UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended November 30, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission File Number 1-13419
 Lindsay Corporation
  Delaware
    
    47-0554096(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 2222 N 111th Street, Omaha, Nebraska
    
    68164(Address of principal executive offices)
    
    (Zip Code)
 402-829-6800
 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, 2009 and 2008
    
    
    3Condensed Consolidated Balance Sheets, November 30, 2009 and 2008 and
August 31, 2009
    
    
    4Condensed Consolidated Statements of Cash Flows for the three months
ended November 30, 2009 and 2008
    
    
    5Notes to Condensed Consolidated Financial Statements
    
    
    6-17ITEM 2 Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    18-24ITEM 3 Quantitative and Qualitative Disclosures about Market Risk
    
    
    24-25ITEM 4 Controls and Procedures
    
    
    25Part II  OTHER INFORMATIONITEM 1 Legal Proceedings
    
    
    25-26ITEM 1 A Risk Factors
    
    
    26ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    26ITEM 6 Exhibits
    
    
    26SIGNATURE
    
    
    27
 - 2 -




---



##### 



Part I
 FINANCIAL INFORMATION
 ITEM 1   Financial Statements
 Lindsay Corporation and Subsidiaries
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three months endedNovember 30,(in thousands, except per share amounts)
    
    2009
    
    
    2008Operating revenues
    
    $
    85,970
    
    
    $
    113,121Cost of operating revenues
    
    
    60,166
    
    
    
    84,472Gross profit
    
    
    25,804
    
    
    
    28,649Operating expenses:Selling expense
    
    
    5,523
    
    
    
    6,763General and administrative expense
    
    
    7,336
    
    
    
    8,349Engineering and research expense
    
    
    1,784
    
    
    
    1,741Total operating expenses
    
    
    14,643
    
    
    
    16,853Operating income
    
    
    11,161
    
    
    
    11,796Other income (expense):Interest expense
    
    
    (461
    )
    
    
    (625
    )Interest income
    
    
    83
    
    
    
    316Other income (expense), net
    
    
    145
    
    
    
    (1,706
    )Earnings before income taxes
    
    
    10,928
    
    
    
    9,781Income tax provision
    
    
    4,251
    
    
    
    3,459Net earnings
    
    $
    6,677
    
    
    $
    6,322Basic net earnings per share
    
    $
    0.54
    
    
    $
    0.52Diluted net earnings per share
    
    $
    0.53
    
    
    $
    0.51Weighted average shares outstanding
    
    
    12,380
    
    
    
    12,250Diluted effect of stock equivalents
    
    
    161
    
    
    
    235Weighted average shares outstanding assuming dilution
    
    
    12,541
    
    
    
    12,485Cash dividends per share
    
    $
    0.080
    
    
    $
    0.075
  - 3 -




---



##### 



Lindsay Corporation and Subsidiaries
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
    
    
    (Unaudited)November 30,
    
    
    November 30,
    
    
    August 31,($ in thousands, except par values)
    
    2009
    
    
    2008
    
    
    2009ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    91,750
    
    
    $
    28,298
    
    
    $
    85,929Receivables, net of allowance, $2,097, $1,241, and $1,864, respectively
    
    
    51,552
    
    
    
    84,089
    
    
    
    42,862Inventories, net
    
    
    44,327
    
    
    
    72,488
    
    
    
    46,255Deferred income taxes
    
    
    6,877
    
    
    
    7,754
    
    
    
    6,881Other current assets
    
    
    6,660
    
    
    
    6,627
    
    
    
    7,602Total current assets
    
    
    201,166
    
    
    
    199,256
    
    
    
    189,529Property, plant and equipment, net
    
    
    59,949
    
    
    
    55,669
    
    
    
    59,641Other intangible assets, net
    
    
    29,045
    
    
    
    29,195
    
    
    
    29,100Goodwill, net
    
    
    24,530
    
    
    
    23,333
    
    
    
    24,174Other noncurrent assets
    
    
    5,646
    
    
    
    4,973
    
    
    
