##### 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 November 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission File Number 1-13419
 Lindsay Corporation
  Delaware
    
    47-0554096(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)2222 N. 111th Street, Omaha, Nebraska
    
    68164(Address of principal executive offices)
    
    (Zip Code)
 402-829-6800  (Registrants telephone number, including area code)
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if smaller reporting company)
 o þ
 ,




---



##### 



Lindsay Corporation
INDEX FORM 10-Q
 Page No.Part I  FINANCIAL INFORMATIONITEM 1 Financial StatementsCondensed Consolidated Statements of Operations for the three months
ended November 30, 2010 and 2009
    
    
    3Condensed Consolidated Balance Sheets, November 30, 2010 and 2009 and
August 31, 2010
    
    
    4Condensed Consolidated Statements of Cash Flows for the three months
ended November 30, 2010 and 2009
    
    
    5Notes to Condensed Consolidated Financial Statements
    
    
    6-15ITEM 2  Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    16-20ITEM 3  Quantitative and Qualitative Disclosures about Market Risk
    
    
    20ITEM 4  Controls and Procedures
    
    
    21Part II  OTHER INFORMATIONITEM 1 Legal Proceedings
    
    
    21ITEM 1A Risk Factors
    
    
    21ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    21ITEM 6 Exhibits
    
    
    22SIGNATURE
    
    
    23Exhibit 10.1Exhibit 31.1Exhibit 31.2Exhibit 32.1
   2




---



##### Table of Contents



Part I  FINANCIAL INFORMATION
 
 ITEM 1
    
    Financial Statements
 Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 Three months endedNovember 30,(in thousands, except per share amounts)
    
    2010
    
    
    2009Operating revenues
    
    $
    89,166
    
    
    $
    85,970Cost of operating revenues
    
    
    64,943
    
    
    
    60,166Gross profit
    
    
    24,223
    
    
    
    25,804Operating expenses:Selling expense
    
    
    7,018
    
    
    
    5,523General and administrative expense
    
    
    8,031
    
    
    
    7,336Engineering and research expense
    
    
    2,564
    
    
    
    1,784Total operating expenses
    
    
    17,613
    
    
    
    14,643Operating income
    
    
    6,610
    
    
    
    11,161Other income (expense):Interest expense
    
    
    (186
    )
    
    
    (461
    )Interest income
    
    
    42
    
    
    
    83Other income (expense), net
    
    
    111
    
    
    
    145Earnings before income taxes
    
    
    6,577
    
    
    
    10,928Income tax provision
    
    
    2,291
    
    
    
    4,251Net earnings
    
    $
    4,286
    
    
    $
    6,677Basic net earnings per share
    
    $
    0.34
    
    
    $
    0.54Diluted net earnings per share
    
    $
    0.34
    
    
    $
    0.53Weighted average shares outstanding
    
    
    12,502
    
    
    
    12,380Diluted effect of stock equivalents
    
    
    142
    
    
    
    161Weighted average shares outstanding
assuming dilution
    
    
    12,644
    
    
    
    12,541Cash dividends per share
    
    $
    0.085
    
    
    $
    0.080
   3




---



##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
 (Unaudited)
    
    
    (Unaudited)November 30,
    
    
    November 30,
    
    
    August 31,($ in thousands, except par values)
    
    2010
    
    
    2009
    
    
    2010ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    80,535
    
    
    $
    91,750
    
    
    $
    83,418Receivables, net of allowance of $2,187, $2,097 and $2,244, respectively
    
    
    60,000
    
    
    
    51,552
    
    
    
    63,629Inventories, net
    
    
    53,147
    
    
    
    44,327
    
    
    
    45,296Deferred income taxes
    
    
    5,740
    
    
    
    6,877
    
    
    
    6,722Other current assets
    
    
    8,540
    
    
    
    6,660
    
    
    
    8,946Total current assets
    
    
    207,962
    
    
    
    201,166
    
    
    
    208,011Property, plant and equipment, net
    
    
    56,794
    
    
    
    59,949
    
    
    
    57,646Other intangible assets, net
    
    
    28,078
    
    
    
    29,045
    
    
    
    27,715Goodwill, net
    
    
    28,123
    
    
    
    24,530
    
    
    
    27,395Other noncurrent assets
    
    
    4,809
    
    
    
    5,646
    
    
    
    4,714Total assets
    
    $
    325,766
    
    
    $
    320,336
    
    
    $
    325,481LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    33,316
    
    
    $
    26,291
    
    
    $
    26,501Current portion of long-term debt
    
    
    4,286
    
    
    
    6,171
    
    
    
    4,286Other current liabilities
    
    
    25,922
    
    
    
    31,958
    
    
    
    36,295Total current liabilities
    
    
    63,524
    
    
    
    64,420
    
    
    
    67,082Pension benefits liabilities
    
    
    6,344
    
    
    
    6,407
    
    
    
    6,400Long-term debt
    
    
    7,500
    
    
    
    17,912
    
    
    
    8,571Deferred income taxes
    
    
    11,461
    
    
    
    10,510
    
    
    
    10,816Other noncurrent liabilities
    
    
    1,994
    
    
    
    4,598
    
    
    
    3,005Total liabilities
    
    
    90,823
    
    
    
    103,847
    
    
    
    95,874Shareholders 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,
18,241,649, 18,173,896 and 18,184,820 shares issued at November 30, 2010
and 2009 and August 31, 2010, respectively)
    
    
    18,242
    
    
    
    18,174
    
    
    
    18,185Capital in excess of stated value
    
    
    31,942
    
    
    
    29,240
    
    
    
    30,756Retained earnings
    
    
    273,494
    
    
    
    255,273
    
    
    
    270,272Less treasury stock (at cost, 5,698,448, 5,763,448 and 5,698,448 shares
at November 30, 2010 and 2009 and August 31, 2010, respectively)
    
    
    (90,961
    )
    
    
    (91,998
    )
    
    
    (90,961
    )Accumulated other comprehensive income, net
    
    
    2,226
    
    
    
    5,800
    
    
    
    1,355Total shareholders equity
    
    
    234,943
    
    
    
    216,489
    
    
    
    229,607Total liabilities and shareholders equity
    
    $
    325,766
    
    
    $
    320,336
    
    
    $
    325,481
   4




---



##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedNovember 30,($ in thousands)
    
    2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    4,286
    
    
    $
    6,677Adjustments to reconcile net earnings to net cash
provided by
operating activities:Depreciation and amortization
    
    
    2,926
    
    
    
    2,681Provision for uncollectible accounts receivable
    
    
    21
    
    
    
    149Deferred income taxes
    
    
    (78
    )
    
    
    (447
    )Stock-based compensation expense
    
    
    933
    
    
    
    613Gain on disposal of fixed assets
    
    
    (33
    )
    
    
    (92
    )Other, net
    
    
    (81
    )
    
    
    (1
    )Changes in assets and liabilities:Receivables
    
    
    4,429
    
    
    
    (7,813
    )Inventories
    
    
    (7,134
    )
    
    
    2,222Other current assets
    
    
    483
    
    
    
    (437
    )Accounts payable
    
    
    6,550
    
    
    
    5,916Other current liabilities
    
    
    (8,350
    )
    
    
    (3,452
    )Current taxes payable
    
    
    (812
    )
    
    
    4,276Other noncurrent assets and liabilities
    
    
    (967
    )
    
    
    (769
    )Net cash provided by operating activities
    
    
    2,173
    
    
    
    9,523CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (1,484
    )
    
    
    (1,436
    )Proceeds from sale of property, plant and equipment
    
    
    43
    
    
    
    92Acquisition of business, net of cash acquired
    
    
    (1,279
    )
    
    
    (132
    )Payment for settlement of net investment hedge
    
    
    (734
    )
    
    
    Net cash used in investing activities
    
    
    (3,454
    )
    
    
    (1,476
    )CASH FLOWS FROM FINANCING ACTIVITIES:Issuance of common stock under stock compensation plans
    
    
    (187
    )
    
    
    (507
    )Principal payments on long-term debt
    
    
    (1,071
    )
    
    
    (1,543
    )Excess tax benefits from stock-based compensation
    
    
    609
    
    
    
