##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 (MARK ONE)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the fiscal year ended August 31, 2010
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission File Number 1-13419
 Lindsay Corporation
  Delaware
    
    47-0554096(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)2222 North 111thStreet, Omaha, Nebraska
    
    68164(Address of principal executive offices)
    
    (Zip Code)
 402-829-6800  Registrants telephone number, including area code
  Title of each class
    
    Name of each exchange on which registeredCommon Stock, $1.00 par value
    
    New York Stock Exchange, Inc. (Symbol LNN)
 o þ
 o þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




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##### 



TABLE OF CONTENTS
 Page(s)Part IItem 1. Business
    
    
    2-9Item 1A. Risk Factors
    
    
    9-10Item 1B. Unresolved Staff Comments
    
    
    10Item 2. Properties
    
    
    10-11Item 3. Legal Proceedings
    
    
    11Item 4. (Removed and Reserved)
    
    
    12-13Part IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    13Item 6. Selected Financial Data
    
    
    14Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    14-22Item 7A. Quantitative and Qualitative Disclosures about Market Risk
    
    
    22Item 8. Financial Statements and Supplementary Data
    
    
    23-51Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    52Item 9A. Controls and Procedures
    
    
    52-53Item 9B. Other Information
    
    
    54Part IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    55Item 11. Executive Compensation
    
    
    55Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    55Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    56Item 14. Principal Accounting Fees and Services
    
    
    56Part IVItem 15. Exhibits, Financial Statement Schedules
    
    
    56SIGNATURES
    
    
    61Exhibit 10.19Exhibit 21Exhibit 23Exhibit 24Exhibit 31.1Exhibit 31.2Exhibit 32




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PART I
 
 ITEM 1  Business
 INTRODUCTION
       PRODUCTS BY SEGMENT
 IRRIGATION SEGMENT
 Products Zimmatic ® Greenfield ® Stettyn  Perrot  Greenfield ® Perrot  Stettyn  GrowSmart ®
   2




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GrowSmart ® FieldNET ®
 Other Types of Irrigation 
  Markets 
    3




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United States Market  Zimmatic ®
 International Market 
  Competition 
 INFRASTRUCTURE SEGMENT
 Products Quickchange ® Moveable Barrier  ®  ®   
 ® ® ® ®
 ® 
  4




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##### Table of Contents



Crash Cushions and End Terminals  ® ®  ®   ®
 Specialty Barriers      
 Road Marking and Road Safety Equipment
 Other Products
 Markets
  Competition ®
  5




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Distribution methods and channels
 GENERAL
   For the years ended August 31,2010
    
    
    2009
    
    
    2008% of Total
    
    
    
    
    
    
    % of Total
    
    
    
    
    
    
    % of Total$ in millions
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    RevenuesUnited States
    
    $
    204.5
    
    
    
    57
    
    
    $
    200.6
    
    
    
    60
    
    
    $
    309.2
    
    
    
    65Europe, Africa,
Australia & Middle
East
    
    
    73.8
    
    
    
    20
    
    
    
    88.3
    
    
    
    26
    
    
    
    104.2
    
    
    
    22Mexico & Latin America
    
    
    66.7
    
    
    
    19
    
    
    
    27.5
    
    
    
    8
    
    
    
    42.2
    
    
    
    9Other International
    
    
    13.4
    
    
    
    4
    
    
    
    19.8
    
    
    
    6
    
    
    
    19.5
    
    
    
    4Total Revenues
    
    $
    358.4
    
    
    
    100
    
    
    $
    336.2
    
    
    
    100
    
    
    $
    475.1
    
    
    
    100
 SEASONALITY
  CUSTOMERS
   6




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ORDER BACKLOG
 ® ®
  ® ® ® ®
 RAW MATERIALS AND COMPONENTS
  CAPITAL EXPENDITURES
  PATENTS, TRADEMARKS, AND LICENSES
 Zimmatic ® Greenfield ® GrowSmart ® ,
Quickchange ® Moveable Barrier  , ABSORB 350 ® , TAU ® ,
Universal TAU-II ® , TAU-B_NR  , X-Tension  , CableGuard  ,
TESI  , SAB  , ArmourGuard  , PaveGuard  ,
DR46  , U-MAD  ,
 EMPLOYEES
  ENVIRONMENTAL AND HEALTH AND SAFETY MATTERS
   7




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SUBSIDIARIES
               8




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FINANCIAL INFORMATION ABOUT FOREIGN AND U.S. OPERATIONS
    INFORMATION AVAILABLE ON THE LINDSAY WEBSITE
 http://www.lindsay.com
 
  New York Stock Exchange Certification
  
 ITEM 1A  Risk Factors
  The Companys U.S. and international irrigation equipment sales are highly dependent on the
agricultural industry.
  9




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The Companys infrastructure revenues are highly dependent on government funding of transportation
projects
 The Companys profitability may be negatively affected by increases in the cost of raw materials,
as well as in the cost of energy.
 The Companys international equipment sales are highly dependent on foreign market conditions and
are subject to additional risk and restrictions.
 Compliance with applicable environmental and health and safety regulations or standards may require
additional capital and operational expenditures.
 The Companys sales and access to credit may be negatively affected by current economic
conditions.
 
 ITEM 1B  Unresolved Staff Comments
  
 ITEM 2  Properties
    10




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ITEM 3  Legal Proceedings
   11




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ITEM 4  ( Removed and Reserved)
 EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES OF THE REGISTRANT
  Age
    
    PositionRichard W. Parod
    
    
    57
    
    
    President and Chief Executive OfficerEric R. Arneson*
    
    
    36
    
    
    Vice President, General Counsel and SecretarySteven S. Cotariu
    
    
    52
    
    
    President  Infrastructure BusinessDavid B. Downing
    
    
    55
    
    
    CFO and President  International OperationsDan G. Keller*
    
    
    51
    
    
    Vice President  Human ResourcesTim J. Paymal
    
    
    36
    
    
    Vice President and Chief Accounting OfficerMark A. Roth*
    
    
    35
    
    
    Vice President  Corporate Development and TreasurerBarry A. Ruffalo
    
    
    40
    
    
    President  IrrigationDouglas A. Taylor*
    
    
    47
    
    
    Vice President and Chief Information OfficerLori L. Zarkowski*
    
    
    35
    
    
    Corporate Controller
 *
    
    The employee is not an executive officer of the Registrant.         12




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PART II
 
 ITEM 5  Market For the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
   Fiscal 2010 Stock Price
    
    
    Fiscal 2009 Stock PriceHigh
    
    
    Low
    
    
    Dividends
    
    
    High
    
    
    Low
    
    
    DividendsFirst Quarter
    
    $
    45.08
    
    
    $
    31.20
    
    
    $
    0.080
    
    
    $
    97.80
    
    
    $
    33.02
    
    
    $
    0.075Second Quarter
    
    
    47.45
    
    
    
    35.02
    
    
    
    0.080
    
    
    
    43.22
    
    
    
    24.00
    
    
    
    0.075Third Quarter
    
    
    43.92
    
    
    
    33.00
    
    
    
    0.080
    
    
    
    41.52
    
    
    
    20.89
    
    
    
    0.075Fourth Quarter
    
    
    38.19
    
    
    
    30.80
    
    
    
    0.085
    
    
    
    47.02
    
    
    
    29.71
    
    
    
    0.080Year
    
    $
    47.45
    
    
    $
    30.80
    
    
    $
    0.325
    
    
    $
    97.80
    
    
    $
    20.89
    
    
    $
    0.305
 Purchases of equity securities by the issuer and affiliated purchases 
  13




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##### Table of Contents



ITEM 6  Selected Financial Data
 For the Years Ended August 31,in millions, except per share amounts
    
    2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Operating revenues (1)
    
    $
    358.4
    
    
    $
    336.2
    
    
    $
    475.1
    
    
    $
    281.9
    
    
    $
    226.0Gross profit
    
    
    98.9
    
    
    
    80.6
    
    
    
    123.8
    
    
    
    69.7
    
    
    
    48.2Operating expenses
    
    
    61.1
    
    
    
    58.2
    
    
    
    61.6
    
    
    
    46.0
    
    
    
    32.7Operating income
    
    
    37.8
    
    
    
    22.4
    
    
    
    62.2
    
    
    
    23.8
    
    
    
    15.5Net earnings
    
    
    24.9
    
    
    
    13.8
    
    
    
    39.4
    
    
    
    15.6
    
    
    
    11.7Net diluted earnings per share
    
    
    1.98
    
    
    
    1.11
    
    
    
    3.20
    
    
    
    1.31
    
    
    
    1.00Cash dividends per share
    
    
    0.325
    
    
    
    0.305
    
    
    
    0.285
    
    
    
    0.265
    
    
    
    0.245Property, plant and equipment, net
    
    
    57.6
    
    
    
    59.6
    
    
    
    57.6
    
    
    
    44.3
    
    
    
    27.0Total assets
    
    
    325.5
    
    
    
    307.9
    
    
    
    325.9
    
    
    
    242.2
    
    
    
    192.2Long-term obligations
    
    
    8.6
    
    
    
    19.5
    
    
    
    25.6
    
    
    
    31.8
    
    
    
    25.7Return on sales
    
    
    6.9
    %
    
    
    4.1
    %
    
    
    8.3
    %
    
    
    5.5
    %
    
    
    5.2
    %Return on beginning assets (2)
    
    
    8.1
    %
    
    
    4.2
    %
    
    
    16.3
    %
    
    
    8.1
    %
    
    
    8.7
    %Diluted weighted average shares
    
    
    12.585
    
    
    
    12.461
    
    
    
