Printer Friendly

LINDSAY MANUFACTURING REPORTS FIRST QUARTER FINANCIAL RESULTS

 LINDSAY, Neb., Jan. 7 /PRNewswire/ -- Lindsay Manufacturing Co. (NASDAQ-NMS: LINZ) today reported revenues for the first quarter ended Nov. 30, 1992, were $24.9 million compared with $32.2 million in the same quarter a year ago. Net earnings were $2.3 million, or 48 cents per share, compared with $3.4 million, or 71 cents per share in the first quarter of fiscal 1992. Profit margins declined slightly, reflecting the lower volume and an increase in general and administrative and engineering and research expenses.
 "A late harvest across much of the corn belt caused by the wet fall resulted in dealers delaying the delivery of systems that were on order for customers in several important North American markets," said Gary Parker, chairman, president and chief executive officer. "Farmers traditionally order new capital equipment after the harvest is complete for installation before the spring planting. In addition, sales to Saudi Arabia were below last year's first quarter record level when we saw demand rebound after the war in the Middle East. However, diversified product revenue held its own with a year ago, indicating a slight firming of demand in the capital goods market.
 "While revenue declined, our order backlog increased 69 percent to $17.7 million, up from $10.5 million at this time last year," Parker continued. "Domestic and international orders for irrigation equipment are up and demand for diversified manufacturing services has increased."
 Lindsay continues to maintain a strong financial position. At Nov. 30, 1992, shareholders' equity was $46.8 million, or $10.02 per share, up from $44.4 million, or $9.52 at Aug. 3l, 1992, fiscal year end. Cash and marketable security balances of $43.4 million continue to provide the company with considerable operating flexibility.
 Looking ahead, Parker said, "It appears the economy is slowly on its way to recovery. While it is too soon for certainty, we expect to see continued strengthening in our diversified manufacturing services business as the economy improves and demand for capital goods strengthens. Farmers in the United States and around the world continue to adopt technology such as center pivot irrigation that can conserve resources and help assure improved, more consistent yields. Finally in our export business, Saudi Arabia continues to be a mature but stable market, and we are maintaining our ongoing focus on selected export markets that offer potential for agricultural development using center pivot technology."
 Lindsay is a leading manufacturer and the largest U.S. exporter of center pivot and lateral move irrigation equipment. The company also produces large diameter tubing and provides outsource manufacturing and production services for others. Lindsay's approximately 4.7 million shares outstanding are traded on NASDAQ's National Market System under the symbol LINZ.
 -0- 1/7/93
 /CONTACT: Bruce C. Karsk, vice president-finance, treasurer and secretary of Lindsay Manufacturing, 402-428-2131; or Michael Rosenbaum, 312-266-7800, or Lise Needham, 415-986-1591, both of the Financial Relations Board, for Lindsay Manufacturing/
 (LINZ)


CO: Lindsay Manufacturing Co. ST: Nebraska IN: SU: ERN

RK-GT -- SF005 -- 2481 01/07/93 08:34 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 7, 1993
Words:506
Previous Article:KING WORLD REPORTS 32ND CONSECUTIVE QUARTER OF RECORD NET INCOME AND EARNINGS PER SHARE
Next Article:ROSS STORES REPORTS SALES FOR FIVE WEEKS ENDED JAN. 2, 1993
Topics:


Related Articles
LINDSAY MANUFACTURING REPORTS THIRD QUARTER AND NINE MONTH RESULTS ENDED MAY 31
LINDSAY MANUFACTURING REPORTS RESULTS FOR FOURTH QUARTER AND YEAR ENDED AUGUST 31, 1993
LINDSAY MANUFACTURING REPORTS HIGHER REVENUES AND EARNINGS FOR FIRST FISCAL QUARTER ENDED NOVEMBER 1993
LINDSAY MANUFACTURING REPORTS HIGHER SECOND QUARTER EARNINGS, REVENUES; ORDER BACKLOG NEARLY DOUBLES
LINDSAY MANUFACTURING EXPECTS HIGHER EARNINGS FOR FY 1994
Lindsay Manufacturing 1st-Qtr Net up 59 Percent, Revenue Gains 44 Percent; Cites Better Capacity Utilization, Stronger Demand; Outlook Good
Lindsay Manufacturing 2nd-Qtr Revenues Rose 20%, Net Gained 16%; Capitalizing On North American Market
Lindsay Manufacturing 1st-Qtr FY98 Results Approximate Record Yr-Ago Comparisons
Lindsay Manufacturing Confirms Full-Yr FY98 on Target; Sees Lower 1st- and 2nd-Qtr FY99 Revenue and Earnings; Reinforces Strong Long-Term Outlook.
Lindsay Manufacturing Reports 4th-Qtr, FY98 Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters