statements that are not historical are forward-looking and reflect expectations for future company performance . in addition , forward-looking statements may be made orally or in press releases , conferences , reports , on the company 's web site , or otherwise , in the future by or on behalf of the company . when used by or on behalf of the company , the words “ expect , ” “ anticipate , ” “ estimate , ” “ believe , ” “ intend , ” “ will , ” “ plan , ” “ predict , ” “ project , ” “ outlook , ” “ could , ” “ may , ” “ should , ” and similar expressions generally identify forward-looking statements . for these statements throughout the annual report on form 10-k , the company claims the protection of the safe harbor for forward-looking statements contained in the private securities litigation reform act of 1995. the entire sections entitled “ financial overview and outlook ” and “ risk factors ” should be considered forward-looking statements . forward-looking statements involve a number of risks and uncertainties , including but not limited to those discussed in the “ risk factors ” section contained in item 1a . readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results or conditions , which may not occur as anticipated . actual results or conditions could differ materially from those anticipated in the forward-looking statements and from historical results , due to the risks and uncertainties described herein , as well as others not now anticipated . the risks and uncertainties described herein are not exclusive and further information concerning the company and its businesses , including factors that potentially could materially affect the company 's financial results , may emerge from time to time . except as required by law , the company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements . company overview the company manufactures and markets center pivot , lateral move , and hose reel irrigation systems . the company also produces and markets irrigation controls , chemical injection systems , remote monitoring and irrigation scheduling systems . these products are used by farmers to increase or stabilize crop production while conserving water , energy , and labor . through its acquisitions and third-party commercial arrangements , the company has been able to enhance its capabilities in providing innovative , turn-key solutions to customers through the integration of designs , controls , and pump stations . the company sells its irrigation products primarily to a world-wide independent dealer network , who resell to their customers , the farmers . the company 's primary production facilities are located in the united states . the company has smaller production and sales operations in brazil , france , china , turkey , and south africa , as well as distribution and sales operations in the netherlands , australia , and new zealand . the company also manufactures and markets , through distributors and direct sales to customers , various infrastructure products , including moveable barriers for traffic lane management , crash cushions , preformed reflective pavement tapes , and other road safety devices , through its production facilities in the united states and italy , and has produced road safety products in irrigation manufacturing facilities in china and brazil . in addition , the company 's infrastructure segment produces large diameter steel tubing , and railroad signals and structures , and provides outsourced manufacturing and production services for other companies . for the business overall , the global , long-term drivers of population growth , water conservation and environmental sustainability , the need for increased food production , and the need for safer , more efficient transportation solutions remain positive . key factors which impact demand for the company 's irrigation products include total worldwide agricultural crop production , the profitability of agricultural crop production , agricultural commodity prices , net farm income , availability of financing for farmers , governmental policies regarding the agricultural sector , water and energy conservation policies , the regularity of rainfall , regional climate conditions , and foreign currency exchange rates . a key factor which impacts demand for the company 's infrastructure products is the amount of spending authorized by governments to improve road and highway systems . much of the u.s. highway infrastructure market is driven by government spending programs . for example , the u.s. government funds highway and road improvements through the federal highway trust fund program . this program provides funding to improve the nation 's roadway system . in december 2015 , the u.s. government enacted a five-year , $ 305 billion highway-funding bill ( the fast act ” ) to fund highway and bridge projects . the fast act expired september 30 , 2020 and a one-year extension has been approved by congress . matching funding from the various states may be required as a condition of federal funding . 