8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 30, 2010

LINDSAY CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-13419	47-0554096
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2222 North 111th Street Omaha, Nebraska	68164
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (402) 829-6800

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On June 30, 2010, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its third quarter ended May 31, 2010. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

99.1 Press Release, dated June 30, 2010, issued by the Company.

The information contained in this Current Report under Item 2.02, including the exhibit referenced in Item 9.01 below, is being “furnished” pursuant to “Item 2.02. Results of Operations and Financial Condition” of Form 8-K and, as such, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 1, 2010	LINDSAY CORPORATION
	By:	/s/ Dave Downing
		Chief Financial Officer and
		President — International Operations

EX-99.1

EXHIBIT 99.1

 2222 NO. 111^TH ST. OMAHA, NE 68164 TEL: 402-829-6800 FAX: 402-829-6836

For further information, contact:

LINDSAY CORPORATION:	HALLIBURTON INVESTOR RELATIONS:
Dave Downing	Jeff Elliott or Geralyn DeBusk
CFO and President — International Operations	972-458-8000
402-827-6235

Lindsay Corporation Reports Fiscal 2010 Third Quarter Results

OMAHA, Neb., June 30, 2010—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal third quarter ended May 31, 2010.

Third Quarter Results

Third quarter fiscal 2010 total revenues increased 18 percent to $100.1 million from $84.6 million for the year-ago period. Net earnings were $6.2 million or $0.50 per diluted share compared with $5.3 million or $0.42 per diluted share in the prior fiscal year’s third quarter.

Total irrigation equipment revenues increased 21 percent to $80.4 million from $66.4 million in the prior fiscal year’s third quarter. Domestic irrigation revenues increased 17 percent from the prior year’s third quarter while international irrigation revenues increased 29 percent over the same prior year period. Infrastructure revenues were $19.7 million compared with $18.2 million in the prior year period, an increase of 8 percent.

Gross margin was 25.2 percent compared to 24.9 percent for the same prior year period. Irrigation margins increased from improved factory efficiencies at our Lindsay, Nebraska facility and favorable regional sales mix compared to the same period last year. Infrastructure margins were lower primarily due to decreased revenues of higher margin moveable barrier product.

Operating expenses were $15.2 million, increasing $1.7 million as compared to the third quarter of the prior year. The increase in operating expenses was due primarily to increases in incentive compensation and research and development expenses. Operating income of $10.0 million increased $2.5 million, or 33% from the prior year period.

Cash and cash equivalents of $83.5 million, increased $20.3 million from the comparable prior year period while long-term debt decreased $13.2 million as compared to the same time last year. During the third quarter, the Company repaid a $7.1 million term note.

Lindsay’s backlog of unshipped orders at May 31, 2010 was $33.9 million compared with $33.6 million at February 28, 2010 and $40.2 million at May 31, 2009. The May 31, 2009 backlog included $19.6 million for the Mexico City barrier project that was completed in the first half of fiscal 2010.

Rick Parod, president and chief executive officer, commented, “Strong international irrigation sales in Australia, Mexico, Brazil and South Africa along with solid growth domestically, drove improved results. Road safety product sales improved during the quarter, driven by stimulus funded projects. Globally, we continue to control expenditures, and our focus on cash flow has resulted in a further strengthened balance sheet.”

Nine Month Results

Total revenues for the nine months ended May 31, 2010 were $271.2 million, a 3 percent increase from $262.8 million for the prior year’s nine-month period. Total irrigation equipment revenues of $201.5 million were essentially flat from a year ago, while infrastructure revenues increased 12 percent to $69.7 million. Gross margin for the same nine month period increased to 27.0% from the 24.0% achieved during the same prior year period. Infrastructure margins increased primarily due to increased revenues from moveable barrier products, resulting from the Mexico City road project completed in the first half of fiscal 2010. Irrigation margins increased from improved factory efficiencies at the Company’s Lindsay, Nebraska facility and a favorable regional sales mix compared to the same prior year period. The Company’s operating income for the nine-month period was $28.1 million compared to $18.9 million during the prior year period. Net earnings were $18.9 million or $1.50 per diluted share, as compared to $11.7 million, or $0.94 per diluted share for the prior year period.

Outlook

Parod commented, “Globally farmer sentiment has improved over last year, however the peak selling period for irrigation equipment has now ended for 2010. In our infrastructure segment, we believe stimulus spending has supported increased sales and quote activity, however a multi-year highway bill is essential for sustainable growth in the U.S.”

Parod added, “Growth drivers of expanded food production, efficient water use and improvements in transportation infrastructure remain very positive for our business, long-term.”

Third Quarter Conference Call

Lindsay’s fiscal 2010 third quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (888) 748-0479 domestically, or (706) 758-9823 internationally, and referring to conference ID # 82772836. Additionally, the conference call will be simulcast live on the Internet, and can be accessed via the investor relations section of the Company’s Web site, www.lindsay.com. The Company will have a slide presentation available to augment management’s formal presentation, which will also be accessible via the Company’s Web site.

About the Company

Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products through its wholly owned subsidiaries, Barrier Systems Inc. and Snoline S.P.A. At May 31, 2010, Lindsay had approximately 12.5 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

For more information regarding Lindsay Corporation, see Lindsay’s Web site at www.lindsay.com. For more information on the Company’s infrastructure products, visit www.barriersystemsinc.com and www.snoline.com.

