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 November 30, 2013

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	(I.R.S. Employer
incorporation or organization)	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 January 2, 2014, 12,922,029 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 ended November 30, 2013 and 2012		3
Condensed Consolidated Statements of Comprehensive Income for the three months ended November  30, 2013 and 2012		4
Condensed Consolidated Balance Sheets as of November 30, 2013 and 2012 and August 31, 2013		5
Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2013 and 2012		6
Notes to Condensed Consolidated Financial Statements		7
ITEM  2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations		15
ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk		20
ITEM 4 – Controls and Procedures		20
Part II – OTHER INFORMATION
ITEM 1 – Legal Proceedings		20
ITEM 1A – Risk Factors		20
ITEM 6 – Exhibits		21
SIGNATURES		22

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Part I – FINANCIAL INFORMATION

ITEM 1 – Financial Statements

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three months ended
	November 30,			November 30,
($ and shares in thousands, except per share amounts)	2013			2012
Operating revenues	$	147,671		$	147,370
Cost of operating revenues		107,520			104,513
Gross profit		40,151			42,857
Operating expenses:
Selling expense		9,756			7,321
General and administrative expense		11,743			10,118
Engineering and research expense		2,660			3,154
Total operating expenses		24,159			20,593
Operating income		15,992			22,264
Other income (expense):
Interest expense		(39	)		(143	)
Interest income		135			138
Other income (expense), net		(271	)		124
Earnings before income taxes		15,817			22,383
Income tax expense		5,583			7,655
Net earnings	$	10,234		$	14,728
Earnings per share:
Basic	$	0.79		$	1.15
Diluted	$	0.79		$	1.15
Shares used in computing earnings per share:
Basic		12,889			12,756
Diluted		12,951			12,853
Cash dividends declared per share	$	0.130		$	0.115

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 COMPREHENSIVE INCOME

(Unaudited)

	Three months ended
	November 30,		November 30,
($ in thousands)	2013		2012
Net earnings	$	10,234	$	14,728
Other comprehensive income (loss):
Defined benefit pension plan adjustment, net of tax		28		33
Unrealized gain on cash flow hedges, net of tax		—		26
Foreign currency translation adjustment, net of hedging activities and tax		877		(41	)
Total other comprehensive income, net of tax (benefit) of ($357) and ($393)		905		18
Total comprehensive income	$	11,139	$	14,746

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

(Unaudited)

	November 30,			November 30,			August 31,
($ and shares in thousands, except par values)	2013			2012			2013
ASSETS
Current Assets:
Cash and cash equivalents	$	151,803		$	152,173		$	151,927
Receivables, net of allowance of $3,349, $1,645 and $2,853		122,093			88,893			120,291
Inventories, net		75,614			67,250			68,607
Deferred income taxes		13,469			8,171			12,705
Other current assets		15,989			10,719			15,261
Total current assets		378,968			327,206			368,791
Property, Plant and Equipment:
Cost		156,299			139,032			153,422
Less accumulated depreciation		(91,047	)		(82,947	)		(88,358	)
Property, plant and equipment, net		65,252			56,085			65,064
Intangibles, net		35,029			24,410			36,007
Goodwill		37,193			30,114			37,414
Other noncurrent assets		5,261			5,063			5,020
Total assets	$	521,703		$	442,878		$	512,296
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	45,902		$	50,662		$	42,276
Current portion of long-term debt		—			3,214			—
Other current liabilities		57,132			39,141			59,816
Total current liabilities		103,034			93,017			102,092
Pension benefits liabilities		6,263			6,749			6,324
Deferred income taxes		14,715			9,622			15,415
Other noncurrent liabilities		8,022			7,417			7,827
Total liabilities		132,034			116,805			131,658
Shareholders’ Equity:
Preferred stock of $1 par value-
Authorized 2,000 shares; none issued		—			—			—
Common stock of $1 par value-
Authorized 25,000 shares; 18,620 issued		18,620			18,531			18,571
Capital in excess of stated value		49,288			44,995			49,764
Retained earnings		414,133			354,367			405,580
Less treasury stock (at cost, 5,698 shares)		(90,961	)		(90,961	)		(90,961	)
Accumulated other comprehensive loss, net		(1,411	)		(859	)		(2,316	)
Total shareholders’ equity		389,669			326,073			380,638
Total liabilities and shareholders’ equity	$	521,703		$	442,878		$	512,296

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)

