##### 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, 2008
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission File Number 1-13419
 Lindsay Corporation
  Delaware
    
    47-0554096(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 2707 North 108th Street, Suite 102, 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)
 þ o
 o þ
 þ o
 þ
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer   o
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 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
    
    11-12Part IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    13Item 6. Selected Financial Data
    
    13Item 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
    
    54Part 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
    
    57-60SIGNATURES
    
    61EXHIBIT 10.22EXHIBIT 21EXHIBIT 23EXHIBIT 24EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 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  General.
   United States Market  Zimmatic
 3




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




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® ®   ®    ®
 Specialty Barriers      
 Road Marking and Road Safety Equipment
 Contract Manufacturing
 Markets
  Competition 
 5




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##### Table of Contents



Distribution methods and channels
 GENERAL
   For the years ended August 31,2008
    
    
    2007
    
    
    2006% of Total
    
    
    
    
    
    
    % of Total
    
    
    
    
    
    
    % of Total$ in millions
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    Revenues
    
    
    RevenuesUnited States
    
    $
    309.2
    
    
    
    65
    
    
    $
    192.5
    
    
    
    68
    
    
    $
    167.5
    
    
    
    74Europe, Africa, Australia & Middle East
    
    
    104.2
    
    
    
    22
    
    
    
    57.4
    
    
    
    20
    
    
    
    33.5
    
    
    
    15Mexico & Latin America
    
    
    42.2
    
    
    
    9
    
    
    
    19.4
    
    
    
    7
    
    
    
    21.1
    
    
    
    9Other International
    
    
    19.5
    
    
    
    4
    
    
    
    12.6
    
    
    
    5
    
    
    
    3.9
    
    
    
    2Total Revenues
    
    $
    475.1
    
    
    
    100
    
    
    $
    281.9
    
    
    
    100
    
    
    $
    226.0
    
    
    
    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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SUBSIDIARIES
           FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS
    INFORMATION AVAILABLE ON LINDSAY WEBSITE
 http://www.lindsay.com
 8




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New York Stock Exchange Certification
  
 ITEM 1A  Risk Factors
  The Companys domestic and international irrigation equipment sales are highly dependent on the
agricultural industry.
 The Companys infrastructure revenues are highly dependent on government funding of transportation
projects
 The Companys profitability may be negatively affected by increases in the cost of raw materials,
as well as in the cost of energy.
 The Companys international irrigation equipment sales are highly dependent on foreign market
conditions.
 9




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Compliance with applicable environmental 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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##### Table of Contents



ITEM 3  Legal Proceedings
  
 ITEM 4  Submission of Matters to a Vote of Security Holders
  EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES OF THE REGISTRANT
  Age
    
    PositionRichard W. Parod
    
    
    55
    
    
    President and Chief Executive OfficerOwen S. Denman
    
    
    60
    
    
    President and CEO, Barrier Systems, Inc.David B. Downing
    
    
    53
    
    
    President  Lindsay InternationalBarry A. Ruffalo
    
    
    38
    
    
    President  North American IrrigationTim J. Paymal
    
    
    34
    
    
    Vice President and Chief Accounting OfficerDan G. Keller*
    
    
    49
    
    
    Vice President  Human ResourcesMark A. Roth*
    
    
    33
    
    
    Vice President  Corporate Development and TreasurerLori L. Zarkowski
    
    
    33
    
    
    Corporate ControllerDouglas A. Taylor*
    
    
    45
    
    
    Vice President and Chief Information OfficerEric R. Arneson*
    
    
    34
    
    
    Vice President, General Counsel and Secretary
 
 *
    
    The employee is not an executive officer of the Registrant.   11




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12




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PART II
 
 ITEM 5  Market For the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
   Fiscal 2008 Stock Price
    
    Fiscal 2007 Stock PriceHigh
    
    Low
    
    Dividends
    
    High
    
    Low
    
    DividendsFirst Quarter
    
    $
    54.43
    
    
    $
    38.92
    
    
    $
    0.070
    
    
    $
    36.62
    
    
    $
    28.01
    
    
    $
    0.065Second Quarter
    
    
    81.34
    
    
    
    52.66
    
    
    
    0.070
    
    
    
    37.77
    
    
    
    28.55
    
    
    
    0.065Third Quarter
    
    
    131.14
    
    
    
    64.81
    
    
    
    0.070
    
    
    
    35.65
    
    
    
    29.55
    
    
    
    0.065Fourth Quarter
    
    
    130.49
    
    
    
    73.21
    
    
    
    0.075
    
    
    
    50.65
    
    
    
    32.83
    
    
    
    0.070Year
    
    $
    131.14
    
    
    $
    38.92
    
    
    $
    0.285
    
    
    $
    50.65
    
    
    $
    28.01
    
    
    $
    0.265
 Purchases of equity securities by the issuer and affiliated purchases 
 
 ITEM 6  Selected Financial Data
 For the Years Ended August 31,In millions, except per share amounts
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Operating revenues (1)
    
    $
    475.1
    
    
    $
    281.9
    
    
    $
    226.0
    
    
    $
    177.3
    
    
    $
    196.7Gross profit
    
    
    123.8
    
    
    
    69.7
    
    
    
    48.2
    
    
    
    33.6
    
    
    
    39.5Operating expenses
    
    
    61.6
    
    
    
    46.0
    
    
    
    32.7
    
    
    
    28.1
    
    
    
    27.5Operating income
    
    
    62.2
    
    
    
    23.8
    
    
    
    15.5
    
    
    
    5.5
    
    
    
    12.0Net earnings
    
    
    39.4
    
    
    
    15.6
    
    
    
    11.7
    
    
    
    4.8
    
    
    
    9.3Net diluted earnings per share
    
    
    3.20
    
    
    
    1.31
    
    
    
    1.00
    
    
    
    0.41
    
    
    
    0.78Cash dividends per share
    
    
    0.285
    
    
    
    0.265
    
    
    
    0.245
    
    
    
    0.225
    
    
    
    0.205Property, plant and equipment, net
    
    
    57.6
    
    
    
    44.3
    
    
    
    27.0
    
    
    
    17.3
    
    
    
    16.4Total assets
    
    
    326.9
    
    
    
    242.2
    
    
    
    192.2
    
    
    
    134.8
    
    
    
    139.0Long-term obligations
    
    
    25.6
    
    
    
    31.8
    
    
    
    25.7
    
    
    
    
    
    
    
    Return on sales
    
    
    8.3
    %
    
    
    5.5
    %
    
    
    5.2
    %
    
    
    2.7
    %
    
    
    4.7
    %Return on beginning assets (2)
    
    
    16.3
    %
    
    
    8.1
    %
    
    
    8.7
    %
    
    
    3.5
    %
    
    
    7.1
    %Diluted weighted average shares
    
    
    12.324
    
    
    
    11.964
    
    
    
    11.712
    
    
    
    11.801
    
    
    
