Lindsay Corporation (LNN) appointed James (Jim) Raabe as Vice President and Chief Financial Officer of the organization, effective June 13, 2011. Dave Downing, who will be succeeded by James Raabe, will now act as President of international operations.
Raabe has served as Senior Vice President and Chief Financial Officer of Select Comfort Corporation for the past twelve years. Prior to Select Comfort Corporation, he also worked with ValueRx, Inc. and KPMG LLP, in various positions.
The company is excited with the appointment of the new Vice President, as it expects to grow its business under the leadership of James Raabe; while on the other hand, Dave will now be able to concentrate more on international operations and opportunities.
According to a company official, these top level changes will not only strengthen the company’s management team but also position it to capitalize on future growth opportunities.
Under the leadership of Dave Downing the company reported an EPS of 89 cents in the second quarter of fiscal 2011, ahead of the Zacks Consensus Estimate of 70 cents; while revenue increased 41% year over year to $120.2 million in the quarter.
The company was also able to reduce its debt to $10.7 million as of February 28, 2011 from $11.8 million as of November 30, 2010, improving the debt-to-capitalization ratio to 4% as of February 28, 2011 from 5% as of November 30, 2010. The company currently retains a Zacks #1 Rank (short-term Strong Buy recommendation) on the stock.
Omaha, Nebraska-based Lindsay Corporation is a leading designer and manufacturer of self-propelled center pivot and lateral move irrigation systems, which are used principally in agriculture to increase or stabilize crop production while conserving water, energy and labor. The company also manufactures and markets road safety products. The company competes with Valmont Industries Inc. (VMI).