##### 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, 2007
 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  Registrants
telephone number, including area code
 þ o
 
 o þ o
 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, November 30, 2007 and 2006 and August 31, 2007
    
    
    3Consolidated Statements of Operations for the three-months ended
November 30, 2007 and 2006
    
    
    4Consolidated Statements of Cash Flows for the three-months ended
November 30, 2007 and 2006
    
    
    5Notes to Condensed Consolidated Financial Statements
    
    
    6-13ITEM 2 -Managements Discussion and Analysis of Results
of Operations and Financial Condition
    
    
    14-18ITEM 3 -Quantitative and Qualitative Disclosures about Market Risk
    
    
    18ITEM 4 Controls and Procedures
    
    
    18Part II  OTHER INFORMATIONITEM 1-Legal Proceedings
    
    
    19ITEM 1A-Risk Factors
    
    
    19ITEM 2-Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    19ITEM 3-Defaults Upon Senior Securities
    
    
    19ITEM 4-Submission of Matters to a Vote of Security Holders
    
    
    19ITEM 5-Other Information
    
    
    19ITEM 6-Exhibits
    
    
    20SIGNATURE
    
    
    21Management Incentive PlanCertificationCertificationCertification
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ITEM 1
 Condensed Consolidated Financial Statements
 Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED BALANCE SHEETS
 November 30, 2007 and 2006 and August 31, 2007
 (Unaudited)
    
    
    (Unaudited)November
    
    
    November
    
    
    August($ in thousands, except par values)
    
    2007
    
    
    2006
    
    
    2007ASSETSCurrent assets:Cash and cash equivalents
    
    $
    17,324
    
    
    $
    19,699
    
    
    $
    21,022Marketable securities
    
    
    8,207
    
    
    
    21,792
    
    
    
    27,591Receivables, net (net of allowance, $1,029, $696 and $946, respectively)
    
    
    60,437
    
    
    
    46,539
    
    
    
    46,968Inventories, net
    
    
    54,964
    
    
    
    34,656
    
    
    
    41,099Deferred income taxes
    
    
    5,645
    
    
    
    
    
    
    
    6,108Other current assets
    
    
    8,453
    
    
    
    4,602
    
    
    
    6,990Total current assets
    
    
    155,030
    
    
    
    127,288
    
    
    
    149,778Long-term marketable securities
    
    
    
    
    
    
    4,378
    
    
    
    Property, plant and equipment, net
    
    
    47,286
    
    
    
    27,157
    
    
    
    44,292Other intangible assets, net
    
    
    27,713
    
    
    
    20,704
    
    
    
    25,830Goodwill, net
    
    
    18,829
    
    
    
    11,134
    
    
    
    16,845Other noncurrent assets
    
    
    6,112
    
    
    
    6,949
    
    
    
    5,460Total assets
    
    $
    254,970
    
    
    $
    197,610
    
    
    $
    242,205LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    24,664
    
    
    $
    12,951
    
    
    $
    18,367Current portion of long-term debt
    
    
    6,171
    
    
    
    4,286
    
    
    
    6,171Other current liabilities
    
    
    27,978
    
    
    
    25,931
    
    
    
    26,964Total current liabilities
    
    
    58,813
    
    
    
    43,168
    
    
    
    51,502Pension benefits liabilities
    
    
    5,426
    
    
    
    5,047
    
    
    
    5,384Long-term debt
    
    
    30,253
    
    
    
    24,643
    
    
    
    31,796Deferred income taxes
    
    
    10,036
    
    
    
    
    
    
    
    9,860Other noncurrent liabilities
    
    
    2,952
    
    
    
    1,042
    
    
    
    2,635Total liabilities
    
    
    107,480
    
    
    
    73,900
    
    
    
    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:
17,795,683, 17,678,151 and 17,744,458 shares issued and outstanding
    
    
    17,796
    
    
    
    17,678
    
    
    
    17,744Capital in excess of stated value
    
    
    12,924
    
    
    
    7,667
    
    
    
    11,734Retained earnings
    
    
    207,422
    
    
    
    193,347
    
    
    