20 the company continues to have an ongoing , structured , acquisition process that it expects to generate additional growth opportunities throughout the world and add to its irrigation and infrastructure capabilities . the company is committed to achieving earnings growth by global market expansion , improvements in margins , and strategic acquisitions . covid-19 impact in march 2020 , the world health organization declared coronavirus ( covid-19 ) a global pandemic . story_separator_special_tag excluding the impact of foreign currency translation , international irrigation revenues increased $ 0.3 million , or less than one percent , compared to the prior year . increased sales in brazil and certain other markets were offset by a lower level of project activity in developing markets . 24 infrastructure segment revenues in fiscal 2020 increased by $ 38.6 million , or 42 percent , to $ 131.2 million from $ 92.6 million in fiscal 2019. the increase resulted primarily from higher road zipper system ® sales and lease revenues compared to the prior year , including approximately $ 2 7 .0 million from a single project in the united kingdom . gross profit gross profit was $ 152.5 million for fiscal 2020 , an increase of $ 37.9 million , or 33 percent , compared to $ 114.6 million in fiscal 2019. the increase in gross profit resulted primarily from a more profitable margin mix from higher infrastructure revenues as well as from the results of margin improvement initiatives in both segments . in addition , gross profit for fiscal 2020 included a gain of $ 1.2 million on the sale of a building that had been held for sale . gross margin was 32.1 % of sales for fiscal 2020 compared to 25.8 % of sales for fiscal 2019. operating expenses the company 's operating expenses of $ 98.3 million for fiscal 2020 decreased $ 10.2 million , or 9 percent , compared to fiscal 2019 operating expenses of $ 108.5 million . fiscal 2019 operating expenses included costs of $ 15.1 million in connection with the company 's foundation for growth initiative and a $ 2.7 million valuation adjustment for indirect tax credits in a foreign jurisdiction that did not repeat in fiscal 2020. excluding the impact of the non-repeating costs , operating expenses increased 2 percent compared to the prior year primarily due to an increase in incentive compensation that was partially offset by reductions in other areas . income taxes the company recorded income tax expense of $ 10.2 million and income tax benefit of $ 65 thousand for fiscal 2020 and fiscal 2019 , respectively . the effective tax rate for fiscal 2020 was 20.9 percent and reflected the earnings mix between the u.s. and foreign operations , the utilization of previously reserved net operating loss carryforwards and adjustments related to the accrual for uncertain tax positions . the income tax benefit for fiscal 2019 resulted primarily from the impact of a change in the effective state tax rate on deferred tax assets and other discrete items . net earnings net earnings for fiscal 2020 were $ 38.6 million , or $ 3.56 per diluted share , compared to $ 2.2 million , or $ 0.20 per diluted share , for fiscal 2019. story_separator_special_tag contextref= `` c_0000836157_us-gaapcreditfacilityaxis_us-gaaprevolvingcreditfacilitymember_20200831 `` decimals= `` 3 `` id= `` f_000982 `` name= `` us-gaap : debtinstrumentinterestrateeffectivepercentage `` scale= `` -2 `` unitref= `` u_xbrlipure `` > 1.1 percent at august 31 , 2020 ) , subject to adjustment as set forth in the loan documents for the revolving credit facility . interest is paid on a monthly to quarterly basis depending on loan type . the company currently pays an annual commitment fee of 0.15 percent on the unused portion of the revolving credit facility . borrowings under the revolving credit facility have equal priority with borrowings under the company 's senior notes . each of the credit arrangements described above include certain covenants relating primarily to the company 's financial condition . these financial covenants include a funded debt to ebitda leverage ratio and an interest coverage ratio . in the event that the loan documents for the revolving credit facility were to require the company to comply with any financial covenant that is not already included or is more restrictive than what is 26 already included in the arrangement governing the senior notes , then such covenant shall be deemed incorporated by reference into the senior notes for the benefit of the holders of the senior notes . upon the occurrence of any event of default of these covenants , including a change in control of the company , all amounts outstanding thereunder may be declared to be immediately due and payable . at august 31 , 20 20 and august 31 , 20 19 , the company was in compliance with all financial loan covenants contained in its credit arrangements in place as of each of those dates . series 2006a bonds . elecsys international , llc , a wholly owned subsidiary of the company , has outstanding $ 1.6 million in principal amount of industrial revenue bonds that were issued in 2006 ( the “ series 2006a bonds ” ) . principal and interest on the series 2006a