    5,453Total assets
    
    $
    320,336
    
    
    $
    312,426
    
    
    $
    307,897LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    26,291
    
    
    $
    33,300
    
    
    $
    20,008Current portion of long-term debt
    
    
    6,171
    
    
    
    6,171
    
    
    
    6,171Other current liabilities
    
    
    31,958
    
    
    
    33,767
    
    
    
    33,008Total current liabilities
    
    
    64,420
    
    
    
    73,238
    
    
    
    59,187Pension benefits liabilities
    
    
    6,407
    
    
    
    5,606
    
    
    
    6,407Long-term debt
    
    
    17,912
    
    
    
    24,082
    
    
    
    19,454Deferred income taxes
    
    
    10,510
    
    
    
    12,197
    
    
    
    10,391Other noncurrent liabilities
    
    
    4,598
    
    
    
    3,572
    
    
    
    4,800Total liabilities
    
    
    103,847
    
    
    
    118,695
    
    
    
    100,239Shareholders 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,
18,173,896, 18,093,191 and 18,128,743 shares issued at November 30, 2009
and 2008 and August 31, 2009, respectively)
    
    
    18,174
    
    
    
    18,093
    
    
    
    18,129Capital in excess of stated value
    
    
    29,240
    
    
    
    26,818
    
    
    
    28,944Retained earnings
    
    
    255,273
    
    
    
    245,019
    
    
    
    249,588Less treasury stock (at cost, 5,763,448, 5,813,448 and 5,763,448 shares
at November 30, 2009 and 2008 and August 31, 2009, respectively)
    
    
    (91,998
    )
    
    
    (92,796
    )
    
    
    (91,998
    )Accumulated other comprehensive income, net
    
    
    5,800
    
    
    
    (3,403
    )
    
    
    2,995Total shareholders equity
    
    
    216,489
    
    
    
    193,731
    
    
    
    207,658Total liabilities and shareholders equity
    
    $
    320,336
    
    
    $
    312,426
    
    
    $
    307,897
  - 4 -




---



##### 



Lindsay Corporation and Subsidiaries  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months EndedNovember 30,($ in thousands)
    
    2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    6,677
    
    
    $
    6,322Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation and amortization
    
    
    2,681
    
    
    
    2,686Provision for uncollectible accounts receivable
    
    
    149
    
    
    
    27Deferred income taxes
    
    
    (447
    )
    
    
    338Stock-based compensation expense
    
    
    613
    
    
    
    457Other, net
    
    
    (93
    )
    
    
    67Changes in assets and liabilities:Receivables, net
    
    
    (7,813
    )
    
    
    1,507Inventories, net
    
    
    2,222
    
    
    
    (22,684
    )Other current assets
    
    
    (437
    )
    
    
    (44
    )Accounts payable
    
    
    5,916
    
    
    
    2,128Other current liabilities
    
    
    (3,452
    )
    
    
    (6,489
    )Current taxes payable
    
    
    4,276
    
    
    
    (867
    )Other noncurrent assets and liabilities
    
    
    (769
    )
    
    
    225Net cash provided by (used in) operating activities
    
    
    9,523
    
    
    
    (16,327
    )CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (1,436
    )
    
    
    (2,275
    )Proceeds from sale of property, plant and equipment
    
    
    92
    
    
    
    6Acquisition of business, net of cash acquired
    
    
    (132
    )
    
    
    Proceeds from settlement of net investment hedge
    
    
    
    
    
    
    859Net cash used in investing activities
    
    
    (1,476
    )
    
    
    (1,410
    )CASH FLOWS FROM FINANCING ACTIVITIES:Exercise of stock options and issuance of other stock awards
    
    
    (507
    )
    
    
    116Principal payments on long-term debt
    
    
    (1,543
    )
    
    
    (1,543
    )Net payments on revolving line of credit
    
    
    
    
    
    
    (1,630
    )Excess tax benefits from stock-based compensation
    
    
    310
    
    
    
    328Dividends paid
    
    
    (992
    )
    
    
    (920
    )Net cash used in financing activities
    
    
    (2,732
    )
    
    
    (3,649
    )Effect of exchange rate changes on cash
    
    
    506
    
    
    