    204,750Less treasury stock (at cost, 5,998,448, 6,048,448 and 5,998,448 shares
in November 2007 and 2006 and August 2007, respectively)
    
    
    (95,749
    )
    
    
    (96,547
    )
    
    
    (95,749
    )Accumulated other comprehensive income, net
    
    
    5,097
    
    
    
    1,565
    
    
    
    2,549Total shareholders equity
    
    
    147,490
    
    
    
    123,710
    
    
    
    141,028Total liabilities and shareholders equity
    
    $
    254,970
    
    
    $
    197,610
    
    
    $
    242,205
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Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 For the three-months ended November 30, 2007 and 2006
 (Unaudited)
 Three-Months EndedNovember
    
    
    November(in thousands, except per share amounts)
    
    2007
    
    
    2006Operating revenues
    
    $
    75,928
    
    
    $
    51,532Cost of operating revenues
    
    
    56,632
    
    
    
    39,067Gross profit
    
    
    19,296
    
    
    
    12,465Operating expenses:Selling expense
    
    
    5,130
    
    
    
    3,613General and administrative expense
    
    
    6,144
    
    
    
    5,435Engineering and research expense
    
    
    1,506
    
    
    
    806Total operating expenses
    
    
    12,780
    
    
    
    9,854Operating income
    
    
    6,516
    
    
    
    2,611Other income (expense):Interest expense
    
    
    (599
    )
    
    
    (487
    )Interest income
    
    
    476
    
    
    
    636Other income (expense), net
    
    
    114
    
    
    
    (16
    )Earnings before income taxes
    
    
    6,507
    
    
    
    2,744Income tax provision
    
    
    2,141
    
    
    
    961Net earnings
    
    $
    4,366
    
    
    $
    1,783Basic net earnings per share
    
    $
    0.37
    
    
    $
    0.15Diluted net earnings per share
    
    $
    0.36
    
    
    $
    0.15Average shares outstanding
    
    
    11,766
    
    
    
    11,577Diluted effect of stock equivalents
    
    
    462
    
    
    
    279Average shares outstanding assuming dilution
    
    
    12,228
    
    
    
    11,856Cash dividends per share
    
    $
    0.070
    
    
    $
    0.065
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Lindsay Corporation and Subsidiaries
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three-months ended November 30, 2007 and 2006
(Unaudited)
 November
    
    
    November($ in thousands)
    
    2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    4,366
    
    
    $
    1,783Adjustments to reconcile net earnings to net cash used in (provided by)
operating activities:Depreciation and amortization
    
    
    2,131
    
    
    
    1,531Amortization of marketable securities premiums, net
    
    
    (4
    )
    
    
    18Gain on sale of property, plant and equipment
    
    
    (2
    )
    
    
    (17
    )Provision for uncollectible accounts receivable
    
    
    (68
    )
    
    
    10Deferred income taxes
    
    
    281
    
    
    
    392Stock-based compensation expense
    
    
    572
    
    
    
    431Other, net
    
    
    (30
    )
    
    
    78Changes in assets and liabilities:Receivables, net
    
    
    (12,114
    )
    
    
    (8,415
    )Inventories, net
    
    
    (11,612
    )
    
    
    (7,775
    )Other current assets
    
    
    (983
    )
    
    
    (660
    )Accounts payable
    
    
    4,424
    
    
    
    3,311Other current liabilities
    
    
    161
    
    
    
    (637
    )Current taxes payable
    
    
    604
    
    
    
    (1,277
    )Other noncurrent assets and liabilities
    
    
    (2,873
    )
    
    
    (628
    )Net cash used in operating activities
    
    
    (15,147
    )
    
    
    (11,855
    )CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (4,502
    )
    
    
    (1,232
    )Proceeds from sale of property, plant and equipment
    
    
    5
    
    
    
    16Acquisition of business
    
    
    (3,520
    )
    
    
    Purchases of marketable securities available-for-sale
    
    
    (13,860
    )
    
    
    (44,245
    )Proceeds from maturities of marketable securities available-for-sale
    
    
    33,265
    
    
    
    34,060Net cash provided by (used in) investing activities
    
    
    11,388
    
    
    
    (11,401
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock compensation plan
    
