##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended August 31, 2009
 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. Submission of Matters to a Vote of Security Holders
    
    11-13Part 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
    
    14-23Item 7A. Quantitative and Qualitative Disclosures about Market Risk
    
    23Item 8. Financial Statements and Supplementary Data
    
    24-52Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
    
    53Item 9A. Controls and Procedures
    
    53-54Item 9B. Other Information
    
    55Part IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    56Item 11. Executive Compensation
    
    56Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
    
    56Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    56Item 14. Principal Accounting Fees and Services
    
    57Part IVItem 15. Exhibits, Financial Statement Schedules
    
    57-61SIGNATURES
    
    62EX-10.16EX-21EX-23EX-24EX-31.1EX-31.2EX-32




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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 
   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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##### Table of Contents




 Distribution methods and channels
 GENERAL
   For the years ended August 31,$ in millions
    
    2009
    
    
    2008
    
    
    2007% of Total
    
    
    
    
    
    
    % of Total
    
    
    
    
    
    
    % of TotalRevenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    RevenuesUnited States
    
    $
    200.6
    
    
    
    60
    
    
    $
    309.2
    
    
    
    65
    
    
    $
    192.5
    
    
    
    68Europe, Africa, Australia & Middle East
    
    
    88.3
    
    
    
    26
    
    
    
    104.2
    
    
    
    22
    
    
    
    57.4
    
    
    
    20Mexico & Latin America
    
    
    27.5
    
    
    
    8
    
    
    
    42.2
    
    
    
    9
    
    
    
    19.4
    
    
    
    7Other International
    
    
    19.8
    
    
    
    6
    
    
    
    19.5
    
    
    
    4
    
    
    
    12.6
    
    
    
    5Total Revenues
    
    $
    336.2
    
    
    
    100
    
    
    $
    475.1
    
    
    
    100
    
    
    $
    281.9
    
    
    
    100
 SEASONALITY
  CUSTOMERS
  6




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##### Table of Contents



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
            FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS
  8




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INFORMATION AVAILABLE ON THE LINDSAY WEBSITE
 http://www.lindsay.com
 
  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
 9




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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.
 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
  
 ITEM 4 Submission of Matters to a Vote of Security Holders
  11




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EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES OF THE REGISTRANT
  Age
    
    PositionRichard W. Parod
    
    
    56
    
    
    President and Chief Executive OfficerThomas D. Spears
    
    
    46
    
    
    President  Infrastructure BusinessDavid B. Downing
    
    
    54
    
    
    CFO and President  Lindsay InternationalBarry A. Ruffalo
    
    
    39
    
    
    President  North American IrrigationTim J. Paymal
    
    
    35
    
    
    Vice President and Chief Accounting OfficerDan G. Keller*
    
    
    50
    
    
    Vice President  Human ResourcesMark A. Roth*
    
    
    34
    
    
    Vice President  Corporate Development and TreasurerLori L. Zarkowski*
    
    
    34
    
    
    Corporate ControllerDouglas A. Taylor*
    
    
    46
    
    
    Vice President and Chief Information OfficerEric R. Arneson*
    
    
    35
    
    
    Vice President, General Counsel and Secretary
 
 *
    
    The employee is not an executive officer of the Registrant.       12




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##### Table of Contents



PART II
 
 ITEM 5  Market For the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
   Fiscal 2009 Stock Price
    
    Fiscal 2008 Stock PriceHigh
    
    Low
    
    Dividends
    
    High
    
    Low
    
    DividendsFirst Quarter
    
    $
    97.80
    
    
    $
    33.02
    
    
    $
    0.075
    
    
    $
    54.43
    
    
    $
    38.92
    
    
    $
    0.070Second Quarter
    
    
    43.22
    
    
    
    24.00
    
    
    
    0.075
    
    
    
    81.34
    
    
    
    52.66
    
    
    
    0.070Third Quarter
    
    
    41.52
    
    
    
    20.89
    
    
    
    0.075
    
    
    
    131.14
    
    
    
    64.81
    
    
    
    0.070Fourth Quarter
    
    
    47.02
    
    
    
    29.71
    
    
    
    0.080
    
    
    
    130.49
    
    
    
    73.21
    
    
    
    0.075Year
    
    $
    97.80
    
    
    $
    20.89
    
    
    $
    0.305
    
    
    $
    131.14
    
    
    $
    38.92
    
    
    $
    0.285
 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
    
    2009
    
    2008
    
    2007
    
    2006
    
    2005Operating revenues (1)
    
    $
    336.2
    
    
    $
    475.1
    
    
    $
    281.9
    
    
    $
    226.0
    
    
    $
    177.3Gross profit
    
    
    80.6
    
    
    
    123.8
    
    
    
    69.7
    
    
    
    48.2
    
    
    
    33.6Operating expenses
    
    
    58.2
    
    
    
    61.6
    
    
    
    46.0
    
    
    
    32.7
    
    
    
    28.1Operating income
    
    
    22.4
    
    
    
    62.2
    
    
    
    23.8
    
    
    
    15.5
    
    
    
    5.5Net earnings
    
    
    13.8
    
    
    
    39.4
    
    
    
    15.6
    
    
    
    11.7
    
    
    
    4.8Net diluted earnings per share
    
    
    1.11
    
    
    
    3.20
    
    
    
    1.31
    
    
    
    1.00
    
    
    
    0.41Cash dividends per share
    
    
    0.305
    
    
    
    0.285
    
    
    
    0.265
    
    
    
    0.245
    
    
    
    0.225Property, plant and equipment, net
    
    
    59.6
    
    
    
    57.6
    
    
    
    44.3
    
    
    
    27.0
    
    
    
    17.3Total assets
    
    
    307.9
    
    
    
    325.9
    
    
    
    242.2
    
    
    
    192.2
    
    
    
    134.8Long-term obligations
    
    
    19.5
    
    
    
    25.6
    
    
    
    31.8
    
    
    
    25.7
    
    
    
    Return on sales
    
    
    4.1
    %
    
    
    8.3
    %
    
    
    5.5
    %
    
    
    5.2
    %
    
    
    2.7
    %Return on beginning assets (2)
    
    
    4.2
    %
    
    
    16.3
    %
    
    
    8.1
    %
    
    
    8.7
    %
    
    
    3.5
    %Diluted weighted average shares
    
    
    12.461
    
    
    
    12.324
    
    
    
    11.964
    
    
    
    11.712
    
    
    
    11.801
 
 (1)
    
    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
 Business Combinations
 Determination of the Useful
Life of Intangible Assets Goodwill and Other Intangible Assets,
 Interim Disclosures about Fair Value of Financial Instruments Disclosures about Fair Value of
Financial Instruments
 Accounting for Assets Acquired and
Liabilities Assumed in a Business Combination That Arise from Contingencies
 15




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Accounting for Contingencies
 Subsequent Events
 The FASB Accounting Standards Codification and
Hierarchy of GAAP The Hierarchy of Generally
Accepted Accounting Principles FASB Accounting Standards
Codification TM
   Critical Accounting Policies and Estimates
   Inventories
 16




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Results of Operations
  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
   17




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Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net
    Taxes
  18




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Net Earnings
  Fiscal 2008 Compared to Fiscal 2007
  For the Years Ended
    
    PercentAugust 31,
    
    Increase$ in thousands
    
    2008
    
    2007
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    475,087
    
    
    $
    281,857
    
    
    
    68.6
    %Cost of operating revenues
    
    $
    351,255
    
    
    $
    212,125
    
    
    
    65.6
    %Gross profit
    
    $
    123,832
    
    
    $
    69,732
    
    
    
    77.6
    %Gross margin
    
    
    26.1
    %
    
    
    24.7
    %Operating expenses (1)
    
    $
    61,593
    
    
    $
    45,973
    
    
    
    34.0
    %Operating income
    
    $
    62,239
    
    
    $
    23,759
    
    
    
    162.0
    %Operating margin
    
    
    13.1
    %
    
    
    8.4
    %Interest expense
    
    $
    (3,035
    )
    
    $
    (2,399
    )
    
    
    26.5
    %Interest income
    
    $
    1,735
    
    
    $
    2,162
    
    
    
    (19.8
    %)Other income (expense), net
    
    $
    172
    
    
    $
    611
    
    
    
    (71.8
    %)Income tax provision
    
    $
    21,706
    
    
    $
    8,513
    
    
    
    155.0
    %Effective income tax rate
    
    
    35.5
    %
    
    
    35.3
    %Net earnings
    
    $
    39,405
    
    
    $
    15,620
    
    
    
    152.3
    %Irrigation Equipment Segment (See Note R)Operating revenues
    
    $
    374,906
    
    
    $
    216,480
    
    
    
    73.2
    %Operating income (2)
    
    $
    66,848
    
    
    $
    26,283
    
    
    
    154.3
    %Operating margin (2)
    
    
    17.8
    %
    
    
    12.1
    %Infrastructure Products SegmentOperating revenues
    
    $
    100,181
    
    
    $
    65,377
    
    
    
    53.2
    %Operating income (2)
    
    $
    9,624
    
    
    $
    8,079
    
    
    
    19.1
    %Operating margin (2)
    
    
    9.6
    %
    
    
    12.4
    %
 
 (1)
    
    Includes $14.2 million and $10.6 million of unallocated general and administrative expenses for fiscal 2008 and fiscal 2007, 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
   19




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Gross Margin
  Operating Expenses
  Interest Expense and Interest Income
   Taxes
  Net Earnings
  Liquidity and Capital Resources
    20




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21




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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
    
    $
    9,862
    
    
    $
    2,087
    
    
    $
    3,080
    
    
    $
    1,752
    
    
    $
    2,943Term Note Obligation
    
    L
    
    
    25,625
    
    
    
    6,171
    
    
    
    12,342
    
    
    
    7,112
    
    
    
    Interest Expense
    
    L
    
    
    3,150
    
    
    
    1,305
    
    
    
    1,567
    
    
    
    278
    
    
    
    Unrecognized Tax Benefits (1)
    
    E
    
    
    1,464
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,464Supplemental Retirement Plan
    
    P
    
    
    5,165
    
    
    
    557
    
    
    
    1,093
    
    
    
    1,062
    
    
    
    2,453Total
    
    
    
    $
    45,266
    
    
    $
    10,120
    
    
    $
    18,082
    
    
    $
    10,204
    
    
    $
    6,860
 
 (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, 2009. 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 2010 Outlook
    22




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ITEM 7A   Quantitative and Qualitative Disclosures About Market Risk
       23




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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 Employers
Accounting for Defined Benefit Pension and Other Postretirement Plansan amendment of FASB
Statements No. 87, 88, 106, and 132(R)
 Internal Control  Integrated Framework
 /s/ KPMG LLPOmaha, Nebraska  24




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Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Years ended August 31,(in thousands, except per share amounts)
    
    2009
    
    
    2008
    
    
    2007Operating revenues
    
    $
    336,228
    
    
    $
    475,087
    
    
    $
    281,857Cost of operating revenues
    
    
    255,597
    
    
    
    351,255
    
    
    
    212,125Gross profit
    
    
    80,631
    
    
    
    123,832
    
    
    
    69,732Operating expenses:Selling expense
    
    
    22,361
    
    
    
    25,177
    
    
    
    17,396General and administrative expense
    
    
    29,816
    
    
    
    30,010
    
    
    
    23,897Engineering and research expense
    
    
    6,037
    
    
    
    6,406
    
    
    
    4,680Total operating expenses
    
    
    58,214
    
    
    
    61,593
    
    
    
    45,973Operating income
    
    
    22,417
    
    
    
    62,239
    
    
    
    23,759Other income (expense):Interest expense
    
    
    (2,030
    )
    
    
    (3,035
    )
    
    
    (2,399
    )Interest income
    
    
    934
    
    
    
    1,735
    
    
    
    2,162Other income (expense), net
    
    
    (782
    )
    
    
    172
    
    
    
    611Earnings before income taxes
    
    
    20,539
    
    
    
    61,111
    
    
    
    24,133Income tax provision
    
    
    6,716
    
    
    
    21,706
    
    
    
    8,513Net earnings
    
    $
    13,823
    
    
    $
    39,405
    
    
    $
    15,620Basic net earnings per share
    
    $
    1.12
    
    
    $
    3.30
    
    
    $
    1.34Diluted net earnings per share
    
    $
    1.11
    
    
    $
    3.20
    
    
    $
    1.31Weighted average shares outstanding
    
    
    12,294
    
    
    
    11,936
    
    
    
    11,633Diluted effect of stock equivalents
    
    
    167
    
    
    
    388
    
    
    
    331Weighted
average shares outstanding assuming dilution
    
    
    12,461
    
    
    
    12,324
    
    
    
    11,964
  25




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Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
 August 31,
    
    
    August 31,($ in thousands, except par values)
    
    2009
    
    
    2008ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    85,929
    
    
    $
    50,760Receivables, net of allowance of $1,864 and $1,457, respectively
    
    
    42,862
    
    
    
    88,410Inventories, net
    
    
    46,255
    
    
    
    53,409Deferred income taxes
    
    
    6,881
    
    
    
    7,108Other current assets
    
    
    7,602
    
    
    
    7,947Total current assets
    
    
    189,529
    
    
    
    207,634Property, plant and equipment, net
    
    
    59,641
    
    
    
    57,571Other intangible assets, net
    
    
    29,100
    
    
    
    30,808Goodwill, net
    
    
    24,174
    
    
    
    24,430Other noncurrent assets
    
    
    5,453
    
    
    
    5,447Total assets
    
    $
    307,897
    
    
    $
    325,890LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    20,008
    
    
    $
    32,818Notes payable
    
    
    
    
    
    
    1,773Current portion of long-term debt
    
    
    6,171
    
    
    
    6,171Other current liabilities
    
    
    33,008
    
    
    
    42,693Total current liabilities
    
    
    59,187
    
    
    
    83,455Pension benefits liabilities
    
    
    6,407
    
    
    
    5,673Long-term debt
    
    
    19,454
    
    
    
    25,625Deferred income taxes
    
    
    10,391
    
    
    
    10,799Other noncurrent liabilities
    
    
    4,800
    
    
    
    4,437Total liabilities
    
    
    100,239
    
    
    
    129,989Shareholders 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,
18,128,743 and 18,055,292 shares issued
at August 31, 2009 and 2008, respectively)
    
    
    18,129
    
    
    
    18,055Capital in excess of stated value
    
    
    28,944
    
    
    
    26,352Retained earnings
    
    
    249,588
    
    
    
    239,676Less treasury stock (at cost, 5,763,448 and 5,843,448 shares
at August 31, 2009 and 2008, respectively)
    
    
    (91,998
    )
    
    
    (93,275
    )Accumulated other comprehensive income, net
    
    
    2,995
    
    
    
    5,093Total shareholders equity
    
    
    207,658
    
    
    
    195,901Total liabilities and shareholders equity
    
    $
    307,897
    
    
    $
    325,890
  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, 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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,105
    
    
    
    1,105Total 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
FASBStatement 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
    
    
    $
    141,028Adoption 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
    
    
    $
    207,658
  27




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##### Table of Contents



Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Years Ended August 31,($ in thousands)
    
    2009
    
    
    2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    13,823
    
    
    $
    39,405
    
    
    $
    15,620Adjustments to reconcile net earnings to net cash provided by
operating activities:Depreciation and amortization
    
    
    10,442
    
    
    
    9,253
    
    
    
    7,160Provision for uncollectible accounts receivable
    
    
    558
    
    
    
    75
    
    
    
    60Deferred income taxes
    
    
    (1,226
    )
    
    
    (886
    )
    
    
    (2,630
    )Stock-based compensation expense
    
    
    2,140
    
    
    
    3,516
    
    
    
    2,174Other, net
    
    
    1,357
    
    
    
    (12
    )
    
    
    (106
    )Changes in assets and liabilities:Receivables, net
    
    
    43,316
    
    
    
    (37,267
    )
    
    
    (3,497
    )Inventories, net
    
    
    7,726
    
    
    
    (7,959
    )
    
    
    (10,925
    )Other current assets
    
    
    1,009
    
    
    
    113
    
    
    
    (2,606
    )Accounts payable
    
    
    (12,116
    )
    
    
    12,038
    
    
    
    4,335Other current liabilities
    
    
    (6,965
    )
    
    
    10,748
    
    
    
    1,604Current taxes payable
    
    
    (3,140
    )
    
    
    3,357
    
    
    
    (349
    )Other noncurrent assets and liabilities
    
    
    571
    
    
    
    (1,868
    )
    
    
    (716
    )Net cash provided by operating activities
    
    
    57,495
    
    
    
    30,513
    
    
    
    10,124CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (10,500
    )
    
    
    (14,093
    )
    
    
    (14,647
    )Proceeds from sale of property, plant and equipment
    
    
    21
    
    
    
    93
    
    
    
    165Acquisition of business, net of cash acquired
    
    
    (3,076
    )
    
    
    (21,028
    )
    
    
    (16,705
    )Proceeds from settlement of net investment hedge
    
    
    859
    
    
    
    1,124
    
    
    
    Purchases of marketable securities available-for-sale
    
    
    
    
    
    
    (13,860
    )
    
    
    (90,700
    )Proceeds from maturities of marketable securities available-for-sale
    
    
    
    
    
    
    41,490
    
    
    
    79,150Net cash used in investing activities
    
    
    (12,696
    )
    
    
    (6,274
    )
    
    
    (42,737
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock compensation plan
    
    
    1,419
    
    
    
    6,530
    
    
    
    3,350Proceeds from issuance of long-term debt
    
    
    
    
    
    
    15,000
    
    
    
    13,196Principal payments on long-term debt
    
    
    (6,171
    )
    
    
    (21,171
    )
    
    
    (5,229
    )Net (payments) borrowings on revolving line of credit
    
    
    (1,633
    )
    
    
    1,032
    
    
    
    Excess tax benefits from stock-based compensation
    
    
    344
    
    
    
    7,263
    
    
    
    1,266Dividends paid
    
    
    (3,754
    )
    
    
    (3,419
    )
    
    
    (3,090
    )Net cash (used in) provided by financing activities
    
    
    (9,795
    )
    
    
    5,235
    
    
    
    9,493Effect of exchange rate changes on cash
    
    
    165
    
    
    
    264
    
    
    
    798Net increase (decrease) in cash and cash equivalents
    
    
    35,169
    
    
    
    29,738
    
    
    
    (22,322
    )Cash and cash equivalents, beginning of period
    
    
    50,760
    
    
    
    21,022
    
    
    
    43,344Cash and cash equivalents, end of period
    
    $
    85,929
    
    
    $
    50,760
    
    
    $
    21,022SUPPLEMENTAL CASH FLOW INFORMATIONIncome taxes paid
    
    $
    11,081
    
    
    $
    12,262
    
    
    $
    9,082Interest paid
    
    $
    2,146
    
    
    $
    3,066
    
    
    $
    2,397
  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
  (4) Revenue Recognition
   29




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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
  30




---



##### Table of Contents



(11) Income Taxes
   (12) Net Earnings per Share
     For the years ended August 31,in thousands
    
    2009
    
    
    2008
    
    
    2007Weighted average shares outstanding  basic
    
    
    12,294
    
    
    
    11,936
    
    
    
    11,633Dilutive effect of stock options, restricted stock units and
performance stock units
    
    
    167
    
    
    
    388
    
    
    
    331Weighted average shares outstanding  diluted
    
    
    12,461
    
    
    
    12,324
    
    
    
    11,964
 13) Use of Estimates
  14) Derivative Instruments and Hedging Activities
   31




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##### Table of Contents



(15) Treasury Stock
  (16) Contingencies
  (17) Translation of Foreign Currency
  (18) Subsequent Events
  (19) Recently Issued Accounting Pronouncements
 Business Combinations
 Determination of the Useful
Life of Intangible Assets Goodwill and Other Intangible Assets,
 32




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##### Table of Contents



Interim Disclosures about Fair Value of Financial Instruments Disclosures about Fair Value of
Financial Instruments
 Accounting for Assets Acquired and
Liabilities Assumed in a Business Combination That Arise from Contingencies Accounting for Contingencies
 Subsequent Events
 The FASB Accounting Standards Codification and
Hierarchy of GAAP The Hierarchy of Generally
Accepted Accounting Principles FASB Accounting Standards
Codification TM
   B. ACQUISITIONS
 GE Transportation Systems Global Signaling, LLC
  33




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##### Table of Contents



Watertronics, Inc.
 Credit Arrangements.
 Traffic Maintenance Attenuators, Inc. and Albert W. Unrath, Inc.
   C. COMPREHENSIVE INCOME
  For the years ended August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2007Net Income
    
    $
    13,823
    
    
    $
    39,405
    
    
    $
    15,620Other comprehensive income (loss):Unrealized net gain on available for sale securities
    
    
    
    
    
    
    14
    
    
    
    78Defined benefit pension plan
    
    
    (501
    )
    
    
    (72
    )
    
    
    Minimum pension liability
    
    
    
    
    
    
    
    
    
    
    (112
    )Cash flow hedges
    
    
    (145
    )
    
    
    (1,065
    )
    
    
    (215
    )Foreign currency translation, net of hedging activities
    
    
    (1,452
    )
    
    
    3,667
    
    
    
    1,354Total other comprehensive income (loss), net of tax
expense (benefit) of ($81), $11 and ($196)
    
    
    (2,098
    )
    
    
    2,544
    
    
    
    1,105Total accumulated other comprehensive income
    
    $
    11,725
    
    
    $
    41,949
    
    
    $
    16,725
  34




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##### Table of Contents



For the years endedAugust 31,$ in thousands
    
    2009
    
    
    2008Accumulated other comprehensive income (loss):Defined benefit pension plan, net of tax of $1,317 and $1,011
    
    
    (2,158
    )
    
    
    (1,657
    )Cash flow hedges, net of tax of $867 and $813
    
    
    (1,773
    )
    
    
    (1,628
    )Foreign currency translation, net of hedging activities, net of tax of $752 and $473
    
    
    6,926
    
    
    
    8,378Total accumulated other comprehensive income
    
    $
    2,995
    
    
    $
    5,093
 D. OTHER INCOME (EXPENSE), NET
 For the years ended August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2007Other income (expense), net:Cash surrender value of life insurance
    
    $
    78
    
    
    $
    87
    
    
    $
    75Foreign currency transaction (loss) gain, net
    
    
    (1,044
    )
    
    
    603
    
    
    
    144Foreign government grant
    
    
    
    
    
    
    22
    
    
    
    152All other, net
    
    
    184
    
    
    
    (540
    )
    
    
    240Total other income (expense), net
    
    $
    (782
    )
    
    $
    172
    
    
    $
    611
 E. INCOME TAXES
  For the years ended August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2007United States
    
    $
    18,385
    
    
    $
    56,550
    
    
    $
    24,479Foreign
    
    
    2,154
    
    
    
    4,561
    
    
    
    (346
    )$
    20,539
    
    
    $
    61,111
    
    
    $
    24,133
  For the years ended August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2007Current:Federal
    
    $
    6,479
    
    
    $
    19,505
    
    
    $
    10,152State
    
    
    489
    
    
    
    1,379
    
    
    
    704Foreign
    
    
    974
    
    
    
    1,708
    
    
    
    287Total current
    
    
    7,942
    
    
    
    22,592
    
    
    
    11,143Deferred:Federal
    
    
    (938
    )
    
    
    (295
    )
    
    
    (2,099
    )State
    
    
    (52
    )
    
    
    (217
    )
    
    
    (145
    )Foreign
    
    
    (236
    )
    
    
    (374
    )
    
    
    (386
    )Total deferred
    
    
    (1,226
    )
    
    
    (886
    )
    
    
    (2,630
    )Total income tax provision
    
    $
    6,716
    
    
    $
    21,706
    
    
    $
    8,513
  35




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##### Table of Contents



For the years ended August 31,2009
    
    
    2008
    
    
    2007$ in thousands
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %U.S. statutory rate
    
    $
    7,189
    
    
    
    35.0
    
    
    $
    21,389
    
    
    
    35.0
    
    
    $
    8,447
    
    
    
    35.0State and local taxes, net of federal
tax benefit
    
    
    275
    
    
    
    1.3
    
    
    
    795
    
    
    
    1.3
    
    
    
    331
    
    
    
    1.4Foreign tax rate differences
    
    
    (302
    )
    
    
    (1.5
    )
    
    
    (123
    )
    
    
    (0.2
    )
    
    
    11
    
    
    
    0.1Domestic production activities deduction
    
    
    (385
    )
    
    
    (1.9
    )
    
    
    (438
    )
    
    
    (0.7
    )
    
    
    (255
    )
    
    
    (1.1
    )Tax-exempt interest income
    
    
    (37
    )
    
    
    (0.1
    )
    
    
    (119
    )
    
    
    (0.2
    )
    
    
    (350
    )
    
    
    (1.5
    )R&D, Phone, and Fuel tax credits
    
    
    (96
    )
    
    
    (0.5
    )
    
    
    (265
    )
    
    
    (0.4
    )
    
    
    (250
    )
    
    
    (1.0
    )Non-deductible officers compensation
    
    
    
    
    
    
    
    
    
    
    (463
    )
    
    
    (0.8
    )
    
    
    463
    
    
    
    1.9Other
    
    
    72
    
    
    
    0.4
    
    
    
    930
    
    
    
    1.5
    
    
    
    116
    
    
    
    0.5Effective rate
    
    $
    6,716
    
    
    
    32.7
    
    
    $
    21,706
    
    
    
    35.5
    
    
    $
    8,513
    
    
    
    35.3
  August 31,$ in thousands
    
    2009
    
    
    2008Deferred tax assets:Deferred rental revenue
    
    $
    2,202
    
    
    $
    1,801Employee benefits liability
    
    
    1,324
    
    
    
    1,277Net operating loss carryforwards
    
    
    66
    
    
    
    Defined benefit pension plan
    
    
    1,317
    
    
    
    1,030Share-based compensation
    
    
    1,633
    
    
    
    1,698Inventory
    
    
    523
    
    
    
    451Warranty
    
    
    610
    
    
    
    851Vacation
    
    
    684
    
    
    
    773Accrued expenses and allowances
    
    
    4,173
    
    
    
    3,711Total deferred tax assets
    
    $
    12,532
    
    
    $
    11,592Deferred tax liabilities:Intangible assets
    
    
    (9,351
    )
    
    
    (10,263
    )Property, plant and equipment
    
    
    (5,584
    )
    
    
    (4,151
    )Inventory
    
    
    (119
    )
    
    
    (110
    )Other
    
    
    (912
    )
    
    
    (755
    )Total deferred tax liabilities
    
    
    (15,966
    )
    
    
    (15,279
    )Net deferred tax liabilities
    
    $
    (3,434
    )
    
    $
    (3,687
    )
    36




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##### Table of Contents



$ in thousands
    
    2009
    
    
    2008Unrecognized Tax Benefits at September 1
    
    $
    1,684
    
    
    $
    1,485Increases for positions taken in current year
    
    
    
    
    
    
    45Increases for positions taken in prior years
    
    
    86
    
    
    
    148Decreases 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
    
    
    (141
    )
    
    
    (122
    )Other increases (decreases)
    
    
    (125
    )
    
    
    128Unrecognized Tax Benefits at August 31
    
    $
    1,464
    
    
    $
    1,684
     The American Jobs Creation Act of 2004 (the Jobs Act)
  37




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F. RECEIVABLES
 August 31,$ in thousands
    
    2009
    
    
    2008Receivables:Trade accounts and current portion of notes receivable
    
    $
    44,726
    
    
    $
    89,867Allowance for doubtful accounts
    
    
    (1,864
    )
    
    
    (1,457
    )Net receivables
    
    $
    42,862
    
    
    $
    88,410
 G. INVENTORIES
 August 31,$ in thousands
    
    2009
    
    
    2008Inventory:FIFO inventory
    
    $
    16,561
    
    
    $
    24,867LIFO reserves
    
    
    (7,190
    )
    
    
    (8,203
    )LIFO inventory
    
    
    9,371
    
    
    
    16,664Weighted average inventory
    
    
    14,762
    
    
    
    20,568Other FIFO inventory
    
    
    23,765
    
    
    
    17,586Obsolescence reserve
    
    
    (1,643
    )
    
    
    (1,409
    )Total inventories
    
    $
    46,255
    
    
    $
    53,409
   August 31,2009
    
    2008Raw materials
    
    
    7
    %
    
    
    9
    %Work in process
    
    
    8
    %
    
    
    8
    %Finished goods and purchased parts
    
    
    85
    %
    
    
    83
    %
 H. PROPERTY, PLANT AND EQUIPMENT
 August, 31$ in thousands
    
    2009
    
    
    2008Operating property, plant and equipment:Land
    
    $
    2,271
    
    
    $
    2,269Buildings
    
    
    28,622
    
    
    
    23,893Equipment
    
    
    60,717
    
    
    
    58,382Other
    
    
    6,863
    
    
    
    6,661Total operating property, plant and equipment
    
    
    98,473
    
    
    
    91,205Accumulated depreciation
    
    
    (55,077
    )
    
    
    (51,144
    )Total operating property, plant and equipment, net
    
    $
    43,396
    
    
    $
    40,061Leased property:Machines
    
    
    4,248
    
    
    
    3,597Barriers
    
    
    16,253
    
    
    
    16,210Total leased property
    
    $
    20,501
    
    
    $
    19,807Accumulated depreciation
    
    
    (4,256
    )
    
    
    (2,297
    )Total leased property, net
    
    $
    16,245
    
    
    $
    17,510Property, plant and equipment, net
    
    $
    59,641
    
    
    $
    57,571
 38




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##### Table of Contents



I. OTHER NONCURRENT ASSETS
 August 31,$ in thousands
    
    2009
    
    
    2008Other noncurrent assets:Cash surrender value of life insurance policies
    
    $
    2,293
    
    
    $
    2,215Deferred income taxes
    
    
    76
    
    
    
    4Notes receivable
    
    
    1,772
    
    
    
    1,937Split dollar life insurance
    
    
    929
    
    
    
    927Other
    
    
    383
    
    
    
    364Total noncurrent assets
    
    $
    5,453
    
    
    $
    5,447
 J. GOODWILL AND OTHER INTANGIBLE ASSETS
 Goodwill
  $ in thousands
    
    Irrigation
    
    
    Infrastructure
    
    
    TotalBalance as of September 1, 2007
    
    $
    1,495
    
    
    $
    15,350
    
    
    $
    16,845Acquisition of Watertronics
    
    
    5,439
    
    
    
    
    
    
    
    5,439Acquisition of TMA
    
    
    
    
    
    
    1,460
    
    
    
    1,460Income tax adjustments
    
    
    
    
    
    
    112
    
    
    
    112Foreign currency translation
    
    
    143
    
    
    
    431
    
    
    
    574Balance as of August 31, 2008
    
    
    7,077
    
    
    
    17,353
    
    
    
    24,430Foreign currency translation
    
    
    (99
    )
    
    
    (157
    )
    
    
    (256
    )Balance as of August 31, 2009
    
    $
    6,978
    
    
    $
    17,196
    
    
    $
    24,174
 Other Intangible Assets
  August 31,2009
    
    
    2008Gross
    
    
    
    
    
    
    GrossCarrying
    
    
    Accumulated
    
    
    Carrying
    
    
    Accumulated$ in thousands
    
    Amount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationAmortizable Intangible Assets:Non-compete agreements
    
    $
    2,497
    
    
    $
    (2,142
    )
    
    $
    2,252
    
    
    $
    (1,706
    )Licenses
    
    
    699
    
    
    
    (695
    )
    
    
    699
    
    
    
    (639
    )Patents
    
    
    23,925
    
    
    
    (4,800
    )
    
    
    23,492
    
    
    
    (3,070
    )Customer relationships
    
    
    5,657
    
    
    
    (1,537
    )
    
    
    5,246
    
    
    
    (946
    )Plans and specifications
    
    
    75
    
    
    
    (29
    )
    
    
    75
    
    
    
    (26
    )Other
    
    
    56
    
    
    
    (49
    )
    
    
    58
    
    
    
    (52
    )Unamortizable Intangible Assets:Tradenames
    
    
    5,443
    
    
    
    
    
    
    
    5,425
    
    
    
    Total
    
    $
    38,352
    
    
    $
    (9,252
    )
    
    $
    37,247
    
    
    $
    (6,439
    )
  39




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##### Table of Contents



Fiscal Years
    
    $ in thousands2010
    
    $
    2,5342011
    
    
    2,5002012
    
    
    2,4852013
    
    
    2,3932014
    
    
    2,336
 K. OTHER CURRENT LIABILITIES
 August 31,$ in thousands
    
    2009
    
    
    2008Other current liabilities:Payroll, vacation and retirement plans
    
    $
    7,643
    
    
    $
    12,598Taxes, other than income
    
    
    1,205
    
    
    
    2,189Workers compensation and product liability
    
    
    1,287
    
    
    
    1,079Deferred revenue
    
    
    5,706
    
    
    
    5,624Dealer related liabilities
    
    
    1,524
    
    
    
    2,745Warranty
    
    
    1,736
    
    
    
    2,011Income tax liability
    
    
    496
    
    
    
    3,020Derivative liability
    
    
    1,027
    
    
    
    1,008International freight accrual
    
    
    593
    
    
    
    1,854Customer deposits
    
    
    4,518
    
    
    
    2,459Environmental remediation liability
    
    
    1,315
    
    
    
    286Other
    
    
    5,958
    
    
    
    7,820Total other current liabilities
    
    $
    33,008
    
    
    $
    42,693
 L. CREDIT ARRANGEMENTS
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives.
 Snoline Term Note
  40




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Financial
Derivatives
 Revolving Credit Agreement
     August 31,$ in thousands
    
    2009
    
    
    2008BSI Term Note
    
    $
    17,143
    
    
    $
    21,429Snoline Term Note
    
    
    8,482
    
    
    
    10,367Revolving Credit Agreement
    
    
    
    
    
    
    Less current portion
    
    
    (6,171
    )
    
    
    (6,171
    )Total long-term debt
    
    $
    19,454
    
    
    $
    25,625
   Due within:1 year
    
    $
    6,1712 years
    
    
    6,1713 years
    
    
    6,1714 years
    
    
    6,1715 years
    
    
    941Thereafter
    
    
    $
    25,625
 M. FINANCIAL DERIVATIVES
  41




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Fair Values of Derivative InstrumentsAsset (Liability) DerivativesAugust 31,
    
    
    August 31,$ in thousands
    
    Balance Sheet Location
    
    2009
    
    
    2008Derivatives designated as hedging instruments:Foreign currency forward contracts
    
    Other current assets
    
    $
    
    
    
    $
    124Interest rate swap
    
    Other current liabilities
    
    
    (602
    )
    
    
    (684
    )Interest rate swap
    
    Other noncurrent liabilities
    
    
    (732
    )
    
    
    (746
    )Cross currency swap
    
    Other current liabilities
    
    
    (425
    )
    
    
    (324
    )Cross currency swap
    
    Other noncurrent liabilities
    
    
    (847
    )
    
    
    (750
    )Total derivatives designated as hedging
instruments1
    
    
    
    $
    (2,606
    )
    
    $
    (2,380
    )
 
 1
    
    Accumulated other comprehensive income included losses, net of related income tax effects, of $0.5 million and $0.9 million at
August 31, 2009 and 2008, respectively, related to deriviative contracts designated as hedging instruments. Cash Flow Hedging Relationships
    42




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Amount of Gain/(Loss) Recognized in OCI$ in thousands
    
    For the years ended August 31,2009
    
    
    2008
    
    
    2007Interest rate swap
    
    $
    (2
    )
    
    $
    (483
    )
    
    $
    (18
    )Cross currency swap
    
    
    (143
    )
    
    
    (582
    )
    
    
    (197
    )Foreign currency
forward contracts
    
    
    
    
    
    
    
    
    
    
    Total1
    
    $
    (145
    )
    
    $
    (1,065
    )
    
    $
    (215
    )
 
 1
    
    Net of tax (benefit) of ($54), ($426) and ($173) for the years ended August 31, 2009, 2008 and 2007, respectively. Location of Gain/(Loss)Reclassified from AOCI
    
    Amount of Gain (Loss) Reclassified from$ in thousands
    
    into Income
    
    AOCI into IncomeFor the years ended August 31,2009
    
    
    2008
    
    
    2007Interest rate swap
    
    Interest Expense
    
    $
    (974
    )
    
    $
    (542
    )
    
    $
    (89
    )Cross currency swap
    
    Interest Expense
    
    
    (346
    )
    
    
    (273
    )
    
    
    55Foreign currency
forward contracts
    
    Revenue
    
    
    
    
    
    
    (15
    )
    
    
    Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    (49
    )
    
    
    $
    (1,320
    )
    
    $
    (879
    )
    
    $
    (34
    )
 Location of Gain/(Loss)Recognized in Income
    
    Gain/(Loss) Recognized in Income on$ in thousands
    
    (Ineffectiveness)
    
    Derivatives (Ineffectiveness)For the years ended August 31,2009
    
    
    2008
    
    
    2007Interest rate swap
    
    Other income (expense)
    
    $
    99
    
    
    $
    (23
    )
    
    $
    (41
    )Cross currency swap
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    Foreign currency 
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    $
    99
    
    
    $
    (23
    )
    
    $
    (41
    )
 Net Investment Hedging Relationships
  43




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Derivatives Not Designated as Hedging Instruments
  Location of Gain/(Loss)
    
    
    Amount Gain/(Loss) Recognized in Income$ in thousands
    
    Recognized in Income
    
    
    on DerivativesFor the years ended August 31,2009
    
    
    2008
    
    
    2007Foreign currencyforward contracts
    
    Other income (expense)
    
    $
    68
    
    
    $
    
    
    
    $
    
 N. FAIR VALUE MEASUREMENTS
 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
    
    $
    85,929
    
    
    $
    
    
    
    $
    
    
    
    $
    85,929Derivative Assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Derivative Liabilities
    
    
    
    
    
    
    (2,606
    )
    
    
    
    
    
    
    (2,606)
 O. COMMITMENTS AND CONTINGENCIES
  44




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Fiscal Years
    
    $ in thousands2010
    
    $
    2,0872011
    
    
    1,7052012
    
    
    1,3752013
    
    
    1,0402014
    
    
    712Thereafter
    
    
    2,943$
    9,862
  P. RETIREMENT PLANS
   Employers Accounting for Defined Benefit Pension and Other Postretirement Plans  an amendment of
FASB Statements No. 87, 88, 106 and 132(R)
 45




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##### Table of Contents



August 31,$ in thousands
    
    2009
    
    
    2008Change in benefit obligation:Benefit obligation at beginning of year
    
    $
    6,029
    
    
    $
    5,739Service cost
    
    
    
    
    
    
    41Interest cost
    
    
    347
    
    
    
    334Actuarial loss
    
    
    982
    
    
    
    283Benefits paid
    
    
    (394
    )
    
    
    (368
    )Benefit obligation at end of year
    
    $
    6,964
    
    
    $
    6,029
  August 31,$ in thousands
    
    2009
    
    
    2008Other current liabilities
    
    $
    557
    
    
    $
    356Pension benefit liability
    
    
    6,407
    
    
    
    5,673Net amount recognized
    
    $
    6,964
    
    
    $
    6,029
  August 31,$ in thousands
    
    2009
    
    
    2008Net actuarial loss
    
    $
    (3,448
    )
    
    $
    (2,572
    )Transition obligation
    
    
    (27
    )
    
    
    (96
    )Total
    
    $
    (3,475
    )
    
    $
    (2,668
    )
  August 31,2009
    
    
    2008Discount rate
    
    
    5.25
    %
    
    
    6.00
    %Assumed rates of compensation increases
    
    
    N/A
    
    
    
    3.50
    %Rate of return on underlying 401(k) investments
    
    
    7.50
    %
    
    
    7.50
    %
   For the years ended August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2007Service cost
    
    $
    
    
    
    $
    41
    
    
    $
    32Interest cost
    
    
    347
    
    
    
    334
    
    
    
    308Net amortization and deferral
    
    
    176
    
    
    
    162
    
    
    
    160Total
    
    $
    523
    
    
    $
    537
    
    
    $
    500
  46




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For the years ended August 31,2009
    
    
    2008
    
    
    2007Discount rate
    
    
    6.00
    %
    
    
    6.00
    %
    
    
    5.75
    %Assumed rates of compensation
    
    
    3.50
    %
    
    
    3.50
    %
    
    
    3.50
    %
  Fiscal Years
    
    $ in thousands2010
    
    $
    5572011
    
    
    5502012
    
    
    5432013
    
    
    5352014
    
    
    5272015  2019
    
    
    2,453
 Q. WARRANTIES
 Product Warranties
   For the years endedAugust 31,$ in thousands
    
    2009
    
    
    2008Warranties:Product warranty accrual balance, beginning of period
    
    $
    2,011
    
    
    $
    1,644Liabilities accrued for warranties during the period
    
    
    3,607
    
    
    
    3,745Warranty claims paid during the period
    
    
    (3,882
    )
    
    
    (3,378
    )Product warranty accrual balance, end of period
    
    $
    1,736
    
    
    $
    2,011
 R. INDUSTRY SEGMENT INFORMATION
     47




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##### Table of Contents



$ in thousands
    
    2009
    
    
    2008
    
    
    2007Operating revenues:Irrigation
    
    $
    255,507
    
    
    $
    374,906
    
    
    $
    216,480Infrastructure
    
    
    80,721
    
    
    
    100,181
    
    
    
    65,377Total operating revenues
    
    $
    336,228
    
    
    $
    475,087
    
    
    $
    281,857Operating income:Irrigation
    
    $
    35,504
    
    
    $
    66,848
    
    
    $
    26,283Infrastructure
    
    
    (36
    )
    
    
    9,624
    
    
    
    8,079Segment operating income
    
    $
    35,468
    
    
    
    76,472
    
    
    $
    34,362Unallocated general and administrative expenses
    
    
    (13,051
    )
    
    
    (14,233
    )
    
    
    (10,603
    )Interest and other income (expense), net
    
    
    (1,878
    )
    
    
    (1,128
    )
    
    
    374Earnings before income taxes
    
    $
    20,539
    
    
    $
    61,111
    
    
    $
    24,133Total Capital Expenditures:Irrigation
    
    $
    5,681
    
    
    $
    4,362
    
    
    $
    4,322Infrastructure
    
    
    4,819
    
    
    
    9,731
    
    
    
    10,325$
    10,500
    
    
    $
    14,093
    
    
    $
    14,647Total Depreciation and Amortization:Irrigation
    
    $
    4,191
    
    
    $
    3,862
    
    
    $
    3,551Infrastructure
    
    
    6,251
    
    
    
    5,391
    
    
    
    3,609$
    10,442
    
    
    $
    9,253
    
    
    $
    7,160Total Assets:Irrigation
    
    $
    186,558
    
    
    $
    200,535
    
    
    $
    143,893Infrastructure
    
    
    121,339
    
    
    
    125,355
    
    
    
    98,312$
    307,897
    
    
    $
    325,890
    
    
    $
    242,205
  $ in thousands
    
    2009
    
    
    2008
    
    
    2007Geographic area revenues:United States
    
    $
    200,625
    
    
    $
    309,241
    
    
    $
    192,537Europe, Africa, Australia & Middle East
    
    
    88,324
    
    
    
    104,179
    
    
    
    57,404Mexico & Latin America
    
    
    27,521
    
    
    
    42,164
    
    
    
    19,386Other International
    
    
    19,758
    
    
    
    19,503
    
    
    
    12,530Total revenues
    
    $
    336,228
    
    
    $
    475,087
    
    
    $
    281,857Geographic area long-lived assets:United States
    
    $
    88,335
    
    
    $
    87,167
    
    
    $
    64,709Europe, Africa, Australia & Middle East
    
    
    22,442
    
    
    
    24,315
    
    
    
    21,095Mexico & Latin America
    
    
    1,154
    
    
    
    1,327
    
    
    
    1,163Other International
    
    
    984
    
    
    
    
    
    
    
    Total long-lived assets
    
    $
    112,915
    
    
    $
    112,809
    
    
    $
    86,967
 48




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S. SHARE BASED COMPENSATION
 Share Based Compensation Program
   Accounting for Share Based Compensation
   49




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Share Based Compensation Information
  AverageRemaining
    
    AggregateAverage
    
    Contractual
    
    IntrinsicNumber of
    
    Exercise
    
    Term
    
    ValueShares
    
    Price
    
    (years)
    

(000s)Outstanding at August 31, 2007
    
    
    967,207
    
    
    $
    19.64
    
    
    
    4.6
    
    
    $
    20,202Granted
    
    
    
    
    
    
    Exercised
    
    
    (460,269
    )
    
    $
    18.56
    
    
    
    
    
    
    $
    32,590Forfeitures
    
    
    (604
    )
    
    $
    24.30Outstanding 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
    
    
    $
    7,370Exercisable at August 31, 2007
    
    
    715,019
    
    
    $
    19.00
    
    
    
    4.0
    
    
    $
    15,397Exercisable at August 31, 2008
    
    
    349,706
    
    
    $
    20.72
    
    
    
    4.3
    
    
    $
    21,400Exercisable at August 31, 2009
    
    
    336,084
    
    
    $
    21.51
    
    
    
    3.8
    
    
    $
    6,720
    Weighted-AverageNumber of
    
    
    Grant-DateShares
    
    
    Fair ValueRestricted stock units at August 31, 2007
    
    
    90,113
    
    
    $
    27.53Granted
    
    
    44,271
    
    
    
    51.21Vested
    
    
    (39,167
    )
    
    
    27.37Forfeited
    
    
    (6,671
    )
    
    
    35.92Restricted 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
    
    
    $
    41.52
  50




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##### Table of Contents



Weighted-AverageNumber of
    
    
    Grant-DateUnits
    
    
    Fair ValuePerformance stock units at August 31, 2007
    
    
    19,272
    
    
    $
    33.49Granted
    
    
    17,811
    
    
    
    47.27Vested
    
    
    
    
    
    
    Forfeited
    
    
    (1,892
    )
    
    
    39.34Performance stock units at August 31, 2008
    
    
    35,191
    
    
    $
    40.15Granted
    
    
    28,637
    
    
    
    43.11Vested
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    Performance stock units at August 31, 2009
    
    
    63,828
    
    
    $
    41.48
    For the years ended August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2007Share-based compensation expense included in cost of
operating revenues
    
    $
    145
    
    
    $
    218
    
    
    $
    142Research and development
    
    
    131
    
    
    
    225
    
    
    
    147Sales and marketing
    
    
    437
    
    
    
    747
    
    
    
    446General and administrative
    
    
    1,427
    
    
    
    2,326
    
    
    
    1,439Share-based compensation expense included in
operating expenses
    
    
    1,995
    
    
    
    3,298
    
    
    
    2,032Total share-based compensation expense
    
    
    2,140
    
    
    
    3,516
    
    
    
    2,174Tax benefit
    
    
    (811
    )
    
    
    (1,333
    )
    
    
    (824
    )Share-based compensation expense, net of tax
    
    $
    1,329
    
    
    $
    2,183
    
    
    $
    1,350
 51




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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, 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
    
    
    $
    29.71Year ended August 31, 2008Operating revenues
    
    $
    75,928
    
    
    $
    108,418
    
    
    $
    143,562
    
    
    $
    147,179Cost of operating revenues
    
    
    56,632
    
    
    
    78,380
    
    
    
    106,460
    
    
    
    109,783Earnings before income taxes
    
    
    6,507
    
    
    
    15,516
    
    
    
    20,308
    
    
    
    18,780Net earnings
    
    
    4,366
    
    
    
    9,680
    
    
    
    14,107
    
    
    
    11,252Diluted net earnings per share
    
    $
    0.36
    
    
    $
    0.79
    
    
    $
    1.15
    
    
    $
    0.90Market price (NYSE)High
    
    $
    54.43
    
    
    $
    81.34
    
    
    $
    131.14
    
    
    $
    130.49Low
    
    $
    38.92
    
    
    $
    52.66
    
    
    $
    64.81
    
    
    $
    73.21
 2008:
 52




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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 .
   53




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##### Table of Contents



Internal
Control  Integrated Framework
 .
  
 Changes in Internal Control over Financial Reporting
  54




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##### Table of Contents



ITEM 9B  Other Information
  COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
 
   55




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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  www.lindsay.com
 
 ITEM 11   Executive Compensation
  
 ITEM 12   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
  Equity Compensation Plan Information 
 (c)(a)
    
    
    (b)
    
    
    Number of securitiesNumber of securities
    
    
    Weighted-average
    
    
    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)
    
    
    305,099
    
    
    $
    23.21
    
    
    
    271,315Equity compensation plans not
approved by security holders (2)
    
    
    65,000
    
    
    $
    14.00
    
    
    
    Total
    
    
    370,099
    
    
    $
    21.60
    
    
    
    271,315
 
 (1)
    
    Plans approved by shareholders include the Companys 2001 and 2006 Long-Term
Incentive Plans. While certain options and rights remain outstanding under the Companys 2001
Long-Term Incentive Plan, no future equity compensation awards may be granted under this plan.(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
  56




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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, 2009, 2008, and 2007
    
    
    25Consolidated Balance Sheets at
August 31, 2009 and 2008
    
    
    26Consolidated Statements of Shareholders Equity and Comprehensive Income
for the years ended August 31, 2009, 2008, and 2007
    
    
    27Consolidated Statements of Cash Flows for the years
ended August 31, 2009, 2008, and 2007
    
    
    28Notes to Consolidated Financial Statements
    
    
    29-52Valuation and Qualifying Accounts -
Years ended August 31, 2009, 2008, and 2007
    
    
    58
  57




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##### Table of Contents



a(2) Exhibit
 Lindsay Corporation and Subsidiaries
 
 VALUATION AND QUALIFYING ACCOUNTS
 Years ended August 31, 2009, 2008 and 2007
 AdditionsBalance at
    
    Charges to
    
    Charged to
    
    
    
    
    
    Balance atbeginning
    
    costs and
    
    other
    
    
    
    
    
    end of(in thousands)
    
    of period
    
    expenses
    
    accounts
    
    Deductions
    
    periodYear 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
    
    
    
    1,409Year ended August 31, 2007:Deducted in the balance sheet from the
assets to which they apply:Reserve for guarantee losses (a)
    
    $
    110
    
    
    $
    2
    
    
    $
    
    
    
    $
    
    
    
    $
    112Allowance for doubtful accounts (b)
    
    
    595
    
    
    
    412
    
    
    
    
    
    
    
    61
    
    
    
    946Allowance for inventory obsolescence (c)
    
    
    636
    
    
    
    97
    
    
    
    
    
    
    
    22
    
    
    
    711
 
 (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. 58




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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 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, 2007.10.2
    
    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, 2001.10.3
    
    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, 2005.10.4
    
    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,
2009.10.5**
    
    Lindsay Corporation Management Incentive Plan (MIP), 2009 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, 2008.10.6
    
    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, 2008.10.7
    
    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, 2000.10.8
    
    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, 2003.10.9
    
    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, 2004.10.10
    
    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, 2007.10.11
    
    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.
 59




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##### Table of Contents



ExhibitNumber
    
    Description10.12
    
    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, 2009.10.13
    
    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, 2009.10.14
    
    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, 2009.10.15
    
    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, 2009.10.16*
    
    Employment Agreement, dated June 11, 2009, by and between the Company and Thomas D. Spears.10.17
    
    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, 2006.10.18
    
    Amendment to Employment Agreement, dated February 19, 2009, by and between Barrier Systems,
Inc., the Company and Owen S. Denman, incorporated by reference to Exhibit 10.4 of the
Companys Current Report on Form 8-K filed on February 25, 2009.10.19
    
    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, 2006.10.20
    
    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, 2006.10.21
    
    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, 2006.10.22
    
    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, 2006.10.23
    
    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, 2006.10.24
    
    Term Note incorporated by reference to Exhibit 10.2 of the Companys Current Report on Form
8-K filed on December 29, 2006.10.25
    
    Credit Agreement incorporated by reference to Exhibit 10.3 of the Companys Current Report
on Form 8-K filed on December 29, 2006.10.26
    
    First Bank Guarantee incorporated by reference to Exhibit 10.4 of the Companys Current
Report on Form 8-K filed on December 29, 2006.10.27
    
    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.
 60




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##### Table of Contents



ExhibitNumber
    
    Description10.28
    
    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, 2008.10.29
    
    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 2009 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. 61




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##### Table of Contents



SIGNATURES
 th
 LINDSAY CORPORATIONBy:
    /s/ DAVID B. DOWNINGName:
    David B. DowningTitle:
    Chief Financial Officer and
President International Division 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 Division/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
 62