##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 (MARK ONE)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended February 29, 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)
 402-428-2131
 þ o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
 ,




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##### 



Lindsay Corporation and Subsidiaries
INDEX FORM 10-Q
 Page No.Part I   FINANCIAL INFORMATIONITEM 1  Condensed Consolidated Financial StatementsConsolidated Balance Sheets, February 29, 2008, February 28, 2007 and August 31, 2007
    
    
    3Consolidated Statements of Operations for the three months and six months ended
February 29, 2008 and February 28, 2007
    
    
    4Consolidated Statements of Cash Flows for the six months ended
February 29, 2008 and February 28, 2007
    
    
    5Notes to Condensed Consolidated Financial Statements
    
    
    6-14ITEM 2  Managements Discussion and Analysis of Results
of Operations and Financial Condition
    
    
    15-20ITEM 3   Quantitative and Qualitative Disclosures about Market Risk
    
    
    21ITEM 4  Controls and Procedures
    
    
    21Part II   OTHER INFORMATIONITEM 1  Legal Proceedings
    
    
    23ITEM 1A  Risk Factors
    
    
    23ITEM 2  Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    23ITEM 3  Defaults Upon Senior Securities
    
    
    23ITEM 4  Submission of Matters to a Vote of Security Holders
    
    
    24ITEM 5  Other Information
    
    
    24ITEM 6  Exhibits
    
    
    24SIGNATURE
    
    
    25302 Certification of Principal Executive Officer302 Certification of Principal Financial Officer906 Certification of PEO and PFO
  -2-




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##### Table of Contents



Part I   FINANCIAL INFORMATION
 
 ITEM 1   Condensed Consolidated Financial Statements
 Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
February 29, 2008, February 28, 2007 and August 31, 2007
 (Unaudited)
    
    
    (Unaudited)February
    
    
    February
    
    
    August($ in thousands, except par values)
    
    2008
    
    
    2007
    
    
    2007ASSETSCurrent assets:Cash and cash equivalents
    
    $
    24,328
    
    
    $
    15,346
    
    
    $
    21,022Marketable securities
    
    
    496
    
    
    
    16,147
    
    
    
    27,591Receivables, net (net of allowance, $1,198, $829 and $946, respectively)
    
    
    73,597
    
    
    
    52,136
    
    
    
    46,968Inventories, net
    
    
    60,540
    
    
    
    44,800
    
    
    
    41,099Deferred income taxes
    
    
    6,644
    
    
    
    5,172
    
    
    
    6,108Other current assets
    
    
    9,590
    
    
    
    6,187
    
    
    
    6,990Total current assets
    
    
    175,195
    
    
    
    139,788
    
    
    
    149,778Long-term marketable securities
    
    
    
    
    
    
    473
    
    
    
    Property, plant and equipment, net
    
    
    54,679
    
    
    
    36,629
    
    
    
    44,292Other intangible assets, net
    
    
    32,608
    
    
    
    26,870
    
    
    
    25,830Goodwill, net
    
    
    24,406
    
    
    
    12,579
    
    
    
    16,845Other noncurrent assets
    
    
    5,590
    
    
    
    4,507
    
    
    
    5,460Total assets
    
    $
    292,478
    
    
    $
    220,846
    
    
    $
    242,205LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    25,855
    
    
    $
    17,530
    
    
    $
    18,367Current portion of long-term debt
    
    
    6,171
    
    
    
    6,171
    
    
    
    6,171Other current liabilities
    
    
    38,946
    
    
    
    22,880
    
    
    
    26,964Total current liabilities
    
    
    70,972
    
    
    
    46,581
    
    
    
    51,502Pension benefits liabilities
    
    
    5,383
    
    
    
    5,094
    
    
    
    5,384Long-term debt
    
    
    43,711
    
    
    
    34,881
    
    
    
    31,796Deferred income taxes
    
    
    9,671
    
    
    
    7,504
    
    
    