    310Dividends paid
    
    
    (1,064
    )
    
    
    (992
    )Net cash used in financing activities
    
    
    (1,713
    )
    
    
    (2,732
    )Effect of exchange rate changes on cash
    
    
    111
    
    
    
    506Net (decrease) increase in cash and cash equivalents
    
    
    (2,883
    )
    
    
    5,821Cash and cash equivalents, beginning of period
    
    
    83,418
    
    
    
    85,929Cash and cash equivalents, end of period
    
    $
    80,535
    
    
    $
    91,750
   5




---



##### Table of Contents



Lindsay Corporation and Subsidiaries
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
  (1) Condensed Consolidated Financial Statements
    Business Combinations
 (2) Net Earnings per Share
     6




---



##### Table of Contents



(3) Comprehensive Income
  Three months endedNovember 30,$ in thousands
    
    2010
    
    
    2009Comprehensive income:Net earnings
    
    $
    4,286
    
    
    $
    6,677Other comprehensive income(1):Defined benefit pension plan, net of tax
    
    
    25
    
    
    
    28Unrealized gain (loss) on cash flow
hedges, net of tax
    
    
    102
    
    
    
    (167
    )Foreign currency translation, net of
hedging activities
    
    
    744
    
    
    
    2,944Total comprehensive income (loss)
    
    $
    5,157
    
    
    $
    9,482
 (1)
    
    Net of tax benefit $77 and $33 for the three months ended November 30, 2010 and
2009, respectively. (4) Income Taxes
    (5) Inventories
  November 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2010Inventory:FIFO inventory
    
    $
    24,356
    
    
    $
    32,828
    
    
    $
    19,218LIFO reserves
    
    
    (6,305
    )
    
    
    (6,283
    )
    
    
    (6,263
    )LIFO inventory
    
    
    18,051
    
    
    
    26,545
    
    
    
    12,955Weighted average inventory
    
    
    19,098
    
    
    
    17,251
    
    
    
    15,854Other FIFO inventory
    
    
    18,184
    
    
    
    2,611
    
    
    
    18,532Obsolescence reserve
    
    
    (2,186
    )
    
    
    (2,080
    )
    
    
    (2,045
    )Total inventories
    
    $
    53,147
    
    
    $
    44,327
    
    
    $
    45,296
  7




---



##### Table of Contents



November 30,
    
    
    November 30,
    
    
    August 31,2010
    
    
    2009
    
    
    2010Raw materials
    
    
    13
    %
    
    
    11
    %
    
    
    12
    %Work in process
    
    
    7
    %
    
    
    8
    %
    
    
    8
    %Finished goods and purchased parts
    
    
    80
    %
    
    
    81
    %
    
    
    80
    %
 (6) Property, Plant and Equipment
  November 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2010Operating property, plant and equipment:Land
    
    $
    2,777
    
    
    $
    2,297
    
    
    $
    2,757Buildings
    
    
    28,521
    
    
    
    29,198
    
    
    
    28,294Equipment
    
    
    67,226
    
    
    
    63,222
    
    
    
    66,754Other
    
    
    4,619
    
    
    
    5,666
    
    
    
    3,830Total operating property, plant and equipment
    
    
    103,143
    
    
    
    100,383
    
    
    
    101,635Accumulated depreciation
    
    
    (60,249
    )
    
    
    (56,667
    )
    
    
    (58,429
    )Total operating property, plant and
equipment, net
    
    $
    42,894
    
    
    $
    43,716
    
    
    $
    43,206Property held for lease:Machines
    
    
    3,852
    
    
    
    4,280
    
    
    
    4,360Barriers
    
    
    16,633
    
    
    
    16,756
    
    
    
    16,215Total property held for lease
    
    $
    20,485
    
    
    $
    21,036
    
    
    $
    20,575Accumulated depreciation
    
    
    (6,585
    )
    
    
    (4,803
    )
    
    
    (6,135
    )Total property held for lease, net
    
    $
    13,900
    
    
    $
    16,233
    
    
    $
    14,440Property, plant and equipment, net
    
    $
    56,794
    
    
    $
    59,949
    
    
    $
    57,646
  (7) Credit Arrangements
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives
  8




