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<SEC-DOCUMENT>0000950137-05-008246.txt : 20050630
<SEC-HEADER>0000950137-05-008246.hdr.sgml : 20050630
<ACCEPTANCE-DATETIME>20050630150336
ACCESSION NUMBER:		0000950137-05-008246
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050630
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050630
DATE AS OF CHANGE:		20050630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINDSAY MANUFACTURING CO
		CENTRAL INDEX KEY:			0000836157
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		IRS NUMBER:				470554096
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13419
		FILM NUMBER:		05928185

	BUSINESS ADDRESS:	
		STREET 1:		2707 NORTH 108TH STREET STE 102
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68644
		BUSINESS PHONE:		4024282131

	MAIL ADDRESS:	
		STREET 1:		2707 NORTH 108TH STREET STE 102
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68644
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c96411e8vk.txt
<DESCRIPTION>CURRENT REPORT
<TEXT>
<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                Date of Report (Date of earliest event reported):
                                  June 30, 2005


                            LINDSAY MANUFACTURING CO.
                            -------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                   1-13419                   47-0554096
- ------------------------        ------------        ----------------------------
(State of Incorporation)        (Commission         (IRS Employer Identification
                                File Number)                   Number)


            2707 North 108th Street
                   Suite 102
                Omaha, Nebraska                                 68164
    ----------------------------------------                 ----------
    (Address of principal executive offices)                 (Zip Code)


                                 (402) 428-2131
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


                                 Not applicable
              ----------------------------------------------------
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))
[ ]  Pre-commencement communications .pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL CONDITION

         On June 30, 2005, Lindsay Manufacturing Co. (the "Company") issued a
press release announcing the Company's adjusted results of operations for the
fiscal quarter ended May 31, 2005. A copy of the press release is furnished
herewith as Exhibit 99.1.

         The revision to the previously announced results of operations is due
to settlement through mediation on June 23, 2005 of a pending lawsuit. Under
generally accepted accounting principles, the settlement of this litigation
requires that the Company increase the estimate of settlement costs related to
this matter as of May 31, 2005 by approximately $0.3 million. This revised
estimate of settlement costs is recorded as an increase in other current
liabilities in the Company's consolidated balance sheets as of May 31, 2005, and
as a reduction of other income, net, in the Company's consolidated statements of
operations for the three and nine-months ended May 31, 2005. The Company
previously reported diluted net earnings per share of $0.34 and $0.40 for the
three and nine months respectively ended May 31, 2005. Including this
adjustment, diluted net earnings per share for the three and nine-month periods
were $0.32 and $0.38, respectively.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

         99.1  Press Release, dated June 30, 2005, issued by the Company

         The information contained in this Current Report under Item 2.02,
including the exhibit referenced in Item 9.01 below, is being "furnished"
pursuant to "Item 2.02. Results of Operations and Financial Condition" of Form
8-K and, as such, shall not be deemed to be "filed" for purposes of Section 18
of the Securities and Exchange Act of 1934, as amended, or otherwise subject to
the liabilities of that Section. The information in Item 2.02 of this Current
Report shall not be incorporated by reference into any registration statement or
other document pursuant to the Securities Act of 1933, as amended, except as
shall be expressly set forth by specific reference in such filing.



<PAGE>


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

Dated:   June 30, 2005                  LINDSAY MANUFACTURING CO.


                                        By: /s/ David Downing
                                            ------------------------------------
                                            David Downing, Vice President and
                                              Chief Financial Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c96411exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                  EXHIBIT 99.1


<TABLE>
<S>                                                    <C>
AT THE COMPANY:                                        AT FINANCIAL RELATIONS BOARD:
Bruce C. Karsk                  David Downing          Marilyn Windsor       Diane Hettwer        Tim Grace
EVP, Treasurer and Secretary    VP and CFO             General Inquiries     Analyst Inquiries    Media Inquiries
402-829-6803                    402-827-6235           702-515-1260          312-640-6760         312-640-6667
</TABLE>

FOR IMMEDIATE RELEASE
THURSDAY, JUNE 30, 2005

          LINDSAY MANUFACTURING CO. ADJUSTS 2005 FISCAL THIRD-QUARTER,
                NINE-MONTH FINANCIAL RESULTS FOR SUBSEQUENT EVENT

OMAHA, NEB., JUNE 30, 2005--LINDSAY MANUFACTURING CO. (NYSE: LNN), a leading
manufacturer of center pivot, lateral move, and hose reel irrigation systems,
issued a press release on June 22, 2005 detailing the Company's financial
results for the third quarter and first nine months of fiscal 2005.
Subsequently, the Company settled a pending lawsuit through mediation on June
23, 2005. Under generally accepted accounting principles, the settlement of this
litigation requires that the Company increase the estimate of settlement costs
related to this matter as of May 31, 2005 by approximately $0.3 million. This
revised estimate is recorded as an increase in other current liabilities in the
accompanying consolidated balance sheets at May 31, 2005, and a reduction of
other income, net, in the accompanying consolidated statements of operations for
the three and nine months ended May 31, 2005. The Company previously reported
diluted net earnings per share of $0.34 and $0.40 for the three and nine months,
respectively, ended May 31, 2005. Including this adjustment, diluted net
earnings per share for the three and nine-month periods were $0.32 and $0.38,
respectively.

