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 February 28, 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
(Do not check if smaller reporting company)
    
    Smaller reporting company o
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##### 



Lindsay Corporation
INDEX FORM 10-Q
 Page No.Part I  FINANCIAL INFORMATIONITEM 1  Financial StatementsCondensed Consolidated Statements of Operations for the three months and six months
ended February 28, 2010 and 2009
    
    3Condensed Consolidated Balance Sheets, February 28, 2010 and 2009 and
August 31, 2009
    
    4Condensed Consolidated Statements of Cash Flows for the six months
ended February 28, 2010 and 2009
    
    5Notes to Condensed Consolidated Financial Statements
    
    6-17ITEM 2 Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    18-26ITEM 3 Quantitative and Qualitative Disclosures about Market Risk
    
    26ITEM 4 Controls and Procedures
    
    26-27Part II  OTHER INFORMATIONITEM 1 Legal Proceedings
    
    27ITEM 1A Risk Factors
    
    27ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds
    
    27ITEM 4 Submission of Matters to a Vote of Security Holders
    
    28ITEM 6 Exhibits
    
    29SIGNATURE
    
    30
 - 2 -




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##### 



Part I  FINANCIAL INFORMATION
 ITEM 1  Financial Statements
 Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three months ended
    
    
    Six months endedFebruary 28,
    
    
    February 28,(in thousands, except per share amounts)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Operating revenues
    
    $
    85,196
    
    
    $
    65,146
    
    
    $
    171,166
    
    
    $
    178,267Cost of operating revenues
    
    
    63,067
    
    
    
    51,870
    
    
    
    123,233
    
    
    
    136,342Gross profit
    
    
    22,129
    
    
    
    13,276
    
    
    
    47,933
    
    
    
    41,925Operating expenses:Selling expense
    
    
    5,251
    
    
    
    5,618
    
    
    
    10,774
    
    
    
    12,381General and administrative expense
    
    
    8,279
    
    
    
    6,488
    
    
    
    15,615
    
    
    
    14,837Engineering and research expense
    
    
    1,685
    
    
    
    1,619
    
    
    
    3,469
    
    
    
    3,360Total operating expenses
    
    
    15,215
    
    
    
    13,725
    
    
    
    29,858
    
    
    
    30,578Operating income (loss)
    
    
    6,914
    
    
    
    (449
    )
    
    
    18,075
    
    
    
    11,347Other income (expense):Interest expense
    
    
    (356
    )
    
    
    (480
    )
    
    
    (817
    )
    
    
    (1,105
    )Interest income
    
    
    83
    
    
    
    225
    
    
    
    166
    
    
    
    541Other income (expense), net
    
    
    (85
    )
    
    
    238
    
    
    
    60
    
    
    
    (1,468
    )Earnings (loss) before income taxes
    
    
    6,556
    
    
    
    (466
    )
    
    
    17,484
    
    
    
    9,315Income tax provision (benefit)
    
    
    578
    
    
    
    (616
    )
    
    
    4,829
    
    
    
    2,843Net earnings
    
    $
    5,978
    
    
    $
    150
    
    
    $
    12,655
    
    
    $
    6,472Basic net earnings per share
    
    $
    0.48
    
    
    $
    0.01
    
    
    $
    1.02
    
    
    $
    0.53Diluted net earnings per share
    
    $
    0.48
    
    
    $
    0.01
    
    
    $
    1.01
    
    
    $
    0.52Weighted average shares outstanding
    
    
    12,452
    
    
    
    12,285
    
    
    
    12,415
    
    
    
    12,268Diluted effect of stock equivalents
    
    
    127
    
    
    
    135
    
    
    
    145
    
    
    
    185Weighted average shares outstanding assuming dilution
    
    
    12,579
    
    
    
    12,420
    
    
    
    12,560
    
    
    
    12,453Cash dividends per share
    
    $
    0.080
    
    
    $
    0.075
    
    
    $
    0.160
    
    
    $
    0.150
  - 3 -




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##### 



Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
    
    
    (Unaudited)February 28,
    
    
    February 28,
    
    
    August 31,($ in thousands,except par values)
    