    9,860Other noncurrent liabilities
    
    
    3,546
    
    
    
    914
    
    
    
    2,635Total liabilities
    
    
    133,283
    
    
    
    94,974
    
    
    
    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:17,846,114, 17,685,792 and 17,744,458 shares issued and outstanding
in February 2008 and 2007 and August 2007, respectively
    
    
    17,846
    
    
    
    17,686
    
    
    
    17,744Capital in excess of stated value
    
    
    15,353
    
    
    
    8,173
    
    
    
    11,734Retained earnings
    
    
    216,312
    
    
    
    195,102
    
    
    
    204,750Less treasury stock (at cost, 5,963,448, 6,048,448 and 5,998,448 shares
in February 2008 and 2007 and August 2007, respectively)
    
    
    (95,190
    )
    
    
    (96,547
    )
    
    
    (95,749
    )Accumulated other comprehensive income, net
    
    
    4,874
    
    
    
    1,458
    
    
    
    2,549Total shareholders equity
    
    
    159,195
    
    
    
    125,872
    
    
    
    141,028Total liabilities and shareholders equity
    
    $
    292,478
    
    
    $
    220,846
    
    
    $
    242,205
  -3-




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Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months and six months ended February 29, 2008 and February 28, 2007
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedFebruary
    
    
    February
    
    
    February
    
    
    February(in thousands, except per share amounts)
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Operating revenues
    
    $
    108,418
    
    
    $
    63,674
    
    
    $
    184,346
    
    
    $
    115,206Cost of operating revenues
    
    
    78,380
    
    
    
    49,219
    
    
    
    135,012
    
    
    
    88,286Gross profit
    
    
    30,038
    
    
    
    14,455
    
    
    
    49,334
    
    
    
    26,920Operating expenses:Selling expense
    
    
    6,222
    
    
    
    4,346
    
    
    
    11,352
    
    
    
    7,959General and administrative expense
    
    
    6,507
    
    
    
    5,459
    
    
    
    12,651
    
    
    
    10,894Engineering and research expense
    
    
    1,456
    
    
    
    939
    
    
    
    2,962
    
    
    
    1,745Total operating expenses
    
    
    14,185
    
    
    
    10,744
    
    
    
    26,965
    
    
    
    20,598Operating income
    
    
    15,853
    
    
    
    3,711
    
    
    
    22,369
    
    
    
    6,322Other income (expense):Interest expense
    
    
    (821
    )
    
    
    (532
    )
    
    
    (1,420
    )
    
    
    (1,019
    )Interest income
    
    
    377
    
    
    
    426
    
    
    
    853
    
    
    
    1,062Other, net
    
    
    107
    
    
    
    10
    
    
    
    221
    
    
    
    (6
    )Earnings before income taxes
    
    
    15,516
    
    
    
    3,615
    
    
    
    22,023
    
    
    
    6,359Income tax provision
    
    
    5,836
    
    
    
    1,103
    
    
    
    7,977
    
    
    
    2,064Net earnings
    
    $
    9,680
    
    
    $
    2,512
    
    
    $
    14,046
    
    
    $
    4,295Basic net earnings per share
    
    $
    0.82
    
    
    $
    0.22
    
    
    $
    1.19
    
    
    $
    0.37Diluted net earnings per share
    
    $
    0.79
    
    
    $
    0.21
    
    
    $
    1.15
    
    
    $
    0.36Average shares outstanding
    
    
    11,847
    
    
    
    11,630
    
    
    
    11,806
    
    
    
    11,604Diluted effect of stock equivalents
    
    
    410
    
    
    
    305
    
    
    
    436
    
    
    
    297Average shares outstanding assuming dilution
    
    
    12,257
    
    
    
    11,935
    
    
    
    12,242
    
    
    
    11,901Cash dividends per share
    
    $
    0.070
    
    
    $
    0.065
    
    
    $
    0.140
    
    
    $
    0.130
  -4-




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Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended February 29, 2008 and February 28, 2007
(Unaudited)
 February
    
