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 May 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
    
    (I.R.S. Employerincorporation or organization)
    
    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 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 Statements of Operations for the three months and nine months ended
May 31, 2008 and 2007
    
    
    3Consolidated Balance Sheets, May 31, 2008 and 2007 and August 31, 2007
    
    
    4Consolidated Statements of Cash Flows for the nine months ended
May 31, 2008 and 2007
    
    
    5Notes to Condensed Consolidated Financial Statements
    
    
    6-14ITEM 2 -Managements Discussion and Analysis of Results
of Operations and Financial Condition
    
    
    15-22ITEM 3 -Quantitative and Qualitative Disclosures about Market Risk
    
    
    22-23ITEM 4 Controls and Procedures
    
    
    23Part II  OTHER INFORMATIONITEM 1-Legal Proceedings
    
    
    23ITEM 1A-Risk Factors
    
    
    24ITEM 2-Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    24ITEM 6-Exhibits
    
    
    24SIGNATURE
    
    
    25
  - 2 -




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##### 



Part I  FINANCIAL INFORMATION
 
 ITEM 1  Condensed Consolidated Financial Statements
 Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMay 31,
    
    
    May 31,(in thousands, except per share amounts)
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Operating revenues
    
    $
    143,562
    
    
    $
    93,147
    
    
    $
    327,908
    
    
    $
    208,353Cost of operating revenues
    
    
    106,460
    
    
    
    68,725
    
    
    
    241,472
    
    
    
    157,011Gross profit
    
    
    37,102
    
    
    
    24,422
    
    
    
    86,436
    
    
    
    51,342Operating expenses:Selling expense
    
    
    6,847
    
    
    
    4,844
    
    
    
    18,199
    
    
    
    12,803General and administrative expense
    
    
    8,112
    
    
    
    6,991
    
    
    
    20,763
    
    
    
    17,885Engineering and research expense
    
    
    1,693
    
    
    
    1,073
    
    
    
    4,655
    
    
    
    2,818Total operating expenses
    
    
    16,652
    
    
    
    12,908
    
    
    
    43,617
    
    
    
    33,506Operating income
    
    
    20,450
    
    
    
    11,514
    
    
    
    42,819
    
    
    
    17,836Other income (expense):Interest expense
    
    
    (787
    )
    
    
    (826
    )
    
    
    (2,207
    )
    
    
    (1,845
    )Interest income
    
    
    346
    
    
    
    477
    
    
    
    1,199
    
    
    
    1,539Other income (expense), net
    
    
    299
    
    
    
    370
    
    
    
    520
    
    
    
    364Earnings before income taxes
    
    
    20,308
    
    
    
    11,535
    
    
    
    42,331
    
    
    
    17,894Income tax provision
    
    
    6,201
    
    
    
    4,058
    
    
    
    14,178
    
    
    
    6,122Net earnings
    
    $
    14,107
    
    
    $
    7,477
    
    
    $
    28,153
    
    
    $
    11,772Basic net earnings per share
    
    $
    1.18
    
    
    $
    0.64
    
    
    $
    2.37
    
    
    $
    1.01Diluted net earnings per share
    
    $
    1.15
    
    
    $
    0.62
    
    
    $
    2.29
    
    
    $
    0.99Average shares outstanding
    
    
    11,958
    
    
    
    11,639
    
    
    
    11,857
    
    
    
    11,615Diluted effect of stock equivalents
    
    
    362
    
    
    
    346
    
    
    
    411
    
    
    
    329Average shares outstanding assuming dilution
    
    
    12,320
    
    
    
    11,985
    
    
    
    12,268
    
    
    
    11,944Cash dividends per share
    
    $
    0.070
    
    
    $
    0.065
    
    
    $
    0.210
    
    
    $
    0.195
  - 3 -




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##### 



Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
 (Unaudited)
    
    
    (Unaudited)May 31,
    
    
    May 31,
    
    
    August 31,($ in thousands, except par values)
    
    2008
    
    
    2007
    
    
    2007ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    19,068
    
    
    $
    22,774
    
    
    $
    21,022Marketable securities
    
    
    