    11.947
 
 (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. 13




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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
 Fair Value Measurements
 The Fair Value Option for Financial Assets and
Financial Liabilities,
 Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement
Split-Dollar Life Insurance Arrangements, Accounting for Collateral Assignment Split-Dollar Life
Insurance Arrangements,
 Business Combinations
 Disclosures about Derivative Instruments and
Hedging Activities  an amendment to SFAS No. 133
 The Hierarchy of Generally Accepted Accounting
Principles
 Determination of the Useful
Life of Intangible Assets Goodwill and Other Intangible Assets,
 Critical Accounting Policies and Estimates
  15




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Inventories
  16




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Results of Operations
  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)
    
    $
    75,544
    
    
    $
    33,460
    
    
    
    125.8
    %Operating margin (2)
    
    
    20.2
    %
    
    
    15.5
    %Infrastructure Products SegmentOperating revenues
    
    $
    100,181
    
    
    $
    65,377
    
    
    
    53.2
    %Operating income (2)
    
    $
    16,705
    
    
    $
    14,196
    
    
    
    17.7
    %Operating margin (2)
    
    
    16.7
    %
    
    
    21.7
    %
 
 (1)
    
    Includes $30.0 million and $23.9 million of unallocated general and administrative
expenses for fiscal 2008 and fiscal 2007, respectively.(2)
    
    Excludes unallocated general and administrative expenses. Revenues
     17




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Gross Margin
  Operating Expenses
  Interest Expense and Interest Income
   Taxes
   Net Earnings
  18




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Fiscal 2007 Compared to Fiscal 2006
  For the Years Ended
    
    PercentAugust 31,
    
    Increase$ in thousands
    
    2007
    
    2006
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    281,857
    
    
    $
    226,001
    
    
    
    24.7
    %Cost of operating revenues
    
    $
    212,125
    
    
    $
    177,760
    
    
    
    19.3
    %Gross profit
    
    $
    69,732
    
    
    $
    48,241
    
    
    
    44.5
    %Gross margin
    
    
    24.7
    %
    
    
    21.3
    %Operating expenses (1)
    
    $
    45,973
    
    
    $
    32,739
    
    
    
    40.4
    %Operating income
    
    $
    23,759
    
    
    $
    15,502
    
    
    
    53.3
    %Operating margin
    
    
    8.4
    %
    
    
    6.9
    %Interest expense
    
    $
    (2,399
    )
    
    $
    (697
    )
    
    
    244.2
    %Interest income
    
    $
    2,162
    
    
    $
    2,101
    
    
    
    2.9
    %Other income (expense), net
    
    $
    611
    
    
    $
    503
    
    
    
    21.5
    %Income tax provision
    
    $
    8,513
    
    
    $
    5,709
    
    
    
    49.1
    %Effective income tax rate
    
    
    35.3
    %
    
    
    32.8
    %Net earnings
    
    $
    15,620
    
    
    $
    11,700
    
    
    
    33.5
    %Irrigation Equipment Segment (See Note R)Operating revenues
    
    $
    216,480
    
    
    $
    193,673
    
    
    
    11.8
    %Operating income (2)
    
    $
    33,460
    
    
    $
    25,513
    
    
    
    31.1
    %Operating margin (2)
    
    
    15.5
    %
    
    
    13.2
    %Infrastructure Products SegmentOperating revenues
    
    $
    65,377
    
    
    $
    32,328
    
    
    
    102.2
    %Operating income (2)
    
    $
    14,196
    
    
    $
    7,055
    
    
    
    101.2
    %Operating margin (2)
    
    
    21.7
    %
    
    
    21.8
    %
 
 (1)
    
    Includes $23.9 million and $17.1 million of unallocated general and administrative
expenses for fiscal 2007 and fiscal 2006, respectively.(2)
    
    Excludes unallocated general and administrative expenses. Beginning in the fiscal quarter of
fiscal 2007, engineering and research expenses have been allocated to each of the Companys
reporting segments; prior year disclosures have been modified accordingly. Revenues
     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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
  Inflation
  21




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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
    
    $
    3,963
    
    
    $
    1,332
    
    
    $
    1,654
    
    
    $
    416
    
    
    $
    561Term Note Obligation
    
    M
    
    
    31,796
    
    
    
    6,171
    
    
    
    12,342
    
    
    
    12,342
    
    
    
    941Unrecognized Tax Benefits (1)
    
    E
    
    
    1,684
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,684Interest Expense
    
    M
    
    
    4,804
    
    
    
    1,653
    
    
    
    2,263
    
    
    
    871
    
    
    
    17Supplemental Retirement Plan
    
    P
    
    
    4,630
    
    
    
    437
    
    
    
    993
    
    
    
    967
    
    
    
    2,233Total
    
    
    
    $
    46,877
    
    
    $
    9,593
    
    
    $
    17,252
    
    
    $
    14,596
    
    
    $
    5,436
 
 (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, 2008. 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 2009 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
  
 24




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Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
 Years ended August 31,(in thousands, except per share amounts)
    
    2008
    
    
    2007
    
    
    2006Operating revenues
    
    $
    475,087
    
    
    $
    281,857
    
    
    $
    226,001Cost of operating revenues
    
    
    351,255
    
    
    
    212,125
    
    
    
    177,760Gross profit
    
    
    123,832
    
    
    
    69,732
    
    
    
    48,241Operating expenses:Selling expense
    
    
    25,177
    
    
    
    17,396
    
    
    
    12,932General and administrative expense
    
    
    30,010
    
    
    
    23,897
    
    
    
    17,066Engineering and research expense
    
    
    6,406
    
    
    
    4,680
    
    
    
    2,741Total operating expenses
    
    
    61,593
    
    
    
    45,973
    
    
    
    32,739Operating income
    
    
    62,239
    
    
    
    23,759
    
    
    
    15,502Other income (expense):Interest expense
    
    
    (3,035
    )
    
    
    (2,399
    )
    
    
    (697
    )Interest income
    
    
    1,735
    
    
    
    2,162
    
    
    
    2,101Other income, net
    
    
    172
    
    
    
    611
    
    
    
    503Earnings before income taxes
    
    
    61,111
    
    
    
    24,133
    
    
    
    17,409Income tax provision
    
    
    21,706
    
    
    
    8,513
    
    
    
    5,709Net earnings
    
    $
    39,405
    
    
    $
    15,620
    
    
    $
    11,700Basic net earnings per share
    
    $
    3.30
    
    
    $
    1.34
    
    
    $
    1.01Diluted net earnings per share
    
    $
    3.20
    
    
    $
    1.31
    
    
    $
    1.00Weighted Average shares outstanding
    
    
    11,936
    
    
    
    11,633
    
    
    
    11,529Diluted effect of stock equivalents
    
    
    388
    
    
    
    331
    
    
    
    183Weighted average shares outstanding assuming dilution
    
    
    12,324
    
    
    
    11,964
    
    
    
    11,712
  25




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Lindsay Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
 August 31,
    
    
    August 31,($ in thousands, except par values)
    
    2008
    
    
    2007ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    50,760
    
    
    $
    21,022Marketable securities
    
    
    
    
    