    
    307
    
    
    
    1,247Principal payments on long-term debt
    
    
    (1,543
    )
    
    
    (1,071
    )Excess tax benefits from stock-based compensation
    
    
    373
    
    
    
    93Dividends paid
    
    
    (826
    )
    
    
    (755
    )Net cash used in financing activities
    
    
    (1,689
    )
    
    
    (486
    )Effect of exchange rate changes on cash
    
    
    1,750
    
    
    
    97Net decrease in cash and cash equivalents
    
    
    (3,698
    )
    
    
    (23,645
    )Cash and cash equivalents, beginning of period
    
    
    21,022
    
    
    
    43,344Cash and cash equivalents, end of period
    
    $
    17,324
    
    
    $
    19,699
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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
 Goodwill and Other Intangible Assets
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(4) Comprehensive Income
  For the three-months endedNovember
    
    
    November$ in thousands
    
    2007
    
    
    2006Comprehensive income:Net earnings
    
    $
    4,366
    
    
    $
    1,783Other comprehensive income:Unrealized gain on securities, net of tax
    
    
    9
    
    
    
    28Unrealized loss on cash flow hedges, net of tax
    
    
    (918
    )
    
    
    (155
    )Foreign currency translation
    
    
    3,457
    
    
    
    60Total comprehensive income
    
    $
    6,914
    
    
    $
    1,716
 (5) Income Taxes
   Accounting for Uncertainty in Income
Taxes  an Interpretation of FASB Statement No. 109 Accounting for Contingencies
    (6) Cash Equivalents, Marketable Securities, and Long-term Marketable Securities
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Three-months Ended
November 30,$ in thousands
    
    2007
    
    2006Proceeds from maturities
    
    $
    33,265
    
    
    $
    34,060Gross realized gains
    
    $
    
    
    
    $
    Gross realized (losses)
    
    $
    
    
    
    $
    
  Gross
    
    
    GrossAmortized
    
    
    unrealized
    
    
    unrealized$ in thousands
    
    cost
    
    
    gains
    
    
    (losses)
    
    
    Fair valueAs of November 30, 2007:Due within one year
    
    $
    8,215
    
    
    $
    
    
    
    $
    (8
    )
    
    $
    8,207Due after one year through five years
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    8,215
    
    
    $
    
    
    
    $
    (8
    )
    
    $
    8,207As of November 30, 2006:Due within one year
    
    $
    21,826
    
    
    $
    
    
    
    $
    (34
    )
    
    $
    21,792Due after one year through five years
    
    
    4,446
    
    
    
    
    
    
    
    (68
    )
    
    
    4,378$
    26,272
    
    
    $
    
    
    
    $
    (102
    )
    
    $
    26,170As of August 31, 2007:Due within one year
    
    $
    27,616
    
    
    $
    
    
    
    $
    (25
    )
    
    $
    27,591Due after one year through five years
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    27,616
    
    
    $
    
    
    
    $
    (25
    )
    
    $
    27,591
 (7) Inventories
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November
    
    
    November
    
    
    August$ in thousands
    
    2007
    
    
    2006
    
    
    2007Inventory:FIFO inventory
    
    $
    27,374
    
    
    $
    22,172
    
    
    $
    19,482LIFO reserves
    
    
    (6,139
    )
    
    
    (6,381
    )
    
    
    (6,235
    )LIFO inventory
    
    
    21,235
    
    
    
    15,791
    
    
    
    13,247Weighted average cost inventory
    
    
    18,777
    
    
    
    9,664
    
    
    
    12,810Other FIFO inventory
    
    
    15,801
    
    
    
    9,862
    
    
    
    15,753Obsolescence reserve
    
    
    (849
    )
    
    
    (661
    )
    
    
    (711
    )Total inventories
    
    $
    54,964
    
    
    $
    34,656
    
    
    $
    41,099
  November
    
    November
    
    August2007
    
    2006
    
    2007Raw materials
    
    
    14
    %
    
    
    17
    %
    
    
    15
    %Work in process
    
    
    11
    %
    
    
    5
    %
    
    
    12
    %Finished goods and purchased parts
    
    
    75
    %
    
    
    78
    %
    
    
    73
    %
 (8) Property, Plant and Equipment
  November
    
    
    November
    
    
    August$ in thousands
    
    2007
    
    
    2006
    
    
    2007Property, plant and equipment:Land
    
    $
    1,539
    
    
    $
    1,228
    
    
    $
    1,496Buildings
    
    
    20,250
    
    
    