    12.324
    
    
    
    11.964
    
    
    
    11.712
 (1)
    
    Fiscal 2010 includes the operating results of the railroad signal and structures business acquired from GE in the fourth quarter of fiscal 2009.
Fiscal 2008 includes the operating results of Watertronics, LLC, which was acquired in the second quarter of fiscal 2008.
Fiscal 2007 includes the operating results of Snoline S.P.A., which was acquired in the second quarter of fiscal 2007.
Fiscal 2006 includes the operating results of Barrier Systems, Inc., which was acquired in the fourth quarter of fiscal 2006.(2)
    
    Defined as net earnings divided by beginning of period total assets. 
 ITEM 7  Managements Discussion and Analysis of Financial Condition and Results of Operations
 Concerning Forward-Looking Statements
  Overview
 Zimmatic ® , Greenfield ® ,
Stettyn  , Perrot  GrowSmart ®
  14




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Recently Issued Accounting Pronouncements
  Critical Accounting Policies and Estimates
   Inventories
   15




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Results of Operations
  Fiscal 2010 Compared to Fiscal 2009
  For the Years Ended
    
    
    PercentAugust 31,
    
    
    Increase$ in thousands
    
    2010
    
    
    2009
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    358,440
    
    
    $
    336,228
    
    
    
    6.6
    %Cost of operating revenues
    
    $
    259,540
    
    
    $
    255,597
    
    
    
    1.5
    %Gross profit
    
    $
    98,900
    
    
    $
    80,631
    
    
    
    22.7
    %Gross margin
    
    
    27.6
    %
    
    
    24.0
    %Operating expenses (1)
    
    $
    61,058
    
    
    $
    58,214
    
    
    
    4.9
    %Operating income
    
    $
    37,842
    
    
    $
    22,417
    
    
    
    68.8
    %Operating margin
    
    
    10.6
    %
    
    
    6.7
    %Interest expense
    
    $
    (1,557
    )
    
    $
    (2,030
    )
    
    
    (23.3
    )%Interest income
    
    $
    352
    
    
    $
    934
    
    
    
    (62.3
    )%Other income (expense), net
    
    $
    145
    
    
    $
    (782
    )
    
    
    118.5
    %Income tax provision
    
    $
    11,920
    
    
    $
    6,716
    
    
    
    77.5
    %Effective income tax rate
    
    
    32.4
    %
    
    
    32.7
    %Net earnings
    
    $
    24,862
    
    
    $
    13,823
    
    
    
    79.9
    %Irrigation Equipment Segment (See
Note R)Operating revenues
    
    $
    258,666
    
    
    $
    255,507
    
    
    
    1.2
    %Operating income (2)
    
    $
    40,869
    
    
    $
    35,504
    
    
    
    15.1
    %Operating margin (2)
    
    
    15.8
    %
    
    
    13.9
    %Infrastructure Products SegmentOperating revenues
    
    $
    99,774
    
    
    $
    80,721
    
    
    
    23.6
    %Operating income (2)
    
    $
    11,083
    
    
    $
    (36
    )
    
    
    N/AOperating margin (2)
    
    
    11.1
    %
    
    
    0.0
    %
 (1)
    
    Includes $14.1 million and $13.1 million of unallocated general and
administrative expenses for fiscal 2010 and
fiscal 2009, respectively.(2)
    
    Excludes unallocated corporate general and administrative expenses. Revenues
    16




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Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net
    Income Taxes
   Net Earnings
   17




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Fiscal 2009 Compared to Fiscal 2008
  For the Years Ended
    
    
    PercentAugust 31,
    
    
    Increase$ in thousands
    
    2009
    
    
    2008
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    336,228
    
    
    $
    475,087
    
    
    
    (29.2
    )%Cost of operating revenues
    
    $
    255,597
    
    
    $
    351,255
    
    
    
    (27.2
    )%Gross profit
    
    $
    80,631
    
    
    $
    123,832
    
    
    
    (34.9
    )%Gross margin
    
    
    24.0
    %
    
    
    26.1
    %Operating expenses (1)
    
    $
    58,214
    
    
    $
    61,593
    
    
    
    (5.5
    )%Operating income
    
    $
    22,417
    
    
    $
    62,239
    
    
    
    (64.0
    )%Operating margin
    
    
    6.7
    %
    
    
    13.1
    %Interest expense
    
    $
    (2,030
    )
    
    $
    (3,035
    )
    
    
    (33.1
    )%Interest income
    
    $
    934
    
    
    $
    1,735
    
    
    
    (46.2
    )%Other income (expense), net
    
    $
    (782
    )
    
    $
    172
    
    
    
    (554.7
    )%Income tax provision
    
    $
    6,716
    
    
    $
    21,706
    
    
    
    (69.1
    )%Effective income tax rate
    
    
    32.7
    %
    
    
    35.5
    %Net earnings
    
    $
    13,823
    
    
    $
    39,405
    
    
    
    (64.9
    )%Irrigation Equipment Segment
(See Note R)Operating revenues
    
    $
    255,507
    
    
    $
    374,906
    
    
    
    (31.8
    )%Operating income (2)
    
    $
    35,504
    
    
    $
    66,848
    
    
    
    (46.9
    )%Operating margin (2)
    
    
    13.9
    %
    
    
    17.8
    %Infrastructure Products SegmentOperating revenues
    
    $
    80,721
    
    
    $
    100,181
    
    
    
    (19.4
    )%Operating income (2)
    
    $
    (36
    )
    
    $
    9,624
    
    
    
    (100.4
    )%Operating margin (2)
    
    
    0.0
    %
    
    
    9.6
    %
 (1)
    
    Includes $13.1 million and $14.2 million of unallocated general and administrative expenses for
fiscal 2009 and
fiscal 2008, respectively.(2)
    
    Excludes unallocated corporate general and administrative expenses. Beginning in fiscal 2009,
segment-specific
general & administrative expenses have been allocated to each of the Companys reporting segments.Prior year disclosures have been modified accordingly. Revenues
    18




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Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net
    Income Taxes
  Net Earnings
   19




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Liquidity and Capital Resources
             20




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Inflation
  Contractual Obligations and Commercial Commitments
  More$ in thousands
    
    Note
    
    
    
    
    
    Less than
    
    
    2-3
    
    
    4-5
    
    
    than 5Contractual Obligations
    
    Reference
    
    Total
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    YearsLeases
    
    O
    
    $
    9,161
    
    
    $
    2,111
    
    
    $
    3,329
    
    
    $
    1,430
    
    
    $
    2,291Term Note Obligation
    
    L
    
    
    12,857
    
    
    
    4,286
    
    
    
    8,571
    
    
    
    
    
    
    
    Interest Expense
    
    L
    
    
    1,264
    
    
    
    681
    
    
    
    583
    
    
    
    
    
    
    
    Unrecognized Tax Benefits (1)
    
    E
    
    
    1,112
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,112Supplemental Retirement Plan
    
    P
    
    
    6,957
    
    
    
    557
    
    
    
    1,082
    
    
    
    1,065
    
    
    
    4,253Total
    
    
    
    $
    31,351
    
    
    $
    7,635
    
    
    $
    13,565
    
    
    $
    2,495
    
    
    $
    7,656
 (1)
    
    Future cash flows for unrecognized tax benefits reflect the recorded
liability, including interest and penalties, in accordance with FIN 48 as
of August 31, 2010. Amounts for which the
year of settlement
cannot be reasonably
estimated have been
included in the More than
5 years column. Market Conditions and Fiscal 2011 Outlook
  ®
  ® ®
  21




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ITEM 7A  Quantitative and Qualitative Disclosures About Market Risk
       22




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ITEM 8  Financial Statements and Supplementary Data
 
 Report of Independent Registered Public Accounting Firm
 
    Accounting for Uncertainty in Income Taxes  an interpretation of FASB Statement No. 109
 Internal Control  Integrated Framework
  
  23




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Lindsay
Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Years ended August 31,(in thousands, except per share amounts)
    
    2010
    
    
    2009
    
    
    2008Operating revenues
    
    $
    358,440
    
    
    $
    336,228
    
    
    $
    475,087Cost of operating revenues
    
    
    259,540
    
    
    
    255,597
    
    
    
    351,255Gross profit
    
    
    98,900
    
    
    
    80,631
    
    
    
    123,832Operating expenses:Selling expense
    
    
    23,070
    
    
    
    22,361
    
    
    
    25,177General and administrative expense
    
    
    30,196
    
    
    
    29,816
    
    
    
    30,010Engineering and research expense
    
    
    7,792
    
    
    
    6,037
    
    
    
    6,406Total operating expenses
    
    
    61,058
    
    
    
    58,214
    
    
    
    61,593Operating income
    
    
    37,842
    
    
    
    22,417
    
    
    
    62,239Other income (expense):Interest expense
    
    
    (1,557
    )
    
    
    (2,030
    )
    
    
    (3,035
    )Interest income
    
    
    352
    
    
    
    934
    
    
    
    1,735Other income (expense), net
    
    
    145
    
    
    
    (782
    )
    
    
    172Earnings before income taxes
    
    
    36,782
    
    
    
    20,539
    
    
    
    61,111Income tax provision
    
    
    11,920
    
    
    
    6,716
    
    
    
    21,706Net earnings
    
    $
    24,862
    
    
    $
    13,823
    
    
    $
    39,405Basic net earnings per share
    
    $
    2.00
    
    
    $
    1.12
    
    
    $
    3.30Diluted net earnings per share
    
    $
    1.98
    
    
    $
    1.11
    
    
    $
    3.20Weighted average shares outstanding
    
    
    12,451
    
    
    
    12,294
    
    
    