    
    February($ in thousands)
    
    2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    14,046
    
    
    $
    4,295Adjustments to reconcile net earnings to net cash used in
operating activities:Depreciation and amortization
    
    
    4,299
    
    
    
    3,296Amortization of marketable securities premiums (discounts), net
    
    
    (15
    )
    
    
    26Gain on sale of property, plant and equipment
    
    
    (10
    )
    
    
    (23
    )Provision for uncollectible accounts receivable
    
    
    (96
    )
    
    
    (2
    )Deferred income taxes
    
    
    (52
    )
    
    
    848Stock-based compensation expense
    
    
    1,303
    
    
    
    1,023Other, net
    
    
    (11
    )
    
    
    65Changes in assets and liabilities:Receivables, net
    
    
    (22,715
    )
    
    
    (9,048
    )Inventories, net
    
    
    (15,071
    )
    
    
    (15,147
    )Other current assets
    
    
    (1,748
    )
    
    
    (2,153
    )Accounts payable
    
    
    5,059
    
    
    
    3,810Other current liabilities
    
    
    6,897
    
    
    
    (2,431
    )Current taxes payable
    
    
    1,582
    
    
    
    (2,172
    )Other noncurrent assets and liabilities
    
    
    (3,885
    )
    
    
    151Net cash used in operating activities
    
    
    (10,417
    )
    
    
    (17,462
    )CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (7,269
    )
    
    
    (4,446
    )Proceeds from sale of property, plant and equipment
    
    
    22
    
    
    
    31Acquisition of business, net of cash acquired
    
    
    (21,154
    )
    
    
    (17,394
    )Purchases of marketable securities available-for-sale
    
    
    (13,860
    )
    
    
    (60,300
    )Proceeds from maturities of marketable securities available-for-sale
    
    
    40,995
    
    
    
    59,680Net cash used in investing activities
    
    
    (1,266
    )
    
    
    (22,429
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock compensation plan
    
    
    598
    
    
    
    1,451Proceeds from issuance of long-term debt
    
    
    15,000
    
    
    
    14,309Principal payments on long-term debt
    
    
    (3,085
    )
    
    
    (2,143
    )Excess tax benefits from stock-based compensation
    
    
    2,357
    
    
    
    (197
    )Dividends paid
    
    
    (1,659
    )
    
    
    (1,512
    )Net cash provided by financing activities
    
    
    13,211
    
    
    
    11,908Effect of exchange rate changes on cash
    
    
    1,778
    
    
    
    (15
    )Net increase (decrease) in cash and cash equivalents
    
    
    3,306
    
    
    
    (27,998
    )Cash and cash equivalents, beginning of period
    
    
    21,022
    
    
    
    43,344Cash and cash equivalents, end of period
    
    $
    24,328
    
    
    $
    15,346
  -5-




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Lindsay Corporation and Subsidiaries
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (1) Condensed Consolidated Financial Statements
    (2) Net Earnings per Share
  Earnings per Share
  (3) Acquisitions
 Credit Arrangements.
   -6-




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Goodwill and Other Intangible Assets,
 (4) Comprehensive Income
  For the three months ended
    
    
    For the six months endedFebruary 29,
    
    
    February 28,
    
    
    February 29,
    
    
    February 28,$ in thousands
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Comprehensive income:Net earnings
    
    $
    9,680
    
    
    $
    2,512
    
    
    $
    14,046
    
    
    $
    4,295Other comprehensive income:Unrealized gain on securities, net of tax
    
    
    5
    
    
    
    15
    
    
    
    14
    
    
    
    43Defined Benefit Pension Plan, net of tax
    
    
    25
    
    
    
    (20
    )
    
    
    51
    
    
    
    (20
    )Unrealized gain (loss) on cash flow hedges,
net of tax
    
    
    (690
    )
    
    
    53
    
    
    
    (1,608
    )
    
    
    (102
    )Foreign currency translation
    
    
    412
    
    
    