    2010
    
    
    2009
    
    
    2009ASSETSCurrent Assets:Cash and cash
equivalents
    
    $
    91,635
    
    
    $
    41,139
    
    
    $
    85,929Receivables, net of
allowance, $2,100,
$1,248, and $1,864,
respectively
    
    
    53,297
    
    
    
    58,741
    
    
    
    42,862Inventories, net
    
    
    47,197
    
    
    
    66,658
    
    
    
    46,255Deferred income
taxes
    
    
    6,645
    
    
    
    7,876
    
    
    
    6,881Other current assets
    
    
    7,629
    
    
    
    8,875
    
    
    
    7,602Total current assets
    
    
    206,403
    
    
    
    183,289
    
    
    
    189,529Property, plant and
equipment, net
    
    
    57,414
    
    
    
    56,779
    
    
    
    59,641Other intangible
assets, net
    
    
    27,842
    
    
    
    28,511
    
    
    
    29,100Goodwill, net
    
    
    23,867
    
    
    
    23,328
    
    
    
    24,174Other noncurrent assets
    
    
    5,640
    
    
    
    4,975
    
    
    
    5,453Total assets
    
    $
    321,166
    
    
    $
    296,882
    
    
    $
    307,897LIABILITIES AND
SHAREHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    30,514
    
    
    $
    23,066
    
    
    $
    20,008Current portion of
long-term debt
    
    
    6,171
    
    
    
    6,171
    
    
    
    6,171Other current
liabilities
    
    
    29,631
    
    
    
    29,893
    
    
    
    33,008Total current
liabilities
    
    
    66,316
    
    
    
    59,130
    
    
    
    59,187Pension benefits
liabilities
    
    
    6,407
    
    
    
    5,603
    
    
    
    6,407Long-term debt
    
    
    16,369
    
    
    
    22,540
    
    
    
    19,454Deferred income taxes
    
    
    8,916
    
    
    
    12,345
    
    
    
    10,391Other noncurrent
liabilities
    
    
    3,101
    
    
    
    3,682
    
    
    
    4,800Total liabilities
    
    
    101,109
    
    
    
    103,300
    
    
    
    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,
18,184,620,
18,114,503
and
18,128,743
shares
issued at
February 28,
2010
and 2009 and
August 31,
2009,
respectively)
    
    
    18,185
    
    
    
    18,115
    
    
    
    18,129Capital in
excess of
stated value
    
    
    29,972
    
    
    
    27,615
    
    
    
    28,944Retained
earnings
    
    
    260,126
    
    
    
    244,247
    
    
    
    249,588Less treasury
stock (at cost,
5,698,448,
5,813,448 and
5,763,448
shares
at February
28, 2010 and
2009 and
August 31,
2009,
respectively)
    
    
    (90,961
    )
    
    
    (92,796
    )
    
    
    (91,998
    )Accumulated
other
comprehensive
income, net
    
    
    2,735
    
    
    
    (3,599
    )
    
    
    2,995Total shareholders
equity
    
    
    220,057
    
    
    
    193,582
    
    
    
    207,658Total liabilities and
shareholders equity
    
    $
    321,166
    
    
    $
    296,882
    
    
    $
    307,897
  - 4 -




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##### 



Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months EndedFebruary 28,($ in thousands)
    
    2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    12,655
    
    
    $
    6,472Adjustments to reconcile net earnings to net cash provided by
operating activities:Depreciation and amortization
    
    
    5,350
    
    
    
    5,311Provision for uncollectible accounts receivable
    
    
    267
    
    
    
    91Deferred income taxes
    
    
    (1,768
    )
    
    
    (318
    )Stock-based compensation expense
    
    
    1,182
    
    
    
    938Gain on disposal of fixed assets
    
    
    (520
    )
    
    
    Other, net
    
    
    (85
    )
    