    
    
    
    17,434
    
    
    
    27,591Receivables, net of allowance, $1,319, $933 and $946, respectively
    
    
    82,859
    
    
    
    55,507
    
    
    
    46,968Inventories, net
    
    
    61,118
    
    
    
    45,362
    
    
    
    41,099Deferred income taxes
    
    
    7,054
    
    
    
    5,869
    
    
    
    6,108Other current assets
    
    
    12,150
    
    
    
    6,777
    
    
    
    6,990Total current assets
    
    
    182,249
    
    
    
    153,723
    
    
    
    149,778Long-term marketable securities
    
    
    
    
    
    
    478
    
    
    
    Property, plant and equipment, net
    
    
    56,657
    
    
    
    37,843
    
    
    
    44,292Other intangible assets, net
    
    
    31,943
    
    
    
    26,410
    
    
    
    25,830Goodwill, net
    
    
    25,009
    
    
    
    12,029
    
    
    
    16,845Other noncurrent assets
    
    
    5,628
    
    
    
    5,161
    
    
    
    5,460Total assets
    
    $
    301,486
    
    
    $
    235,644
    
    
    $
    242,205LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    27,967
    
    
    $
    18,970
    
    
    $
    18,367Current portion of long-term debt
    
    
    6,171
    
    
    
    6,171
    
    
    
    6,171Other current liabilities
    
    
    36,784
    
    
    
    28,776
    
    
    
    26,964Total current liabilities
    
    
    70,922
    
    
    
    53,917
    
    
    
    51,502Pension benefits liabilities
    
    
    5,384
    
    
    
    5,141
    
    
    
    5,384Long-term debt
    
    
    27,168
    
    
    
    33,339
    
    
    
    31,796Deferred income taxes
    
    
    10,831
    
    
    
    7,474
    
    
    
    9,860Other noncurrent liabilities
    
    
    3,585
    
    
    
    880
    
    
    
    2,635Total liabilities
    
    
    117,890
    
    
    
    100,751
    
    
    
    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,
18,054,292, 17,698,208 and 17,744,458 shares issued and outstanding
in May 2008 and 2007 and August 2007, respectively)
    
    
    18,054
    
    
    
    17,698
    
    
    
    17,744Capital in excess of stated value
    
    
    25,489
    
    
    
    9,074
    
    
    
    11,734Retained earnings
    
    
    229,576
    
    
    
    201,823
    
    
    
    204,750Less treasury stock (at cost, 5,963,448, 6,048,448 and 5,998,448 shares
in May 2008 and 2007 and August 2007, respectively)
    
    
    (95,190
    )
    
    
    (96,547
    )
    
    
    (95,749
    )Accumulated other comprehensive income, net
    
    
    5,667
    
    
    
    2,845
    
    
    
    2,549Total shareholders equity
    
    
    183,596
    
    
    
    134,893
    
    
    
    141,028Total liabilities and shareholders equity
    
    $
    301,486
    
    
    $
    235,644
    
    
    $
    242,205
  - 4 -




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##### 



Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (unaudited)
 Nine Months EndedMay 31,($ in thousands)
    
    2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    28,153
    
    
    $
    11,772Adjustments to reconcile net earnings to net cash used in
operating activities:Depreciation and amortization
    
    
    6,647
    
    
    
    5,356Amortization of marketable securities premiums (discounts), net
    
    
    (15
    )
    
    
    35Gain on sale of property, plant and equipment
    
    
    (8
    )
    
    
    (23
    )Provision for uncollectible accounts receivable
    
    
    (22
    )
    
    
    40Deferred income taxes
    
    
    (247
    )
    
    
    28Stock-based compensation expense
    
    
    2,384
    
    
    
    1,669Other, net
    
    
    63
    
    
    
    45Changes in assets and liabilities:Receivables, net
    
    
    (30,958
    )
    
    
    (12,033
    )Inventories, net
    
    
    (14,692
    )
    
    
    (15,494
    )Other current assets
    
    
    (804
    )
    