ABOUT THE COMPANY
Lindsay manufactures and markets Zimmatic, Greenfield, Stettyn and Perrot center
pivot, lateral move and hose reel irrigation systems and GrowSmart controls, all
of which are used by farmers to increase or stabilize crop production while
conserving water, energy, and labor. The company also produces large diameter
steel tubing and provides outsourced manufacturing and production services for
other companies. At May 31, 2005, Lindsay had approximately 11.5 million shares
outstanding, which are traded on the New York Stock Exchange under the symbol
LNN.


            FOR MORE INFORMATION REGARDING LINDSAY MANUFACTURING CO.,
              SEE LINDSAY'S WEBSITE AT www.lindsaymanufacturing.com

                           - FINANCIAL TABLES FOLLOW -

<PAGE>

                   LINDSAY MANUFACTURING CO. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
        FOR THE THREE-MONTHS AND NINE-MONTHS ENDED MAY 31, 2005 AND 2004
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                          THREE MONTHS ENDED             NINE MONTHS ENDED
                                                       ------------------------      ------------------------
                                                          MAY            MAY            MAY            MAY
                                                          2005           2004           2005           2004
                                                          ----           ----           ----           ----
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S>                                                    <C>            <C>            <C>            <C>
Operating revenues ...............................     $  55,985      $  62,286      $ 137,239      $ 150,274
Cost of operating revenues .......................        43,433         49,299        110,348        118,323
                                                       ---------      ---------      ---------      ---------
Gross profit .....................................        12,552         12,987         26,891         31,951
                                                       ---------      ---------      ---------      ---------

Operating expenses:
  Selling expense ................................         2,692          2,830          8,438          8,588
  General and administrative expense .............         3,421          3,255         10,415          9,527
  Engineering and research expense ...............           714            762          2,070          2,198
                                                       ---------      ---------      ---------      ---------
Total operating expenses .........................         6,827          6,847         20,923         20,313
                                                       ---------      ---------      ---------      ---------

Operating income .................................         5,725          6,140          5,968         11,638

Interest income, net .............................           264            341            820          1,126
Other income, net ................................          (496)           (53)           (44)           437
                                                       ---------      ---------      ---------      ---------

Earnings before income taxes .....................         5,493          6,428          6,744         13,201

Income tax provision .............................         1,723          2,083          2,199          4,260
                                                       ---------      ---------      ---------      ---------

Net earnings .....................................     $   3,770      $   4,345      $   4,545      $   8,941
                                                       =========      =========      =========      =========


Basic net earnings per share .....................     $    0.33      $    0.37      $    0.39      $    0.76
                                                       =========      =========      =========      =========

Diluted net earnings per share ...................     $    0.32      $    0.36      $    0.38      $    0.75
                                                       =========      =========      =========      =========


Average shares outstanding .......................        11,596         11,760         11,693         11,752
Diluted effect of stock options ..................            83            187            155            207
                                                       ---------      ---------      ---------      ---------
Average shares outstanding assuming dilution .....        11,679         11,947         11,848         11,959
                                                       =========      =========      =========      =========

Cash dividends per share .........................     $   0.055      $   0.050      $   0.165      $   0.150
                                                       =========      =========      =========      =========
</TABLE>

<PAGE>

                   LINDSAY MANUFACTURING CO. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                    MAY 31, 2005 AND 2004 AND AUGUST 31, 2004


<TABLE>
<CAPTION>
                                                                  (UNAUDITED)       (UNAUDITED)
                                                                      MAY               MAY              AUGUST
                                                                      2005              2004              2004
                                                                      ----              ----              ----

($ IN THOUSANDS, EXCEPT PAR VALUES)
<S>                                                               <C>               <C>               <C>
ASSETS
Current Assets:
  Cash and cash equivalents ...............................        $  19,755         $  12,055         $   8,973
  Marketable securities ...................................           11,759            12,692            14,802
  Receivables .............................................           32,392            36,427            34,369
  Inventories .............................................           22,684            22,700            19,780
  Deferred income taxes ...................................            1,684             2,539             1,026
  Other current assets ....................................            3,426             2,142             2,422
                                                                   ---------         ---------         ---------
  Total current assets ....................................           91,700            88,555            81,372

