10-Q 1 lnn-20240229.htm 10-Q 10-Q
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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 29, 2024

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, a 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, 2024, 11,038,276 shares of the registrant’s common stock were outstanding.

 

 


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 29, 2024 and February 28, 2023

3

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended February 29, 2024 and February 28, 2023

4

 

 

 

 

 

Condensed Consolidated Balance Sheets as of February 29, 2024, February 28, 2023, and August 31, 2023

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended February 29, 2024 and February 28, 2023

6

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended February 29, 2024 and February 28, 2023

8

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

9

 

 

 

 

 

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

18

 

 

 

 

 

ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk

26

 

 

 

 

 

ITEM 4 – Controls and Procedures

26

 

 

 

 

 

Part II – OTHER INFORMATION

28

 

 

 

 

 

ITEM 1 – Legal Proceedings

28

 

 

 

 

 

ITEM 1A – Risk Factors

28

 

 

 

 

 

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

28

 

 

 

 

 

ITEM 3 – Defaults Upon Senior Securities

28

 

 

 

 

 

ITEM 4 – Mine Safety Disclosures

28

 

 

 

 

 

ITEM 5 – Other Information

28

 

 

 

 

 

ITEM 6 – Exhibits

29

 

 

 

 

 

SIGNATURES

30

 

- 2 -


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 29,
2024

 

 

February 28,
2023

 

 

February 29,
2024

 

 

February 28,
2023

 

Operating revenues

 

$

151,519

 

 

$

166,241

 

 

$

312,877

 

 

$

342,400

 

Cost of operating revenues

 

 

102,565

 

 

 

111,983

 

 

 

214,018

 

 

 

235,122

 

Gross profit

 

 

48,954

 

 

 

54,258

 

 

 

98,859

 

 

 

107,278

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

9,498

 

 

 

8,733

 

 

 

19,315

 

 

 

18,410

 

General and administrative expense

 

 

13,466

 

 

 

13,739

 

 

 

28,128

 

 

 

28,176

 

Engineering and research expense

 

 

3,892

 

 

 

4,521

 

 

 

8,244

 

 

 

8,829

 

Total operating expenses

 

 

26,856

 

 

 

26,993

 

 

 

55,687

 

 

 

55,415

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

22,098

 

 

 

27,265

 

 

 

43,172

 

 

 

51,863

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(830

)

 

 

(1,038

)

 

 

(1,707

)

 

 

(1,947

)

Interest income

 

 

1,295

 

 

 

490

 

 

 

2,363

 

 

 

865

 

Other income (expense), net

 

 

134

 

 

 

(984

)

 

 

(136

)

 

 

(1,043

)

Total other income (expense)

 

 

599

 

 

 

(1,532

)

 

 

520

 

 

 

(2,125

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

22,697

 

 

 

25,733

 

 

 

43,692

 

 

 

49,738

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

4,574

 

 

 

7,681

 

 

 

10,550

 

 

 

13,469

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

18,123

 

 

$

18,052

 

 

$

33,142

 

 

$

36,269

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.64

 

 

$

1.64

 

 

$

3.01

 

 

$

3.30

 

Diluted

 

$

1.64

 

 

$

1.63

 

 

$

2.99

 

 

$

3.28

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

11,033

 

 

 

11,007

 

 

 

11,025

 

 

 

10,998

 

Diluted

 

 

11,074

 

 

 

11,063

 

 

 

11,067

 

 

 

11,068

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.35

 

 

$

0.34

 

 

$

0.70

 

 

$

0.68

 

 

See accompanying notes to condensed consolidated financial statements.

- 3 -


LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

($ in thousands)

 

February 29,
2024

 

 

February 28,
2023

 

 

February 29,
2024

 

 

February 28,
2023

 

Net earnings

 

$

18,123

 

 

$

18,052

 

 

$

33,142

 

 

$

36,269

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustment, net of tax

 

 

36

 

 

 

40

 

 

 

73

 

 

 

80

 

Foreign currency translation adjustment, net of hedging activities and tax

 

 

(583

)

 

 

1,308

 

 

 

(747

)

 

 

(878

)

Unrealized gain on marketable securities, net of tax

 

 

22

 

 

 

71

 

 

 

59

 

 

 

72

 

Total other comprehensive (loss) income, net of tax expense (benefit) of $262, $52, $96, and ($417) respectively

 

 

(525

)

 

 

1,419

 

 

 

(615

)

 

 

(726

)

Total comprehensive income

 

$

17,598

 

 

$

19,471

 

 

$

32,527

 

 

$

35,543

 

 

See accompanying notes to condensed consolidated financial statements.

- 4 -


LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

($ and shares in thousands, except par values)

 

February 29,
2024

 

 

February 28,
2023

 

 

August 31,
2023

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

133,415

 

 

$

97,675

 

 

$

160,755

 

Marketable securities

 

 

17,219

 

 

 

8,763

 

 

 

5,556

 

Receivables, net of allowance of $5,149, $4,959, and $5,048,
   respectively

 

 

153,624

 

 

 

167,007

 

 

 

144,774

 

Inventories, net

 

 

167,334

 

 

 

178,703

 

 

 

155,932

 

Other current assets

 

 

29,121

 

 

 

27,973

 

 

 

20,467

 

Total current assets

 

 

500,713

 

 

 

480,121

 

 

 

487,484

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

 

 

 

 

Cost

 

 

275,340

 

 

 

246,396

 

 

 

257,741

 

Less accumulated depreciation

 

 

(164,649

)

 

 

(152,558

)

 

 

(158,060

)

Property, plant, and equipment, net

 

 

110,691

 

 

 

93,838

 

 

 

99,681

 

 

 

 

 

 

 

 

 

 

 

Intangibles, net

 

 

26,277

 

 

 

17,329

 

 

 

27,719

 

Goodwill

 

 

84,099

 

 

 

67,409

 

 

 

83,121

 

Operating lease right-of-use assets

 

 

16,755

 

 

 

17,984

 

 

 

17,036

 

Deferred income tax assets

 

 

9,203

 

 

 

9,518

 

 

 

10,885

 

Other noncurrent assets

 

 

17,542

 

 

 

22,881

 

 

 

19,734

 

Total assets

 

$

765,280

 

 

$

709,080

 

 

$

745,660

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

47,903

 

 

$

52,998

 

 

$

44,278

 

Current portion of long-term debt

 

 

228

 

 

 

224

 

 

 

226

 

Other current liabilities

 

 

81,147

 

 

 

79,566

 

 

 

91,604

 

Total current liabilities

 

 

129,278

 

 

 

132,788

 

 

 

136,108

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

4,234

 

 

 

4,733

 

 

 

4,382

 

Long-term debt

 

 

115,075

 

 

 

115,253

 

 

 

115,164

 

Operating lease liabilities

 

 

16,936

 

 

 

18,659

 

 

 

17,689

 

Deferred income tax liabilities

 

 

677

 

 

 

702

 

 

 

689

 

Other noncurrent liabilities

 

 

16,046

 

 

 

14,673

 

 

 

15,977

 

Total liabilities

 

 

282,246

 

 

 

286,808

 

 

 

290,009

 

 

 

 

 

 

 

 

 

 

 

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;
   
19,122, 19,091, and 19,094 shares issued, respectively

 

 

19,122

 

 

 

19,091

 

 

 

19,094

 

Capital in excess of stated value

 

 

101,060

 

 

 

94,834

 

 

 

98,508

 

Retained earnings

 

 

661,715

 

 

 

607,784

 

 

 

636,297

 

Less treasury stock - at cost, 8,083 shares

 

 

(277,238

)

 

 

(277,238

)

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

(21,625

)

 

 

(22,199

)

 

 

(21,010

)

Total shareholders' equity

 

 

483,034

 

 

 

422,272

 

 

 

455,651

 

Total liabilities and shareholders' equity

 

$

765,280

 

 

$

709,080

 

 

$

745,660

 

 

See accompanying notes to condensed consolidated financial statements.