    
    27,591Receivables, net of allowance, $1,457 and $946, respectively
    
    
    88,410
    
    
    
    46,968Inventories, net
    
    
    53,409
    
    
    
    41,099Deferred income taxes
    
    
    8,095
    
    
    
    6,108Other current assets
    
    
    7,947
    
    
    
    6,990Total current assets
    
    
    208,621
    
    
    
    149,778Property, plant and equipment, net
    
    
    57,571
    
    
    
    44,292Other intangible assets, net
    
    
    30,808
    
    
    
    25,830Goodwill, net
    
    
    24,430
    
    
    
    16,845Other noncurrent assets
    
    
    5,447
    
    
    
    5,460Total assets
    
    $
    326,877
    
    
    $
    242,205LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    32,818
    
    
    $
    18,367Current portion of long-term debt
    
    
    6,171
    
    
    
    6,171Other current liabilities
    
    
    43,458
    
    
    
    25,994Total current liabilities
    
    
    82,447
    
    
    
    50,532Pension benefits liabilities
    
    
    5,673
    
    
    
    5,384Long-term debt
    
    
    25,625
    
    
    
    31,796Deferred income taxes
    
    
    11,786
    
    
    
    9,860Other noncurrent liabilities
    
    
    5,445
    
    
    
    3,605Total liabilities
    
    
    130,976
    
    
    
    101,177Shareholders 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,
18,055,292 and 17,744,458 shares issued and outstanding
in 2008 and 2007, respectively)
    
    
    18,055
    
    
    
    17,744Capital in excess of stated value
    
    
    26,352
    
    
    
    11,734Retained earnings
    
    
    239,676
    
    
    
    204,750Less treasury stock (at cost, 5,843,448 and 5,998,448 shares
in 2008 and 2007, respectively)
    
    
    (93,275
    )
    
    
    (95,749
    )Accumulated other comprehensive income, net
    
    
    5,093
    
    
    
    2,549Total shareholders equity
    
    
    195,901
    
    
    
    141,028Total liabilities and shareholders equity
    
    $
    326,877
    
    
    $
    242,205
  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, 2005
    
    
    17,568,084
    
    
    
    6,048,448
    
    
    
    17,568
    
    
    
    3,690
    
    
    
    183,444
    
    
    
    (96,547
    )
    
    
    1,175
    
    
    
    109,330Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,700
    
    
    
    
    
    
    
    
    
    
    
    11,700Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    457
    
    
    
    457Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,157Cash dividends ($0.245) per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,825
    )
    
    
    
    
    
    
    
    
    
    
    (2,825
    )Exercise of employee stock options
    
    
    32,602
    
    
    
    
    
    
    
    32
    
    
    
    488
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    520Stock option tax benefits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,693
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,693Balance at August 31, 2006
    
    
    17,600,686
    
    
    
    6,048,448
    
    
    
    17,600
    
    
    
    5,896
    
    
    
    192,319
    
    
    
    (96,547
    )
    
    
    1,632
    
    
    
    120,900Comprehensive income:Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,620
    
    
    
    
    
    
    
    
    
    
    
    15,620Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    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
FASB Statement No.
158, net of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (188
    )
    
    
    (188
    )Balance at August 31, 2007
    
    
    17,744,458
    
    
    
    5,998,448
    
    
    
    17,744
    
    
    
    11,734
    
    
    
    204,750
    
    
    
    (95,749
    )
    
    
    2,549
    
    
    
    141,028Adoption 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
    
    
    $
    195,901
  27




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##### Table of Contents



Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Years Ended August 31,($ in thousands)
    
    2008
    
    
    2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    39,405
    
    
    $
    15,620
    
    
    $
    11,700Adjustments to reconcile net earnings to net cash provided by
operating activities:Depreciation and amortization.
    
    
    9,253
    
    
    
    7,160
    
    
    
    4,081Amortization of marketable securities premiums (discounts), net
    
    
    (15
    )
    
    
    39
    
    
    
    204Gain on sale of property, plant and equipment
    
    
    (9
    )
    
    
    (67
    )
    
    
    (114
    )Provision for uncollectible accounts receivable
    
    
    75
    
    
    
    60
    
    
    
    95Deferred income taxes
    
    
    (886
    )
    
    
    (2,630
    )
    
    
    (3,689
    )Stock-based compensation expense
    
    
    3,516
    
    
    
    2,174
    
    
    
    1,739Other, net
    
    
    12
    
    
    
    (78
    )
    
    
    (69
    )Changes in assets and liabilities:Receivables, net
    
    
    (37,267
    )
    
    
    (3,497
    )
    
    
    (5,183
    )Inventories, net
    
    
    (7,959
    )
    
    
    (10,925
    )
    
    
    (2,030
    )Other current assets
    
    
    113
    
    
    
    (2,606
    )
    
    
    (332
    )Accounts payable
    
    
    12,038
    
    
    
    4,335
    
    
    
    (310
    )Other current liabilities
    
    
    10,748
    
    
    
    1,604
    
    
    
    5,903Current taxes payable
    
    
    3,357
    
    
    
    (349
    )
    
    
    1,898Other noncurrent assets and liabilities
    
    
    (1,868
    )
    
    
    (716
    )
    
    
    503Net cash provided by operating activities
    
    
    30,513
    
    
    
    10,124
    
    
    
    14,396CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (14,093
    )
    
    
    (14,647
    )
    
    
    (3,592
    )Proceeds from sale of property, plant and equipment
    
    
    93
    
    
    
    165
    
    
    
    267Acquisition of business, net of cash acquired
    
    
    (21,028
    )
    
    
    (16,705
    )
    
    
    (34,428
    )Proceeds from sale of an equity investment
    
    
    
    
    
    
    
    
    
    
    354Proceeds from settlement of net investment hedge
    
    
    1,124
    
    
    
    
    
    
    
    Purchases of marketable securities available-for-sale
    
    
    (13,860
    )
    
    
    (90,700
    )
    
    
    Proceeds from maturities of marketable securities available-for-sale
    
    
    41,490
    
    
    
    79,150
    
    
    
    13,169Net cash used in investing activities
    
    
    (6,274
    )
    
    
    (42,737
    )
    
    
    (24,230
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock compensation plan
    
    
    6,530
    
    
    
    3,350
    
    
    
    485Proceeds from issuance of long-term debt
    
    
    15,000
    
    
    
    13,196
    
    
    
    30,000Principal payments on long-term debt
    
    
    (21,171
    )
    
    
    (5,229
    )
    
    
    Net borrowings under revolving line of credit
    
    
    1,032
    
    
    
    
    
    
    
    Excess tax benefits from stock-based compensation
    
    
    7,263
    
    
    
    1,266
    
    
    
    Dividends paid
    
    
    (3,419
    )
    
    
    (3,090
    )
    
    
    (2,825
    )Net cash provided by  financing activities
    
    
    5,235
    
    
    
    9,493
    
    
    
    27,660Effect of exchange rate changes on cash
    
    
    264
    
    
    
    798
    
    
    
    (46
    )Net increase (decrease) in cash and cash equivalents
    
    
    29,738
    
    
    
    (22,322
    )
    
    
    17,780Cash and cash equivalents, beginning of period
    
    
    21,022
    
    
    
    43,344
    
    
    
    25,564Cash and cash equivalents, end of period
    
    $
    50,760
    
    
    $
    21,022
    
    
    $
    43,344SUPPLEMENTAL CASH FLOW INFORMATIONIncome taxes paid
    
    $
    12,262
    
    
    $
    9,082
    
    
    $
    3,803Interest paid
    
    $
    3,066
    
    
    $
    2,397
    
    
    $
    228
  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




---



##### Table of Contents



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




---



##### Table of Contents



(10) Goodwill and Intangible Assets
  (11) Income Taxes
 Accounting for Income
Taxes,
 Accounting for
Uncertainty in Income Taxes  an Interpretation of FASB Statement No. 109,
 (12) Net Earnings per Share
  Earnings per Share,
   For the years ended August 31,in thousands
    
    2008
    
    2007
    
    2006Weighted average shares outstanding  basic
    
    
    11,936
    
    
    
    11,633
    
    
    
    11,529Dilutive effect of stock options
    
    
    338
    
    
    
    295
    
    
    
    181Dilutive effect of restricted stock units
    
    
    50
    
    
    
    36
    
    
    
    2Weighted average shares outstanding  diluted
    
    
    12,324
    
    
    
    11,964
    
    
    
    11,712
 31




---



##### Table of Contents



13) Use of Estimates
  14) Derivatives Instruments and Hedging Activities
 Accounting for
Derivative Instruments and Certain Hedging Activities
     (15) Treasury Stock
  (16) Contingencies
 Accounting for
Contingencies
 (17) Recently Issued Accounting Pronouncements
 Fair Value Measurements
 32




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##### Table of Contents



The Fair Value Option for Financial Assets and
Financial Liabilities,
 Accounting for
Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance
Arrangements, Accounting for Collateral Assignment Split-Dollar Life Insurance Arrangements,
 Business Combinations
 Disclosures about Derivative Instruments and
Hedging Activities  an amendment to SFAS No. 133
 The Hierarchy of Generally Accepted Accounting
Principles
 Determination of the Useful
Life of Intangible Assets Goodwill and Other Intangible Assets,
 B. ACQUISITIONS
 Watertronics, Inc.
 Credit Arrangements.
 Traffic Maintenance Attenuators, Inc. and Albert W. Unrath, Inc.
  33




---



##### Table of Contents



Goodwill and Other Intangible Assets,
 Snoline, S.P.A.
  Credit Arrangements. Goodwill and Other Intangible Assets,
 C. COMPREHENSIVE INCOME
  For the years ended August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2006Net Income
    
    $
    39,405
    
    
    $
    15,620
    
    
    $
    11,700Other comprehensive income (loss):Unrealized net gain on available for sale securities
    
    
    14
    
    
    
    78
    
    
    
    44Defined Benefit Pension Plan
    
    
    (72
    )
    
    
    
    
    
    
    Minimum pension liability
    
    
    
    
    
    
    (112
    )
    
    
    149Unrealized loss on cash flow hedges
    
    
    (1,065
    )
    
    
    (215
    )
    
    
    (348
    )Foreign currency translation, net of hedging activities
    
    
    3,667
    
    
    
    1,354
    
    
    
    612Total other comprehensive income, net of tax expense (benefit)
of $11, ($196) and ($123)
    
    
    2,544
    
    
    
    1,105
    
    
    
    457Total accumulated other comprehensive income
    
    $
    41,949
    
    
    $
    16,725
    
    
    $
    12,157
 34




---



##### Table of Contents



For the years endedAugust 31,$ in thousands
    
    2008
    
    
    2007Accumulated other comprehensive income (loss):Unrealized loss on available for sale securities, net of tax of $0 and $11
    
    $
    
    
    
    $
    (14
    )Defined Benefit Pension Plan, net of tax of $1,011 and $964
    
    
    (1,657
    )
    
    
    (1,585
    )Unrealized loss on cash flow hedges, net of tax of $813 and $387
    
    
    (1,628
    )
    
    
    (563
    )Foreign currency translation, net of hedging activities, net of tax of $473 and $0
    
    
    8,378
    
    
    
    4,711Total accumulated other comprehensive income
    
    $
    5,093
    
    
    $
    2,549
 D. OTHER INCOME, NET
 For the years ended August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2006Other income, net:Cash surrender value of life insurance
    
    $
    87
    
    
    $
    75
    
    
    $
    78Foreign currency transaction gain, net
    
    
    603
    
    
    
    144
    
    
    
    18Foreign government grant
    
    
    22
    
    
    
    152
    
    
    
    142All other, net
    
    
    (540
    )
    
    
    240
    
    
    
    265Total other income, net
    
    $
    172
    
    
    $
    611
    
    
    $
    503
 E. INCOME TAXES
  For the years ended August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2006United States
    
    $
    56,550
    
    
    $
    24,479
    
    
    $
    18,509Foreign
    
    
    4,561
    
    
    
    (346
    )
    
    
    (1,100
    )$
    61,111
    
    
    $
    24,133
    
    
    $
    17,409
  For the years ended August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2006Current:Federal
    
    $
    19,505
    
    
    $
    10,152
    
    
    $
    8,149State
    
    
    1,379
    
    
    
    704
    
    
    
    1,200Foreign
    
    
    1,708
    
    
    
    287
    
    
    
    68Total current
    
    
    22,592
    
    
    
    11,143
    
    
    
    9,417Deferred:Federal
    
    
    (295
    )
    
    
    (2,099
    )
    
    
    (2,868
    )State
    
    
    (217
    )
    
    
    (145
    )
    
    
    (241
    )Foreign
    
    
    (374
    )
    
    
    (386
    )
    
    
    (599
    )Total deferred
    
    
    (886
    )
    
    
    (2,630
    )
    
    
    (3,708
    )Total income tax provision
    
    $
    21,706
    
    
    $
    8,513
    
    
    $
    5,709
  35




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##### Table of Contents



For the years ended August 31,2008
    
    
    2007
    
    
    2006$ in thousands
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %U.S. statutory rate
    
    $
    21,389
    
    
    
    35.0
    
    
    $
    8,447
    
    
    
    35.0
    
    
    $
    6,093
    
    
    
    35.0State and local taxes, net of federal tax benefit
    
    
    795
    
    
    
    1.3
    
    
    
    331
    
    
    
    1.4
    
    
    
    409
    
    
    
    2.4Federal & state reserve adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (404
    )
    
    
    (2.3
    )Foreign tax rate differences
    
    
    (123
    )
    
    
    (0.2
    )
    
    
    11
    
    
    
    0.1
    
    
    
    (33
    )
    
    
    (0.2
    )Domestic production activities deduction
    
    
    (438
    )
    
    
    (0.7
    )
    
    
    (255
    )
    
    
    (1.1
    )
    
    
    (258
    )
    
