10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 29, 2012

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-13419

Lindsay Corporation

(Exact name of registrant as specified in its charter)

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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of March 30, 2012, 12,710,538 shares of the registrant’s common stock were outstanding.

Lindsay Corporation

INDEX FORM 10-Q

	Page No.
Part I — FINANCIAL INFORMATION
ITEM 1 — Financial Statements
Condensed Consolidated Statements of Operations for the three months and six months ended February 29, 2012 and February 28, 2011		3
Condensed Consolidated Balance Sheets as of February 29, 2012, February 28, 2011 and August 31, 2011		4
Condensed Consolidated Statements of Cash Flows for the six months ended February 29, 2012 and February 28, 2011		5
Notes to Condensed Consolidated Financial Statements		6-15
ITEM  2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations		16-24
ITEM 3 — Quantitative and Qualitative Disclosures about Market Risk		25
ITEM 4 — Controls and Procedures		25
Part II — OTHER INFORMATION
ITEM 1 — Legal Proceedings		26
ITEM 1A — Risk Factors		27
ITEM 2 — Unregistered Sales of Equity Securities and Use of Proceeds		27
ITEM 6 — Exhibits		28
SIGNATURE PAGE		29

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Part I — FINANCIAL INFORMATION

ITEM 1 — Financial Statements

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

		September 30,			September 30,			September 30,			September 30,
	Three months ended						Six months ended
	February 29,			February 28,			February 29,			February 28,
($ in thousands, except per share amounts)	2012			2011			2012			2011
Operating revenues	$	132,134		$	120,168		$	251,339		$	209,334
Cost of operating revenues		95,640			86,159			184,597			151,102
Gross profit		36,494			34,009			66,742			58,232
Operating expenses:
Selling expense		6,868			6,911			13,812			13,929
General and administrative expense		8,434			7,265			17,374			14,583
Engineering and research expense		2,244			2,772			4,300			5,336
Environmental remediation expense		—			—			7,225			713
Total operating expenses		17,546			16,948			42,711			34,561
Operating income		18,948			17,061			24,031			23,671
Other income (expense):
Interest expense		(130	)		(213	)		(273	)		(399	)
Interest income		94			37			190			79
Other income (expense), net		515			116			(80	)		227
Earnings before income taxes		19,427			17,001			23,868			23,578
Income tax provision		6,653			5,676			8,173			7,967
Net earnings	$	12,774		$	11,325		$	15,695		$	15,611
Basic net earnings per share	$	1.01		$	0.90		$	1.24		$	1.24
Diluted net earnings per share	$	1.00		$	0.89		$	1.23		$	1.23
Weighted average shares outstanding		12,703			12,548			12,692			12,525
Diluted effect of stock equivalents		118			137			100			139
Weighted average shares outstanding assuming dilution		12,821			12,685			12,792			12,664
Cash dividends per share	$	0.090		$	0.085		$	0.180		$	0.170

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

		September 30,			September 30,			September 30,
	(Unaudited)			(Unaudited)
	February 29,			February 28,			August 31,
($ and shares in thousands, except par values)	2012			2011			2011
ASSETS
Current Assets:
Cash and cash equivalents	$	104,953		$	78,448		$	108,167
Receivables, net of allowances of $2,002, $2,331 and $2,340, respectively		77,536			75,096			79,006
Inventories, net		68,578			54,876			49,524
Deferred income taxes		8,336			5,457			8,598
Other current assets		14,193			10,035			12,398
Total current assets		273,596			223,912			257,693
Property, plant and equipment, net		57,236			58,141			58,465
Other intangible assets, net		26,839			27,807			28,639
Goodwill		30,443			28,528			30,943
Other noncurrent assets		5,486			4,869			5,404
Total assets	$	393,600		$	343,257		$	381,144
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	39,417		$	38,261		$	32,153
Current portion of long-term debt		4,286			4,286			4,286
Other current liabilities		33,428			27,049			42,880
Total current liabilities		77,131			69,596			79,319
Pension benefits liabilities		6,115			6,289			6,231
Long-term debt		2,143			6,428			4,285
Deferred income taxes		11,678			10,746			12,550
Other noncurrent liabilities		8,362			1,798			3,094
Total liabilities		105,429			94,857			105,479
Shareholders’ equity:
Preferred stock, ($1 par value, 2,000 shares authorized, no shares issued and outstanding)		—			—			—
Common stock, ($1 par value, 25,000 shares authorized, 18,409, 18,257 and 18,374 shares issued at February 29, 2012, February 28, 2011 and August 31, 2011, respectively)		18,409			18,257			18,374
Capital in excess of stated value		40,736			32,954			39,058
Retained earnings		316,141			283,751			302,732
Less treasury stock (at cost, 5,698 shares)		(90,961	)		(90,961	)		(90,961	)
Accumulated other comprehensive income, net		3,846			4,399			6,462
Total shareholders’ equity		288,171			248,400			275,665
Total liabilities and shareholders’ equity	$	393,600		$	343,257		$	381,144

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

		September 30,			September 30,
	Six Months Ended
($ in thousands)	February 29, 2012			February 28, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	15,695		$	15,611
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		6,235			5,880
Provision for uncollectible accounts receivable		129			188
Deferred income taxes		(1,299	)		(575	)
Share-based compensation expense		1,829			1,586
Other, net		587			(373	)
Changes in assets and liabilities:
Receivables		150			(10,137	)
Inventories		(20,221	)		(8,003	)
Other current assets		(1,798	)		(762	)
Accounts payable		7,796			11,245
Other current liabilities		(8,670	)		(7,877	)
Current taxes payable		(1,260	)		(1,525	)
Other noncurrent assets and liabilities		5,692			(1,343	)
Net cash provided by operating activities		4,865			3,915
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(4,723	)		(4,402	)
Proceeds from sale of property, plant and equipment		107			53
Acquisition of business, net of cash acquired		—			(1,279	)
Proceeds (payment) for settlement of net investment hedge		1,548			(734	)
Net cash used in investing activities		(3,068	)		(6,362	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under share-based compensation plans		276			809
Common stock withheld from share-based compensation for payroll tax withholdings		(577	)		(843	)
Principal payments on long-term debt		(2,142	)		(2,143	)
Net borrowing on revolving line of credit		—			389
Excess tax benefits from share-based compensation		273			877
Dividends paid		(2,286	)		(2,133	)
Net cash used in financing activities		(4,456	)		(3,044	)
Effect of exchange rate changes on cash		(555	)		521
Net decrease in cash and cash equivalents		(3,214	)		(4,970	)
Cash and cash equivalents, beginning of period		108,167			83,418
Cash and cash equivalents, end of period	$	104,953		$	78,448

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Lindsay Corporation and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) Condensed Consolidated Financial Statements

The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles as contained in Lindsay Corporation’s (the “Company”) Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K for the fiscal year ended August 31, 2011.

In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year.

The condensed consolidated financial statements were prepared using accounting principles generally accepted in the United States. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Certain reclassifications have been made to prior financial statements and notes to conform to the current year presentation. These reclassifications were not material to the Company’s condensed consolidated financial statements.

(2) Net Earnings per Share

Basic net earnings per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding during the period.

Employee stock options, nonvested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company’s diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized on share based awards, and the amount of excess tax benefits that would be recorded in additional paid-in capital when shares are issued and assumed to be used to repurchase shares.

The following table shows the securities excluded from the computation of earnings per share since their inclusion would have been anti-dilutive:

		September 30,		September 30,		September 30,		September 30,
	Three months ended				Six months ended
	February 29,		February 28,		February 29,		February 28,
	2012		2011		2012		2011
Restricted stock units		2,119		—		6,483		4,125
Stock options		36,079		—		24,222		—

Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. At February 29, 2012, the threshold performance conditions for the November 12, 2009 grants had been satisfied resulting in the inclusion of 40,754 performance stock units in the calculation of diluted net earnings per share. At February 29, 2012 and February 28, 2011, there were 47,318 and 98,625, respectively, of performance stock units excluded from the calculation of diluted net earnings per share because the threshold performance conditions had not been satisfied.

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(3) Comprehensive Income

The accumulated other comprehensive income, net, shown in the Company’s condensed consolidated balance sheets includes the unrealized gain (loss) on cash flow hedges, net actuarial losses from the defined benefit pension plan, and the accumulated foreign currency translation adjustment, net of hedging activities. The following table shows the difference between the Company’s reported net earnings and its comprehensive income:

		September 30,		September 30,		September 30,			September 30,
	Three months ended				Six months ended
	February 29,		February 28,		February 29,			February 28,
$ in thousands	2012		2011		2012			2011
Comprehensive income:
Net earnings	$	12,774	$	11,325	$	15,695		$	15,611
Other comprehensive income(1) :
Defined benefit pension plan, net of tax		25		25		51			50
Unrealized gain on cash flow hedges, net of tax		48		79		120			181
Foreign currency translation, net of hedging activities		1,344		2,069		(2,787	)		2,813
Total comprehensive income	$	14,191	$	13,498	$	13,079		$	18,655

(1) Net of tax expense of $216 and $355 for the three months and six months ended February 29, 2012, respectively. Net of tax expense of $256 and $179 for the three months and six months ended February 28, 2011, respectively.

(4) Income Taxes

It is the Company’s policy to report income tax expense for interim periods using an estimated annual effective income tax rate. However, the tax effects of significant or unusual items are not considered in the estimated annual effective tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. For the six months ended February 29, 2012 and February 28, 2011, the Company recorded no material discrete items.

The Company recorded income tax expense of $6.7 million and $8.2 million for the three and six months ended February 29, 2012, respectively. The Company recorded income tax expense of $5.7 million and $8.0 million for the three and six months ended February 28, 2011, respectively. The calculated effective tax rate (defined as income tax provision divided by earnings before income taxes) was 34.2 percent and 33.8 percent for the year-to-date periods ended February 29, 2012 and February 28, 2011, respectively.

(5) Inventories

Inventories are stated at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method for the Company’s Lindsay, Nebraska inventory and its two warehouses in Idaho and Texas. Cost is determined by the first-in, first-out (FIFO) method for inventory at the Company’s Omaha, Nebraska warehouse, and at operating locations in California, Wisconsin, China and Australia. Cost is determined by the weighted average cost method for inventory at the Company’s other operating locations in Washington State, France, Brazil, Italy, and South Africa. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory.

		September 30,			September 30,			September 30,
	February 29,			February 28,			August 31,
$ in thousands	2012			2011			2011
Inventory:
FIFO inventory	$	33,868		$	25,626		$	22,614
LIFO reserves		(7,026	)		(6,305	)		(7,178	)
LIFO inventory		26,842			19,321			15,436
Weighted average inventory		26,087			21,977			20,848
Other FIFO inventory		17,966			15,806			15,407
Obsolescence reserve		(2,317	)		(2,228	)		(2,167	)
Total inventories	$	68,578		$	54,876		$	49,524

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The estimated percentage distribution between major classes of inventory before reserves is as follows:

		September 30,			September 30,			September 30,
	February 29,			February 28,			August 31,
	2012			2011			2011
Raw materials		14	%		14	%		14	%
Work in process		7	%		10	%		8	%
Finished goods and purchased parts		79	%		76	%		78	%

(6) Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization, as follows:

		September 30,			September 30,			September 30,
	February 29,			February 28,			August 31,
$ in thousands	2012			2011			2011
Operating property, plant and equipment:
Land	$	2,596		$	2,830		$	2,859
Buildings		28,951			28,962			29,372
Equipment		74,006			68,305			71,942
Other		7,094			6,573			5,521
Total operating property, plant and equipment		112,647			106,670			109,694
Accumulated depreciation		(68,085	)		(62,363	)		(65,083	)
Total operating property, plant and equipment, net	$	44,562		$	44,307		$	44,611
Property held for lease:
Machines		3,962			3,890			3,907
Barriers		17,804			17,123			18,198
Total property held for lease	$	21,766		$	21,013		$	22,105
Accumulated depreciation		(9,092	)		(7,179	)		(8,251	)
Total property held for lease, net	$	12,674		$	13,834		$	13,854
Property, plant and equipment, net	$	57,236		$	58,141		$	58,465

Depreciation expense was $2.4 million and $2.3 million for the three months ended February 29, 2012 and February 28, 2011, respectively, and $4.8 million and $4.5 million for the six months ended February 29, 2012 and February 28, 2011, respectively.

(7) Credit Arrangements

At February 29, 2012, February 28, 2011 and August 31, 2011, the Company was in compliance with all loan covenants. Changes to credit arrangements since August 31, 2011 consist of the following:

Euro Line of Credit

The Company’s wholly-owned European subsidiary, Lindsay Europe, has an unsecured revolving line of credit with Societe Generale, a European commercial bank, under which it could borrow for working capital purposes up to 2.3 million Euros (the “Euro Line of Credit”). On January 23, 2012, the Company extended the Euro Line of Credit with Societe Generale through January 31, 2013. There were no borrowings outstanding on this credit agreement at February 29, 2012 or August 31, 2011. There was $0.4 million outstanding on this credit agreement at February 28, 2011. Under the terms of the Euro Line of Credit, borrowings, if any, bear interest at a floating rate in effect from time to time designated by the commercial bank as the Euro Interbank Offered Rate plus 110 basis points, (2.08 percent at February 29, 2012). Unpaid principal and interest is due by January 31, 2013.

- 8

Outstanding long-term debt consists of the following:

		September 30,			September 30,			September 30,
	February 29,			February 28,			August 31,
$ in thousands	2012			2011			2011
BSI Term Note	$	6,429		$	10,714		$	8,571
Less current portion		(4,286	)		(4,286	)		(4,286	)
Total long-term debt	$	2,143		$	6,428		$	4,285

Principal payments due on long-term debt are as follows:

		September 30,
Due within:
1 year	$	4,286
2 years		2,143
	$	6,429

(8) Financial Derivatives

The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. The Company uses these derivative instruments to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. Each derivative is designated as a cash flow hedge, a hedge of a net investment, or remains undesignated. The Company records the fair value of these derivative instruments on the balance sheet. For the instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income (“OCI”), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income (“AOCI”), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in the income statement as other income (expense). All changes in derivative fair values due to ineffectiveness are recognized in earnings.