	Three months ended
	November 30,			November 30,
($ in thousands)	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	10,234		$	14,728
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		3,707			3,130
Provision for uncollectible accounts receivable		442			199
Deferred income taxes		(1,365	)		(782	)
Share-based compensation expense		1,180			1,219
Other, net		(244	)		157
Changes in assets and liabilities:
Receivables		(1,608	)		(6,441	)
Inventories		(6,608	)		(14,341	)
Other current assets		(431	)		(357	)
Accounts payable		3,356			19,210
Other current liabilities		(5,986	)		(4,396	)
Current taxes payable		3,140			1,312
Other noncurrent assets and liabilities		111			(181	)
Net cash provided by operating activities		5,928			13,457
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(2,387	)		(2,215	)
Proceeds from sale of property, plant and equipment		34			—
Proceeds from settlement of net investment hedges		101			—
Payments for settlement of net investment hedges		(1,035	)		(1,093	)
Net cash used in investing activities		(3,287	)		(3,308	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		—			1,082
Common stock withheld for payroll tax withholdings		(2,027	)		(2,441	)
Principal payments on long-term debt		—			(1,072	)
Excess tax benefits from share-based compensation		465			2,185
Dividends paid		(1,681	)		(1,476	)
Net cash used in financing activities		(3,243	)		(1,722	)
Effect of exchange rate changes on cash and cash equivalents		478			302
Net change in cash and cash equivalents		(124	)		8,729
Cash and cash equivalents, beginning of period		151,927			143,444
Cash and cash equivalents, end of period	$	151,803		$	152,173

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)

Note 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 (“U.S. GAAP”) 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 most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2013.

In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of 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 U.S. GAAP. 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.

Note 2 – New Accounting Pronouncements

Newly Adopted Accounting Standards

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Amendments to Disclosures about Offsetting Assets and Liabilities and in January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The objective of ASU No. 2011-11 and ASU No. 2013-01 is to provide enhanced disclosures that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on its financial position. Derivative instruments accounted for in accordance with Accounting Standards Codification (“ASC”) 815, repurchase agreements, reverse repurchase agreements, securities borrowing, and securities lending transactions are subject to ASU No. 2011-11 disclosure requirements. ASU No. 2011-11 and ASU No. 2013-01 became effective for the Company beginning the first quarter of fiscal year 2014. The adoption of these standards did not have a material impact on the condensed consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The objective of ASU No. 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). Entities are required to disclose changes in AOCI balances by component and significant items reclassified out of AOCI. ASU No. 2013-02 became effective for the Company beginning the first quarter of fiscal year 2014. The reclassification disclosures were not included in this Quarterly Report on Form 10-Q as the reclassifications out of AOCI were immaterial for the three months ended November 30, 2013 and 2012.

New Accounting Standards Issued but not yet adopted

In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The objective of ASU No. 2013-05 is to clarify the applicable guidance for the release of the cumulative translation adjustment under U.S. GAAP. The effective date for ASU No. 2013-05 will be the first quarter of fiscal year 2015. The Company does not expect the adoption of this standard to impact its condensed consolidated financial statements.

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Note 3 – Net Earnings per Share

The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2013 and 2012:

	Three months ended
	November 30,		November 30,
($ and shares in thousands, except per share amounts)	2013		2012
Numerator:
Net earnings	$	10,234	$	14,728
Denominator:
Weighted average shares outstanding		12,889		12,756
Diluted effect of stock equivalents		62		97
Weighted average shares outstanding assuming dilution		12,951		12,853
Basic net earnings per share	$	0.79	$	1.15
Diluted net earnings per share	$	0.79	$	1.15

Certain stock options and restricted stock units are excluded from the computation of diluted net earnings per share because their effect is anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. Items excluded from the calculation were not significant for the three months ended November 30, 2013 and 2012.

Note 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 income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded no material discrete items for the three months ended November 30, 2013 and 2012.

The Company recorded income tax expense of $5.6 million and $7.7 million for the three months ended November 30, 2013 and 2012, respectively. The estimated annual effective income tax rate used to calculate income tax expense before discrete items was 35.3 percent and 34.2 percent for the three months ended November 30, 2013 and 2012, respectively. The increase in the estimated annual effective income tax rate from November 2012 to November 2013 primarily relates to incremental taxes due to earnings mix among jurisdictions.

Note 5 – Inventories

Inventories consisted of the following as of November 30, 2013, November 30, 2012 and August 31, 2013:

	November 30,			November 30,			August 31,
($ in thousands)	2013			2012			2013
Raw materials and supplies	$	20,386		$	14,447		$	19,369
Work in process		7,045			5,040			5,665
Finished goods and purchased parts		54,540			54,675			50,038
Total inventory value before LIFO adjustment		81,971			74,162			75,072
Less adjustment to LIFO value		(6,357	)		(6,912	)		(6,465	)
Inventories, net	$	75,614		$	67,250		$	68,607

Note 6 – Credit Arrangements

At November 30, 2013 and 2012 and August 31, 2013, the Company was in compliance with all loan covenants. There have been no changes made to credit arrangements since August 31, 2013. The Company has no outstanding long-term debt as of November 30, 2013.