    
    (1.5
    )Municipal bond interest income
    
    
    (119
    )
    
    
    (0.2
    )
    
    
    (350
    )
    
    
    (1.5
    )
    
    
    (219
    )
    
    
    (1.3
    )Qualified export activity income
    
    
    
    
    
    
    
    
    
    
    (23
    )
    
    
    (0.1
    )
    
    
    (112
    )
    
    
    (0.6
    )R&D, Phone, and Fuel tax credits
    
    
    (265
    )
    
    
    (0.4
    )
    
    
    (250
    )
    
    
    (1.0
    )
    
    
    (17
    )
    
    
    (0.1
    )Non-deductible officers compensation
    
    
    (463
    )
    
    
    (0.8
    )
    
    
    463
    
    
    
    1.9
    
    
    
    
    
    
    
    Other
    
    
    930
    
    
    
    1.5
    
    
    
    139
    
    
    
    0.6
    
    
    
    250
    
    
    
    1.4Effective rate
    
    $
    21,706
    
    
    
    35.5
    
    
    $
    8,513
    
    
    
    35.3
    
    
    $
    5,709
    
    
    
    32.8
  August 31,$ in thousands
    
    2008
    
    
    2007Deferred tax assets:Deferred rental revenue
    
    $
    1,801
    
    
    $
    2,388Employee benefits liability
    
    
    1,277
    
    
    
    2,130Net operating loss carryforwards
    
    
    
    
    
    
    572Defined
benefit pension plan
    
    
    1,030
    
    
    
    982Share-based compensation
    
    
    2,684
    
    
    
    1,440Inventory
    
    
    451
    
    
    
    322Warranty
    
    
    851
    
    
    
    577Vacation
    
    
    773
    
    
    
    643Accrued expenses and allowances
    
    
    2,725
    
    
    
    2,261Total deferred tax assets
    
    $
    11,592
    
    
    $
    11,315Deferred tax liabilities:Intangible assets
    
    
    (10,263
    )
    
    
    (9,301
    )Property, plant and equipment
    
    
    (4,151
    )
    
    
    (4,287
    )Inventory
    
    
    (110
    )
    
    
    (164
    )Other
    
    
    (755
    )
    
    
    (783
    )Total deferred tax liabilities
    
    
    (15,279
    )
    
    
    (14,535
    )Net deferred tax liabilities
    
    $
    (3,687
    )
    
    $
    (3,220
    )
   36




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##### Table of Contents



Accounting for Uncertainty in Income
Taxes  an Interpretation of FASB Statement No. 109 Accounting for Contingencies
  $ in thousandsUnrecognized Tax Benefits at adoption on September 1, 2007
    
    $
    1,485Increases for positions taken in current year
    
    
    45Increases for positions taken in prior years
    
    
    148Decreases for positions taken in current year
    
    
    Decreases for positions taken in prior years
    
    
    Settlements with taxing authorities
    
    
    Lapse of statute of limitations
    
    
    (122
    )Other increases (decreases)
    
    
    128Unrecognized Tax Benefits at August 31, 2008
    
    $
    1,684
     The American Jobs Creation Act of 2004 (the Jobs Act)
   37




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##### Table of Contents



F. MARKETABLE SECURITIES
   Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    Fair$ in thousands
    
    Cost
    
    
    Gains
    
    
    (Losses)
    
    
    ValueAs of August 31, 2007:Due within one year
    
    $
    27,616
    
    
    $
    
    
    
    $
    (25
    )
    
    $
    27,591Due after one year through five years
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    27,616
    
    
    $
    
    
    
    $
    (25
    )
    
    $
    27,591
  For the years ended August 31,$ in thousands
    
    2008
    
    2007
    
    2006Proceeds from maturities
    
    $
    41,490
    
    
    $
    79,150
    
    
    $
    13,169Gross realized gains
    
    
    
    
    
    
    
    
    
    
    Gross realized (losses)
    
    
    
    
    
    
    
    
    
    
    
  August 31, 2007Less
    
    Greaterthan 12
    
    than 12$ in thousands
    
    months
    
    monthsTotal amount of unrealized losses
    
    $
    
    
    
    $
    (25
    )Total fair value of investments with unrealized losses
    
    $
    
    
    
    $
    5,761
 38




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##### Table of Contents



G. RECEIVABLES
 August 31,$ in thousands
    
    2008
    
    
    2007Receivables:Trade accounts and current portion of notes receivable
    
    $
    89,867
    
    
    $
    47,914Allowance for doubtful accounts
    
    
    (1,457
    )
    
    
    (946
    )Net receivables
    
    $
    88,410
    
    
    $
    46,968
 H. INVENTORIES
 August 31,$ in thousands
    
    2008
    
    
    2007Inventory:FIFO inventory
    
    $
    24,867
    
    
    $
    19,482LIFO reserves
    
    
    (8,203
    )
    
    
    (6,235
    )LIFO inventory
    
    
    16,664
    
    
    
    13,247Weighted average inventory
    
    
    20,568
    
    
    
    12,810Other FIFO inventory
    
    
    17,586
    
    
    
    15,753Obsolescence reserve
    
    
    (1,409
    )
    
    
    (711
    )Total inventories
    
    $
    53,409
    
    
    $
    41,099
  August 31,2008
    
    2007Raw materials
    
    
    9
    %
    
    
    15
    %Work in process
    
    
    8
    %
    
    
    12
    %Finished goods and purchased parts
    
    
    83
    %
    
    
    73
    %
 39




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##### Table of Contents



I. PROPERTY, PLANT AND EQUIPMENT
 August, 31$ in thousands
    
    2008
    
    
    2007Operating property, plant and equipment:Land
    
    $
    2,269
    
    
    $
    1,496Buildings
    
    
    23,893
    
    
    
    19,617Equipment
    
    
    58,382
    
    
    
    51,862Other
    
    
    6,661
    
    
    
    7,961Total operating property, plant and equipment
    
    
    91,205
    
    
    
    80,936Accumulated depreciation
    
    
    (51,144
    )
    
    
    (47,743
    )Total operating property, plant and equipment, net
    
    $
    40,061
    
    
    $
    33,193Leased property:Machines
    
    
    3,597
    
    
    
    2,405Barriers
    
    
    16,210
    
    
    
    9,590Total leased property
    
    $
    19,807
    
    
    $
    11,995Accumulated depreciation
    
    
    (2,297
    )
    
    
    (896
    )Total leased property, net
    
    $
    17,510
    
    
    $
    11,099Property, plant and equipment, net
    
    $
    57,571
    
    
    $
    44,292
  J. OTHER NONCURRENT ASSETS
 August 31,$ in thousands
    
    2008
    
    
    2007Other noncurrent assets:Cash surrender value of life insurance policies
    
    $
    2,215
    
    
    $
    2,128Deferred income taxes
    
    
    4
    
    
    
    532Notes receivable
    
    
    1,937
    
    
    
    1,779Split dollar life insurance
    
    
    927
    
    
    
    924Other
    
    
    364
    
    
    
