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 29, 2011

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 29, 2011, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its third fiscal quarter ended May 31, 2011. 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 29, 2011, 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: June 30, 2011	LINDSAY CORPORATION
	By:	/s/ Jim Raabe
		VP and Chief Financial Officer

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:
Jim Raabe	Hala Elsherbini or Geralyn DeBusk
Vice President & Chief Financial Officer	972-458-8000
402-827-6579

Lindsay Corporation Reports Fiscal 2011 Third Quarter Results

OMAHA, Neb., June 29, 2011—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal third quarter ended May 31, 2011.

Third Quarter Results

Third quarter fiscal 2011 revenues of $153.4 million increased 53 percent from $100.1 million in the same prior year period. Net earnings were $15.3 million or $1.20 per diluted share compared with $6.2 million or $0.50 per diluted share, in the prior fiscal year’s third quarter.

Total irrigation equipment revenues increased 58 percent to $126.9 million from $80.4 million in the prior fiscal year’s third quarter. U.S. irrigation revenues of $76.7 million increased 60 percent, while international irrigation revenues of $50.2 million increased 55 percent compared to the same prior year period. Infrastructure revenues for the third quarter increased 35 percent to $26.5 million.

Gross margin was 27.0 percent compared to 25.2 percent in the prior year’s third quarter. During the fiscal third quarter overall gross margins improved on higher international irrigation margins and on improved margins in diversified manufacturing which includes railroad signals and structures, commercial tubing and contract manufacturing.

Operating expenses increased $3.2 million to $18.4 million compared to the third quarter of the prior fiscal year. The increase in operating expenses included higher personnel related costs, an incremental increase in expenses from the acquisitions of Digitec Inc., and WMC Technology Limited, and additional expenses for environmental monitoring and remediation as part of ongoing development and implementation of the EPA work plan at the Lindsay, Nebraska facility. Operating expenses were 12.0 percent of revenue compared to 15.2 percent of revenue in the prior fiscal year’s third quarter. Operating income was $23.1 million compared to $10.0 million in the same prior year period.

Cash and cash equivalents of $100.6 million were $17.1 million higher compared with last year. Debt decreased $4.3 million over the same period and $7.7 million of cash was used in acquisitions completed in the past year. At May 31, 2011, accounts receivable and inventory balances were $36.5 million higher compared to the prior year due to increased business activity.

Lindsay’s backlog of unshipped orders at May 31, 2011 was $43.3 million compared with $64.3 million at February 28, 2011 and $33.9 million at May 31, 2010.

Nine Month Results

Total revenues for the nine months ended May 31, 2011 were $362.8 million, a 34 percent increase from $271.2 million compared to the same prior year period. Total irrigation equipment revenues of $278.6 million increased 38 percent from a year ago, while infrastructure revenues increased 21 percent to $84.2 million. The Company’s operating income for the nine-month period was $46.8 million compared to $28.1 million during the same prior year period. Net earnings were $30.9 million or $2.44 per diluted share, as compared to $18.9 million, or $1.50 per diluted share for the prior year period.

Outlook

Rick Parod, president and chief executive officer, commented, “Conditions in the global agriculture markets continued to be strong throughout the primary irrigation selling season. Agricultural commodity prices remain significantly higher compared to the previous year, creating favorable economic conditions for growers, worldwide.”

Parod continued, “Infrastructure operating margin increased in the quarter due to operational improvements implemented and leveraging expenses on a higher base revenue.”

Parod added, “For our business overall, the global, long-term drivers of water use efficiency, population growth, increasing importance of biofuels, and improvements in infrastructure safety and security remain positive.”

Third-Quarter Conference Call

Lindsay’s fiscal 2011 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 # 75449355. 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, 2011, Lindsay had approximately 12.6 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, the Company claims 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	Three months ended						Nine months ended
	May 31,						May 31,
(in thousands, except per share amounts)	2011			2010			2011			2010
Operating revenues	$	153,446		$	100,073		$	362,780		$	271,239
Cost of operating revenues		111,947			74,818			263,049			198,051
Gross profit		41,499			25,255			99,731			73,188
Operating expenses:
Selling expense		6,929			5,909			20,858			16,683
General and administrative expense		8,640			7,348			23,936			22,963
Engineering and research expense		2,789			1,949			8,125			5,418
Total operating expenses		18,358			15,206			52,919			45,064
Operating income		23,141			10,049			46,812			28,124
Other income (expense):
Interest expense		(192	)		(474	)		(591	)		(1,291	)
Interest income		71			49			150			215
Other income (expense), net		139			12			366			72
Earnings before income taxes		23,159			9,636			46,737			27,120
Income tax provision		7,870			3,388			15,837			8,217
Net earnings	$	15,289		$	6,248		$	30,900		$	18,903
Basic net earnings per share	$	1.22		$	0.50		$	2.46		$	1.52
Diluted net earnings per share	$	1.20		$	0.50		$	2.44		$	1.50
Weighted average shares outstanding		12,564			12,486			12,538			12,439
Diluted effect of stock equivalents		139			124			139			138
Weighted average shares outstanding assuming dilution		12,703			12,610			12,677			12,577
Cash dividends per share	$	0.085		$	0.080		$	0.255		$	0.240