    (155
    )
    
    
    3,869
    
    
    
    (95
    )Total comprehensive income
    
    $
    9,432
    
    
    $
    2,405
    
    
    $
    16,372
    
    
    $
    4,121
 (5) Income Taxes
   Accounting for Uncertainty in Income
Taxes  an Interpretation of FASB Statement No. 109 Accounting for
Contingencies
 -7-




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##### Table of Contents



(6) Inventories
  February
    
    
    February
    
    
    August$ in thousands
    
    2008
    
    
    2007
    
    
    2007Inventory:FIFO inventory
    
    $
    32,678
    
    
    $
    30,053
    
    
    $
    19,482LIFO reserves
    
    
    (6,143
    )
    
    
    (6,435
    )
    
    
    (6,235
    )LIFO inventory
    
    
    26,535
    
    
    
    23,618
    
    
    
    13,247Weighted average cost inventory
    
    
    19,946
    
    
    
    11,646
    
    
    
    12,810Other FIFO inventory
    
    
    15,114
    
    
    
    10,157
    
    
    
    15,753Obsolescence reserve
    
    
    (1,055
    )
    
    
    (621
    )
    
    
    (711
    )Total inventories
    
    $
    60,540
    
    
    $
    44,800
    
    
    $
    41,099
  February
    
    February
    
    August2008
    
    2007
    
    2007Raw materials
    
    
    14
    %
    
    
    18
    %
    
    
    15
    %Work in process
    
    
    10
    %
    
    
    9
    %
    
    
    12
    %Finished goods and purchased parts
    
    
    76
    %
    
    
    73
    %
    
    
    73
    %
 -8-




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##### Table of Contents



(7) Property, Plant and Equipment
  February
    
    
    February
    
    
    August$ in thousands
    
    2008
    
    
    2007
    
    
    2007Property, plant and equipment:Land
    
    $
    2,286
    
    
    $
    1,480
    
    
    $
    1,496Buildings
    
    
    23,346
    
    
    
    18,808
    
    
    
    19,617Equipment
    
    
    56,406
    
    
    
    46,764
    
    
    
    51,862Other
    
    
    7,694
    
    
    
    6,137
    
    
    
    7,961Total property, plant and equipment
    
    
    89,732
    
    
    
    73,189
    
    
    
    80,936Accumulated depreciation and amortization
    
    
    (50,533
    )
    
    
    (42,934
    )
    
    
    (47,743
    )Total property, plant and equipment, net
    
    $
    39,199
    
    
    $
    30,255
    
    
    $
    33,193Leased property:Machines
    
    $
    3,277
    
    
    $
    2,322
    
    
    $
    2,405Barriers
    
    
    13,754
    
    
    
    4,519
    
    
    
    9,590Total leased property
    
    
    17,031
    
    
    
    6,841
    
    
    
    11,995Accumulated depreciation and amortization
    
    
    (1,551
    )
    
    
    (467
    )
    
    
    (896
    )Total leased property, net
    
    
    15,480
    
    
    
    6,374
    
    
    
    11,099Property, plant and equipment, net
    
    $
    54,679
    
    
    $
    36,629
    
    
    $
    44,292
  (8) Credit Arrangements
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives
 Snoline Term Note
 Financial Derivatives
 -9-




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Revolving Credit Agreement
     ($ in thousands)
    
    February 2008
    
    
    February 2007
    
    
    August 2007Term Notes
    
    $
    34,882
    
    
    $
    41,052
    
    
    $
    37,967Revolving Credit Agreement
    
    
    15,000
    
    
    
    
    
    
    
    Less current portion
    
    
    (6,171
    )
    
    
    (6,171
    )
    
    
    (6,171
    )Total long-term debt
    
    $
    43,711
    
    
    $
    34,881
    
    
    $
    31,796
   Due within:
 1 Year
    
    $
    6,1712 Years
    
    
    21,1713 Years
    
    
    6,1714 Years
    
    
    6,1715 Years
    
    
    6,171Thereafter
    
    
    4,027$
    49,882
 (9) Financial Derivatives
 Accounting for Derivatives Instruments and Hedging Activity
  -10-




