

 

Receivables, net of allowance of $3,398, $2,960, and $3,422,
   respectively

 

 

111,959

 

 

 

74,909

 

 

 

93,609

 

Inventories, net

 

 

173,115

 

 

 

114,278

 

 

 

145,244

 

Other current assets, net

 

 

26,345

 

 

 

20,837

 

 

 

30,539

 

Total current assets

 

 

426,333

 

 

 

356,450

 

 

 

416,103

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

 

 

 

 

Cost

 

 

230,268

 

 

 

212,725

 

 

 

229,000

 

Less accumulated depreciation

 

 

(138,629

)

 

 

(131,430

)

 

 

(137,003

)

Property, plant, and equipment, net

 

 

91,639

 

 

 

81,295

 

 

 

91,997

 

 

 

 

 

 

 

 

 

 

 

Intangibles, net

 

 

19,827

 

 

 

22,817

 

 

 

20,367

 

Goodwill

 

 

67,735

 

 

 

68,027

 

 

 

67,968

 

Operating lease right-of-use assets

 

 

17,584

 

 

 

26,008

 

 

 

18,281

 

Deferred income tax assets

 

 

6,157

 

 

 

9,924

 

 

 

8,113

 

Other noncurrent assets

 

 

20,170

 

 

 

10,681

 

 

 

14,356

 

Total assets

 

$

649,445

 

 

$

575,202

 

 

$

637,185

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

58,908

 

 

$

36,263

 

 

$

45,209

 

Current portion of long-term debt

 

 

219

 

 

 

214

 

 

 

217

 

Other current liabilities

 

 

88,655

 

 

 

65,910

 

 

 

92,814

 

Total current liabilities

 

 

147,782

 

 

 

102,387

 

 

 

138,240

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

5,660

 

 

 

6,293

 

 

 

5,754

 

Long-term debt

 

 

115,471

 

 

 

115,641

 

 

 

115,514

 

Operating lease liabilities

 

 

17,679

 

 

 

24,863

 

 

 

18,301

 

Deferred income tax liabilities

 

 

798

 

 

 

902

 

 

 

832

 

Other noncurrent liabilities

 

 

20,112

 

 

 

21,215

 

 

 

20,099

 

Total liabilities

 

 

307,502

 

 

 

271,301

 

 

 

298,740

 

 

 

 

 

 

 

 

 

 

 

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;
   
19,056, 18,948, and 18,991 shares issued, respectively

 

 

19,056

 

 

 

18,948

 

 

 

18,991

 

Capital in excess of stated value

 

 

89,006

 

 

 

78,026

 

 

 

86,495

 

Retained earnings

 

 

532,410

 

 

 

503,342

 

 

 

528,130

 

Less treasury stock - at cost, 8,083 shares

 

 

(277,238

)

 

 

(277,238

)

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

(21,291

)

 

 

(19,177

)

 

 

(17,933

)

Total shareholders' equity

 

 

341,943

 

 

 

303,901

 

 

 

338,445

 

Total liabilities and shareholders' equity

 

$

649,445

 

 

$

575,202

 

 

$

637,185

 

 

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, 2020

 

 

18,918

 

 

 

8,083

 

 

$

18,918

 

 

$

77,686

 

 

$

499,724

 

 

$

(277,238

)

 

$

(20,572

)

 

$

298,518

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,095

 

 

 

 

 

 

 

 

 

7,095

 

     Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,395

 

 

 

1,395

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,490

 

Cash dividends ($.32) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,477

)

 

 

 

 

 

 

 

 

(3,477

)

Issuance of common shares under share compensation plans, net

 

 

30

 

 

 

 

 

 

30

 

 

 

(1,243

)

 

 

 

 

 

 

 

 

 

 

 

(1,213

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,583

 

 

 

 

 

 

 

 

 

 

 

 

1,583

 

Balance at November 30, 2020

 

 

18,948

 

 

 

8,083

 

 

$

18,948

 

 

$

78,026

 

 

$

503,342

 

 

$

(277,238

)

 

$

(19,177

)

 

$

303,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at August 31, 2021

 

 

18,991

 

 

 

8,083

 

 

$

18,991

 

 

$

86,495

 

 

$

528,130

 

 

$

(277,238

)

 

$

(17,933

)

 

$

338,445

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,901

 

 

 

 

 

 

 

 

 

7,901

 

     Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,358

)

 

 

(3,358

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,543

 

Cash dividends ($.33) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,621

)

 

 

 

 

 

 

 

 

(3,621

)

Issuance of common shares under share compensation plans, net

 

 

65

 

 

 

 

 

 

65

 

 

 

1,289

 

 

 

 

 

 

 

 

 

 

 

 

1,354

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,222

 

 

 

 

 

 

 

 

 

 

 

 

1,222

 

Balance at November 30, 2021

 

 

19,056

 

 

 

8,083

 

 

$

19,056

 

 

$

89,006

 

 

$

532,410

 

 

$

(277,238

)

 

$

(21,291

)

 

$

341,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

- 6 -


Table of Contents

 

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Three months ended

 

($ in thousands)

 

November 30, 2021

 

 

November 30, 2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net earnings

 

$

7,901

 

 

$

7,095

 

Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

4,896

 

 

 

5,140

 

Provision for uncollectible accounts receivable

 

 

91

 

 

 

158

 

Deferred income taxes

 

 

1,841

 

 

 

140

 

Share-based compensation expense

 

 

1,222

 

 

 

1,583

 

Unrealized foreign currency transaction loss (gain)

 

 

2,193

 

 

 

(203

)

Other, net

 

 

292

 

 

 

36

 

Changes in assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(17,816

)

 

 

8,896

 

Inventories

 

 

(31,674

)

 

 

(8,294

)

Other current assets

 

 

5,965

 

 

 

(3,068

)

Accounts payable

 

 

12,462

 

 

 

7,286

 

Other current liabilities

 

 

(3,632

)

 

 

(7,146

)

Other noncurrent assets and liabilities

 

 

(7,920

)

 

 

3,750

 

Net cash (used in) provided by operating activities

 

 

(24,179

)

 

 

15,373

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(3,061

)

 

 

(5,614

)

Purchases of marketable securities available-for-sale

 

 

(14,354

)

 

 

(3,844

)

Proceeds from maturities of marketable securities available-for-sale

 

 

3,599

 

 

 

3,616

 

Other investing activities, net

 

 

(342

)

 

 

 

Net cash used in investing activities

 

 

(14,158

)

 

 

(5,842

)