    
    369Changes in assets and liabilities:Receivables
    
    
    (11,025
    )
    
    
    25,261Inventories
    
    
    (1,940
    )
    
    
    (16,963
    )Other current assets
    
    
    (1,755
    )
    
    
    903Accounts payable
    
    
    10,747
    
    
    
    (5,722
    )Other current liabilities
    
    
    (3,645
    )
    
    
    (13,178
    )Current taxes payable
    
    
    2,554
    
    
    
    (5,516
    )Other noncurrent assets and liabilities
    
    
    (954
    )
    
    
    340Net cash provided by (used in) operating activities
    
    
    11,063
    
    
    
    (2,012
    )CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment
    
    
    (1,985
    )
    
    
    (5,176
    )Proceeds from sale of property, plant and equipment
    
    
    547
    
    
    
    6Acquisition of business, net of cash acquired
    
    
    (132
    )
    
    
    Proceeds from settlement of net investment hedge
    
    
    565
    
    
    
    859Net cash used in investing activities
    
    
    (1,005
    )
    
    
    (4,311
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from issuance of common stock under stock compensation plan
    
    
    544
    
    
    
    482Principal payments on long-term debt
    
    
    (3,086
    )
    
    
    (3,011
    )Net payments on revolving line of credit
    
    
    
    
    
    
    842Excess tax benefits from stock-based compensation
    
    
    368
    
    
    
    317Dividends paid
    
    
    (1,990
    )
    
    
    (1,841
    )Net cash used in financing activities
    
    
    (4,164
    )
    
    
    (3,211
    )Effect of exchange rate changes on cash
    
    
    (188
    )
    
    
    (87
    )Net increase (decrease) in cash and cash equivalents
    
    
    5,706
    
    
    
    (9,621
    )Cash and cash equivalents, beginning of period
    
    
    85,929
    
    
    
    50,760Cash and cash equivalents, end of period
    
    $
    91,635
    
    
    $
    41,139
  - 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
    - 6 -




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##### 



(3) Comprehensive Income
  Three months ended
    
    
    Six months endedFebruary 28,
    
    
    February 28,$ in thousands
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Comprehensive income:Net earnings
    
    $
    5,978
    
    
    $
    150
    
    
    $
    12,655
    
    
    $
    6,472Other comprehensive income(1):Defined benefit pension plan, net of tax
    
    
    28
    
    
    
    27
    
    
    
    56
    
    
    
    54Unrealized gain (loss) on cash flow hedges, net of tax
    
    
    723
    
    
    
    (115
    )
    
    
    556
    
    
    
    415Foreign currency translation, net of hedging activities
    
    
    (3,816
    )
    
    
    (108
    )
    
    
    (872
    )
    
    
    (9,161
    )Total comprehensive income (loss)
    
    $
    2,913
    
    
    $
    (46
    )
    
    $
    12,395
    
    
    $
    (2,220
    )
 
 (1)
    
    Net of tax expense of $527 and $493 for the three months
and six months ended February 28, 2010, respectively. Net of tax (benefit)
expense of ($21) and $416 for the three months and six months ended February 28,
2009, respectively. (4) Income Taxes
     - 7 -




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##### 



(5) Inventories
  February 28,
    
    
    February 28,
    
    
    August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2009Inventory:FIFO inventory
    
    $
    20,298
    
    
    $
    33,355
    
    
    $
    16,561LIFO reserves
    
    
    (6,927
    )
    
    
    (8,078
    )
    
    
    (7,190
    )LIFO inventory
    
    
    13,371
    
    
    
    25,277
    
    
    
    9,371Weighted average inventory
    
    
    18,867
    
    
    
    20,489
    
    
    
    14,762Other FIFO inventory
    
    
    17,200
    
    
    
    22,177
    
    
    
    23,765Obsolescence reserve
    
    
    (2,241
    )
    
    
    (1,285
    )
    
