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Source: Lindsay Corp. news release

Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced its capital allocation plan and prioritization for use of cash.

The Company's cash balance at November 30, 2013 totaled $152 million.
- $27 million outside the U.S. to support international operations

The targeted cash balance is $60 million to $75 million, including international accounts.
- To support cyclical and seasonal fluctuations in working capital and projected capital expenditures (CAPEX)

The Company's prioritization for cash use:
- Investment in organic growth, including CAPEX, primarily for increasing capacity and cost reductions.
- CAPEX expected to be $20 million to $25 million annually for the next 3 years

Annual increases in dividends to shareholders

Synergistic water related acquisitions that offer attractive returns to shareholders
- Acquisitions are anticipated in attaining the Company's stated annual revenue growth goals of 10%-15%
Expect acquisitions totaling $100 million to $150 million over the next 3 years, funded through cash and debt

The Company will invest excess cash in opportunistic share repurchases, taking into account cyclical and seasonal fluctuations
- The Company expects to opportunistically invest approximately $100 million to $150 million in share repurchases over the next 24 months.

Rick Parod, president and chief executive officer, commented, "Lindsay's overall financial performance and the recent and expected cash generation of the business have positioned the Company to take another step forward in executing plans for enhancing returns to shareholders. We believe that the capital allocation plan announced today clarifies for shareholders our plans to sustain growth and return excess cash as appropriate."

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