The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of February 29, 2012, the Company’s derivative counterparty had investment grade credit ratings.

Financial derivatives consist of the following:

	Fair Values of Derivative Instruments
	Asset (Liability) Derivatives
		February 29,			February 28,			August 31,
$ in thousands	Balance Sheet Location	2012			2011			2011
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	4		$	—		$	—
Foreign currency forward contracts	Other current liabilities		(641	)		(388	)		(218	)
Interest rate swap	Other current liabilities		(180	)		(354	)		(267	)
Interest rate swap	Other noncurrent liabilities		(43	)		(271	)		(149	)
Total derivatives designated as hedging instruments		$	(860	)	$	(1,013	)	$	(634	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current liabilities	$	(34	)	$	—		$	—
Total derivatives not designated as hedging instruments		$	(34	)	$	—		$	—

- 9

In addition, accumulated other comprehensive income included realized and unrealized gains, net of related income tax effects, of $1.3 million, $0.5 million and $0.5 million at February 29, 2012, February 28, 2011 and August 31, 2011, respectively, related to derivative contracts designated as hedging instruments.

Cash Flow Hedging Relationships

In order to reduce interest rate risk on the BSI Term Note, the Company entered into an interest rate swap agreement with Wells Fargo Bank, N.A. that is designed to convert the variable interest rate on the entire amount of the borrowing to a fixed rate of 6.05 percent per annum. Under the terms of the interest rate swap, the Company receives variable interest rate payments and makes fixed interest rate payments on an amount equal to the outstanding balance of the BSI Term Note. Changes in the fair value of the interest rate swap designated as a hedging instrument that effectively offset the variability of cash flows associated with variable-rate, long-term debt obligations are reported in AOCI, net of related income tax effects.

In order to reduce exposures related to changes in foreign currency exchange rates, the Company, at times, may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of its operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory, sales of finished goods, and future settlement of foreign denominated assets and liabilities. Changes in the fair value of the forward exchange contracts or option contracts designated as hedging instruments that effectively offset the hedged risks are reported in AOCI, net of related income tax effects. The Company had no material forward exchange contracts and option contracts with cash flow hedging relationships at February 29, 2012, February 28, 2011 and August 31, 2011. In addition, the amount of gain or loss recognized in OCI, the amount of gain or loss reclassified from AOCI into income and the amount of gain or loss recognized in income related to the outstanding cash flow hedging relationships were immaterial.

Net Investment Hedging Relationships

In order to reduce translation exposure resulting from translating the financial statements of its international subsidiaries into U.S. dollars, the Company, at times, utilizes Euro foreign currency forward contracts to hedge a portion of its Euro net investment exposure in its foreign operations. These foreign currency forward contracts qualify as a hedge of net investments in foreign operations. Changes in fair value of the net investment hedge contracts are reported in OCI as part of the currency translation adjustment, net of tax.

		September 30,		September 30,			September 30,		September 30,
	Amount of Gain/(Loss) Recognized in OCI on Derivatives
	Three months ended					Six months ended
	February 29,		February 28,			February 29,		February 28,
$ in thousands	2012		2011			2012		2011
Foreign currency forward contracts(1)	$	104	$	(219	)	$	695	$	(649	)

(1) Net of tax expense of $63 and $423 for the three and six months ended February 29, 2012. Net of tax benefit of $134 and $397 for the three and six months ended February 28, 2011.

For the three and six months ended February 29, 2012, the Company settled Euro foreign currency forward contracts resulting in after-tax net gains of $0.7 million and $1.0 million, respectively, which were included in OCI as part of a currency translation adjustment. There were no after-tax gains or losses from Euro foreign currency forward contracts for the three months ended February 28, 2011. For the six months ended February 28, 2011, the Company settled Euro foreign currency forward contracts resulting in after-tax net losses of $0.4 million which were included in OCI as part of a currency translation adjustment.

There were no amounts recorded in the condensed consolidated statement of operations related to ineffectiveness of Euro foreign currency forward contracts for the three and six months ended February 29, 2012 and February 28, 2011, respectively. Accumulated currency translation adjustments in AOCI at February 29, 2012, February 28, 2011 and August 31, 2011 reflected realized after-tax gains of $1.8 million, $1.1 million and $0.9 million, respectively.

At February 29, 2012, February 28, 2011 and August 31, 2011, the Company had outstanding Euro foreign currency forward contracts to sell 17.0 million Euro, 5.0 million Euro and 10.0 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. The Company’s foreign currency forward contracts qualify as hedges of a net investment in foreign operations.

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(9) Fair Value Measurements

The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 29, 2012, February 28, 2011 and August 31, 2011, respectively.

		September 30,		September 30,			September 30,		September 30,
	February 29, 2012
$ in thousands	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	104,953	$	—		$	—	$	104,953
Derivative assets		—		4			—		4
Derivative liabilities		—		(898	)		—		(898	)

		September 30,		September 30,			September 30,		September 30,
	February 28, 2011
$ in thousands	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	78,448	$	—		$	—	$	78,448
Derivative liabilities		—		(1,013	)		—		(1,013	)

		September 30,		September 30,			September 30,		September 30,
	August 31, 2011
$ in thousands	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	108,167	$	—		$	—	$	108,167
Derivative liabilities		—		(634	)		—		(634	)

The carrying amount of long-term debt (including current portion) was $6.4 million, $10.7 million and $8.6 million as of February 29, 2012, February 28, 2011 and August 31, 2011, respectively. The fair value of this debt was estimated at $6.4 million, $10.5 million, and $8.5 million as of February 29, 2012, February 28, 2011 and August 31, 2011, respectively. Fair value of long-term debt (including current portion) is estimated by discounting the future estimated cash flows of each instrument at current market interest rates for similar debt instruments of comparable maturities and credit quality.

The Company also measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include fixed assets, goodwill, and other intangible assets. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three and six months ended February 29, 2012 and February 28, 2011.

(10) Commitments and Contingencies

In 1992, the Company entered into a consent decree with the Environmental Protection Agency of the United States Government (the “EPA”) in which the Company committed to remediate environmental contamination of the groundwater that was discovered in 1982 through 1990 at and adjacent to its Lindsay, Nebraska facility (the “site”). The site was added to the EPA’s list of priority superfund sites in 1989. Between 1993 and 1995, remediation plans for the site were approved by the EPA and fully implemented by the Company. Since 1998, the primary remaining contamination at the site has been the presence of volatile organic chemicals in the groundwater. The remediation process consists of drilling wells into the aquifer and pumping water to the surface to allow these contaminants to be removed by aeration. The Company accrues the anticipated cost of remediation when the obligation is probable and can be reasonably estimated.

In 2008, the Company and the EPA conducted their periodic five-year review of the status of the remediation of the contamination of the site. In response to the review, the Company and its environmental consultants have developed a remedial action work plan. In addition, the Company is scheduled to meet with the EPA in the third quarter of fiscal 2012 to discuss options that could result in more permanent or more clearly defined remediation of the source areas of contamination at the site. In the first quarter of fiscal 2012, the Company undertook an investigation to assess further potential site remediation and containment actions. In connection with the receipt of preliminary results of this investigation and other evaluations, the Company estimated that it would incur $7.2 million in remediation and operating costs over the next 5 to 10 years and has accrued that undiscounted amount as an operating expense in the first quarter of fiscal 2012. The Company did not accrue additional incremental costs for environmental monitoring and remediation in the second quarter of fiscal 2012.

- 11

Although the Company has accrued all reasonably estimable costs associated with remediation of the site, it is expected that additional testing and environmental monitoring and remediation will be required in the future as part of the Company’s ongoing discussions with the EPA regarding the development and implementation of the remedial action plans, which could result in changes to its estimates. In addition, the current investigation has not yet been completed and does not include all affected areas on the site. Estimates continue to be refined and evaluated on a number of remediation alternatives and the EPA has not provided approval of possible action plans. While additional estimated expenses could significantly exceed the amount accrued as of February 29, 2012 and could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect that such additional expenses would have a material adverse effect on the liquidity or financial condition of the Company.

The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of February 29, 2012, February 28, 2011 and August 31, 2011:

		September 30,		September 30,		September 30,
Environmental Remediation Liabilities
$ in thousands	February 29,		February 28,		August 31,
Balance Sheet Location	2012		2011		2011
Other current liabilities	$	2,737	$	1,206	$	1,540
Other noncurrent liabilities		5,200		—		—
Total environmental remediation liabilities	$	7,937	$	1,206	$	1,540

(11) Retirement Plan

The Company has a supplemental non-qualified, unfunded retirement plan for six former employees. Plan benefits are based on the participant’s average total compensation during the three highest compensation years of employment during the ten years immediately preceding the participant’s retirement or termination. This unfunded supplemental retirement plan is not subject to the minimum funding requirements of ERISA. The Company has purchased life insurance policies on four of the participants named in this supplemental retirement plan to provide partial funding for this liability. Components of net periodic benefit cost for the Company’s supplemental retirement plan are classified as general and administrative expenses and include:

		September 30,		September 30,		September 30,		September 30,
	Three months ended				Six months ended
	February 29,		February 28,		February 29,		February 28,
$ in thousands	2012		2011		2012		2011
Net periodic benefit cost:
Interest cost	$	81	$	84	$	162	$	167
Net amortization and deferral		42		41		84		82
Total net periodic benefit cost	$	123	$	125	$	246	$	249

(12) Warranties

The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods and/or usage of the product. The accrued product warranty costs are for a combination of specifically identified items and other incurred, but not identified items based primarily on historical experience of actual warranty claims. This reserve is classified within other current liabilities. The following tables provide the changes in the Company’s product warranties:

		September 30,			September 30,
	Three months ended
	February 29,			February 28,
$ in thousands	2012			2011
Warranties:
Product warranty accrual balance, beginning of period	$	3,745		$	1,796
Liabilities accrued for warranties during the period		836			843
Warranty claims paid during the period		(752	)		(723	)
Product warranty accrual balance, end of period	$	3,829		$	1,916

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		September 30,			September 30,
	Six months ended
	February 29,			February 28,
$ in thousands	2012			2011
Warranties:
Product warranty accrual balance, beginning of period	$	3,651		$	1,862
Liabilities accrued for warranties during the period		1,735			1,685
Warranty claims paid during the period		(1,557	)		(1,631	)
Product warranty accrual balance, end of period	$	3,829		$	1,916

(13) Industry Segment Information

The Company manages its business activities in two reportable segments:

Irrigation: This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems as well as various water pumping stations and controls. The irrigation reporting segment consists of twelve operating segments that have similar economic characteristics and meet the aggregation criteria, including similar products, production processes, type or class of customer and methods for distribution.

Infrastructure: This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers and crash cushions; providing outsource manufacturing services and the manufacturing and selling of large diameter steel tubing and railroad signals and structures. The infrastructure reporting segment consists of three operating segments that have similar economic characteristics and meet the aggregation criteria.

The Company evaluates the performance of its reportable segments based on segment sales, gross profit, and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes. Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses, environmental remediation expenses and other overhead charges directly attributable to the segment. There are no inter-reporting segment sales.

The Company had no single customer representing 10 percent or more of its total revenues during the three and six months ended February 29, 2012 and February 28, 2011. Summarized financial information concerning the Company’s reportable segments is shown in the following table:

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		September 30,			September 30,			September 30,			September 30,
	Three months ended						Six months ended
	February 29,			February 28,			February 29,			February 28,
$ in thousands	2012			2011			2012			2011
Operating revenues:
Irrigation	$	116,988		$	91,658		$	217,764		$	151,667
Infrastructure		15,146			28,510			33,575			57,667
Total operating revenues	$	132,134		$	120,168		$	251,339		$	209,334
Operating income (loss):
Irrigation(1)	$	23,019		$	16,005		$	32,804		$	21,906
Infrastructure(1)		(955	)		4,261			(2,132	)		8,286
Segment operating income(1)		22,064			20,266			30,672			30,192
Unallocated general and administrative expenses		(3,116	)		(3,205	)		(6,641	)		(6,521	)
Interest and other income (expense), net		479			(60	)		(163	)		(93	)
Earnings before income taxes	$	19,427		$	17,001		$	23,868		$	23,578
Total Capital Expenditures:
Irrigation	$	1,795		$	1,182		$	3,831		$	2,038
Infrastructure		296			1,736			892			2,364
	$	2,091		$	2,918		$	4,723		$	4,402
Total Depreciation and Amortization:
Irrigation	$	1,675		$	1,388		$	3,345		$	2,740
Infrastructure		1,435			1,566			2,890			3,140
	$	3,110		$	2,954		$	6,235		$	5,880

(1) There were no environmental remediation expenses allocated to the irrigation segment and the infrastructure segment, respectively, for the three months ended February 29, 2012 and February 28, 2011. Environmental remediation expenses of $6.1 million and $1.1 million were allocated to the irrigation segment and the infrastructure segment, respectively, for the six months ended February 29, 2012 and February 28, 2011.

		September 30,		September 30,		September 30,
	February 29,		February 28,		August 31,
$ in thousands	2012		2011		2011
Total Assets:
Irrigation	$	278,569	$	227,341	$	267,275
Infrastructure		115,031		115,916		113,869
	$	393,600	$	343,257	$	381,144

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(14) Share-Based Compensation

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s condensed consolidated statement of operations over the periods during which the employee or director is required to perform a service in exchange for the award. The Company’s current share-based compensation plan, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units, stock appreciation rights, performance shares and performance stock units to employees and non-employee directors of the Company. In connection with the restricted stock units, performance stock units and stock options, the Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. Share-based compensation expense was $0.9 million and $0.7 million for the three months ended February 29, 2012 and February 28, 2011, respectively. Share-based compensation expense was $1.8 million and $1.6 million for the six months ended February 29, 2012 and February 28, 2011, respectively.

