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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 May 31, 2022

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 June 27, 2022, 10,979,422 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 nine months ended May 31, 2022 and May 31, 2021

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended May 31, 2022 and May 31, 2021

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of May 31, 2022, May 31, 2021, and August 31, 2021

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended May 31, 2022 and May 31, 2021

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended May 31, 2022 and May 31, 2021

 

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

 

25

 

 

 

 

 

 

 

ITEM 4 – Controls and Procedures

 

26

 

 

 

 

 

Part II – OTHER INFORMATION

 

27

 

 

 

 

 

 

 

ITEM 1 – Legal Proceedings

 

27

 

 

 

 

 

 

 

ITEM 1A – Risk Factors

 

27

 

 

 

 

 

 

 

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

 

27

 

 

 

 

 

 

 

ITEM 3 – Defaults Upon Senior Securities

 

27

 

 

 

 

 

 

 

ITEM 4 – Mine Safety Disclosures

 

27

 

 

 

 

 

 

 

ITEM 5 – Other Information

 

27

 

 

 

 

 

 

 

ITEM 6 – Exhibits

 

28

 

 

 

 

 

SIGNATURES

 

29

 

- 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

 

 

Nine months ended

 

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

 

May 31,
2022

 

 

May 31,
2021

 

 

May 31,
2022

 

 

May 31,
2021

 

Operating revenues

 

$

214,259

 

 

$

161,936

 

 

$

580,547

 

 

$

413,998

 

Cost of operating revenues

 

 

152,579

 

 

 

117,880

 

 

 

438,486

 

 

 

297,360

 

Gross profit

 

 

61,680

 

 

 

44,056

 

 

 

142,061

 

 

 

116,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

8,148

 

 

 

7,570

 

 

 

24,070

 

 

 

22,680

 

General and administrative expense

 

 

14,647

 

 

 

12,043

 

 

 

40,548

 

 

 

39,770

 

Engineering and research expense

 

 

3,723

 

 

 

3,102

 

 

 

10,582

 

 

 

9,504

 

Total operating expenses

 

 

26,518

 

 

 

22,715

 

 

 

75,200

 

 

 

71,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

35,162

 

 

 

21,341

 

 

 

66,861

 

 

 

44,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,006

)

 

 

(1,178

)

 

 

(3,345

)

 

 

(3,584

)

Interest income

 

 

118

 

 

 

227

 

 

 

456

 

 

 

798

 

Other income, net

 

 

1,282

 

 

 

764

 

 

 

264

 

 

 

699

 

Total other income (expense)

 

 

394

 

 

 

(187

)

 

 

(2,625

)

 

 

(2,087

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

35,556

 

 

 

21,154

 

 

 

64,236

 

 

 

42,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

10,483

 

 

 

3,357

 

 

 

16,696

 

 

 

5,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

25,073

 

 

$

17,797

 

 

$

47,540

 

 

$

36,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.28

 

 

$

1.63

 

 

$

4.34

 

 

$

3.38

 

Diluted

 

$

2.28

 

 

$

1.61

 

 

$

4.31

 

 

$

3.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

10,978

 

 

 

10,907

 

 

 

10,960

 

 

 

10,879

 

Diluted

 

 

11,021

 

 

 

11,033

 

 

 

11,020

 

 

 

10,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.33

 

 

$

0.33

 

 

$

0.99

 

 

$

0.97

 

 

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

 

 

Nine months ended

 

($ in thousands)

 

May 31,
2022

 

 

May 31,
2021

 

 

May 31,
2022

 

 

May 31,
2021

 

Net earnings

 

$

25,073

 

 

$

17,797

 

 

$

47,540

 

 

$

36,768

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustment, net of tax

 

 

49

 

 

 

51

 

 

 

146

 

 

 

153

 

Foreign currency translation adjustment, net of hedging activities and tax

 

 

991

 

 

 

1,858

 

 

 

(362

)

 

 

3,722

 

Unrealized loss on marketable securities, net of tax

 

 

(65

)

 

 

(10

)

 

 

(227

)

 

 

(66

)

Total other comprehensive income (loss), net of tax expense of $257, $127, $238, and $115 respectively

 

 

975

 

 

 

1,899

 

 

 

(443

)

 

 

3,809

 

Total comprehensive income

 

$

26,048

 

 

$

19,696

 

 

$

47,097

 

 

$

40,577

 

 

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)

 

May 31,
2022

 

 

May 31,
2021

 

 

August 31,
2021

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

81,757

 

 

$

120,801

 

 

$

127,107

 

Marketable securities

 

 

13,930

 

 

 

19,663

 

 

 

19,604

 

Receivables, net of allowance of $4,197, $3,145, and $3,422,
   respectively

 

 

155,518

 

 

 

107,713

 

 

 

93,609

 

Inventories, net

 

 

195,566

 

 

 

136,601

 

 

 

145,244

 

Other current assets, net

 

 

28,663

 

 

 

32,947

 

 

 

30,539

 

Total current assets

 

 

475,434

 

 

 

417,725

 

 

 

416,103

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

 

 

 

 

Cost

 

 

239,001

 

 

 

230,205

 

 

 

229,000

 

Less accumulated depreciation

 

