10-Q 1 lnn-20220228.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 February 28, 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 March 31, 2022, 10,977,692 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, 2022 and February 28, 2021

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended February 28, 2022 and February 28, 2021

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of February 28, 2022, February 28, 2021, and August 31, 2021

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended February 28, 2022 and February 28, 2021

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended February 28, 2022 and February 28, 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

 

 

Six months ended

 

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

 

February 28,
2022

 

 

February 28,
2021

 

 

February 28,
2022

 

 

February 28,
2021

 

Operating revenues

 

$

200,137

 

 

$

143,577

 

 

$

366,288

 

 

$

252,062

 

Cost of operating revenues

 

 

157,193

 

 

 

102,403

 

 

 

285,907

 

 

 

179,480

 

Gross profit

 

 

42,944

 

 

 

41,174

 

 

 

80,381

 

 

 

72,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

7,932

 

 

 

7,778

 

 

 

15,922

 

 

 

15,110

 

General and administrative expense

 

 

13,022

 

 

 

14,275

 

 

 

25,901

 

 

 

27,727

 

Engineering and research expense

 

 

3,652

 

 

 

3,312

 

 

 

6,859

 

 

 

6,402

 

Total operating expenses

 

 

24,606

 

 

 

25,365

 

 

 

48,682

 

 

 

49,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

18,338

 

 

 

15,809

 

 

 

31,699

 

 

 

23,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,176

)

 

 

(1,205

)

 

 

(2,339

)

 

 

(2,406

)

Interest income

 

 

160

 

 

 

268

 

 

 

338

 

 

 

571

 

Other income (expense), net

 

 

1,882

 

 

 

(311

)

 

 

(1,018

)

 

 

(65

)

Total other income (expense)

 

 

866

 

 

 

(1,248

)

 

 

(3,019

)

 

 

(1,900

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

19,204

 

 

 

14,561

 

 

 

28,680

 

 

 

21,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

4,638

 

 

 

2,685

 

 

 

6,213

 

 

 

2,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

14,566

 

 

$

11,876

 

 

$

22,467

 

 

$

18,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.33

 

 

$

1.09

 

 

$

2.05

 

 

$

1.75

 

Diluted

 

$

1.32

 

 

$

1.08

 

 

$

2.04

 

 

$

1.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

10,974

 

 

 

10,884

 

 

 

10,950

 

 

 

10,865

 

Diluted

 

 

11,014

 

 

 

10,981

 

 

 

11,020

 

 

 

10,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.33

 

 

$

0.32

 

 

$

0.66

 

 

$

0.64

 

 

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,
2022

 

 

February 28,
2021

 

 

February 28,
2022

 

 

February 28,
2021

 

Net earnings

 

$

14,566

 

 

$

11,876

 

 

$

22,467

 

 

$

18,971

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustment, net of tax

 

 

48

 

 

 

59

 

 

 

97

 

 

 

102

 

Foreign currency translation adjustment, net of hedging activities and tax

 

 

1,997

 

 

 

481

 

 

 

(1,353

)

 

 

1,864

 

Unrealized loss on marketable securities, net of tax

 

 

(105

)

 

 

(25

)

 

 

(162

)

 

 

(56

)

Total other comprehensive income (loss), net of tax (benefit) expense of ($21), $20, ($19), and ($12) respectively

 

 

1,940

 

 

 

515

 

 

 

(1,418

)

 

 

1,910

 

Total comprehensive income

 

$

16,506

 

 

$

12,391

 

 

$

21,049

 

 

$

20,881

 

 

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,
2022

 

 

February 28,
2021

 

 

August 31,
2021

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

68,951

 

 

$

110,775

 

 

$

127,107

 

Marketable securities

 

 

24,934

 

 

 

19,555

 

 

 

19,604

 

Receivables, net of allowance of $3,726, $3,021, and $3,422,
   respectively

 

 

134,694

 

 

 

94,211

 

 

 

93,609

 

Inventories, net

 

 

187,328

 

 

 

121,566

 

 

 

145,244

 

Other current assets, net

 

 

34,350

 

 

 

29,509

 

 

 

30,539

 

Total current assets

 

 

450,257

 

 

 

375,616

 

 

 

416,103

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

 

 

 

 

Cost

 

 

234,183

 

 

 

223,418

 

 

 

229,000

 

Less accumulated depreciation

 

 

(141,892

)

 

 

(134,197

)

 

 

(137,003

)

Property, plant, and equipment, net

 

 

92,291

 

 

 

89,221

 

 

 

91,997

 

 

 

 

 

 

 

 

 

 

 

Intangibles, net

 

 

19,311

 

 

 

22,383

 

 

 

20,367

 

Goodwill

 

 

67,679

 

 

 

68,087

 

 

 

67,968

 

Operating lease right-of-use assets

 

 

16,724

 

 

 

20,173

 

 

 

18,281

 

Deferred income tax assets

 

 

5,352

 

 

 

10,347

 

 

 

8,113

 

Other noncurrent assets

 

 

24,970

 

 

 

10,821

 

 

 

14,356

 

Total assets

 

$

676,584

 

 

$

596,648

 

 

$

637,185

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

74,345

 

 

$

39,934

 

 

$

45,209

 

Current portion of long-term debt

 

 

220

 

 

 

215

 

 

 

217

 

Other current liabilities

 

 

86,837

 

 

 

74,687

 

 

 

92,814

 

Total current liabilities

 

 

161,402

 

 

 

114,836

 

 

 

138,240

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

5,567

 

 

 

6,182

 

 

 

5,754

 

Long-term debt

 

 

115,428

 

 

 

115,599

 

 

 

115,514

 

Operating lease liabilities

 

 

17,170

 

 

 

20,174

 

 

 

18,301

 

Deferred income tax liabilities

 

 

783

 

 

 

900

 

 

 

832

 

Other noncurrent liabilities

 

 

19,696

 

 

 

19,933

 

 

 

20,099

 

Total liabilities

 

 

320,046

 

 

 

277,624

 

 

 

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;
   
19,061, 18,990, and 18,991 shares issued, respectively

 

 

19,061

 

 

 

18,990

 

 

 

18,991

 

Capital in excess of stated value

 

 

90,711

 

 

 

84,206

 

 

 

86,495

 

Retained earnings

 

 

543,355

 

 

 

511,728

 

 

 

528,130

 

Less treasury stock - at cost, 8,083 shares

 

 

(277,238

)

 

 

(277,238

)

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

(19,351

)

 

 

(18,662

)

 

 

(17,933

)

Total shareholders' equity

 

 

356,538

 

 

 

319,024

 

 

 

338,445

 

Total liabilities and shareholders' equity

 

$

676,584

 

 

$

596,648

 

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,971

 

 

 

 

 

 

 

 

 

18,971

 

     Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,910

 

 

 

1,910

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,881

 

Cash dividends ($.64) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,967

)

 

 

 

 

 

 

 

 

(6,967

)

Issuance of common shares under share compensation plans, net

 

 

72

 

 

 

 

 

 

72

 

 

 

2,473

 

 

 

 

 

 

 

 

 

 

 

 

2,545

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

4,047

 

 

 

 

 

 

 

 

 

 

 

 

4,047

 

Balance at February 28, 2021

 

 

18,990

 

 

 

8,083

 

 

$

18,990

 

 

$

84,206

 

 

$

511,728

 

 

$

(277,238

)

 

$

(18,662

)

 

$

319,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,467

 

 

 

 

 

 

 

 

 

22,467

 

     Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,418

)

 

 

(1,418

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,049

 

Cash dividends ($.66) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,242

)