    (1,076
    )Net increase (decrease) in cash and cash equivalents
    
    
    5,821
    
    
    
    (22,462
    )Cash and cash equivalents, beginning of period
    
    
    85,929
    
    
    
    50,760Cash and cash equivalents, end of period
    
    $
    91,750
    
    
    $
    28,298
  - 5 -




---



##### 



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




---



##### 



(3) Comprehensive Income
  Three months endedNovember 30,$ in thousands
    
    2009
    
    
    2008Comprehensive income:Net earnings
    
    $
    6,677
    
    
    $
    6,322Other comprehensive income(1):Defined benefit pension plan, net of tax
    
    
    28
    
    
    
    27Unrealized gain (loss) on cash flow hedges, net of tax
    
    
    (167
    )
    
    
    530Foreign currency translation, net of hedging activities
    
    
    2,944
    
    
    
    (9,053
    )Total comprehensive income (loss)
    
    $
    9,482
    
    
    $
    (    2,174
    )
 
 (1)
    
    Net of tax (benefit) expense of ($33) and $437 for the three months ended November 30, 2009 and 2008, respectively. (4) Income Taxes
    (5) Inventories
  - 7 -




---



##### 



November 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2009Inventory:FIFO inventory
    
    $
    32,828
    
    
    $
    42,164
    
    
    $
    16,561LIFO reserves
    
    
    (6,283
    )
    
    
    (9,581
    )
    
    
    (7,190
    )LIFO inventory
    
    
    26,545
    
    
    
    32,583
    
    
    
    9,371Weighted average inventory
    
    
    17,251
    
    
    
    19,845
    
    
    
    14,762Other FIFO inventory
    
    
    2,611
    
    
    
    21,304
    
    
    
    23,765Obsolescence reserve
    
    
    (2,080
    )
    
    
    (1,244
    )
    
    
    (1,643
    )Total inventories
    
    $
    44,327
    
    
    $
    72,488
    
    
    $
    46,255
  November 30,
    
    
    November 30,
    
    
    August 31,2009
    
    
    2008
    
    
    2009Raw materials
    
    
    11
    %
    
    
    13
    %
    
    
    7
    %Work in process
    
    
    8
    %
    
    
    8
    %
    
    
    8
    %Finished goods and purchased parts
    
    
    81
    %
    
    
    79
    %
    
    
    85
    %
 (6) Property, Plant and Equipment
  November 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2009Operating property, plant and equipment:Land
    
    $
    2,297
    
    
    $
    2,195
    
    
    $
    2,271Buildings
    
    
    29,198
    
    
    
    23,140
    
    
    
    28,622Equipment
    
    
    63,222
    
    
    
    57,726
    
    
    
    60,717Other
    
    
    5,666
    
    
    
    7,202
    
    
    
    6,863Total operating property, plant and equipment
    
    
    100,383
    
    
    
    90,263
    
    
    
    98,473Accumulated depreciation
    
    
    (56,667
    )
    
    
    (51,079
    )
    
    
    (55,077
    )Total operating property, plant and equipment, net
    
    $
    43,716
    
    
    $
    39,184
    
    
    $
    43,396Leased property:Machines
    
    
    4,280
    
    
    
    3,522
    
    
    
    4,248Barriers
    
    
    16,756
    
    
    
    15,694
    
    
    
    16,253Total leased property
    
    $
    21,036
    
    
    $
    19,216
    
    
    $
    20,501Accumulated depreciation
    
    
    (4,803
    )
    
    
    (2,731
    )
    
    
    (4,256
    )Total leased property, net
    
    $
    16,233
    
    
    $
    16,485
    
    
    $
    16,245Property, plant and equipment, net
    
    $
    59,949
    
    
    $
    55,669
    
    
    $
    59,641
  - 8 -




---



##### 



(7) Credit Arrangements
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives
 Snoline Term Note
 Financial Derivatives
 Revolving Credit Agreement
    - 9 -




