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Text: I'd like to take this opportunity to introduce Randy, who some of you may not know.
Randy was promoted to Chief Operating Officer in August of this year.
He has been with Lindsay for 12 years and most recently was the President of our Irrigation business.
He brings a wealth of experience to this role.
And with him focused on running the business, this change provides me the opportunity to focus more on growth and M&A activities.
After I make some opening comments, Randy will provide a business update and Brian will update us on the quarter's financial results.
I will start with addressing the impact of COVID-19 on our employees and business.
Our highest priority continues to be our employee health and safety.
We continue to proactively implement safety measures according to health organization recommendations, and local government regulations.
At our sites, key actions that continue are, ensuring employees are practicing social distancing, use of face coverings, enhance clean and sanitation efforts and staggered work schedules.
We continue to offer work from home for roles that can be done outside of a Lindsay site.
Our businesses are all classified as business essential.
And I'm pleased to say that all nine manufacturing plants are operational and running according to the local demand level.
In terms of business impact related to COVID-19 in the fourth quarter, the primary impact continues to be some project delays, but not cancellations.
The rapid response team structure across the company that was put in place to address COVID-19 related issues and mitigate potential risk to the business continues to operate.
I'd now like to share with you a few highlights from fiscal year '20.
The first dates go back to a commitment that was made in early 2018.
At that time, we announced that through the efforts of the foundation for growth initiatives, we would achieve 11% to 12% operating margins in fiscal year '20.
Our caveat to that commitment was that we would achieve this goal in a market environment similar to fiscal year 2017.
When we set that commitment, we did not foresee an ag market that would become more challenging, and a global pandemic all occurring at the same time.
I'm very proud of the Lindsay team to say that we achieved our fiscal year '20 goal reaching 11.4% operating margin, especially given the challenging environment in which we were operating in.
In addition to the operating margin goal, we also focused on culture in our foundation for growth initiative.
We established a baseline back in February 2018 through the support of a major consultants employee survey to help us understand where we had opportunities to improve our organizational health and align our culture with our strategy.
Our goal was to achieve first quartile status in the comparison against approximately 2,000 companies that are used in their benchmarking exercise.
We have conducted an annual employee survey every year since fiscal year 2018.
And I'm very pleased to say that we have achieved first quartile status in this year survey that was conducted in the July timeframe.
This survey focuses on organizational health, and this result gives me the confidence to say our culture has now transformed into a strength for the company.
These two achievements are significant for our company.
Meeting our operating margin goal was not the only key financial achievement this fiscal year, and looking as far back as when Lindsay became a publicly traded company, this is the highest gross margin percent result for the company.
In addition, the Infrastructure business in fiscal year '20 achieved the highest revenue, operating income and operating margin, since Lindsay acquired this business in 2006.
And Brazil achieved its highest revenue in local currency in fiscal year '20, since this business was established in 2002.
One last achievement I want to mention, in fiscal year '20, our South Africa plant ran almost exclusively on rainwater, furthering our global focus on sustainable practices in water conservation.
Regarding our foundation for growth initiative, we continue to see that the margin improvement projects we implemented are delivering as expected.
To go even beyond that statement, the approach taken in this initiative is rapidly becoming part of the company's culture.
Focus on continuous improvement has become established throughout the company.
The fourth quarter is generally a seasonal low period in the North American Irrigation business.
Storm damage becomes more of a market driver during the summer months.
This year storm volume was down slightly from prior year, but more than 10% below the five-year average for the quarter.
Supply and demand fundamentals saw lots of movement in the quarter.
Most of this volatility was bullish for commodity prices and farm income.
So our customers were pessimistic due to low commodity prices.
Early in the quarter, we did see a steady improvement of customer sentiment as we approached the end of the fiscal year.
Government support in the US was visible for the 2019 harvested crop with the $16 billion Coronavirus Food Assistance Program or CFAP announced earlier this year.
But for most of the quarter growers dealt with uncertainty regarding additional support for the 2020 harvest.
That was addressed with the announcement of the second round of CFAP payments in mid-September, when a further $14 billion in government aid was announced.
We continue to see strong growth in technology penetration.
New subscription volume for the 2020 season, inclusive of the Net Irrigate acquisition was up 174% versus prior year.
We've also seen renewal rates approaching 97%, so we're successfully retaining customers in addition to attracting new ones.
In international irrigation we continue to see strong results in most mature markets, including Brazil, where as Tim mentioned, we had a record year for revenue in local currency.
Market conditions in Australia have also continued to improve with recent rains and our new expanded regional distribution center is performing very well there.
International project activity remains robust.
Several projects and tenders are currently visible across multiple regions.
Although timing is uncertain, many of these are across the Mid East and Africa where we continue to see irrigation projects supporting food security investments.
We continued shipment of our large Mid East project in Q4 and had our largest shipping quarter ever from our Turkey facility.
In the Infrastructure business, we saw generally flat results globally and road safety products for the quarter.
We continue to see adoption of the MASH compliant product line where sales were up more than 120% versus prior year.
The ABSORB-M in particular is doing very well due to its rapid deployment capabilities, which increase worker safety and efficiency.
We are also pleased to see that the President signed the Continuing Appropriations Act, which extended the FAST Act by one year.
In addition to the extension the Highway Trust Fund was infused with $13.6 billion to continue funding for important road infrastructure projects.
Road Zipper project sales were a significant contributor to the quarter.
On a year-over-year basis, we completed delivery of the large Highways England project in the UK.
