FINANCIAL OVERVIEW TO OUR SHAREHOLDERS In the history of Lindsay Corporation,  the Company has performed well  through both the peaks and valleys  that characterize the agriculture  industry. After several years of record  performance, we anticipated that  some slowdown would occur in our  fi scal year 2014. Despite the expected  decrease in revenue, Lindsay was able  to maintain strong margins, achieve  signi fi cant improvement in our  infrastructure segment, and solidify  our position as the market technology  leader in the irrigation industry.  We continued to deliver solutions  that offer exceptional value in the  marketplace as we create value for  shareholders. For the  fi scal year ended August 31,  2014, Company revenues were $617. 9 million, an 11 percent  decrease from the record $690.8  million of  fi scal 2013.  Irrigation equipment revenues  decreased 14 percent from the  prior year to $539.9 million. U.S.  irrigation revenues of $331.5  million represented a 14 percent  decline, driven largely by declining  crop prices and the lessening of  drought conditions in the corn belt.  International irrigation revenues  declined 13 percent to $208.4  million primarily due to Iraq contract  revenues that were included in  fi scal  year 2013. Infrastructure segment revenues  increased 20 percent to $78.0 million  from $64.9 million in  fi scal 2013 due  to signi fi cantly increased sales of road  safety products and rail products.  With the higher sales volume,  infrastructure operating income was $3.5 million compared to a $0.8 million loss the prior year. For  fi scal 2014, Company operating  income was $78.4 million, a 27  percent decrease from 2013. Net  earnings were $51.5 million, or $4.00  per diluted share, compared with  $70.6 million, or $5.47 per diluted  share, in the prior year. Operating  expenses were $92.6 million, or 15.0  percent of sales, compared to $87.8  million, or 12.7 percent of sales, for  fi scal 2013. Gross margin for  fi scal  2014 declined slightly to 27.7 percent  compared to 28.2 percent in 2013.  Operating margin decreased to 12.7  percent from 15.5 percent. While we experienced the effects of a  cyclical downturn in the agricultural  segment in 2014, we were able to  strengthen our balance sheet with  solid net earnings and improvements  in our working capital position. At  August 31, 2014, cash and cash  equivalents were $172 million, $20  million higher than the prior year.  Our cash position grew even as we  invested nearly $18 million in capital  expenditures primarily for capacity  expansion, and by doubling our  quarterly dividend and repurchasing  $41 million of our outstanding  common stock. The Company has no  long-term debt. In 2014, Lindsay solidified  its position as market  technology leader in the  irrigation industry and  further defined its cash  allocation plan to improve  return to shareholders. FINANCIAL PERFORMANCE 2