During the second quarter of fiscal 2012, the Company awarded its annual grant of restricted stock units to its independent members of the Board of Directors at a grant date fair value of $61.55 per share. Total units granted were 6,223 restricted stock units. These stock units will become fully vested on November 1, 2012. These restricted stock units were issued from the 2010 Long-Term Incentive Plan.

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ITEM 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations

Concerning Forward-Looking Statements

This quarterly report on Form 10-Q contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not historical are forward-looking and reflect expectations for future Company conditions or performance. In addition, forward-looking statements may be made orally or in press releases, conferences, reports, on the Company’s worldwide web site, or otherwise, in the future by or on behalf of the Company. When used by or on behalf of the Company, the words “expect,” “anticipate,” “estimate,” “believe,” “intend,” “will,” and similar expressions generally identify forward-looking statements. The entire section entitled “Market Conditions and Fiscal 2012 Outlook” should be considered forward-looking statements. 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.

Forward-looking statements involve a number of risks and uncertainties, including but not limited to those discussed in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended August 31, 2011. Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results or conditions, which may not occur as anticipated. Actual results or conditions could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. The risks and uncertainties described herein are not exclusive and further information concerning the Company and its businesses, including factors that potentially could materially affect the Company’s financial results, may emerge from time to time. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Accounting Policies

In preparing the Company’s condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, management must make a variety of decisions which impact the reported amounts and the related disclosures. These decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In making these decisions, management applies its judgment based on its understanding and analysis of the relevant circumstances and the Company’s historical experience.

The Company’s accounting policies that are most important to the presentation of its results of operations and financial condition, and which require the greatest use of judgments and estimates by management, are designated as its critical accounting policies. See further discussion of the Company’s critical accounting policies under Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the Company’s year ended August 31, 2011. Management periodically re-evaluates and adjusts its critical accounting policies as circumstances change. The Company’s critical accounting policies have not changed since the filing of the Annual Report except as discussed below for environmental remediation liabilities.

Environmental Remediation Liabilities

The Company accrues for environmental remediation liabilities when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. Management estimates the cost of environmental remediation liabilities by considering all available information, including engineering estimates and legal advice. Environmental remediation liability estimates may be affected by changing assessments from governmental or other third parties for claims of the Company’s environmental remediation liability and the acceptability of the Company’s remediation plan to federal and state environmental regulators. Inherent uncertainties exist in such estimated costs primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies. The Company reviews the environmental remediation liabilities for discounting if both the timing and amounts of future cash flows are fixed or reliably determinable. The recorded liabilities are adjusted periodically as remediation efforts progress, or as additional technical or legal information becomes available.

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Overview

Lindsay Corporation, along with its subsidiaries (collectively called “Lindsay” or the “Company”), is a global leader in providing a variety of proprietary water management and road infrastructure products and services. The Company has been involved in the manufacture and distribution of agricultural equipment since 1955 and has grown from a regional company to an international agribusiness and highway infrastructure firm with worldwide sales and distribution. Lindsay, a Delaware corporation, maintains its corporate offices in Omaha, Nebraska. The Company has operations which are categorized into two reporting segments. Industry segment information about Lindsay is included in Note 13 to the interim condensed consolidated financial statements.

Irrigation Segment — The Company’s irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems which are used principally in the agricultural industry to increase or stabilize crop production while conserving water, energy, and labor. The irrigation segment also manufactures and markets repair and replacement parts for its irrigation systems and controls, and designs, manufactures and services water pumping stations and controls for the agriculture, golf, landscape and municipal markets. The Company continues to strengthen irrigation product offerings through innovative technology such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, and smartphone application. The Company’s principal irrigation manufacturing facilities are located in Lindsay, Nebraska and Hartland, Wisconsin. Internationally, the Company has production operations in France, Brazil and China as well as distribution operations in South Africa, Australia and New Zealand. The Company also exports some of its equipment from the U.S. to other international markets.

Infrastructure Segment — The Company’s infrastructure segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, road marking and road safety equipment, large diameter steel tubing, railroad signals and structures, and outsourced manufacturing services. The principal infrastructure manufacturing facilities are located in Rio Vista, California; Milan, Italy; and Omaha, Nebraska.

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Results of Operations

For the Three Months ended February 29, 2012 compared to the Three Months ended February 28, 2011

The following section presents an analysis of the Company’s operating results displayed in the condensed consolidated statements of operations for the three months ended February 29, 2012 and February 28, 2011. It should be read together with the industry segment information in Note 13 to the condensed consolidated financial statements:

		September 30,			September 30,			September 30,
	Three months ended						Percent
	February 29,			February 28,			Increase
$ in thousands	2012			2011			(Decrease)
Consolidated
Operating revenues	$	132,134		$	120,168			10.0	%
Cost of operating revenues	$	95,640		$	86,159			11.0	%
Gross profit	$	36,494		$	34,009			7.3	%
Gross margin		27.6	%		28.3	%
Operating expenses (1)	$	17,546		$	16,948			3.5	%
Operating income	$	18,948		$	17,061			11.1	%
Operating margin		14.3	%		14.2	%
Other income (expense), net	$	479		$	(60	)		(898.3	)%
Income tax provision	$	6,653		$	5,676			17.2	%
Effective income tax rate		34.2	%		33.4	%
Net earnings	$	12,774		$	11,325			12.8	%
Irrigation Equipment Segment
Segment operating revenues	$	116,988		$	91,658			27.6	%
Segment operating income (2)	$	23,019		$	16,005			43.8	%
Segment operating margin (2)		19.7	%		17.5	%
Infrastructure Products Segment
Segment operating revenues	$	15,146		$	28,510			(46.9	)%
Segment operating (loss) income (2)	$	(955	)	$	4,261			(122.4	)%
Segment operating margin (2)		(6.3	)%		14.9	%

⁽¹⁾  Includes $3.1 million and $3.2 million of unallocated general and administrative expenses for the three months ended February 29, 2012 and February 28, 2011, respectively.

⁽²⁾  Excludes unallocated general & administrative expenses.

Revenues

Operating revenues for the three months ended February 29, 2012 increased by $12.0 million or 10 percent to $132.1 million compared with $120.2 million for the three months ended February 28, 2011. The increase is attributable to a $25.3 million increase in irrigation revenues offset in part by a $13.3 million decrease in infrastructure revenues.

U.S. irrigation revenues for the three months ended February 29, 2012 of $82.9 million increased 25 percent compared to the three months ended February 28, 2011. The increase in U.S. irrigation revenues is primarily due to an increase in the number of irrigation systems, parts and related services sold compared to the prior year’s second fiscal quarter. Favorable economic conditions in U.S. agriculture markets continued to drive strong demand for irrigation equipment. Commodity prices remained relatively high through most of the quarter and continue to support positive farmer sentiment.

- 18

International irrigation revenues for the three months ended February 29, 2012 of $34.1 million increased 36 percent compared to the three months ended February 28, 2011. Operating revenues increased in nearly all international markets, most significantly in the Middle East, Canada, Europe and Latin America. The global, long-term market drivers of improving diets in a growing population combined with the water use efficiencies available from mechanized irrigation systems continue to be positive drivers for global irrigation equipment demand.

Infrastructure segment revenues were $15.1 million for the three months ended February 29, 2012 decreasing 47 percent from $28.5 million for the three months ended February 28, 2011 due to lower QMB^® revenues. Infrastructure segment revenues, excluding QMB^® revenues, decreased by 4 percent as compared to the same prior year period reflecting flat revenue from road safety products and lower revenues in railroad signaling structures. QMB^® revenues were more than 85 percent lower in the quarter than the same quarter last year due to a sizeable project in the comparable period last year and delays in anticipated projects this fiscal year.

Gross Margin

Gross profit was $36.5 million for the three months ended February 29, 2012, an increase of $2.5 million compared to $34.0 million of gross profit for three months ended February 28, 2011. Gross margin was 27.6 percent for the three months ended February 29, 2012 compared to 28.3 percent for the three months ended February 28, 2011. Total gross margin was lower primarily due to lower revenues of higher-margin QMB^® product as compared to the same period last year. Irrigation segment gross margins improved due to cost leveraging and productivity gains on higher sales volumes. Infrastructure segment gross margins declined compared to the prior year due to lower QMB^® sales.

Operating Expenses

The Company’s operating expenses of $17.5 million for the three months ended February 29, 2012 were $0.6 million higher than the three months ended February 28, 2011. The increase in operating expenses was driven primarily by personnel related expenses and the inclusion of an acquired business. Operating expenses were 13.3 percent of sales for the three months ended February 29, 2012 compared to 14.1 percent of sales for the three months ended February 28, 2011. Operating margin was 14.3 percent for the three months ended February 29, 2012 as compared to 14.2 percent for the three months ended February 28, 2011.

Income Taxes

The Company recorded income tax expense of $6.7 million and $5.7 million for the three months ended February 29, 2012 and February 28, 2011, respectively. The calculated effective tax rate (defined as income tax provision divided by earnings before income taxes) was 34.2 percent and 33.4 percent for the three months ended February 29, 2012 and February 28, 2011, respectively. For the three months ended February 29, 2012 and February 28, 2011, the Company recorded no material discrete items.

Net Earnings

Net earnings were $12.8 million or $1.00 per diluted share for the three months ended February 29, 2012 compared with $11.3 million or $0.89 per diluted share for the same prior year period.

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For the Six Months ended February 29, 2012 compared to the Six Months ended February 28, 2011

The following section presents an analysis of the Company’s operating results displayed in the condensed consolidated statements of operations for the six months ended February 29, 2012 and February 28, 2011. It should be read together with the industry segment information in Note 13 to the condensed consolidated financial statements:

		September 30,			September 30,			September 30,
	Six months ended						Percent
	February 29,			February 28,			Increase
$ in thousands	2012			2011			(Decrease)
Consolidated
Operating revenues	$	251,339		$	209,334			20.1	%
Cost of operating revenues	$	184,597		$	151,102			22.2	%
Gross profit	$	66,742		$	58,232			14.6	%
Gross margin		26.6	%		27.8	%
Operating expenses (1)	$	42,711		$	34,561			23.6	%
Operating income	$	24,031		$	23,671			1.5	%
Operating margin		9.6	%		11.3	%
Other income (expense), net	$	(163	)	$	(93	)		75.3	%
Income tax provision	$	8,173		$	7,967			2.6	%
Effective income tax rate		34.2	%		33.8	%
Net earnings	$	15,695		$	15,611			0.5	%
Irrigation Equipment Segment
Segment operating revenues	$	217,764		$	151,667			43.6	%
Segment operating income (2)	$	32,804		$	21,906			49.7	%
Segment operating margin (2)		15.1	%		14.4	%
Infrastructure Products Segment
Segment operating revenues	$	33,575		$	57,667			(41.8	)%
Segment operating (loss) income (2)	$	(2,132	)	$	8,286			(125.7	)%
Segment operating margin (2)		(6.3	)%		14.4	%

⁽¹⁾  Includes $6.6 million and $6.5 million of unallocated general and administrative expenses for the six months ended February 29, 2012 and February 28, 2011, respectively.

⁽²⁾  Excludes unallocated general & administrative expenses. Environmental remediation expenses of $6.1 and $1.1 million were allocated to the irrigation segment and the infrastructure segment, respectively, for the six months ended February 29, 2012. Environmental remediation expenses of $0.6 and $0.1million were allocated to the irrigation segment and the infrastructure segment, respectively, for the six months ended February 28, 2011.

Revenues

Operating revenues for the six months ended February 29, 2012 increased by $42.0 million or 20 percent to $251.3 million compared with $209.3 million for the six months ended February 28, 2011. The increase is attributable to a $66.1 million increase in irrigation revenues offset in part by a $24.1 million decrease in infrastructure revenues.

U.S. irrigation revenues for the six months ended February 29, 2012 of $143.5 million increased 39 percent compared to the six months ended February 28, 2011. The increase in U.S. irrigation revenues is primarily due to an increase in the number of irrigation systems, parts and related services sold compared to the prior year. Favorable economic conditions in U.S. agriculture markets continued to drive strong demand for irrigation equipment.

International irrigation revenues for the six months ended February 29, 2012 increased $25.6 million or 53 percent to $74.2 million compared with $48.6 million for the six months ended February 28, 2011. Operating revenues increased in nearly all international markets, most significantly in the Middle East, Canada, Latin America and Europe.

- 20

Infrastructure segment revenues were $33.6 million for the six months ended February 29, 2012 decreasing 42 percent from $57.7 million for the six months ended February 28, 2011 due to lower QMB^® revenues. Infrastructure segment revenues, excluding QMB^® revenues, increased slightly compared to the prior year. QMB^® revenues declined compared to the prior year due to sizeable projects in the comparable period last year and delays in anticipated projects this fiscal year.

Gross Margin

Gross profit was $66.7 million for the six months ended February 29, 2012, an increase of $8.5 million compared to $58.2 million of gross profit for six months ended February 28, 2011. Gross margin was 26.6 percent for the six months ended February 29, 2012 compared to 27.8 percent for the six months ended February 28, 2011. Total gross margin was lower primarily due to lower revenues of higher-margin QMB^® product. Infrastructure segment gross margins excluding QMB^® and irrigation segment gross margin improved due to cost leveraging and productivity gains on higher sales volumes.

Operating Expenses

The Company’s operating expenses of $42.7 million for the six months ended February 29, 2012 were $ 8.2 million higher than the six months ended February 28, 2011. Of the $8.2 million increase in operating expenses, $6.5 million is attributable to the increase in the Company’s environmental remediation accrual over the same prior year period.