Lindsay Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS

	(Unaudited)			(Unaudited)
	May 31,			May 31,			August 31,
($ in thousands, except par values)	2011			2010			2010
ASSETS
Current Assets:
Cash and cash equivalents	$	100,568		$	83,509		$	83,418
Receivables, net of allowance of $2,464, $2,246 and $2,244, respectively		87,588			56,804			63,629
Inventories, net		52,833			47,070			45,296
Deferred income taxes		6,798			5,974			6,722
Other current assets		12,177			9,071			8,946
Total current assets		259,964			202,428			208,011
Property, plant and equipment, net		57,279			56,379			57,646
Other intangible assets, net		27,430			26,728			27,715
Goodwill, net		28,815			23,292			27,395
Other noncurrent assets		4,318			5,652			4,714
Total assets	$	377,806		$	314,479		$	325,481
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	42,966		$	29,547		$	26,501
Current portion of long-term debt		4,286			4,286			4,286
Other current liabilities		40,445			29,981			36,295
Total current liabilities		87,697			63,814			67,082
Pension benefits liabilities		6,233			6,192			6,400
Long-term debt		5,357			9,643			8,571
Deferred income taxes		10,947			9,431			10,816
Other noncurrent liabilities		1,790			2,053			3,005
Total liabilities		112,024			91,133			95,874
Shareholders’ 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, 18,268,549, 18,184,620 and 18,184,820 shares issued at May 31, 2011 and 2010 and August 31, 2010, respectively)		18,269			18,185			18,185
Capital in excess of stated value		34,162			30,515			30,756
Retained earnings		297,971			265,373			270,272
Less treasury stock (at cost, 5,698,448 shares at May 31, 2011 and 2010 and August 31, 2010, respectively)		(90,961	)		(90,961	)		(90,961	)
Accumulated other comprehensive income, net		6,341			234			1,355
Total shareholders’ equity		265,782			223,346			229,607
Total liabilities and shareholders’ equity	$	377,806		$	314,479		$	325,481

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

	Nine Months Ended
	May 31,
($ in thousands)	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	30,900		$	18,903
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		8,820			8,027
Provision for uncollectible accounts receivable		248			568
Deferred income taxes		(2,001	)		(990	)
Stock-based compensation expense		2,384			1,755
Gain on disposal of fixed assets		(43	)		(537	)
Other, net		(307	)		121
Changes in assets and liabilities:
Receivables		(21,326	)		(16,095	)
Inventories		(5,330	)		(2,280	)
Other current assets		(2,929	)		(3,127	)
Accounts payable		15,441			10,439
Other current liabilities		2,642			(2,768	)
Current taxes payable		853			2,285
Other noncurrent assets and liabilities		(1,077	)		(1,513	)
Net cash provided by operating activities		28,275			14,788
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(5,315	)		(3,962	)
Proceeds from sale of property, plant and equipment		57			577
Acquisition of business, net of cash acquired		(1,279	)		(132	)
Payment for settlement of net investment hedge		(1,261	)		565
Net cash used in investing activities		(7,798	)		(2,952	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under stock compensation plans		243			544
Principal payments on long-term debt		(3,214	)		(11,697	)
Net borrowing on revolving line of credit		1,212			345
Excess tax benefits from stock-based compensation		1,068			368
Dividends paid		(3,201	)		(2,991	)
Net cash used in financing activities		(3,892	)		(13,431	)
Effect of exchange rate changes on cash		565			(825	)
Net increase (decrease) in cash and cash equivalents		17,150			(2,420	)
Cash and cash equivalents, beginning of period		83,418			85,929
Cash and cash equivalents, end of period	$	100,568		$	83,509