    11,936Diluted effect of stock equivalents
    
    
    134
    
    
    
    167
    
    
    
    388Weighted average shares outstanding
assuming dilution
    
    
    12,585
    
    
    
    12,461
    
    
    
    12,324
   24




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Lindsay
Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
 August 31,
    
    
    August 31,($ in thousands, except par values)
    
    2010
    
    
    2009ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    83,418
    
    
    $
    85,929Receivables, net of allowance of $2,244, and $1,864, respectively
    
    
    63,629
    
    
    
    42,862Inventories, net
    
    
    45,296
    
    
    
    46,255Deferred income taxes
    
    
    6,722
    
    
    
    6,881Other current assets
    
    
    8,946
    
    
    
    7,602Total current assets
    
    
    208,011
    
    
    
    189,529Property, plant and equipment, net
    
    
    57,646
    
    
    
    59,641Other intangible assets, net
    
    
    27,715
    
    
    
    29,100Goodwill, net
    
    
    27,395
    
    
    
    24,174Other noncurrent assets
    
    
    4,714
    
    
    
    5,453Total assets
    
    $
    325,481
    
    
    $
    307,897LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    26,501
    
    
    $
    20,008Current portion of long-term debt
    
    
    4,286
    
    
    
    6,171Other current liabilities
    
    
    36,295
    
    
    
    33,008Total current liabilities
    
    
    67,082
    
    
    
    59,187Pension benefits liabilities
    
    
    6,400
    
    
    
    6,407Long-term debt
    
    
    8,571
    
    
    
    19,454Deferred income taxes
    
    
    10,816
    
    
    
    10,391Other noncurrent liabilities
    
    
    3,005
    
    
    
    4,800Total liabilities
    
    
    95,874
    
    
    
    100,239Shareholders equity:Preferred stock, ($1 par value, 2,000,000 shares authorized,
no shares
issued and outstanding)
    
    
    
    
    
    
    Common stock, ($1 par value, 25,000,000 shares authorized,
18,184,820 and 18,128,743 shares issued
at August 31, 2010 and 2009, respectively)
    
    
    18,185
    
    
    
    18,129Capital in excess of stated value
    
    
    30,756
    
    
    
    28,944Retained earnings
    
    
    270,272
    
    
    
    249,588Less treasury stock (at cost, 5,698,448 and 5,763,448 shares
at August 31, 2010 and 2009, respectively)
    
    
    (90,961
    )
    
    
    (91,998
    )Accumulated other comprehensive income, net
    
    
    1,355
    
    
    
    2,995Total shareholders equity
    
    
    229,607
    
    
    
    207,658Total liabilities and shareholders equity
    
    $
    325,481
    
    
    $
    307,897
   25




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##### Table of Contents



Lindsay
Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY AND COMPREHENSIVE INCOME
 Capital in
    
    
    
    
    
    
    
    
    
    
    AccumulatedShares of
    
    
    Shares of
    
    
    
    
    
    
    excess of
    
    
    
    
    
    
    
    
    
    
    other
    
    
    TotalCommon
    
    
    Treasury
    
    
    Common
    
    
    stated
    
    
    Retained
    
    
    Treasury
    
    
    comprehensive
    
    
    Shareholders(in thousands, except per share amounts)
    
    stock
    
    
    stock
    
    
    stock
    
    
    value
    
    
    earnings
    
    
    stock
    
    
    income (loss)
    
    
    equityBalance at August 31, 2007
    
    
    17,744,458
    
    
    
    5,998,448
    
    
    $
    17,744
    
    
    $
    11,734
    
    
    $
    204,750
    
    
    $
    (95,749
    )
    
    $
    2,549
    
    
    $
    141,028Adoption of FIN 48
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (756
    )
    
    
    
    
    
    
    
    
    
    
    (756
    )Balance at September 1, 2007
    
    
    17,744,458
    
    
    
    5,998,448
    
    
    $
    17,744
    
    
    $
    11,734
    
    
    $
    203,994
    
    
    $
    (95,749
    )
    
    $
    2,549
    
    
    $
    140,272Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39,405
    
    
    
    
    
    
    
    
    
    
    
    39,405Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,544
    
    
    
    2,544Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    41,949Cash dividends ($0.285) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,419
    )
    
    
    
    
    
    
    
    
    
    
    (3,419
    )Exercise of employee stock options
    
    
    310,834
    
    
    
    (155,000
    )
    
    
    311
    
    
    
    4,048
    
    
    
    (304
    )
    
    
    2,474
    
    
    
    
    
    
    
    6,529Stock option tax benefits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,263
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,263Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,307
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,307Balance at August 31, 2008
    
    
    18,055,292
    
    
    
    5,843,448
    
    
    $
    18,055
    
    
    $
    26,352
    
    
    $
    239,676
    
    
    $
    (93,275
    )
    
    $
    5,093
    
    
    $
    195,901Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,823
    
    
    
    
    
    
    
    
    
    
    
    13,823Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,098
    )
    
    
    (2,098
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,725Cash dividends ($0.305) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,754
    )
    
    
    
    
    
    
    
    
    
    
    (3,754
    )Exercise of employee stock options
    
    
    73,451
    
    
    
    (80,000
    )
    
    
    74
    
    
    
    225
    
    
    
    (157
    )
    
    
    1,277
    
    
    
    
    
    
    
    1,419Stock option tax benefits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    293
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    293Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,074
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,074Balance at August 31, 2009
    
    
    18,128,743
    
    
    
    5,763,448
    
    
    $
    18,129
    
    
    $
    28,944
    
    
    $
    249,588
    
    
    $
    (91,998
    )
    
    $
    2,995
    
    
    $
    207,658Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,862
    
    
    
    
    
    
    
    
    
    
    
    24,862Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,640
    )
    
    
    (1,640
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23,222Cash dividends ($0.325) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,051
    )
    
    
    
    
    
    
    
    
    
    
    (4,051
    )Exercise of employee stock options
    
    
    56,077
    
    
    
    (65,000
    )
    
    
    56
    
    
    
    (417
    )
    
    
    (127
    )
    
    
    1,037
    
    
    
    
    
    
    
    549Stock option tax benefits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    127
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    127Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,102
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,102Balance at August 31, 2010
    
    
    18,184,820
    
    
    
    5,698,448
    
    
    $
    18,185
    
    
    $
    30,756
    
    
    $
    270,272
    
    
    $
    (90,961
    )
    
    $
    1,355
    
    
    $
    229,607
   26




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##### Table of Contents



Lindsay
Corporation and Subsidiaries
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Years Ended August 31,($ in thousands)
    
    2010
    
    
    2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    24,862
    
    
    $
    13,823
    
    
    $
    39,405Adjustments to reconcile net earnings to net cash provided by
operating activities:Depreciation and amortization
    
    
    10,710
    
    
    
    10,442
    
    
    
    9,253Provision for uncollectible accounts receivable
    
    
    732
    
    
    
    558
    
    
    
    75Deferred income taxes
    
    
    (1,500
    )
    
    
    (1,226
    )
    
    
    (886
    )Stock-based compensation expense
    
    
    2,206
    
    
    
    2,140
    
    
    
    3,516(Gain) loss on disposal of fixed assets
    
    
    (519
    )
    
    
    55
    
    
    
    (9
    )Other, net
    
    
    120
    
    
    
    1,302
    
    
    
    (3
    )Changes in assets and liabilities:Receivables
    
    
    (22,294
    )
    
    
    43,316
    
    
    
    (37,267
    )Inventories
    
    
    827
    
    
    
    7,726
    
    
    
    (7,959
    )Other current assets
    
    
    (2,862
    )
    
    
    1,009
    
    
    
    113Accounts payable
    
    
    6,739
    
    
    
    (12,116
    )
    
    
    12,038Other current liabilities
    
    
    1,388
    
    
    
    (6,965
    )
    
    
    10,748Current taxes payable
    
    
    5,287
    
    
    
    (3,140
    )
    
    
    3,357Other noncurrent assets and liabilities
    
    
    (1,863
    )
    
    
    571
    
    
    
    (1,868
    )Net cash provided by operating activities
    
    
    23,833
    
    
    
    57,495
    
    
    
    30,513CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (5,784
    )
    
    
    (10,500
    )
    
    
    (14,093
    )Proceeds from sale of property, plant and equipment
    
    
    606
    
    
    
    21
    
    
    
    93Acquisition of business, net of cash acquired
    
    
    (6,436
    )
    
    
    (3,076
    )
    
    
    (21,028
    )Proceeds from note receivable
    
    
    1,409
    
    
    
    
    
    
    
    Proceeds from settlement of net investment hedge
    
    
    518
    
    
    
    859
    
    
    
    1,124Purchases of marketable securities available-for-sale
    
    
    
    
    
    
    
    
    
    
    (13,860
    )Proceeds from maturities of marketable securities available-for-sale
    
    
    
    
    
    
    
    
    
    
    41,490Net cash used in investing activities
    
    
    (9,687
    )
    
    
    (12,696
    )
    
    
    (6,274
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock compensation plan
    
    
    549
    
    
    
    1,419
    
    
    
    6,530Proceeds from issuance of long-term debt
    
    
    
    
    
    
    
    
    
    
    15,000Principal payments on long-term debt
    
    
    (12,769
    )
    
    
    (6,171
    )
    
    
    (21,171
    )Net borrowing (payments) on revolving line of credit
    
    
    
    
    
    
    (1,633
    )
    
    
    1,032Excess tax benefits from stock-based compensation
    
    
    76
    
    
    
    344
    
    
    
    7,263Dividends paid
    
    
    (4,051
    )
    
    
    (3,754
    )
    