bonds are payable monthly through maturity on september 1 , 2026. the interest rate is adjustable every five years based on the yield of the 5-year united states treasury notes , plus 0.45 percent ( 1.92 percent as of august 31 , 2020 ) . this rate was adjusted on september 1 , 2016 in accordance with the terms of the bonds , and the adjusted rate will be in force until september 1 , 2021. the obligations under the series 2006a bonds are secured by a first priority security interest in certain real estate . inflation the company is subject to the effects of changing prices . during fiscal 2020 , the company experienced pricing volatility for purchases of certain commodities , in particular steel and zinc products used in the production of its products . while the cost outlook for commodities used in the production of the company 's products is not certain , management believes it can manage these inflationary pressures by introducing appropriate sales price adjustments and by actively pursuing internal cost reduction efforts , while further refining the company 's inventory and raw materials risk management system . however , competitive

liquidity and capital resources the company 's cash , cash equivalents , and marketable securities totaled $ 140.9 million at august 31 , 2020 compared with $ 127.2 million at august 31 , 2019. the increase resulted primarily from current year earnings , partially offset by increases in working capital . the company requires cash for financing its receivables and inventories , paying operating expenses and capital expenditures , and for dividends and share repurchases . the company 's investments in marketable securities are primarily comprised of united states government securities and investment grade corporate bonds . the company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under the credit arrangements that are described below . the company believes its current cash resources , investments in marketable securities , projected operating cash flow , and remaining capacity under its continuing bank lines of credit are sufficient to cover all of its expected working capital needs , planned capital expenditures and dividends . the company may require additional borrowings to fund potential acquisitions in the future . the company 's total cash and cash equivalents held by foreign subsidiaries amounted to $ 37.2 million and $ 48.1 million as of august 31 , 2020 and 2019 , respectively . the company considers earnings of foreign subsidiaries to be indefinitely reinvested , and would need to accrue and pay incremental state , local , and foreign taxes if such earnings were repatriated to the united states . the company does not intend to repatriate the funds and does not expect these funds to have a significant impact on the company 's overall liquidity . net working capital was $ 245.5 million at august 31 , 2020 as compared with $ 231.4 million at august 31 , 2019. cash flows provided by operations totaled $ 46.0 million during the year ended august 31 , 2020 compared to $ 3.8 million provided by operations during the same prior year period .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the company 's cash , cash equivalents , and marketable securities totaled $ 140.9 million at august 31 , 2020 compared with $ 127.2 million at august 31 , 2019. the increase resulted primarily from current year earnings , partially offset by increases in working capital . the company requires cash for financing its receivables and inventories , paying operating expenses and capital expenditures , and for dividends and share repurchases . the company 's investments in marketable securities are primarily comprised of united states government securities and investment grade corporate bonds . the company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under the credit arrangements that are described below . the company believes its current cash resources , investments in marketable securities , projected operating cash flow , and remaining capacity under its continuing bank lines of credit are sufficient to cover all of its expected working capital needs , planned capital expenditures and dividends . the company may require additional borrowings to fund potential acquisitions in the future . the company 's total cash and cash equivalents held by foreign subsidiaries amounted to $ 37.2 million and $ 48.1 million as of august 31 , 2020 and 2019 , respectively . the company considers earnings of foreign subsidiaries to be indefinitely reinvested , and would need to accrue and pay incremental state , local , and foreign taxes if such earnings were repatriated to the united states . the company does not intend to repatriate the funds and does not expect these funds to have a significant impact on the company 's overall liquidity . net working capital was $ 245.5 million at august 31 , 2020 as compared with $ 231.4 million at august 31 , 2019. cash flows provided by operations totaled $ 46.0 million during the year ended august 31 , 2020 compared to $ 3.8 million provided by operations during the same prior year period .