---



##### Table of Contents



Snoline Term Note
 Financial Derivatives.
 Revolving Credit Agreement
     November 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2010BSI Term Note
    
    $
    11,786
    
    
    $
    16,072
    
    
    $
    12,857Snoline Term Note
    
    $
    
    
    
    
    8,011
    
    
    
    Less current portion
    
    $
    (4,286
    )
    
    
    (6,171
    )
    
    
    (4,286
    )Total long-term debt
    
    $
    7,500
    
    
    $
    17,912
    
    
    $
    8,571
   Due within:
 1 year
    
    $
    4,2862 years
    
    
    4,2863 years
    
    
    3,214$
    11,786
  9




---



##### Table of Contents



(8) Financial Derivatives
   Fair Values of Derivative InstrumentsAsset (Liability) DerivativesNovember 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    Balance Sheet Location
    
    2010
    
    
    2009
    
    
    2010Derivatives designated as hedging
instruments:Foreign currency forward contracts
    
    Other current liabilities
    
    $
    (27
    )
    
    $
    
    
    
    $
    (66
    )Interest rate swap
    
    Other current liabilities
    
    
    (384
    )
    
    
    (568
    )
    
    
    (437
    )Interest rate swap
    
    Other noncurrent liabilities
    
    
    (392
    )
    
    
    (721
    )
    
    
    (484
    )Cross currency swap
    
    Other current liabilities
    
    
    
    
    
    
    (519
    )
    
    
    Cross currency swap
    
    Other noncurrent liabilities
    
    
    
    
    
    
    (1,071
    )
    
    
    Total derivatives designated as hedging
instruments
    
    
    
    $
    (803
    )
    
    $
    (2,879
    )
    
    $
    (987
    )Derivatives not designated as hedging
instruments:Foreign currency option contract
    
    Other current assets
    
    $
    7
    
    
    $
    
    
    
    $
    16Total derivatives not designated as
hedging instruments
    
    
    
    $
    7
    
    
    $
    
    
    
    $
    16
  Cash Flow Hedging Relationships
 Credit Arrangements)
 Credit Arrangements)
  10




---



##### Table of Contents



Amount of Gain/(Loss)Recognized in OCI onDerivativesThree months endedNovember 30,$ in thousands
    
    2010
    
    
    2009Interest rate swap
    
    $
    84
    
    
    $
    64Cross currency swap
    
    
    
    
    
    
    (231
    )Foreign currency
forward contracts
    
    
    18
    
    
    
    Total1
    
    $
    102
    
    
    $
    (167
    )
 
 (1)
    
    Net of tax (benefit) expense of $61 and ($50) for the three months ended November 30,
2010 and 2009, respectively. Location of Loss
    
    Amount of (Loss)Reclassified from
    
    Reclassified from AOCI$ in thousands
    
    AOCI into Income
    
    into IncomeThree months endedNovember 30,2010
    
    
    2009Interest rate swap
    
    Interest Expense
    
    $
    (160
    )
    
    $
    (236
    )Cross currency swap
    
    Interest Expense
    
    
    
    
    
    
    (142
    )Foreign currency
forward contracts
    
    Revenue
    
    
    (39
    )
    
    
    $
    (199
    )
    
    $
    (378
    )
 Gain/(Loss)
    
    Gain/(Loss) Recognized inRecognized in Income
    
    Income on Derivatives$ in thousands
    
    (Ineffectiveness)
    
    (Ineffectiveness)Three months endedNovember 30,2010
    
    
    2009Interest rate swap
    
    Other income (expense)
    
    $
    11
    
    
    $
    (57
    )Cross currency swap
    
    Other income (expense)
    
    
    
    
    
    
    Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    $
    11
    
    
    $
    (57
    )
  11




---



##### Table of Contents



Net Investment Hedging Relationships
  Amount of Gain/(Loss)Recognized in OCI relatedto DerivativesThree months endedNovember 30,2010
    
    
    2009Foreign currency forward contracts1
    
    $
    (430
    )
    
    $
    
 
 (1)
    
    Net of tax benefit of $263 at November 30, 2010   Derivatives Not Designated as Hedging Instruments
  Location of
    
    Amount Gain/(Loss)Gain/(Loss)
    
    Recognized in Income on$ in thousands
    
    Recognized in Income
    
    DerivativesThree months endedNovember 30,2010
    
    
    2009Foreign currency
forward contracts
    
    Operating revenues
    
    $
    (9
    )
    
    $
    
  12




---



##### Table of Contents



(9) Fair Value Measurements
  
    
    Level 1  Unadjusted quoted prices in active markets for identical assets or liabilities.
    