In the first quarter of fiscal 2012, the Company increased its environmental remediation accrual after it received preliminary cost estimates for potential remediation options at its Lindsay, Nebraska manufacturing facility. These costs are expected to be incurred over a period of the next 5 to 10 years. Accrued costs of remediation in connection with environmental liabilities are estimates subject to a high degree of judgment and a variety of uncertainties and are, therefore, subject to change. Although the Company has accrued all reasonably estimable costs associated with remediation of the site, it is expected that additional testing and environmental monitoring and remediation will be required in the future as part of the Company’s ongoing discussions with the Environmental Protection Agency of the United States Government (EPA) regarding the development and implementation of the remedial action plans, which could result in changes to its estimates. In addition, the current investigation has not yet been completed and does not include all affected areas on the site. Estimates continue to be refined and evaluated on a number of remediation alternatives and the EPA has not provided approval of possible action plans. While additional estimated expenses could significantly exceed the amount accrued as of February 29, 2012 and could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect that such additional expenses would have a material adverse effect on the liquidity or financial condition of the Company.

Operating margin was 9.6 percent for the six months ended February 29, 2012 as compared to 11.3 percent for the six months ended February 28, 2011. Excluding environmental accruals, operating margin was 12.4 percent for the six months ended February 29, 2012 as compared to 11.6 percent for the six months ended February 28, 2011. Operating expenses were 17.0 percent of sales for the six months ended February 29, 2012 compared to 16.5 percent of sales for the six months ended February 28, 2011. Excluding environmental accruals, operating expenses were 14.1 percent of sales for the six months ended February 29, 2012 compared to 16.2 percent of sales for the six months ended February 28, 2011 due to leverage from increased sales.

Income Taxes

The Company recorded income tax expense of $8.2 million and $8.0 million for the six months ended February 29, 2012 and February 28, 2011, respectively. The calculated effective tax rate was 34.2 percent and 33.8 percent for the six months ended February 29, 2012 and February 28, 2011, respectively. For the six months ended February 29, 2012 and February 28, 2011, the Company recorded no material discrete items.

Net Earnings

Net earnings were $15.7 million or $1.23 per diluted share for the six months ended February 29, 2012 compared with $15.6 million or $1.23 per diluted share for the same prior year period. First quarter fiscal 2012 results included $7.2 million of accrued expense, or $0.37 per diluted share on an after tax basis, related to an increase in the Company’s environmental remediation accrual at its Lindsay, Nebraska facility. Comparatively, fiscal 2011 included environmental remediation expense of $0.7 million, or $0.04 per diluted share on an after tax basis.

- 21

Liquidity and Capital Resources

The Company’s cash and cash equivalents totaled $105.0 million at February 29, 2012 compared with $78.4 million at February 28, 2011 and $108.2 million at August 31, 2011. The Company requires cash for financing its receivables and inventories, paying operating expenses and capital expenditures, and for dividends. The Company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under three credit arrangements that are described below.

The Company believes its current cash resources, projected operating cash flow, and remaining capacity under its bank lines of credit are sufficient to cover all of its expected working capital needs, planned capital expenditures, dividends, and other cash requirements, excluding potential acquisitions. The Company has permanently reinvested cash and cash equivalents in its foreign operations of $7.9 million and $8.8 million as of February 29, 2012 and February 28, 2011, respectively, and does not expect these balances to have a significant impact on the Company’s overall liquidity.

Net working capital was $196.5 million at February 29, 2012, as compared with $154.3 million at February 28, 2011. The increase in net working capital mainly resulted from increased inventory to support the increase in sales, especially in the irrigation segment, and increased cash from operations driven by increased net earnings over the past year. Cash flows provided by operations totaled $4.9 million during the six months ended February 29, 2012 compared to $3.9 million provided by operations during the same prior year period. Cash provided by operations increased $1.0 million compared to the prior year period.

Cash flows used in investing activities totaled $3.1 million during the six months ended February 29, 2012 compared to cash flows used in investing activities of $6.4 million during the same prior year period. Capital spending of $4.7 million in fiscal 2012 remained consistent with prior year capital spending of $4.4 million. The decrease in the net cash used in investing activities was primarily due to the gain proceeds from the settlement of net investment hedges and an acquisition that occurred during the first quarter of fiscal 2011.

Cash flows used in financing activities totaled $4.5 million during the six months ended February 29, 2012 compared to cash flows used in financing activities of $3.0 million during the same prior year period. The Company’s total interest-bearing debt decreased from $10.7 million at February 28, 2011 to $6.4 million at February 29, 2012 due to quarterly principal payments. The remaining $6.4 million of interest-bearing debt at February 29, 2012 is scheduled to be paid by June 10, 2013. The $1.5 million increase in cash used in financing activities was primarily due to a $0.9 million decrease in share-based compensation activities and a decrease of $0.4 million in the net borrowing on revolving line of credit.

Euro Line of Credit

The Company’s wholly-owned European subsidiary, Lindsay Europe, has an unsecured revolving line of credit with Societe Generale, a European commercial bank, under which it could borrow for working capital purposes up to 2.3 million Euros, which equates to approximately USD $3.1 million as of February 29, 2012 (the “Euro Line of Credit”). On January 23, 2012, the Company extended the Euro Line of Credit with Societe Generale through January 31, 2013. There were no borrowings outstanding on this credit agreement at February 29, 2012 and August 31, 2011. There was $0.4 million outstanding on this credit agreement at February 28, 2011. Under the terms of the Euro Line of Credit, borrowings, if any, bear interest at a floating rate in effect from time to time designated by the commercial bank as the Euro Interbank Offered Rate plus 110 basis points (2.08 percent at February 29, 2012). Unpaid principal and interest is due by January 31, 2013.

BSI Term Note

The Company entered into an unsecured $30.0 million Term Note and Credit Agreement, effective June 1, 2006, with Wells Fargo Bank, N.A. (the “BSI Term Note”) to partially finance the acquisition of BSI. Borrowings under the BSI Term Note bear interest at a rate equal to LIBOR plus 50 basis points. The Company has fixed the rate at 6.05 percent through an interest rate swap as described in Note 8 to the condensed consolidated financial statements. Principal is repaid quarterly in equal payments of $1.1 million over a seven-year period that began in September of 2006. The BSI Term Note is due June 10, 2013.

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Revolving Credit Agreement

The Company has an unsecured $30.0 million Revolving Credit Note and Credit Agreement with Wells Fargo Bank, N.A. (the “Revolving Credit Agreement”). The Revolving Credit Agreement was amended on January 23, 2011 in order to extend the termination date from January 23, 2012 to January 23, 2014. The borrowings from the amended Revolving Credit Agreement will primarily be used for working capital purposes and funding acquisitions. At February 29, 2012, February 28, 2011 and August 31, 2011, there was no outstanding balance on the Revolving Credit Agreement. Borrowings under the Revolving Credit Agreement bear interest at a rate equal to LIBOR plus 105 basis points, subject to adjustment as set forth in the Revolving Credit Agreement as amended. Interest is paid on a monthly to quarterly basis depending on loan type. The Company also pays an annual commitment fee of 0.25 percent on the unused portion of the amended Revolving Credit Agreement. Unpaid principal and interest is due by January 23, 2014.

The BSI Term Note and the Revolving Credit Agreement (collectively, the “Notes”) each contain the same covenants, including certain covenants relating to the Company’s financial condition. These include maintaining a funded debt to EBITDA ratio, a fixed charge coverage ratio, a current ratio and a tangible net worth requirement (all as defined in the Notes) at specified levels. Upon the occurrence of any event of default of these covenants specified in the Notes, including a change in control of the Company (as defined in the Notes), all amounts due thereunder may be declared to be immediately due and payable. At February 29, 2012, February 28, 2011 and August 31, 2011, the Company was in compliance with all loan covenants.

Contractual Obligations and Commercial Commitments

There have been no material changes in the Company’s contractual obligations and commercial commitments as described in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2011.

Market Conditions and Fiscal 2012 Outlook

In the second quarter of fiscal 2012, the Company experienced continued robust growth in irrigation equipment demand in both domestic and international markets and the highest second quarter revenues in Company history.

Agricultural commodity prices, which are subject to a variety of external factors historically driving significant fluctuation, remained relatively high at the end of the second fiscal quarter, continuing to support irrigation equipment demand. While the USDA projects U.S. 2012 Net Farm Income to be the second highest on record and only slightly below the record year in 2011, it is predicted to be 28 percent higher than the ten year average, continuing to create positive economic conditions for U.S. farmers. The Company is in the midst of the primary irrigation selling season in the Northern Hemisphere and has experienced year-to-date quote and order activities that are significantly more robust than they were in fiscal 2011. The Company believes the current commodity pricing continues to support robust irrigation equipment demand. The U.S. federal government is currently examining the level of farm subsidies and tax credits. Changes to these programs could have an impact on commodity prices and irrigation equipment demand. The Company believes the most significant opportunities for growth over the next several years are in international markets, where irrigation use is significantly less developed, and demand is driven by food security, water scarcity and population growth.

Infrastructure demand, including QMB^® projects, has proven to be challenging due to funding issues and project delays. The infrastructure segment continues to experience revenue and profit volatility due to the project nature of the QMB^® product line and the fixed nature of some operating expenses. The QMB^® project delays have not significantly changed the Company’s perspective on the likelihood of the specific projects or the future demand for QMB^® systems. The outlook for government funded infrastructure spending remains challenging due to global governmental budget constraints and uncertainty on timing of a multi-year U.S. highway bill. The Company is confident in the opportunity for QMB^® systems to drive significant profitability over the long term as a superior solution to worldwide traffic congestion, lost productivity and energy waste. Demand for the Company’s transportation safety products continues to be driven by population growth and the need for improved road safety.

- 23

As of February 29, 2012, the Company has an order backlog of $87.3 million compared with $64.3 million at February 28, 2011 and $52.8 million at November 30, 2011. The Company’s backlog can fluctuate from period to period due to the seasonality, cyclicality, timing and execution of contracts. Typically, the Company’s backlog at any point in time represents only a portion of the revenue it expects to realize during the following three month period. However, the timing related to certain project oriented contracts may extend longer than three months.

For the business overall, the global, long-term drivers of water conservation, population growth, increasing importance of biofuels, and the need for safer, more efficient transportation solutions remain positive. In addition to the overall business enhancements that have taken place, the Company continues to have an ongoing, structured, acquisition process that will generate additional growth opportunities throughout the world in water and infrastructure. Lindsay is committed to achieving earnings growth through global market expansion, improvements in margins, and strategic acquisitions.

Recently Issued Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which requires the categorization by level for items that are only required to be disclosed at fair value and information about transfers between Level 1 and Level 2. In addition, the ASU provides guidance on measuring the fair value of financial instruments managed within a portfolio and the application of premiums and discounts on fair value measurements. The ASU requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The guidance is effective for fiscal years beginning after December 15, 2011. The Company does not expect the adoption of this standard to impact its condensed consolidated financial statements.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which amends ASC 220, Comprehensive Income, by requiring all nonowner changes in shareholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The guidance is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2011. In December 2011, the FASB issued ASU No. 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, which defers certain portions of ASU No. 2011-05 indefinitely and will be further deliberated by the FASB at a future date. The Company is currently evaluating the impact of the adoption of the guidance on its condensed consolidated financial statements.

In September 2011, the FASB issued ASU No. 2011-08, Intangibles — Goodwill and Other. ASU No. 2011-08 allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting period is less than its carrying amount, the quantitative two-step goodwill impairment test is required. An entity has the unconditional option to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. The guidance is effective for annual and interim impairment tests for fiscal years beginning after December 15, 2011. The Company does not expect the adoption of this standard to impact its condensed consolidated financial statements.

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ITEM 3 — Quantitative and Qualitative Disclosures About Market Risk

The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. The Company uses these derivative instruments to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. The credit risk under these interest rate and foreign currency agreements is not considered to be significant.

The Company has manufacturing operations in the United States, France, Brazil, Italy and China. The Company has sold products throughout the world and purchases certain of its components from third-party international suppliers. Export sales made from the United States are principally U.S. dollar denominated. At times, export sales may be denominated in a currency other than the U.S. dollar. A majority of the Company’s revenue generated from operations outside the United States is denominated in local currency. Accordingly, these sales are not typically subject to significant foreign currency transaction risk. The Company’s most significant transactional foreign currency exposures are the Euro, the Brazilian real, the South African rand and the Chinese renminbi in relation to the U.S. dollar. Fluctuations in the value of foreign currencies create exposures, which can adversely affect the Company’s results of operations.

In order to reduce exposures related to changes in foreign currency exchange rates, the Company, at times, may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of its operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory, sales of finished goods, and future settlement of foreign denominated assets and liabilities. At February 29, 2012, the Company had no material outstanding forward exchange contracts with cash flow hedging relationships.

In order to reduce translation exposure resulting from translating the financial statements of its international subsidiaries into U.S. dollars, the Company, at times, utilizes Euro foreign currency forward contracts to hedge a portion of its Euro net investment exposure in its foreign operations. At February 29, 2012, the Company had outstanding Euro foreign currency forward contracts to sell 17.0 million Euro at fixed prices expected to settle during the third quarter of fiscal 2012.

In order to reduce interest rate risk on the $30 million BSI Term Note, the Company has entered into an interest rate swap agreement with Wells Fargo Bank, N.A. that is designed to convert the variable interest rate on the entire amount of this borrowing to a fixed rate of 6.05 percent per annum. Under the terms of the interest rate swap, the Company receives variable interest rate payments and makes fixed interest rate payments on an amount equal to the outstanding balance of the BSI Term Note, thereby creating the equivalent of fixed-rate debt.

The Company attempts to manage market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of February 29, 2012, the Company’s derivative counterparty had investment grade credit ratings.

ITEM 4 — Controls and Procedures

The Company carried out an evaluation under the supervision and the participation of the Company’s management, including the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of February 29, 2012.

Additionally, the CEO and CFO determined that there has not been any change to the Company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II — OTHER INFORMATION

ITEM 1 — Legal Proceedings

In the ordinary course of its business operations, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings, and other legal proceedings. None of these proceedings, individually or in the aggregate, is expected to have a material effect on the business or financial condition of the Company.

Environmental Matters

In 1992, the Company entered into a consent decree with the Environmental Protection Agency of the United States Government (the “EPA”) in which the Company committed to remediate environmental contamination of the groundwater that was discovered in 1982 through 1990 at and adjacent to its Lindsay, Nebraska facility (the “site”). The site was added to the EPA’s list of priority superfund sites in 1989. Between 1993 and 1995, remediation plans for the site were approved by the EPA and fully implemented by the Company. Since 1998, the primary remaining contamination at the site has been the presence of volatile organic chemicals in the groundwater. The remediation process consists of drilling wells into the aquifer and pumping water to the surface to allow these contaminants to be removed by aeration. The Company accrues the anticipated cost of remediation when the obligation is probable and can be reasonably estimated.

In 2008, the Company and the EPA conducted their periodic five-year review of the status of the remediation of the contamination of the site. In response to the review, the Company and its environmental consultants have developed a remedial action work plan. In addition, the Company is scheduled to meet with the EPA in the third quarter of fiscal 2012 to discuss options that could result in more permanent or more clearly defined remediation of the source areas of contamination at the site. In the first quarter of fiscal 2012, the Company undertook an investigation to assess further potential site remediation and containment actions. In connection with the receipt of preliminary results of this investigation and other evaluations, the Company estimated that it would incur $7.2 million in remediation and operating costs over the next 5 to 10 years and has accrued that undiscounted amount as an operating expense in the first quarter of fiscal 2012. The Company did not accrue additional incremental costs for environmental monitoring and remediation in the second quarter of fiscal 2012.

Although the Company has accrued all reasonably estimable costs associated with remediation of the site, it is expected that additional testing and environmental monitoring and remediation will be required in the future as part of the Company’s ongoing discussions with the EPA regarding the development and implementation of the remedial action plans, which could result in changes to its estimates. In addition, the current investigation has not yet been completed and does not include all affected areas on the site. Estimates continue to be refined and evaluated on a number of remediation alternatives and the EPA has not provided approval of possible action plans. While additional estimated expenses could significantly exceed the amount accrued as of February 29, 2012 and could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect that such additional expenses would have a material adverse effect on the liquidity or financial condition of the Company.

The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of February 29, 2012, February 28, 2011 and August 31, 2011:

		September 30,		September 30,		September 30,
Environmental Remediation Liabilities
$ in thousands	February 29,		February 28,		August 31,
Balance Sheet Location	2012		2011		2011
Other current liabilities	$	2,737	$	1,206	$	1,540
Other noncurrent liabilities		5,200		—		—
Total environmental remediation liabilities	$	7,937	$	1,206	$	1,540

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ITEM 1A — Risk Factors

There have been no material changes in the Company’s risk factors as described in its Annual Report on Form 10-K for the fiscal year ended August 31, 2011.

ITEM 2 — Unregistered Sales of Equity Securities and Use of Proceeds

The Company made no repurchases of its common stock under the Company’s stock repurchase plan during the quarter ended February 29, 2012; therefore, tabular disclosure is not presented. From time to time, the Company’s Board of Directors has authorized the Company to repurchase shares of the Company’s common stock. Under this share repurchase plan, the Company has existing authorization to purchase, without further announcement, up to 881,139 shares of the Company’s common stock in the open market or otherwise.

- 27

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	Amended and 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 February 3, 2011.
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.
31.1	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.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* Furnished herewith. Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under these Sections.

- 28

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 4^th day of April 2012.

LINDSAY CORPORATION
By:	/s/ JAMES C. RAABE
Name:	James C. Raabe
Title:	Vice President and Chief Financial Officer

- 29

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Richard W. Parod, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lindsay Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ RICHARD W. PAROD	President and Chief Executive Officer
Richard W. Parod	April 4, 2012

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, James C. Raabe, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lindsay Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ JAMES C. RAABE	Vice President and Chief Financial Officer
James C. Raabe	April 4, 2012

EX-32.1

EXHIBIT 32.1

CERTIFICATION

In connection with the accompanying Quarterly Report on Form 10-Q (the “Report”) of Lindsay Corporation (the “Company”) for the quarter ended February 29, 2012, I, Richard W. Parod, Chief Executive Officer of the Company and I, James C. Raabe, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ RICHARD W. PAROD

Richard W. Parod

President and Chief Executive Officer

/s/ JAMES C. RAABE

James C. Raabe

Vice President and Chief Financial Officer

April 4, 2012

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Credit Arrangements (Schedule Of Outstanding Long-Term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
Credit Arrangements [Abstract]
BSI Term Note	$ 6,429	$ 8,571	$ 10,714
Less current portion	(4,286)	(4,286)	(4,286)
Long-term debt	$ 2,143	$ 4,285	$ 6,428

XML

Warranties (Schedule Of Product Warranty Liability) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Warranties [Abstract]
Product warranty accrual balance, beginning of period	$ 3,745	$ 1,796	$ 3,651	$ 1,862
Liabilities accrued for warranties during the period	836	843	1,735	1,685
Warranty claims paid during the period	(752)	(723)	(1,557)	(1,631)
Product warranty accrual balance, end of period	$ 3,829	$ 1,916	$ 3,829	$ 1,916

XML

Commitments And Contingencies (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Nov. 30, 2011	Feb. 29, 2012	Feb. 28, 2011	Aug. 31, 2011
Commitments And Contingencies [Line Items]
Environmental remediation expense	$ 7,200	$ 7,225	$ 713
Total environmental remediation liabilities		7,937	1,206	1,540
Other current liabilities		2,737	1,206	1,540
Other noncurrent liabilities		$ 5,200
Maximum [Member]
Commitments And Contingencies [Line Items]
Period of environmental remediation and operating cost (in years)	10
Minimum [Member]
Commitments And Contingencies [Line Items]
Period of environmental remediation and operating cost (in years)	5

XML

Comprehensive Income (Schedule Of Difference Between The Reported Net Earnings And Comprehensive Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Feb. 29, 2012		Feb. 28, 2011		Feb. 29, 2012		Feb. 28, 2011
Comprehensive Income [Abstract]
Net earnings	$ 12,774		$ 11,325		$ 15,695		$ 15,611
Defined benefit pension plan, net of tax	25	[1]	25	[1]	51	[1]	50	[1]
Unrealized gain on cash flow hedges, net of tax	48	[1]	79	[1]	120	[1]	181	[1]
Foreign currency translation, net of hedging activities	1,344	[1]	2,069	[1]	(2,787)	[1]	2,813	[1]
Total comprehensive income	14,191		13,498		13,079		18,655
Other comprehensive income, tax expense	$ 216		$ 256		$ 355		$ 179

[1] Net of tax expense of $216 and $355 for the three months and six months ended February 29, 2012, respectively. Net of tax expense of $256 and $179 for the three months and six months ended February 28, 2011, respectively.

XML

Financial Derivatives (Tables)

6 Months Ended

Feb. 29, 2012

Financial Derivatives [Abstract]

Schedule Of Derivative Instruments Statements Of Financial Performance And Financial Position, Location

	Fair Values of Derivative Instruments Asset (Liability) Derivatives
		February 29,			February 28,				August 31,
$ in thousands	Balance Sheet Location		2012			2011			2011
Derivatives designated as hedging
instruments:
Foreign currency option contract	Other current assets	$	4		$	-		$	-
Foreign currency forward contracts	Other current liabilities		(641	)		(388	)		(218	)
Interest rate swap	Other current liabilities		(180	)		(354	)		(267	)
Interest rate swap	Other noncurrent liabilities		(43	)		(271	)		(149	)
Total derivatives designated as hedging
instruments		$	(860	)	$	(1,013	)	$	(634	)
Derivatives not designated as hedging
instruments:
Foreign currency forward contracts	Other current liabilities	$	(34	)	$	-		$	-
Total derivatives not designated as
hedging instruments		$	(34	)	$	-		$	-

Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)

$ in thousands		Amount of Gain/(Loss) Recognized in OCI on Derivatives
		Three months ended					Six months ended
		February 29,		February 28,		February 29,			February 28,
		2012		2011			2012		2011
Foreign currency forward contracts(1)
	$	104	$	(219	)	$	695	$	(649	)

⁽¹⁾ Net of tax expense of $63 and $423 for the three and six months ended February 29, 2012. Net of tax benefit of $134 and $397 for the three and six months ended February 28, 2011.

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Share-Based Compensation (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.9	$ 0.7	$ 1.8	$ 1.6
Weighted average grant date fair value of restricted stock	$ 61.55		$ 61.55
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total units of restricted stock granted	6,223

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Financial Derivatives (Schedule Of Derivatives Instruments Statements Of Financial Performance And Financial Position, Location) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
Derivatives Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ (860)	$ (634)	$ (1,013)
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	4
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(641)	(218)	(388)
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap liabilities	(180)	(267)	(354)
Derivatives Designated As Hedging Instruments [Member] | Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap liabilities	(43)	(149)	(271)
Derivatives Not Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	(34)
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (34)

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Property, Plant And Equipment (Details) (USD $)	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011	Aug. 31, 2011
Property, Plant And Equipment [Abstract]
Land	$ 2,596,000	$ 2,830,000	$ 2,596,000	$ 2,830,000	$ 2,859,000
Buildings	28,951,000	28,962,000	28,951,000	28,962,000	29,372,000
Equipment	74,006,000	68,305,000	74,006,000	68,305,000	71,942,000
Other	7,094,000	6,573,000	7,094,000	6,573,000	5,521,000
Total operating property, plant and equipment	112,647,000	106,670,000	112,647,000	106,670,000	109,694,000
Accumulated depreciation	(68,085,000)	(62,363,000)	(68,085,000)	(62,363,000)	(65,083,000)
Total operating property, plant and equipment, net	44,562,000	44,307,000	44,562,000	44,307,000	44,611,000
Machines	3,962,000	3,890,000	3,962,000	3,890,000	3,907,000
Barriers	17,804,000	17,123,000	17,804,000	17,123,000	18,198,000
Total property held for lease	21,766,000	21,013,000	21,766,000	21,013,000	22,105,000
Accumulated depreciation	(9,092,000)	(7,179,000)	(9,092,000)	(7,179,000)	(8,251,000)
Total property held for lease, net	12,674,000	13,834,000	12,674,000	13,834,000	13,854,000
Property, plant and equipment, net	57,236,000	58,141,000	57,236,000	58,141,000	58,465,000
Depreciation expense	$ 2,400,000	$ 2,300,000	$ 4,800,000	$ 4,500,000

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Retirement Plan (Schedules Of Net Benefit Costs) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Retirement Plan [Abstract]
Interest cost	$ 81	$ 84	$ 162	$ 167
Net amortization and deferral	42	41	84	82
Total net periodic benefit cost	$ 123	$ 125	$ 246	$ 249

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Income Taxes

6 Months Ended

Feb. 29, 2012

Income Taxes [Abstract]

Income Taxes

(4) Income Taxes

It is the Company's policy to report income tax expense for interim periods using an estimated annual effective income tax rate. However, the tax effects of significant or unusual items are not considered in the estimated annual effective tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. For the six months ended February 29, 2012 and February 28, 2011, the Company recorded no material discrete items.

The Company recorded income tax expense of $6.7 million and $8.2 million for the three and six months ended February 29, 2012, respectively. The Company recorded income tax expense of $5.7 million and $8.0 million for the three and six months ended February 28, 2011, respectively. The calculated effective tax rate (defined as income tax provision divided by earnings before income taxes) was 34.2 percent and 33.8 percent for the year-to-date periods ended February 29, 2012 and February 28, 2011, respectively.

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Financial Derivatives (Schedule Of Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Feb. 29, 2012		Feb. 28, 2011		Feb. 29, 2012		Feb. 28, 2011
Financial Derivatives [Abstract]
Amount of Gain/(Loss) Recognized in OCI on Derivatives	$ 104	[1]	$ (219)	[1]	$ 695	[1]	$ (649)	[1]
Net of tax expense	$ 63		$ 134		$ 423		$ 397

[1] Net of tax expense of $63 and $423 for the three and six months ended February 29, 2012. Net of tax benefit of $134 and $397 for the three and six months ended February 28, 2011.