Long-term marketable securities ...........................           22,154            32,462            32,527
Property, plant and equipment, net ........................           16,732            14,992            16,355
Other noncurrent assets ...................................            8,654             8,394             8,747
                                                                   ---------         ---------         ---------
Total assets ..............................................        $ 139,240         $ 144,403         $ 139,001
                                                                   =========         =========         =========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Accounts payable ........................................        $  10,398         $   9,879         $   9,117
  Other current liabilities ...............................           14,234            20,261            15,359
                                                                   ---------         ---------         ---------
  Total current liabilities ...............................           24,632            30,140            24,476

Pension benefits liabilities ..............................            4,733             2,315             2,169
Noncurrent liabilities ....................................              155               179               172
                                                                   ---------         ---------         ---------
Total liabilities .........................................           29,520            32,634            26,817
                                                                   ---------         ---------         ---------

Shareholders' equity:
    Preferred stock, ($1 par value, 2,000,000 shares
      authorized, no shares issued and outstanding) .......                -                 -                 -
    Common stock, ($1 par value, 25,000,000 shares
     authorized, 17,565,184, 17,485,679 and 17,493,841
     shares issued in May 2005 and 2004
     and August 2004, respectively) .......................           17,565            17,486            17,494
    Capital in excess of stated value .....................            3,500             2,677             2,966
    Retained earnings .....................................          183,834           181,511           181,209
    Less treasury stock, (at cost, 6,048,448, 5,724,069 and
      5,724,069 shares, respectively) .....................          (96,547)          (89,898)          (89,898)
    Accumulated other comprehensive income (loss), net ....            1,368                (7)              413
                                                                   ---------         ---------         ---------
Total shareholders' equity ................................          109,720           111,769           112,184
                                                                   ---------         ---------         ---------
Total liabilities and shareholders' equity ................        $ 139,240         $ 144,403         $ 139,001
                                                                   =========         =========         =========
</TABLE>

<PAGE>

                   LINDSAY MANUFACTURING CO. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE NINE MONTHS ENDED MAY 31, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                  MAY           MAY
($ IN THOUSANDS)                                                                  2005          2004
- ----------------                                                                  ----          ----
<S>                                                                             <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net earnings ...........................................................     $  4,545      $  8,941
   Adjustments to reconcile net earnings to net cash provided by
        operating activities:
      Depreciation and amortization .......................................        2,639         2,242
      Amortization of marketable securities premiums (discounts), net .....          176           109
      Loss (gain) on sale of property, plant and equipment ................           21           (30)
      Provision for uncollectible accounts receivable .....................           72           178
      Equity in net (earnings) loss of equity method investments ..........         (201)          235
      Deferred income taxes ...............................................         (158)         (134)
      Other, net ..........................................................           28           (56)
   Changes in assets and liabilities:
      Receivables .........................................................        2,664       (13,432)
      Inventories .........................................................       (2,454)       (2,522)
      Other current assets ................................................         (438)       (1,335)
      Accounts payable ....................................................          803         1,694
      Other current liabilities ...........................................       (2,931)        3,379
      Current taxes payable ...............................................        1,370           661
      Other noncurrent assets and liabilities .............................        2,640          (630)
                                                                                --------      --------
   Net cash provided by (used in) operating activities ....................        8,776          (700)
                                                                                --------      --------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchases of property, plant and equipment .............................       (2,903)       (3,308)
   Proceeds from sale of property, plant and equipment ....................           24            90
   Purchases of marketable securities held-to-maturity ....................            -        (2,982)
   Proceeds from maturities or sales of marketable securities
      held-to-maturity ....................................................            -         6,676
   Purchases of marketable securities available-for-sale ..................       (1,841)       (7,371)
   Proceeds from maturities or sales of marketable securities
     available-for-sale ...................................................       14,500         5,861
                                                                                --------      --------
   Net cash provided by (used in) investing activities ....................        9,780        (1,034)
                                                                                --------      --------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from issuance of common stock option plan .....................          561           225
   Repurchases of common shares ...........................................       (6,649)            -
   Dividends paid .........................................................       (1,920)       (1,763)
                                                                                --------      --------
   Net cash used in financing activities ..................................       (8,008)       (1,538)
                                                                                --------      --------

                                                                                --------      --------
   Effect of exchange rate changes on cash ................................          234           (41)
                                                                                --------      --------
   Net increase (decrease) in cash and cash equivalents ...................       10,782        (3,313)
   Cash and cash equivalents, beginning of period .........................        8,973        15,368
                                                                                --------      --------
   Cash and cash equivalents, end of period ...............................     $ 19,755      $ 12,055
                                                                                ========      ========
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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