    Level 2  Significant observable
pricing inputs other than quoted prices
included within Level 1 that are either
directly or indirectly observable as of the
reporting date. Essentially, this
represents inputs that are derived
principally from or corroborated by
observable market data.
    
    Level 3  Generally unobservable
inputs, which are developed based on the
best information available and may include
the Companys own internal data.
  $ in thousands
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalCash and cash equivalents
    
    $
    80,535
    
    
    $
    
    
    
    $
    
    
    
    $
    80,535Derivative Assets
    
    
    
    
    
    
    7
    
    
    
    
    
    
    
    7Derivative Liabilities
    
    
    
    
    
    
    (803
    )
    
    
    
    
    
    
    (803
    )
  $ in thousands
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalCash and cash equivalents
    
    $
    91,750
    
    
    $
    
    
    
    $
    
    
    
    $
    91,750Derivative Assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Derivative Liabilities
    
    
    
    
    
    
    (2,879
    )
    
    
    
    
    
    
    (2,879
    )
   (10) Commitments and Contingencies
   13




---



##### Table of Contents



(11) Retirement Plan
  Three months endedNovember 30,$ in thousands
    
    2010
    
    
    2009Net periodic benefit cost:Interest cost
    
    
    84
    
    
    
    88Net amortization and deferral
    
    
    41
    
    
    
    45Total net periodic benefit cost
    
    $
    125
    
    
    $
    133
 (12) Warranties
  Three months endedNovember 30,$ in thousands
    
    2010
    
    
    2009Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,862
    
    
    $
    1,736Liabilities accrued for warranties during the period
    
    
    842
    
    
    
    747Warranty claims paid during the period
    
    
    (908
    )
    
    
    (1,006
    )Product warranty accrual balance, end of period
    
    $
    1,796
    
    
    $
    1,477
 (13) Industry Segment Information
      14




---



##### Table of Contents



Three months endedNovember 30,$ in thousands
    
    2010
    
    
    2009Operating revenues:Irrigation
    
    $
    60,009
    
    
    $
    53,266Infrastructure
    
    
    29,157
    
    
    
    32,704Total operating revenues
    
    $
    89,166
    
    
    $
    85,970Operating income:Irrigation
    
    $
    5,901
    
    
    $
    6,744Infrastructure
    
    
    4,025
    
    
    
    7,685Segment operating income
    
    
    9,926
    
    
    
    14,429Unallocated general and administrative expenses
    
    
    (3,316
    )
    
    
    (3,268
    )Interest and other income, net
    
    
    (33
    )
    
    
    (233
    )Earnings before income taxes
    
    $
    6,577
    
    
    $
    10,928Total Capital Expenditures:Irrigation
    
    $
    856
    
    
    $
    521Infrastructure
    
    
    628
    
    
    
    915$
    1,484
    
    
    $
    1,436Total Depreciation and Amortization:Irrigation
    
    $
    1,352
    
    
    $
    1,109Infrastructure
    
    
    1,574
    
    
    
    1,572$
    2,926
    
    
    $
    2,681
 November 30,
    
    
    November 30,
    
    
    August 31,2010
    
    
    2009
    
    
    2010Total Assets:Irrigation
    
    $
    214,148
    
    
    $
    203,489
    
    
    $
    206,885Infrastructure
    
    
    111,618
    
    
    
    116,847
    
    
    
    118,596$
    325,766
    
    
    $
    320,336
    
    
    $
    325,481
 (14) Share Based Compensation
    15




---



##### Table of Contents



ITEM 2
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 Concerning Forward-Looking Statements
   Accounting Policies
   Overview
    16