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Warranties (Tables)

6 Months Ended

Feb. 29, 2012

Warranties [Abstract]

Schedule Of Product Warranty Liability

		Three months ended
		February 29,		February 28,
$ in thousands		2012			2011
Warranties:
Product warranty accrual balance, beginning of period	$	3,745		$	1,796
Liabilities accrued for warranties during the period		836			843
Warranty claims paid during the period		(752	)		(723	)
Product warranty accrual balance, end of period	$	3,829		$	1,916

		Six months ended
		February 29,		February 28,
$ in thousands		2012			2011
Warranties:
Product warranty accrual balance, beginning of period	$	3,651		$	1,862
Liabilities accrued for warranties during the period		1,735			1,685
Warranty claims paid during the period		(1,557	)		(1,631	)
Product warranty accrual balance, end of period	$	3,829		$	1,916

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Retirement Plan (Tables)

6 Months Ended

Feb. 29, 2012

Retirement Plan [Abstract]

Schedules Of Net Benefit Costs

		Three months ended				Six months ended
		February 29,	February 28,			February 29,	February 28,
$ in thousands		2012	2011			2012	2011
Net periodic benefit cost:
Interest cost	$	81	$	84	$	162	$	167
Net amortization and deferral		42		41		84		82
Total net periodic benefit cost	$	123	$	125	$	246	$	249

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Fair Value Measurements (Narrative) (Details) (USD $)	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
Fair Value Measurements [Abstract]
Principal Payments due on long-term debt	$ 6,429,000	$ 8,571,000	$ 10,714,000
Long-term portion	$ 6,400,000	$ 8,500,000	$ 10,500,000

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Industry Segment Information (Tables)

6 Months Ended

Feb. 29, 2012

Industry Segment Information [Abstract]

Schedule Of Segment Reporting Information, By Segment

	Three months ended						Six months ended
$ in thousands	February 29, 2012			February 28, 2011			February 29, 2012			February 28, 2011
Operating revenues:
Irrigation	$	116,988		$	91,658		$	217,764		$	151,667
Infrastructure		15,146			28,510			33,575			57,667
Total operating revenues	$	132,134		$	120,168		$	251,339		$	209,334
Operating income (loss):
Irrigation(1)	$	23,019		$	16,005		$	32,804		$	21,906
Infrastructure(1)		(955	)		4,261			(2,132	)		8,286
Segment operating income(1)		22,064			20,266			30,672			30,192
Unallocated general and administrative expenses		(3,116	)		(3,205	)		(6,641	)		(6,521	)
Interest and other income (expense), net		479			(60	)		(163	)		(93	)
Earnings before income taxes	$	19,427		$	17,001		$	23,868		$	23,578
Total Capital Expenditures:
Irrigation	$	1,795		$	1,182		$	3,831		$	2,038
Infrastructure		296			1,736			892			2,364
	$	2,091		$	2,918		$	4,723		$	4,402
Total Depreciation and Amortization:
Irrigation	$	1,675		$	1,388		$	3,345		$	2,740
Infrastructure		1,435			1,566			2,890			3,140
	$	3,110		$	2,954		$	6,235		$	5,880

⁽¹⁾

There were no environmental remediation expenses allocated to the irrigation segment and the infrastructure segment, respectively, for the three months ended February 29, 2012 and February 28, 2011. Environmental remediation expenses of $6.1 million and $1.1 million were allocated to the irrigation segment and the infrastructure segment, respectively, for the six months ended February 29, 2012 and February 28, 2011.

Reconciliation Of Assets From Segment To Consolidated

$ in thousands	February 29, 2012		February 28, 2011		August 31, 2011
Total Assets:
Irrigation	$	278,569	$	227,341	$	267,275
Infrastructure		115,031		115,916		113,869
	$	393,600	$	343,257	$	381,144

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Net Earnings Per Share (Narrative) (Details)	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance stock units included in calculation of diluted net earnings per share	12,821,000	12,685,000	12,792,000	12,664,000
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of earnings per share			47,318	98,625
Performance stock units included in calculation of diluted net earnings per share			40,754

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Comprehensive Income

6 Months Ended

Feb. 29, 2012

Comprehensive Income [Abstract]

Comprehensive Income

(3) Comprehensive Income

The accumulated other comprehensive income, net, shown in the Company's condensed consolidated balance sheets includes the unrealized gain (loss) on cash flow hedges, net actuarial losses from the defined benefit pension plan, and the accumulated foreign currency translation adjustment, net of hedging activities. The following table shows the difference between the Company's reported net earnings and its comprehensive income:

		Three months ended				Six months ended
		February 29,	February 28,			February 29,		February 28,
$ in thousands		2012		2011		2012			2011
Comprehensive income:
Net earnings	$	12,774	$	11,325	$	15,695		$	15,611
Other comprehensive income(1) :
Defined benefit pension plan, net of tax		25		25		51			50
Unrealized gain on cash flow hedges, net of tax		48		79		120			181
Foreign currency translation, net of hedging activities		1,344		2,069		(2,787	)		2,813
Total comprehensive income	$	14,191	$	13,498	$	13,079		$	18,655

⁽¹⁾ Net of tax expense of $216 and $355 for the three months and six months ended February 29, 2012, respectively. Net of tax expense of $256 and $179 for the three months and six months ended February 28, 2011, respectively.

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Net Earnings Per Share (Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share) (Details)	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of earnings per share	36,079		24,222
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of earnings per share	2,119		6,483	4,125

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Credit Arrangements (Schedule Of Principal Payments Due On Long-Term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
Credit Arrangements [Abstract]
1 year	$ 4,286
2 years	2,143
Principal payments due	$ 6,429	$ 8,571	$ 10,714

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Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Condensed Consolidated Statements Of Operations [Abstract]
Operating revenues	$ 132,134	$ 120,168	$ 251,339	$ 209,334
Cost of operating revenues	95,640	86,159	184,597	151,102
Gross profit	36,494	34,009	66,742	58,232
Operating expenses:
Selling expense	6,868	6,911	13,812	13,929
General and administrative expense	8,434	7,265	17,374	14,583
Engineering and research expense	2,244	2,772	4,300	5,336
Environmental remediation expense			7,225	713
Total operating expenses	17,546	16,948	42,711	34,561
Operating income	18,948	17,061	24,031	23,671
Other income (expense):
Interest expense	(130)	(213)	(273)	(399)
Interest income	94	37	190	79
Other income (expense), net	515	116	(80)	227
Earnings before income taxes	19,427	17,001	23,868	23,578
Income tax provision	6,653	5,676	8,173	7,967
Net earnings	$ 12,774	$ 11,325	$ 15,695	$ 15,611
Basic net earnings per share	$ 1.01	$ 0.90	$ 1.24	$ 1.24
Diluted net earnings per share	$ 1.00	$ 0.89	$ 1.23	$ 1.23
Weighted average shares outstanding	12,703	12,548	12,692	12,525
Diluted effect of stock equivalents	118	137	100	139
Weighted average shares outstanding assuming dilution	12,821	12,685	12,792	12,664
Cash dividends per share	$ 0.090	$ 0.085	$ 0.180	$ 0.170

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Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011	Aug. 31, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 104,953	$ 108,167	$ 78,448	$ 83,418
Derivative assets	4
Derivative liabilities	(898)	(634)	(1,013)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	104,953	108,167	78,448
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4
Derivative liabilities	$ (898)	$ (634)	$ (1,013)

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Condensed Consolidated Financial Statements

6 Months Ended

Feb. 29, 2012

Condensed Consolidated Financial Statements [Abstract]

Condensed Consolidated Financial Statements

(1) Condensed Consolidated Financial Statements

The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) and do not include all of the disclosures normally required by U.S. generally accepted accounting principles as contained in Lindsay Corporation's (the "Company") Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's latest Annual Report on Form 10-K for the fiscal year ended August 31, 2011.

In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year.

The condensed consolidated financial statements were prepared using accounting principles generally accepted in the United States. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates. Certain reclassifications have been made to prior financial statements and notes to conform to the current year presentation. These reclassifications were not material to the Company's condensed consolidated financial statements.

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Inventories (Schedule Of Inventories) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
Inventories [Abstract]
FIFO inventory	$ 33,868	$ 22,614	$ 25,626
LIFO reserves	(7,026)	(7,178)	(6,305)
LIFO inventory	26,842	15,436	19,321
Weighted average inventory	26,087	20,848	21,977
Other FIFO inventory	17,966	15,407	15,806
Obsolescence reserve	(2,317)	(2,167)	(2,228)
Total inventories	$ 68,578	$ 49,524	$ 54,876

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Inventories (Tables)

6 Months Ended

Feb. 29, 2012

Inventories [Abstract]

Schedule Of Inventories

		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
Inventory:
FIFO inventory	$	33,868		$	25,626		$	22,614
LIFO reserves		(7,026	)		(6,305	)		(7,178	)
LIFO inventory		26,842			19,321			15,436
Weighted average inventory		26,087			21,977			20,848
Other FIFO inventory		17,966			15,806			15,407
Obsolescence reserve		(2,317	)		(2,228	)		(2,167	)
Total inventories	$	68,578		$	54,876		$	49,524

Schedule Of Estimated Percentage Distribution

	February 29,		February 28,		August 31,
	2012		2011		2011
Raw materials	14	%	14	%	14	%
Work in process	7	%	10	%	8	%
Finished goods and purchased parts	79	%	76	%	78	%

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Inventories (Schedule Of Estimated Percentage Distribution) (Details)	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
Inventories [Abstract]
Raw materials	14.00%	14.00%	14.00%
Work in process	7.00%	8.00%	10.00%
Finished goods and purchased parts	79.00%	78.00%	76.00%

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Credit Arrangements (Tables)

6 Months Ended

Feb. 29, 2012

Credit Arrangements [Abstract]

Schedule Of Outstanding Long-Term Debt

		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
BSI Term Note	$	6,429		$	10,714		$	8,571
Less current portion		(4,286	)		(4,286	)		(4,286	)
Total long-term debt	$	2,143		$	6,428		$	4,285

Schedule Of Principal Payments Due On Long-Term Debt

Due within:
1 year	$	4,286
2 years		2,143
	$	6,429

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Net Earnings Per Share

6 Months Ended

Feb. 29, 2012

Net Earnings Per Share [Abstract]

Net Earnings Per Share

(2) Net Earnings per Share

Basic net earnings per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net earnings per share is computed using the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding during the period.

Employee stock options, nonvested shares and similar equity instruments granted by the Company are treated as potential common share equivalents outstanding in computing diluted net earnings per share. The Company's diluted common shares outstanding reported in each period includes the dilutive effect of restricted stock units, in-the-money options, and performance stock units for which threshold performance conditions have been satisfied and is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized on share based awards, and the amount of excess tax benefits that would be recorded in additional paid-in capital when shares are issued and assumed to be used to repurchase shares.

The following table shows the securities excluded from the computation of earnings per share since their inclusion would have been anti-dilutive:

	Three months ended		Six months ended
	February 29,	February 28,	February 29,	February 28,
	2012	2011	2012	2011
Restricted stock units	2,119	-	6,483	4,125
Stock options	36,079	-	24,222	-

Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. At February 29, 2012, the threshold performance conditions for the November 12, 2009 grants had been satisfied resulting in the inclusion of 40,754 performance stock units in the calculation of diluted net earnings per share. At February 29, 2012 and February 28, 2011, there were 47,318 and 98,625, respectively, of performance stock units excluded from the calculation of diluted net earnings per share because the threshold performance conditions had not been satisfied.

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
ASSETS
Cash and cash equivalents	$ 104,953	$ 108,167	$ 78,448
Receivables, net of allowances of $2,002, $2,331 and $2,340, respectively	77,536	79,006	75,096
Inventories, net	68,578	49,524	54,876
Deferred income taxes	8,336	8,598	5,457
Other current assets	14,193	12,398	10,035
Total current assets	273,596	257,693	223,912
Property, plant and equipment, net	57,236	58,465	58,141
Other intangible assets, net	26,839	28,639	27,807
Goodwill	30,443	30,943	28,528
Other noncurrent assets	5,486	5,404	4,869
Total assets	393,600	381,144	343,257
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	39,417	32,153	38,261
Current portion of long-term debt	4,286	4,286	4,286
Other current liabilities	33,428	42,880	27,049
Total current liabilities	77,131	79,319	69,596
Pension benefits liabilities	6,115	6,231	6,289
Long-term debt	2,143	4,285	6,428
Deferred income taxes	11,678	12,550	10,746
Other noncurrent liabilities	8,362	3,094	1,798
Total liabilities	105,429	105,479	94,857
Shareholders' equity:
Preferred stock, ($1 par value, 2,000 shares authorized, no shares issued and outstanding)
Common stock, ($1 par value, 25,000 shares authorized, 18,409, 18,257 and 18,374 shares issued at February 29, 2012, February 28, 2011 and August 31, 2011, respectively)	18,409	18,374	18,257
Capital in excess of stated value	40,736	39,058	32,954
Retained earnings	316,141	302,732	283,751
Less treasury stock (at cost, 5,698 shares)	(90,961)	(90,961)	(90,961)
Accumulated other comprehensive income, net	3,846	6,462	4,399
Total shareholders' equity	288,171	275,665	248,400
Total liabilities and shareholders' equity	$ 393,600	$ 381,144	$ 343,257

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Warranties

6 Months Ended

Feb. 29, 2012

Warranties [Abstract]

Warranties

(12) Warranties

The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods and/or usage of the product. The accrued product warranty costs are for a combination of specifically identified items and other incurred, but not identified items based primarily on historical experience of actual warranty claims. This reserve is classified within other current liabilities. The following tables provide the changes in the Company's product warranties:

		Three months ended
		February 29,		February 28,
$ in thousands		2012			2011
Warranties:
Product warranty accrual balance, beginning of period	$	3,745		$	1,796
Liabilities accrued for warranties during the period		836			843
Warranty claims paid during the period		(752	)		(723	)
Product warranty accrual balance, end of period	$	3,829		$	1,916

		Six months ended
		February 29,		February 28,
$ in thousands		2012			2011
Warranties:
Product warranty accrual balance, beginning of period	$	3,651		$	1,862
Liabilities accrued for warranties during the period		1,735			1,685
Warranty claims paid during the period		(1,557	)		(1,631	)
Product warranty accrual balance, end of period	$	3,829		$	1,916

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Document And Entity Information	6 Months Ended
	Feb. 29, 2012	Mar. 30, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Trading Symbol	LNN
Entity Registrant Name	LINDSAY CORP
Entity Central Index Key	0000836157
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		12,710,538

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Industry Segment Information

6 Months Ended

Feb. 29, 2012

Industry Segment Information [Abstract]

Industry Segment Information

(13) Industry Segment Information

The Company manages its business activities in two reportable segments:

Irrigation: This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems as well as various water pumping stations and controls. The irrigation reporting segment consists of twelve operating segments that have similar economic characteristics and meet the aggregation criteria, including similar products, production processes, type or class of customer and methods for distribution.

Infrastructure: This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers and crash cushions; providing outsource manufacturing services and the manufacturing and selling of large diameter steel tubing and railroad signals and structures. The infrastructure reporting segment consists of three operating segments that have similar economic characteristics and meet the aggregation criteria.

The Company evaluates the performance of its reportable segments based on segment sales, gross profit, and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income, interest expense, other income and expenses, and income taxes. Operating income for segment purposes does include general and administrative expenses, selling expenses, engineering and research expenses, environmental remediation expenses and other overhead charges directly attributable to the segment. There are no inter-reporting segment sales.