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Note 7 – 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. 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 November 30, 2013, the Company’s derivative counterparty had investment grade credit ratings. Financial derivatives consist of the following:

	Fair Values of Derivative Instruments
	Asset (Liability)
		November 30,			November 30,			August 31,
($ in thousands)	Balance Sheet Classification	2013			2012			2013
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	18		$	—		$	151
Foreign currency forward contracts	Other current liabilities		(287	)		(359	)		(258	)
Interest rate swap	Other current liabilities		—			(45	)		—
Total derivatives designated as hedging instruments		$	(269	)	$	(404	)	$	(107	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	132		$	128		$	78
Foreign currency forward contracts	Other current liabilities		(1	)		—			(33	)
Total derivatives not designated as hedging instruments		$	131		$	128		$	45

Accumulated other comprehensive income (“AOCI”) included realized and unrealized after-tax gains of $1.4 million, $1.7 million and $2.0 million at November 30, 2013 and 2012 and August 31, 2013, respectively, related to derivative contracts designated as hedging instruments.

	Amount of Gain/(Loss) Recognized in OCI on Derivatives
	Three months ended
	November 30,			November 30,
($ in thousands)	2013			2012
Foreign currency forward contracts, net of tax expense (benefit) of ($403) and ($385)	$	(695	)	$	(631	)

For the three months ended November 30, 2013 and 2012, the Company settled foreign currency forward contracts resulting in an after-tax net loss of $0.6 million and $0.7 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 foreign currency forward contracts related to net investment hedges for the three months ended November 30, 2013 and 2012. Accumulated currency translation adjustments from net investment hedges in AOCI at November 30, 2013 and 2012 and August 31, 2013 reflected realized and unrealized after-tax gains of $1.4 million, $1.8 million and $2.0 million, respectively.

At November 30, 2013 and 2012 and August 31, 2013, the Company had outstanding Euro foreign currency forward contracts to sell 29.1 million Euro, 13.0 million Euro and 29.2 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At November 30, 2013 and August 31, 2013, the Company had an outstanding South African Rand foreign currency forward contract to sell 43.0 million South African Rand 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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Note 8 – 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 November 30, 2013 and 2012 and August 31, 2013, respectively.

	November 30, 2013
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	151,803	$	—		$	—	$	151,803
Derivative assets		—		150			—		150
Derivative liabilities		—		(288	)		—		(288	)
	November 30, 2012
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	152,173	$	—		$	—	$	152,173
Derivative assets		—		128			—		128
Derivative liabilities		—		(404	)		—		(404	)
	August 31, 2013
($ in thousands)	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	151,927	$	—		$	—	$	151,927
Derivative assets		—		229			—		229
Derivative liabilities		—		(291	)		—		(291	)

The carrying amount of long-term debt (including current portion), which represented fair value, was zero, $3.2 million and zero as of November 30, 2013 and 2012 and August 31, 2013, respectively. Fair value of long-term debt (including current portion) is estimated (using level 2 inputs) 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 months ended November 30, 2013 and 2012. While the Company currently expects improvement in the infrastructure segment’s revenues and operating income, the increases involve certain matters that are outside of the Company’s control. To the extent that forecasted cash flows are not realized, the Company may be subject to further considerations of impairment exposures.

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Note 9 – Commitments and Contingencies

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. The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any potential loss in excess of the amounts accrued would not have a material effect on the business or its condensed consolidated financial statements. Such proceedings are exclusive of environmental remediation matters which are discussed separately below.

Environmental Remediation

In 1992, the Company entered into a consent decree with the U.S. Environmental Protection Agency (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 soil and groundwater. To date, the remediation process has consisted primarily of drilling wells into the aquifer and pumping water to the surface to allow these contaminants to be removed by aeration.

In 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 and accrued that undiscounted amount as an operating expense in the first quarter of fiscal 2012. The EPA has not approved the Company’s remediation plan.

In fiscal 2013, the Company and the EPA conducted a periodic five-year review of the status of the remediation of the contamination site. The Company intends to complete additional investigation of the soil and groundwater on the site during fiscal 2014 with the expectation that the Company will then come to an agreement with the EPA on how to proceed. During the first three months of fiscal 2014, the Company did not accrue any additional incremental costs related to environmental remediation liabilities. The Company anticipates there could be revisions to the current remediation plan as a result of these activities and as additional information is obtained. Any revisions could be material to the operating results of any fiscal quarter or fiscal year. The Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition.

The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. 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 could 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. In addition, the current investigation has not yet been completed and does not include all potentially affected areas on the site. Due to the current stage of discussions with the EPA and the uncertainty of the remediation actions that may be required with respect to these affected areas, the Company believes that meaningful estimates of costs or range of costs cannot currently be made and accordingly have not been accrued.

The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of November 30, 2013 and 2012 and August 31, 2013:

Environmental Remediation Liabilities
($ in thousands) Balance Sheet Classification	November 30, 2013		November 30, 2012		August 31, 2013
Other current liabilities	$	1,516	$	2,391	$	1,740
Other noncurrent liabilities		5,200		5,200		5,200
Total environmental remediation liabilities	$	6,716	$	7,591	$	6,940

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Note 10 – Warranties

The following table provides the changes in the Company’s product warranties:

	Three months ended
	November 30,			November 30,
($ in thousands)	2013			2012
Warranties:
Product warranty accrual balance, beginning of period	$	6,695		$	4,848
Liabilities accrued for warranties during the period		3,042			1,292
Warranty claims paid during the period		(1,115	)		(1,088	)
Product warranty accrual balance, end of period	$	8,622		$	5,052

Note 11 – Share-Based Compensation

The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares and performance stock units (“PSUs”) to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $1.2 million for each of the three months ended November 30, 2013 and 2012.

The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended November 30, 2013 and 2012, respectively:

	Three months ended November 30,
	2013				2012
			Grant-Date Fair Value				Grant-Date Fair Value
	# Granted		Per Award		# Granted		Per Award
Stock options		25,394	$	40.42		24,684	$	40.09
RSUs		29,619	$	74.84		25,279	$	74.31
PSUs		13,434	$	74.84		13,072	$	74.31

The RSUs granted in 2013 and 2012 consisted of 2,977 and 2,057, respectively, of awards that will be settled in cash. The weighted average stock price on the date of grant was $76.39 and $75.68 for 2013 and 2012, respectively.

The following table provides the assumptions used in determining the fair value of the option awards for the three month periods ended November 30, 2013 and 2012, respectively:

	Grant Year
	2013			2012
Weighted-average dividend yield		0.68	%		0.61	%
Weighted-average volatility		55.23	%		56.26	%
Range of risk-free interest rates		1.91	%		1.21	%
Weighted-average expected lives		7 years			7 years

Note 12 – Industry Segment Information

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, controls, and filtration solutions. The irrigation reporting segment consists of thirteen 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 Road Zipper Systems^TM, 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 two 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.

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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.

The Company had no single major customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2013 and 2012.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables:

	Three months ended
	November 30,			November 30,
($ in thousands)	2013			2012
Operating revenues:
Irrigation	$	129,183		$	134,217
Infrastructure		18,488			13,153
Total operating revenues	$	147,671		$	147,370
Operating income (loss):
Irrigation	$	20,311		$	27,468
Infrastructure		508			(1,318	)
Segment operating income		20,819			26,150
Unallocated general and administrative expenses		(4,827	)		(3,886	)
Interest and other income (expense), net		(175	)		119
Earnings before income taxes	$	15,817		$	22,383
Capital Expenditures:
Irrigation	$	2,228		$	2,085
Infrastructure		159			130
	$	2,387		$	2,215
Depreciation and Amortization:
Irrigation	$	2,358		$	1,704
Infrastructure		1,349			1,426
	$	3,707		$	3,130

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Total Assets:
Irrigation	$	395,981	$	331,872	$	391,527
Infrastructure		125,722		111,006		120,769
	$	521,703	$	442,878	$	512,296

Note 13 – Other Current Liabilities

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Other current liabilities:
Compensation and benefits	$	11,962	$	10,772	$	18,471
Warranties		8,622		5,052		6,695
Dealer related liabilities		6,588		3,405		7,134
Income tax liabilities		6,367		4,129		3,550
Deferred revenues		5,677		2,555		4,790
Other		17,916		13,228		19,176
Total other current liabilities	$	57,132	$	39,141	$	59,816

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Note 14 – Acquisitions

The Company pursues primarily synergistic water related acquisitions that provide attractive returns to shareholders. The Company accounts for business combinations in accordance with ASC 805 – Business Combinations, which requires the recognition of the identifiable assets acquired, liabilities assumed, goodwill, and any noncontrolling interest in the acquiree. In addition, the Company expenses all acquisition-related costs in the period in which the costs are incurred and the services received.

Claude Laval Corporation

On August 16, 2013, the Company acquired 100 percent of the outstanding common shares of Claude Laval Corporation (“CLC”), a California corporation that manufactures and distributes LAKOS^® separators and filtration solutions for groundwater, agriculture, industrial and heat transfer markets, worldwide. Total consideration paid was $29.0 million which was financed with cash on hand. The allocation of purchase price for CLC was finalized in the first quarter of fiscal 2014. The allocation of purchase price for CLC below changed from the allocation of purchase price disclosed in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2013 because the closing balance sheet under the terms of the purchase agreement and the valuation of the identifiable assets acquired and liabilities assumed was finalized in November 2013. The Company determined the changes to be immaterial.

The following table summarizes the consideration paid for CLC and the amounts of fair value of the assets acquired and liabilities assumed at the acquisition date.

$ in thousands	Amount
Identifiable assets acquired and liabilities assumed:
Current assets	$	8,656
Property and equipment		7,867
Intangible assets		13,600
Other long-term assets		738
Current liabilities		(1,808	)
Long-term debt		(1,400	)
Other long-term liabilities		(5,500	)
Total identifiable net assets acquired		22,153
Goodwill		6,854
Total	$	29,007

The acquired intangible assets include amortizable intangible assets of $7.1 million and indefinite-lived intangible assets of $6.5 million related to tradenames. The amortizable intangible assets have a weighted-average useful life of approximately 8 years. The following table summarizes the identifiable intangible assets at fair value.

$ in thousands	Weighted Average Useful Life in Years		Fair Value of Identifiable Asset
Intangible assets:
Tradenames		N/A	$	6,500
Patents		10.0		4,600
Customer relationships		5.0		1,600
Non-compete agreements		5.0		500
Other		1.3		400
Total intangible assets			$	13,600

Goodwill related to the acquisition of CLC primarily relates to intangible assets that do not qualify for separate recognition, including the experience and knowledge of CLC management, its assembled workforce, and its intellectual capital and specialization within the filtration solutions industry. Goodwill recorded in connection with this acquisition is non-deductible for income tax purposes. Pro forma information related to this acquisition was not included because the impact on the Company’s consolidated financial statements was not considered to be material.

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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,” “plan,” “project,” and similar expressions generally identify forward-looking statements. The entire section entitled “Market Conditions and 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, 2013. 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 and in the Company’s other public filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2013, as well as other risks and uncertainties not now anticipated. The risks and uncertainties described herein and in the Company’s other public filings 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. GAAP, 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 discussion of the Company’s critical accounting policies under Item 7 in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2013. Management periodically re-evaluates and adjusts its critical accounting policies as circumstances change. There were no changes in the Company’s critical accounting policies during the three months ended November 30, 2013.

New Accounting Pronouncements

See Note 2 – New Accounting Pronouncements to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Executive Overview

Operating revenues for the three months ended November 30, 2013 were $147.7 million versus the $147.4 million of operating revenues for the three months ended November 30, 2012. Total irrigation equipment revenues decreased 4 percent to $129.2 million from $134.2 million in the prior fiscal year’s first quarter. U.S. irrigation revenues decreased and were partially offset by increased demand in international markets and the addition of Claude Laval Corporation (“CLC”). U.S. irrigation revenues of $79.3 million decreased 18 percent primarily due to significantly lower agricultural commodity prices and a reduction in the drought driven sales increases that occurred in the Corn Belt last year, while international irrigation revenues of $49.9 million increased 32 percent led by growth in South America and Australia. Infrastructure revenues increased 41 percent to $18.5 million with increases in nearly all of the Company’s infrastructure product lines.

Net earnings were $10.2 million or $0.79 per diluted share for the three months ended November 30, 2013 compared with $14.7 million or $1.15 per diluted share for the same prior year period. Lower profits on similar revenues resulted primarily from lower gross margins due to a $2.3 million charge related to a product warranty matter and higher operating expenses associated with incremental expenses of CLC and higher personnel expenses.

Market Conditions and Outlook

The Company’s irrigation revenues are highly dependent upon the need for irrigated agricultural crop production, which, in turn, depends upon many factors, including the primary drivers of agricultural commodity prices, net farm income, weather conditions and governmental policies regarding the agricultural sector. The degree to which these factors impact customer’s irrigation equipment purchase decisions is difficult to predict.

Farm commodity prices have declined during the past year on indications of strong yields and a decreasing impact of drought conditions in the U.S. Corn Belt. Corn prices have decreased 43 percent and soybeans have decreased 10 percent compared to the same time last year. The regulatory environment remains uncertain although certain tax incentives (Section 179 income tax deduction and bonus depreciation) that encourage equipment purchases were significantly reduced for 2014 and the ethanol mandate that increases corn demand was reduced. Although commodity prices and certain tax incentives have declined, farm incomes remain high. As of November 2013, the U.S. Department of Agriculture (USDA) estimated U.S. 2013 net farm income to be $131.0 billion, the highest on record and 8 percent higher than the USDA’s recent August 2013 forecast.

At this point, the Company anticipates significantly lower U.S. irrigation revenues for fiscal 2014 due to the significant decrease in relevant agricultural commodity prices and the decrease of certain tax incentives, although strong farmer balance sheets and net farm income could mitigate the negative impacts. The Company does not expect to have more visibility into the primary selling season of fiscal 2014 until later in the second fiscal quarter.

While the Company anticipates a decline from peak irrigation revenues for the near-term, drivers for the Company’s markets of population growth, expanded food production and efficient water use, support the Company’s expectation for long-term growth. 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 primarily by food security, water scarcity and population growth.

Infrastructure demand, including for Road Zipper System^TM projects, has proven to be challenging due to constricted government funding and project delays. The infrastructure segment continues to experience revenue and profit volatility due to the project nature of the Road Zipper Systems^TM and the fixed nature of some operating expenses. The Company believes the Road Zipper Systems^TM has an opportunity to drive profitability over the long term as a superior solution to worldwide traffic congestion, lost productivity and energy waste.

For the infrastructure business, government spending on highway and other infrastructure projects remains an impediment to achieving consistent market growth, although the Company believes it has sizeable market penetration opportunities for road safety products and Road Zipper Systems^TM, worldwide, and has seen some positive signs of increased infrastructure activity. Demand for the Company’s transportation safety products continues to be driven by population growth and the need for improved road safety.

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As of November 30, 2013, the Company had an order backlog of $86.6 million compared with $85.1 million at November 30, 2012 and $66.5 million at August 31, 2013. Current year backlog declined in U.S. irrigation markets and was offset by an increase in backlog in international irrigation markets and in the infrastructure segment. The increase in infrastructure backlog included a $12.7 million Road Zipper System order from the Golden Gate Bridge Highway & Transportation District. 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. The Company is pursuing a variety of actions to achieve long-term earnings growth and shareholder value:

• Investment in organic growth including capital expenditures and expansion of international markets,

• Annual increases in dividends to shareholders,

• Synergistic water related acquisitions that provide attractive returns to shareholders, and

• Opportunistic share repurchases taking into account cyclical and seasonal fluctuations.

Results of Operations

For the Three Months ended November 30, 2013 compared to the Three Months ended November 30, 2012

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 November 30, 2013 and 2012. It should be read together with the industry segment information in Note 12 to the condensed consolidated financial statements:

	Three months ended						Percent
	November 30,			November 30,			Increase
($ in thousands)	2013			2012			(Decrease)
Consolidated
Operating revenues	$	147,671		$	147,370			0	%
Gross profit	$	40,151		$	42,857			(6	%)
Gross margin		27.2	%		29.1	%
Operating expenses (1)	$	24,159		$	20,593			17	%
Operating income	$	15,992		$	22,264			(28	%)
Operating margin		10.8	%		15.1	%
Other income (expense), net	$	(175	)	$	119			(247	%)
Income tax expense	$	5,583		$	7,655			(27	%)
Effective income tax rate		35.3	%		34.2	%
Net earnings	$	10,234		$	14,728			(31	%)
Irrigation Equipment Segment
Segment operating revenues	$	129,183		$	134,217			(4	%)
Segment operating income (2)	$	20,311		$	27,468			(26	%)
Segment operating margin (2)		15.7	%		20.5	%
Infrastructure Products Segment
Segment operating revenues	$	18,488		$	13,153			41	%
Segment operating income (2)	$	508		$	(1,318	)		139	%
Segment operating margin (2)		2.7	%		(10.0	%)

(1) Includes $4.8 million and $3.9 million of unallocated general and administrative expenses for the three months ended November 30, 2013 and 2012, respectively.

(2) Excludes unallocated general & administrative expenses.

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Revenues

Operating revenues for the three months ended November 30, 2013 were $147.7 million versus the $147.4 million of operating revenues for the three months ended November 30, 2012 as infrastructure revenues increased by $5.3 million offset by a $5.0 million decrease in irrigation revenues. The irrigation segment provided 87 percent of Company revenue for the three months ended November 30, 2013 as compared to 91 percent of the same prior year period. Total Company revenues remained at record levels in the first fiscal quarter while U.S. irrigation market sales declined as expected, on significantly lower agricultural commodity prices. Meanwhile, the infrastructure segment made significant progress with sales increases in nearly all product lines.

U.S. irrigation revenues for the three months ended November 30, 2013 of $79.3 million decreased 18 percent compared to the three months ended November 30, 2012. The decrease in U.S. irrigation revenues is primarily due to a 31 percent decrease in the number of irrigation systems sold compared to the prior year, with the largest decreases in the Corn Belt where sales were bolstered in fiscal 2013 by drought conditions. Lower commodity prices, with corn decreasing 43 percent and soybeans decreasing 10 percent over the same period last year, contributed to lower demand for U.S. irrigation equipment. The decreases in pivot volume were partially offset by sales of Lakos water filtration systems sold through Claude Laval Corporation, which was acquired during the end of fiscal 2013.

International irrigation revenues for the three months ended November 30, 2013 of $49.9 million increased 32 percent from $37.7 million in the three months ended November 30, 2012. The increase in international irrigation revenues is primarily due to volume increases in the number of irrigation systems, irrigation parts, and pump stations sold compared to the prior year. The international irrigation revenues also increased from incremental export sales of Lakos water filtration systems sold through Claude Laval Corporation. Operating revenues increased most significantly in South America and Australia.

Infrastructure segment revenues were $18.5 million for the three months ended November 30, 2013 increasing 41 percent from $13.2 million for the three months ended November 30, 2012 primarily due to sales increases in road safety products, railroad signals and structures, and Road Zipper Systems^TM. Although the Company experienced sales increases over the prior year, infrastructure sales continue to be constrained by the uncertainty of longer-term plans for highway projects and government funding

Gross Margin

Gross profit for the three months ended November 30, 2013 of $40.2 million decreased 6 percent compared to $42.9 million for three months ended November 30, 2012. The decrease in gross profit was primarily attributable to a decrease in gross margin generated by the irrigation segment. Gross margin was 27.2 percent for the three months ended November 30, 2013 compared to 29.1 percent for the three months ended November 30, 2012. Gross margins in irrigation declined by approximately two percentage points as core U.S. margins improved but were offset by a $2.3 million charge related to a product warranty matter and a higher percentage of sales being made in international markets that typically have lower margins than U.S. sales. Infrastructure gross margins improved by approximately five percentage points primarily due to a higher percentage of sales being attributed to high margin sales of Road Zipper Systems^TM.

Operating Expenses

The Company’s operating expenses of $24.2 million for the three months ended November 30, 2013 increased by $3.6 million over operating expenses incurred during the three months ended November 30, 2012. The acquisition of Claude Laval Corporation in August 2013 resulted in a $2.1 million increase in operating expenses for the period. In addition, the Company incurred approximately $1.2 million of higher personnel expenses. Operating expenses were 16.4 percent of sales for the three months ended November 30, 2013 compared to 14.0 percent of sales for the three months ended November 30, 2012.

Operating margin was 10.8 percent for the three months ended November 30, 2013 as compared to 15.1 percent for the three months ended November 30, 2012.

Income Taxes

The Company recorded income tax expense of $5.6 million and $7.7 million for the three months ended November 30, 2013 and 2012, respectively. The estimated annual effective income tax rate used to calculate income tax expense was 35.3 percent and 34.2 percent for the three months ended November 30, 2013 and 2012, respectively. The increase in the estimated annual effective income tax rate from November 2012 to November 2013 primarily relates to incremental taxes due to earnings mix among jurisdictions.

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Liquidity and Capital Resources

The Company’s cash and cash equivalents totaled $151.8 million at November 30, 2013 compared with $152.2 million at November 30, 2012 and $151.9 million at August 31, 2013. The Company requires cash for financing its receivables and inventories, paying operating expenses and capital expenditures, and for dividends and share repurchases. The Company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under two credit arrangements that are described below. The Company believes its current cash resources, projected operating cash flow, and remaining capacity under its continuing 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’s total cash and cash equivalents held by foreign subsidiaries, in which earnings are considered indefinitely reinvested, was approximately $27.0 million and $17.5 million as of November 30, 2013 and 2012, respectively. The Company considers these funds to be permanently reinvested, and would need to accrue and pay taxes if these funds were repatriated. The Company does not intend to repatriate the funds, and does not expect these funds to have a significant impact on the Company’s overall liquidity.

