Results reflect a 32 percent increase in U.S. irrigation equipment revenues, a 31 percent increase in export irrigation equipment revenues, and a 112 percent increase in diversified products revenues. Gross margin for the three-month period was 22.8 percent as compared to 23.4 percent for the first quarter of fiscal 2000. Management is continuing its level factory production initiative to expand the company's full year delivery capacity. I am pleased to report that I believe that the long-term demand drivers for center pivots remain strong.
Farmers desire to conserve water, energy, and labor.
At the same time, the world needs to expand crop yields and increase food production for a growing global population. The company experienced higher first quarter export irrigation equipment revenues in fiscal 2001 as a result of increased pivot and repair parts sales to irrigation equipment dealers in Lindsay's Middle East market. The decrease in our gross margin is attributable to lower per unit average sales revenue for U.S. center pivots during the first quarter as compared to the prior year's first quarter. As mentioned earlier, we increased the use of our floor plan stock inventory program to help remedy this situation, which we believe will improve product availability and delivery during fiscal 2001's peak retail selling season. Given this initiative, we expect the majority of fiscal year 2001 growth to take place during the first half of the year.