    
    (3,419
    )Net cash (used in) provided by financing activities
    
    
    (16,195
    )
    
    
    (9,795
    )
    
    
    5,235Effect of exchange rate changes on cash
    
    
    (462
    )
    
    
    165
    
    
    
    264Net (decrease) increase in cash and cash equivalents
    
    
    (2,511
    )
    
    
    35,169
    
    
    
    29,738Cash and cash equivalents, beginning of period
    
    
    85,929
    
    
    
    50,760
    
    
    
    21,022Cash and cash equivalents, end of period
    
    $
    83,418
    
    
    $
    85,929
    
    
    $
    50,760SUPPLEMENTAL CASH FLOW INFORMATIONIncome taxes paid
    
    $
    8,368
    
    
    $
    11,081
    
    
    $
    12,262Interest paid
    
    $
    1,648
    
    
    $
    2,146
    
    
    $
    3,066
   27




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##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 A. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
    (1) Principles of Consolidation
  (2) Reclassifications
  (3) Stock Based Compensation
  (4) Revenue Recognition
    28




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##### Table of Contents



(5) Receivables and Allowances
  (6) Warranty Costs
   (7) Cash and Cash Equivalents
  (8) Inventories
  (9) Property, Plant and Equipment
  (10) Goodwill and Intangible Assets
   29




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##### Table of Contents



(11) Income Taxes
   (12) Net Earnings per Share
    (13) Use of Estimates
  (14) Derivative Instruments and Hedging Activities
     30




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##### Table of Contents



(15) Treasury Stock
  (16) Contingencies
  (17) Translation of Foreign Currency
  (18) Recently Issued Accounting Pronouncements
  B. ACQUISITIONS
  Digitec, Inc.
   31




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##### Table of Contents



GE Transportation Systems Global Signaling, LLC
  C. COMPREHENSIVE INCOME
  For the years ended August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2008Net Income
    
    $
    24,862
    
    
    $
    13,823
    
    
    $
    39,405Other comprehensive income (loss):Unrealized net gain on available for sale securities
    
    
    
    
    
    
    
    
    
    
    14Defined benefit pension plan
    
    
    (50
    )
    
    
    (501
    )
    
    
    (72
    )Cash flow hedges
    
    
    1,201
    
    
    
    (145
    )
    
    
    (1,065
    )Foreign currency translation, net of hedging activities
    
    
    (2,791
    )
    
    
    (1,452
    )
    
    
    3,667Total other comprehensive income (loss), net of tax
expense (benefit) of $1,104, ($81) and $11
    
    
    (1,640
    )
    
    
    (2,098
    )
    
    
    2,544Total other comprehensive income
    
    $
    23,222
    
    
    $
    11,725
    
    
    $
    41,949
  For the years endedAugust 31,$ in thousands
    
    2010
    
    
    2009Accumulated other comprehensive income (loss):Defined benefit pension plan, net of tax of
$1,348 and $1,317
    
    
    (2,208
    )
    
    
    (2,158
    )Cash flow hedges, net of tax of $348 and $867
    
    
    (572
    )
    
    
    (1,773
    )Foreign currency translation, net of hedging activities, net of tax of $1,368 and $752
    
    
    4,135
    
    
    
    6,926Total accumulated other comprehensive income
    
    $
    1,355
    
    
    $
    2,995
 D. OTHER INCOME (EXPENSE), NET
 For the years ended August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2008Other income (expense), net:Cash surrender value of life insurance
    
    $
    42
    
    
    $
    78
    
    
    $
    87Foreign currency transaction (loss)
gain, net
    
    
    45
    
    
    
    (1,044
    )
    
    
    603All other, net
    
    
    58
    
    
    
    184
    
    
    
    (518
    )Total other income (expense), net
    
    $
    145
    
    
    $
    (782
    )
    
    $
    172
  32




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##### Table of Contents



E. INCOME TAXES
  For the years ended August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2008United States
    
    $
    34,165
    
    
    $
    18,385
    
    
    $
    56,550Foreign
    
    
    2,617
    
    
    
    2,154
    
    
    
    4,561$
    36,782
    
    
    $
    20,539
    
    
    $
    61,111
  For the years ended August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2008Current:Federal
    
    $
    11,077
    
    
    $
    6,479
    
    
    $
    19,505State
    
    
    770
    
    
    
    489
    
    
    
    1,379Foreign
    
    
    1,573
    
    
    
    974
    
    
    
    1,708Total current
    
    
    13,420
    
    
    
    7,942
    
    
    
    22,592Deferred:Federal
    
    
    501
    
    
    
    (938
    )
    
    
    (295
    )State
    
    
    (1,364
    )
    
    
    (52
    )
    
    
    (217
    )Foreign
    
    
    (637
    )
    
    
    (236
    )
    
    
    (374
    )Total deferred
    
    
    (1,500
    )
    
    
    (1,226
    )
    
    
    (886
    )Total income tax provision
    
    $
    11,920
    
    
    $
    6,716
    
    
    $
    21,706
  For the years ended August 31,2010
    
    
    2009
    
    
    2008$ in thousands
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %U.S. statutory rate
    
    $
    12,874
    
    
    
    35.0
    
    
    $
    7,189
    
    
    
    35.0
    
    
    $
    21,389
    
    
    
    35.0State and local taxes, net of federal
tax benefit
    
    
    35
    
    
    
    0.1
    
    
    
    275
    
    
    
    1.3
    
    
    
    795
    
    
    
    1.3State tax credits
    
    
    (888
    )
    
    
    (2.4
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Foreign tax rate differences
    
    
    (122
    )
    
    
    (0.3
    )
    
    
    (302
    )
    
    
    (1.5
    )
    
    
    (123
    )
    
    
    (0.2
    )Domestic production activities deduction
    
    
    (608
    )
    
    
    (1.7
    )
    
    
    (385
    )
    
    
    (1.9
    )
    
    
    (438
    )
    
    
    (0.7
    )Tax-exempt interest income
    
    
    (7
    )
    
    
    (0.0
    )
    
    
    (37
    )
    
    
    (0.1
    )
    
    
    (119
    )
    
    
    (0.2
    )R&D, Phone, and Fuel tax credits
    
    
    (28
    )
    
    
    (0.1
    )
    
    
    (96
    )
    
    
    (0.5
    )
    
    
    (265
    )
    
    
    (0.4
    )Non-deductible officers compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (463
    )
    
    
    (0.8
    )Other
    
    
    664
    
    
    
    1.8
    
    
    
    72
    
    
    
    0.4
    
    
    
    930
    
    
    
    1.5Effective rate
    
    $
    11,920
    
    
    
    32.4
    
    
    $
    6,716
    
    
    
    32.7
    
    
    $
    21,706
    
    
    
    35.5
    33




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##### Table of Contents



August 31,$ in thousands
    
    2010
    
    
    2009Deferred tax assets:Deferred rental revenue
    
    $
    2,148
    
    
    $
    2,202Employee benefits liability
    
    
    1,273
    
    
    
    1,324Net operating loss carryforwards
    
    
    137
    
    
    
    66Defined benefit pension plan
    
    
    1,348
    
    
    
    1,317Share-based compensation
    
    
    1,515
    
    
    
    1,633State tax credits
    
    
    934
    
    
    
    Inventory
    
    
    744
    
    
    
    495Warranty
    
    
    592
    
    
    
    610Vacation
    
    
    765
    
    
    
    684Accrued expenses and allowances
    
    
    3,731
    
    
    
    4,173Total deferred tax assets
    
    $
    13,187
    
    
    $
    12,504Deferred tax liabilities:Intangible assets
    
    
    (6,972
    )
    
    
    (7,444
    )Property, plant and equipment
    
    
    (8,760
    )
    
    
    (7,448
    )Inventory
    
    
    (130
    )
    
    
    (119
    )Other
    
    
    (1,273
    )
    
    
    (927
    )Total deferred tax liabilities
    
    
    (17,135
    )
    
    
    (15,938
    )Net deferred tax liabilities
    
    $
    (3,948
    )
    
    $
    (3,434
    )
      34




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##### Table of Contents



$ in thousands
    
    2010
    
    
    2009Unrecognized Tax Benefits at September 1
    
    $
    1,464
    
    
    $
    1,684Increases for positions taken in current year
    
    
    42
    
    
    
    Increases for positions taken in prior years
    
    
    63
    
    
    
    86Decreases for positions taken in current year
    
    
    
    
    
    
    Decreases for positions taken in prior years
    
    
    
    
    
    
    (40
    )Settlements with taxing authorities
    
    
    
    
    
    
    Reduction resulting from lapse of applicable statute
of limitations
    
    
    (460
    )
    
    
    (141
    )Other increases (decreases)
    
    
    3
    
    
    
    (125
    )Unrecognized Tax Benefits at August 31
    
    $
    1,112
    
    
    $
    1,464
     The American Jobs Creation Act of 2004 (the Jobs Act)
  F. RECEIVABLES
 August 31,$ in thousands
    
    2010
    
    
    2009Receivables:Trade accounts and current portion of notes
receivable
    
    $
    65,873
    
    
    $
    44,726Allowance for doubtful accounts
    
    
    (2,244
    )
    
    
    (1,864
    )Net receivables
    
    $
    63,629
    
    
    $
    42,862
  35




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##### Table of Contents



G. INVENTORIES
 August 31,$ in thousands
    
    2010
    
    
    2009Inventory:FIFO inventory
    
    $
    19,218
    
    
    $
    16,561LIFO reserves
    
    
    (6,263
    )
    
    
    (7,190
    )LIFO inventory
    
    
    12,955
    
    
    