We were able to support our client's aggressive timeline and leverage our global manufacturing footprint to fulfill the project on time, while also pulling ahead barrier shipments to Japan to meet customer requests.
These accelerated shipments allowed us to offset the impact of COVID related project deferrals in the quarter.
Our Road Zipper project funnel remains robust due to the successful implementation of our shift-left strategy that provides earlier visibility of project demand.
Well, timing of project deliveries is always difficult to predict, we have seen some plan projects get pushed out of Q1 due to uncertainty regarding the pandemic.
We are also seeing construction delays continue into the first quarter as regional and local governments manage their COVID response plans.
In some cases, deliveries will be moved and others orders could be canceled.
As previously communicated, we are working to reduce the lumpiness of our Road Zipper business by maintaining and growing a strong funnel, in addition to increasing the lease portion of this business, and we are pleased with progress in both areas.
No adjustments were made to current year results.
Total revenues for the fourth quarter of fiscal 2020 increased 26% to $128.4 million, compared to $101.9 million in the same quarter last year.
Net earnings for the quarter were $14.7 million, or $1.35 per diluted share compared to net earnings of $5.8 million or $0.54 per diluted share in the prior year.
Total revenues for the full year of fiscal 2020 increased 7% to $474.7 million, compared to $444.1 million in the prior fiscal year.
Net earnings for fiscal 2020 were $38.6 million, or $3.50-$3.56 per diluted share compared to net earnings of $15.6 million, or $1.45 per diluted share in the prior fiscal year.
Irrigation segment revenues for the fourth quarter increased 9% to $75.6 million, compared to $69.5 million in the same quarter last year.
North America irrigation revenues were $39.8 million, compared to $41.5 million in the same quarter last year.
The decrease resulted primarily from lower engineering services revenue related to a project in the prior year that did not repeat.
Irrigation equipment unit volume and sales of replacement parts were higher in the quarter compared to the prior year.
But this was offset by the impact of lower average selling prices.
In the international irrigation markets, revenues of $35.8 million increased $7.8 million, or 28% compared to last year's fourth quarter.
Higher sales volumes in Brazil, Australia and the Middle East were partially offset by the effect of differences in foreign currency translation rates compared to the prior year of approximately $3.4 million.
Total irrigation segment operating income for the fourth quarter was $5.8 million, compared to $6.3 million in the same quarter last year.
And operating margin was 7.7% of sales, compared to 9% of sales in the prior year.
Operating margin in the current quarter was negatively impacted by expenses of approximately $1.6 million related to an increase in the environmental remediation liability, as well as severance costs.
Environmental remediation liability was increased by $1 million in connection with a revised plan to remediate environmental contamination at our Lindsay Nebraska site that was submitted to the EPA in August.
Excluding the effect of the increase in the environmental remediation liability and severance costs, operating income for the quarter was $7.4 million and operating margin was 9.8% of sales.
For the full fiscal year, total irrigation segment revenues were $343.5 million, compared to $351.5 million in the prior fiscal year.
North America irrigation revenues of $219 million were essentially flat compared to the prior year.
International irrigation revenues for the year were $124.6 million, compared to $132.9 million in the prior fiscal year.
After considering the unfavorable effect of differences in foreign currency translation rates of approximately $8.6 million, international irrigation revenues were also assessed-essentially flat compared to the prior fiscal year.
Irrigation operating income for the full fiscal year was $40.2 million, or 11.7% of sales, compared to $33.3 million, or 9.5% of sales in the prior fiscal year.
Operating Income and margin expansion resulted primarily from improved cost and pricing performance attributed to the foundation for growth initiatives.
Infrastructure segment revenues for the fourth quarter increased 63% to $52.8 million, compared to $32.4 million in the same quarter last year.
The increase resulted from higher Road Zipper system sales compared to the prior year.
As Randy mentioned in his remarks, we were able to complete our deliveries for the Highways England project, as well as the Japan order during the quarter.
Infrastructure segment operating income for the fourth quarter was $20.1 million, an increase of 115% compared to $9.3 million in the same quarter last year.
Infrastructure operating margin for the quarter was 38% of sales, compared to 28.8% of sales in the prior year.
This improvement resulted from an increase in higher margin Road Zipper system sales and from improved cost and pricing performance.
For the full fiscal year, infrastructure segment revenues increased 42% to $131.2 million, compared to $92.6 million in the prior fiscal year.
Infrastructure operating income for the full fiscal year was $43.8 million, compared to $16.8 million in the prior fiscal year.
Operating margin for the year was 33.4% of sales, compared to 18.1% of sales in the prior fiscal year.
Turning to the balance sheet and liquidity.
Lindsay is well positioned with a strong balance sheet and sufficient liquidity as we continue to face the uncertainty presented by the global Coronavirus pandemic.
We are also well positioned to invest in growth opportunities that we identify.
Our total available liquidity at the end of the fiscal year was $190.9 million, with $140.9 million in cash, cash equivalents and marketable securities, and $50 million available under our revolving credit facility.
Our total debt was $115.9 million at the end of the fiscal year, of which $115 million matures in 2030.
At the end of the fiscal year, we were well within the financial covenants of our borrowing facilities, including a funded debt to EBITDA leverage ratio of 1.5 compared to a covenant limit of 3.0.

user
q4 earnings per share $1.35.
q4 revenue $128.4 million versus refinitiv ibes estimate of $117.4 million.
expect growth in international irrigation led by continued momentum in brazil and other markets.

assistant