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LINDSAY MANUFACTURING REPORTS RESULTS FOR FOURTH QUARTER AND YEAR ENDED AUGUST 31, 1993

 LINDSAY, Neb., Oct. 1 /PRNewswire/ -- Lindsay Manufacturing Co. (NASDAQ: LINZ) today reported financial results for the quarter and year ended Aug. 31, 1993. For the year, revenues were $102.1 million, down slightly from $108.9 million in fiscal 1992 reflecting a difficult first quarter and ongoing slowness in export irrigation sales which were partially offset by growth in both North American irrigation and diversified manufacturing revenues. Net earnings were $10.7 million, or $2.21 per share, compared with $11.0 million, or $2.28 per share, in the prior year.
 For the fourth quarter, revenues were $28.2 million, up from $25.8 million in the quarter of the prior year, as higher North American irrigation equipment sales and diversified product revenue more than offset the decline in export irrigation equipment sales. Net earnings were $2.5 million, or 52 cents per share, compared with earnings of $2.6 million, or 53 cents per share, in the same quarter of the prior year.
 "Domestic demand for irrigation equipment was strong throughout the year as North American sales increased by almost $3 million, or 6 percent. Diversified product revenues, including both outsource manufacturing and large-diameter tubing operations, also climbed approximately $3 million, or 28 percent, during the year. However, this could not offset a $12 million, or 25 percent, reduction in export sales due to lower sales to Saudi Arabia," said Gary Parker, Lindsay's chairman, president and chief executive officer.
 "During the year, we were successful in continuing to improve our operating efficiency. As a result, gross margin for fiscal 1993 climbed to 23.3 percent, up from 21.8 percent in the prior year. And, operating expenses declined to $10.7 million in fiscal 1993 from $10.9 million in fiscal 1992," Parker continued.
 Looking at the year ahead, Parker noted, "At year end, our order backlog reflected the same influences as our recent revenues. Total backlog was $19.6 million, down from $26.1 million at this time last year and $21.3 million at the end of our third quarter, due to lower international orders. Saudi Arabia continues to be our most important international market, but, it is a mature market and we expect fluctuations.
 "In North America, this summer's flooding in the Midwest had little impact on areas of high demand for center pivot irrigation equipment and order flow continues strong.
 "Finally, diversified manufacturing orders continue to be strong. We expect to see ongoing expansion of this segment as the capital goods sector of the U.S. economy strengthens," he concluded.
 Lindsay's continued strong performance contributed to a solid financial position at year end. At Aug. 31, 1993, shareholders' equity was $55.5 million, or $11.86 per share, up from $44.4 million, or $9.52 per share, at the beginning of the year. Cash and marketable securities totalled $50.0 million. "Our financial resources should allow Lindsay to fund growth internally," Parker said. "In addition, we are in a strong position to pursue expansion through acquisition if we identify the appropriate opportunity."
 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 has approximately 4.7 million shares outstanding which are traded on NASDAQ's National Market System under the symbol LINZ.
 -0- 10/1/93
 /CONTACT: Bruce Karsk of Lindsay Manufacturing, 402-428-2131; or Lise Needham or Stephanie Meyer at Financial Relations Board, 415-986-1591, for Lindsay Manufacturing/
 (LINZ)


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

PK -- SF002 -- 7630 10/01/93 08:01 EDT
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Date:Oct 1, 1993
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