    97Total noncurrent assets
    
    $
    5,447
    
    
    $
    5,460
 K. GOODWILL AND OTHER INTANGIBLE ASSETS
 Goodwill
  $ in thousands
    
    Irrigation
    
    
    Infrastructure
    
    
    TotalBalance as of September 1, 2006
    
    $
    1,423
    
    
    $
    9,706
    
    
    $
    11,129Acquisition of Snoline
    
    
    
    
    
    
    5,429
    
    
    
    5,429Foreign currency translation
    
    
    72
    
    
    
    215
    
    
    
    287Balance as of August 31, 2007
    
    
    1,495
    
    
    
    15,350
    
    
    
    16,845Acquisition of W atertronics
    
    
    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
    
    
    $
    24,430
 40




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Other Intangible Assets
  August 31,2008
    
    
    2007Gross
    
    
    
    
    
    
    GrossCarrying
    
    
    Accumulated
    
    
    Carrying
    
    
    Accumulated$ in thousands
    
    Amount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationAmortizable Intangible Assets:Non-compete agreements
    
    $
    2,252
    
    
    $
    (1,706
    )
    
    $
    2,056
    
    
    $
    (1,106
    )Licenses
    
    
    699
    
    
    
    (639
    )
    
    
    699
    
    
    
    (449
    )Patents
    
    
    23,492
    
    
    
    (3,070
    )
    
    
    19,075
    
    
    
    (1,426
    )Customer relationships
    
    
    5,246
    
    
    
    (946
    )
    
    
    3,362
    
    
    
    (442
    )Plans and specifications
    
    
    75
    
    
    
    (26
    )
    
    
    75
    
    
    
    (22
    )Other
    
    
    58
    
    
    
    (52
    )
    
    
    106
    
    
    
    (20
    )Unamortizable Intangible Assets:Tradenames
    
    
    5,425
    
    
    
    
    
    
    
    3,922
    
    
    
    Total
    
    $
    37,247
    
    
    $
    (6,439
    )
    
    $
    29,295
    
    
    $
    (3,465
    )
   Fiscal Years
    
    $ in thousands2009
    
    $
    2,8412010
    
    
    2,3942011
    
    
    2,3602012
    
    
    2,3452013
    
    
    2,252
 L. OTHER CURRENT LIABILITIES
 August 31,$ in thousands
    
    2008
    
    
    2007Other current liabilities:Payroll, vacation and retirement plans
    
    $
    12,598
    
    
    $
    7,794Taxes, other than income
    
    
    2,189
    
    
    
    1,579Workers compensation and product liability
    
    
    1,079
    
    
    
    744Deferred revenue
    
    
    5,624
    
    
    
    4,621Dealer related liabilities
    
    
    2,745
    
    
    
    1,627Warranty
    
    
    2,011
    
    
    
    1,644Income tax liability
    
    
    3,020
    
    
    
    1,168Euro line of credit
    
    
    1,773
    
    
    
    741International freight accrual
    
    
    1,854
    
    
    
    648Other
    
    
    10,565
    
    
    
    5,428Total other current liabilities
    
    $
    43,458
    
    
    $
    25,994
 41




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##### Table of Contents



M. CREDIT ARRANGEMENTS
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives.
 Snoline Term Note
 Acquisitions Financial Derivatives
 Revolving Credit Agreement
 Acquisitions
   42




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##### Table of Contents



August 31,$ in thousands
    
    2008
    
    
    2007BSI Term Note
    
    $
    21,429
    
    
    $
    25,714Snoline Term Note
    
    
    10,367
    
    
    
    12,253Revolving Credit Agreement
    
    
    
    
    
    
    Less current portion
    
    
    (6,171
    )
    
    
    (6,171
    )Total long-term debt
    
    $
    25,625
    
    
    $
    31,796
   Due within:1 year
    
    $
    6,1712 years
    
    
    6,1713 years
    
    
    6,1714 years
    
    
    6,1715 years
    
    
    6,171Thereafter
    
    
    941$
    31,796
 N. FINANCIAL DERIVATIVES
 Accounting for Derivatives Instruments and Hedging Activity
   43




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O. COMMITMENTS AND CONTINGENCIES
    44




---



##### Table of Contents



Fiscal Years
    
    $ in thousands2009
    
    $
    1,3322010
    
    
    1,0412011
    
    
    6132012
    
    
    2562013
    
    
    160Thereafter
    
    
    561$
    3,963
  P. RETIREMENT PLANS
    For the years ended August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2006Change in benefit obligation:Benefit obligation at beginning of year
    
    $
    5,739
    
    
    $
    5,512
    
    
    $
    5,478Service cost
    
    
    41
    
    
    
    32
    
    
    
    19Interest cost
    
    
    334
    
    
    
    308
    
    
    
    267Actuarial loss
    
    
    283
    
    
    
    200
    
    
    
    61Benefits paid
    
    
    (368
    )
    
    
    (313
    )
    
    
    (313
    )Benefit obligation at end of year
    
    $
    6,029
    
    
    $
    5,739
    
    
    $
    5,512Funded status at end of year
    
    $
    (6,029
    )
    
    $
    (5,739
    )
    
    $
    (5,512
    )Unrecognized net actuarial loss
    
    
    
    
    
    
    
    
    
    
    2,500Net accrued pension cost
    
    $
    (6,029
    )
    
    $
    (5,739
    )
    
    $
    (3,012
    )
  August 31,$ in thousands
    
    2008
    
    
    2007Other current liabilities
    
    $
    (356
    )
    
    $
    (355
    )Pension benefit liability
    
    
    (5,673
    )
    
    
    (5,384
    )Accumulated other comprehensive loss
    
    
    2,668
    
    
    
    2,549Net amount recognized
    
    $
    (3,361
    )
    
    $
    (3,190
    )
 45




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##### Table of Contents



August 31,$ in thousands
    
    2008
    
    
    2007Net actuarial loss
    
    $
    2,572
    
    
    $
    2,384Transition obligation
    
    
    96
    
    
    
    165Total
    
    $
    2,668
    
    
    $
    2,549
  August 31,2008
    
    2007Discount rate
    
    
    6.00
    %
    
    
    6.00
    %Assumed rates of compensation increases
    
    
    3.50
    %
    
    
    3.50
    %Rate of return on underlying 401(k) investments
    
    
    7.50
    %
    
    
    7.50
    %
   For the years ended August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2006Service cost
    
    $
    41
    
    
    $
    32
    
    
    $
    19Interest cost
    
    
    334
    
    
    
    308
    
    
    
    267Net amortization and deferral
    
    
    162
    
    
    
    160
    
    
    
    158Total
    
    $
    537
    
    
    $
    500
    
    
    $
    444
   For the years ended August 31,2008
    
    2007
    
    2006Discount rate
    
    
    6.00
    %
    
    
    5.75
    %
    
    
    5.00
    %Assumed rates of compensation
    
    
    3.50
    %
    
    
    3.50
    %
    
    
    3.50
    %
 46




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##### Table of Contents



Fiscal Years
    
    $ in thousands2009
    
    $
    4372010
    
    
    5002011
    
    
    4942012
    
    
    4872013
    
    
    480Thereafter
    
    
    2,233Future expected benefit payments through 2018
    
    $
    4,631
 Q. WARRANTIES
 Product Warranties
   For the years endedAugust 31,$ in thousands
    