---



##### Table of Contents



Results of Operations
 For the Three Months ended November 30, 2010 compared to the Three Months ended November 30, 2009
  Three months ended
    
    
    PercentNovember 30,
    
    
    Increase$ in thousands
    
    2010
    
    
    2009
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    89,166
    
    
    $
    85,970
    
    
    
    3.7
    %Cost of operating revenues
    
    $
    64,943
    
    
    $
    60,166
    
    
    
    7.9
    %Gross profit
    
    $
    24,223
    
    
    $
    25,804
    
    
    
    (6.1
    )%Gross margin
    
    
    27.2
    %
    
    
    30.0
    %Operating expenses (1)
    
    $
    17,613
    
    
    $
    14,643
    
    
    
    20.3
    %Operating income
    
    $
    6,610
    
    
    $
    11,161
    
    
    
    (40.8
    )%Operating margin
    
    
    7.4
    %
    
    
    13.0
    %Interest expense
    
    $
    (186
    )
    
    $
    (461
    )
    
    
    (59.7
    )%Interest income
    
    $
    42
    
    
    $
    83
    
    
    
    (49.4
    )%Other income (expense), net
    
    $
    111
    
    
    $
    145
    
    
    
    (23.4
    )%Income tax provision
    
    $
    2,291
    
    
    $
    4,251
    
    
    
    (46.1
    )%Effective income tax rate
    
    
    34.8
    %
    
    
    38.9
    %Net earnings
    
    $
    4,286
    
    
    $
    6,677
    
    
    
    (35.8
    )%Irrigation Equipment SegmentSegment operating revenues
    
    $
    60,009
    
    
    $
    53,266
    
    
    
    12.7
    %Segment operating income (2)
    
    $
    5,901
    
    
    $
    6,744
    
    
    
    (12.5
    )%Segment operating margin (2)
    
    
    9.8
    %
    
    
    12.7
    %Infrastructure Products SegmentSegment operating revenues
    
    $
    29,157
    
    
    $
    32,704
    
    
    
    (10.8
    )%Segment operating income (2)
    
    $
    4,025
    
    
    $
    7,685
    
    
    
    (47.6
    )%Segment operating margin (2)
    
    
    13.8
    %
    
    
    23.5
    %
 (1)
    
    Includes $3.3 million of unallocated general and administrative expenses for the each of the three months ended
November 30, 2010 and 2009, respectively.(2)
    
    Excludes unallocated general and administrative expenses.
  17




---



##### Table of Contents



Revenues
   ® ®
 Gross Margin
 ®
 Operating Expenses
 ®
 Interest, Other Income (Expense), net
   Income Taxes
  Net Earnings
  Liquidity and Capital Resources
   18




---



##### Table of Contents



Contractual Obligations and Commercial Commitments
  Market Conditions and Fiscal 2011 Outlook
  ®
  19




---



##### Table of Contents



Recently Issued Accounting Pronouncements
  
 ITEM 3
    
     Quantitative and Qualitative Disclosures About Market Risk
       20




---



##### Table of Contents



ITEM 4
    
    Controls and Procedures
   
 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
   21




---



##### Table of Contents



ITEM 6
    
    Exhibits
 3.1
    
    
    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 of
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) of the Companys Quarterly Report on Form 10-Q for the fiscal quarter ended
November 30, 2006.10.1
    *
    
    Lindsay Corporation Management Incentive Plan (MIP), 2011 Plan Year. **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 1350.32.1
    *
    
    Certification of Chief Executive Officer and Chief Financial Officer pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.
 *
    
    - filed herein**
    
    - certain confidential portions of this Exhibit were omitted by means of redacting a
portion of the text. This Exhibit has been filed separately with the Secretary of the
Commission with the redacted text pursuant to the Companys application requesting
confidential treatment under Rule 24B-2 of the Securities Exchange Act of 1934.
  22




---



##### Table of Contents



SIGNATURE
  LINDSAY CORPORATIONBy:
    /s/ DAVID B. DOWNINGName:
    David B. DowningTitle:
    Chief Financial Officer and
President  International Operations  23