---



##### 



November 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    2009
    
    
    2008
    
    
    2009BSI Term Note
    
    $
    16,072
    
    
    $
    20,357
    
    
    $
    17,143Snoline Term Note
    
    
    8,011
    
    
    
    9,896
    
    
    
    8,482Less current portion
    
    
    (6,171
    )
    
    
    (6,171
    )
    
    
    (6,171
    )Total long-term debt
    
    $
    17,912
    
    
    $
    24,082
    
    
    $
    19,454
   Due within:1 year
    
    $
    6,1712 years
    
    
    6,1713 years
    
    
    6,1714 years
    
    
    5,0995 years
    
    
    471Thereafter
    
    
    $
    24,083
 (8) Financial Derivatives
  - 10 -




---



##### 



Fair Values of Derivative InstrumentsAsset (Liability) DerivativesNovember 30,
    
    
    November 30,
    
    
    August 31,$ in thousands
    
    Balance Sheet Location
    
    2009
    
    
    2008
    
    
    2009Derivatives designated as hedging
instruments:Foreign currency forward contracts
    
    Other current liabilities
    
    $
    
    
    
    $
    (10
    )
    
    $
    Interest rate swap
    
    Other current liabilities
    
    
    (568
    )
    
    
    (709
    )
    
    
    (602
    )Interest rate swap
    
    Other noncurrent liabilities
    
    
    (721
    )
    
    
    (1,120
    )
    
    
    (732
    )Cross currency swap
    
    Other current liabilities
    
    
    (519
    )
    
    
    
    
    
    
    (425
    )Cross currency swap
    
    Other noncurrent liabilities
    
    
    (1,071
    )
    
    
    
    
    
    
    (847
    )Cross currency swap
    
    Other noncurent assets
    
    
    
    
    
    
    13
    
    
    
    Total derivatives designated as hedging
instruments1
    
    
    
    $
    (2,879
    )
    
    $
    (1,826
    )
    
    $
    (2,606
    )Derivatives not designated as hedging
instruments:Foreign currency forward contracts
    
    Other current assets
    
    $
    
    
    
    $
    97
    
    
    $
    Foreign currency forward contracts
    
    Other current liabilities
    
    
    
    
    
    
    (49
    )
    
    
    Total derivatives not designated as
hedging instruments
    
    
    
    $
    
    
    
    $
    48
    
    
    $
    
 
 1
    
    Accumulated other comprehensive income included losses (gains), net of related
income tax effects, of $0.7 million, ($0.1) million and $0.5 million at November 30, 2009 and 2008, and August 31, 2009,
respectively, related to derivative contracts designated as hedging instruments. Cash Flow Hedging Relationships
 Credit Arrangements)
 Credit Arrangements)
  - 11 -




---



##### 



Derivatives Designated as Cash Flow Hedging Relationships
 Amount of Gain/(Loss)Recognized in OCI onDerivativesThree months endedNovember 30,$ in thousands
    
    2009
    
    
    2008Interest rate swap
    
    $
    64
    
    
    $
    (251
    )Cross currency swap
    
    
    (231
    )
    
    
    788Foreign currency
forward contracts
    
    
    
    
    
    
    (7
    )Total1
    
    $
    (167
    )
    
    $
    530
 
 (1)
    
    Net of tax (benefit) expense of ($50) and $141 for the three months ended November 30, 2009 and 2008, respectively. Amount of (Loss)Reclassified from AOCIinto IncomeLocation of Loss
    
    Three months endedReclassified from
    
    November 30,$ in thousands
    
    AOCI into Income
    
    2009
    
    
    2008Interest rate swap
    
    Interest Expense
    
    $
    (236
    )
    
    $
    (229
    )Cross currency swap
    
    Interest Expense
    
    
    (142
    )
    
    
    (104
    )Foreign currency
forward contracts
    
    Revenue
    
    
    
    
    
    
    Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    $
    (378
    )
    
    $
    (333
    )
 Gain/(Loss) Recognized inIncome on Derivatives(Ineffectiveness)Gain/(Loss)
    
    
    Three months endedRecognized in Income
    
    
    November 30,$ in thousands
    
    (Ineffectiveness)
    