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(10) Commitments and Contingencies
  (11) Retirement Plan
  For the three months ended
    
    
    For the six months endedFebruary 29,
    
    
    February 28,
    
    
    February 29,
    
    
    February 28,$ in thousands
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Net periodic benefit cost:Service cost
    
    $
    10
    
    
    $
    8
    
    
    $
    21
    
    
    $
    16Interest cost
    
    
    84
    
    
    
    77
    
    
    
    167
    
    
    
    154Net amortization and deferral
    
    
    40
    
    
    
    40
    
    
    
    81
    
    
    
    80Total net periodic benefit cost
    
    $
    134
    
    
    $
    125
    
    
    $
    269
    
    
    $
    250
 (12) Warranties
  -11-




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For the three months endedFebruary 29,
    
    
    February 28,$ in thousands
    
    2008
    
    
    2007Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,474
    
    
    $
    1,894Liabilities accrued for warranties during the period
    
    
    879
    
    
    
    (71
    )Warranty claims paid during the period
    
    
    (427
    )
    
    
    (233
    )Product warranty accrual balance, end of period
    
    $
    1,927
    
    
    $
    1,590
 For the six months endedFebruary 29,
    
    
    February 28,$ in thousands
    
    2008
    
    
    2007Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,644
    
    
    $
    1,996Liabilities accrued for warranties during the period
    
    
    1,096
    
    
    
    304Warranty claims paid during the period
    
    
    (813
    )
    
    
    (710
    )Product warranty accrual balance, end of period
    
    $
    1,927
    
    
    $
    1,590
 (13) Industry Segment Information
  Disclosures About Segments of an Enterprise and
Related Information,
    -12-




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Three Months Ended
    
    
    Six Months EndedFebruary
    
    
    February
    
    
    February
    
    
    February($ in thousands)
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Operating revenues:Irrigation
    
    $
    82,630
    
    
    $
    50,937
    
    
    $
    139,132
    
    
    $
    88,909Infrastructure
    
    
    25,788
    
    
    
    12,737
    
    
    
    45,214
    
    
    
    26,297Total operating revenues
    
    $
    108,418
    
    
    $
    63,674
    
    
    $
    184,346
    
    
    $
    115,206Operating income:Irrigation
    
    $
    16,598
    
    
    $
    6,856
    
    
    $
    25,689
    
    
    $
    10,330Infrastructure
    
    
    5,762
    
    
    
    2,314
    
    
    
    9,331
    
    
    
    6,886Segment operating income
    
    
    22,360
    
    
    
    9,170
    
    
    
    35,020
    
    
    
    17,216Unallocated general & administrative expenses
    
    
    (6,507
    )
    
    
    (5,459
    )
    
    
    (12,651
    )
    
    
    (10,894
    )Interest and other income, net
    
    
    (337
    )
    
    
    (96
    )
    
    
    (346
    )
    
    
    37Earnings before income taxes
    
    $
    15,516
    
    
    $
    3,615
    
    
    $
    22,023
    
    
    $
    6,359Total Capital Expenditures:Irrigation
    
    $
    1,040
    
    
    $
    1,858
    
    
    $
    1,850
    
    
    $
    2,882Infrastructure
    
    
    1,727
    
    
    
    1,356
    
    
    
    5,419
    
    
    
    1,564$
    2,767
    
    
    $
    3,214
    
    
    $
    7,269
    
    
    $
    4,446Total Depreciation & Amortization:Irrigation
    
    $
    876
    
    
    $
    989
    
    
    $
    1,805
    
    
    $
    1,834Infrastructure
    
    
    1,292
    
    
    
    776
    
    
    
    2,494
    
    
    
