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 27, 2013

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)

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

(402) 829-6800

(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:

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

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

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

¨ 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 27, 2013, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its second fiscal quarter ended February 28, 2013. 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 27, 2013, 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 27, 2013	LINDSAY CORPORATION
	By:	/s/ Jim Raabe
		Vice President 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 2013 Second Quarter Results

OMAHA, Neb., March 27, 2013—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its second quarter ended February 28, 2013.

Second Quarter Results

Second quarter fiscal 2013 revenues were a record $175.5 million, increasing 33 percent from $132.1 million in the same prior year period. Net earnings were $19.4 million or $1.50 per diluted share compared with $12.8 million or $1.00 per diluted share in the prior year.

Total irrigation equipment revenues increased 39 percent to $162.6 million from $117.0 million in the prior fiscal year’s second quarter. Domestic irrigation revenues of $117.1 million increased 41 percent, while international irrigation revenues of $45.5 million increased 34 percent due to increased demand resulting from higher commodity prices and farm incomes along with drought conditions in the United States. Infrastructure revenues decreased 15 percent to $12.9 million.

Gross margin was 28.7 percent compared to 27.6 percent in the prior year’s second quarter. The increase is primarily due to an increase in irrigation gross margins of approximately 1 percentage point due to a strong pricing environment combined with increased productivity and cost leverage.

Operating expenses were $20.9 million compared to $17.5 million in the prior fiscal year. Current year expenses included higher personnel related expenses and increases in advertising and research and development expenses. Operating expenses were 11.9 percent of sales in the second quarter of fiscal 2013 compared with 13.3 percent of sales in the prior year period. Operating margins of 16.8 percent increased from 14.3 percent in the prior year period.

Cash and cash equivalents of $159.6 million were $54.6 million higher compared to the end of the second quarter last year, while debt decreased $4.3 million.

Backlog of unshipped orders at February 28, 2013 was $159.3 million compared with $87.3 million at February 29, 2012 and $85.1 million at November 30, 2012. Current year backlog includes strong domestic irrigation volume along with a $39.1 million contract in the Middle East consisting of irrigation machines and ancillary equipment that will be shipped and delivered primarily over the balance of fiscal 2013.

Six Month Results

Total revenues for the six months ended February 28, 2013 were $322.9 million, a 28 percent increase from $251.3 million in the same prior year period. Net earnings were $34.1 million or $2.65 per diluted share compared with $15.7 million or $1.23 per diluted share in the prior year. Fiscal 2012 operating costs included $7.2 million of accrued expenses, or $0.37 per diluted share on an after tax basis, relating to an estimated increase in the Company’s liability for environmental remediation at its Lindsay, Nebraska facility.

Total irrigation equipment revenues increased 36 percent to $296.9 million from $217.7 million during the first six months of the prior fiscal year. Domestic irrigation revenues of $213.6 million increased 49 percent, while international irrigation revenues of $83.3 million increased 12 percent due to sales increases in South America and Russia. Infrastructure revenues decreased 23 percent to $26.0 million.

Outlook

Rick Parod, president and chief executive officer, commented, “Record backlog at the end of the quarter resulted from continued robust irrigation order volumes in the second quarter along with the award of a large irrigation project in the Middle East. While contracts of this type generally generate below average gross margins, the award demonstrates the success that we are having in developing Lindsay Corporation’s position around the world.”

Parod added, “Positive farmer sentiment along with historically high farm incomes and commodity prices provide a solid backdrop for strong irrigation sales. However, expectations of record crop planting and improved yields are leading to projections of lower commodity prices, which could lead to reduced demand over the balance of 2013 and into 2014. The environment for infrastructure sales remains difficult, so we are focused on operating efficiencies and expense controls to position the segment for improved profitability as the market strengthens.”

Parod continued, “Overall the long-term drivers for the company of population growth, expanded food production, efficient water use, and improved transportation infrastructure remain positive.”

Second-Quarter Conference Call

Lindsay’s fiscal 2013 second quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (888) 321-8161 domestically, or (706) 758-0065 internationally, and referring to conference ID # 21726133. 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. Replays of the conference call will remain on our Web site through the end of the third quarter of fiscal 2013. 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, Lindsay Transportation Solutions and Snoline S.P.A. At February 28, 2013 Lindsay had approximately 12.9 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.