    
    (2,362
    )Accounts payable
    
    
    6,373
    
    
    
    5,090Other current liabilities
    
    
    6,508
    
    
    
    1,021Current taxes payable
    
    
    (3,489
    )
    
    
    928Other noncurrent assets and liabilities
    
    
    (3,529
    )
    
    
    (449
    )Net cash used in operating activities
    
    
    (3,636
    )
    
    
    (4,377
    )CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (11,020
    )
    
    
    (6,671
    )Proceeds from sale of property, plant and equipment
    
    
    28
    
    
    
    40Acquisition of business, net of cash acquired
    
    
    (21,028
    )
    
    
    (17,373
    )Purchases of marketable securities available-for-sale
    
    
    (13,860
    )
    
    
    (66,800
    )Proceeds from maturities of marketable securities available-for-sale
    
    
    41,490
    
    
    
    64,905Net cash used in investing activities
    
    
    (4,390
    )
    
    
    (25,899
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock compensation plan
    
    
    4,825
    
    
    
    1,714Proceeds from issuance of long-term debt
    
    
    15,000
    
    
    
    13,196Principal payments on long-term debt
    
    
    (19,628
    )
    
    
    (3,686
    )Excess tax benefits from stock-based compensation
    
    
    7,525
    
    
    
    (205
    )Dividends paid
    
    
    (2,503
    )
    
    
    (2,268
    )Net cash provided by in financing activities
    
    
    5,219
    
    
    
    8,751Effect of exchange rate changes on cash
    
    
    853
    
    
    
    955Net decrease in cash and cash equivalents
    
    
    (1,954
    )
    
    
    (20,570
    )Cash and cash equivalents, beginning of period
    
    
    21,022
    
    
    
    43,344Cash and cash equivalents, end of period
    
    $
    19,068
    
    
    $
    22,774
  - 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
  - 6 -




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##### 



Credit Arrangements.
  Goodwill and Other Intangible Assets,
 (4) Comprehensive Income
  Three months ended
    
    
    Nine months endedMay 31,
    
    
    May 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Comprehensive income:Net earnings
    
    $
    14,107
    
    
    $
    7,477
    
    
    $
    28,153
    
    
    $
    11,772Other comprehensive income:Unrealized gain on securities, net of tax
    
    
    
    
    
    
    16
    
    
    
    14
    
    
    
    59Defined Benefit Pension Plan, net of tax
    
    
    25
    
    
    
    
    
    
    
    76
    
    
    
    (20
    )Unrealized gain (loss) on cash flow hedges, net of tax
    
    
    81
    
    
    
    174
    
    
    
    (1,527
    )
    
    
    72Foreign currency translation, net of hedging activities
    
    
    687
    
    
    
    1,198
    
    
    
    4,556
    
    
    
    1,103Total comprehensive income
    
    $
    14,900
    
    
    $
    8,865
    
    
    $
    31,272
    
    
    $
    12,986
 (5) Income Taxes
  Condensed Consolidated Financial Statements
  Accounting for Uncertainty in Income
Taxes  an Interpretation of FASB Statement No. 109
 - 7 -




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##### 



Accounting for
Contingencies
    (6) Inventories
  May 31,
    
    
    May 31,
    
    
    August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2007Inventory:FIFO inventory
    
    $
    32,743
    
    
    $
    26,863
    
    
    $
    19,482LIFO reserves
    
    
    (6,143
    )
    
    
    (6,449
    )
    
    
    (6,235
    )LIFO inventory
    
    
    26,600
    
    
    
    20,414
    
    
    
    13,247Weighted average inventory
    
    
    19,749
    
    
    
    10,708
    
    
    
    12,810Other FIFO inventory
    
    
    15,860
    
    
    
    14,920
    
    
    
    15,753Obsolescence reserve
    
    
    (1,091
    )
    
    
    (680
    )
    