    1,462$
    2,168
    
    
    $
    1,765
    
    
    $
    4,299
    
    
    $
    3,296
 February 29, 2008
    
    
    February 28, 2007
    
    
    August 31, 2007Total Assets:Irrigation
    
    $
    188,944
    
    
    $
    139,910
    
    
    $
    143,893Infrastructure
    
    
    103,534
    
    
    
    80,936
    
    
    
    98,312$
    292,478
    
    
    $
    220,846
    
    
    $
    242,205
 (14) Share Based Compensation
 Share-Based Payment
  -13-




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-14-




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ITEM 2 Managements Discussion and Analysis of Results of Operations and Financial Condition
 Concerning Forward-Looking Statements
   Accounting Policies
   Overview
   -15-




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Results of Operations
 For the Three Months ended February 29, 2008 compared to the Three Months ended February 28, 2007
  For the three months endedPercentFebruary
    
    February
    
    Increase($ in thousands)
    
    2008
    
    2007
    
    (decrease)ConsolidatedOperating revenues
    
    $
    108,418
    
    
    $
    63,674
    
    
    
    70.3
    %Cost of operating revenues
    
    
    78,380
    
    
    
    49,219
    
    
    
    59.2Gross profit
    
    
    30,038
    
    
    
    14,455
    
    
    
    107.8Gross margin
    
    
    27.7
    %
    
    
    22.7
    %Operating expenses
    
    
    14,185
    
    
    
    10,744
    
    
    
    32.0Operating income
    
    
    15,853
    
    
    
    3,711
    
    
    
    327.2Operating margin
    
    
    14.6
    %
    
    
    5.8
    %Interest expense
    
    
    (821
    )
    
    
    (532
    )
    
    
    54.3Interest income
    
    
    377
    
    
    
    426
    
    
    
    (11.5
    )Other income (expense), net
    
    
    107
    
    
    
    10
    
    
    
    970.0Income tax provision
    
    
    5,836
    
    
    
    1,103
    
    
    
    429.1Effective income tax rate
    
    
    37.6
    %
    
    
    30.5
    %Net earnings
    
    
    9,680
    
    
    
    2,512
    
    
    
    285.4Irrigation Equipment SegmentOperating revenues
    
    $
    82,630
    
    
    $
    50,937
    
    
    
    62.2Operating income (1)
    
    $
    16,598
    
    
    $
    6,856
    
    
    
    142.1Operating margin (1)
    
    
    20.1
    %
    
    
    13.5
    %Infrastructure Products SegmentOperating revenues
    
    $
    25,788
    
    
    $
    12,737
    
    
    
    102.5Operating income (1)
    
    $
    5,762
    
    
    $
    2,314
    
    
    
    149.0Operating margin (1)
    
    
    22.3
    %
    
    
    18.2
    %
 
 (1)
    
    Excludes unallocated general & administrative expenses. Beginning in the fourth 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. -16-




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




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For the Six Months Ended February 29, 2008 compared to the Six Months Ended February 28, 2007
  For the six months endedPercentFebruary
    
    February
    
    Increase($ in thousands)
    
    2008
    
    2007
    
    (decrease)ConsolidatedOperating revenues
    
    $
    184,346
    
    
    $
    115,206
    
    
    
    60.0
    %Cost of operating revenues
    
    
    135,012
    
    
    
    88,286
    
    
    
    52.9Gross profit
    
    
    49,334
    
    
    
    26,920
    
    
    
    83.3Gross margin
    
    
    26.8
    %
    
    
    23.4
    %Operating expenses
    
    
    26,965
    
    
    
    20,598
    
    
    
    30.9Operating income
    
    
    22,369
    
    
    
    6,322
    
    
    
    253.8Operating margin
    
    
    12.1
    %
    
    
    5.5
    %Interest expense
    
    
    (1,420
    )
    
    
    (1,019
    )
    
    
    39.4Interest income
    
    
    853
    
    
    
    1,062
    
    
    
    19.7Other income (expense), net
    
    
    221
    
    
    
    (6
    )
    