    2008
    
    
    2007Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,644
    
    
    $
    1,996Liabilities accrued for warranties during the period
    
    
    3,745
    
    
    
    1,194Warranty claims paid during the period
    
    
    (3,378
    )
    
    
    (1,546
    )Product warranty accrual balance, end of period
    
    $
    2,011
    
    
    $
    1,644
 R. INDUSTRY SEGMENT INFORMATION
  Disclosures About Segments of an Enterprise and
Related Information,
    47




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$ in millions
    
    2008
    
    
    2007
    
    
    2006Operating revenues:Irrigation
    
    $
    374.9
    
    
    $
    216.5
    
    
    $
    193.7Infrastructure
    
    
    100.2
    
    
    
    65.4
    
    
    
    32.3Total operating revenues
    
    $
    475.1
    
    
    $
    281.9
    
    
    $
    226.0Operating income:Irrigation
    
    $
    75.5
    
    
    $
    33.4
    
    
    $
    25.5Infrastructure
    
    
    16.7
    
    
    
    14.2
    
    
    
    7.1Segment operating income
    
    
    92.2
    
    
    
    47.6
    
    
    
    32.6Unallocated general and administrative expenses
    
    
    (30.0
    )
    
    
    (23.9
    )
    
    
    (17.1
    )Interest and other income (expense), net
    
    
    (1.1
    )
    
    
    0.3
    
    
    
    1.9Earnings before income taxes
    
    $
    61.1
    
    
    $
    24.1
    
    
    $
    17.4Total Capital Expenditures:Irrigation
    
    $
    4.4
    
    
    $
    4.3
    
    
    $
    3.3Infrastructure
    
    
    9.7
    
    
    
    10.3
    
    
    
    0.3$
    14.1
    
    
    $
    14.6
    
    
    $
    3.6Total Depreciation and Amortization:Irrigation
    
    $
    3.8
    
    
    $
    3.6
    
    
    $
    3.4Infrastructure
    
    
    5.4
    
    
    
    3.6
    
    
    
    0.7$
    9.2
    
    
    $
    7.2
    
    
    $
    4.1Total Assets:Irrigation
    
    $
    201.5
    
    
    $
    143.9
    
    
    $
    134.4Infrastructure
    
    
    125.3
    
    
    
    98.3
    
    
    
    57.8$
    326.8
    
    
    $
    242.2
    
    
    $
    192.2
  $ in millions
    
    2008
    
    
    2007
    
    
    2006Geographic area revenues:United States
    
    $
    309.2
    
    
    $
    192.5
    
    
    $
    167.5Europe, Africa, Australia & Middle East
    
    
    104.2
    
    
    
    57.4
    
    
    
    33.5Mexico & Latin America
    
    
    42.2
    
    
    
    19.4
    
    
    
    21.1Other International
    
    
    19.5
    
    
    
    12.6
    
    
    
    3.9Total revenues
    
    $
    475.1
    
    
    $
    281.9
    
    
    $
    226.0Geographic area long-lived assets:United States
    
    $
    87.2
    
    
    $
    64.7
    
    
    $
    56.3Europe, Africa, Australia & Middle East
    
    
    24.3
    
    
    
    21.1
    
    
    
    1.6Mexico & Latin America
    
    
    1.3
    
    
    
    1.2
    
    
    
    1.2Other International
    
    
    
    
    
    
    
    
    
    
    Total long-lived assets
    
    $
    112.8
    
    
    $
    87.0
    
    
    $
    59.1
 S. SHARE BASED COMPENSATION
 Share Based Compensation Program
  48




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Accounting for Share Based Compensation
    49




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##### Table of Contents



Share Based Compensation Information
  AverageRemaining
    
    AggregateAverage
    
    Contractual
    
    IntrinsicNumber of
    
    Exercise
    
    Term
    
    ValueShares
    
    Price
    
    (years)
    
    (000s)Outstanding at August 31, 2006
    
    
    1,163,919
    
    
    $
    19.78
    
    
    
    5.5
    
    
    $
    10,174Granted
    
    
    
    
    
    
    Exercised
    
    
    (180,462
    )
    
    $
    20.20
    
    
    
    
    
    
    $
    3,300Forfeitures
    
    
    (16,250
    )
    
    $
    23.20Outstanding at August 31, 2007
    
    
    967,207
    
    
    $
    19.64
    
    
    
    4.6
    
    
    $
    20,202Granted
    
    
    
    
    
    
    Exercised
    
    
    (460,269
    )
    
    $
    18.56
    
    
    
    
    
    
    $
    32,590Forfeitures
    
    
    (604
    )
    
    $
    24.30Outstanding at August 31, 2008
    
    
    506,334
    
    
    $
    20.62
    
    
    
    4.5
    
    
    $
    31,034Exercisable at August 31, 2006
    
    
    775,923
    
    
    $
    18.64
    
    
    
    4.6
    
    
    $
    7,662Exercisable at August 31, 2007
    
    
    715,019
    
    
    $
    19.00
    
    
    
    4.0
    
    
    $
    15,397Exercisable at August 31, 2008
    
    
    349,706
    
    
    $
    20.72
    
    
    
    4.3
    
    
    $
    21,400
   Weighted-AverageNumber of
    
    
    Grant-DateShares
    
    
    Fair ValueRestricted stock units at August 31, 2006
    
    
    57,726
    
    
    $
    22.75Granted
    
    
    62,472
    
    
    
    32.00Vested
    
    
    (24,526
    )
    
    
    21.21Forfeited
    
    
    (5,559
    )
    
    
    27.47Restricted stock units at August 31, 2007
    
    
    90,113
    
    
    $
    27.53Granted
    
    
    44,271
    
    
    
    51.21Vested
    
    
    (39,167
    )
    
    
    27.37Forfeited
    
    
    (6,671
    )
    
    
    35.92Restricted stock units at August 31, 2008
    
    
    88,546
    
    
    $
    39.64
  50




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##### Table of Contents



Weighted-AverageNumber of
    
    
    Grant-DateShares
    
    
    Fair ValuePerformance stock units at September 1, 2006
    
    
    
    
    
    $
    Granted
    
    
    20,361
    
    
    
    33.49Vested
    
    
    
    
    
    
    Forfeited
    
    
    (1,089
    )
    
    
    33.49Performance stock units at August 31, 2007
    
    
    19,272
    
    
    $
    33.49Granted
    
    
    53,000
    
    
    
    42.54Vested
    
    
    
    
    
    
    Forfeited
    
    
    (1,892
    )
    
    
    39.34Performance stock units at August 31, 2008
    
    
    70,380
    
    
    $
    40.15
   Valuation and Expense Information
  For the years ended August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2006Share-based compensation expense included in cost of
operating revenues
    