The Company had no single customer representing 10 percent or more of its total revenues during the three and six months ended February 29, 2012 and February 28, 2011. Summarized financial information concerning the Company's reportable segments is shown in the following table:

	Three months ended						Six months ended
$ in thousands	February 29, 2012			February 28, 2011			February 29, 2012			February 28, 2011
Operating revenues:
Irrigation	$	116,988		$	91,658		$	217,764		$	151,667
Infrastructure		15,146			28,510			33,575			57,667
Total operating revenues	$	132,134		$	120,168		$	251,339		$	209,334
Operating income (loss):
Irrigation(1)	$	23,019		$	16,005		$	32,804		$	21,906
Infrastructure(1)		(955	)		4,261			(2,132	)		8,286
Segment operating income(1)		22,064			20,266			30,672			30,192
Unallocated general and administrative expenses		(3,116	)		(3,205	)		(6,641	)		(6,521	)
Interest and other income (expense), net		479			(60	)		(163	)		(93	)
Earnings before income taxes	$	19,427		$	17,001		$	23,868		$	23,578
Total Capital Expenditures:
Irrigation	$	1,795		$	1,182		$	3,831		$	2,038
Infrastructure		296			1,736			892			2,364
	$	2,091		$	2,918		$	4,723		$	4,402
Total Depreciation and Amortization:
Irrigation	$	1,675		$	1,388		$	3,345		$	2,740
Infrastructure		1,435			1,566			2,890			3,140
	$	3,110		$	2,954		$	6,235		$	5,880

⁽¹⁾

There were no environmental remediation expenses allocated to the irrigation segment and the infrastructure segment, respectively, for the three months ended February 29, 2012 and February 28, 2011. Environmental remediation expenses of $6.1 million and $1.1 million were allocated to the irrigation segment and the infrastructure segment, respectively, for the six months ended February 29, 2012 and February 28, 2011.

$ in thousands	February 29, 2012		February 28, 2011		August 31, 2011
Total Assets:
Irrigation	$	278,569	$	227,341	$	267,275
Infrastructure		115,031		115,916		113,869
	$	393,600	$	343,257	$	381,144

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Feb. 29, 2012	Aug. 31, 2011	Feb. 28, 2011
Condensed Consolidated Balance Sheets [Abstract]
Receivables, allowance	$ 2,002	$ 2,340	$ 2,331
Preferred stock, par value	$ 1	$ 1	$ 1
Preferred stock, authorized	2,000	2,000	2,000
Preferred stock, issued	0	0	0
Preferred stock, outstanding	0	0	0
Common stock, par value	$ 1	$ 1	$ 1
Common stock, authorized	25,000	25,000	25,000
Common stock, issued	18,409	18,374	18,257
Treasury stock, shares	5,698	5,698	5,698

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Credit Arrangements

6 Months Ended

Feb. 29, 2012

Credit Arrangements [Abstract]

Credit Arrangements

(7) Credit Arrangements

At February 29, 2012, February 28, 2011 and August 31, 2011, the Company was in compliance with all loan covenants. Changes to credit arrangements since August 31, 2011 consist of the following:

Euro Line of Credit

The Company's wholly-owned European subsidiary, Lindsay Europe, has an unsecured revolving line of credit with Societe Generale, a European commercial bank, under which it could borrow for working capital purposes up to 2.3 million Euros (the "Euro Line of Credit"). On January 23, 2012, the Company extended the Euro Line of Credit with Societe Generale through January 31, 2013. There were no borrowings outstanding on this credit agreement at February 29, 2012 or August 31, 2011. There was $0.4 million outstanding on this credit agreement at February 28, 2011. Under the terms of the Euro Line of Credit, borrowings, if any, bear interest at a floating rate in effect from time to time designated by the commercial bank as the Euro Interbank Offered Rate plus 110 basis points, (2.08 percent at February 29, 2012). Unpaid principal and interest is due by January 31, 2013.

Outstanding long-term debt consists of the following:

		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
BSI Term Note	$	6,429		$	10,714		$	8,571
Less current portion		(4,286	)		(4,286	)		(4,286	)
Total long-term debt	$	2,143		$	6,428		$	4,285

Principal payments due on long-term debt are as follows:

Due within:
1 year	$	4,286
2 years		2,143
	$	6,429

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Property, Plant And Equipment

6 Months Ended

Feb. 29, 2012

Property, Plant And Equipment [Abstract]

Property, Plant And Equipment

(6) Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization, as follows:

		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
Operating property, plant and equipment:
Land	$	2,596		$	2,830		$	2,859
Buildings		28,951			28,962			29,372
Equipment		74,006			68,305			71,942
Other		7,094			6,573			5,521
Total operating property, plant and equipment		112,647			106,670			109,694
Accumulated depreciation		(68,085	)		(62,363	)		(65,083	)
Total operating property, plant and equipment, net	$	44,562		$	44,307		$	44,611
Property held for lease:
Machines		3,962			3,890			3,907
Barriers		17,804			17,123			18,198
Total property held for lease	$	21,766		$	21,013		$	22,105
Accumulated depreciation		(9,092	)		(7,179	)		(8,251	)
Total property held for lease, net	$	12,674		$	13,834		$	13,854
Property, plant and equipment, net	$	57,236		$	58,141		$	58,465

Depreciation expense was $2.4 million and $2.3 million for the three months ended February 29, 2012 and February 28, 2011, respectively, and $4.8 million and $4.5 million for the six months ended February 29, 2012 and February 28, 2011, respectively.

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Property, Plant And Equipment (Tables)

6 Months Ended

Feb. 29, 2012

Property, Plant And Equipment [Abstract]

Schedule Of Property, Plant And Equipment

		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
Operating property, plant and equipment:
Land	$	2,596		$	2,830		$	2,859
Buildings		28,951			28,962			29,372
Equipment		74,006			68,305			71,942
Other		7,094			6,573			5,521
Total operating property, plant and equipment		112,647			106,670			109,694
Accumulated depreciation		(68,085	)		(62,363	)		(65,083	)
Total operating property, plant and equipment, net	$	44,562		$	44,307		$	44,611
Property held for lease:
Machines		3,962			3,890			3,907
Barriers		17,804			17,123			18,198
Total property held for lease	$	21,766		$	21,013		$	22,105
Accumulated depreciation		(9,092	)		(7,179	)		(8,251	)
Total property held for lease, net	$	12,674		$	13,834		$	13,854
Property, plant and equipment, net	$	57,236		$	58,141		$	58,465

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Share-Based Compensation

6 Months Ended

Feb. 29, 2012

Share-Based Compensation [Abstract]

Share-Based Compensation

(14) Share-Based Compensation

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company's condensed consolidated statement of operations over the periods during which the employee or director is required to perform a service in exchange for the award. The Company's current share-based compensation plan, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units, stock appreciation rights, performance shares and performance stock units to employees and non-employee directors of the Company. In connection with the restricted stock units, performance stock units and stock options, the Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. Share-based compensation expense was $0.9 million and $0.7 million for the three months ended February 29, 2012 and February 28, 2011, respectively. Share-based compensation expense was $1.8 million and $1.6 million for the six months ended February 29, 2012 and February 28, 2011, respectively.

During the second quarter of fiscal 2012, the Company awarded its annual grant of restricted stock units to its independent members of the Board of Directors at a grant date fair value of $61.55 per share. Total units granted were 6,223 restricted stock units. These stock units will become fully vested on November 1, 2012. These restricted stock units were issued from the 2010 Long-Term Incentive Plan.

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Commitments And Contingencies

6 Months Ended

Feb. 29, 2012

Commitments And Contingencies [Abstract]

Commitments And Contingencies

(10) Commitments and Contingencies

In 1992, the Company entered into a consent decree with the Environmental Protection Agency of the United States Government (the "EPA") in which the Company committed to remediate environmental contamination of the groundwater that was discovered in 1982 through 1990 at and adjacent to its Lindsay, Nebraska facility (the "site"). The site was added to the EPA's list of priority superfund sites in 1989. Between 1993 and 1995, remediation plans for the site were approved by the EPA and fully implemented by the Company. Since 1998, the primary remaining contamination at the site has been the presence of volatile organic chemicals in the groundwater. The remediation process consists of drilling wells into the aquifer and pumping water to the surface to allow these contaminants to be removed by aeration. The Company accrues the anticipated cost of remediation when the obligation is probable and can be reasonably estimated.

In 2008, the Company and the EPA conducted their periodic five-year review of the status of the remediation of the contamination of the site. In response to the review, the Company and its environmental consultants have developed a remedial action work plan. In addition, the Company is scheduled to meet with the EPA in the third quarter of fiscal 2012 to discuss options that could result in more permanent or more clearly defined remediation of the source areas of contamination at the site. In the first quarter of fiscal 2012, the Company undertook an investigation to assess further potential site remediation and containment actions. In connection with the receipt of preliminary results of this investigation and other evaluations, the Company estimated that it would incur $7.2 million in remediation and operating costs over the next 5 to 10 years and has accrued that undiscounted amount as an operating expense in the first quarter of fiscal 2012. The Company did not accrue additional incremental costs for environmental monitoring and remediation in the second quarter of fiscal 2012.

Although the Company has accrued all reasonably estimable costs associated with remediation of the site, it is expected that additional testing and environmental monitoring and remediation will be required in the future as part of the Company's ongoing discussions with the EPA regarding the development and implementation of the remedial action plans, which could result in changes to its estimates. In addition, the current investigation has not yet been completed and does not include all affected areas on the site. Estimates continue to be refined and evaluated on a number of remediation alternatives and the EPA has not provided feedback or approval of possible action plans. While additional estimated expenses could significantly exceed the amount accrued as of February 29, 2012 and could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect that such additional expenses would have a material adverse effect on the liquidity or financial condition of the Company.

The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of February 29, 2012, February 28, 2011 and August 31, 2011:

Environmental Remediation Liabilities
$ in thousands	February 29,		February 28,			August 31,
Balance Sheet Location		2012		2011		2011
Other current liabilities	$	2,737	$	1,206	$	1,540
Other noncurrent liabilities		5,200		-		-
Total environmental remediation liabilities	$	7,937	$	1,206	$	1,540

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Financial Derivatives

6 Months Ended

Feb. 29, 2012

Financial Derivatives [Abstract]

Financial Derivatives

(8) Financial Derivatives

The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency exchange rates. The Company uses these derivative instruments to hedge exposures in the ordinary course of business and does not invest in derivative instruments for speculative purposes. Each derivative is designated as a cash flow hedge, a hedge of a net investment, or remains undesignated. The Company records the fair value of these derivative instruments on the balance sheet. For the instruments that are designated as a cash flow hedge and meet certain documentary and analytical requirements to qualify for hedge accounting treatment, changes in the fair value for the effective portion are reported in other comprehensive income ("OCI"), net of related income tax effects, and are reclassified to the income statement when the effects of the item being hedged are recognized in the income statement. Changes in fair value of derivative instruments that qualify as hedges of a net investment in foreign operations are recorded as a component of accumulated currency translation adjustment in accumulated other comprehensive income ("AOCI"), net of related income tax effects. Changes in the fair value of undesignated hedges are recognized currently in the income statement as other income (expense). All changes in derivative fair values due to ineffectiveness are recognized in earnings.

The Company manages market and credit risks associated with its derivative instruments by establishing and monitoring limits as to the types and degree of risk that may be undertaken, and by entering into transactions with high-quality counterparties. As of February 29, 2012, the Company's derivative counterparty had investment grade credit ratings.

Financial derivatives consist of the following:

	Fair Values of Derivative Instruments Asset (Liability) Derivatives
		February 29,			February 28,				August 31,
$ in thousands	Balance Sheet Location		2012			2011			2011
Derivatives designated as hedging
instruments:
Foreign currency option contract	Other current assets	$	4		$	-		$	-
Foreign currency forward contracts	Other current liabilities		(641	)		(388	)		(218	)
Interest rate swap	Other current liabilities		(180	)		(354	)		(267	)
Interest rate swap	Other noncurrent liabilities		(43	)		(271	)		(149	)
Total derivatives designated as hedging
instruments		$	(860	)	$	(1,013	)	$	(634	)
Derivatives not designated as hedging
instruments:
Foreign currency forward contracts	Other current liabilities	$	(34	)	$	-		$	-
Total derivatives not designated as
hedging instruments		$	(34	)	$	-		$	-

In addition, accumulated other comprehensive income included realized and unrealized gains, net of related income tax effects, of $1.3 million, $0.5 million and $0.5 million at February 29, 2012, February 28, 2011 and August 31, 2011, respectively, related to derivative contracts designated as hedging instruments.

Cash Flow Hedging Relationships

In order to reduce interest rate risk on the BSI Term Note, the Company entered into an interest rate swap agreement with Wells Fargo Bank, N.A. that is designed to convert the variable interest rate on the entire amount of the borrowing to a fixed rate of 6.05 percent per annum. Under the terms of the interest rate swap, the Company receives variable interest rate payments and makes fixed interest rate payments on an amount equal to the outstanding balance of the BSI Term Note. Changes in the fair value of the interest rate swap designated as a hedging instrument that effectively offset the variability of cash flows associated with variable-rate, long-term debt obligations are reported in AOCI, net of related income tax effects.

In order to reduce exposures related to changes in foreign currency exchange rates, the Company, at times, may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of its operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory, sales of finished goods, and future settlement of foreign denominated assets and liabilities. Changes in the fair value of the forward exchange contracts or option contracts designated as hedging instruments that effectively offset the hedged risks are reported in AOCI, net of related income tax effects. The Company had no material forward exchange contracts and option contracts with cash flow hedging relationships at February 29, 2012, February 28, 2011 and August 31, 2011. In addition, the amount of gain or loss recognized in OCI, the amount of gain or loss reclassified from AOCI into income and the amount of gain or loss recognized in income related to the outstanding cash flow hedging relationships were immaterial.

Net Investment Hedging Relationships

In order to reduce translation exposure resulting from translating the financial statements of its international subsidiaries into U.S. dollars, the Company, at times, utilizes Euro foreign currency forward contracts to hedge a portion of its Euro net investment exposure in its foreign operations. These foreign currency forward contracts qualify as a hedge of net investments in foreign operations. Changes in fair value of the net investment hedge contracts are reported in OCI as part of the currency translation adjustment, net of tax.

$ in thousands		Amount of Gain/(Loss) Recognized in OCI on Derivatives
		Three months ended					Six months ended
		February 29,		February 28,		February 29,			February 28,
		2012		2011			2012		2011
Foreign currency forward contracts(1)
	$	104	$	(219	)	$	695	$	(649	)

⁽¹⁾ Net of tax expense of $63 and $423 for the three and six months ended February 29, 2012. Net of tax benefit of $134 and $397 for the three and six months ended February 28, 2011.

For the three and six months ended February 29, 2012, the Company settled Euro foreign currency forward contracts resulting in after-tax net gains of $0.7 million and $1.0 million, respectively, which were included in OCI as part of a currency translation adjustment. There were no after-tax gains or losses from Euro foreign currency forward contracts for the three months ended February 28, 2011. For the six months ended February 28, 2011, the Company settled Euro foreign currency forward contracts resulting in after-tax net losses of $0.4 million which were included in OCI as part of a currency translation adjustment.

There were no amounts recorded in the condensed consolidated statement of operations related to ineffectiveness of Euro foreign currency forward contracts for the three and six months ended February 29, 2012 and February 28, 2011, respectively. Accumulated currency translation adjustments in AOCI at February 29, 2012, February 28, 2011 and August 31, 2011 reflected realized after-tax gains of $1.8 million, $1.1 million and $0.9 million, respectively.

At February 29, 2012, February 28, 2011 and August 31, 2011, the Company had outstanding Euro foreign currency forward contracts to sell 17.0 million Euro, 5.0 million Euro and 10.0 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. The Company's foreign currency forward contracts qualify as hedges of a net investment in foreign operations.

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Fair Value Measurements

6 Months Ended

Feb. 29, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

(9) Fair Value Measurements

The following table presents the Company's financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 29, 2012, February 28, 2011 and August 31, 2011, respectively.

	February 29, 2012
$ in thousands	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	104,953	$	-		$	-	$	104,953
Derivative assets		-		4			-		4
Derivative liabilities		-		(898	)		-		(898	)

	February 28, 2011
$ in thousands	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	78,448	$	-		$	-	$	78,448
Derivative liabilities		-		(1,013	)		-		(1,013	)

	August 31, 2011
$ in thousands	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	108,167	$	-		$	-	$	108,167
Derivative liabilities		-		(634	)		-		(634	)

The carrying amount of long-term debt (including current portion) was $6.4 million, $10.7 million and $8.6 million as of February 29, 2012, February 28, 2011 and August 31, 2011, respectively. The fair value of this debt was estimated at $6.4 million, $10.5 million, and $8.5 million as of February 29, 2012, February 28, 2011 and August 31, 2011, respectively. Fair value of long-term debt (including current portion) is estimated by discounting the future estimated cash flows of each instrument at current market interest rates for similar debt instruments of comparable maturities and credit quality.

The Company also measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include fixed assets, goodwill, and other intangible assets. There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three and six months ended February 29, 2012 and February 28, 2011.

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Retirement Plan

6 Months Ended

Feb. 29, 2012

Retirement Plan [Abstract]

Retirement Plan

(11) Retirement Plan

The Company has a supplemental non-qualified, unfunded retirement plan for six former employees. Plan benefits are based on the participant's average total compensation during the three highest compensation years of employment during the ten years immediately preceding the participant's retirement or termination. This unfunded supplemental retirement plan is not subject to the minimum funding requirements of ERISA. The Company has purchased life insurance policies on four of the participants named in this supplemental retirement plan to provide partial funding for this liability. Components of net periodic benefit cost for the Company's supplemental retirement plan are classified as general and administrative expenses and include:

		Three months ended				Six months ended
		February 29,	February 28,			February 29,	February 28,
$ in thousands		2012	2011			2012	2011
Net periodic benefit cost:
Interest cost	$	81	$	84	$	162	$	167
Net amortization and deferral		42		41		84		82
Total net periodic benefit cost	$	123	$	125	$	246	$	249

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Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011
Income Taxes [Abstract]
Income tax expense	$ 6,653	$ 5,676	$ 8,173	$ 7,967
Estimated effective income tax rate			34.20%	33.80%

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Comprehensive Income (Tables)

6 Months Ended

Feb. 29, 2012

Comprehensive Income [Abstract]

Schedule Of Difference Between The Reported Net Earnings And Comprehensive Income

		Three months ended				Six months ended
		February 29,	February 28,			February 29,		February 28,
$ in thousands		2012		2011		2012			2011
Comprehensive income:
Net earnings	$	12,774	$	11,325	$	15,695		$	15,611
Other comprehensive income(1) :
Defined benefit pension plan, net of tax		25		25		51			50
Unrealized gain on cash flow hedges, net of tax		48		79		120			181
Foreign currency translation, net of hedging activities		1,344		2,069		(2,787	)		2,813
Total comprehensive income	$	14,191	$	13,498	$	13,079		$	18,655

⁽¹⁾ Net of tax expense of $216 and $355 for the three months and six months ended February 29, 2012, respectively. Net of tax expense of $256 and $179 for the three months and six months ended February 28, 2011, respectively.

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Fair Value Measurements (Tables)

6 Months Ended

Feb. 29, 2012

Fair Value Measurements [Abstract]

Schedule Of Financial Assets And Liabilities Measured At Fair Value

$ in thousands		Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	104,953	$	-		$	-	$	104,953
Derivative assets		-		4			-		4
Derivative liabilities		-		(898	)		-		(898	)

$ in thousands		Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	78,448	$	-		$	-	$	78,448
Derivative liabilities		-		(1,013	)		-		(1,013	)

$ in thousands	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	108,167	$	-		$	-	$	108,167
Derivative liabilities		-		(634	)		-		(634	)

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Industry Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended					6 Months Ended
	Feb. 29, 2012		Nov. 30, 2011	Feb. 28, 2011		Feb. 29, 2012		Feb. 28, 2011		Aug. 31, 2011
Segment Reporting Information [Line Items]
Total operating revenues	$ 132,134			$ 120,168		$ 251,339		$ 209,334
Segment operating income	22,064	[1]		20,266	[1]	30,672	[1]	30,192	[1]
Unallocated general and administrative expenses	(3,116)			(3,205)		(6,641)		(6,521)
Interest and other income (expense), net	479			(60)		(163)		(93)
Earnings before income taxes	19,427			17,001		23,868		23,578
Capital Expenditures	2,091			2,918		4,723		4,402
Depreciation and Amortization	3,110			2,954		6,235		5,880
Assets	393,600			343,257		393,600		343,257		381,144
Environmental remediation expenses			7,200			7,225		713
Irrigation [Member]
Segment Reporting Information [Line Items]
Operating revenues	116,988			91,658		217,764		151,667
Segment operating income	23,019	[1]		16,005	[1]	32,804	[1]	21,906	[1]
Capital Expenditures	1,795			1,182		3,831		2,038
Depreciation and Amortization	1,675			1,388		3,345		2,740
Assets	278,569			227,341		278,569		227,341		267,275
Environmental remediation expenses						6,100		6,100
Infrastructure [Member]
Segment Reporting Information [Line Items]
Operating revenues	15,146			28,510		33,575		57,667
Segment operating income	(955)	[1]		4,261	[1]	(2,132)	[1]	8,286	[1]
Capital Expenditures	296			1,736		892		2,364
Depreciation and Amortization	1,435			1,566		2,890		3,140
Assets	115,031			115,916		115,031		115,916		113,869
Environmental remediation expenses						$ 1,100		$ 1,100

[1] There were no environmental remediation expenses allocated to the irrigation segment and the infrastructure segment, respectively, for the three months ended February 29, 2012 and February 28, 2011. Environmental remediation expenses of $6.1 million and $1.1 million were allocated to the irrigation segment and the infrastructure segment, respectively, for the six months ended February 29, 2012 and February 28, 2011.

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Financial Derivatives (Narrative) (Details)	3 Months Ended				6 Months Ended				12 Months Ended				3 Months Ended		6 Months Ended
	Feb. 29, 2012 USD ($)		Feb. 28, 2011 USD ($)		Feb. 29, 2012 USD ($)		Feb. 28, 2011 USD ($)		Aug. 31, 2011 USD ($)	Feb. 29, 2012 EUR (€)	Aug. 31, 2011 EUR (€)	Feb. 28, 2011 EUR (€)	Feb. 29, 2012 Euro [Member] USD ($)	Feb. 28, 2011 Euro [Member] USD ($)	Feb. 29, 2012 Euro [Member] USD ($)	Feb. 28, 2011 Euro [Member] USD ($)
Derivatives, Fair Value [Line Items]
Realized and unrealized gains, net of related income tax effects					$ 1,300,000		$ 500,000		$ 500,000
Fixed rate, per annum	6.05%				6.05%
Foreign currency forward contracts after-tax net gains (losses)	1,344,000	[1]	2,069,000	[1]	(2,787,000)	[1]	2,813,000	[1]					700,000	0	1,000,000	(400,000)
Accumulated currency translation adjustments in AOCI, after-tax gains	1,800,000		1,100,000		1,800,000		1,100,000		900,000
Outstanding foreign currency forward contracts to sell										€ 17,000,000	€ 10,000,000	€ 5,000,000

[1] Net of tax expense of $216 and $355 for the three months and six months ended February 29, 2012, respectively. Net of tax expense of $256 and $179 for the three months and six months ended February 28, 2011, respectively.

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 15,695	$ 15,611
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	6,235	5,880
Provision for uncollectible accounts receivable	129	188
Deferred income taxes	(1,299)	(575)
Share-based compensation expense	1,829	1,586
Other, net	587	(373)
Changes in assets and liabilities:
Receivables	150	(10,137)
Inventories	(20,221)	(8,003)
Other current assets	(1,798)	(762)
Accounts payable	7,796	11,245
Other current liabilities	(8,670)	(7,877)
Current taxes payable	(1,260)	(1,525)
Other noncurrent assets and liabilities	5,692	(1,343)
Net cash provided by operating activities	4,865	3,915
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(4,723)	(4,402)
Proceeds from sale of property, plant and equipment	107	53
Acquisition of business, net of cash acquired		(1,279)
Proceeds (payment) for settlement of net investment hedge	1,548	(734)
Net cash used in investing activities	(3,068)	(6,362)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under share-based compensation plans	276	809
Common stock withheld from share-based compensation for payroll tax withholdings	(577)	(843)
Principal payments on long-term debt	(2,142)	(2,143)
Net borrowing on revolving line of credit		389
Excess tax benefits from share-based compensation	273	877
Dividends paid	(2,286)	(2,133)
Net cash used in financing activities	(4,456)	(3,044)
Effect of exchange rate changes on cash	(555)	521
Net decrease in cash and cash equivalents	(3,214)	(4,970)
Cash and cash equivalents, beginning of period	108,167	83,418
Cash and cash equivalents, end of period	$ 104,953	$ 78,448

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Inventories

6 Months Ended

Feb. 29, 2012

Inventories [Abstract]

Inventories

(5) Inventories

Inventories are stated at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method for the Company's Lindsay, Nebraska inventory and its two warehouses in Idaho and Texas. Cost is determined by the first-in, first-out (FIFO) method for inventory at the Company's Omaha, Nebraska warehouse, and at operating locations in California, Wisconsin, China and Australia. Cost is determined by the weighted average cost method for inventory at the Company's other operating locations in Washington State, France, Brazil, Italy, and South Africa. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory.

		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
Inventory:
FIFO inventory	$	33,868		$	25,626		$	22,614
LIFO reserves		(7,026	)		(6,305	)		(7,178	)
LIFO inventory		26,842			19,321			15,436
Weighted average inventory		26,087			21,977			20,848
Other FIFO inventory		17,966			15,806			15,407
Obsolescence reserve		(2,317	)		(2,228	)		(2,167	)
Total inventories	$	68,578		$	54,876		$	49,524

The estimated percentage distribution between major classes of inventory before reserves is as follows:

	February 29,		February 28,		August 31,
	2012		2011		2011
Raw materials	14	%	14	%	14	%
Work in process	7	%	10	%	8	%
Finished goods and purchased parts	79	%	76	%	78	%

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Commitments And Contingencies (Tables)

6 Months Ended

Feb. 29, 2012

Commitments And Contingencies [Abstract]

Undiscounted Environmental Remediation Liability

Environmental Remediation Liabilities
$ in thousands	February 29,		February 28,			August 31,
Balance Sheet Location		2012		2011		2011
Other current liabilities	$	2,737	$	1,206	$	1,540
Other noncurrent liabilities		5,200		-		-
Total environmental remediation liabilities	$	7,937	$	1,206	$	1,540

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Credit Arrangements (Narrative) (Details)	6 Months Ended
	Feb. 29, 2012 USD ($)	Aug. 31, 2011 USD ($)	Feb. 28, 2011 USD ($)	Feb. 29, 2012 Euro Line Of Credit [Member] EUR (€)
Debt Instrument [Line Items]
Unsecured revolving line of credit, maximum borrowing capacity				€ 2,300,000
Unsecured revolving line of credit, amount outstanding	$ 0	$ 0	$ 400,000
Basis points spread				110
Basis percentage	6.05%			2.08%
Maturity date	Jan. 31, 2013

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Net Earnings Per Share (Tables)

6 Months Ended

Feb. 29, 2012

Net Earnings Per Share [Abstract]

Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share

	Three months ended		Six months ended
	February 29,	February 28,	February 29,	February 28,
	2012	2011	2012	2011
Restricted stock units	2,119	-	6,483	4,125
Stock options	36,079	-	24,222	-