    
    (3783.3
    )Income tax provision
    
    
    7,977
    
    
    
    2,064
    
    
    
    286.5Effective income tax rate
    
    
    36.2
    %
    
    
    32.5
    %Net earnings
    
    
    14,046
    
    
    
    4,295
    
    
    
    227.0Irrigation Equipment SegmentOperating revenues
    
    $
    139,132
    
    
    $
    88,909
    
    
    
    56.5Operating income (1)
    
    $
    25,689
    
    
    $
    10,330
    
    
    
    148.7Operating margin (1)
    
    
    18.5
    %
    
    
    11.6
    %Infrastructure Products SegmentOperating revenues
    
    $
    45,214
    
    
    $
    26,297
    
    
    
    7.1.9Operating income (1)
    
    $
    9,331
    
    
    $
    6,886
    
    
    
    (21.9
    )Operating margin (1)
    
    
    20.6
    %
    
    
    26.2
    %
 
 (1)
    
    Excludes unallocated general & administrative expenses. Beginning in the fourth 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
     -18-




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Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net, Taxes
     Net Earnings
  Liquidity and Capital Resources
      -19-




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Off-Balance Sheet Arrangements
  Contractual Obligations and Commercial Commitments
  Market Conditions and Fiscal 2008 Outlook
  Recently Issued Accounting Pronouncements
 -20-




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Fair Value Measurements,
 The Fair Value Option for Financial Assets and
Financial Liabilities,
 Business Combinations
 
 ITEM 3  Quantitative and Qualitative Disclosures About Market Risk
       
 ITEM 4  Controls and Procedures
  -21-




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-22-




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Part II  OTHER INFORMATION
 
 ITEM 1  Legal Proceedings
  Environmental Matters
  
 ITEM 1A  Risk Factors
  
 ITEM 2  Unregistered Sales of Equity Securities and Use of Proceeds
  
 ITEM 3  Defaults Upon Senior Securities
  -23-




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ITEM 4  Submission of Matters to a Vote of Security Holders
  1. Election of Directors:
    
    Michael N. Christodolou
    
    For  9,212,630
    
    Withheld  239,225J. David McIntosh
    
    For  9,432,930
    
    Withheld  18,9252. Auditors: Ratification of the appointment of KPMG LLP as independent auditors for the fiscal year ended August 31, 2008.For  9,403,778
    
    Against  44,621
    
    Abstain  3,456
    
    Broker Non-Vote  None
 
 ITEM 5  Other Information
  
 ITEM 6  Exhibits
 3(a)
    
    Restated Certificate of Incorporation of the Company, incorporated by reference
to Exhibit 3.1 to the Companys Current Report on Form 8-K filed on December 14, 2006.3(b)
    
    Restated By-Laws of the Company, incorporated by reference to Exhibit 3.1 of
the Companys Current Report on Form 8-K filed on November 6, 2007.4(a)
    
    Specimen Form of Common Stock Certificate, incorporated by reference to Exhibit
4(a) of the Companys Quarterly Report on Form 10-Q for the fiscal quarter ended
November 30, 2006.10(a)
    
    Revolving Credit Note, dated January 24, 2008, by and between the Company and
Wells Fargo Bank, N.A., incorporated by reference to the Companys Current Report on
Form 8-K filed on January 30, 2008.10(b)
    
    Revolving Credit Agreement, dated January 24, 2008, by and between the Company
and Wells Fargo Bank, N.A., incorporated by reference to the Companys Current Report on
Form 8-K filed on January 30, 2008.31(a)*
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 18 U.S.C. Section 1350.31(b)*
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 18 U.S.C. Section 1350.32(a)*
    
    Certification of Chief Executive Officer and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
 
 *    filed herein -24-




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SIGNATURE
  LINDSAY CORPORATIONBy:
    /s/ TIM J. PAYMALName:
    Tim J. PaymalTitle:
    Vice President and Chief Accounting Officer
(Principal Financial Officer) -25-