    
    (1,643
    )Total inventories
    
    $
    47,197
    
    
    $
    66,658
    
    
    $
    46,255
  February 28,
    
    
    February 28,
    
    
    August 31,2010
    
    
    2009
    
    
    2009Raw materials
    
    
    13
    %
    
    
    10
    %
    
    
    7
    %Work in process
    
    
    7
    %
    
    
    7
    %
    
    
    8
    %Finished goods and purchased parts
    
    
    80
    %
    
    
    83
    %
    
    
    85
    %
 - 8 -




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##### 



(6) Property, Plant and Equipment
  February 28,
    
    
    February 28,
    
    
    August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2009Operating property, plant and equipment:Land
    
    $
    2,244
    
    
    $
    2,211
    
    
    $
    2,271Buildings
    
    
    28,983
    
    
    
    23,209
    
    
    
    28,622Equipment
    
    
    62,299
    
    
    
    58,340
    
    
    
    60,717Other
    
    
    4,524
    
    
    
    8,820
    
    
    
    6,863Total operating property, plant and equipment
    
    
    98,050
    
    
    
    92,580
    
    
    
    98,473Accumulated depreciation
    
    
    (56,077
    )
    
    
    (52,490
    )
    
    
    (55,077
    )Total operating property, plant and equipment, net
    
    $
    41,973
    
    
    $
    40,090
    
    
    $
    43,396Leased property:Machines
    
    
    4,216
    
    
    
    4,055
    
    
    
    4,248Barriers
    
    
    16,436
    
    
    
    15,830
    
    
    
    16,253Total leased property
    
    $
    20,652
    
    
    $
    19,885
    
    
    $
    20,501Accumulated depreciation
    
    
    (5,211
    )
    
    
    (3,196
    )
    
    
    (4,256
    )Total leased property, net
    
    $
    15,441
    
    
    $
    16,689
    
    
    $
    16,245Property, plant and equipment, net
    
    $
    57,414
    
    
    $
    56,779
    
    
    $
    59,641
  (7) Credit Arrangements
 Euro Line of Credit
  BSI Term Note
 Financial Derivatives
 Snoline Term Note
  - 9 -




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##### 



Financial Derivatives
 Revolving Credit Agreement
     February 28,
    
    
    February 28,
    
    
    August 31,$ in thousands
    
    2010
    
    
    2009
    
    
    2009BSI Term Note
    
    $
    15,000
    
    
    $
    19,286
    
    
    $
    17,143Snoline Term Note
    
    $
    7,540
    
    
    
    9,425
    
    
    
    8,482Less current portion
    
    
    (6,171
    )
    
    
    (6,171
    )
    
    
    (6,171
    )Total long-term debt
    
    $
    16,369
    
    
    $
    22,540
    
    
    $
    19,454
   Due within:1 year
    
    $
    6,1712 years
    
    
    6,1713 years
    
    
    6,1714 years
    
    
    4,027Thereafter
    
    
    $
    22,540
 (8) Financial Derivatives
  - 10 -




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##### 



Fair Values of Derivative InstrumentsAsset (Liability) DerivativesFebruary 28,
    
    
    February 28,
    
    
    August 31,$ in thousands
    
    Balance Sheet Location
    
    2010
    
    
    2009
    
    
    2009Derivatives designated as hedging
instruments:Interest rate swap
    
    Other current liabilities
    
    $
    (530
    )
    
    $
    (685
    )
    
    $
    (602
    )Interest rate swap
    
    Other noncurrent liabilities
    
    
    (599
    )
    
    
    (1,036
    )
    
    
    (732
    )Cross currency swap
    
    Other current liabilities
    
    
    (291
    )
    
    
    (124
    )
    
    
    (425
    )Cross currency swap
    
    Other noncurrent liabilities
    
    
    (434
    )
    
    
    (60
    )
    
    
    (847
    )Total derivatives designated as hedging
instruments1
    
    
    
    $
    (1,854
    )
    
    $
    (1,905
    )
    
    $
    (2,606
    )Derivatives not designated as hedging
instruments:Foreign currency forward contracts
    
    Other current liabilities
    
    
    
    
    
    
    (17
    )
    
    
    Total derivatives not designated as
hedging instruments
    
    
    
    $
    
    
    
    $
    (17
    )
    
    $
    
 
 1
    
    Accumulated other comprehensive income included (gains) losses, net of related income tax effects, of ($0.4) million,
less than ($0.1) million and $0.5 million at February 28, 2010 and 2009, and August 31, 2009, respectively, related to
derivative contracts designated as hedging instruments. Cash Flow Hedging Relationships
 Credit Arrangements)
 Credit Arrangements)
  -11-




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##### 



Amount of Gain/(Loss) Recognized in OCI on DerivativesThree months ended
    
    
    Six months endedFebruary 28,
    
    
    February 28,$ in thousands
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Interest rate swap
    
    $
    95
    
    
    $
    20
    
    
    $
    159
    
    
    $
    (231
    )Cross currency swap
    
    
    628
    
    
    
    (142
    )
    
    
    397
    
    
    
    646Foreign currency
forward contracts
    
    
    
    
    
    
    7
    
    
    
    
    
    
    
    Total1
    
    $
    723
    
    
    $
    (115
    )
    
    $
    556
    
    
    $
    415
 
 (1)
    
    Net of tax expense of $296 and $246 for the three and six months ended
February 28, 2010, respectively.
Net of tax (benefit) expense of ($38) and $103 for the three and six months ended February 28,
2009, respectively. Amount of (Loss) Reclassified from AOCI into IncomeLocation of Loss
    
    Three months ended
    
    
    Six months endedReclassified from
    
    February 28,
    
    
    February 28,$ in thousands
    
    AOCI into Income
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Interest rate swap
    
    Interest Expense
    
    $
    (220
    )
    
    $
    (262
    )
    
    $
    (456
    )
    
    $
    (491
    )Cross currency swap
    
    Interest Expense
    
    
    (131
    )
    
    
    (55
    )
    
    
    (280
    )
    
    
    (159
    )Foreign currency
forward contracts
    
    Revenue
    
    
    
    
    
    
    (15
    )
    
    
    
    
    
    
    (15
    )Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    (49
    )
    
    
    
    
    
    
    (49
    )$
    (351
    )
    
    $
    (381
    )
    
    $
    (736
    )
    
    $
    (714
    )
 Gain/(Loss) Recognized in Income on Derivatives(Ineffectiveness)Gain/(Loss)
    
    Three months ended
    
    
    Six months endedRecognized in Income
    
    February 28,
    
    
    February 28,$ in thousands
    
    (Ineffectiveness)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Interest rate swap
    
    Other income (expense)
    
    $
    7
    
    
    $
    75
    
    
    $
    (50
    )
    
    $
    82Cross currency swap
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Foreign currency
forward contracts
    
    Other income (expense)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    7
    
    
    $
    75
    
    
    $
    (50
    )
    
    $
    82
 - 12 -




---



##### 



Net Investment Hedging Relationships
  Amount of Gain/(Loss) Recognized in OCI on DerivativesThree months ended
    
    Six months endedFebruary 28,
    
    February 28,2010
    
    2009
    
    2010
    
    2009Foreign currency
forward contracts1
    
    $
    351
    
    
    $
    
    
    
    $
    351
    
    
    $
    533
 
 (1)
    
    Net of tax expense of $214 for the three and six
months ended February 28, 2010. Net of tax expense of $326 for the six
months ended February 28, 2009.  Derivatives Not Designated as Hedging
Instruments
  Amount Gain/(Loss) Recognized in Income on DerivativesLocation of
    
    Three months ended
    
    Six months endedGain/(Loss)
    
    February 28,
    
    February 28,$ in thousands
    
    Recognized in Income
    
    2010
    
    2009
    
    2010
    
    2009Foreign currency
forward contracts
    
    Other income (expense)
    
    $
    
    
    
    $
    (131
    )
    
    $
    
    
    