    9,371Weighted average inventory
    
    
    15,854
    
    
    
    14,762Other FIFO inventory
    
    
    18,532
    
    
    
    23,765Obsolescence reserve
    
    
    (2,045
    )
    
    
    (1,643
    )Total inventories
    
    $
    45,296
    
    
    $
    46,255
   August 31,2010
    
    
    2009Raw materials
    
    
    12
    %
    
    
    7
    %Work in process
    
    
    8
    %
    
    
    8
    %Finished goods and purchased parts
    
    
    80
    %
    
    
    85
    %
 H. PROPERTY, PLANT AND EQUIPMENT
 August, 31$ in thousands
    
    2010
    
    
    2009Operating property, plant and equipment:Land
    
    $
    2,757
    
    
    $
    2,271Buildings
    
    
    28,294
    
    
    
    28,622Equipment
    
    
    66,754
    
    
    
    60,717Other
    
    
    3,830
    
    
    
    6,863Total operating property, plant and equipment
    
    
    101,635
    
    
    
    98,473Accumulated depreciation
    
    
    (58,429
    )
    
    
    (55,077
    )Total operating property, plant and equipment, net
    
    $
    43,206
    
    
    $
    43,396Leased property:Machines
    
    
    4,360
    
    
    
    4,248Barriers
    
    
    16,215
    
    
    
    16,253Total leased property
    
    $
    20,575
    
    
    $
    20,501Accumulated depreciation
    
    
    (6,135
    )
    
    
    (4,256
    )Total leased property, net
    
    $
    14,440
    
    
    $
    16,245Property, plant and equipment, net
    
    $
    57,646
    
    
    $
    59,641
   36




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I. OTHER NONCURRENT ASSETS
 August 31,$ in thousands
    
    2010
    
    
    2009Other noncurrent assets:Cash surrender value of life insurance policies
    
    $
    2,335
    
    
    $
    2,293Deferred income taxes
    
    
    145
    
    
    
    76Notes receivable
    
    
    248
    
    
    
    1,772Split dollar life insurance
    
    
    929
    
    
    
    929Other
    
    
    1,057
    
    
    
    383Total noncurrent assets
    
    $
    4,714
    
    
    $
    5,453
 J. GOODWILL AND OTHER INTANGIBLE ASSETS
 Goodwill
  $ in thousands
    
    Irrigation
    
    
    Infrastructure
    
    
    TotalBalance as of September 1, 2008
    
    $
    7,077
    
    
    $
    17,353
    
    
    $
    24,430Foreign currency translation
    
    
    (99
    )
    
    
    (157
    )
    
    
    (256
    )Balance as of August 31, 2009
    
    
    6,978
    
    
    
    17,196
    
    
    
    24,174Acquisition of Digitec
    
    
    3,913
    
    
    
    
    
    
    
    3,913Foreign currency translation
    
    
    (10
    )
    
    
    (682
    )
    
    
    (692
    )Balance as of August 31, 2010
    
    $
    10,881
    
    
    $
    16,514
    
    
    $
    27,395
 Other Intangible Assets
  August 31,2010
    
    
    2009Gross
    
    
    
    
    
    
    GrossCarrying
    
    
    Accumulated
    
    
    Carrying
    
    
    Accumulated$ in thousands
    
    Amount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationAmortizable Intangible Assets:Non-compete agreements
    
    $
    543
    
    
    $
    (196
    )
    
    $
    2,497
    
    
    $
    (2,142
    )Licenses
    
    
    
    
    
    
    
    
    
    
    699
    
    
    
    (695
    )Patents
    
    
    24,520
    
    
    
    (6,479
    )
    
    
    23,925
    
    
    
    (4,800
    )Customer relationships
    
    
    5,813
    
    
    
    (2,112
    )
    
    
    5,657
    
    
    
    (1,537
    )Plans and specifications
    
    
    75
    
    
    
    (33
    )
    
    
    75
    
    
    
    (29
    )Other
    
    
    26
    
    
    
    (23
    )
    
    
    56
    
    
    
    (49
    )Unamortizable Intangible
Assets:Tradenames
    
    
    5,581
    
    
    
    
    
    
    
    5,443
    
    
    
    Total
    
    $
    36,558
    
    
    $
    (8,843
    )
    
    $
    38,352
    
    
    $
    (9,252
    )
   37




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Fiscal Years
    
    $ in thousands2011
    
    $
    2,5922012
    
    
    2,5772013
    
    
    2,4872014
    
    
    2,4312015
    
    
    2,191
 K. OTHER CURRENT LIABILITIES
 August 31,$ in thousands
    
    2010
    
    
    2009Other current liabilities:Payroll, vacation and retirement plans
    
    $
    12,192
    
    
    $
    7,643Taxes, other than income
    
    
    2,156
    
    
    
    1,205Workers compensation and product liability
    
    
    1,148
    
    
    
    1,287Deferred revenue
    
    
    5,813
    
    
    
    5,706Dealer related liabilities
    
    
    1,650
    
    
    
    1,524Warranty liability
    
    
    1,862
    
    
    
    1,736Income tax liability
    
    
    2,829
    
    
    
    496Derivative liability
    
    
    503
    
    
    
    1,027International freight liability
    
    
    173
    
    
    
    593Customer deposits
    
    
    1,454
    
    
    
    4,518Environmental remediation liability
    
    
    900
    
    
    
    1,315Other
    
    
    5,615
    
    
    
    5,958Total other current liabilities
    
    $
    36,295
    
    
    $
    33,008
 L. CREDIT ARRANGEMENTS
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives.
  38




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Snoline Term Note
 Financial Derivatives.
 Revolving Credit Agreement
     August 31,$ in thousands
    
    2010
    
    
    2009BSI Term Note
    
    $
    12,857
    
    
    $
    17,143Snoline Term Note
    
    
    
    
    
    
    8,482Revolving Credit Agreement
    
    
    
    
    
    
    Less current portion
    
    
    (4,286
    )
    
    
    (6,171
    )Total long-term debt
    
    $
    8,571
    
    
    $
    19,454
   Due within:1 year
    
    $
    4,2862 years
    
    
    4,2863 years
    
    
    4,285$
    12,857
  39




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M. FINANCIAL DERIVATIVES
   Fair Values of Derivative InstrumentsAsset (Liability) DerivativesAugust 31,
    
    
    August 31,$ in thousands
    
    Balance Sheet Location
    
    2010
    
    
    2009Derivatives designated as hedging
instruments:Foreign currency option contract
    
    Other current assets
    
    $
    16
    
    
    $
    Foreign currency forward contracts
    
    Other current liabilities
    
    
    (66
    )
    
    
    Interest rate swap
    
    Other current liabilities
    
    
    (437
    )
    
    
    (602
    )Interest rate swap
    
    Other noncurrent liabilities
    
    
    (484
    )
    
    
    (732
    )Cross currency swap
    
    Other current liabilities
    
    
    
    
    
    
    (425
    )Cross currency swap
    
    Other noncurrent liabilities
    
    
    
    
    
    
    (847
    )Total derivatives designated as hedging
instruments
    
    
    
    $
    (971
    )
    
    $
    (2,606
    )
  Cash Flow Hedging Relationships
 Credit Arrangements
   40




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Amount of Gain/(Loss) Recognized in OCIFor the years ended August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2008Interest rate swap
    
    $
    289
    
    
    $
    (2
    )
    
    $
    (483
    )Cross currency swap
    
    
    922
    
    
    
    (143
    )
    
    
    (582
    )Foreign currency
forward contracts
    
    
    (10
    )
    
    
    
    
    
    
    Total1
    
    $
    1,201
    
    
    $
    (145
    )
    
    $
    (1,065
    )
 
 1
    
    Net of tax expense (benefit) of $519, ($54) and ($426) for the years ended August 31,
2010, 2009 and 2008, respectively. Amount of Gain (Loss) Reclassified fromLocation of Gain/(Loss)
    
    AOCI into IncomeReclassified from AOCI
    
    For the years ended August 31,$ in thousands
    
    into Income
    
    2010
    
    
    2009
    
    
    2008Interest rate swap
    
    Interest Expense
    
    $
    (850
    )
    
    $
    (974
    )
    
    $
    (542
    )Cross currency swap
    
    Interest Expense
    
    
    (884
    )
    
    
    (346
    )
    
    
    (273
    )Foreign currency
forward contracts
    
    Revenue
    
    
    (8
    )
    
    
    
    
    
    
    (15
    )Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    (49
    )$
    (1,742
    )
    
    $
    (1,320
    )
    
    $
    (879
    )
 Gain/(Loss) Recognized in Income onLocation of Gain/(Loss)
    
    Derivatives (Ineffectiveness)Recognized in Income
    
    For the years ended August 31,$ in thousands
    
    (Ineffectiveness)
    
    2010
    
    
    2009
    
    
    2008Interest rate swap
    
    Other income (expense)
    
    $
    (52
    )
    
    $
    99
    
    
    $
    (23
    )Cross currency swap
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    $
    (52
    )
    
    $
    99
    
    
    $
    (23
    )
  41




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Net Investment Hedging Relationships
  Amount of Gain/(Loss) Recognized in OCIon DerivativesFor the years ended August 31,2010
    
    
    2009
    
    
    2008Foreign currency
forward
contracts1
    
    $
    296
    
    
    $
    455
    
    
    $
    776
 
 (1)
    
    Net of tax expense of $181, $279 and $473 for the years ended August 31, 2010, 2009 and 2008, respectively.    Derivatives Not Designated as Hedging Instruments
  Amount Gain/(Loss) Recognized in Incomeon DerivativesLocation of Gain/(Loss)
    
    For the years ended August 31,$ in thousands
    
    Recognized in Income
    
    2010
    
    
    2009
    
    
    2008Foreign currency
forward contracts
    
    Other income (expense)
    
    $
    
    
    
    $
    68
    
    
    $
    Foreign currency
option contracts
    
    Operating revenues
    
    
    (17
    )
    
    
    
    
    
    
    
  42




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N. FAIR VALUE MEASUREMENTS
   
    
    Level 1  Unadjusted quoted prices in active markets for identical assets or liabilities.
 