    
    (711
    )Total inventories
    
    $
    61,118
    
    
    $
    45,362
    
    
    $
    41,099
  May 31,
    
    May 31,
    
    August 31,2008
    
    2007
    
    2007Raw materials
    
    
    15
    %
    
    
    17
    %
    
    
    15
    %Work in process
    
    
    11
    %
    
    
    11
    %
    
    
    12
    %Finished goods and purchased parts
    
    
    74
    %
    
    
    72
    %
    
    
    73
    %
 - 8 -




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##### 



(7) Property, Plant and Equipment
  May 31,
    
    
    May 31,
    
    
    August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2007Operating property, plant and equipment:Land
    
    $
    2,301
    
    
    $
    3,512
    
    
    $
    1,496Buildings
    
    
    23,613
    
    
    
    20,739
    
    
    
    19,617Equipment
    
    
    57,277
    
    
    
    47,423
    
    
    
    51,862Other
    
    
    7,939
    
    
    
    6,733
    
    
    
    7,961Total operating property, plant and equipment
    
    
    91,130
    
    
    
    78,407
    
    
    
    80,936Accumulated depreciation
    
    
    (51,828
    )
    
    
    (47,568
    )
    
    
    (47,743
    )Total operating property, plant and equipment, net
    
    $
    39,302
    
    
    $
    30,839
    
    
    $
    33,193Leased property:Machines
    
    
    3,632
    
    
    
    2,482
    
    
    
    2,405Barriers
    
    
    15,636
    
    
    
    5,184
    
    
    
    9,590Total leased property
    
    $
    19,268
    
    
    $
    7,666
    
    
    $
    11,995Accumulated depreciation
    
    
    (1,913
    )
    
    
    (662
    )
    
    
    (896
    )Total leased property, net
    
    $
    17,355
    
    
    $
    7,004
    
    
    $
    11,099Property, plant and equipment, net
    
    $
    56,657
    
    
    $
    37,843
    
    
    $
    44,292
  (8) Credit Arrangements
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives
 Snoline Term Note
  - 9 -




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##### 



Financial Derivatives
 Revolving Credit Agreement
     May 31,
    
    
    May 31,
    
    
    August 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2007Term Notes payable
    
    $
    33,339
    
    
    $
    39,510
    
    
    $
    37,967Revolving Credit Agreement
    
    
    
    
    
    
    
    
    
    
    Less current portion
    
    
    (6,171
    )
    
    
    (6,171
    )
    
    
    (6,171
    )Total long-term debt
    
    $
    27,168
    
    
    $
    33,339
    
    
    $
    31,796
   Due within:1 year
    
    $
    6,1712 years
    
    
    6,1713 years
    
    
    6,1714 years
    
    
    6,1715 years
    
    
    6,171Thereafter
    
    
    2,484$
    33,339
 (9) Financial Derivatives
 Accounting for Derivatives Instruments and Hedging Activity
 - 10 -




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##### 



(10) Commitments and Contingencies
  - 11 -




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##### 



(11) Retirement Plan
  Three months ended
    
    
    Nine months endedMay 31,
    
    
    May 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Net periodic benefit cost:Service cost
    
    $
    10
    
    
    $
    8
    
    
    $
    31
    
    
    $
    24Interest cost
    
    
    84
    
    
    
    77
    
    
    
    251
    
    
    
    231Net amortization and deferral
    
    
    41
    
    
    
    40
    
    
    
    122
    
    
    
    120Total net periodic benefit cost
    
    $
    135
    
    
    $
    125
    
    
    $
    404
    
    
    $
    375
 (12) Warranties
   Three months endedMay 31,$ in thousands
    
    2008
    
    
    2007Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,927
    
    
    $
    1,590Liabilities accrued for warranties during the period
    
    
    1,214
    
    
    
    629Warranty claims paid during the period
    
    
    (834
    )
    
    
    (376
    )Product warranty accrual balance, end of period
    
    $
    2,307
    
    
    $
    1,843
 Nine months endedMay 31,$ in thousands
    
    2008
    
    
    2007Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,644
    
    
    $
    1,996Liabilities accrued for warranties during the period
    
    
    2,310
    
    
    
    933Warranty claims paid during the period
    
    
    (1,647
    )
    