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three months ended						Six months ended
	February 28,			February 29,			February 28,			February 29,
($ and shares in thousands, except per share amounts)	2013			2012			2013			2012
Operating revenues	$	175,539		$	132,134		$	322,909		$	251,339
Cost of operating revenues		125,175			95,640			229,688			184,597
Gross profit		50,364			36,494			93,221			66,742
Operating expenses:
Selling expense		8,000			6,868			15,321			13,812
General and administrative expense		10,155			8,434			20,273			17,374
Engineering and research expense		2,763			2,244			5,917			4,300
Environmental remediation expense		—			—			—			7,225
Total operating expenses		20,918			17,546			41,511			42,711
Operating income		29,446			18,948			51,710			24,031
Other income (expense):
Interest expense		(83	)		(130	)		(226	)		(273	)
Interest income		129			94			267			190
Other income (expense), net		(4	)		515			120			(80	)
Earnings before income taxes		29,488			19,427			51,871			23,868
Income tax expense		10,137			6,653			17,792			8,173
Net earnings	$	19,351		$	12,774		$	34,079		$	15,695
Earnings per share:
Basic	$	1.51		$	1.01		$	2.66		$	1.24
Diluted	$	1.50		$	1.00		$	2.65		$	1.23
Shares used in computing earnings per share:
Basic		12,842			12,703			12,799			12,692
Diluted		12,882			12,821			12,867			12,792
Cash dividends declared per share	$	0.115		$	0.090		$	0.230		$	0.180

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three months ended					Six months ended
	February 28,			February 29,		February 28,			February 29,
($ in thousands)	2013			2012		2013			2012
Net earnings	$	19,351		$	12,774	$	34,079		$	15,695
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax		33			25		66			51
Unrealized (loss) gain on cash flow hedges, net of tax		(35	)		48		(9	)		120
Foreign currency translation adjustment, net of hedging activities and tax		1,148			1,344		1,107			(2,787	)
Total other comprehensive income (loss), net of tax expense (benefit) of $275, $216, ($118) and $355		1,146			1,417		1,164			(2,616	)
Total comprehensive income	$	20,497		$	14,191	$	35,243		$	13,079

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	February 28,			February 29,			August 31,
($ and shares in thousands, except par values)	2013			2012			2012
ASSETS
Current Assets:
Cash and cash equivalents	$	159,583		$	104,953		$	143,444
Receivables, net of allowance of $1,915, $2,002 and $1,717		105,399			77,536			82,565
Inventories, net		78,071			68,578			52,873
Deferred income taxes		9,110			8,336			9,505
Other current assets		15,020			14,193			10,478
Total current assets		367,183			273,596			298,865
Property, Plant and Equipment:
Cost		141,973			134,413			136,695
Less accumulated depreciation		(85,104	)		(77,177	)		(80,515	)
Property, plant and equipment, net		56,869			57,236			56,180
Intangibles, net		23,729			26,839			25,070
Goodwill		30,211			30,443			29,961
Other noncurrent assets		4,490			5,486			5,455
Total assets	$	482,482		$	393,600		$	415,531
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	63,651		$	39,417		$	31,372
Current portion of long-term debt		2,143			4,286			4,285
Other current liabilities		45,724			33,428			44,781
Total current liabilities		111,518			77,131			80,438
Pension benefits liabilities		6,676			6,115			6,821
Long-term debt		—			2,143			—
Deferred income taxes		9,716			11,678			9,984
Other noncurrent liabilities		7,415			8,362			7,450
Total liabilities		135,325			105,429			104,693
Shareholders’ Equity:
Preferred stock of $1 par value- Authorized 2,000 shares; none issued		—			—			—
Common stock of $1 par value- Authorized 25,000 shares; 18,553 issued		18,553			18,409			18,421
Capital in excess of stated value		47,036			40,736			43,140
Retained earnings		372,242			316,141			341,115
Less treasury stock (at cost, 5,698 shares)		(90,961	)		(90,961	)		(90,961	)
Accumulated other comprehensive income (loss), net		287			3,846			(877	)
Total shareholders’ equity		347,157			288,171			310,838
Total liabilities and shareholders’ equity	$	482,482		$	393,600		$	415,531

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six months ended
	February 28,			February 29,
($ in thousands)	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	34,079		$	15,695
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		6,240			6,235
Provision for uncollectible accounts receivable		530			129
Deferred income taxes		(2,104	)		(1,299	)
Share-based compensation expense		2,351			1,829
Other, net		144			587
Changes in assets and liabilities:
Receivables		(22,880	)		150
Inventories		(24,827	)		(20,221	)
Other current assets		(4,222	)		(1,798	)
Accounts payable		32,066			7,796
Other current liabilities		5,331			(8,670	)
Current taxes payable		(789	)		(1,260	)
Other noncurrent assets and liabilities		273			5,692
Net cash provided by operating activities		26,192			4,865
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(5,342	)		(4,723	)
Proceeds from sale of property, plant and equipment		14			107
(Payment) proceeds for settlement of net investment hedge		(1,919	)		1,548
Net cash used in investing activities		(7,247	)		(3,068	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		1,619			276
Common stock withheld for payroll tax withholdings		(2,441	)		(577	)
Principal payments on long-term debt		(2,142	)		(2,142	)
Excess tax benefits from share-based compensation		2,629			273
Dividends paid		(2,952	)		(2,286	)
Net cash used in financing activities		(3,287	)		(4,456	)
Effect of exchange rate changes on cash and cash equivalents		481			(555	)
Net change in cash and cash equivalents		16,139			(3,214	)
Cash and cash equivalents, beginning of period		143,444			108,167
Cash and cash equivalents, end of period	$	159,583		$	104,953