- 5 -


 

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, 2022

 

 

19,063

 

 

 

8,083

 

 

$

19,063

 

 

$

94,006

 

 

$

579,000

 

 

$

(277,238

)

 

$

(21,473

)

 

$

393,358

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,269

 

 

 

 

 

 

 

 

 

36,269

 

     Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(726

)

 

 

(726

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,543

 

Cash dividends ($.68) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,485

)

 

 

 

 

 

 

 

 

(7,485

)

Issuance of common shares under share compensation plans, net

 

 

28

 

 

 

 

 

 

28

 

 

 

(2,261

)

 

 

 

 

 

 

 

 

 

 

 

(2,233

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

3,089

 

 

 

 

 

 

 

 

 

 

 

 

3,089

 

Balance at February 28, 2023

 

 

19,091

 

 

 

8,083

 

 

$

19,091

 

 

$

94,834

 

 

$

607,784

 

 

$

(277,238

)

 

$

(22,199

)

 

$

422,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at August 31, 2023

 

 

19,094

 

 

 

8,083

 

 

$

19,094

 

 

$

98,508

 

 

$

636,297

 

 

$

(277,238

)

 

$

(21,010

)

 

$

455,651

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,142

 

 

 

 

 

 

 

 

 

33,142

 

     Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(615

)

 

 

(615

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,527

 

Cash dividends ($.70) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,724

)

 

 

 

 

 

 

 

 

(7,724

)

Issuance of common shares under share compensation plans, net

 

 

28

 

 

 

 

 

 

28

 

 

 

(783

)

 

 

 

 

 

 

 

 

 

 

 

(755

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

3,335

 

 

 

 

 

 

 

 

 

 

 

 

3,335

 

Balance at February 29, 2024

 

 

19,122

 

 

 

8,083

 

 

$

19,122

 

 

$

101,060

 

 

$

661,715

 

 

$

(277,238

)

 

$

(21,625

)

 

$

483,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 6 -


 

 

 

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 November 30, 2022

 

 

19,090

 

 

 

8,083

 

 

$

19,090

 

 

$

93,079

 

 

$

593,475

 

 

$

(277,238

)

 

$

(23,618

)

 

$

404,788

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,052

 

 

 

 

 

 

 

 

 

18,052

 

     Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,419

 

 

 

1,419

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,471

 

Cash dividends ($0.34) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,743

)

 

 

 

 

 

 

 

 

(3,743

)

Issuance of common shares under share compensation plans, net

 

 

1

 

 

 

 

 

 

1

 

 

 

139

 

 

 

 

 

 

 

 

 

 

 

 

140

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,616

 

 

 

 

 

 

 

 

 

 

 

 

1,616

 

Balance at February 28, 2023

 

 

19,091

 

 

 

8,083

 

 

$

19,091

 

 

$

94,834

 

 

$

607,784

 

 

$

(277,238

)

 

$

(22,199

)

 

$

422,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at November 30, 2023

 

 

19,115

 

 

 

8,083

 

 

$

19,115

 

 

$

98,628

 

 

$

647,455

 

 

$

(277,238

)

 

$

(21,100

)

 

$

466,860

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,123

 

 

 

 

 

 

 

 

 

18,123

 

     Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(525

)

 

 

(525

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,598

 

Cash dividends ($.35) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,863

)

 

 

 

 

 

 

 

 

(3,863

)

Issuance of common shares under share compensation plans, net

 

 

7

 

 

 

 

 

 

7

 

 

 

700

 

 

 

 

 

 

 

 

 

 

 

 

707

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,732

 

 

 

 

 

 

 

 

 

 

 

 

1,732

 

Balance at February 29, 2024

 

 

19,122

 

 

 

8,083

 

 

$

19,122

 

 

$

101,060

 

 

$

661,715

 

 

$

(277,238

)

 

$

(21,625

)

 

$

483,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

- 7 -


LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Six months ended

 

($ in thousands)

 

February 29, 2024

 

 

February 28, 2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net earnings

 

$

33,142

 

 

$

36,269

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

10,574

 

 

 

9,695

 

Provision for uncollectible accounts receivable

 

 

249

 

 

 

834

 

Deferred income taxes

 

 

1,488

 

 

 

(185

)

Share-based compensation expense

 

 

3,335

 

 

 

3,089

 

Unrealized foreign currency transaction (gain) loss

 

 

(94

)

 

 

878

 

Other, net

 

 

150

 

 

 

354

 

Changes in assets and liabilities: