##### 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, 2011
 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
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)2222 North 111th Street, Omaha, Nebraska
    
    68164(Address of principal executive offices)
    
    (Zip Code)
 402-829-6800
  Title of each class
    
    Name of each exchange on which registeredCommon Stock, $1.00 par value
    
    New York Stock Exchange, Inc. (Symbol LNN)
 Yes o No þ
 Yes o No þ
 Yes þ No o
 o o
 o
  Large accelerated filer þ
    
    Accelerated filer o
    
    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
    
    
    2-8Item 1A. Risk Factors
    
    
    9-10Item 1B. Unresolved Staff Comments
    
    
    10Item 2. Properties
    
    
    11Item 3. Legal Proceedings
    
    
    11Item 4. (Removed and Reserved)
    
    
    11Part IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
    
    
    12-13Item 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
    
    
    24Item 8. Financial Statements and Supplementary Data
    
    
    25-52Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
    
    
    53Item 9A. Controls and Procedures
    
    
    53-54Item 9B. Other Information
    
    
    54Part IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    55-56Item 11. Executive Compensation
    
    
    57Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
    
    
    57Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    57Item 14. Principal Accounting Fees and Services
    
    
    57Part IVItem 15. Exhibits, Financial Statement Schedules
    
    
    58-62SIGNATURES
    
    
    63Exhibit 21Exhibit 23Exhibit 24Exhibit 31.1Exhibit 31.2Exhibit 32




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##### Table of Contents



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




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GrowSmart ® FieldNET ®
 Other Types of Irrigation 
  Markets 
   United States Market  Zimmatic ®
  3




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




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##### Table of Contents



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




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Distribution methods and channels
 GENERAL
   For the years ended August 31,2011
    
    
    2010
    
    
    2009% of Total
    
    
    
    
    
    
    % of Total
    
    
    
    
    
    
    % of Total$ in millions
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    RevenuesUnited States
    
    $
    307.7
    
    
    
    64
    
    
    $
    204.5
    
    
    
    57
    
    
    $
    200.6
    
    
    
    60International
    
    
    171.2
    
    
    
    36
    
    
    
    153.9
    
    
    
    43
    
    
    
    135.6
    
    
    
    40Total Revenues
    
    $
    478.9
    
    
    
    100
    
    
    $
    358.4
    
    
    
    100
    
    
    $
    336.2
    
    
    
    100
 SEASONALITY
  CUSTOMERS
  ORDER BACKLOG
    6




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##### Table of Contents



® ® ® ®
 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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FINANCIAL INFORMATION ABOUT FOREIGN AND U.S. OPERATIONS
    INFORMATION AVAILABLE ON THE LINDSAY WEBSITE
 http://www.lindsay.com
 
   8




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##### Table of Contents



ITEM 1A
    
    Risk Factors
  The Companys U.S. 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 equipment sales are highly dependent on foreign market conditions and
are subject to additional risk and restrictions.
 Compliance with applicable environmental and health and safety regulations or standards may require
additional capital and operational expenditures.
   9




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The Companys sales and access to credit may be negatively affected by current economic conditions.
 The Companys consolidated financial results are reported in U.S. dollars while certain assets and
other reported items are denominated in the currencies of other countries, creating currency
translation risk.
 Expansion of the Companys business may result in unanticipated adverse consequences.
 
 ITEM 1B
    
    Unresolved Staff Comments
   10




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ITEM 2
    
    Properties
  Geographic
    
    Own/
    
    Lease
    
    
    SquareSegment
    
    Location (s)
    
    Lease
    
    Expiration
    
    
    Feet
    
    
    Property DescriptionCorporate
    
    Omaha, Nebraska
    
    Lease
    
    
    2019
    
    
    
    30,000
    
    
    The Corporate headquarters includes office space for its executive
offices, U.S. and international sales and marketing offices and
engineering laboratory space.Irrigation and
Infrastructure
    
    Lindsay, Nebraska
    
    Own
    
    
    N/A
    
    
    
    300,000
    
    
    Principal U.S. manufacturing plant consists of eight
separate buildings located on 122 acresInfrastructure
    
    Omaha, Nebraska
    
    Own
    
    
    N/A
    
    
    
    83,000
    
    
    Manufacturing plant for infrastructure products located on six acresIrrigation
    
    Hartland, Wisconsin
    
    Own
    
    
    N/A
    
    
    
    73,000
    
    
    Two commercial buildings on five acres where it designs,
manufactures and services water pumping stations and controls for
the agriculture, golf, landscape and municipal marketsIrrigation
    
    La Chapelle, France
    
    Own
    
    
    N/A
    
    
    
    72,000
    
    
    Manufacturing plant for irrigation products for the European
markets, consists of three separate buildings situated on 3.5 acresIrrigation
    
    Mogi Mirim, Sao Paulo,
Brazil
    
    Lease
    
    
    2013
    
    
    
    67,000
    
    
    Manufacturing plant for irrigation products for the South American
markets, consists of two buildingsIrrigation
    
    Tianjin, China
    
    Lease
    
    
    2013
    
    
    
    57,000
    
    
    Manufacturing plant for irrigation products for the Chinese marketsInfrastructure
    
    Milan, Italy
    
    Own
    
    
    N/A
    
    
    
    45,000
    
    
    Manufacturing plant for infrastructure productsInfrastructure
    
    Rio Vista, California
    
    Own
    
    
    N/A
    
    
    
    30,000
    
    
    Manufacturing plant for infrastructure products located on seven
acresIrrigation
    
    Pasco, Grandview, and
Othello, Washington
    
    Lease
    
    
    2014  2022
    
    
    
    26,000
    
    
    Retail irrigation operations in three leased buildingsIrrigation
    
    Paarl, South Africa
    
    Lease
    
    
    2016
    
    
    
    20,000
    
    
    Warehouse facility for the sub-Saharan Africa marketsIrrigation
    
    Milford, Nebraska
    
    Lease
    
    
    2015
    
    
    
    14,400
    
    
    Manufacturing and engineering locations related to Digitec, Inc.Irrigation
    
    Toowoomba,
Queensland,
Australia; Feilding,
New Zealand
    
    Lease
    
    
    2014
    
    
    
    8,000
    
    
    Warehouse facilities for the Australian and New Zealand MarketsIrrigation
    
    Pasco, Washington;
Hermiston, Oregon;
Portland, Oregon
    
    Lease
    
    
    2013
    
    
    
    6,000
    
    
    Office and warehouse locations related to IRZ Consulting, LLC
 
 ITEM 3
    
    Legal Proceedings
  
 ITEM 4
    
     (Removed and Reserved)
  11




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PART II
 
 ITEM 5
    
    Market For the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
   Fiscal 2011 Stock Price
    
    
    Fiscal 2010 Stock PriceHigh
    
    
    Low
    
    
    Dividends
    
    
    High
    
    
    Low
    
    
    DividendsFirst Quarter
    
    $
    66.48
    
    
    $
    37.22
    
    
    $
    0.085
    
    
    $
    45.08
    
    
    $
    31.20
    
    
    $
    0.080Second Quarter
    
    
    79.56
    
    
    
    58.00
    
    
    
    0.085
    
    
    
    47.45
    
    
    
    35.02
    
    
    
    0.080Third Quarter
    
    
    85.87
    
    
    
    61.85
    
    
    
    0.085
    
    
    
    43.92
    
    
    
    33.00
    
    
    
    0.080Fourth Quarter
    
    
    73.03
    
    
    
    47.68
    
    
    
    0.090
    
    
    
    38.19
    
    
    
    30.80
    
    
    
    0.085Year
    
    $
    85.87
    
    
    $
    37.22
    
    
    $
    0.345
    
    
    $
    47.45
    
    
    $
    30.80
    
    
    $
    0.325
  Purchases of equity securities by the issuer and affiliated purchases 
  12




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Peer Performance Table 
 
 8/31/2006
    
    
    8/31/2007
    
    
    8/31/2008
    
    
    8/31/2009
    
    
    8/31/2010
    
    
    8/31/2011Lindsay Corporation
    
    
    100.00
    
    
    
    143.20
    
    
    
    290.54
    
    
    
    148.49
    
    
    
    133.09
    
    
    
    225.76S&P Smallcap 600
    
    
    100.00
    
    
    
    114.27
    
    
    
    107.18
    
    
    
    84.96
    
    
    
    91.60
    
    
    
    113.98S&P SmallCap 600 Construction, Farm
Machinery and Heavy Truck
    
    
    100.00
    
    
    
    153.55
    
    
    
    131.99
    
    
    
    90.13
    
    
    
    101.67
    
    
    
    127.29
  13




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ITEM 6
    
    Selected Financial Data
 For the Years Ended August 31,in millions, except per share amounts
    
    2011
    
    
    2010
    
    
    2009
    
    
    2008
    
    
    2007Operating revenues (1)
    
    $
    478.9
    
    
    $
    358.4
    
    
    $
    336.2
    
    
    $
    475.1
    
    
    $
    281.9Gross profit
    
    
    129.8
    
    
    
    98.9
    
    
    
    80.6
    
    
    
    123.8
    
    
    
    69.7Operating expenses
    
    
    73.2
    
    
    
    61.1
    
    
    
    58.2
    
    
    
    61.6
    
    
    
    46.0Operating income
    
    
    56.6
    
    
    
    37.8
    
    
    
    22.4
    
    
    
    62.2
    
    
    
    23.8Net earnings
    
    
    36.8
    
    
    
    24.9
    
    
    
    13.8
    
    
    
    39.4
    
    
    
    15.6Net diluted earnings per share
    
    
    2.90
    
    
    
    1.98
    
    
    
    1.11
    
    
    
    3.20
    
    
    
    1.31Cash dividends per share
    
    
    0.345
    
    
    
    0.325
    
    
    
    0.305
    
    
    
    0.285
    
    
    
    0.265Property, plant and equipment, net
    
    
    58.5
    
    
    
    57.6
    
    
    
    59.6
    
    
    
    57.6
    
    
    
    44.3Total assets
    
    
    381.1
    
    
    
    325.5
    
    
    
    307.9
    
    
    
    325.9
    
    
    
    242.2Long-term obligations
    
    
    4.3
    
    
    
    8.6
    
    
    
    19.5
    
    
    
    25.6
    
    
    
    31.8Return on sales
    
    
    7.7
    %
    
    
    6.9
    %
    
    
    4.1
    %
    
    
    8.3
    %
    
    
    5.5
    %Return on beginning assets (2)
    
    
    11.3
    %
    
    
    8.1
    %
    
    
    4.2
    %
    
    
    16.3
    %
    
    
    8.1
    %Diluted weighted average shares
    
    
    12.692
    
    
    
    12.585
    
    
    
    12.461
    
    
    
    12.324
    
    
    
    11.964
 (1)
    
    Fiscal 2011 includes the operating results of Digitec, Inc. acquired in fourth quarter of
fiscal 2010 and WMC Technology Limited acquired in first quarter of fiscal 2011.Fiscal 2010 includes the operating results of the railroad signals and structures business
acquired from GE Transportation Systems Global Signaling, LLC in the fourth quarter of fiscal
2009.Fiscal 2008 includes the operating results of Watertronics, LLC, which was acquired in the
second quarter of fiscal 2008.Fiscal 2007 includes the operating results of Snoline S.P.A.,
which was acquired in the second quarter of fiscal 2007.(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
   14




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Overview
 Zimmatic ® , Greenfield ® ,
Stettyn  , Perrot  GrowSmart ®
    Recently Issued Accounting Pronouncements
 Disclosure of Supplementary Pro Forma
Information for Business Combinations
 Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
  15




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Presentation of Comprehensive Income Comprehensive Income
 Intangibles  Goodwill and Other
 Critical Accounting Policies and Estimates
   Inventories
  Valuation of Goodwill, Identifiable Intangible Assets and Other Long-Lived Assets
    16




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Revenue Recognition
   ®
   17




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Results of Operations
  Fiscal 2011 Compared to Fiscal 2010
  For the Years Ended
    
    
    PercentAugust 31,
    
    
    Increase$ in thousands
    
    2011
    
    
    2010
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    478,890
    
    
    $
    358,440
    
    
    
    33.6
    %Cost of operating revenues
    
    $
    349,105
    
    
    $
    259,540
    
    
    
    34.5
    %Gross profit
    
    $
    129,785
    
    
    $
    98,900
    
    
    
    31.2
    %Gross margin
    
    
    27.1
    %
    
    
    27.6
    %Operating expenses (1)
    
    $
    73,199
    
    
    $
    61,058
    
    
    
    19.9
    %Operating income
    
    $
    56,586
    
    
    $
    37,842
    
    
    
    49.5
    %Operating margin
    
    
    11.8
    %
    
    
    10.6
    %Interest expense
    
    $
    (762
    )
    
    $
    (1,557
    )
    
    
    (51.1
    )%Interest income
    
    $
    315
    
    
    $
    352
    
    
    
    (10.5
    )%Other income (expense), net
    
    $
    375
    
    
    $
    145
    
    
    
    158.6
    %Income tax provision
    
    $
    19,712
    
    
    $
    11,920
    
    
    
    65.4
    %Effective income tax rate
    
    
    34.9
    %
    
    
    32.4
    %Net earnings
    
    $
    36,802
    
    
    $
    24,862
    
    
    
    48.0
    %Irrigation
Equipment Segment (See Note O)Operating revenues
    
    $
    369,930
    
    
    $
    258,666
    
    
    
    43.0
    %Operating income (2)
    
    $
    59,703
    
    
    $
    40,869
    
    
    
    46.1
    %Operating margin (2)
    
    
    16.1
    %
    
    
    15.8
    %Infrastructure Products Segment (See Note O)Operating revenues
    
    $
    108,960
    
    
    $
    99,774
    
    
    
    9.2
    %Operating income (2)
    
    $
    11,901
    
    
    $
    11,083
    
    
    
    7.4
    %Operating margin (2)
    
    
    10.9
    %
    
    
    11.1
    %
 (1)
    
    Includes $15.0 million and $14.1 million of unallocated general and administrative
expenses for fiscal 2011 and fiscal 2010, respectively.(2)
    
    Excludes unallocated corporate general and administrative expenses. Revenues
    18




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®
 Gross Margin
  Operating Expenses
  Income Taxes
  Net Earnings
   19




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Fiscal 2010 Compared to Fiscal 2009
  For the Years Ended
    
    
    PercentAugust 31,
    
    
    Increase$ in thousands
    
    2010
    
    
    2009
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    358,440
    
    
    $
    336,228
    
    
    
    6.6
    %Cost of operating revenues
    
    $
    259,540
    
    
    $
    255,597
    
    
    
    1.5
    %Gross profit
    
    $
    98,900
    
    
    $
    80,631
    
    
    
    22.7
    %Gross margin
    
    
    27.6
    %
    
    
    24.0
    %Operating expenses (1)
    
    $
    61,058
    
    
    $
    58,214
    
    
    
    4.9
    %Operating income
    
    $
    37,842
    
    
    $
    22,417
    
    
    
    68.8
    %Operating margin
    
    
    10.6
    %
    
    
    6.7
    %Interest expense
    
    $
    (1,557
    )
    
    $
    (2,030
    )
    
    
    (23.3
    )%Interest income
    
    $
    352
    
    
    $
    934
    
    
    
    (62.3
    )%Other income (expense), net
    
    $
    145
    
    
    $
    (782
    )
    
    
    118.5
    %Income tax provision
    
    $
    11,920
    
    
    $
    6,716
    
    
    
    77.5
    %Effective income tax rate
    
    
    32.4
    %
    
    
    32.7
    %Net earnings
    
    $
    24,862
    
    
    $
    13,823
    
    
    
    79.9
    %Irrigation
Equipment Segment (See Note O)Operating revenues
    
    $
    258,666
    
    
    $
    255,507
    
    
    
    1.2
    %Operating income (2)
    
    $
    40,869
    
    
    $
    35,504
    
    
    
    15.1
    %Operating margin (2)
    
    
    15.8
    %
    
    
    13.9
    %Infrastructure Products Segment (See Note O)Operating revenues
    
    $
    99,774
    
    
    $
    80,721
    
    
    
    23.6
    %Operating income (2)
    
    $
    11,083
    
    
    $
    (36
    )
    
    
    N/AOperating margin (2)
    
    
    11.1
    %
    
    
    0.0
    %
 (1)
    
    Includes $14.1 million and $13.1 million of unallocated general and administrative
expenses for fiscal 2010 and fiscal 2009, respectively.(2)
    
    Excludes unallocated corporate general and administrative expenses. Revenues
     20




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Gross Margin
  Operating Expenses
  Income Taxes
  Net Earnings
  Liquidity and Capital Resources
        21




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Inflation
  Contractual Obligations, Commercial Commitments and Off-Balance Sheet Arrangements
  More$ in thousands
    
    Note
    
    
    
    
    
    
    Less than
    
    
    2-3
    
    
    4-5
    
    
    than 5Contractual Obligations
    
    Reference
    
    
    Total
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    YearsLeases
    
    
    L
    
    
    $
    9,718
    
    
    $
    2,295
    
    
    $
    3,125
    
    
    $
    1,845
    
    
    $
    2,453Term Note Obligation
    
    
    J
    
    
    
    8,571
    
    
    
    4,286
    
    
    
    4,285
    
    
    
    
    
    
    
    Interest Expense
    
    
    J
    
    
    
    583
    
    
    
    421
    
    
    
    162
    
    
    
    
    
    
    
    Unrecognized Tax Benefits (1)
    
    
    D
    
    
    
    1,565
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,565Supplemental Retirement Plan
    
    
    M
    
    
    
    6,787
    
    
    
    557
    
    
    
    1,079
    
    
    
    1,058
    
    
    
    4,093Total
    
    
    
    
    
    $
    27,224
    
    
    $
    7,559
    
    
    $
    8,651
    
    
    $
    2,903
    
    
    $
    8,111
 (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, 2011. Amounts for which the
year of settlement cannot be reasonably estimated have been included in the More than 5
years column.   22




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Market Conditions and Fiscal 2012 Outlook
    ®
    23




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ITEM 7A
    
    Quantitative and Qualitative Disclosures About Market Risk
       24




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ITEM 8
    
    Financial Statements and Supplementary Data
 
 Report of Independent Registered Public Accounting Firm
 
    Internal Control  Integrated Framework
  
  25




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Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Years ended August 31,(in thousands, except per share amounts)
    
    2011
    
    
    2010
    
    
    2009Operating revenues
    
    $
    478,890
    
    
    $
    358,440
    
    
    $
    336,228Cost of operating revenues
    
    
    349,105
    
    
    
    259,540
    
    
    
    255,597Gross profit
    
    
    129,785
    
    
    
    98,900
    
    
    
    80,631Operating expenses:Selling expense
    
    
    27,842
    
    
    
    23,070
    
    
    
    22,361General and administrative expense
    
    
    34,954
    
    
    
    30,196
    
    
    
    29,816Engineering and research expense
    
    
    10,403
    
    
    
    7,792
    
    
    
    6,037Total operating expenses
    
    
    73,199
    
    
    
    61,058
    
    
    
    58,214Operating income
    
    
    56,586
    
    
    
    37,842
    
    
    
    22,417Other income (expense):Interest expense
    
    
    (762
    )
    
    
    (1,557
    )
    
    
    (2,030
    )Interest income
    
    
    315
    
    
    
    352
    
    
    
    934Other income (expense), net
    
    
    375
    
    
    
    145
    
    
    
    (782
    )Earnings before income taxes
    
    
    56,514
    
    
    
    36,782
    
    
    
    20,539Income tax provision
    
    
    19,712
    
    
    
    11,920
    
    
    
    6,716Net earnings
    
    $
    36,802
    
    
    $
    24,862
    
    
    $
    13,823Basic net earnings per share
    
    $
    2.93
    
    
    $
    2.00
    
    
    $
    1.12Diluted net earnings per share
    
    $
    2.90
    
    
    $
    1.98
    
    
    $
    1.11Weighted average shares outstanding
    
    
    12,560
    
    
    
    12,451
    
    
    
    12,294Diluted effect of stock equivalents
    
    
    132
    
    
    
    134
    
    
    
    167Weighted average shares outstanding assuming dilution
    
    
    12,692
    
    
    
    12,585
    
    
    
    12,461Cash dividends per share
    
    $
    0.345
    
    
    $
    0.325
    
    
    $
    0.305
   26




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##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
 August 31,
    
    
    August 31,($ and shares in thousands, except par values)
    
    2011
    
    
    2010ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    108,167
    
    
    $
    83,418Receivables, net of allowance of $2,340 and $2,244, respectively
    
    
    79,006
    
    
    
    63,629Inventories, net
    
    
    49,524
    
    
    
    45,296Deferred income taxes
    
    
    8,598
    
    
    
    6,722Other current assets
    
    
    12,398
    
    
    
    8,946Total current assets
    
    
    257,693
    
    
    
    208,011Property, plant and equipment, net
    
    
    58,465
    
    
    
    57,646Other intangible assets, net
    
    
    28,639
    
    
    
    27,715Goodwill, net
    
    
    30,943
    
    
    
    27,395Other noncurrent assets
    
    
    5,404
    
    
    
    4,714Total assets
    
    $
    381,144
    
    
    $
    325,481LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    32,153
    
    
    $
    26,501Current portion of long-term debt
    
    
    4,286
    
    
    
    4,286Other current liabilities
    
    
    42,880
    
    
    
    36,295Total current liabilities
    
    
    79,319
    
    
    
    67,082Pension benefits liabilities
    
    
    6,231
    
    
    
    6,400Long-term debt
    
    
    4,285
    
    
    
    8,571Deferred income taxes
    
    
    12,550
    
    
    
    10,816Other noncurrent liabilities
    
    
    3,094
    
    
    
    3,005Total liabilities
    
    
    105,479
    
    
    
    95,874Shareholders equity:Preferred stock, ($1 par value, 2,000 shares authorized, no shares
issued and outstanding)
    
    
    
    
    
    
    Common stock, ($1 par value, 25,000 shares authorized,
18,374 and 18,185 shares issued at August 31, 2011
and 2010, respectively)
    
    
    18,374
    
    
    
    18,185Capital in excess of stated value
    
    
    39,058
    
    
    
    30,756Retained earnings
    
    
    302,732
    
    
    
    270,272Less treasury stock (at cost, 5,698 shares at
August 31, 2011 and 2010, respectively)
    
    
    (90,961
    )
    
    
    (90,961
    )Accumulated other comprehensive income, net
    
    
    6,462
    
    
    
    1,355Total shareholders equity
    
    
    275,665
    
    
    
    229,607Total liabilities and shareholders equity
    
    $
    381,144
    
    
    $
    325,481
   27




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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, 2008
    
    
    18,055
    
    
    
    5,843
    
    
    $
    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
    )Issuance of
common stock under stock compensation plans
    
    
    74
    
    
    
    (80
    )
    
    
    74
    
    
    
    225
    
    
    
    (157
    )
    
    
    1,277
    
    
    
    
    
    
    
    1,419Excess tax
benefits from stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    293
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    293Stock-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,074
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,074Balance at August 31, 2009
    
    
    18,129
    
    
    
    5,763
    
    
    $
    18,129
    
    
    $
    28,944
    
    
    $
    249,588
    
    
    $
    (91,998
    )
    
    $
    2,995
    
    
    $
    207,658Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,862
    
    
    
    
    
    
    
    
    
    
    
    24,862Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,640
    )
    
    
    (1,640
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23,222Cash dividends ($0.325) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,051
    )
    
    
    
    
    
    
    
    
    
    
    (4,051
    )Issuance of
common stock under stock compensation plans
    
    
    56
    
    
    
    (65
    )
    
    
    56
    
    
    
    (417
    )
    
    
    (127
    )
    
    
    1,037
    
    
    
    
    
    
    
    549Excess tax
benefits from stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    127
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    127Stock-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,102
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,102Balance at August 31, 2010
    
    
    18,185
    
    
    
    5,698
    
    
    $
    18,185
    
    
    $
    30,756
    
    
    $
    270,272
    
    
    $
    (90,961
    )
    
    $
    1,355
    
    
    $
    229,607Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,802
    
    
    
    
    
    
    
    
    
    
    
    36,802Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,107
    
    
    
    5,107Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    41,909Cash dividends ($0.345) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,342
    )
    
    
    
    
    
    
    
    
    
    
    (4,342
    )Issuance of
common stock under stock compensation plans
    
    
    189
    
    
    
    
    
    
    
    189
    
    
    
    2,547
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,736Excess tax
benefits from stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,487
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,487Stock-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,268
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,268Balance at August 31, 2011
    
    
    18,374
    
    
    
    5,698
    
    
    $
    18,374
    
    
    $
    39,058
    
    
    $
    302,732
    
    
    $
    (90,961
    )
    
    $
    6,462
    
    
    $
    275,665
   28




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##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Years Ended August 31,($ in thousands)
    
    2011
    
    
    2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    36,802
    
    
    $
    24,862
    
    
    $
    13,823Adjustments to reconcile net earnings to net cash provided by
operating activities:Depreciation and amortization
    
    
    11,734
    
    
    
    10,710
    
    
    
    10,442Provision for uncollectible accounts receivable
    
    
    388
    
    
    
    732
    
    
    
    558Deferred income taxes
    
    
    (2,828
    )
    
    
    (1,500
    )
    
    
    (1,226
    )Stock-based compensation expense
    
    
    3,474
    
    
    
    2,206
    
    
    
    2,140Other, net
    
    
    208
    
    
    
    (399
    )
    
    
    1,357Changes in assets and liabilities:Receivables
    
    
    (12,626
    )
    
    
    (22,294
    )
    
    
    43,316Inventories
    
    
    (1,826
    )
    
    
    827
    
    
    
    7,726Other current assets
    
    
    (1,430
    )
    
    
    (2,862
    )
    
    
    1,009Accounts payable
    
    
    4,780
    
    
    
    6,739
    
    
    
    (12,116
    )Other current liabilities
    
    
    8,223
    
    
    
    1,388
    
    
    
    (6,965
    )Current taxes payable
    
    
    (2,327
    )
    
    
    5,287
    
    
    
    (3,140
    )Other noncurrent assets and liabilities
    
    
    (1,517
    )
    
    
    (1,863
    )
    
    
    571Net cash provided by operating activities
    
    
    43,055
    
    
    
    23,833
    
    
    
    57,495CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (8,405
    )
    
    
    (5,784
    )
    
    
    (10,500
    )Proceeds from sale of property, plant and equipment
    
    
    80
    
    
    
    606
    
    
    
    21Acquisition of business, net of cash acquired
    
    
    (6,180
    )
    
    
    (6,436
    )
    
    
    (3,076
    )Proceeds from note receivable
    
    
    
    
    
    
    1,409
    
    
    
    (Payment) proceeds for settlement of net investment hedge
    
    
    (1,119
    )
    
    
    518
    
    
    
    859Net cash used in investing activities
    
    
    (15,624
    )
    
    
    (9,687
    )
    
    
    (12,696
    )CASH FLOWS FROM FINANCING ACTIVITIES:Issuance of common stock under stock compensation plans
    
    
    2,736
    
    
    
    549
    
    
    
    1,419Principal payments on long-term debt
    
    
    (4,286
    )
    
    
    (12,769
    )
    
    
    (6,171
    )Net borrowing on revolving line of credit
    
    
    
    
    
    
    
    
    
    
    (1,633
    )Excess tax benefits from stock-based compensation
    
    
    2,487
    
    
    
    76
    
    
    
    344Dividends paid
    
    
    (4,342
    )
    
    
    (4,051
    )
    
    
    (3,754
    )Net cash used in financing activities
    
    
    (3,405
    )
    
    
    (16,195
    )
    
    
    (9,795
    )Effect of exchange rate changes on cash
    
    
    723
    
    
    
    (462
    )
    
    
    165Net increase (decrease) in cash and cash equivalents
    
    
    24,749
    
    
    
    (2,511
    )
    
    
    35,169Cash and cash equivalents, beginning of period
    
    
    83,418
    
    
    
    85,929
    
    
    
    50,760Cash and cash equivalents, end of period
    
    $
    108,167
    
    
    $
    83,418
    
    
    $
    85,929SUPPLEMENTAL CASH FLOW INFORMATIONIncome taxes paid
    
    $
    22,057
    
    
    $
    8,368
    
    
    $
    11,081Interest paid
    
    $
    860
    
    
    $
    1,648
    
    
    $
    2,146
   29




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##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 A. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
  Irrigation Segment 
 Infrastructure Segment 
   (1) Principles of Consolidation
  (2) Reclassifications
  (3) Stock Based Compensation
    30




---



##### Table of Contents



(4) Revenue Recognition
   (5) Receivables and Allowances
  (6) Warranty Costs
  (7) Cash and Cash Equivalents
  (8) Inventories
   31




---



##### Table of Contents



(9) Property, Plant and Equipment
  (10) Goodwill and Intangible Assets
  (11) Income Taxes
   (12) Net Earnings per Share
     32




---



##### Table of Contents



(13) Use of Estimates
  (14) Derivative Instruments and Hedging Activities
      (15) Fair Value Measurements
 Fair Value Measurements and Disclosures
  
    
    Level 1  inputs to the valuation techniques are quoted prices in active markets
for identical assets or liabilities
 
    
    Level 2  inputs to the valuation techniques are other than quoted prices but are
observable for the assets or liabilities, either directly or indirectly
 
    
    Level 3  inputs to the valuation techniques are unobservable for the assets or
liabilities
  33




---



##### Table of Contents



$ in thousands
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalCash and cash equivalents
    
    $
    108,167
    
    
    $
    
    
    
    $
    
    
    
    $
    108,167Derivative Liabilities
    
    
    
    
    
    
    (634
    )
    
    
    
    
    
    
    (634
    )
  $ in thousands
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalCash and cash equivalents
    
    $
    83,418
    
    
    $
    
    
    
    $
    
    
    
    $
    83,418Derivative Assets
    
    
    
    
    
    
    16
    
    
    
    
    
    
    
    16Derivative Liabilities
    
    
    
    
    
    
    (987
    )
    
    
    
    
    
    
    (987
    )
  (16) Treasury Stock
  (17) Contingencies
  (18) Translation of Foreign Currency
   34




---



##### Table of Contents



B. ACQUISITIONS
 Business Combinations,
 IRZ Consulting, LLC
  WMC Technology Limited
   Digitec, Inc.
   35




---



##### Table of Contents



C. COMPREHENSIVE INCOME
  For the years ended August 31,$ in thousands
    
    2011
    
    
    2010
    
    
    2009Net Income
    
    $
    36,802
    
    
    $
    24,862
    
    
    $
    13,823Other comprehensive income (loss):Defined benefit pension plan
    
    
    69
    
    
    
    (50
    )
    
    
    (501
    )Cash flow hedges
    
    
    319
    
    
    
    1,201
    
    
    
    (145
    )Foreign currency translation, net of hedging activities
    
    
    4,719
    
    
    
    (2,791
    )
    
    
    (1,452
    )Total other comprehensive income (loss), net of tax
expense (benefit) of $440, $1,104 and ($81)
    
    
    5,107
    
    
    
    (1,640
    )
    
    
    (2,098
    )Total other comprehensive income
    
    $
    41,909
    
    
    $
    23,222
    
    
    $
    11,725
  For the years endedAugust 31,$ in thousands
    
    2011
    
    
    2010Accumulated other comprehensive income (loss):Defined benefit pension plan, net of tax of $1,306 and $1,348
    
    
    (2,139
    )
    
    
    (2,208
    )Cash flow hedges, net of tax of $155 and $348
    
    
    (253
    )
    
    
    (572
    )Foreign currency translation, net of hedging activities, net of tax of $1,573 and $1,368
    
    
    8,854
    
    
    
    4,135Total accumulated other comprehensive income
    
    $
    6,462
    
    
    $
    1,355
 D. INCOME TAXES
  For the years ended August 31,$ in thousands
    
    2011
        
    2010
        
    2009United States
    
    $
    53,879
    
    
    $
    34,165
    
    
    $
    18,385Foreign
    
    
    2,635
    
    
    
    2,617
    
    
    
    2,154$
    56,514
    
    
    $
    36,782
    
    
    $
    20,539
  For the years ended August 31,$ in thousands
    
    2011
    
    
    2010
    
    
    2009Current:Federal
    
    $
    18,705
    
    
    $
    11,077
    
    
    $
    6,479State
    
    
    1,309
    
    
    
    770
    
    
    
    489Foreign
    
    
    2,526
    
    
    
    1,573
    
    
    
    974Total current
    
    
    22,540
    
    
    
    13,420
    
    
    
    7,942Deferred:Federal
    
    
    (1,484
    )
    
    
    501
    
    
    
    (938
    )State
    
    
    (29
    )
    
    
    (1,364
    )
    
    
    (52
    )Foreign
    
    
    (1,315
    )
    
    
    (637
    )
    
    
    (236
    )Total deferred
    
    
    (2,828
    )
    
    
    (1,500
    )
    
    
    (1,226
    )Total income tax provision
    
    $
    19,712
    
    
    $
    11,920
    
    
    $
    6,716
  36




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##### Table of Contents



For the years ended August 31,2011
    
    
    2010
    
    
    2009$ in thousands
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %U.S. statutory rate
    
    $
    19,780
    
    
    
    35.0
    
    
    $
    12,874
    
    
    
    35.0
    
    
    $
    7,189
    
    
    
    35.0State and local taxes, net of federal tax benefit
    
    
    889
    
    
    
    1.6
    
    
    
    540
    
    
    
    1.5
    
    
    
    275
    
    
    
    1.3State tax credits
    
    
    
    
    
    
    
    
    
    
    (1,393
    )
    
    
    (3.8
    )
    
    
    
    
    
    
    Foreign tax rate differences
    
    
    (257
    )
    
    
    (0.5
    )
    
    
    (122
    )
    
    
    (0.3
    )
    
    
    (302
    )
    
    
    (1.5
    )Domestic production activities deduction
    
    
    (1,301
    )
    
    
    (2.3
    )
    
    
    (608
    )
    
    
    (1.7
    )
    
    
    (385
    )
    
    
    (1.9
    )R&D, Phone, and Fuel tax credits
    
    
    (239
    )
    
    
    (0.4
    )
    
    
    (28
    )
    
    
    (0.1
    )
    
    
    (96
    )
    
    
    (0.5
    )Other
    
    
    840
    
    
    
    1.5
    
    
    
    657
    
    
    
    1.8
    
    
    
    35
    
    
    
    0.3Effective rate
    
    $
    19,712
    
    
    
    34.9
    
    
    $
    11,920
    
    
    
    32.4
    
    
    $
    6,716
    
    
    
    32.7
   August 31,$ in thousands
    
    2011
    
    
    2010Deferred tax assets:Deferred rental revenue
    
    $
    1,233
    
    
    $
    2,148Employee benefits liability
    
    
    1,305
    
    
    
    1,273Net operating loss carryforwards
    
    
    74
    
    
    
    137Defined benefit pension plan
    
    
    1,306
    
    
    
    1,348Share-based compensation
    
    
    1,614
    
    
    
    1,515State tax credits
    
    
    802
    
    
    
    934Inventory
    
    
    789
    
    
    
    744Warranty
    
    
    1,268
    
    
    
    592Vacation
    
    
    200
    
    
    
    765Accrued expenses and allowances
    
    
    5,039
    
    
    
    3,731Total deferred tax assets
    
    $
    13,630
    
    
    $
    13,187Deferred tax liabilities:Intangible assets
    
    
    (7,088
    )
    
    
    (6,972
    )Property, plant and equipment
    
    
    (9,054
    )
    
    
    (8,760
    )Inventory
    
    
    (113
    )
    
    
    (130
    )Other
    
    
    (1,058
    )
    
    
    (1,273
    )Total deferred tax liabilities
    
    
    (17,313
    )
    
    
    (17,135
    )Net deferred tax liabilities
    
    $
    (3,683
    )
    
    $
    (3,948
    )
   37




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$ in thousands
    
    2011
    
    
    2010Unrecognized Tax Benefits at September 1
    
    $
    1,112
    
    
    $
    1,464Increases for positions taken in current year
    
    
    78
    
    
    
    42Increases for positions taken in prior years
    
    
    448
    
    
    
    63Decreases for positions taken in current year
    
    
    
    
    
    
    Decreases for positions taken in prior years
    
    
    
    
    
    
    Settlements with taxing authorities
    
    
    
    
    
    
    Reduction resulting from lapse of applicable statute of limitations
    
    
    (87
    )
    
    
    (460
    )Other increases (decreases)
    
    
    14
    
    
    
    3Unrecognized Tax Benefits at August 31
    
    $
    1,565
    
    
    $
    1,112
     The American Jobs Creation Act of 2004 (the Jobs Act)
   38




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E. INVENTORIES
 August 31,$ in thousands
    
    2011
    
    
    2010Inventory:FIFO inventory
    
    $
    22,614
    
    
    $
    19,218LIFO reserves
    
    
    (7,178
    )
    
    
    (6,263
    )LIFO inventory
    
    
    15,436
    
    
    
    12,955Weighted average inventory
    
    
    20,848
    
    
    
    15,854Other FIFO inventory
    
    
    15,407
    
    
    
    18,532Obsolescence reserve
    
    
    (2,167
    )
    
    
    (2,045
    )Total inventories
    
    $
    49,524
    
    
    $
    45,296
  August 31,2011
    
    
    2010Raw materials
    
    
    14
    %
    
    
    12
    %Work in process
    
    
    8
    %
    
    
    8
    %Finished goods and purchased parts
    
    
    78
    %
    
    
    80
    %
 F. PROPERTY, PLANT AND EQUIPMENT
 August, 31$ in thousands
    
    2011
    
    
    2010Operating property, plant and equipment:Land
    
    $
    2,859
    
    
    $
    2,757Buildings
    
    
    29,372
    
    
    
    28,294Equipment
    
    
    71,942
    
    
    
    66,754Other
    
    
    5,521
    
    
    
    3,830Total operating property, plant and equipment
    
    
    109,694
    
    
    
    101,635Accumulated depreciation
    
    
    (65,083
    )
    
    
    (58,429
    )Total operating property, plant and equipment, net
    
    $
    44,611
    
    
    $
    43,206Property held for lease:Machines
    
    
    3,907
    
    
    
    4,360Barriers
    
    
    18,198
    
    
    
    16,215Total property held for lease
    
    $
    22,105
    
    
    $
    20,575Accumulated depreciation
    
    
    (8,251
    )
    
    
    (6,135
    )Total property held for lease, net
    
    $
    13,854
    
    
    $
    14,440Property, plant and equipment, net
    
    $
    58,465
    
    
    $
    57,646
   39




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G. OTHER NONCURRENT ASSETS
 August 31,$ in thousands
    
    2011
    
    
    2010Other noncurrent assets:Cash surrender value of life insurance policies
    
    $
    2,414
    
    
    $
    2,335Split dollar life insurance
    
    
    929
    
    
    
    929Deferred income taxes
    
    
    269
    
    
    
    145Other
    
    
    1,792
    
    
    
    1,305Total noncurrent assets
    
    $
    5,404
    
    
    $
    4,714
 H. GOODWILL AND OTHER INTANGIBLE ASSETS
 Goodwill
  $ in thousands
    
    Irrigation
    
    
    Infrastructure
    
    
    TotalBalance as of September 1, 2009
    
    $
    6,978
    
    
    $
    17,196
    
    
    $
    24,174Acquisition of Digitec
    
    
    3,913
    
    
    
    
    
    
    
    3,913Foreign currency translation
    
    
    (10
    )
    
    
    (682
    )
    
    
    (692
    )Balance as of August 31, 2010
    
    
    10,881
    
    
    
    16,514
    
    
    
    27,395Acquisition of IRZ and WMC
    
    
    2,182
    
    
    
    
    
    
    
    2,182Finalization of Digitec
Acquisition
    
    
    490
    
    
    
    
    
    
    
    490Foreign currency translation
    
    
    129
    
    
    
    747
    
    
    
    876Balance as of August 31, 2011
    
    $
    13,682
    
    
    $
    17,261
    
    
    $
    30,943
 Other Intangible Assets
  August 31,2011
    
    
    2010Gross
    
    
    
    
    
    
    GrossCarrying
    
    
    Accumulated
    
    
    Carrying
    
    
    Accumulated$ in thousands
    
    Amount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationAmortizable Intangible Assets:Patents
    
    $
    26,316
    
    
    $
    (8,661
    )
    
    $
    24,520
    
    
    $
    (6,479
    )Customer relationships
    
    
    6,371
    
    
    
    (2,768
    )
    
    
    5,813
    
    
    
    (2,112
    )Non-compete agreements
    
    
    852
    
    
    
    (320
    )
    
    
    543
    
    
    
    (196
    )Other
    
    
    171
    
    
    
    (41
    )
    
    
    101
    
    
    
    (56
    )Unamortizable Intangible Assets:Tradenames
    
    
    6,719
    
    
    
    
    
    
    
    5,581
    
    
    
    Total
    
    $
    40,429
    
    
    $
    (11,790
    )
    
    $
    36,558
    
    
    $
    (8,843
    )
   40




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Fiscal Years
    
    $ in thousands2012
    
    $
    2,9092013
    
    
    2,8272014
    
    
    2,7602015
    
    
    2,4932016
    
    
    2,180
  I. OTHER CURRENT LIABILITIES
 August 31,$ in thousands
    
    2011
    
    
    2010Other current liabilities:Payroll, vacation and retirement plans
    
    $
    13,364
    
    
    $
    12,192Deferred revenue
    
    
    6,718
    
    
    
    5,813Warranty
    
    
    3,651
    
    
    
    1,862Customer deposits
    
    
    3,560
    
    
    
    1,454Dealer related liabilities
    
    
    3,198
    
    
    
    1,650International freight accrual
    
    
    1,780
    
    
    
    173Environmental remediation liability
    
    
    1,540
    
    
    
    900Workers compensation and product liability
    
    
    1,127
    
    
    
    1,148Taxes, other than income
    
    
    1,009
    
    
    
    2,156Derivative liability
    
    
    485
    
    
    
    503Income tax liability
    
    
    460
    
    
    
    2,829Other
    
    
    5,988
    
    
    
    5,615Total other current liabilities
    
    $
    42,880
    
    
    $
    36,295
 J. CREDIT ARRANGEMENTS
 Euro Line of Credit
   41




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BSI Term Note
 Financial Derivatives.
 Snoline Term Note
  Revolving Credit Agreement
     August 31,$ in thousands
    
    2011
    
    
    2010BSI Term Note
    
    $
    8,571
    
    
    $
    12,857Less current portion
    
    
    (4,286
    )
    
    
    (4,286
    )Total long-term debt
    
    $
    4,285
    
    
    $
    8,571
   42




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##### Table of Contents



Due within:1 year
    
    $
    4,2862 years
    
    
    4,2853 years
    
    
    $
    8,571
 K. FINANCIAL DERIVATIVES
  Fair Values of Derivative InstrumentsAsset (Liability) DerivativesAugust 31,
    
    
    August 31,$ in thousands
    
    Balance Sheet Location
    
    2011
    
    
    2010Derivatives designated as hedging instruments:Foreign currency forward contracts
    
    Other current liabilities
    
    $
    (218
    )
    
    $
    (66
    )Interest rate swap
    
    Other current liabilities
    
    
    (267
    )
    
    
    (437
    )Interest rate swap
    
    Other noncurrent liabilities
    
    
    (149
    )
    
    
    (484
    )Total derivatives designated as hedging instruments
    
    
    
    $
    (634
    )
    
    $
    (987
    )Derivatives not designated as hedging
instruments under SFAS No. 133:Foreign currency forward contracts
    
    Other current liabilities
    
    $
    
    
    
    $
    16
  Cash Flow Hedging Relationships
 Credit Arrangements
    43




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Amount of Gain/(Loss) Recognized in OCI$ in thousands
    
    For the years ended August 31,2011
    
    
    2010
    
    
    2009Interest rate swap
    
    $
    312
    
    
    $
    289
    
    
    $
    (2
    )Cross currency swap
    
    
    
    
    
    
    922
    
    
    
    (143
    )Foreign currency forward contracts
    
    
    7
    
    
    
    (10
    )
    
    
    Total1
    
    $
    319
    
    
    $
    1,201
    
    
    $
    (145
    )
 1
    
    Net of tax expense (benefit) of $193, $519 and ($54) for the years ended
August 31, 2011, 2010 and 2009, 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 31,2011
    
    
    2010
    
    
    2009Interest rate swap
    
    Interest Expense
    
    $
    (557
    )
    
    $
    (850
    )
    
    $
    (974
    )Cross currency swap
    
    Interest Expense
    
    
    
    
    
    
    (884
    )
    
    
    (346
    )Foreign currency
forward contracts
    
    Revenue
    
    
    (76
    )
    
    
    (8
    )
    
    
    $
    (633
    )
    
    $
    (1,742
    )
    
    $
    (1,320
    )
 Location of Gain/(Loss)Recognized in Income
    
    Gain/(Loss) Recognized in Income on$ in thousands
    
    (Ineffectiveness)
    
    Derivatives (Ineffectiveness)For the years ended August 31,2011
    
    
    2010
    
    
    2009Interest rate swap
    
    Other income (expense)
    
    $
    4
    
    
    $
    (52
    )
    
    $
    99Cross currency swap
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    $
    4
    
    
    $
    (52
    )
    
    $
    99
 Net Investment Hedging Relationships
  Amount of Gain/(Loss) Recognized in OCIon DerivativesFor the years ended August 31,$ in thousands
    
    2011
    
    
    2010
    
    
    2009Foreign currency
forward
contracts1
    
    $
    (800
    )
    
    $
    296
    
    
    $
    455
 (1)
    
    Net of tax (benefit) expense of ($489), $181 and $279 for the years ended August 31,
2011, 2010 and 2009, respectively.  44




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Derivatives Not Designated as Hedging Instruments
  L. COMMITMENTS AND CONTINGENCIES
      45




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Fiscal Years
    
    $ in thousands2012
    
    $
    2,2952013
    
    
    1,9772014
    
    
    1,1482015
    
    
    9572016
    
    
    888Thereafter
    
    
    2,453$
    9,718
  M. RETIREMENT PLANS
    August 31,$ in thousands
    
    2011
    
    
    2010Change in benefit obligation:Benefit obligation at beginning of year
    
    $
    6,957
    
    
    $
    6,964Interest cost
    
    
    334
    
    
    
    351Actuarial loss
    
    
    53
    
    
    
    259Benefits paid
    
    
    (557
    )
    
    
    (617
    )Benefit obligation at end of year
    
    $
    6,787
    
    
    $
    6,957
  August 31,$ in thousands
    
    2011
    
    
    2010Other current liabilities
    
    $
    557
    
    
    $
    557Pension
benefit liabilities
    
    
    6,230
    
    
    
    6,400Net amount recognized
    
    $
    6,787
    
    
    $
    6,957
  46




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August 31,$ in thousands
    
    2011
    
    
    2010Net actuarial loss
    
    $
    (3,445
    )
    
    $
    (3,556
    )Transition obligation
    
    
    
    
    
    
    Total
    
    $
    (3,445
    )
    
    $
    (3,556
    )
  August 31,2011
    
    
    2010Discount rate
    
    
    5.00
    %
    
    
    5.00
    %Assumed rates of compensation increases
    
    
    N/A
    
    
    
    N/ARate of return on underlying 401(k) investments
    
    
    N/A
    
    
    
    N/A
   For the years ended August 31,$ in thousands
    
    2011
    
    
    2010
    
    
    2009Service cost
    
    $
    
    
    
    $
    
    
    
    $
    Interest cost
    
    
    334
    
    
    
    351
    
    
    
    347Net amortization and deferral
    
    
    164
    
    
    
    178
    
    
    
    176Total
    
    $
    498
    
    
    $
    529
    
    
    $
    523
   For the years ended August 31,2011
    
    
    2010
    
    
    2009Discount rate
    
    
    6.00
    %
    
    
    6.00
    %
    
    
    6.00
    %Assumed rates of compensation
    
    
    N/A
    
    
    
    N/A
    
    
    
    3.50
    %
  Fiscal Years
    
    $ in thousands2012
    
    
    5572013
    
    
    5422014
    
    
    5372015
    
    
    5322016
    
    
    526Thereafter
    
    
    4,093
  47




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N. WARRANTIES
 Product Warranties
   For the years endedAugust 31,$ in thousands
    
    2011
    
    
    2010Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,862
    
    
    $
    1,736Liabilities accrued for warranties during the period
    
    
    4,865
    
    
    
    3,820Warranty claims paid during the period
    
    
    (3,076
    )
    
    
    (3,694
    )Product warranty accrual balance, end of period
    
    $
    3,651
    
    
    $
    1,862
  O. INDUSTRY SEGMENT INFORMATION
       48




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$ in thousands
    
    2011
    
    
    2010
    
    
    2009Operating revenues:Irrigation
    
    $
    369,930
    
    
    $
    258,666
    
    
    $
    255,507Infrastructure
    
    
    108,960
    
    
    
    99,774
    
    
    
    80,721Total operating revenues
    
    $
    478,890
    
    
    $
    358,440
    
    
    $
    336,228Operating income:Irrigation
    
    $
    59,703
    
    
    $
    40,869
    
    
    $
    35,504Infrastructure
    
    
    11,901
    
    
    
    11,083
    
    
    
    (36
    )Segment operating income
    
    $
    71,604
    
    
    $
    51,952
    
    
    $
    35,468Unallocated general and administrative
expenses
    
    
    (15,018
    )
    
    
    (14,110
    )
    
    
    (13,051
    )Interest and other income (expense), net
    
    
    (72
    )
    
    
    (1,060
    )
    
    
    (1,878
    )Earnings before income taxes
    
    $
    56,514
    
    
    $
    36,782
    
    
    $
    20,539Total Capital Expenditures:Irrigation
    
    $
    5,490
    
    
    $
    3,125
    
    
    $
    5,681Infrastructure
    
    
    2,915
    
    
    
    2,659
    
    
    
    4,819$
    8,405
    
    
    $
    5,784
    
    
    $
    10,500Total Depreciation and Amortization:Irrigation
    
    $
    6,009
    
    
    $
    4,597
    
    
    $
    4,191Infrastructure
    
    
    5,725
    
    
    
    6,113
    
    
    
    6,251$
    11,734
    
    
    $
    10,710
    
    
    $
    10,442Total Assets:Irrigation
    
    $
    267,275
    
    
    $
    206,885
    
    
    $
    186,558Infrastructure
    
    
    113,869
    
    
    
    118,596
    
    
    
    121,339$
    381,144
    
    
    $
    325,481
    
    
    $
    307,897
  For the years ended August 31,$ in thousands
    
    2011
    
    
    2010
    
    
    2009% of Total
    
    
    
    
    
    
    % of Total
    
    
    
    
    
    
    % of TotalRevenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    RevenuesUnited States
    
    $
    307,694
    
    
    
    64
    
    
    $
    204,465
    
    
    
    57
    
    
    $
    200,625
    
    
    
    60International
    
    
    171,196
    
    
    
    36
    
    
    
    153,975
    
    
    
    43
    
    
    
    135,603
    
    
    
    40Total Revenues
    
    $
    478,890
    
    
    
    100
    
    
    $
    358,440
    
    
    
    100
    
    
    $
    336,228
    
    
    
    100
 For the years ended August 31,$ in thousands
    
    2011
    
    
    2010
    
    
    2009% of Total
    
    
    
    
    
    
    % of Total
    
    
    
    
    
    
    % of TotalLong-Lived
    
    
    Long-Lived
    
    
    Long-Lived
    
    
    Long-Lived
    
    
    Long-Lived
    
    
    Long-LivedAssets
    
    
    Assets
    
    
    Assets
    
    
    Assets
    
    
    Assets
    
    
    AssetsUnited States
    
    $
    91,564
    
    
    
    78
    
    
    $
    89,935
    
    
    
    80
    
    
    $
    88,335
    
    
    
    78Italy
    
    
    19,578
    
    
    
    16
    
    
    
    17,810
    
    
    
    16
    
    
    
    21,429
    
    
    
    19International
    
    
    6,905
    
    
    
    6
    
    
    
    5,011
    
    
    
    4
    
    
    
    3,151
    
    
    
    3Total
Long-Lived Assets
    
    $
    118,047
    
    
    
    100
    
    
    $
    112,756
    
    
    
    100
    
    
    $
    112,915
    
    
    
    100
  49




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P. SHARE BASED COMPENSATION
 Share Based Compensation Program
   Share Based Compensation Information
  AverageRemainingAverage
    
    
    Contractual
    
    
    AggregateNumber of
    
    
    Exercise
    
    
    Term
    
    
    IntrinsicShares
    
    
    Price
    
    
    (years)
    
    
    Value (000s)Outstanding
at August 31, 2009
    
    
    370,099
    
    
    $
    21.60
    
    
    
    3.9
    
    
    $
    7,370Granted
    
    
    
    
    
    
    Exercised
    
    
    (78,324
    )
    
    $
    15.50
    
    
    
    
    
    
    $
    2,042Forfeitures
    
    
    (150
    )
    
    $
    24.29Outstanding at
August 31, 2010
    
    
    291,625
    
    
    $
    23.23
    
    
    
    3.7
    
    
    $
    3,977Granted
    
    
    
    
    
    
    Exercised
    
    
    (153,700
    )
    
    $
    23.28
    
    
    
    
    
    
    $
    7,001Forfeitures
    
    
    (1,350
    )
    
    $
    24.33Outstanding at
August 31, 2011
    
    
    136,575
    
    
    $
    23.17
    
    
    
    3.1
    
    
    $
    5,331
   50




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##### Table of Contents



Weighted-AverageNumber of
    
    
    Grant-DateShares
    
    
    Fair ValueRestricted stock units at August 31, 2009
    
    
    76,727
    
    
    $
    41.52Granted
    
    
    45,583
    
    
    
    34.17Vested
    
    
    (41,376
    )
    
    
    39.25Forfeited
    
    
    (5,841
    )
    
    
    35.38Restricted stock units at August 31, 2010
    
    
    75,093
    
    
    $
    38.61Granted
    
    
    40,699
    
    
    
    55.27Vested
    
    
    (40,337
    )
    
    
    43.91Forfeited
    
    
    (3,629
    )
    
    
    51.17Restricted stock units at August 31, 2011
    
    
    71,826
    
    
    $
    47.99
   Weighted-AverageNumber of
    
    
    Grant-DateUnits
    
    
    Fair ValuePerformance stock units at August 31, 2009
    
    
    63,828
    
    
    $
    41.48Granted
    
    
    45,608
    
    
    
    32.81Vested
    
    
    (18,183
    )
    
    
    33.49Forfeited
    
    
    (3,552
    )
    
    
    32.81Performance stock units at August 31, 2010
    
    
    87,701
    
    
    $
    38.98Granted
    
    
    27,932
    
    
    
    55.45Vested
    
    
    (17,008
    )
    
    
    47.27Forfeited
    
    
    
    
    
    
    Performance stock units at August 31, 2011
    
    
    98,625
    
    
    $
    42.21
   51




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##### Table of Contents



For the years ended August 31,$ in thousands
    
    2011
    
    
    2010
    
    
    2009Share-based compensation expense included in cost of operating revenues
    
    $
    157
    
    
    $
    123
    
    
    $
    145Research and development
    
    
    120
    
    
    
    60
    
    
    
    131Sales and marketing
    
    
    574
    
    
    
    360
    
    
    
    437General and administrative
    
    
    2,623
    
    
    
    1,663
    
    
    
    1,427Share-based compensation expense included in operating expenses
    
    
    3,317
    
    
    
    2,083
    
    
    
    1,995Total share-based compensation expense
    
    
    3,474
    
    
    
    2,206
    
    
    
    2,140Tax benefit
    
    
    (1,317
    )
    
    
    (836
    )
    
    
    (811
    )Share-based compensation expense, net of tax
    
    $
    2,157
    
    
    $
    1,370
    
    
    $
    1,329
 Q. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 First
    
    
    Second
    
    
    Third
    
    
    Fourth$ in thousands, except per share amounts
    
    Quarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterYear ended August 31, 2011Operating revenues
    
    $
    89,166
    
    
    $
    120,168
    
    
    $
    153,446
    
    
    $
    116,110Cost of operating revenues
    
    
    64,943
    
    
    
    86,159
    
    
    
    111,947
    
    
    
    86,056Earnings before income taxes
    
    
    6,577
    
    
    
    17,001
    
    
    
    23,159
    
    
    
    9,777Net earnings
    
    
    4,286
    
    
    
    11,325
    
    
    
    15,289
    
    
    
    5,902Diluted net earnings per share1
    
    $
    0.34
    
    
    $
    0.89
    
    
    $
    1.20
    
    
    $
    0.46Market price (NYSE)High
    
    $
    66.48
    
    
    $
    79.56
    
    
    $
    85.87
    
    
    $
    73.03Low
    
    $
    37.22
    
    
    $
    58.00
    
    
    $
    61.85
    
    
    $
    47.68Year ended August 31, 2010Operating revenues
    
    $
    85,970
    
    
    $
    85,196
    
    
    $
    100,073
    
    
    $
    87,201Cost of operating revenues
    
    
    60,166
    
    
    
    63,067
    
    
    
    74,818
    
    
    
    61,489Earnings (loss) before income taxes
    
    
    10,928
    
    
    
    6,556
    
    
    
    9,636
    
    
    
    9,662Net earnings
    
    
    6,677
    
    
    
    5,978
    
    
    
    6,248
    
    
    
    5,959Diluted net earnings per share1
    
    $
    0.53
    
    
    $
    0.48
    
    
    $
    0.49
    
    
    $
    0.48Market price (NYSE)High
    
    $
    45.08
    
    
    $
    47.45
    
    
    $
    43.92
    
    
    $
    38.19Low
    
    $
    31.20
    
    
    $
    35.02
    
    
    $
    33.00
    
    
    $
    30.80
 1
    
    The quarterly diluted net earnings per share is calculated based on the weighted average shares outstanding assuming
dilution for the quarter. There may be rounding differences between the sum of the quarterly diluted net earnings per share
amounts and the year-to-date diluted net earnings per share.  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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Internal
Control  Integrated Framework
   
 Changes in Internal Control over Financial Reporting
  
 ITEM 9B
    
    Other Information
   54




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##### Table of Contents



PART III
 
 ITEM 10
    
    Directors, Executive Officers and Corporate Governance
   Age
    
    PositionRichard W. Parod
    
    58
    
    President and Chief Executive OfficerJames C. Raabe
    
    51
    
    Vice President and Chief Financial OfficerSteven S. Cotariu
    
    53
    
    President  Infrastructure BusinessDavid B. Downing
    
    56
    
    President  International OperationsBarry A. Ruffalo
    
    41
    
    President  Irrigation BusinessDouglas A. Taylor*
    
    48
    
    President  Technology BusinessEric R. Arneson*
    
    37
    
    Vice President, General Counsel and SecretaryDan G. Keller*
    
    52
    
    Vice President  Human ResourcesMark A. Roth*
    
    36
    
    Vice President  Corporate Development and TreasurerLori L. Zarkowski*
    
    36
    
    Chief Accounting Officer
 *
    
    The employee is not an executive officer of the Registrant.      55




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##### Table of Contents



Section 16(a) Beneficial Ownership Reporting Compliance
 Code of Ethics  www.lindsay.com
  56




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##### Table of Contents



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)(2)
    
    
    301,368
    
    
    $
    23.17
    
    
    
    357,425Total
    
    
    301,368
    
    
    $
    23.17
    
    
    
    357,425
 (1)
    
    Plans approved by shareholders include the Companys 2001, 2006 and 2010
Long-Term Incentive Plans. While certain share based awards remain outstanding under the Companys
2001 and 2006 Long-Term Incentive Plans, no future equity compensation awards may be granted under
such plans.(2)
    
    Column (a) includes (i) 98,625 shares that could be issued under
performance stock units (PSU) outstanding at August 31, 2011, and (ii) 66,168 shares that could
be issued under restricted stock units (RSU) outstanding at August 31, 2011. The PSUs are earned
and Common Stock issued if certain predetermined performance criteria are met. Actual shares
issued may be equal to, less than or greater than (but not more than 200% of) the number of
outstanding PSUs included in column (a), depending on actual performance. The RSUs vest and are
payable in Common Stock after the expiration of the time periods set forth in the related
agreements. Column (b) does not take these PSU and RSU awards into account because they do not
have an exercise price. 
 ITEM 13
    
    Certain Relationships and Related Transactions, and Director Independence
 Related Party
Transactions
 
 ITEM 14
    
    Principal Accounting Fees and Services
   57




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##### Table of Contents



PART IV
 
 ITEM 15
    
    Exhibits, Financial Statement Schedules
   PageReport of Independent Registered Public Accounting Firm
    
    
    25Consolidated Statements of Operations for the years ended August 31, 2011, 2010, and 2009
    
    
    26Consolidated Balance Sheets at August 31, 2011 and 2010
    
    
    27Consolidated Statements of Shareholders Equity and Comprehensive Income for the years ended August 31, 2011, 2010, and 2009
    
    
    28Consolidated Statements of Cash Flows for the years ended August 31, 2011, 2010, and 2009
    
    
    29Notes to Consolidated Financial Statements
    
    
    30-52Valuation and Qualifying Accounts  Years ended August 31, 2011, 2010, and 2009
    
    
    59
   58




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##### Table of Contents



a(2) Exhibit
 Lindsay Corporation and Subsidiaries
 
 VALUATION AND QUALIFYING ACCOUNTS
 Years ended August 31, 2011, 2010 and 2009
 AdditionsBalance at
    
    
    Charges to
    
    
    Charged to
    
    
    
    
    
    
    Balance atbeginning
    
    
    costs and
    
    
    other
    
    
    
    
    
    
    end of(in thousands)
    
    of period
    
    
    expenses
    
    
    accounts
    
    
    Deductions
    
    
    periodYear ended August 31, 2011:Deducted in the balance sheet from the
assets to which they apply:Allowance for doubtful accounts (a)
    
    
    2,244
    
    
    
    388
    
    
    
    
    
    
    
    292
    
    
    
    2,340Allowance for inventory
obsolescence (b)
    
    
    2,045
    
    
    
    426
    
    
    
    (2
    )
    
    
    302
    
    
    
    2,167Year ended August 31, 2010:Deducted in the balance sheet from the
assets to which they apply:Allowance for doubtful accounts (a)
    
    
    1,864
    
    
    
    732
    
    
    
    4
    
    
    
    356
    
    
    
    2,244Allowance for inventory
obsolescence (b)
    
    
    1,643
    
    
    
    984
    
    
    
    60
    
    
    
    642
    
    
    
    2,045Year ended August 31, 2009:Deducted in the balance sheet from the
assets to which they apply:Allowance for doubtful accounts (a)
    
    
    1,457
    
    
    
    554
    
    
    
    
    
    
    
    147
    
    
    
    1,864Allowance for inventory
obsolescence (b)
    
    
    1,409
    
    
    
    492
    
    
    
    
    
    
    
    258
    
    
    
    1,643
 (a)
    
    Deductions consist of uncollectible items written off, less recoveries of items previously
written off.(b)
    
    Deductions consist of obsolete items sold or scrapped.  59




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##### Table of Contents



a(3) EXHIBIT INDEX
 ExhibitNumber
    
    Description3.1
    
    
    Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit
3.1 to the Companys Current Report on Form 8-K filed on December 14, 2006.3.2
    
    
    Restated By-Laws of the Company, incorporated by reference to Exhibit 3.1 to the Companys
Current Report on Form 8-K filed on November 6, 2007.4.1
    
    
    Specimen Form of Common Stock Certificate incorporated by reference to Exhibit 4(a) to the
Companys Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2006.10.1
    
    
    Lindsay Corporation 2010 Long-Term Incentive Plan and forms of award agreements, incorporated
by reference to Exhibit 10.1 to the Companys Quarterly Report on Form 10-Q for the fiscal
quarter ended May 31, 2010.10.2
    
    
    Lindsay Manufacturing Co. 2006 Long-Term Incentive Plan and forms of award agreements,
incorporated by reference to Exhibit 10(a) to the Companys Annual Report on Form 10-K for the
fiscal year ended August 31, 2007.10.3
    
    
    Lindsay Manufacturing Co. 2001 Amended and Restated Long-Term Incentive Plan, incorporated by
reference to Exhibit 10(i) of the Companys Annual Report on Form 10-K for the fiscal year
ended August 31, 2001.10.4
    
    
    Amendment to Lindsay Manufacturing Co. 2001 Amended and Restated Long-Term Incentive Plan,
incorporated by reference to Exhibit 10(k) to the Companys Annual Report on Form 10-K for the
fiscal year ended August 31, 2005.10.5
    
    
    Lindsay Corporation Management Incentive Umbrella Plan, incorporated by reference to Exhibit
10.1 to the Companys Quarterly Report on Form 10-Q for the fiscal quarter ended February 28,
2009.10.6
    **
    
    Lindsay Corporation Management Incentive Plan (MIP), 2011 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, 2010.10.7
    
    
    Form of Indemnification Agreement between the Company and its Officers and Directors, ,
incorporated by reference to Exhibit 10.2 to the Companys Quarterly Report on Form 10-Q for
the fiscal quarter ended November 30, 2008.10.8
    
    
    Employment Agreement between the Company and Richard W. Parod effective March 8, 2000,
incorporated by reference to Exhibit 10(a) to the Companys Report on Form 10-Q for the fiscal
quarter ended May 31, 2000.10.9
    
    
    First Amendment to Employment Agreement, dated May 2, 2003, between the Company and Richard
W. Parod, incorporated by reference to Exhibit 10 (a) of Amendment No. 1 to the Companys
Report on Form 10-Q for the fiscal quarter ended May 31, 2003.10.10
    
    
    Second Amendment to Employment Agreement, dated December 22, 2004, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10(a) to the Companys Current Report
on Form 8-K filed on December 27, 2004.10.11
    
    
    Third Amendment to Employment Agreement, dated March 20, 2007, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.1 to the Companys Current Report on
Form 8-K filed on March 22, 2007.
  60




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##### Table of Contents



ExhibitNumber
    
    Description10.12
    
    
    Fourth Amendment to Employment Agreement, dated December 22, 2008, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.2 of the Companys Current Report on
Form 8-K filed on January 30, 2009.10.13
    
    
    Fifth Amendment to Employment Agreement, dated January 26, 2009, between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.1 of the Companys Current Report on
Form 8-K filed on January 30, 2009.10.14
    
    
    Restated Sixth Amendment, effective February 25, 2010, by and between the Company and
Richard W. Parod, incorporated by reference to Exhibit 10.2 of the Companys Quarterly Report
on Form 10-Q for the fiscal quarter ended February 28, 2010.10.15
    
    
    Seventh Amendment to Employment Agreement, dated January 31, 2011, 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 February 3, 2011.10.16
    
    
    Employment Agreement, dated May 5, 2011, between the Company and James Raabe, incorporated
by reference to Exhibit 10.1 of the Companys Current Report on Form 8-K filed on May 10, 2011.10.17
    
    
    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, 2009.10.18
    
    
    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, 2009.10.19
    
    
    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, 2009.10.20
    
    
    Employment Agreement, dated August 13, 2010, by and between the Company and Steve Cotariu,
incorporated by reference to Exhibit 10.19 of the Companys Annual Report on Form 10-K for the
fiscal year ended August 31, 2010.10.21
    
    
    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, 2006.10.22
    
    
    Amended and Restated Credit Agreement, dated June 1, 2006, by and between the Company and
Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.5 to the Companys Quarterly
Report on Form 10-Q for the fiscal quarter ended on February 28, 2010.10.23
    
    
    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, 2006.10.24
    
    
    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, 2006.10.25
    
    
    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, 2006.10.26
    
    
    Term Note, dated December 27, 2006, by Snoline S.pA. (successor in interest to Lindsay
Italia, S.r.l.) in favor of Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.2
of the Companys Current Report on Form 8-K filed on December 29, 2006.
  61




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##### Table of Contents



ExhibitNumber
    
    Description10.27
    
    
    Credit Agreement, dated December 27, 2006, by and between Snoline S.pA. (successor in
interest to Lindsay Italia, S.r.l.) and Wells Fargo Bank, N.A., incorporated by reference to
Exhibit 10.3 of the Companys Current Report on Form 8-K filed on December 29, 2006.10.28
    
    
    Restated First Amendment to Credit Agreement, dated January 23, 2010, by and between Snoline
S.p.A. and Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.4 to the Companys
Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2010.10.29
    
    
    First Bank Guarantee, dated December 27, 2006, by the Company in favor of Wells Fargo Bank,
N.A., incorporated by reference to Exhibit 10.4 of the Companys Current Report on Form 8-K
filed on December 29, 2006.10.30
    
    
    Revolving Credit Note, dated January 24, 2008, by and between the Company and Wells Fargo
Bank, N.A., incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form
8-K filed on January 30, 2008.10.31
    
    
    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, 2008.10.32
    
    
    First Amendment to Revolving Credit Agreement, dated January 23, 2010, by and between the
Company and Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.1 of the Companys
Current Report on Form 8-K filed on January 26, 2010.10.33
    
    
    Second Amendment to Credit Agreement, dated January 23, 2011, by and between the Company and
Wells Fargo Bank, N.A., incorporated by reference to Exhibit 10.1 of the Companys Current
Report on Form 8-K filed on January 26, 2011.10.34
    
    
    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 2011 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.  62




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##### Table of Contents



SIGNATURES
 th
 LINDSAY CORPORATIONBy:
    
    /s/ JAMES C. RAABEName:
    
    James C. RaabeTitle:
    
    Vice President and Chief Financial Officer
 th
 /s/Richard W. Parod

Richard W. Parod
    
    Director, President and Chief Executive Officer (Principal
Executive Officer)/s/ James C. Raabe

James C. Raabe
    
    Vice President and Chief Financial Officer (Principal
Financial Officer and Principal 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
  63