##### 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, 2007
 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.)2707 North 108thStreet, Suite 102, Omaha, Nebraska
    
    68164(Address of principal executive offices)
    
    (Zip Code)
 402-428-2131
 Registrants telephone number, including area code
  Title of Class
    
    Name of each exchange on which registeredCommon Stock, $1.00 par value
    
    New York Stock Exchange, Inc. (Symbol LNN)
 o þ
 o No þ
 þ o
 o
  o þ o
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




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##### 



TABLE OF CONTENTS
 Page(s)Part IItem 1.
    
    Business
    
    
    2Item 1A.
    
    Risk Factors
    
    
    9Item 1B.
    
    Unresolved Staff Comments
    
    
    9Item 2.
    
    Properties
    
    
    10Item 3.
    
    Legal Proceedings
    
    
    10Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    10Part IIItem 5.
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    12Item 6.
    
    Selected Financial Data
    
    
    13Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operation
    
    
    13-22Item 7A.
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    22-23Item 8.
    
    Financial Statements and Supplementary Data
    
    
    24-51Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    52Item 9A.
    
    Controls and Procedures
    
    
    52-53Item 9B.
    
    Other Information
    
    
    53Part IIIItem 10.
    
    Directors and Executive Officers of the Registrant
    
    
    54Item 11.
    
    Executive Compensation
    
    
    54Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    54Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence
    
    
    54Item 14.
    
    Principal Accounting Fees and Services
    
    
    55Part IVItem 15.
    
    Exhibits and Financial Statement Schedules
    
    
    55-56SIGNATURES
    
    
    
    
    582006 Long-Term Incentive Plan and Form of Award AgreementsSubsidiariesConsent of KPMG LLPPower of AttorneyCertification of CEO Pursuant to Section 302Certification of CFO Pursuant to Section 302Certification of CEO and CFO Pursuant to Section 906




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##### Table of Contents



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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Other Types of Irrigation 
  Markets  General.
   United States Market  Zimmatic
 International Market 
 3




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Competition 
 INFRASTRUCTURE SEGMENT
 Products Quickchange Moveable Barrier
    Crash Cushions  ® ®  ®   ®
 4




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Specialty Barriers     
 Road Marking and Road Safety Equipment
 Contract Manufacturing
 Markets
  Competition
 Distribution methods and channels
 5




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GENERAL
   For the years ended August 31,2007
    
    
    2007
    
    
    2006
    
    
    2006
    
    
    2005
    
    
    2005% of Total
    
    
    
    
    
    
    % of Total
    
    
    
    
    
    
    % of Total($ in millions)
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    RevenuesUnited States
    
    $
    192.5
    
    
    
    68
    
    
    $
    167.5
    
    
    
    74
    
    
    $
    126.5
    
    
    
    71Europe, Africa, Australia, & Middle East
    
    
    57.4
    
    
    
    20
    
    
    
    33.5
    
    
    
    15
    
    
    
    30.1
    
    
    
    17Mexico & Latin America
    
    
    19.4
    
    
    
    7
    
    
    
    21.1
    
    
    
    9
    
    
    
    16.1
    
    
    
    9Other International
    
    
    12.6
    
    
    
    5
    
    
    
    3.9
    
    
    
    2
    
    
    
    4.6
    
    
    
    3Total Revenues
    
    $
    281.9
    
    
    
    100
    
    
    $
    226.0
    
    
    
    100
    
    
    $
    177.3
    
    
    
    100
 SEASONALITY
  CUSTOMERS
  ORDER BACKLOG
   RAW MATERIALS AND COMPONENTS
  6




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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
 EMPLOYEES
  ENVIRONMENTAL AND HEALTH AND SAFETY MATTERS
   7




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SUBSIDIARIES
           FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS
   INFORMATION AVAILABLE ON LINDSAY WEBSITE
  
  8




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New York Stock Exchange Certification
  
 ITEM 1A  Risk Factors
 The Companys domestic and international irrigation equipment sales are highly dependent on the
agricultural industry.
 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 irrigation equipment sales are highly dependent on foreign market
conditions.
 Compliance with applicable environmental regulations or standards may require additional capital
and operational expenditures.
 
 ITEM
1B  Unresolved Staff Comments
  9




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ITEM 2  Properties
           
 ITEM 3  Legal Proceedings
  
 ITEM 4  Submission of Matters to a Vote of Security Holders
  10




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EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES OF THE REGISTRANT
  Age
    
    PositionRichard W. Parod
    
    54
    
    President and Chief Executive OfficerOwen S. Denman
    
    59
    
    President and CEO, Barrier Systems, Inc.David B. Downing
    
    52
    
    Senior Vice President, Chief Financial Officer, Treasurer and SecretarySamir A. Haidar
    
    56
    
    Vice President  International IrrigationRandy S. Hester*
    
    44
    
    Vice President  Human ResourcesTim J. Paymal
    
    33
    
    Corporate ControllerMark A. Roth*
    
    33
    
    Vice President  Corporate DevelopmentBarry A. Ruffalo
    
    37
    
    President  North American IrrigationDouglas A. Taylor*
    
    44
    
    Vice President  Chief Information Officer
 
 * The employee is not an executive officer of the Registrant.        11




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PART II
 
 ITEM 5  Market For the Registrants Common Equity, Related Shareholder Matters and Issuer
Purchases of Equity Securities.
   Fiscal 2007 Stock Price
    
    Fiscal 2006 Stock PriceHigh
    
    Low
    
    Dividends
    
    High
    
    Low
    
    DividendsFirst Quarter
    
    $
    36.62
    
    
    $
    28.01
    
    
    $
    0.065
    
    
    $
    25.88
    
    
    $
    18.31
    
    
    $
    0.060Second Quarter
    
    
    37.77
    
    
    
    28.55
    
    
    
    0.065
    
    
    
    26.10
    
    
    
    18.67
    
    
    
    0.060Third Quarter
    
    
    35.65
    
    
    
    29.55
    
    
    
    0.065
    
    
    
    28.01
    
    
    
    21.59
    
    
    
    0.060Fourth Quarter
    
    
    50.65
    
    
    
    32.83
    
    
    
    0.070
    
    
    
    28.97
    
    
    
    20.27
    
    
    
    0.065Year
    
    $
    50.65
    
    
    $
    28.01
    
    
    $
    0.265
    
    
    $
    28.97
    
    
    $
    18.31
    
    
    $
    0.245
 Purchases of equity securities by the issuer and affiliated purchases 
 12




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ITEM 6
 Selected Financial Data
 For the years ended August 31,(in millions, except per share amounts)
    
    2007
    
    2006
    
    2005
    
    2004
    
    2003Operating revenues (1)
    
    $
    281.9
    
    
    $
    226.0
    
    
    $
    177.3
    
    
    $
    196.7
    
    
    $
    163.4Gross profit
    
    
    69.7
    
    
    
    48.2
    
    
    
    33.6
    
    
    
    39.5
    
    
    
    39.7Selling, general and administrative, and
engineering and research
expenses
    
    
    46.0
    
    
    
    32.7
    
    
    
    28.1
    
    
    
    27.5
    
    
    
    23.4Operating income
    
    
    23.8
    
    
    
    15.5
    
    
    
    5.5
    
    
    
    12.0
    
    
    
    16.4Net earnings
    
    
    15.6
    
    
    
    11.7
    
    
    
    4.8
    
    
    
    9.3
    
    
    
    12.9Net diluted earnings per share
    
    
    1.31
    
    
    
    1.00
    
    
    
    0.41
    
    
    
    0.78
    
    
    
    1.08Cash dividends per share
    
    
    0.265
    
    
    
    0.245
    
    
    
    0.225
    
    
    
    0.205
    
    
    
    0.155Property, plant and equipment, net
    
    
    44.3
    
    
    
    27.0
    
    
    
    17.3
    
    
    
    16.4
    
    
    
    13.9Total assets
    
    
    242.2
    
    
    
    192.2
    
    
    
    134.8
    
    
    
    139.0
    
    
    
    131.2Long-term obligations
    
    
    31.8
    
    
    
    25.7
    
    
    
    
    
    
    
    
    
    
    
    Return on sales
    
    
    5.5
    %
    
    
    5.2
    %
    
    
    2.7
    %
    
    
    4.7
    %
    
    
    7.9
    %Return on beginning assets (2)
    
    
    8.1
    %
    
    
    8.7
    %
    
    
    3.5
    %
    
    
    7.1
    %
    
    
    11.2
    %Diluted weighted average shares
    
    
    11,964
    
    
    
    11,712
    
    
    
    11,801
    
    
    
    11,947
    
    
    
    11,896
 
 (1)
    
    Fiscal 2007 includes the acquisition of Snoline S.P.A. in the 2nd quarter of
fiscal 2007. Fiscal 2006 includes the acquisition of Barrier Systems, Inc. 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
 13




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Recent Accounting Pronouncements Accounting
for Uncertainty in Income Taxes-an Interpretation of FASB Statement No 109
 Fair Value Measurements
 Employers Accounting for Defined Benefit
Pension and Other Postretirement Plans,
 The Fair Value Option for Financial Assets and
Financial Liabilities
  Accounting
for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life
Insurance Arrangements Accounting for Collateral Assignment Split-Dollar Life Insurance Arrangements
 14




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Accounting
for Purchases of Life Insurance  Determining the Amount That Could Be Realized in Accordance with
FASB Technical Bulletin No. 85-4, Accounting for Purchases of Life Insurance
 Critical Accounting Policies
   Inventories
   Results of Operations
  15




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Fiscal 2007 Compared to Fiscal 2006
  For the Years EndedAugust 31,
    
    % Increase($ in thousands)
    
    2007
    
    2006
    
    (Decrease)Consolidated:Operating revenues
    
    $
    281,857
    
    
    $
    226,001
    
    
    
    24.7
    %Cost of operating revenues
    
    $
    212,125
    
    
    $
    177,760
    
    
    
    19.3Gross profit
    
    $
    69,732
    
    
    $
    48,241
    
    
    
    44.5Gross margin
    
    
    24.7
    %
    
    
    21.3
    %Selling, general and administrative, and engineering and
research expenses
    
    $
    45,973
    
    
    $
    32,739
    
    
    
    40.4Operating income
    
    $
    23,759
    
    
    $
    15,502
    
    
    
    53.3Operating margin
    
    
    8.4
    %
    
    
    6.9
    %Interest expense
    
    $
    (2,399
    )
    
    $
    (697
    )
    
    
    244.2Interest income
    
    $
    2,162
    
    
    $
    2,101
    
    
    
    2.9Other income, net
    
    $
    611
    
    
    $
    503
    
    
    
    21.5Income tax provision
    
    $
    8,513
    
    
    $
    5,709
    
    
    
    49.1Effective income tax rate
    
    
    35.3
    %
    
    
    32.8
    %Net earnings
    
    $
    15,620
    
    
    $
    11,700
    
    
    
    33.5Irrigation Equipment Segment (See Note R)Goodwill
    
    
    1,495
    
    
    
    1,423
    
    
    
    5.1Operating revenues
    
    $
    216,480
    
    
    $
    193,673
    
    
    
    11.8Operating income (1)
    
    $
    33,460
    
    
    $
    25,513
    
    
    
    31.1Operating margin
    
    
    15.5
    %
    
    
    13.2
    %Infrastructure Segment (See Note R)Goodwill
    
    
    15,350
    
    
    
    9,706
    
    
    
    58.1Operating revenues
    
    $
    65,377
    
    
    $
    32,328
    
    
    
    102.2Operating income (1)
    
    $
    14,196
    
    
    $
    7,055
    
    
    
    101.2Operating margin
    
    
    21.7
    %
    
    
    21.8
    %
 
 (1)
    
    Excludes unallocated general & administrative expenses. Beginning in fiscal 2007,
engineering and research expenses have been allocated to each of the Companys reporting
segments; prior year disclosures have been modified accordingly. Revenues
     16




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Gross Margin
  Selling, General and Administrative, and Engineering and Research Expenses
  Interest Income, Other Income, and Taxes
     Net Earnings
  17




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Fiscal 2006 Compared to Fiscal 2005
  For the Years EndedAugust 31,
    
    % Increase($ in thousands)
    
    2006
    
    2005
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    226,001
    
    
    $
    177,271
    
    
    
    27.5
    %Cost of operating revenues
    
    $
    177,760
    
    
    $
    143,700
    
    
    
    23.7Gross profit
    
    $
    48,241
    
    
    $
    33,571
    
    
    
    43.7Gross margin
    
    
    21.3
    %
    
    
    18.9
    %Selling, general and administrative and
engineering and research expenses
    
    $
    32,739
    
    
    $
    28,073
    
    
    
    16.6Operating income
    
    $
    15,502
    
    
    $
    5,498
    
    
    
    182.0Operating margin
    
    
    6.9
    %
    
    
    3.1
    %Interest expense
    
    $
    (697
    )
    
    $
    (159
    )
    
    
    338.4Interest income
    
    $
    2,101
    
    
    $
    1,338
    
    
    
    57.0Other income, net
    
    $
    503
    
    
    $
    273
    
    
    
    84.2Income tax provision
    
    $
    5,709
    
    
    $
    2,112
    
    
    
    170.3Effective income tax rate
    
    
    32.8
    %
    
    
    30.4
    %Net earnings
    
    $
    11,700
    
    
    $
    4,838
    
    
    
    141.8Irrigation Equipment Segment (See Note R)Goodwill
    
    
    1,423
    
    
    
    1,364
    
    
    
    4.3Operating revenues
    
    $
    193,673
    
    
    $
    156,313
    
    
    
    23.9Operating income (2)
    
    $
    25,513
    
    
    $
    17,280
    
    
    
    47.6Operating margin
    
    
    13.2
    %
    
    
    11.1
    %Infrastructure Segment (See Note R)Goodwill
    
    
    9,706
    
    
    
    
    
    
    
    100.0Operating revenues
    
    $
    32,328
    
    
    $
    20,958
    
    
    
    54.3Operating income (2)
    
    $
    7,055
    
    
    $
    2,595
    
    
    
    171.9Operating margin
    
    
    21.8
    %
    
    
    12.4
    %
 
 (2)
    
    Excludes unallocated general & administrative expenses. Beginning in fiscal 2007,
engineering and research 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
  Selling, General and Administrative, and Engineering and Research Expenses
  Interest Income, Other Income, and Taxes
      19




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Net Earnings
  20




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Liquidity and Capital Resources
          21




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Inflation
  Off-Balance Sheet Arrangements
  Contractual Obligations and Commercial Commitments
   MoreNote
    
    
    
    
    
    
    Less than
    
    
    2-3
    
    
    4-5
    
    
    than 5Contractual Obligations
    
    Reference
    
    
    Total
    
    
    1 year
    
    
    years
    
    
    years
    
    
    yearsLeases
    
    
    O
    
    
    $
    3,056
    
    
    $
    1,088
    
    
    $
    1,197
    
    
    $
    684
    
    
    $
    87Term Note Obligation
    
    
    M
    
    
    
    37,967
    
    
    
    6,171
    
    
    
    12,342
    
    
    
    12,342
    
    
    
    7,112Interest Expense
    
    
    M
    
    
    
    8,219
    
    
    
    2,218
    
    
    
    3,392
    
    
    
    2,000
    
    
    
    609Supplemental
Retirement
Plan
    
    
    P

    

    
    
    4,262
    
    
    
    368
    
    
    
    944
    
    
    
    898
    
    
    
    2,052Total
    
    
    
    
    
    $
    53,504
    
    
    $
    9,845
    
    
    $
    17,875
    
    
    $
    15,924
    
    
    $
    9,860
 Market Conditions and Fiscal 2008 Outlook
  
 ITEM
7A  Quantitative and Qualitative Disclosures About Market Risk
   22




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23




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ITEM 8
 Financial Statements and Supplementary Data
 
 Report of Independent Registered Public Accounting Firm
 
    Employers Accounting for Defined
Benefit Pension and Other Postretirement Plans  an amendment to FASB Statements No. 87, 88, 106
and 132(R)
  Internal Control  Integrated Framework
  
 24




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Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Years ended August 31,(in thousands, except per share amounts)
    
    2007
    
    
    2006
    
    
    2005Operating revenues
    
    $
    281,857
    
    
    $
    226,001
    
    
    $
    177,271Cost of operating revenues
    
    
    212,125
    
    
    
    177,760
    
    
    
    143,700Gross profit
    
    
    69,732
    
    
    
    48,241
    
    
    
    33,571Operating expenses:Selling expense
    
    
    17,396
    
    
    
    12,932
    
    
    
    11,031General and administrative expense
    
    
    23,897
    
    
    
    17,066
    
    
    
    14,377Engineering and research expense
    
    
    4,680
    
    
    
    2,741
    
    
    
    2,665Total operating expenses
    
    
    45,973
    
    
    
    32,739
    
    
    
    28,073Operating income
    
    
    23,759
    
    
    
    15,502
    
    
    
    5,498Other income:Interest expense
    
    
    (2,399
    )
    
    
    (697
    )
    
    
    (159
    )Interest income
    
    
    2,162
    
    
    
    2,101
    
    
    
    1,338Other income
    
    
    611
    
    
    
    503
    
    
    
    273Earnings before income taxes
    
    
    24,133
    
    
    
    17,409
    
    
    
    6,950Income tax provision
    
    
    8,513
    
    
    
    5,709
    
    
    
    2,112Net earnings
    
    $
    15,620
    
    
    $
    11,700
    
    
    $
    4,838Basic net earnings per share
    
    $
    1.34
    
    
    $
    1.01
    
    
    $
    0.42Diluted net earnings per share
    
    $
    1.31
    
    
    $
    1.00
    
    
    $
    0.41Weighted average shares outstanding  basic
    
    
    11,633
    
    
    
    11,529
    
    
    
    11,649Weighted average shares outstanding  diluted
    
    
    11,964
    
    
    
    11,712
    
    
    
    11,801
  25




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Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
 August
    
    
    August($ in thousands, except par values)
    
    2007
    
    
    2006ASSETSCurrent assets:Cash and cash equivalents
    
    $
    21,022
    
    
    $
    43,344Marketable securities
    
    
    27,591
    
    
    
    10,179Receivables, net of allowances, $946 and $595, respectively
    
    
    46,968
    
    
    
    38,115Inventories, net
    
    
    41,099
    
    
    
    26,818Deferred income taxes
    
    
    6,108
    
    
    
    Other current assets
    
    
    6,990
    
    
    
    3,947Total current assets
    
    
    149,778
    
    
    
    122,403Long-term marketable securities
    
    
    
    
    
    
    5,778Property, plant and equipment, net
    
    
    44,292
    
    
    
    26,981Other intangible assets, net
    
    
    25,830
    
    
    
    20,998Goodwill, net
    
    
    16,845
    
    
    
    11,129Other noncurrent assets
    
    
    5,460
    
    
    
    4,945Total assets
    
    $
    242,205
    
    
    $
    192,234LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    18,367
    
    
    $
    9,565Current portion of long-term debt
    
    
    6,171
    
    
    
    4,286Other current liabilities
    
    
    26,964
    
    
    
    23,619Total current liabilities
    
    
    51,502
    
    
    
    37,470Pension benefits liabilities
    
    
    5,384
    
    
    
    5,003Long-term debt
    
    
    31,796
    
    
    
    25,714Deferred income taxes
    
    
    9,860
    
    
    
    1,870Other noncurrent liabilities
    
    
    2,635
    
    
    
    1,277Total liabilities
    
    
    101,177
    
    
    
    71,334Shareholders 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,
17,744,458 and 17,600,686 shares issued and outstanding
in 2007 and 2006, respectively)
    
    
    17,744
    
    
    
    17,600Capital in excess of stated value
    
    
    11,734
    
    
    
    5,896Retained earnings
    
    
    204,750
    
    
    
    192,319Less treasury stock (at cost, 5,998,448 and 6,048,448 shares
in 2007 and 2006, respectively)
    
    
    (95,749
    )
    
    
    (96,547
    )Accumulated other comprehensive income, net
    
    
    2,549
    
    
    
    1,632Total shareholders equity
    
    
    141,028
    
    
    
    120,900Total liabilities and shareholders equity
    
    $
    242,205
    
    
    $
    192,234
  26




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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, 2004
    
    
    17,493,841
    
    
    
    5,724,069
    
    
    
    17,494
    
    
    
    2,966
    
    
    
    181,209
    
    
    
    (89,898
    )
    
    
    413
    
    
    
    112,184Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,838
    
    
    
    
    
    
    
    
    
    
    
    4,838Other comprehensive income:Unrealized net loss on available for
sale securities, net of tax
for sale securities, net of
tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (321
    )
    
    
    (321
    )Currency translation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,382
    
    
    
    1,382Minimum pension liability, net of
tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (299
    )
    
    
    (299
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,600Cash dividends ($0.225) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,603
    )
    
    
    
    
    
    
    
    
    
    
    (2,603
    )Purchases of 324,379 shares of
common stock
    
    
    
    
    
    
    324,379
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,649
    )
    
    
    
    
    
    
    (6,649
    )Exercise of employee stock options
    
    
    74,243
    
    
    
    
    
    
    
    74
    
    
    
    588
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    662Stock option tax benefits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    136
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    136Balance at August 31, 2005
    
    
    17,568,084
    
    
    
    6,048,448
    
    
    
    17,568
    
    
    
    3,690
    
    
    
    183,444
    
    
    
    (96,547
    )
    
    
    1,175
    
    
    
    109,330Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,700
    
    
    
    
    
    
    
    
    
    
    
    11,700Other comprehensive income:Unrealized net gain on available for
sale securities, net of tax
for sale securities, net of
tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44
    
    
    
    44Currency translation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    612
    
    
    
    612Minimum pension liability, net of
tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    149
    
    
    
    149Unrealized loss on cash flow hedge,
net of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (348
    )
    
    
    (348
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,157Cash dividends ($0.245) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,825
    )
    
    
    
    
    
    
    
    
    
    
    (2,825
    )Exercise of employee stock options
    
    
    32,602
    
    
    
    
    
    
    
    32
    
    
    
    488
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    520Stock option tax benefits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,693
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,693Balance at August 31, 2006
    
    
    17,600,686
    
    
    
    6,048,448
    
    
    
    17,600
    
    
    
    5,896
    
    
    
    192,319
    
    
    
    (96,547
    )
    
    
    1,632
    
    
    
    120,900Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,620
    
    
    
    
    
    
    
    
    
    
    
    15,620Other comprehensive income:Unrealized net gain on available for
sale securities, net of tax
for sale securities, net of
tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    78
    
    
    
    78Currency translation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,354
    
    
    
    1,354Minimum pension liability, net of
tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (112
    )
    
    
    (112
    )Unrealized loss on cash flow hedges,
net of
tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (215
    )
    
    
    (215
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,725Cash dividends ($0.265) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,090
    )
    
    
    
    
    
    
    
    
    
    
    (3,090
    )Exercise of employee stock options
    
    
    143,772
    
    
    
    (50,000
    )
    
    
    144
    
    
    
    2,507
    
    
    
    (99
    )
    
    
    798
    
    
    
    
    
    
    
    3,350Stock option tax benefits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,157
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,157Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,174
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,174Adjustment to initially apply FASB
Statement No. 158, net of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (188
    )
    
    
    (188
    )Balance at August 31, 2007
    
    
    17,744,458
    
    
    
    5,998,448
    
    
    $
    17,744
    
    
    $
    11,734
    
    
    $
    204,750
    
    
    $
    (95,749
    )
    
    $
    2,549
    
    
    $
    141,028
  27




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##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 August
    
    
    August
    
    
    August($ in thousands)
    
    2007
    
    
    2006
    
    
    2005CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    15,620
    
    
    $
    11,700
    
    
    $
    4,838Adjustments to reconcile net earnings to net cash provided by (used in)
operating activities:Depreciation and amortization
    
    
    7,160
    
    
    
    4,081
    
    
    
    3,481Amortization of marketable securities premiums, net
    
    
    39
    
    
    
    204
    
    
    
    248(Gain) loss on sale of property, plant and equipment
    
    
    (67
    )
    
    
    (114
    )
    
    
    37Provision for uncollectible accounts receivable
    
    
    60
    
    
    
    95
    
    
    
    88Deferred income taxes
    
    
    (2,630
    )
    
    
    (3,689
    )
    
    
    (1,140
    )Equity in net earnings of equity method investments
    
    
    
    
    
    
    (4
    )
    
    
    (257
    )Share-based compensation expense
    
    
    2,174
    
    
    
    1,739
    
    
    
    Other, net
    
    
    (78
    )
    
    
    (65
    )
    
    
    152Changes in assets and liabilities:Receivables, net
    
    
    (3,497
    )
    
    
    (5,183
    )
    
    
    6,203Inventories, net
    
    
    (10,925
    )
    
    
    (2,030
    )
    
    
    828Other current assets
    
    
    (2,606
    )
    
    
    (332
    )
    
    
    (45
    )Accounts payable
    
    
    4,335
    
    
    
    (310
    )
    
    
    (2,429
    )Other current liabilities
    
    
    1,604
    
    
    
    5,903
    
    
    
    (3,031
    )Current taxes payable
    
    
    (349
    )
    
    
    1,898
    
    
    
    257Other noncurrent assets and liabilities
    
    
    (716
    )
    
    
    503
    
    
    
    2,548Net cash provided by operating activities
    
    
    10,124
    
    
    
    14,396
    
    
    
    11,778CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (14,647
    )
    
    
    (3,592
    )
    
    
    (4,122
    )Proceeds from sale of property, plant and equipment
    
    
    165
    
    
    
    267
    
    
    
    55Acquisition of business, net of cash acquired
    
    
    (16,705
    )
    
    
    (34,428
    )
    
    
    Proceeds from sale of an equity investment
    
    
    
    
    
    
    354
    
    
    
    Purchases of marketable securities available-for-sale
    
    
    (90,700
    )
    
    
    
    
    
    
    (1,841
    )Proceeds from maturities or sales of marketable securities available-for-sale
    
    
    79,150
    
    
    
    13,169
    
    
    
    19,100Net cash (used in) provided by investing activities
    
    
    (42,737
    )
    
    
    (24,230
    )
    
    
    13,192CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock option plan
    
    
    3,350
    
    
    
    485
    
    
    
    621Proceeds from issuance of long-term debt
    
    
    13,196
    
    
    
    30,000
    
    
    
    Principal payments on long-term debt
    
    
    (5,229
    )
    
    
    
    
    
    
    Repurchases of common stock
    
    
    
    
    
    
    
    
    
    
    (6,649
    )Excess tax benefits from stock-based compensation
    
    
    1,266
    
    
    
    
    
    
    
    Dividends paid
    
    
    (3,090
    )
    
    
    (2,825
    )
    
    
    (2,603
    )Net cash provided by (used in) financing activities
    
    
    9,493
    
    
    
    27,660
    
    
    
    (8,631
    )Effect of exchange rate changes on cash
    
    
    798
    
    
    
    (46
    )
    
    
    252Net increase (decrease) in cash and cash equivalents
    
    
    (23,322
    )
    
    
    17,780
    
    
    
    16,591Cash and cash equivalents, beginning of period
    
    
    43,344
    
    
    
    25,564
    
    
    
    8,973Cash and cash equivalents, end of period
    
    $
    21,022
    
    
    $
    43,344
    
    
    
    25,564SUPPLEMENTAL CASH FLOW INFORMATIONIncome taxes paid
    
    $
    9,082
    
    
    $
    3,803
    
    
    $
    2,185Interest paid
    
    $
    2,397
    
    
    $
    228
    
    
    $
    145
  28




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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
 Share-Based Payment Accounting for Stock Issued to Employees
  (4) Revenue Recognition
  29




---



##### Table of Contents



(5) Warranty Costs
  Zimmatic
 (6) Cash Equivalents, Marketable Securities, and Long-term Marketable Securities
   (7) Inventories
  (8) Property, Plant and Equipment
  30




---



##### Table of Contents



(9) Equity Investments
  (10) Goodwill and Intangible Assets
  (11) Net Earnings per Share
  Earnings per Share,
   For the years ended August 31,(in thousands)
    
    2007
    
    2006
    
    2005Weighted average shares
outstanding 
basic
    
    
    11,633
    
    
    
    11,529
    
    
    
    11,649Dilutive effect of stock
options
    
    
    295
    
    
    
    181
    
    
    
    152Dilutive effect of
restricted stock units and
performance stock units
    
    
    36
    
    
    
    2
    
    
    
    Weighted average shares
outstanding 
diluted
    
    
    11,964
    
    
    
    11,712
    
    
    
    11,801
 12) Use of Estimates
  31




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##### Table of Contents



13) Derivatives Instruments and Hedging Activities
 Accounting for Derivative Instruments and Certain Hedging
Activities
     (14) Treasury Stock
  (15) Recently Issued Accounting Pronouncements
 Accounting for Uncertainty in Income Taxes 
an Interpretation of FASB Statement No 109,
 Fair Value Measurements
 Employers Accounting for Defined Benefit
Pension and Other Postretirement Plans,
 The Fair Value Option for Financial Assets and
Financial Liabilities,
 32




---



##### Table of Contents



Accounting for
Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance
Arrangements, Accounting for Collateral Assignment Split-Dollar Life Insurance Arrangements,
 Accounting
for Purchases of Life Insurance  Determining the Amount That Could Be Realized in Accordance with
FASB Technical Bulletin No. 85-4, Accounting for Purchases of Life Insurance,
 B. ACQUISITIONS
 Snoline, S.P.A.
  Credit Arrangements. Goodwill and Other Intangible Assets,
 Barrier Systems, Inc.
   33




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##### Table of Contents



Lindsay Corporation and Subsidiaries
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
 Year ended August 31,(in thousands, except per share amounts)
    
    2006
    
    
    2005Operating revenues
    
    $
        239,117
    
    
    $
    196,340Net earnings
    
    $
    12,573
    
    
    $
    3,420Basic net earnings per
share
    
    $
    1.09
    
    
    $
    0.29Diluted net earnings per
share
    
    $
    1.07
    
    
    $
    0.29Weighted average shares outstanding 
basic
    
    
    11,529
    
    
    
    11,649Weighted average shares outstanding 
diluted
    
    
    11,712
    
    
    
    11,801
 C. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME
  For the years ended August 31,$ in thousands
    
    2007
    
    
    2006Accumulated other comprehensive income, net:Unrealized loss on available for sale
securities, net of tax of $11 and $56
    
    $
    (14
    )
    
    $
    (92
    )Currency
translation
    
    
    4,711
    
    
    
    3,357Defined Benefit Pension Plans, net of tax of
$964 and $780
    
    
    (1,585
    )
    
    
    (1,285
    )Unrealized loss on cash flow hedges, net of
tax of $387 and 216
    
    
    (563
    )
    
    
    (348
    )Total accumulated other comprehensive income,
net of taxes
    
    $
    2,549
    
    
    $
    1,632
 34




---



##### Table of Contents



D. OTHER INCOME, NET
 For the years ended August 31,$ in thousands
    
    2007
    
    
    2006
    
    
    2005Other income, net:Cash surrender value of life insurance
    
    $
    75
    
    
    $
    78
    
    
    $
    72Foreign currency transaction (loss) gains, net
    
    
    144
    
    
    
    18
    
    
    
    (18
    )Foreign government grant
    
    
    152
    
    
    
    142
    
    
    
    All other, net
    
    
    240
    
    
    
    265
    
    
    
    219Total other income, net
    
    $
    611
    
    
    $
    503
    
    
    $
    273
 E. INCOME TAXES
  For the years ended August 31,$ in thousands
    
    2007
    
    
    2006
    
    
    2005United
States
    
    $
    24,479
    
    
    $
    18,509
    
    
    $
    6,588Foreign
    
    
    (346
    )
    
    
    (1,100
    )
    
    
    362$
    24,133
    
    
    $
    17,409
    
    
    $
    6,950
  For the years ended August 31,$ in thousands
    
    2007
    
    
    2006
    
    
    2005Current:Federal
    
    $
    10,152
    
    
    $
    8,149
    
    
    $
    2,223State
    
    
    704
    
    
    
    1,200
    
    
    
    336Foreign
    
    
    287
    
    
    
    68
    
    
    
    314Total current
    
    
    11,143
    
    
    
    9,417
    
    
    
    2,873Deferred:Federal
    
    
    (2,099
    )
    
    
    (2,868
    )
    
    
    (474
    )State
    
    
    (145
    )
    
    
    (241
    )
    
    
    (60
    )Foreign
    
    
    (386
    )
    
    
    (599
    )
    
    
    (227
    )Total deferred
    
    
    (2,630
    )
    
    
    (3,708
    )
    
    
    (761
    )Total income tax
provision
    
    $
    8,513
    
    
    $
    5,709
    
    
    $
    2,112
  For the years ended August 31,2007
    
    
    2006
    
    
    2005$ in thousands
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %U.S. statutory
rate
    
    $
    8,447
    
    
    
    35.0
    
    
    $
    6,093
    
    
    
    35.0
    
    
    $
    2,363
    
    
    
    34.0State and local
taxes, net of
federal tax
benefit
    
    
    331
    
    
    
    1.4
    
    
    
    409
    
    
    
    2.4
    
    
    
    134
    
    
    
    1.9Federal & state
reserve
adjustment
    
    
    
    
    
    
    
    
    
    
    (404
    )
    
    
    (2.3
    )
    
    
    
    
    
    
    Non deductible
officers
compensation
    
    
    463
    
    
    
    1.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Domestic production activities deduction
    
    
    (255
    )
    
    
    (1.1
    )
    
    
    (258
    )
    
    
    (1.5
    )
    
    
    
    
    
    
    Municipal bond
interest
income
    
    
    (350
    )
    
    
    (1.5
    )
    
    
    (219
    )
    
    
    (1.3
    )
    
    
    (98
    )
    
    
    (1.4
    )Qualified export
activity
income
    
    
    (23
    )
    
    
    (0.1
    )
    
    
    (112
    )
    
    
    (0.6
    )
    
    
    (328
    )
    
    
    (4.7
    )R&D, Phone, and
Fuel tax
credits
    
    
    (250
    )
    
    
    (1.0
    )
    
    
    (17
    )
    
    
    (0.1
    )
    
    
    (56
    )
    
    
    (0.8
    )Other
    
    
    150
    
    
    
    0.7
    
    
    
    217
    
    
    
    1.2
    
    
    
    97
    
    
    
    1.4Effective
rate
    
    $
    8,513
    
    
    
    35.3
    
    
    $
    5,709
    
    
    
    32.8
    
    
    $
    2,112
    
    
    
    30.4
 35




---



##### Table of Contents



August 31,$ in thousands
    
    2007
    
    
    2006Deferred tax assets:Deferred rental revenue
    
    $
    2,388
    
    
    $
    1,913Employee benefits liability
    
    
    2,130
    
    
    
    1,158Net operating loss carryforwards
    
    
    572
    
    
    
    518Defined benefit pension plan
    
    
    982
    
    
    
    799Share-based compensation
    
    
    1,440
    
    
    
    649Inventory
    
    
    322
    
    
    
    271Warranty
    
    
    577
    
    
    
    723Vacation
    
    
    643
    
    
    
    542Accrued expenses and allowances
    
    
    2,261
    
    
    
    2,431Deferred tax assets
    
    $
    11,315
    
    
    $
    9,004Deferred tax liabilities:Intangible Assets
    
    
    (9,301
    )
    
    
    (7,768
    )Property, plant and equipment
    
    
    (4,287
    )
    
    
    (2,158
    )Inventory
    
    
    (164
    )
    
    
    (382
    )Other
    
    
    (783
    )
    
    
    (218
    )Deferred tax liabilities
    
    $
    (14,535
    )
    
    $
    (10,526
    )Net deferred tax liabilities
    
    $
    (3,220
    )
    
    $
    (1,522
    )
   The American Jobs Creation Act of 2004 (the Jobs Act)
   36




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##### Table of Contents



F. MARKETABLE SECURITIES
   Gross
    
    
    GrossAmortized
    
    
    unrealized
    
    
    unrealized$ in thousands
    
    cost
    
    
    gains
    
    
    losses
    
    
    Fair valueAs of August 31, 2007:Due within one
year
    
    $
    27,616
    
    
    $
    
    
    
    $
    (25
    )
    
    $
    27,591Due after one year
through five
years
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    27,616
    
    
    $
    
    
    
    $
    (25
    )
    
    $
    27,591As of August 31, 2006:Due within one
year
    
    $
    10,238
    
    
    $
    3
    
    
    $
    (62
    )
    
    $
    10,179Due after one year through five
years
    
    
    5,867
    
    
    
    
    
    
    
    (89
    )
    
    
    5,778$
    16,105
    
    
    $
    3
    
    
    $
    (151
    )
    
    $
    15,957
  For the years ended August 31,$ in thousands
    
    2007
    
    2006
    
    2005Proceeds from maturities
or sales
    
    $
    79,150
    
    
    $
    13,169
    
    
    $
    19,100Gross realized
gains
    
    $
    
    
    
    $
    
    
    
    $
    5Gross realized
losses
    
    $
    
    
    
    $
    
    
    
    $
    (51
    )
  August 31, 2007GreaterLess than
    
    than 12$ in thousands
    
    12 months
    
    monthsTotal amount of unrealized losses
    
    $
    
    
    
    $
    (25
    )Total fair value of investments with unrealized losses
    
    $
    
    
    
    $
    5,761
 August 31, 2006GreaterLess than
    
    than 1212 months
    
    monthsTotal amount of unrealized losses
    
    $
    
    
    
    $
    (151
    )Total fair value of investments with unrealized losses
    
    $
    
    
    
    $
    14,880
 37




---



##### Table of Contents



G. RECEIVABLES
 August
    
    
    August$ in thousands
    
    2007
    
    
    2006Receivables:Trade accounts and current portion of notes receivable
    
    $
    47,914
    
    
    $
    38,710Allowance for doubtful accounts
    
    
    (946
    )
    
    
    (595
    )Net receivables
    
    $
    46,968
    
    
    $
    38,115
 H. INVENTORIES
 August
    
    
    August$ in thousands
    
    2007
    
    
    2006Inventory:FIFO inventory
    
    $
    20,319
    
    
    $
    16,301LIFO reserve
    
    
    (6,235
    )
    
    
    (5,032
    )LIFO inventory
    
    
    14,084
    
    
    
    11,269Weighted average inventory
    
    
    12,810
    
    
    
    8,491Other FIFO inventory
    
    
    14,916
    
    
    
    7,694Obsolescence reserve
    
    
    (711
    )
    
    
    (636
    )Total inventories
    
    $
    41,099
    
    
    $
    26,818
  August
    
    August2007
    
    2006Raw materials
    
    
    15
    %
    
    
    15
    %Work in process
    
    
    12
    %
    
    
    13
    %Finished Goods
    
    
    73
    %
    
    
    72
    %
 I. PROPERTY, PLANT AND EQUIPMENT
 August
    
    
    August$ in thousands
    
    2007
    
    
    2006Property, plant and equipment:Land
    
    $
    1,496
    
    
    $
    1,222Buildings
    
    
    19,617
    
    
    
    12,229Equipment
    
    
    51,862
    
    
    
    43,687Other
    
    
    7,961
    
    
    
    4,562Total property, plant and
equipment
    
    
    80,936
    
    
    
    61,700Accumulated depreciation and
amortization
    
    
    (47,743
    )
    
    
    (41,402
    )Total Property, plant and equipment, net
    
    
    33,193
    
    
    
    20,298Leased property:Machines
    
    
    2,405
    
    
    
    2,322Barriers
    
    
    9,590
    
    
    
    4,519Total rental property
    
    
    11,995
    
    
    
    6,841Accumulated depreciation and
amortization
    
    
    (896
    )
    
    
    (158
    )Total leased property, net
    
    
    11,099
    
    
    
    6,683Property, plant and equipment, net
    
    $
    44,292
    
    
    $
    26,981
  38




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##### Table of Contents



J. OTHER NONCURRENT ASSETS
 August
    
    
    August$ in thousands
    
    2007
    
    
    2006Cash surrender value of life insurance
policies
    
    $
    2,128
    
    
    $
    2,054Deferred income taxes
    
    
    532
    
    
    
    347Notes receivable
    
    
    1,779
    
    
    
    1,311Split dollar life insurance
    
    
    924
    
    
    
    922Intangible pension asset
    
    
    
    
    
    
    234Other
    
    
    97
    
    
    
    77Total noncurrent assets
    
    $
    5,460
    
    
    $
    4,945
 K. GOODWILL AND OTHER INTANGIBLE ASSETS
 Goodwill
  $ in thousands
    
    Irrigation
    
    
    Infrastructure
    
    
    TotalBalance as of September 1,
2005
    
    $
    1,364
    
    
    $
    
    
    
    $
    1,364Acquisition of Barrier
Systems, Inc.
    
    
    
    
    
    
    9,706
    
    
    
    9,706Foreign currency
translation
    
    
    59
    
    
    
    
    
    
    
    59Balance as of August 31,
2006
    
    
    1,423
    
    
    
    9,706
    
    
    
    11,129Acquisition of Snoline
S.P.A
    
    
    
    
    
    
    5,429
    
    
    
    5,429Foreign currency
translation
    
    
    72
    
    
    
    215
    
    
    
    287Balance as of August 31,
2007
    
    $
    1,495
    
    
    $
    15,350
    
    
    $
    16,845
 Other Intangible Assets
  August
    
    
    August2007
    
    
    2006Gross
    
    
    
    
    
    GrossCarrying
    
    
    Accumulated
    
    
    Carrying
    
    
    Accumulated$ in thousands
    
    Amount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationAmortizable Intangible Assets:Non-compete agreements
    
    $
    2,056
    
    
    $
    (1,106
    )
    
    $
    2,046
    
    
    $
    (518
    )Licenses
    
    
    699
    
    
    
    (449
    )
    
    
    399
    
    
    
    (175
    )Patents
    
    
    19,075
    
    
    
    (1,426
    )
    
    
    13,779
    
    
    
    (251
    )Customer relationships
    
    
    3,362
    
    
    
    (442
    )
    
    
    2,916
    
    
    
    (81
    )Plans and specifications
    
    
    75
    
    
    
    (22
    )
    
    
    75
    
    
    
    (18
    )Other
    
    
    106
    
    
    
    (20
    )
    
    
    35
    
    
    
    (16
    )Unamortizable Intangible Assets:Tradenames
    
    
    3,922
    
    
    
    
    
    
    
    2,807
    
    
    
    Total
    
    
    29,295
    
    
    
    (3,465
    )
    
    $
    22,057
    
    
    $
    (1,059
    )
  39




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##### Table of Contents



Fiscal years2008
    
    $
    2,4352009
    
    
    2,1602010
    
    
    1,7132011
    
    
    1,7002012
    
    
    1,700
 L. OTHER CURRENT LIABILITIES
 August 31,$ in thousands
    
    2007
    
    
    2006Other current liabilities:Payroll and vacation
    
    $
    7,409
    
    
    $
    6,301Retirement
plans
    
    
    385
    
    
    
    322Taxes, other than
income
    
    
    1,579
    
    
    
    843Workers compensation and
product
liability
    
    
    744
    
    
    
    897Deferred rental
revenue
    
    
    4,316
    
    
    
    3,909Dealer related
liabilities
    
    
    1,627
    
    
    
    1,547Warranty
    
    
    1,644
    
    
    
    1,996Income tax
payable
    
    
    1,168
    
    
    
    2,171Cash flow hedge
liability
    
    
    970
    
    
    
    564Other
    
    
    7,122
    
    
    
    5,069Total other current
liabilities
    
    $
    26,964
    
    
    $
    23,619
 M. CREDIT ARRANGEMENTS
 Euro Line of Credit
  BSI Term Note
 Acquisitions
 Snoline Term Note
 Acquisitions
  40




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##### Table of Contents



August
    
    
    August($ in thousands)
    
    2007
    
    
    2006Term notes payable
    
    $
    37,967
    
    
    $
    30,000Less current portion
    
    
    (6,171
    )
    
    
    (4,286
    )Term notes payable less current portion
    
    $
    31,796
    
    
    $
    25,714
   Due within:
 1 Year
    
    $
    6,1712 Years
    
    
    6,1713 Years
    
    
    6,1714 Years
    
    
    6,1715 Years
    
    
    6,171Thereafter
    
    
    7,112$
    37,967
 N. FINANCIAL DERIVATIVES
    41




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##### Table of Contents



Accounting for Derivatives Instruments and Hedging Activity
 O. COMMITMENTS AND CONTINGENCIES
   $ in thousandsFiscal years2008
    
    $
    1,0882009
    
    
    6292010
    
    
    5682011
    
    
    5272012
    
    
    157Thereafter
    
    
    87Total future minimum lease payments
    
    $
    3,056
  P. RETIREMENT PLANS
    42




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##### Table of Contents



For the years ended August 31,$ in thousands
    
    2007
    
    
    2006
    
    
    2005Change in benefit obligation:Benefit obligation at beginning of year
    
    $
    5,512
    
    
    $
    5,478
    
    
    $
    4,839Service cost
    
    
    32
    
    
    
    19
    
    
    
    34Interest cost
    
    
    308
    
    
    
    267
    
    
    
    269Actuarial loss
    
    
    200
    
    
    
    61
    
    
    
    654Benefits paid
    
    
    (313
    )
    
    
    (313
    )
    
    
    (318
    )Benefit obligation at end of year
    
    $
    5,739
    
    
    $
    5,512
    
    
    $
    5,478Funded status at end of year
    
    $
    (5,739
    )
    
    $
    (5,512
    )
    
    $
    (5,478
    )Unrecognized net actuarial loss
    
    
    
    
    
    
    2,500
    
    
    
    2,606Net accrued pension cost
    
    $
    (5,739
    )
    
    $
    (3,012
    )
    
    $
    (2,872
    )
  August
    
    
    August$ in thousands
    
    2007
    
    
    2006Accrued benefit cost
    
    $
    
    
    
    $
    (3,012
    )Other current liabilities
    
    
    (355
    )
    
    
    Intangible pension asset
    
    
    
    
    
    
    234Additional minimum pension liability
    
    
    
    
    
    
    (2,299
    )Pension benefit liability
    
    
    (5,384
    )
    
    
    Accumulated other comprehensive loss
    
    
    2,549
    
    
    
    2,065Net amount recognized
    
    $
    (3,190
    )
    
    $
    (3,012
    )
  August
    
    
    August$ in thousands
    
    2007
    
    
    2006Net actuarial loss
    
    $
    2,384
    
    
    $
    Transition obligation
    
    
    165
    
    
    
    Minimum pension liability
    
    
    
    
    
    
    2,065Total
    
    $
    2,549
    
    
    
    $2,065
  August
    
    August2007
    
    2006Discount rate
    
    
    6.00
    %
    
    
    5.75
    %Assumed rates of compensation increases
    
    
    3.50
    %
    
    
    3.50
    %Rate of return on underlying 401(k) investments
    
    
    7.50
    %
    
    
    7.50
    %
   For the years ended August 31,$ in thousands
    
    2007
    
    
    2006
    
    
    2005Service cost
    
    $
    32
    
    
    $
    19
    
    
    $
    34Interest cost
    
    
    308
    
    
    
    267
    
    
    
    269Net amortization and deferral
    
    
    160
    
    
    
    158
    
    
    
    302Total
    
    $
    500
    
    
    $
    444
    
    
    $
    605
 43




---



##### Table of Contents



For the years ended August 31,2007
    
    2006
    
    2005Discount rate
    
    
    5.75
    %
    
    
    5.00
    %
    
    
    5.75
    %Assumed rates of compensation increases
    
    
    3.50
    %
    
    
    3.50
    %
    
    
    3.50
    %
  $ in thousandsFiscal years2008
    
    $
    3682009
    
    
    4772010
    
    
    4672011
    
    
    4552012
    
    
    443Thereafter
    
    
    2,052Future expected benefit payments through 2017
    
    $
    4,262
 Q. GUARANTEES AND WARRANTIES
 Guarantees of Customer Equipment Financing
    Product Warranties
  44




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##### Table of Contents



For the years ended August 31,$ in thousands
    
    2007
    
    
    2006Warranties:Product warranty accrual balance,
beginning of fiscal year
    
    $
    1,996
    
    
    $
    2,456Liabilities accrued for warranties
during the period
    
    
    1,194
    
    
    
    1,812Warranty claims paid during the
period
    
    
    (1,546
    )
    
    
    (2,272
    )Product warranty accrual balance, end
of period
    
    $
    1,644
    
    
    $
    1,996
 R. INDUSTRY SEGMENT INFORMATION
  Disclosures About Segments of an Enterprise and Related Information,
     For the years ended August 31,$ in millions
    
    2007
    
    
    2006
    
    
    2005Operating revenues:Irrigation
    
    $
    216.5
    
    
    $
    193.7
    
    
    $
    156.3Infrastructure
    
    
    65.4
    
    
    
    32.3
    
    
    
    21.0Total operating
revenues
    
    $
    281.9
    
    
    $
    226.0
    
    
    $
    177.3Operating income:Irrigation
    
    $
    33.4
    
    
    $
    25.5
    
    
    $
    17.3Infrastructure
    
    
    14.2
    
    
    
    7.1
    
    
    
    2.6Segment operating income
    
    
    47.6
    
    
    
    32.6
    
    
    
    19.9Unallocated general & administrative
expenses
    
    
    (23.9
    )
    
    
    (17.1
    )
    
    
    (14.4
    )Interest and other income,
net
    
    
    0.3
    
    
    
    1.9
    
    
    
    1.5Earnings before income
taxes
    
    $
    24.1
    
    
    $
    17.4
    
    
    $
    7.0
 45




---



##### Table of Contents



$ in millions
    
    2007
    
    
    2006
    
    
    2005Total Capital Expenditures:Irrigation
    
    $
    4.3
    
    
    $
    3.3
    
    
    $
    4.1Infrastructure
    
    
    10.3
    
    
    
    0.3
    
    
    
    $
    14.6
    
    
    $
    3.6
    
    
    $
    4.1Total Depreciation & Amortization:Irrigation
    
    $
    3.6
    
    
    $
    3.4
    
    
    $
    3.3Infrastructure
    
    
    3.6
    
    
    
    0.7
    
    
    
    $
    7.2
    
    
    $
    4.1
    
    
    $
    3.3Total Assets:Irrigation
    
    $
    143.9
    
    
    $
    134.4
    
    
    $
    134.8Infrastructure
    
    
    98.3
    
    
    
    57.8
    
    
    
    $
    242.2
    
    
    $
    192.2
    
    
    $
    134.8
  $ in millions
    
    2007
    
    
    2006
    
    
    2005Geographic area revenues:United States
    
    $
    192.5
    
    
    $
    167.5
    
    
    $
    126.5Europe, Africa, Australia & Middle
East
    
    
    57.4
    
    
    
    33.5
    
    
    
    30.1Mexico & Latin
America
    
    
    19.4
    
    
    
    21.1
    
    
    
    16.1Other
International
    
    
    12.6
    
    
    
    3.9
    
    
    
    4.6Total revenues
    
    $
    281.9
    
    
    $
    226.0
    
    
    $
    177.3Geographic area long-lived assets:United States
    
    $
    64.7
    
    
    $
    56.3
    
    
    $
    16.1Europe, Africa, Australia & Middle
East
    
    
    21.1
    
    
    
    1.6
    
    
    
    2.0Mexico & Latin America
    
    
    1.2
    
    
    
    1.2
    
    
    
    1.2Other
International
    
    
    
    
    
    
    
    
    
    
    Total long-lived assets
    
    $
    87.0
    
    
    $
    59.1
    
    
    $
    19.3
 S. SHARE BASED COMPENSATION
 Share Based Compensation Program
   46




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##### Table of Contents



Accounting for Share Based Compensation
    Share Based Compensation Information
  Average
    
    AggregateAverage
    
    Remaining
    
    IntrinsicNumber
    
    Exercise
    
    Contractual
    
    Valueof Shares
    
    Price
    
    Term (years)
    
    (000s)Outstanding at
August 31,
2005
    
    
    1,186,731
    
    
    $
    19.84
    
    
    
    6.2
    
    
    $
    6,651Granted
    
    
    45,000
    
    
    $
    19.33Exercised
    
    
    (41,562
    )
    
    $
    17.96
    
    
    
    
    
    
    $
    323Forfeitures
    
    
    (26,250
    )
    
    $
    24.59Outstanding at
August 31,
2006
    
    
    1,163,919
    
    
    $
    19.78
    
    
    
    5.5
    
    
    $
    10,174Granted
    
    
    
    
    
    
    Exercised
    
    
    (180,462
    )
    
    $
    20.20
    
    
    
    
    
    
    $
    3,300Forfeitures
    
    
    (16,250
    )
    
    $
    23.20Outstanding at
August 31,
2007
    
    
    967,207
    
    
    $
    19.64
    
    
    
    4.6
    
    
    $
    20,202Exercisable at
August 31,
2005
    
    
    693,938
    
    
    $
    17.98
    
    
    
    5.0
    
    
    $
    5,203Exercisable at
August 31,
2006
    
    
    775,923
    
    
    $
    18.64
    
    
    
    4.6
    
    
    $
    7,662Exercisable at
August 31,
2007
    
    
    715,019
    
    
    $
    19.00
    
    
    
    4.0
    
    
    $
    15,397
  47




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48




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##### Table of Contents



Weighted-AverageNumber of
    
    
    Grant-DateShares
    
    
    Fair ValueRestricted stock units at August 31,
2005
    
    
    
    
    
    $
    Granted
    
    
    58,826
    
    
    
    23.11Vested
    
    
    
    
    
    
    Forfeited
    
    
    (1,100
    )
    
    
    18.78Restricted stock units at August 31,
2006
    
    
    57,726
    
    
    $
    22.75Granted
    
    
    62,472
    
    
    
    32.00Vested
    
    
    (24,526
    )
    
    
    21.21Forfeited
    
    
    (5,559
    )
    
    
    27.47Restricted stock units at August 31,
2007
    
    
    90,113
    
    
    $
    27.53
   Weighted-AverageNumber of
    
    
    Grant-DateShares
    
    
    Fair ValuePerformance stock units at September 1,
2006
    
    
    
    
    
    $
    0.00Granted
    
    
    20,361
    
    
    
    33.49Vested
    
    
    
    
    
    
    0.00Forfeited
    
    
    (1,089
    )
    
    
    33.49Performance stock units at August 31,
2007
    
    
    19,272
    
    
    $
    33.49
   Valuation and Expense Information
  Year Ended
    
    Year EndedAugust 31,
    
    August 31,$ in thousands
    
    2007
    
    2006Share-based compensation expense included in cost of operating revenues
    
    $
    142
    
    
    $
    122Research and development
    
    
    147
    
    
    
    104Sales and marketing
    
    
    446
    
    
    
    348General and administrative
    
    
    1,439
    
    
    
    1,165Share-based compensation expense included in operating expenses
    
    
    2,032
    
    
    
    1,617Total Share-based compensation expense
    
    
    2,174
    
    
    
    1,739Tax benefit
    
    
    (824
    )
    
    
    (659
    )Share-based compensation expense, net of tax
    
    $
    1,350
    
    
    $
    1,080
 49




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##### Table of Contents



Accounting for Stock-Based Compensation
 Year EndedAugust 31,$ in thousands
    
    2005Net earnings, as reported
(1)
    
    $
    4,838Share-based compensation expense
    
    
    1,900Tax benefit
    
    
    (720
    )Share-based compensation expense, net tax
(2)
    
    
    1,180Net earnings, including the effect of share-based compensation
expense (3)
    
    $
    3,658Earnings per share:Basic net earnings per share-as reported (1)
    
    $
    0.42Basic net earnings per share, including the effect of
share-based compensation expense (3)
    
    $
    0.31Diluted net earnings per share-as reported for the prior period
(1)
    
    $
    0.41Diluted net earnings per share, including the effect of
share-based compensation expense (3)
    
    $
    0.31
 
 (1)
    
    Net earnings and net earnings per share prior to fiscal 2006 did not include
share-based compensation expense under SFAS 123 because the Company did not adopt the
recognition provisions of SFAS 123.(2)
    
    Share-based compensation expense prior to fiscal 2006 was calculated based on the pro
forma application of SFAS 123.(3)
    
    Net earnings and net earnings per share prior to fiscal 2006 represents pro forma
information based on SFAS 123.   For the Year ended August 31,2006
    
    2005Expected volatility
    
    
    35.13
    %
    
    
    34.65 - 35.86
    %Expected dividends
    
    
    0.76
    %
    
    
    0.68 - 0.77
    %Expected term (in years)
    
    
    7.00
    
    
    
    7.00Risk-free interest rate
    
    
    4.52
    %
    
    
    4.12 - 4.30
    %
 50




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##### Table of Contents



T. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  For the three months ended the last day of$ in thousands, except per share amounts
    
    November
    
    February
    
    May
    
    AugustFiscal 2007Operating revenues
    
    $
    51,532
    
    
    $
    63,674
    
    
    $
    93,147
    
    
    $
    73,504Cost of operating revenues
    
    
    39,067
    
    
    
    49,219
    
    
    
    68,725
    
    
    
    55,114Earnings before income taxes
    
    
    2,744
    
    
    
    3,615
    
    
    
    11,535
    
    
    
    6,239Net earnings
    
    
    1,783
    
    
    
    2,512
    
    
    
    7,477
    
    
    
    3,848Diluted net earnings per share
    
    $
    0.15
    
    
    $
    0.21
    
    
    $
    0.62
    
    
    $
    0.32Market price (NYSE)High
    
    $
    36.62
    
    
    $
    37.77
    
    
    $
    35.65
    
    
    $
    50.65Low
    
    $
    28.01
    
    
    $
    28.55
    
    
    $
    29.55
    
    
    $
    32.83Fiscal 2006Operating revenues
    
    $
    39,504
    
    
    $
    54,912
    
    
    $
    75,013
    
    
    $
    56,572Cost of operating revenues
    
    
    32,077
    
    
    
    45,048
    
    
    
    57,977
    
    
    
    42,658Earnings before income taxes
    
    
    792
    
    
    
    2,504
    
    
    
    9,142
    
    
    
    4,971Net earnings
    
    
    511
    
    
    
    1,717
    
    
    
    6,415
    
    
    
    3,057Diluted net earnings per share
    
    $
    0.04
    
    
    $
    0.15
    
    
    $
    0.55
    
    
    $
    0.26Market price (NYSE)High
    
    $
    25.88
    
    
    $
    26.10
    
    
    $
    28.01
    
    
    $
    28.97Low
    
    $
    18.31
    
    
    $
    18.67
    
    
    $
    21.59
    
    
    $
    20.27
 2007:
 2006
 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
 
 Internal Control  Integrated Framework . Managements Report on Internal Control over Financial Reporting.
  52




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##### Table of Contents



Internal Control -
Integrated Framework
  .
  
 Changes in Internal Control over Financial Reporting
  
 ITEM 9B  Other Information
  53




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##### Table of Contents



PART III
 
 ITEM 10  Directors and Executive Officers of the Registrant
  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)
    
    
    667,207
    
    
    $
    22.18
    
    
    
    580,615Equity compensation plans not
approved by security holders (2)
    
    
    300,000
    
    
    $
    14.00
    
    
    
    Total
    
    
    967,207
    
    
    $
    19.64
    
    
    
    580,615
 
 (1)
    
    Plans approved by shareholders include the Companys 1991, 2001 and 2006 Long-Term
Incentive Plans. While certain options and rights remain outstanding under the Companys 1991 and
2001 Long-Term Incentive Plans, no future equity compensation awards may be granted under these
plans.(2)
    
    Consists of options issued to Richard W. Parod pursuant to his employment
agreement, which was not approved by shareholders. 
 ITEM 13  Certain Relationships and Related Transactions, and Director Independence
  54




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##### Table of Contents



ITEM
14  Principal Accounting Fees and Services
  
 PART IV
 
 ITEM
15  Exhibits, Financial Statement Schedules
   PageReport of Independent Registered Public Accounting Firm
    
    
    24Consolidated Statements of Operations for the years
ended August 31, 2007, 2006, and 2005
    
    
    25Consolidated Balance Sheets at
August 31, 2007 and 2006
    
    
    26Consolidated Statements of Shareholders Equity and Comprehensive Income
for the years ended August 31, 2007, 2006, and 2005
    
    
    27Consolidated Statements of Cash Flows for the years
ended August 31, 2007, 2006, and 2005
    
    
    28Notes to Consolidated Financial Statements
    
    
    29-51Valuation and Qualifying Accounts -
Years ended August 31, 2007, 2006, and 2005
    
    
    56
  55




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##### Table of Contents



a(2) Exhibit
 Lindsay Corporation and Subsidiaries
 
 VALUATION and QUALIFYING ACCOUNTS
 Years ended August 31, 2007, 2006 and 2005
 (Dollars in thousands)
 AdditionsBalance at
    
    
    Charged to
    
    
    Charged to
    
    
    
    
    
    
    Balance atbeginning
    
    
    costs and
    
    
    other
    
    
    
    
    
    
    endDescription
    
    of period
    
    
    expenses
    
    
    accounts
    
    
    Deductions
    
    
    of periodYear ended August 31, 2007:Deducted in the balance sheet from the
assets to which they apply:- Reserve for guarantee losses(c)
    
    $
    110
    
    
    $
    2
    
    
    $
    
    
    
    $
    
    
    
    $
    112- Allowance for doubtful accounts(a)
    
    $
    595
    
    
    $
    412
    
    
    $
    
    
    
    $
    61
    
    
    $
    946- Allowance for inventory obsolescence(b)
    
    $
    636
    
    
    $
    97
    
    
    $
    
    
    
    $
    22
    
    
    $
    711Year ended August 31, 2006:Deducted in the balance sheet from the
assets to which they apply:- Reserve for guarantee losses(c)
    
    $
    190
    
    
    $
    
    
    
    $
    
    
    
    $
    80
    
    
    $
    110- Allowance for doubtful accounts(a)
    
    $
    702
    
    
    $
    (12
    )
    
    $
    
    
    
    $
    95
    
    
    $
    595- Allowance for inventory obsolescence(b)
    
    $
    613
    
    
    $
    39
    
    
    $
    
    
    
    $
    16
    
    
    $
    636Year ended August 31, 2005:Deducted in the balance sheet from
the assets to which they apply:- Reserve for guarantee losses(c)
    
    $
    540
    
    
    $
    (38
    )
    
    $
    
    
    
    $
    312
    
    
    $
    190- Allowance for doubtful accounts(a)
    
    $
    1,386
    
    
    $
    108
    
    
    $
    
    
    
    $
    792
    
    
    $
    702- Allowance for inventory obsolescence(b)
    
    $
    527
    
    
    $
    228
    
    
    $
    
    
    
    $
    142
    
    
    $
    613
 
 Notes:(a)
    
    Deductions consist of uncollectible items written off, less recoveries of items previously
written off.(b)
    
    Deductions consist of obsolete items sold or scrapped.(c)
    
    Represents estimated losses on financing guarantees. 56




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##### Table of Contents



a(3) EXHIBIT INDEX
 ExhibitNumber
    
Description3(a)
    
    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(b)
    
    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(a)
    
    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(a)*
    
    Lindsay Manufacturing Co. 2006 Long-Term Incentive Plan and forms of award agreements.
Filed herewith to include the form of Performance Stock Unit award agreement.10(b)
    
    Indemnification Agreement between the Company and its directors and officers, dated October
24, 2003 incorporated by reference to Exhibit 10 to the Companys Annual Report on Form 10-K
for the fiscal year ended August 31, 2003.10(c)
    
    Lindsay Manufacturing Co. Profit Sharing Plan, incorporated by reference to Exhibit 10(i) of
the Companys Registration Statement on Form S-1 (Registration No. 33-23084), filed July 15,
1988.10(d)
    
    Lindsay Manufacturing Co. Amended and Restated 1991 Long-Term Incentive Plan, incorporated
by reference to Exhibit 10(f) to the Companys Annual Report on Form 10-K for the fiscal year
ended August 31, 2000.10(e)
    
    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(f)
    
    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(g)
    
    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(h)
    
    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, 2007.10(i)
    
    Lindsay Manufacturing Co. Supplemental Retirement Plan, incorporated by reference to Exhibit
10(j) to the Companys Annual Report on Form 10-K for the fiscal year ended August 31, 1994.10(j)
    
    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(k)
    
    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(l)
    
    Lindsay Corporation Management Incentive Plan (MIP), 2007 Plan Year, incorporated by
reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed on November 6,
2007.
 57




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##### Table of Contents



a(3) EXHIBIT INDEX
 ExhibitNumber
    

Description10(m)
    
    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(n)
    
    Credit Agreement, dated June 1, 2006, by and between the Company and Wells Fargo Bank,
N.A., incorporated by reference to Exhibit 10.3 to the Companys Current Report on Form 8-K
filed on June 2, 2006.10(o)
    
    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(p)
    
    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(q)
    
    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(r)
    
    Employment Agreement, dated May 1, 2006, between the Company and Owen S. Denman incorporated
by reference to Exhibit 10(q) of the Companys Annual Report on Form 10-K for the fiscal year
ended August 31, 2006.10(s)
    
    Share Purchase Agreement incorporated by reference to Exhibit 10.1 of the Companys Current
Report on Form 8-K filed on December 29, 2006.10(t)
    
    Term Note incorporated by reference to Exhibit 10.2 of the Companys Current Report on Form
8-K filed on December 29, 2006.10(u)
    
    Credit Agreement incorporated by reference to Exhibit 10.3 of the Companys Current Report
on Form 8-K filed on December 29, 2006.10(v)
    
    First Bank Guarantee incorporated by reference to Exhibit 10.4 of the Companys Current
Report on Form 8-K filed on December 29, 2006.21*
    
    Subsidiaries of the Company23*
    
    Consent of KPMG LLP24(a)*
    
    The Power of Attorney authorizing Richard W. Parod to sign the Annual Report on Form 10-K
for fiscal 2007 on behalf of certain directors.31(a)*
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 18 U.S.C. Section 1350.31(b)*
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 18 U.S.C. Section 1350.32(a)*
    
    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 58




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##### Table of Contents



SIGNATURES
  LINDSAY CORPORATIONBy:
    
    /s/ david b. downingName:
    
    David B. DowningTitle:
    
    Senior Vice President, Chief Financial Officer
  /s/RICHARD W. PAROD
    
    
    
    
    
    Director, President and Chief Executive OfficerRichard W. Parod/s/DAVID B. DOWNING
    
    
    
    
    
    Vice President, Chief Financial OfficerDavid B. Downing/s/TIMOTHY J. PAYMAL
    
    
    
    
    
    Corporate ControllerTimothy J. Paymal/s/Michael N. Christodolou
    
    
    (1
    )
    
    Chairman of the Board of DirectorsMichael N. Christodolou/s/Howard G. Buffett
    
    
    (1
    )
    
    DirectorHoward G. Buffett/s/ Larry H. Cunningham
    
    
    (1
    )
    
    DirectorLarry H. Cunningham/s/J.David McIntosh
    
    
    (1
    )
    
    DirectorJ. David McIntosh/s/Michael C. Nahl
    
    
    (1
    )
    
    DirectorMichael C. Nahl/s/William f. welsh ii
    
    
    (1
    )
    
    DirectorWilliam F. Welsh II
  (1) By:
    
    /s/ Richard W. Parod

Richard W. Parod, Attorney-In-Fact
 59