    
    2009
    
    
    2008Interest rate swap
    
    Other income (expense)
    
    $
    
    
    
    $
    7Cross currency swap
    
    Other income (expense)
    
    
    
    
    
    
    Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    $
    
    
    
    $
    7
 - 12 -




---



##### 



Net Investment Hedging Relationships
  Derivatives Not Designated as Hedging Instruments
  Derivatives Not Designated as Hedging Instruments
 Amount Gain/(Loss)Recognized in Income onDerivativesLocation of
    
    
    Three months endedGain/(Loss)
    
    
    November 30,$ in thousands
    
    Recognized in Income
    
    
    2009
    
    
    2008Foreign currency
forward contracts
    
    Other income (expense)
    
    $
    
    
    
    $
    277
 (9) Fair Value Measurements
 Fair Value Measurements
 Fair Value Measurements
 
    
    Level 1  Unadjusted quoted prices in active markets for identical assets or liabilities.
    
    Level 2  Significant observable pricing inputs other than quoted prices included within     Level
1 that are either directly or indirectly observable as of the reporting date.
Essentially, this represents inputs that are derived principally from or corroborated by
observable market data.
    
    Level 3  Generally unobservable inputs, which are developed based on the best information
available and may include the Companys own internal data.
 - 13 -




---



##### 



$ 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
  (11) Retirement Plan
  Three months endedNovember 30,$ in thousands
    
    2009
    
    
    2008Net periodic benefit cost:Service cost
    
    $
    
    
    
    $
    Interest cost
    
    
    88
    
    
    
    87Net amortization and deferral
    
    
    45
    
    
    
    44Total net periodic benefit cost
    
    $
    133
    
    
    $
    131
 (12) Warranties
  - 14 -




---



##### 



Three months endedNovember 30,$ in thousands
    
    2009
    
    
    2008Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,736
    
    
    $
    2,011Liabilities accrued for warranties during the period
    
    
    747
    
    
    
    1,076Warranty claims paid during the period
    
    
    (1,006
    )
    
    
    (1,286
    )Product warranty accrual balance, end of period
    
    $
    1,477
    
    
    $
    1,801
 (13) Industry Segment Information
      - 15 -




---



##### 



Three months endedNovember 30,$ in thousands
    
    2009
    
    
    2008Operating revenues:Irrigation
    
    $
    53,266
    
    
    $
    85,964Infrastructure
    
    
    32,704
    
    
    
    27,157Total operating revenues
    
    $
    85,970
    
    
    $
    113,121Operating income:Irrigation
    
    $
    6,744
    
    
    $
    13,312Infrastructure
    
    
    7,685
    
    
    
    1,742Segment operating income
    
    
    14,429
    
    
    
    15,054Unallocated general and administrative expenses
    
    
    (3,268
    )
    
    
    (3,258
    )Interest and other income, net
    
    
    (233
    )
    
    
    (2,015
    )Earnings before income taxes
    
    $
    10,928
    
    
    $
    9,781Total Capital Expenditures:Irrigation
    
    $
    521
    
    
    $
    1,826Infrastructure
    
    
    915
    
    
    
    449$
    1,436
    
    
    $
    2,275Total Depreciation and Amortization:Irrigation
    
    $
    1,109
    
    
    $
    1,144Infrastructure
    
    
    1,572
    
    
    
    1,542$
    2,681
    
    
    $
    2,686
 November 30,
    
    
    November 30,
    
    
    August 31,2009
    
    
    2008
    
    
    2009Total Assets:Irrigation
    
    $
    203,489
    
    
    $
    196,553
    
    
    $
    186,558Infrastructure
    
    
    116,847
    
    
    
    115,873
    
    
    
    121,339$
    320,336
    
    
    $
    312,426
    
    
    $
    307,897
 (14) Share Based Compensation
   - 16 -




---



##### 



(15) Subsequent Events
  - 17 -




---



##### 



ITEM 2   Managements Discussion and Analysis of Financial Condition and Results of Operations
 Concerning Forward-Looking Statements
   Accounting Policies
   Overview
   - 18 -