    12,269
    
    
    
    19,617Equipment
    
    
    53,454
    
    
    
    44,894
    
    
    
    51,862Other
    
    
    7,720
    
    
    
    4,386
    
    
    
    7,961Total property, plant and equipment
    
    
    82,963
    
    
    
    62,777
    
    
    
    80,936Accumulated depreciation and amortization
    
    
    (49,319
    )
    
    
    (42,143
    )
    
    
    (47,743
    )Total property, plant and equipment, net
    
    $
    33,644
    
    
    $
    20,634
    
    
    $
    33,193Leased property:Machines
    
    $
    2,808
    
    
    $
    2,322
    
    
    $
    2,405Barriers
    
    
    12,063
    
    
    
    4,519
    
    
    
    9,590Total leased property
    
    
    14,871
    
    
    
    6,841
    
    
    
    11,995Accumulated depreciation and amortization
    
    
    (1,229
    )
    
    
    (318
    )
    
    
    (896
    )Total leased property, net
    
    
    13,642
    
    
    
    6,523
    
    
    
    11,099Property, plant and equipment, net
    
    $
    47,286
    
    
    $
    27,157
    
    
    $
    44,292
  (9) Credit Arrangements
 Euro Line of Credit
  - 9 -




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BSI Term Note
  Snoline Term Note
    November
    
    
    November
    
    
    August($ in thousands)
    
    2007
    
    
    2006
    
    
    2007Term notes payable
    
    $
    36,424
    
    
    $
    28,929
    
    
    $
    37,967Less current portion
    
    
    (6,171
    )
    
    
    (4,286
    )
    
    
    (6,171
    )Term notes payable less current portion
    
    $
    30,253
    
    
    $
    24,643
    
    
    $
    31,796
   Due within:1 Year
    
    $
    6,1712 Years
    
    
    6,1713 Years
    
    
    6,1714 Years
    
    
    6,1715 Years
    
    
    6,171Thereafter
    
    
    5,569$
    36,424
 (10) Financial Derivatives
 Accounting for Derivatives Instruments and Hedging Activity
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(11) Commitments and Contingencies
  (12) Retirement Plan
  For the three-months endedNovember 30,
    
    
    November 30,$ in thousands
    
    2007
    
    
    2006Net periodic benefit cost:Service cost
    
    $
    10
    
    
    $
    8Interest cost
    
    
    84
    
    
    
    77Net amortization and deferral
    
    
    40
    
    
    
    40Total net periodic benefit cost
    
    $
    134
    
    
    $
    125
 (13) Warranties
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For the three-months endedNovember 30,$ in thousands
    
    2007
    
    
    2006Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,644
    
    
    $
    1,996Liabilities accrued for warranties during the period
    
    
    216
    
    
    
    375Warranty claims paid during the period
    
    
    (386
    )
    
    
    (477
    )Product warranty accrual balance, end of period
    
    $
    1,474
    
    
    $
    1,894
 (14) Industry Segment Information
  Disclosures About Segments of an Enterprise and Related Information,
     For the three-months ended November 30,($ in thousands)
    
    2007
    
    
    2006Operating revenues:Irrigation
    
    $
    56,502
    
    
    $
    37,972Infrastructure
    
    
    19,426
    
    
    
    13,560Total operating revenues
    
    $
    75,928
    
    
    $
    51,532Operating income:Irrigation
    
    $
    9,091
    
    
    $
    3,474Infrastructure
    
    
    3,569
    
    
    
    4,572Segment operating income
    
    
    12,660
    
    
    
    8,046Unallocated general & administrative expenses
    
    
    (6,144
    )
    
    
    (5,435
    )Interest and other income, net
    
    
    (9
    )
    
    
    133Earnings before income taxes
    
    $
    6,507
    
    
    $
    2,744
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For the three months endedNovember 30,($ in thousands)
    