    $
    146
 (9) Fair Value Measurements
  - 13 -




---



##### 




    
    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
    
    $
    91,635
    
    
    $
    
    
    
    $
    
    
    
    $
    91,635Derivative Liabilities
    
    
    
    
    
    
    (1,854
    )
    
    
    
    
    
    
    (1,854
    )
  (10) Commitments and Contingencies
  (11) Retirement Plan
  - 14 -




---



##### 



Three months ended
    
    
    Six months endedFebruary 28,
    
    
    February 28,$ in thousands
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Net periodic benefit cost:Service cost
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Interest cost
    
    
    88
    
    
    
    87
    
    
    
    175
    
    
    
    174Net amortization and deferral
    
    
    45
    
    
    
    44
    
    
    
    90
    
    
    
    88Total net periodic benefit cost
    
    $
    133
    
    
    $
    131
    
    
    $
    265
    
    
    $
    262
 (12) Warranties
   Three months endedFebruary 28,$ in thousands
    
    2010
    
    
    2009Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,477
    
    
    $
    1,801Liabilities accrued for warranties during the period
    
    
    674
    
    
    
    310Warranty claims paid during the period
    
    
    (746
    )
    
    
    (513
    )Product warranty accrual balance, end of period
    
    $
    1,405
    
    
    $
    1,598
 Six months endedFebruary 28,$ in thousands
    
    2010
    
    
    2009Warranties:Product warranty accrual balance, beginning of period
    
    $
    1,736
    
    
    $
    2,011Liabilities accrued for warranties during the period
    
    
    1,421
    
    
    
    1,386Warranty claims paid during the period
    
    
    (1,752
    )
    
    
    (1,799
    )Product warranty accrual balance, end of period
    
    $
    1,405
    
    
    $
    1,598
 (13) Industry Segment Information
    - 15 -




---



##### 



Three months ended
    
    
    Six months endedFebruary 28,
    
    
    February 28,$ in thousands
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Operating revenues:Irrigation
    
    $
    67,895
    
    
    $
    48,424
    
    
    $
    121,161
    
    
    $
    134,388Infrastructure
    
    
    17,301
    
    
    
    16,722
    
    
    
    50,005
    
    
    
    43,879Total operating revenues
    
    $
    85,196
    
    
    $
    65,146
    
    
    $
    171,166
    
    
    $
    178,267Operating income:Irrigation
    
    $
    12,028
    
    
    $
    4,183
    
    
    $
    18,772
    
    
    $
    17,495Infrastructure
    
    
    (1,154
    )
    
    
    (1,733
    )
    
    
    6,531
    
    
    
    9Segment operating income
    
    
    10,874
    
    
    
    2,450
    
    
    
    25,303
    
    
    
    17,504Unallocated general and
administrative expenses
    
    
    (3,960
    )
    
    
    (2,899
    )
    
    
    (7,228
    )
    
    
    (6,157
    )Interest and other income, net
    
    
    (358
    )
    
    
    (17
    )
    
    
    (591
    )
    
    
    (2,032
    )Earnings before income taxes
    
    $
    6,556
    
    
    $
    (466
    )
    
    $
    17,484
    
    
    $
    9,315Total Capital Expenditures:Irrigation
    
    $
    21
    
    
    $
    2,145
    
    
    $
    542
    
    
    $
    3,971Infrastructure
    
    
    528
    
    
    
    756
    
    
    
    1,443
    
    
    
    1,205$
    549
    
    
    $
    2,901
    
    
    $
    1,985
    
    
    $
    5,176Total Depreciation and Amortization:Irrigation
    
    $
    1,112
    
    
    $
    1,107
    
    
    $
    2,221
    
    
    $
    2,251Infrastructure
    
    
    1,557
    
    
    
    1,518
    
    
    
    3,129
    
    
    