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 Suspicious Activity Report : statements that are not historical are forward-looking and reflect expectations for future company performance . in addition , forward-looking statements may be made orally or in press releases , conferences , reports , on the company 's web site , or otherwise , in the future by or on behalf of the company . when used by or on behalf of the company , the words “ expect , ” “ anticipate , ” “ estimate , ” “ believe , ” “ intend , ” “ will , ” “ plan , ” “ predict , ” “ project , ” “ outlook , ” “ could , ” “ may , ” “ should , ” and similar expressions generally identify forward-looking statements . for these statements throughout the annual report on form 10-k , the company claims the protection of the safe harbor for forward-looking statements contained in the private securities litigation reform act of 1995. the entire sections entitled “ financial overview and outlook ” and “ risk factors ” should be considered forward-looking statements . forward-looking statements involve a number of risks and uncertainties , including but not limited to those discussed in the “ risk factors ” section contained in item 1a . readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results or conditions , which may not occur as anticipated . actual results or conditions could differ materially from those anticipated in the forward-looking statements and from historical results , due to the risks and uncertainties described herein , as well as others not now anticipated . the risks and uncertainties described herein are not exclusive and further information concerning the company and its businesses , including factors that potentially could materially affect the company 's financial results , may emerge from time to time . except as required by law , the company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements . company overview the company manufactures and markets center pivot , lateral move , and hose reel irrigation systems . the company also produces and markets irrigation controls , chemical injection systems , remote monitoring and irrigation scheduling systems . these products are used by farmers to increase or stabilize crop production while conserving water , energy , and labor . through its acquisitions and third-party commercial arrangements , the company has been able to enhance its capabilities in providing innovative , turn-key solutions to customers through the integration of designs , controls , and pump stations . the company sells its irrigation products primarily to a world-wide independent dealer network , who resell to their customers , the farmers . the company 's primary production facilities are located in the united states . the company has smaller production and sales operations in brazil , france , china , turkey , and south africa , as well as distribution and sales operations in the netherlands , australia , and new zealand . the company also manufactures and markets , through distributors and direct sales to customers , various infrastructure products , including moveable barriers for traffic lane management , crash cushions , preformed reflective pavement tapes , and other road safety devices , through its production facilities in the united states and italy , and has produced road safety products in irrigation manufacturing facilities in china and brazil . in addition , the company 's infrastructure segment produces large diameter steel tubing , and railroad signals and structures , and provides outsourced manufacturing and production services for other companies . for the business overall , the global , long-term drivers of population growth , water conservation and environmental sustainability , the need for increased food production , and the need for safer , more efficient transportation solutions remain positive . key factors which impact demand for the company 's irrigation products include total worldwide agricultural crop production , the profitability of agricultural crop production , agricultural commodity prices , net farm income , availability of financing for farmers , governmental policies regarding the agricultural sector , water and energy conservation policies , the regularity of rainfall , regional climate conditions , and foreign currency exchange rates . a key factor which impacts demand for the company 's infrastructure products is the amount of spending authorized by governments to improve road and highway systems . much of the u.s. highway infrastructure market is driven by government spending programs . for example , the u.s. government funds highway and road improvements through the federal highway trust fund program . this program provides funding to improve the nation 's roadway system . in december 2015 , the u.s. government enacted a five-year , $ 305 billion highway-funding bill ( the fast act ” ) to fund highway and bridge projects . the fast act expired september 30 , 2020 and a one-year extension has been approved by congress . matching funding from the various states may be required as a condition of federal funding . 20 the company continues to have an ongoing , structured , acquisition process that it expects to generate additional growth opportunities throughout the world and add to its irrigation and infrastructure capabilities . the company is committed to achieving earnings growth by global market expansion , improvements in margins , and strategic acquisitions . covid-19 impact in march 2020 , the world health organization declared coronavirus ( covid-19 ) a global pandemic . story_separator_special_tag excluding the impact of foreign currency translation , international irrigation revenues increased $ 0.3 million , or less than one percent , compared to the prior year . increased sales in brazil and certain other markets were offset by a lower level of project activity in developing markets . 