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):
March 19, 2008

LINDSAY CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-13419	47-0554096
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

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)

                            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 March 19, 2008, Lindsay Corporation (the "Company") issued a press release announcing the Company’s results of operations for its second quarter ended February 29, 2008. 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 March 19, 2008, 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: March 19, 2008	LINDSAY CORPORATION
	By:	/s/ David Downing
		David Downing, Vice President and
		Chief Financial Officer

EX-99.1

EXHIBIT 99.1

2707 NO. 108^TH ST. OMAHA, NE 68164 TEL: 402-829-6800 FAX: 402-829-6836

For further information, contact:

LINDSAY CORPORATION:	HALLIBURTON INVESTOR RELATIONS:
David Downing	Jeff Elliott or Geralyn DeBusk
SVP and CFO	972-458-8000
402-827-6235

Lindsay Corporation Reports Fiscal 2008 Second Quarter, Six Month Results

OMAHA, Neb., March 19, 2008—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal 2008 second quarter ended February 29, 2008.

Second Quarter Results

Second quarter fiscal 2008 total revenues increased 70 percent to $108.4 million from $63.7 million for the year-ago period. Net earnings were $9.7 million or $0.79 per diluted share, compared with $2.5 million or $0.21 per diluted share, in the prior year’s second quarter. The quarter includes the results from Watertronics, Inc., which was acquired on January 24, 2008 and Snoline SPA, which was acquired on December 27, 2006. The quarter also includes an increase in income tax expense of $610,000 and corresponding increase of 3.9 points in the effective tax rate related to Section 162(m) of the Internal Revenue Code which limits the deductible portion of executive compensation. The impact of this provision was a reduction in net earnings of $0.05 per diluted share in the period.

Total irrigation equipment revenues increased 62 percent to $82.6 million from $50.9 million in the prior fiscal year’s second quarter. Domestic irrigation revenues increased 44 percent, while international irrigation revenues improved 113 percent from the prior year’s quarter. Infrastructure revenues were $25.8 million compared with $12.7 million in the prior year period, increasing 103 percent.

Gross margin improved to 27.7 percent from 22.7 percent a year ago due to improved margins in both operating segments. Operating expenses of $14.2 million, an increase of $3.4 million from the prior year quarter, were 13.1 percent of sales, compared with 16.9 percent of sales in the year ago period. The increased spending was primarily due to the inclusion of Watertronics, Inc. and personnel related costs. Operating income during the quarter was $15.9 million, compared with $3.7 million in the prior year period.

The backlog of unshipped orders at February 29, 2008 was $98.5 million compared with $38.4 million at February 28, 2007. Irrigation backlog increased $58.6 million ($55.6 million prior to the inclusion of Watertronics) on significantly improved order flow for both domestic and international markets. Infrastructure backlog increased $1.5 million.

Rick Parod, president and chief executive officer, commented, “Demand for irrigation equipment is strong globally, supported by higher commodity prices, bio fuel expansion and water initiatives. Infrastructure segment demand for the unique solutions provided by our products is also strong and we continued to realize synergies from the acquisitions in this segment during the period. Our factories responded to this demand with significant production increases. During the quarter we continued to expand the margins through improved efficiencies, volume leverage and cost reduction initiatives.”

Six Month Results

Total revenues for the six months were $184.3 million, a 60 percent increase from $115.2 million for the prior year’s six-month period. Total irrigation equipment revenues of $139.1 million rose 56 percent from a year ago, while infrastructure revenues grew 72 percent, rising to $45.2 million. Net earnings were $14.0 million, or $1.15 per diluted share, compared with $4.3 million, or $0.36 per diluted share, for the first six months of fiscal 2007.

Outlook

Parod added, “With the current USDA forecast of a second consecutive year of record net cash farm income in 2008, we believe domestic demand for our irrigation products will remain robust. International demand is also expected to increase on the strength of higher agricultural commodity prices and global agricultural development. World-wide interest in the unique road safety products in our infrastructure segment provides continued opportunities for superior growth.”

Parod concluded, “We are focused on achieving growth in each of our segments organically and through acquisitions. During the quarter we acquired Watertronics, Inc., a leader in the design, manufacture, and service of water pumping stations and controls for the golf, landscape and municipal markets. This will further enhance Lindsay’s capabilities in providing innovative, turn-key solutions to customers through the integration of proprietary pump station controls and designs. I am happy to welcome their employees, distributors and suppliers to the Lindsay Corporation family. We will continue to leverage our financial flexibility to create shareholder value through a balance of organic growth opportunities, strategic acquisitions, share repurchases, and dividend payments.”

Second-Quarter Conference Call

Lindsay’s fiscal 2008 second quarter investor conference call is scheduled for 11:00 a.m. ET today. 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 February 29, 2008, Lindsay had approximately 11.9 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. Forward-looking statements include the information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words “expectation,” “outlook,” “could,” “may,” “should,” 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.

Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three-months and six-months ended February 29, 2008 and February 28, 2007
(Unaudited)

	Three Months Ended						Six Months Ended
	February			February			February			February
(in thousands, except per share amounts)	2008			2007			2008			2007
Operating revenues	$	108,418		$	63,674		$	184,346		$	115,206
Cost of operating revenues		78,380			49,219			135,012			88,286
Gross profit		30,038			14,455			49,334			26,920
Operating expenses:
Selling expense		6,222			4,346			11,352			7,959
General and administrative expense		6,507			5,459			12,651			10,894
Engineering and research expense		1,456			939			2,962			1,745
Total operating expenses		14,185			10,744			26,965			20,598
Operating income		15,853			3,711			22,369			6,322
Other income (expense):
Interest expense		(821	)		(532	)		(1,420	)		(1,019	)
Interest income		377			426			853			1,062
Other income (expense), net		107			10			221			(6	)
Earnings before income taxes		15,516			3,615			22,023			6,359
Income tax provision		5,836			1,103			7,977			2,064
Net earnings	$	9,680		$	2,512		$	14,046		$	4,295
Basic net earnings per share	$	0.82		$	0.22		$	1.19		$	0.37
Diluted net earnings per share	$	0.79		$	0.21		$	1.15		$	0.36
Average shares outstanding		11,847			11,630			11,806			11,604
Diluted effect of stock equivalents		410			305			436			297
Average shares outstanding assuming dilution		12,257			11,935			12,242			11,901
Cash dividends per share	$	0.070		$	0.065		$	0.140		$	0.130

Lindsay Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
February 29, 2008, February 28, 2007 and August 31, 2007

	(Unaudited)			(Unaudited)
	February			February			August
($ in thousands, except par values)	2008			2007			2007
ASSETS
Current Assets:
Cash and cash equivalents	$	24,328		$	15,346		$	21,022
Marketable securities		496			16,147			27,591
Receivables, net of allowance, $1,198, $829 and $946, respectively		73,597			52,136			46,968
Inventories, net		60,540			44,800			41,099
Deferred income taxes		6,644			5,172			6,108
Other current assets		9,590			6,187			6,990
Total current assets		175,195			139,788			149,778
Long-term marketable securities		—			473			—
Property, plant and equipment, net		54,679			36,629			44,292
Other intangible assets, net		32,608			26,870			25,830
Goodwill, net		24,406			12,579			16,845
Other noncurrent assets		5,590			4,507			5,460
Total assets	$	292,478		$	220,846		$	242,205
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	25,855		$	17,530		$	18,367
Current portion of long-term debt		6,171			7,285			6,171
Other current liabilities		38,946			21,766			26,964
Total current liabilities		70,972			46,581			51,502
Pension benefits liabilities		5,383			5,094			5,384
Long-term debt		43,711			34,881			31,796
Deferred income taxes		9,671			7,504			9,860
Other noncurrent liabilities		3,546			914			2,635
Total liabilities		133,283			94,974			101,177
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, 17,846,114, 17,685,792 and 17,744,458 shares issued and outstanding in February 2008 and 2007 and August 2007, respectively)		17,846			17,686			17,744
Capital in excess of stated value		15,353			8,173			11,734
Retained earnings		216,312			195,102			204,750
Less treasury stock (at cost, 5,963,448, 6,048,448 and 5,998,448 shares in February 2008 and 2007 and August 2007, respectively)		(95,190	)		(96,547	)		(95,749	)
Accumulated other comprehensive income, net		4,874			1,458			2,549
Total shareholders’ equity		159,195			125,872			141,028
Total liabilities and shareholders’ equity	$	292,478		$	220,846		$	242,205

Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six-months ended February 29, 2008 and February 28, 2007
(unaudited)

	February			February
($ in thousands)	2008			2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	14,046		$	4,295
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		4,299			3,296
Amortization of marketable securities premiums (discounts), net		(15	)		26
Gain on sale of property, plant and equipment		(10	)		(23	)
Provision for uncollectible accounts receivable		(96	)		(2	)
Deferred income taxes		(52	)		848
Stock-based compensation expense		1,303			1,023
Other, net		(11	)		65
Changes in assets and liabilities:
Receivables, net		(22,715	)		(9,048	)
Inventories, net		(15,071	)		(15,147	)
Other current assets		(1,748	)		(2,153	)
Accounts payable		5,059			3,810
Other current liabilities		7,247			(2,431	)
Current taxes payable		1,582			(2,172	)
Other noncurrent assets and liabilities		(3,885	)		151
Net cash used in operating activities		(10,067	)		(17,462	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(7,269	)		(4,446	)
Proceeds from sale of property, plant and equipment		22			31
Acquisition of business, net of cash acquired		(21,504	)		(17,394	)
Purchases of marketable securities available-for-sale		(13,860	)		(60,300	)
Proceeds from maturities of marketable securities available-for-sale		40,995			59,680
Net cash used in investing activities		(1,616	)		(22,429	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under stock compensation plan		598			1,451
Proceeds from issuance of long-term debt		15,000			14,309
Principal payments on long-term debt		(3,085	)		(2,143	)
Excess tax benefits from stock-based compensation		2,357			(197	)
Dividends paid		(1,659	)		(1,512	)
Net cash provided by in financing activities		13,211			11,908
Effect of exchange rate changes on cash		1,778			(15	)
Net increase (decrease) in cash and cash equivalents		3,306			(27,998	)
Cash and cash equivalents, beginning of period		21,022			43,344
Cash and cash equivalents, end of period	$	24,328		$	15,346