    2007
    
    
    2006Total Capital Expenditures:Irrigation
    
    $
    810
    
    
    $
    1,024Infrastructure
    
    
    3,692
    
    
    
    208$
    4,502
    
    
    $
    1,232Total Depreciation & Amortization:Irrigation
    
    $
    929
    
    
    $
    845Infrastructure
    
    
    1,202
    
    
    
    686$
    2,131
    
    
    $
    1,531
 November
30, 2007
    
    

November 30, 2006
    
    

August 31, 2007Total Assets:Irrigation
    
    $
    151,076
    
    
    $
    139,636
    
    
    $
    143,893Infrastructure
    
    
    103,894
    
    
    
    57,974
    
    
    
    98,312$
    254,970
    
    
    $
    197,610
    
    
    $
    242,205
 (15) Share Based Compensation
 Share-Based Payment
  - 13 -




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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
   - 14 -




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Results of Operations
 For the Three-Months ended November 30, 2007 compared to the Three-Months ended November 30, 2006
  For the three-months endedPercentNovember
    
    November
    
    Increase($ in thousands)
    
    2007
    
    2006
    
    (decrease)ConsolidatedOperating revenues
    
    $
    75,928
    
    
    $
    51,532
    
    
    
    47.3
    %Cost of operating revenues
    
    
    56,632
    
    
    
    39,067
    
    
    
    45.0Gross profit
    
    
    19,296
    
    
    
    12,465
    
    
    
    54.8Gross margin
    
    
    25.4
    %
    
    
    24.2
    %Operating expenses
    
    
    12,780
    
    
    
    9,854
    
    
    
    29.7Operating income
    
    
    6,516
    
    
    
    2,611
    
    
    
    149.6Operating margin
    
    
    8.6
    %
    
    
    5.1
    %Interest expense
    
    
    (599
    )
    
    
    (487
    )
    
    
    23.0Interest income
    
    
    476
    
    
    
    636
    
    
    
    (25.2
    )Other income (expense), net
    
    
    114
    
    
    
    (16
    )
    
    
    812.5Income tax provision
    
    
    2,141
    
    
    
    961
    
    
    
    122.8Effective income tax rate
    
    
    32.9
    %
    
    
    35.0
    %Net earnings
    
    
    4,366
    
    
    
    1,783
    
    
    
    144.9Irrigation Equipment SegmentOperating revenues
    
    $
    56,502
    
    
    $
    37,972
    
    
    
    48.8Operating income (1)
    
    $
    9,091
    
    
    $
    3,474
    
    
    
    161.7Operating margin
    
    
    16.1
    %
    
    
    9.1
    %Infrastructure Products SegmentOperating revenues
    
    $
    19,426
    
    
    $
    13,560
    
    
    
    43.3Operating income (1)
    
    $
    3,569
    
    
    $
    4,572
    
    
    
    (21.9
    )Operating margin
    
    
    18.4
    %
    
    
    33.7
    %
 
 (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
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Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net, and Taxes
     Net Earnings
  Liquidity and Capital Resources
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##### Table of Contents



Off-Balance Sheet Arrangements
  Contractual Obligations and Commercial Commitments
  Market Conditions and Fiscal 2008 Outlook
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Recently Issued Accounting Pronouncements
 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
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##### Table of Contents



Part II  OTHER INFORMATION
 
 ITEM 1  Legal Proceedings
   
 ITEM 1A  Risk Factors
  
 ITEM 2  Unregistered Sales of Equity Securities and Use of Proceeds
  
 ITEM 3  Defaults Upon Senior Securities
  
 ITEM 4  Submission of Matters to a Vote of Security Holders
  
 ITEM 5- Other Information
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##### Table of Contents



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)*
    
    Lindsay Corporation Management Incentive Plan (MIP), 2008 Plan Year. **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**
    
    - 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. - 20 -




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##### Table of Contents



SIGNATURE
  LINDSAY CORPORATIONBy:
    
    /s/ david b. downingName:
    
    David B. DowningTitle:
    
    Senior Vice President, Chief Financial Officer(Principal Financial Officer)
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