Lindsay Corporation Increases Cash Dividend and Share Repurchase Authorization
July 22 2015 - 7:58PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150722006542/en/
LINDSAY CORPORATION:Jim Raabe, 402-827-6579Vice President
& Chief Financial OfficerorHALLIBURTON INVESTOR
RELATIONS:Hala Elsherbini or Geralyn DeBusk, 972-458-8000
Lindsay (NYSE:LNN)
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