24 infrastructure segment revenues in fiscal 2020 increased by $ 38.6 million , or 42 percent , to $ 131.2 million from $ 92.6 million in fiscal 2019. the increase resulted primarily from higher road zipper system ® sales and lease revenues compared to the prior year , including approximately $ 2 7 .0 million from a single project in the united kingdom . gross profit gross profit was $ 152.5 million for fiscal 2020 , an increase of $ 37.9 million , or 33 percent , compared to $ 114.6 million in fiscal 2019. the increase in gross profit resulted primarily from a more profitable margin mix from higher infrastructure revenues as well as from the results of margin improvement initiatives in both segments . in addition , gross profit for fiscal 2020 included a gain of $ 1.2 million on the sale of a building that had been held for sale . gross margin was 32.1 % of sales for fiscal 2020 compared to 25.8 % of sales for fiscal 2019. operating expenses the company 's operating expenses of $ 98.3 million for fiscal 2020 decreased $ 10.2 million , or 9 percent , compared to fiscal 2019 operating expenses of $ 108.5 million . fiscal 2019 operating expenses included costs of $ 15.1 million in connection with the company 's foundation for growth initiative and a $ 2.7 million valuation adjustment for indirect tax credits in a foreign jurisdiction that did not repeat in fiscal 2020. excluding the impact of the non-repeating costs , operating expenses increased 2 percent compared to the prior year primarily due to an increase in incentive compensation that was partially offset by reductions in other areas . income taxes the company recorded income tax expense of $ 10.2 million and income tax benefit of $ 65 thousand for fiscal 2020 and fiscal 2019 , respectively . the effective tax rate for fiscal 2020 was 20.9 percent and reflected the earnings mix between the u.s. and foreign operations , the utilization of previously reserved net operating loss carryforwards and adjustments related to the accrual for uncertain tax positions . the income tax benefit for fiscal 2019 resulted primarily from the impact of a change in the effective state tax rate on deferred tax assets and other discrete items . net earnings net earnings for fiscal 2020 were $ 38.6 million , or $ 3.56 per diluted share , compared to $ 2.2 million , or $ 0.20 per diluted share , for fiscal 2019. story_separator_special_tag contextref= `` c_0000836157_us-gaapcreditfacilityaxis_us-gaaprevolvingcreditfacilitymember_20200831 `` decimals= `` 3 `` id= `` f_000982 `` name= `` us-gaap : debtinstrumentinterestrateeffectivepercentage `` scale= `` -2 `` unitref= `` u_xbrlipure `` > 1.1 percent at august 31 , 2020 ) , subject to adjustment as set forth in the loan documents for the revolving credit facility . interest is paid on a monthly to quarterly basis depending on loan type . the company currently pays an annual commitment fee of 0.15 percent on the unused portion of the revolving credit facility . borrowings under the revolving credit facility have equal priority with borrowings under the company 's senior notes . each of the credit arrangements described above include certain covenants relating primarily to the company 's financial condition . these financial covenants include a funded debt to ebitda leverage ratio and an interest coverage ratio . in the event that the loan documents for the revolving credit facility were to require the company to comply with any financial covenant that is not already included or is more restrictive than what is 26 already included in the arrangement governing the senior notes , then such covenant shall be deemed incorporated by reference into the senior notes for the benefit of the holders of the senior notes . upon the occurrence of any event of default of these covenants , including a change in control of the company , all amounts outstanding thereunder may be declared to be immediately due and payable . at august 31 , 20 20 and august 31 , 20 19 , the company was in compliance with all financial loan covenants contained in its credit arrangements in place as of each of those dates . series 2006a bonds . elecsys international , llc , a wholly owned subsidiary of the company , has outstanding $ 1.6 million in principal amount of industrial revenue bonds that were issued in 2006 ( the “ series 2006a bonds ” ) . principal and interest on the series 2006a bonds are payable monthly through maturity on september 1 , 2026. the interest rate is adjustable every five years based on the yield of the 5-year united states treasury notes , plus 0.45 percent ( 1.92 percent as of august 31 , 2020 ) . this rate was adjusted on september 1 , 2016 in accordance with the terms of the bonds , and the adjusted rate will be in force until september 1 , 2021. the obligations under the series 2006a bonds are secured by a first priority security interest in certain real estate . inflation the company is subject to the effects of changing prices . during fiscal 2020 , the company experienced pricing volatility for purchases of certain commodities , in particular steel and zinc products used in the production of its products . while the cost outlook for commodities used in the production of the company 's products is not certain , management believes it can manage these inflationary pressures by introducing appropriate sales price adjustments and by actively pursuing internal cost reduction efforts , while further refining the company 's inventory and raw materials risk management system . however , competitive