    
    Level 2  Significant observable pricing inputs other than quoted prices included within
Level 1 that are either directly or indirectly observable as of the reporting date.
Essentially, this represents inputs that are derived principally from or corroborated by
observable market data.
 
    
    Level 3  Generally unobservable inputs, which are developed based on the best
information available and may include the Companys own internal data.
  $ in thousands
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalCash and cash equivalents
    
    $
    83,418
    
    
    $
    
    
    
    $
    
    
    
    $
    83,418Derivative Assets
    
    
    
    
    
    
    16
    
    
    
    
    
    
    
    16Derivative Liabilities
    
    
    
    
    
    
    (987
    )
    
    
    
    
    
    
    (987
    )
  $ in thousands
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalCash and cash equivalents
    
    $
    85,929
    
    
    $
    
    
    
    $
    
    
    
    $
    85,929Derivative Assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Derivative Liabilities
    
    
    
    
    
    
    (2,606
    )
    
    
    
    
    
    
    (2,606
    )
  O. COMMITMENTS AND CONTINGENCIES
   43




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Fiscal Years
    
    $ in thousands2011
    
    $
    2,1112012
    
    
    1,8622013
    
    
    1,4672014
    
    
    7782015
    
    
    652Thereafter
    
    
    2,291$
    9,161
  P. RETIREMENT PLANS
    August 31,$ in thousands
    
    2010
    
    
    2009Change in benefit obligation:Benefit obligation at beginning of year
    
    $
    6,964
    
    
    $
    6,029Interest cost
    
    
    351
    
    
    
    347Actuarial loss
    
    
    259
    
    
    
    982Benefits paid
    
    
    (617
    )
    
    
    (394
    )Benefit obligation at end of year
    
    $
    6,957
    
    
    $
    6,964
  August 31,$ in thousands
    
    2010
    
    
    2009Other current liabilities
    
    $
    557
    
    
    $
    557Pension benefit liability
    
    
    6,400
    
    
    
    6,407Net amount recognized
    
    $
    6,957
    
    
    $
    6,964
  44




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August 31,$ in thousands
    
    2010
    
    
    2009Net actuarial loss
    
    $
    (3,556
    )
    
    $
    (3,448
    )Transition obligation
    
    
    
    
    
    
    (27
    )Total
    
    $
    (3,556
    )
    
    $
    (3,475
    )
  August 31,2010
    
    
    2009Discount rate
    
    
    5.00
    %
    
    
    5.25
    %Assumed rates of compensation increases
    
    
    N/A
    
    
    
    N/ARate of return on underlying 401(k) investments
    
    
    N/A
    
    
    
    7.50
    %
   For the years ended August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2008Service cost
    
    $
    
    
    
    $
    
    
    
    $
    41Interest cost
    
    
    351
    
    
    
    347
    
    
    
    334Net amortization and deferral
    
    
    178
    
    
    
    176
    
    
    
    162Total
    
    $
    529
    
    
    $
    523
    
    
    $
    537
   For the years ended August 31,2010
    
    
    2009
    
    
    2008Discount rate
    
    
    6.00
    %
    
    
    6.00
    %
    
    
    6.00
    %Assumed rates of compensation
    
    
    N/A
    
    
    
    3.50
    %
    
    
    3.50
    %
  Fiscal Years
    
    $ in thousands2011
    
    
    5572012
    
    
    5432013
    
    
    5392014
    
    
    5352015
    
    
    5302016 - 2020
    
    
    2,509
  45




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Q. WARRANTIES
 Product Warranties
   For the years endedAugust 31,$ in thousands
    
    2010
    
    
    2009Warranties:Product warranty accrual balance, beginning of
period
    
    $
    1,736
    
    
    $
    2,011Liabilities accrued for warranties during the period
    
    
    3,820
    
    
    
    3,607Warranty claims paid during the period
    
    
    (3,694
    )
    
    
    (3,882
    )Product warranty accrual balance, end of period
    
    $
    1,862
    
    
    $
    1,736
 R. INDUSTRY SEGMENT INFORMATION
       46




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##### Table of Contents



$ in thousands
    
    2010
    
    
    2009
    
    
    2008Operating revenues:Irrigation
    
    $
    258,666
    
    
    $
    255,507
    
    
    $
    374,906Infrastructure
    
    
    99,774
    
    
    
    80,721
    
    
    
    100,181Total operating revenues
    
    $
    358,440
    
    
    $
    336,228
    
    
    $
    475,087Operating income:Irrigation
    
    $
    40,869
    
    
    $
    35,504
    
    
    $
    66,848Infrastructure
    
    
    11,083
    
    
    
    (36
    )
    
    
    9,624Segment operating income
    
    $
    51,952
    
    
    $
    35,468
    
    
    
    76,472Unallocated general and administrative
expenses
    
    
    (14,110
    )
    
    
    (13,051
    )
    
    
    (14,233
    )Interest and other income (expense), net
    
    
    (1,060
    )
    
    
    (1,878
    )
    
    
    (1,128
    )Earnings before income taxes
    
    $
    36,782
    
    
    $
    20,539
    
    
    $
    61,111Total Capital Expenditures:Irrigation
    
    $
    3,125
    
    
    $
    5,681
    
    
    $
    4,362Infrastructure
    
    
    2,659
    
    
    
    4,819
    
    
    
    9,731$
    5,784
    
    
    $
    10,500
    
    
    $
    14,093Total Depreciation and Amortization:Irrigation
    
    $
    4,597
    
    
    $
    4,191
    
    
    $
    3,862Infrastructure
    
    
    6,113
    
    
    
    6,251
    
    
    
    5,391$
    10,710
    
    
    $
    10,442
    
    
    $
    9,253Total Assets:Irrigation
    
    $
    206,885
    
    
    $
    186,558
    
    
    $
    200,535Infrastructure
    
    
    118,596
    
    
    
    121,339
    
    
    
    125,355$
    325,481
    
    
    $
    307,897
    
    
    $
    325,890
  $ in thousands
    
    2010
    
    
    2009
    
    
    2008Geographic area revenues:United States
    
    $
    204,465
    
    
    $
    200,625
    
    
    $
    309,241Europe, Africa, Australia & Middle
East
    
    
    73,781
    
    
    
    88,324
    
    
    
    104,179Mexico & Latin America
    
    
    66,710
    
    
    
    27,521
    
    
    
    42,164Other International
    
    
    13,484
    
    
    
    19,758
    
    
    
    19,503Total revenues
    
    $
    358,440
    
    
    $
    336,228
    
    
    $
    475,087Geographic area long-lived assets:United States
    
    $
    89,935
    
    
    $
    88,335
    
    
    $
    87,167Europe, Africa, Australia & Middle
East
    
    
    18,741
    
    
    
    22,442
    
    
    
    24,315Mexico & Latin America
    
    
    2,500
    
    
    
    1,154
    
    
    
    1,327Other International
    
    
    1,580
    
    
    
    984
    
    
    
    Total long-lived assets
    
    $
    112,756
    
    
    $
    112,915
    
    
    $
    112,809
  47




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S. SHARE BASED COMPENSATION
 Share Based Compensation Program
   Accounting for Share Based Compensation
    48




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Share Based Compensation Information
  AverageRemainingAverage
    
    
    Contractual
    
    
    AggregateNumber of
    
    
    Exercise
    
    
    Term
    
    
    IntrinsicShares
    
    
    Price
    
    
    (years)
    
    
    Value (000s)Outstanding at
August 31, 2008
    
    
    506,334
    
    
    $
    20.62
    
    
    
    4.5
    
    
    $
    31,034Granted
    
    
    
    
    
    
    Exercised
    
    
    (122,222
    )
    
    $
    17.30
    
    
    
    
    
    
    $
    3,270Forfeitures
    
    
    (14,013
    )
    
    $
    23.74Outstanding at
August 31, 2009
    
    
    370,099
    
    
    $
    21.60
    
    
    
    3.9
    
    
    $
    7,370Granted
    
    
    
    
    
    
    Exercised
    
    
    (78,324
    )
    
    $
    15.50
    
    
    
    
    
    
    $
    2,042Forfeitures
    
    
    (150
    )
    
    $
    24.29Outstanding at
August 31, 2010
    
    
    291,625
    
    
    $
    23.23
    
    
    
    3.7
    
    
    $
    3,977Exercisable at
August 31, 2008
    
    
    349,706
    
    
    $
    20.72
    
    
    
    4.3
    
    
    $
    21,400Exercisable at
August 31, 2009
    
    
    336,084
    
    
    $
    21.51
    
    
    
    3.8
    
    
    $
    6,720Exercisable at
August 31, 2010
    
    
    284,875
    
    
    $
    23.33
    
    
    
    3.7
    
    
    $
    3,858
    Weighted-AverageNumber of
    
    
    Grant-DateShares
    
    
    Fair ValueRestricted stock units at August 31, 2008
    
    
    88,546
    
    
    $
    39.64Granted
    
    
    51,543
    
    
    
    39.91Vested
    
    
    (50,322
    )
    
    
    36.42Forfeited
    
    
    (13,040
    )
    