 

(144,560

)

 

 

(137,688

)

 

 

(137,003

)

Property, plant, and equipment, net

 

 

94,441

 

 

 

92,517

 

 

 

91,997

 

 

 

 

 

 

 

 

 

 

 

Intangibles, net

 

 

18,769

 

 

 

21,893

 

 

 

20,367

 

Goodwill

 

 

67,476

 

 

 

68,134

 

 

 

67,968

 

Operating lease right-of-use assets

 

 

20,263

 

 

 

19,360

 

 

 

18,281

 

Deferred income tax assets

 

 

7,857

 

 

 

10,247

 

 

 

8,113

 

Other noncurrent assets

 

 

27,676

 

 

 

12,341

 

 

 

14,356

 

Total assets

 

$

711,916

 

 

$

642,217

 

 

$

637,185

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

72,350

 

 

$

49,351

 

 

$

45,209

 

Current portion of long-term debt

 

 

221

 

 

 

216

 

 

 

217

 

Other current liabilities

 

 

101,243

 

 

 

94,589

 

 

 

92,814

 

Total current liabilities

 

 

173,814

 

 

 

144,156

 

 

 

138,240

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

5,474

 

 

 

6,086

 

 

 

5,754

 

Long-term debt

 

 

115,384

 

 

 

115,557

 

 

 

115,514

 

Operating lease liabilities

 

 

20,688

 

 

 

19,369

 

 

 

18,301

 

Deferred income tax liabilities

 

 

730

 

 

 

881

 

 

 

832

 

Other noncurrent liabilities

 

 

15,056

 

 

 

19,995

 

 

 

20,099

 

Total liabilities

 

 

331,146

 

 

 

306,044

 

 

 

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;
   
19,063, 18,991, and 18,991 shares issued, respectively

 

 

19,063

 

 

 

18,991

 

 

 

18,991

 

Capital in excess of stated value

 

 

92,516

 

 

 

85,257

 

 

 

86,495

 

Retained earnings

 

 

564,805

 

 

 

525,926

 

 

 

528,130

 

Less treasury stock - at cost, 8,083 shares

 

 

(277,238

)

 

 

(277,238

)

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

(18,376

)

 

 

(16,763

)

 

 

(17,933

)

Total shareholders' equity

 

 

380,770

 

 

 

336,173

 

 

 

338,445

 

Total liabilities and shareholders' equity

 

$

711,916

 

 

$

642,217

 

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,768

 

 

 

 

 

 

 

 

 

36,768

 

     Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,809

 

 

 

3,809

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,577

 

Cash dividends ($0.97) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,566

)

 

 

 

 

 

 

 

 

(10,566

)

Issuance of common shares under share compensation plans, net

 

 

73

 

 

 

 

 

 

73

 

 

 

2,550

 

 

 

 

 

 

 

 

 

 

 

 

2,623

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

5,021

 

 

 

 

 

 

 

 

 

 

 

 

5,021

 

Balance at May 31, 2021

 

 

18,991

 

 

 

8,083

 

 

$

18,991

 

 

$

85,257

 

 

$

525,926

 

 

$

(277,238

)

 

$

(16,763

)

 

$

336,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,540

 

 

 

 

 

 

 

 

 

47,540

 

     Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(443

)

 

 

(443

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,097

 

Cash dividends ($0.99) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,865

)

 

 

 

 

 

 

 

 

(10,865

)

Issuance of common shares under share compensation plans, net

 

 

72

 

 

 

 

 

 

72

 

 

 

1,960

 

 

 

 

 

 

 

 

 

 

 

 

2,032

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

4,061

 

 

 

 

 

 

 

 

 

 

 

 

4,061

 

Balance at May 31, 2022

 

 

19,063

 

 

 

8,083

 

 

$

19,063

 

 

$

92,516

 

 

$

564,805

 

 

$

(277,238

)

 

$

(18,376

)

 

$

380,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 6 -


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 February 28, 2021

 

 

18,990

 

 

 

8,083

 

 

$

18,990

 

 

$

84,206

 

 

$

511,728

 

 

$

(277,238

)

 

$

(18,662

)

 

$

319,024

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,797

 

 

 

 

 

 

 

 

 

17,797

 

     Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,899

 

 

 

1,899

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,696

 

Cash dividends ($0.33) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,599

)

 

 

 

 

 

 

 

 

(3,599

)

Issuance of common shares under share compensation plans, net

 

 

1

 

 

 

 

 

 

1

 

 

 

77

 

 

 

 

 

 

 

 

 

 

 

 

78

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

974

 

 

 

 

 

 

 

 

 

 

 

 

974

 

Balance at May 31, 2021

 

 

18,991

 

 

 

8,083

 

 

$

18,991

 

 

$

85,257

 

 

$

525,926

 

 

$

(277,238

)

 

$

(16,763

)

 

$

336,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at February 28, 2022

 

 

19,061

 

 

 

8,083

 

 

$

19,061

 

 

$

90,711

 

 

$

543,355

 

 

$

(277,238

)

 

$

(19,351

)

 

$

356,538

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,073

 

 

 

 

 

 

 

 

 

25,073

 

     Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

975

 

 

 

975

 

Total comprehensive income