Lindsay is focusing on reducing inventory and expects year-end levels to be comparable to August 31, 2000. The cash flows provided by investing activities in fiscal year 2001 were attributable to proceeds from maturities of marketable securities partially offset by capital expenditures, purchases of marketable securities and an equity investment. Fiscal year 2000 cash flows used in investing activities was primarily due to purchases of marketable securities and capital expenditures, partially offset by proceeds from maturities of marketable securities. The cash flows used in financing activities during the first six months of fiscal year 2001 were primarily attributable to dividends paid and cancellations of common stock to pay for the exercise price or required taxes on common stock under Lindsay's employee stock option plan. Fiscal year 2001 capital expenditures were used primarily for upgrading manufacturing plant and equipment and to further automate Lindsay's manufacturing facilities.
Farmers generally order systems to be delivered and installed before the growing season.
Shipments to U.S. customers usually peak during Lindsay's second and third quarters for the spring planting period. Lindsay's expansion into diversified products complements its irrigation operations by using available capacity and reducing seasonality. Lindsay does not believe it has significant exposure to foreign currency translation risks because the majority of its sales are in U.S. dollars. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any changes in such factors could result in significantly different results.