Lindsay Corporation Increases Cash Dividend and Share Repurchase Authorization
By Business Wire News
By Business Wire News
Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.28 per share, payable August 31, 2015, to shareholders of record on August 17, 2015. This quarterly cash dividend rate represents a 4% increase over the previous quarterly indicated rate of $0.27 per share. The new annual indicated rate is $1.12 per share, up from the previous annual indicated rate of $1.08 per share.
Lindsay also announced that its Board of Directors has approved a $100 million increase in its outstanding share repurchase authorization. While this authorization supports the company’s plan to opportunistically invest in share repurchases, there is no guarantee that the authorization will be executed, in full or in part.
Rick Parod, president and chief executive officer, commented, “Our past share repurchase activities have created significant value for shareholders and this authorization indicates our plans to continue to return excess cash to shareholders, as appropriate.”
About the Company
Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products under the Lindsay Transportation Solutions trade name. At June 19, 2015 Lindsay had approximately 11.4 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.
For more information regarding Lindsay Corporation, see the Company’s Web site at www.lindsay.com.
Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” “expect,” “outlook,” “could,” “may,” “should,” “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.The Company undertakes no obligation to update any forward-looking information contained in this press release.
Jim Raabe, 402-827-6579
Vice President & Chief Financial Officer
HALLIBURTON INVESTOR RELATIONS:
Hala Elsherbini or Geralyn DeBusk, 972-458-8000