---



##### 



- 19 -




---



##### 



Results of Operations
 For the Three Months ended November 30, 2009 compared to the Three Months ended November 30, 2008
  Three months ended
    
    
    PercentNovember 30,
    
    
    Increase$ in thousands
    
    2009
    
    
    2008
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    85,970
    
    
    $
    113,121
    
    
    
    (24.0
    )%Cost of operating revenues
    
    $
    60,166
    
    
    $
    84,472
    
    
    
    (28.8
    )%Gross profit
    
    $
    25,804
    
    
    $
    28,649
    
    
    
    (9.9
    )%Gross margin
    
    
    30.0
    %
    
    
    25.3
    %Operating expenses (1)
    
    $
    14,643
    
    
    $
    16,853
    
    
    
    (13.1
    )%Operating income
    
    $
    11,161
    
    
    $
    11,796
    
    
    
    (5.4
    )%Operating margin
    
    
    13.0
    %
    
    
    10.4
    %Interest expense
    
    $
    (461
    )
    
    $
    (625
    )
    
    
    (26.2
    )%Interest income
    
    $
    83
    
    
    $
    316
    
    
    
    (73.7
    )%Other income (expense), net
    
    $
    145
    
    
    $
    (1,706
    )
    
    
    108.5
    %Income tax provision
    
    $
    4,251
    
    
    $
    3,459
    
    
    
    22.9
    %Effective income tax rate
    
    
    38.9
    %
    
    
    35.4
    %Net earnings
    
    $
    6,677
    
    
    $
    6,322
    
    
    
    5.6
    %Irrigation Equipment SegmentSegment operating revenues
    
    $
    53,266
    
    
    $
    85,964
    
    
    
    (38.0
    )%Segment operating income (2)
    
    $
    6,744
    
    
    $
    13,312
    
    
    
    (49.3
    )%Segment operating margin (2)
    
    
    12.7
    %
    
    
    15.5
    %Infrastructure Products SegmentSegment operating revenues
    
    $
    32,704
    
    
    $
    27,157
    
    
    
    20.4
    %Segment operating income (2)
    
    $
    7,685
    
    
    $
    1,742
    
    
    
    341.2
    %Segment operating margin (2)
    
    
    23.5
    %
    
    
    6.4
    %
 
 (1)
    
    Includes $3.3 million and $3.2 million of unallocated general and administrative expenses for the three months ended November 30, 2009 and 2008, respectively.(2)
    
    Excludes unallocated general and administrative expenses. Beginning in fiscal 2009, segment-specific general
and administrative expenses have been allocated to each of the Companys reporting segments. Prior year disclosures have been modified accordingly. Revenues
   - 20 -




---



##### 



Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net
    Income Taxes
   - 21 -




---



##### 



Net Earnings
  Liquidity and Capital Resources
          - 22 -




---



##### 



Contractual Obligations and Commercial Commitments
  Market Conditions and Fiscal 2010 Outlook
      Recently Issued Accounting Pronouncements
 Business Combinations
 Determination of the Useful
Life of Intangible Assets
 - 23 -




---



##### 



Goodwill and Other Intangible Assets,
 Accounting for Assets Acquired and
Liabilities Assumed in a Business Combination That Arise from Contingencies Accounting for Contingencies
 The FASB Accounting Standards Codification and
Hierarchy of GAAP The Hierarchy of Generally
Accepted Accounting Principles FASB Accounting Standards
Codification TM
   ITEM 3   Quantitative and Qualitative Disclosures About Market Risk
    - 24 -




---



##### 



ITEM 4   Controls and Procedures
   Part II  OTHER INFORMATION
 ITEM 1   Legal Proceedings
  Environmental Matters
  - 25 -




---



##### 



ITEM 1A   Risk Factors
  ITEM 2   Unregistered Sales of Equity Securities and Use of Proceeds
  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), 2010 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. - 26 -




---



##### 



SIGNATURE
  LINDSAY CORPORATIONBy:
    /s/ DAVID B. DOWNINGName:
    David B. DowningTitle:
    Chief Financial Officer and

President International Division - 27 -