    
    (1,086
    )Product warranty accrual balance, end of period
    
    $
    2,307
    
    
    $
    1,843
 (13) Industry Segment Information
  Disclosures About Segments of an Enterprise and
Related Information,
 - 12 -




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##### 



Three months ended
    
    
    Nine months endedMay 31,
    
    
    May 31,$ in thousands
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007Operating revenues:Irrigation
    
    $
    120,554
    
    
    $
    75,420
    
    
    $
    259,686
    
    
    $
    164,329Infrastructure
    
    
    23,008
    
    
    
    17,727
    
    
    
    68,222
    
    
    
    44,024Total operating revenues
    
    $
    143,562
    
    
    $
    93,147
    
    
    $
    327,908
    
    
    $
    208,353Operating income:Irrigation
    
    $
    26,409
    
    
    $
    15,346
    
    
    $
    52,098
    
    
    $
    25,676Infrastructure
    
    
    2,153
    
    
    
    3,159
    
    
    
    11,484
    
    
    
    10,045Segment operating income
    
    
    28,562
    
    
    
    18,505
    
    
    
    63,582
    
    
    
    35,721Unallocated general and administrative expenses
    
    
    (8,112
    )
    
    
    (6,991
    )
    
    
    (20,763
    )
    
    
    (17,885
    )Interest and other income, net
    
    
    (142
    )
    
    
    21
    
    
    
    (488
    )
    
    
    58Earnings before income taxes
    
    $
    20,308
    
    
    $
    11,535
    
    
    $
    42,331
    
    
    $
    17,894Total Capital Expenditures:Irrigation
    
    $
    1,079
    
    
    $
    62
    
    
    $
    2,929
    
    
    $
    2,944Infrastructure
    
    
    2,672
    
    
    
    2,163
    
    
    
    8,091
    
    
    
    3,727$
    3,751
    
    
    $
    2,225
    
    
    $
    11,020
    
    
    $
    6,671Total Depreciation and Amortization:Irrigation
    
    $
    1,064
    
    
    $
    1,006
    
    
    $
    2,869
    
    
    $
    2,840Infrastructure
    
    
    1,284
    
    
    
    1,054
    
    
    
    3,778
    
    
    
    2,516$
    2,348
    
    
    $
    2,060
    
    
    $
    6,647
    
    
    $
    5,356
 May 31,
    
    
    May 31,
    
    
    August 31,2008
    
    
    2007
    
    
    2007Total Assets:Irrigation
    
    $
    198,124
    
    
    $
    151,019
    
    
    $
    143,893Infrastructure
    
    
    103,362
    
    
    
    84,625
    
    
    
    98,312$
    301,486
    
    
    $
    235,644
    
    
    $
    242,205
 - 13 -




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(14) Share Based Compensation
 Share-Based Payment
  - 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 May 31, 2008 compared to the Three Months ended May 31, 2007
  - 16 -




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##### 



Three months ended
    
    PercentMay 31,
    
    Increase$ in thousands
    
    2008
    
    2007
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    143,562
    
    
    $
    93,147
    
    
    
    54.1
    %Cost of operating revenues
    
    $
    106,460
    
    
    $
    68,725
    
    
    
    54.9
    %Gross profit
    
    $
    37,102
    
    
    $
    24,422
    
    
    
    51.9
    %Gross margin
    
    
    25.8
    %
    
    
    26.2
    %Operating expenses
    
    $
    16,652
    
    
    $
    12,908
    
    
    
    29.0
    %Operating income
    
    $
    20,450
    
    
    $
    11,514
    
    
    
    77.6
    %Operating margin
    
    
    14.2
    %
    
    
    12.4
    %Interest expense
    
    $
    (787
    )
    
    $
    (826
    )
    
    
    -4.7
    %Interest income
    
    $
    346
    
    
    $
    477
    
    
    
    -27.5
    %Other income (expense), net
    
    $
    299
    
    
    $
    370
    
    
    
    -19.2
    %Income tax provision
    
    $
    6,201
    
    
    $
    4,058
    
    
    