    3,060$
    2,669
    
    
    $
    2,625
    
    
    $
    5,350
    
    
    $
    5,311
 February 28,
    
    
    February 28,
    
    
    August 31,2010
    
    
    2009
    
    
    2009Total Assets:Irrigation
    
    $
    217,096
    
    
    $
    186,002
    
    
    $
    186,558Infrastructure
    
    
    104,070
    
    
    
    110,880
    
    
    
    121,339$
    321,166
    
    
    $
    296,882
    
    
    $
    307,897
 - 16 -




---



##### 



(14) Share Based Compensation
    - 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 February 28, 2010 compared to the Three Months ended February 28, 2009
  Three months ended
    
    
    PercentFebruary 28,
    
    
    Increase$ in thousands
    
    2010
    
    
    2009
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    85,196
    
    
    $
    65,146
    
    
    
    30.8
    %Cost of operating revenues
    
    $
    63,067
    
    
    $
    51,870
    
    
    
    21.6
    %Gross profit
    
    $
    22,129
    
    
    $
    13,276
    
    
    
    66.7
    %Gross margin
    
    
    26.0
    %
    
    
    20.4
    %Operating expenses (1)
    
    $
    15,215
    
    
    $
    13,725
    
    
    
    10.9
    %Operating income (loss)
    
    $
    6,914
    
    
    $
    (449
    )
    
    
    1639.9
    %Operating margin
    
    
    8.1
    %
    
    
    -0.7
    %Interest expense
    
    $
    (356
    )
    
    $
    (480
    )
    
    
    (25.8
    )%Interest income
    
    $
    83
    
    
    $
    225
    
    
    
    (63.1
    )%Other income (expense), net
    
    $
    (85
    )
    
    $
    238
    
    
    
    (135.7
    )%Income tax provision (benefit)
    
    $
    578
    
    
    $
    (616
    )
    
    
    193.8
    %Effective income tax rate
    
    
    8.8
    %
    
    
    132.2
    %Net earnings
    
    $
    5,978
    
    
    $
    150
    
    
    
    3885.3
    %Irrigation Equipment SegmentSegment operating revenues
    
    $
    67,895
    
    
    $
    48,424
    
    
    
    40.2
    %Segment operating income (2)
    
    $
    12,028
    
    
    $
    4,183
    
    
    
    187.5
    %Segment operating margin (2)
    
    
    17.7
    %
    
    
    8.6
    %Infrastructure Products SegmentSegment operating revenues
    
    $
    17,301
    
    
    $
    16,722
    
    
    
    3.5
    %Segment operating income (loss) (2)
    
    $
    (1,154
    )
    
    $
    (1,733
    )
    
    
    33.4
    %Segment operating margin (2)
    
    
    -6.7
    %
    
    
    -10.4
    %
 
 (1)
    
    Includes $4.0 million and $2.9 million of unallocated general and administrative expenses for the three
months ended February 28, 2010 and 2009, 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
   Income Taxes
    - 21 -




---



##### 



Net Earnings
  For the Six Months ended February 28, 2010 compared to the Six Months ended February 28, 2009
 Six months ended
    
    
    PercentFebruary 28,
    
    
    Increase$ in thousands
    
    2010
    
    
    2009
    
    
    (Decrease)ConsolidatedOperating revenues
    
    $
    171,166
    
    
    $
    178,267
    
    
    
    (4.0
    )%Cost of operating revenues
    
    $
    123,233
    
    
    $
    136,342
    
    
    
    (9.6
    )%Gross profit
    
    $
    47,933
    
    
    $
    41,925
    
    
    
    14.3
    %Gross margin
    
    
    28.0
    %
    
    
    23.5
    %Operating expenses (1)
    
    $
    29,858
    
    
    $
    30,578
    
    
    
    (2.4
    )%Operating income
    
    $
    18,075
    
    
    $
    11,347
    
    
    
    59.3
    %Operating margin
    
    
    10.6
    %
    
    
    6.4
    %Interest expense
    
    $
    (817
    )
    
    $
    (1,105
    )
    
    
    (26.1
    )%Interest income
    
    $
    166
    
    
    $
    541
    
    
    