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” “expect,” “outlook,” “could,” “may,” “should,” “will,” or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)			(Unaudited)
	May 31,			May 31,			August 31,
($ in thousands, except par values)	2010			2009			2009
ASSETS
Current Assets:
Cash and cash equivalents	$	83,509		$	63,212		$	85,929
Receivables, net of allowance, $2,246, $1,503, and $1,864, respectively		56,804			57,371			42,862
Inventories, net		47,070			54,355			46,255
Deferred income taxes		5,974			8,591			6,881
Other current assets		9,071			5,886			7,602
Total current assets		202,428			189,415			189,529
Property, plant and equipment, net		56,379			56,964			59,641
Other intangible assets, net		26,728			28,383			29,100
Goodwill, net		23,292			24,079			24,174
Other noncurrent assets		5,652			5,479			5,453
Total assets	$	314,479		$	304,320		$	307,897
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	29,547		$	18,463		$	20,008
Current portion of long-term debt		4,286			6,171			6,171
Other current liabilities		29,981			30,957			33,008
Total current liabilities		63,814			55,591			59,187
Pension benefits liabilities		6,192			5,588			6,407
Long-term debt		9,643			20,997			19,454
Deferred income taxes		9,431			11,935			10,391
Other noncurrent liabilities		2,053			5,619			4,800
Total liabilities		91,133			99,730			100,239
Shareholders’ equity:
Preferred stock, ($1 par value, 2,000,000 shares authorized, no shares issued and outsta nding)		—			—			—
Common stock, ($1 par value, 25,000,000 shares authorized, 18,184,620, 18,121,203 and 18,128,743 shares issued at May 31, 2010 and 2009 and August 31, 2009, respective ly)		18,185			18,121			18,129
Capital in excess of stated value		30,515			28,304			28,944
Retained earnings		265,373			248,594			249,588
Less treasury stock (at cost, 5,698,448, 5,813,448 and 5,763,448 shares at May 31, 2010 and 2009 and August 31, 2009, respective ly)		(90,961	)		(92,796	)		(91,998	)
Accumulated other comprehensive income, net		234			2,367			2,995
Total shareholders’ equity		223,346			204,590			207,658
Total liabilities and shareholders’ equity	$	314,479		$	304,320		$	307,897

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	Three months ended						Nine months ended
	May 31,						May 31,
(in thousands, except per share amounts)	2010			2009			2010			2009
Operating revenues	$	100,073		$	84,578		$	271,239		$	262,845
Cost of operating revenues		74,818			63,509			198,051			199,851
Gross profit		25,255			21,069			73,188			62,994
Operating expenses:
Selling expense		5,909			5,186			16,683			17,567
General and administrative expense		7,348			7,000			22,963			21,837
Engineering and research expense		1,949			1,346			5,418			4,706
Total operating expenses		15,206			13,532			45,064			44,110
Operating income		10,049			7,537			28,124			18,884
Other income (expense):
Interest expense		(474	)		(465	)		(1,291	)		(1,570	)
Interest income		49			200			215			741
Other income (expense), net		12			636			72			(832	)
Earnings before income taxes		9,636			7,908			27,120			17,223
Income tax provision		3,388			2,639			8,217			5,482
Net earnings	$	6,248		$	5,269		$	18,903		$	11,741
Basic net earnings per share	$	0.50		$	0.43		$	1.52		$	0.96
Diluted net earnings per share	$	0.50		$	0.42		$	1.50		$	0.94
Weighted average shares outstanding		12,486			12,305			12,439			12,280
Diluted effect of stock equivalents		124			136			138			168
Weighted average shares outstanding assuming dilution		12,610			12,441			12,577			12,448
Cash dividends per share	$	0.080		$	0.075		$	0.240		$	0.225

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Nine Months Ended
	May 31,
($ in thousands)	2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	18,903		$	11,741
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		8,027			7,917
Provision for uncollectible accounts receivable		568			205
Deferred income taxes		(990	)		(1,897	)
Stock-based compensation expense		1,755			1,504
(Gain) loss on disposal of fixed assets		(537	)		89
Other, net		121			983
Changes in assets and liabilities:
Receivables		(16,095	)		28,703
Inventories		(2,280	)		(2,248	)
Other current assets		(3,127	)		1,406
Accounts payable		10,439			(13,443	)
Other current liabilities		(2,768	)		(9,715	)
Current taxes payable		2,285			(2,356	)
Other noncurrent assets and liabilities		(1,513	)		1,372
Net cash provided by operating activities		14,788			24,261
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(3,962	)		(6,148	)
Proceeds from sale of property, plant and equipment		577			25
Acquisition of business, net of cash acquired		(132	)		—
Proceeds from settlement of net investment hedge		565			859
Net cash used in investing activities		(2,952	)		(5,264	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under stock compensation plan		544			638
Principal payments on long-term debt		(11,697	)		(4,628	)
Net borrowing (payments) on revolving line of credit		345			(108	)
Excess tax benefits from stock-based compensation		368			321
Dividends paid		(2,991	)		(2,764	)
Net cash used in financing activities		(13,431	)		(6,541	)
Effect of exchange rate changes on cash		(825	)		(4	)
Net (decrease) increase in cash and cash equivalents		(2,420	)		12,452
Cash and cash equivalents, beginning of period		85,929			50,760
Cash and cash equivalents, end of period	$	83,509		$	63,212