    
    41.65Restricted stock units at August 31, 2009
    
    
    76,727
    
    
    $
    41.52Granted
    
    
    45,583
    
    
    
    34.17Vested
    
    
    (41,376
    )
    
    
    39.25Forfeited
    
    
    (5,841
    )
    
    
    35.38Restricted stock units at August 31, 2010
    
    
    75,093
    
    
    $
    38.61
   49




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##### Table of Contents



Weighted-AverageNumber of
    
    
    Grant-DateUnits
    
    
    Fair ValuePerformance stock units at August 31, 2008
    
    
    35,191
    
    
    $
    40.15Granted
    
    
    28,637
    
    
    
    43.11Vested
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    Performance stock units at August 31, 2009
    
    
    63,828
    
    
    $
    41.48Granted
    
    
    45,608
    
    
    
    32.81Vested
    
    
    (18,183
    )
    
    
    33.49Forfeited
    
    
    (3,552
    )
    
    
    32.81Performance stock units at August 31, 2010
    
    
    87,701
    
    
    $
    38.98
    For the years ended August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2008Share-based compensation expense included
in cost of
operating revenues
    
    $
    123
    
    
    $
    145
    
    
    $
    218Research and development
    
    
    60
    
    
    
    131
    
    
    
    225Sales and marketing
    
    
    360
    
    
    
    437
    
    
    
    747General and administrative
    
    
    1,663
    
    
    
    1,427
    
    
    
    2,326Share-based compensation expense included in
operating expenses
    
    
    2,083
    
    
    
    1,995
    
    
    
    3,298Total share-based compensation expense
    
    
    2,206
    
    
    
    2,140
    
    
    
    3,516Tax benefit
    
    
    (836
    )
    
    
    (811
    )
    
    
    (1,333
    )Share-based compensation expense, net of tax
    
    $
    1,370
    
    
    $
    1,329
    
    
    $
    2,183
  50




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##### Table of Contents



T. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 First
    
    
    Second
    
    
    Third
    
    
    Fourth$ in thousands, except per share amounts
    
    Quarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterYear ended August 31, 2010Operating revenues
    
    $
    85,970
    
    
    $
    85,196
    
    
    $
    100,073
    
    
    $
    87,201Cost of operating revenues
    
    
    60,166
    
    
    
    63,067
    
    
    
    74,818
    
    
    
    61,489Earnings before income taxes
    
    
    10,928
    
    
    
    6,556
    
    
    
    9,636
    
    
    
    9,662Net earnings
    
    
    6,677
    
    
    
    5,978
    
    
    
    6,248
    
    
    
    5,959Diluted net earnings per share
    
    $
    0.53
    
    
    $
    0.48
    
    
    $
    0.49
    
    
    $
    0.48Market price (NYSE)High
    
    $
    45.08
    
    
    $
    47.45
    
    
    $
    43.92
    
    
    $
    38.19Low
    
    $
    31.20
    
    
    $
    35.02
    
    
    $
    33.00
    
    
    $
    30.80Year ended August 31, 2009Operating revenues
    
    $
    113,121
    
    
    $
    65,146
    
    
    $
    84,578
    
    
    $
    73,383Cost of operating revenues
    
    
    84,472
    
    
    
    51,870
    
    
    
    63,509
    
    
    
    55,746Earnings (loss) before income
taxes
    
    
    9,781
    
    
    
    (466
    )
    
    
    7,908
    
    
    
    3,316Net earnings
    
    
    6,322
    
    
    
    150
    
    
    
    5,269
    
    
    
    2,082Diluted net earnings per share
    
    $
    0.51
    
    
    $
    0.01
    
    
    $
    0.42
    
    
    $
    0.17Market price (NYSE)High
    
    $
    97.80
    
    
    $
    43.22
    
    
    $
    41.52
    
    
    $
    47.02Low
    
    $
    33.02
    
    
    $
    24.00
    
    
    $
    20.89
    
    
    $
    29.71
  51




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##### Table of Contents



ITEM 9  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 ITEM 9A  Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Managements Report on Internal Control over Financial Reporting
    Report of Independent Registered Public Accounting Firm
   Internal Control  Integrated Framework
   52




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##### Table of Contents



Internal
Control  Integrated Framework
   
 Changes in Internal Control over Financial Reporting
   53




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##### Table of Contents



ITEM 9B  Other Information
  COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
 
 *
    
    $100 invested on 8/31/05 in stock or index, including reinvestment of dividends.    54




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##### Table of Contents



PART III
 
 ITEM 10  Directors, Executive Officers and Corporate Governance
  Section 16(a) Beneficial Ownership Reporting Compliance
 Code of Ethics 
 
 ITEM 11  Executive Compensation
  
 ITEM 12  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
  Equity Compensation Plan Information 
 (a)
    
    
    (b)
    
    
    (c)Number of securities
    
    
    Weighted-average
    
    
    Number of securities remainingto be issued upon
    
    
    exercise price of
    
    
    available for future issuanceexercise of
    
    
    outstanding
    
    
    under equity compensationoutstanding options,
    
    
    options, warrants,
    
    
    plans (excluding securitiesPLAN CATEGORY
    
    warrants, and rights
    
    
    and rights
    
    
    reflected in column (a))Equity compensation plans
approved by security
holders (1)(2)
    
    
    446,873
    
    
    $
    23.23
    
    
    
    443,710Total
    
    
    446,873
    
    
    $
    23.23
    
    
    
    443,710
 (1)
    
    Plans approved by shareholders include the Companys 2001, 2006 and 2010 Long-Term
Incentive Plans. While certain share based awards remain outstanding under the Companys 2001 and
2006 Long-Term Incentive Plans, no future equity compensation awards may be granted under such
plans.(2)
    
    Column (a) includes (i) 87,701 shares that could be issued under performance stock
units (PSU) outstanding at August 31, 2010, and (ii) 67,547 shares that could be issued under
restricted stock units (RSU) outstanding at August 31, 2010. The PSUs are earned and common
stock issued if certain predetermined performance criteria are met. Actual shares issued may be
equal to, less than or greater than (but not more than 200% of) the number of outstanding PSUs
included in column (a), depending on actual performance. The RSUs vest and are payable in common
stock after the expiration of the time periods set forth in the related agreements. Column (b)
does not take these PSU and RSU awards into account because they do not have an exercise price.  55




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##### Table of Contents



ITEM 13  Certain Relationships and Related Transactions, and Director Independence
 Related Party
Transactions
 
 ITEM 14  Principal Accounting Fees and Services
  
 PART IV
 
 ITEM 15  Exhibits, Financial Statement Schedules
   PageReport of Independent Registered Public Accounting Firm
    
    
    23Consolidated Statements of Operations for the years
ended August 31, 2010, 2009, and 2008
    
    
    24Consolidated Balance Sheets at
August 31, 2010 and 2009
    
    
    25Consolidated Statements of Shareholders Equity and Comprehensive Income
for the years ended August 31, 2010, 2009, and 2008
    
    
    26Consolidated Statements of Cash Flows for the years
ended August 31, 2010, 2009, and 2008
    
    
    27Notes to Consolidated Financial Statements
    
    
    28-51Valuation and Qualifying Accounts 
Years ended August 31, 2010, 2009, and 2008
    
    
    57
   56




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##### Table of Contents



a(2) Exhibit
 Lindsay Corporation and Subsidiaries
 
 VALUATION AND QUALIFYING ACCOUNTS
 Years ended August 31, 2010, 2009 and 2008
 AdditionsBalance at
    
    
    Charges to
    
    
    Charged to
    
    
    
    
    
    
    Balance atbeginning
    
    
    costs and
    
    
    other
    
    
    
    
    
    
    end of(in thousands)
    
    of period
    
    
    expenses
    
    
    accounts
    
    
    Deductions
    
    
    periodYear ended August 31, 2010:Deducted in the balance sheet from the
assets to which they apply:Reserve for guarantee losses (a)
    
    $
    36
    
    
    $
    
    
    
    $
    
    
    
    $
    32
    
    
    $
    4Allowance for doubtful accounts (b)
    
    
    1,864
    
    
    
    732
    
    
    
    4
    
    
    
    356
    
    
    
    2,244Allowance for inventory
obsolescence (c)
    
    
    1,643
    
    
    
    984
    
    
    
    60
    
    
    
    642
    
    
    
    2,045Year ended August 31, 2009:Deducted in the balance sheet from the
assets to which they apply:Reserve for guarantee losses (a)
    
    $
    21
    
    
    $
    28
    
    
    $
    
    
    
    $
    13
    
    
    $
    36Allowance for doubtful accounts (b)
    
    
    1,457
    
    
    
    554
    
    
    
    
    
    
    
    147
    
    
    
    1,864Allowance for inventory
obsolescence (c)
    
    
    1,409
    
    
    
    492
    
    
    
    
    
    
    
    258
    
    
    
    1,643Year ended August 31, 2008:Deducted in the balance sheet from the
assets to which they apply:Reserve for guarantee losses (a)
    
    $
    112
    
    
    $
    
    
    
    $
    
    
    
    $
    91
    
    
    $
    21Allowance for doubtful accounts (b)
    
    
    946
    
    
    
    75
    
    
    
    510
    
    
    
    74
    
    
    
    1,457Allowance for inventory
obsolescence (c)
    
    
    711
    
    
    
    618
    
    
    
    100
    
    
    
    20
    
    
    
    1,409
 (a)
    
    Represents estimated losses on financing guarantees.(b)
    
    Deductions consist of uncollectible items written off, less recoveries of items
previously written off.(c)
    