    (69.3
    )%Other income (expense), net
    
    $
    60
    
    
    $
    (1,468
    )
    
    
    104.1
    %Income tax provision
    
    $
    4,829
    
    
    $
    2,843
    
    
    
    69.9
    %Effective income tax rate
    
    
    27.6
    %
    
    
    30.5
    %Net earnings
    
    $
    12,655
    
    
    $
    6,472
    
    
    
    95.5
    %Irrigation Equipment SegmentSegment operating revenues
    
    $
    121,161
    
    
    $
    134,388
    
    
    
    (9.8
    )%Segment operating income (2)
    
    $
    18,772
    
    
    $
    17,495
    
    
    
    7.3
    %Segment operating margin (2)
    
    
    15.5
    %
    
    
    13.0
    %Infrastructure Products SegmentSegment operating revenues
    
    $
    50,005
    
    
    $
    43,879
    
    
    
    14.0
    %Segment operating income (2)
    
    $
    6,531
    
    
    $
    9
    
    
    
    72466.7
    %Segment operating margin (2)
    
    
    13.1
    %
    
    
    0.0
    %
 
 (1)
    
    Includes $7.2 million and $6.2 million of unallocated general and
administrative expenses for the six months ended February 28, 2010 and 2009,
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
   - 22 -




---



##### 



Gross Margin
  Operating Expenses
  Interest, Other Income (Expense), net
    Income Taxes
    - 23 -




---



##### 



Net Earnings
  Liquidity and Capital Resources
         - 24 -




---



##### 



Contractual Obligations and Commercial Commitments
  Market Conditions and Fiscal 2010 Outlook
      - 25 -




---



##### 



Recently Issued Accounting Pronouncements
  ITEM 3  Quantitative and Qualitative Disclosures About Market Risk
       ITEM 4  Controls and Procedures
  - 26 -




---



##### 



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
  - 27 -




---



##### 



ITEM 4  Submission of Matters to a Vote of Security Holders
  1.
    
    
    Election of Directors:
    
    For
    
    Withheld
    
    Broker Non-VoteHoward G. Buffett
    
    
    8,538,131
    
    
    
    242,919
    
    
    
    1,449,490Michael C. Nahl
    
    
    8,698,200
    
    
    
    82,850
    
    
    
    1,449,490William F. Welsh II
    
    
    8,567,243
    
    
    
    213,807
    
    
    
    1,449,4902.
    
    
    Approval of Lindsay Corporation 2010 Long-Term Incentive PlanFor  8,348,698
    
    Against  220,103
    
    Abstain  212,249
    
    Broker Non-Vote  1,449,4903.
    
    
    Ratification of the appointment of KPMG LLP as the independent auditor for the Company for the fiscal year ended August 31, 2010.For  10,130,761
    
    Against  91,387
    
    Abstain  8,392
    
    Broker Non-Vote  0
 - 28 -




---



##### 



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 2010 Long-Term Incentive Plan, approved by the Companys
stockholders on January 25, 201010.2*
    
    Restated Sixth Amendment to Employment Agreement, effective February 25, 2010,
by and between the Company and Richard W. Parod10.3
    
    First Amendment to Revolving Credit Agreement, dated January 23, 2010, by and
between the Company and Wells Fargo Bank, N.A., incorporated by reference to Exhibit
10.1 of the Companys Current Report on Form 8-K filed on January 26, 201010.4*
    
    Restated First Amendment to Credit Agreement, dated January 23, 2010, by and
between Snoline S.p.a. and Wells Fargo Bank, N.A.10.5*
    
    Amended and Restated Credit Agreement, dated June 1, 2006, by and between the
Company and Wells Fargo Bank, N.A., including the First through Fourth Amendments dated
through January 23, 201031.1*
    
    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 - 29 -




---



##### 



SIGNATURE
  LINDSAY CORPORATIONBy:
    /s/ DAVID B. DOWNINGName:
    David B. DowningTitle:
    Chief Financial Officer and 
President International Operations - 30 -