    $
    218
    
    
    $
    142
    
    
    $
    122Research and development
    
    
    225
    
    
    
    147
    
    
    
    104Sales and marketing
    
    
    747
    
    
    
    446
    
    
    
    348General and administrative
    
    
    2,326
    
    
    
    1,439
    
    
    
    1,165Share-based compensation expense included in
operating expenses
    
    
    3,298
    
    
    
    2,032
    
    
    
    1,617Total share-based compensation expense
    
    
    3,516
    
    
    
    2,174
    
    
    
    1,739Tax benefit
    
    
    (1,333
    )
    
    
    (824
    )
    
    
    (659
    )Share-based compensation expense, net of tax
    
    $
    2,183
    
    
    $
    1,350
    
    
    $
    1,080
   51




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##### Table of Contents



For the yearendedAugust 31,2006Expected volatility
    
    
    35.13
    %Expected dividends
    
    
    0.76
    %Expected term (in years)
    
    
    7.00Risk-free interest rate
    
    
    4.52
    %
 T. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 First
    
    Second
    
    Third
    
    Fourth$ in thousands, except per share amounts
    
    Quarter
    
    Quarter
    
    Quarter
    
    QuarterYear 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
    
    
    $
    73.21Year ended August 31, 2007Operating revenues
    
    $
    51,532
    
    
    $
    63,674
    
    
    $
    93,147
    
    
    $
    73,504Cost of operating revenues
    
    
    39,067
    
    
    
    49,219
    
    
    
    68,725
    
    
    
    55,114Earnings before income taxes
    
    
    2,744
    
    
    
    3,615
    
    
    
    11,535
    
    
    
    6,239Net earnings
    
    
    1,783
    
    
    
    2,512
    
    
    
    7,477
    
    
    
    3,848Diluted net earnings per share
    
    $
    0.15
    
    
    $
    0.21
    
    
    $
    0.62
    
    
    $
    0.32Market price (NYSE)High
    
    $
    36.62
    
    
    $
    37.77
    
    
    $
    35.65
    
    
    $
    50.65Low
    
    $
    28.01
    
    
    $
    28.55
    
    
    $
    29.55
    
    
    $
    32.83
 2008:
 2007:
 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
  
 ITEM 9B  Other Information
  54




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##### Table of Contents



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 
 (a)
    
    
    (b)
    
    
    (c)Number of securities
    
    
    Weighted-average
    
    
    Number of securities remainingto be issued upon
    
    
    exercise price of
    
    
    available for future issuanceexercise of
    
    
    outstanding
    
    
    under equity compensationoutstanding options,
    
    
    options, warrants,
    
    
    plans (excluding securitiesPLAN CATEGORY
    
    warrants, and rights
    
    
    and rights
    
    
    reflected in column (a))Equity compensation plans
approved by security holders (1)
    
    
    361,334
    
    
    $
    23.27
    
    
    
    463,635Equity compensation plans not
approved by security holders (2)
    
    
    145,000
    
    
    $
    14.00
    
    
    
    Total
    
    
    506,334
    
    
    $
    20.62
    
    
    
    463,635
 
 (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, 2008, 2007, and 2006
    
    
    25Consolidated Balance Sheets at
August 31, 2008 and 2007
    
    
    26Consolidated Statements of Shareholders Equity and Comprehensive Income
for the years ended August 31, 2008, 2007, and 2006
    
    
    27Consolidated Statements of Cash Flows for the years
ended August 31, 2008, 2007, and 2006
    
    
    28Notes to Consolidated Financial Statements
    
    
    29-52Valuation and Qualifying Accounts 
Years ended August 31, 2008, 2007, and 2006
    
    
    58
  57




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##### Table of Contents



a(2) Exhibit
 Lindsay Corporation and Subsidiaries
 VALUATION AND QUALIFYING ACCOUNTS
 Years ended August 31, 2008, 2007 and 2006
 AdditionsBalance at
    
    Charges to
    
    Charged to
    
    
    
    
    
    Balance atbeginning
    
    costs and
    
    other
    
    
    
    
    
    end of(in thousands)
    
    of period
    
    expenses
    
    accounts
    
    Deductions
    
    periodYear 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
    
    
    
    711Year ended August 31, 2006:Deducted in the balance sheet from the
assets to which they apply:Reserve for guarantee losses (a)
    
    $
    190
    
    
    $
    
    
    
    $
    
    
    
    $
    80
    
    
    $
    110Allowance for doubtful accounts (b)
    
    
    702
    
    
    
    (12
    )
    
    
    
    
    
    
    95
    
    
    
    595Allowance for inventory
obsolescence (c)
    
    
    613
    
    
    
    39
    
    
    
    
    
    
    
    16
    
    
    
    636
 
 (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 Plan (MIP), 2008 Plan Year, incorporated by
reference to Exhibit 10(a) to the Companys Quarterly Report on Form 10-Q for the fiscal
quarter ended November 30, 2007.10.5
    
    Indemnification Agreement between the Company and its directors and officers, dated October
24, 2003, incorporated by reference to Exhibit 10 to the Companys Annual Report on Form 10-K
for the fiscal year ended August 31, 2003.10.6
    
    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, 2000.10.7
    
    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, 2003.10.8
    
    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, 2004.10.9
    
    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, 2007.10.10
    
    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, 2006.10.11
    
    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.
 59




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##### Table of Contents



ExhibitNumber
    
    Description10.12
    
    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, 2006.10.13
    
    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, 2006.10.14
    
    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, 2006.10.15
    
    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, 2006.10.16
    
    Share Purchase Agreement incorporated by reference to Exhibit 10.1 of the Companys Current
Report on Form 8-K filed on December 29, 2006.10.17
    
    Term Note incorporated by reference to Exhibit 10.2 of the Companys Current Report on Form
8-K filed on December 29, 2006.10.18
    
    Credit Agreement incorporated by reference to Exhibit 10.3 of the Companys Current Report
on Form 8-K filed on December 29, 2006.10.19
    
    First Bank Guarantee incorporated by reference to Exhibit 10.4 of the Companys Current
Report on Form 8-K filed on December 29, 2006.10.20
    
    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, 2008.10.21
    
    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, 2008.10.22*
    
    Lindsay Corporation Policy on Payment of Directors Fees and Expenses.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 2008 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 60




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##### Table of Contents



SIGNATURES
  LINDSAY CORPORATIONBy:
Name:
    
    /s/ timothy j. paymal

Timothy J. PaymalTitle:
    
    Vice President and Chief Accounting Officer(Principal Financial Officer)
  /s/RICHARD W. PAROD

Richard W. Parod
    
    Director, President and Chief Executive Officer/s/TIMOTHY J. PAYMAL

Timothy J. Paymal
    
    Vice President and Chief Accounting Officer/s/LORI L. ZARKOWSKI

Lori L. Zarkowski
    
    Corporate Controller/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/William f. welsh ii (1)

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

Richard W. Parod, Attorney-In-Fact
 61