    Deductions consist of obsolete items sold or scrapped.  57




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##### Table of Contents



a(3) EXHIBIT INDEX
 ExhibitNumber
    
    Description3.1
    
    
    Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit
3.1 to the Companys Current Report on Form 8-K filed on December 14, 2006.3.2
    
    
    Restated By-Laws of the Company, incorporated by reference to Exhibit 3.1 to the Companys
Current Report on Form 8-K filed on November 6, 2007.4.1
    
    
    Specimen Form of Common Stock Certificate incorporated by reference to Exhibit 4(a) to the
Companys Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2006.10.1
    
    
    Lindsay Corporation 2010 Long-Term Incentive Plan and forms of award agreements, incorporated
by reference to Exhibit 10.1 to the Companys Quarterly Report on Form 10-Q for the fiscal
quarter ended May 31, 2010.10.2
    
    
    Lindsay Manufacturing Co. 2006 Long-Term Incentive Plan and forms of award agreements,
incorporated by reference to Exhibit 10(a) to the Companys Annual Report on Form 10-K for the
fiscal year ended August 31, 2007.10.3
    
    
    Lindsay Manufacturing Co. 2001 Amended and Restated Long-Term Incentive Plan, incorporated by
reference to Exhibit 10(i) of the Companys Annual Report on Form 10-K for the fiscal year
ended August 31, 2001.10.4
    
    
    Amendment to Lindsay Manufacturing Co. 2001 Amended and Restated Long-Term Incentive Plan,
incorporated by reference to Exhibit 10(k) to the Companys Annual Report on Form 10-K for the
fiscal year ended August 31, 2005.10.5
    
    
    Lindsay Corporation Management Incentive Umbrella Plan, incorporated by reference to Exhibit
10.1 to the Companys Quarterly Report on Form 10-Q for the fiscal quarter ended February 28,
2009.10.6
    **
    
    Lindsay Corporation Management Incentive Plan (MIP), 2010 Plan Year, incorporated by
reference to Exhibit 10.1 to the Companys Quarterly Report on Form 10-Q for the fiscal
quarter ended November 30, 2009.10.7
    
    
    Form of Indemnification Agreement between the Company and its Officers and Directors, incorporated by reference to Exhibit 10.2 to the Companys Quarterly Report on Form 10-Q for
the fiscal quarter ended November 30, 2008.10.8
    
    
    Employment Agreement between the Company and Richard W. Parod effective March 8, 2000,
incorporated by reference to Exhibit 10(a) to the Companys Report on Form 10-Q for the fiscal
quarter ended May 31, 2000.10.9
    
    
    First Amendment to Employment Agreement, dated May 2, 2003, between the Company and Richard
W. Parod, incorporated by reference to Exhibit 10 (a) of Amendment No. 1 to the Companys
Report on Form 10-Q for the fiscal quarter ended May 31, 2003.10.10
    
    
    Second Amendment to Employment Agreement, dated December 22, 2004, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10(a) to the Companys Current Report
on Form 8-K filed on December 27, 2004.10.11
    
    
    Third Amendment to Employment Agreement, dated March 20, 2007, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.1 to the Companys Current Report on
Form 8-K filed on March 22, 2007.
  58




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##### Table of Contents



ExhibitNumber
    
    Description10.12
    
    
    Fourth Amendment to Employment Agreement, dated December 22, 2008, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.2 of the Companys Current Report on
Form 8-K filed on January 30, 2009.10.13
    
    
    Fifth Amendment to Employment Agreement, dated January 26, 2009, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.1 of the Companys Current Report on
Form 8-K filed on January 30, 2009.10.14
    
    
    Restated Sixth Amendment, effective February 25, 2010, by and between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.2 of the Companys Quarterly Report
on Form 10-Q for the fiscal quarter ended February 28, 2010.10.15
    
    
    Employment Agreement dated February 19, 2009, by and between the Company and David B.
Downing, incorporated by reference to Exhibit 10.1 of the Companys Current Report on Form 8-K
filed on February 25, 2009.10.16
    
    
    Employment Agreement, dated February 19, 2009, by and between the Company and Barry A.
Ruffalo, incorporated by reference to Exhibit 10.2 of the Companys Current Report on Form 8-K
filed on February 25, 2009.10.17
    
    
    Employment Agreement, dated February 19, 2009, by and between the Company and Timothy J.
Paymal, incorporated by reference to Exhibit 10.3 of the Companys Current Report on Form 8-K
filed on February 25, 2009.10.18
    
    
    Employment Agreement, dated June 11, 2009, by and between the Company and Thomas D. Spears,
incorporated by reference to Exhibit 10.16 to the Companys Annual Report on Form 10-K for the
fiscal year ended August 31, 2009.10.19
    *
    
    Employment Agreement, dated August 13, 2010, by and between the Company and Steve Cotariu.10.20
    
    
    Term Note, dated June 1, 2006, by and between the Company and Wells Fargo Bank, N.A.,
incorporated by reference to Exhibit 10.2 to the Companys Current Report on Form 8-K filed on
June 2, 2006.10.21
    
    
    Amended and Restated Credit Agreement, dated June 1, 2006, by and between the Company and
Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.5 to the Companys Quarterly
Report on Form 10-Q for the fiscal quarter ended on February 28, 2010.10.22
    
    
    Amended and Restated ISDA Confirmation dated May 8, 2006, by and between the Company and
Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.4 to the Companys Current
Report on Form 8-K filed on June 2, 2006.10.23
    
    
    ISDA Master Agreement, dated May 5, 2006, by and between the Company and Wells Fargo Bank,
N.A., incorporated by reference to Exhibit 10.5 to the Companys Current Report on Form 8-K
filed on June 2, 2006.10.24
    
    
    Schedule to the ISDA Master Agreement, dated May 5, 2006, by and between the Company and
Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.6 to the Companys Current
Report on Form 8-K filed on June 2, 2006.10.25
    
    
    Term Note, dated December 27, 2006, by Snoline S.pA. (successor in interest to Lindsay
Italia, S.r.l.) in favor of Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.2
of the Companys Current Report on Form 8-K filed on December 29, 2006.10.26
    
    
    Credit Agreement, dated December 27, 2006, by and between Snoline S.pA. (successor in
interest to Lindsay Italia, S.r.l.) and Wells Fargo Bank, N.A., incorporated by reference to
Exhibit 10.3 of the Companys Current Report on Form 8-K filed on December 29, 2006.
  59




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##### Table of Contents



ExhibitNumber
    
    Description10.27
    
    
    Restated First Amendment to Credit Agreement, dated January 23, 2010, by and between Snoline
S.p.A. and Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.4 to the Companys
Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2010.10.28
    
    
    First Bank Guarantee, dated December 27, 2006, by the Company in favor of Wells Fargo Bank,
N.A., incorporated by reference to Exhibit 10.4 of the Companys Current Report on Form 8-K
filed on December 29, 2006.10.29
    
    
    Revolving Credit Note, dated January 24, 2008, by and between the Company and Wells Fargo
Bank, N.A., incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form
8-K filed on January 30, 2008.10.30
    
    
    Revolving Credit Agreement, dated January 24, 2008, by and between the Company and Wells
Fargo Bank, N.A., incorporated by reference to Exhibit 10.2 to the Companys Current Report on
Form 8-K filed on January 30, 2008.10.31
    
    
    First Amendment to Revolving Credit Agreement, dated January 23, 2010, by and between the
Company and Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.1 of the Companys
Current Report on Form 8-K filed on January 26, 2010.10.32
    
    
    Lindsay Corporation Policy on Payment of Directors Fees and Expenses, incorporated by
reference to Exhibit 10.22 to the Companys Annual Report on Form 10-K for the fiscal year
ended August 31, 2008.21
    *
    
    Subsidiaries of the Company23
    *
    
    Consent of KPMG LLP24
    *
    
    The Power of Attorney authorizing Richard W. Parod to sign the Annual Report on Form 10-K for
fiscal 2010 on behalf of non-management directors.31.1
    *
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 18 U.S.C. Section 1350.31.2
    *
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 18 U.S.C. Section 1350.32
    *
    
    Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
 *
    
    - filed herein**
    
    - certain confidential portions of this Exhibit were omitted by means of redacting a portion of
the text. This Exhibit has been filed separately with the Secretary of the Commission with the
redacted text pursuant to the Companys application requesting confidential treatment under Rule
24b-2 of the Securities and Exchange Act of 1934.  60




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SIGNATURES
 th
 LINDSAY CORPORATIONBy:
    /s/ DAVID B. DOWNINGName:
    David B. DowningTitle:
    Chief Financial Officer and
President-International Operations th
 /s/ RICHARD W. PAROD

Richard W. Parod
    
    
    
    Director, President and Chief Executive Officer/s/ DAVID B. DOWNING

David B. Downing
    
    
    
    Chief Financial Officer and President-International Operations/s/ TIMOTHY J. PAYMAL

Timothy J. Paymal
    
    
    
    Vice President and Chief Accounting Officer/s/Michael N. Christodolou (1)

Michael N. Christodolou
    
    
    
    Chairman of the Board of Directors/s/Howard G. Buffett (1)

Howard G. Buffett
    
    
    
    Director/s/ W. Thomas JAGODINSKI (1)

W. Thomas Jagodinski
    
    
    
    Director/s/J.David McIntosh (1)

J. David McIntosh
    
    
    
    Director/s/Michael C. Nahl (1)

Michael C. Nahl
    
    
    
    Director/s/Michael D.Walter (1)

Michael D. Walter
    
    
    
    Director/s/William f. welsh ii (1)

William F. Welsh II
    
    
    
    Director
 (1) By:
    
    /s/ Richard W. Parod

Richard W. Parod, Attorney-In-Fact
  61