    52.8
    %Effective income tax rate
    
    
    30.5
    %
    
    
    35.2
    %Net earnings
    
    $
    14,107
    
    
    $
    7,477
    
    
    
    88.7
    %Irrigation Equipment SegmentOperating revenues
    
    $
    120,554
    
    
    $
    75,420
    
    
    
    59.8
    %Operating income (1)
    
    $
    26,409
    
    
    $
    15,346
    
    
    
    72.1
    %Operating margin (1)
    
    
    21.9
    %
    
    
    20.3
    %Infrastructure Products SegmentOperating revenues
    
    $
    23,008
    
    
    $
    17,727
    
    
    
    29.8
    %Operating income (1)
    
    $
    2,153
    
    
    $
    3,159
    
    
    
    -31.8
    %Operating margin (1)
    
    
    9.4
    %
    
    
    17.8
    %
 
 (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
     - 17 -




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Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net, and Taxes
     Net Earnings
  - 18 -




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##### 



For the Nine Months Ended May 31, 2008 compared to the Nine Months Ended May 31, 2007
  Nine months ended
    
    PercentMay 31,
    
    Increase$ in thousands
    
    2008
    
    2007
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    327,908
    
    
    $
    208,353
    
    
    
    57.4
    %Cost of operating revenues
    
    $
    241,472
    
    
    $
    157,011
    
    
    
    53.8
    %Gross profit
    
    $
    86,436
    
    
    $
    51,342
    
    
    
    68.4
    %Gross margin
    
    
    26.4
    %
    
    
    24.6
    %Operating expenses
    
    $
    43,617
    
    
    $
    33,506
    
    
    
    30.2
    %Operating income
    
    $
    42,819
    
    
    $
    17,836
    
    
    
    140.1
    %Operating margin
    
    
    13.1
    %
    
    
    8.6
    %Interest expense
    
    $
    (2,207
    )
    
    $
    (1,845
    )
    
    
    19.6
    %Interest income
    
    $
    1,199
    
    
    $
    1,539
    
    
    
    -22.1
    %Other income (expense), net
    
    $
    520
    
    
    $
    364
    
    
    
    42.9
    %Income tax provision
    
    $
    14,178
    
    
    $
    6,122
    
    
    
    131.6
    %Effective income tax rate
    
    
    33.5
    %
    
    
    34.2
    %Net earnings
    
    $
    28,153
    
    
    $
    11,772
    
    
    
    139.2
    %Irrigation Equipment SegmentOperating revenues
    
    $
    259,686
    
    
    $
    164,329
    
    
    
    58.0
    %Operating income (1)
    
    $
    52,098
    
    
    $
    25,676
    
    
    
    102.9
    %Operating margin (1)
    
    
    20.1
    %
    
    
    15.6
    %Infrastructure Products SegmentOperating revenues
    
    $
    68,222
    
    
    $
    44,024
    
    
    
    55.0
    %Operating income (1)
    
    $
    11,484
    
    
    $
    10,045
    
    
    
    14.3
    %Operating margin (1)
    
    
    16.8
    %
    
    
    22.8
    %
 
 (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
     - 19 -




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##### 



Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net, Taxes
     Net Earnings
  Liquidity and Capital Resources
     - 20 -




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##### 



Off-Balance Sheet Arrangements
  Contractual Obligations and Commercial Commitments
  - 21 -




---



##### 



Market Conditions and Fiscal 2008 Outlook
  Recently Issued Accounting Pronouncements
 Fair Value Measurements,
 The Fair Value Option for Financial Assets and
Financial Liabilities,
 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,
 
 ITEM 3  Quantitative and Qualitative Disclosures About Market Risk
  - 22 -




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##### 



ITEM 4  Controls and Procedures
   
 Part II  OTHER INFORMATION
 
 ITEM 1  Legal Proceedings
  Environmental Matters
  - 23 -




---



##### 



ITEM 1A  Risk Factors
  
 ITEM 2  Unregistered Sales of Equity Securities and Use of Proceeds
  
 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, 2006.31(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 Principal 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 Principal 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 -