Net working capital was $275.9 million at November 30, 2013, as compared with $234.2 million at November 30, 2012. The increase in net working capital primarily resulted from increased receivables driven by the timing of collections on large project related international sales. In addition, the working capital increased due to the Claude Laval Corporation, which was acquired during the end of fiscal 2013.

Cash flows provided by operations totaled $5.9 million during the three months ended November 30, 2013 compared to $13.5 million provided by operations during the same prior year period. Cash provided by operations decreased by $7.5 million compared to the prior year period primarily as a result of decreased earnings ($4.5 million) and negative cash flow changes in payables ($15.9 million) offset in part by increases due to positive cash flow changes in receivables ($4.8 million) and inventories ($7.7 million).

Cash flows used in investing activities totaled $3.3 million during the three months ended November 30, 2013 and 2012. Capital spending of $2.4 million in fiscal 2014 increased compared to the prior year capital spending of $2.2 million. The capital spending increase was offset by $0.2 million decrease from settlements of net investment hedges.

Cash flows used in financing activities totaled $3.2 million during the three months ended November 30, 2013 compared to cash flows used in financing activities of $1.7 million during the same prior year period. The increase in cash used in financing activities was primarily due to a $2.4 million change in share-based compensation activities and $0.2 million increase in cash dividends paid offset by a $1.1 million reduction in interest bearing debt payments. The Company’s total interest-bearing debt decreased from $3.2 million at November 30, 2012 to none at November 30, 2013.

Capital Allocation Plan

The Company’s capital allocation plan articulates the Company’s plans to continue to invest in attaining revenue and earnings growth, combined with a defined process for enhancing returns to shareholders through dividends and share repurchases. Under the Company’s announced capital allocation plan, the priorities for uses of cash include:

• Investment in organic growth including capital expenditures and expansion of international markets,

• Annual increases in dividends to shareholders,

• Synergistic water related acquisitions that provide attractive returns to shareholders, and

• Opportunistic share repurchases taking into account cyclical and seasonal fluctuations.

Dividend

The Company’s Board of Directors increased its regular quarterly cash dividend by 100% to $0.26 per share, payable February 28, 2014, to shareholders of record on February 14, 2014.

Share Repurchases

The Company’s Board of Directors replaced its existing share repurchase authorization with an increased authorization to repurchase up to $150 million of common stock. The authorization is in support of the Company’s plans to opportunistically repurchase $100 million to $150 million of common stock over the next 24 months.

- 19 -

Euro Line of Credit

The Company’s wholly-owned European subsidiary, Lindsay Europe SAS, has an unsecured revolving line of credit with Societe Generale, a European commercial bank, under which it may borrow for working capital purposes up to 2.3 million Euros, which equates to approximately $3.1 million U.S. dollars as of November 30, 2013 (the “Euro Line of Credit”). There were no borrowings outstanding on this credit agreement at November 30, 2013 and 2012 and August 31, 2013. 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 (1.33 percent at November 30, 2013). Unpaid principal and interest is due by January 31, 2014. The Company intends to replace the Euro Line of Credit upon expiration of its term.

Revolving Credit Agreement

The Company has an unsecured $30.0 million Revolving Credit Note and Credit Agreement with Wells Fargo Bank, N.A., which was amended on February 13, 2013 in order to extend the termination date from January 23, 2014 to February 13, 2016 (“the “Revolving Credit Agreement”). The borrowings from the Revolving Credit Agreement may primarily be used for working capital purposes and funding acquisitions. At November 30, 2013 and 2012 and August 31, 2013, 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 90 basis points (1.07 percent as of November 30, 2013), subject to adjustment as set forth in the Revolving Credit Agreement. 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 Revolving Credit Agreement. Any unpaid principal and interest is due by February 13, 2016.

The Revolving Credit Agreement contains 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 at specified levels. Upon the occurrence of any event of default of these covenants, including a change in control of the Company, all amounts due thereunder may be declared to be immediately due and payable. The BSI Term Note contained substantially similar covenants. At November 30, 2013 and 2012 and August 31, 2013, 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, 2013.

ITEM 3 - Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes from the Company’s quantitative and qualitative disclosures about market risk previously disclosed in the Company’s most recent Annual Report filed on Form 10-K. See discussion of the Company’s quantitative and qualitative disclosures about market risk under Part II, Item 7A in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2013.

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 November 30, 2013.

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.

Part II – OTHER INFORMATION

ITEM 1 – Legal Proceedings

See the disclosure in Note 9 – Commitments and Contingencies to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q, which disclosure is hereby incorporated herein by reference.

ITEM 1A – Risk Factors

There have been no material changes from risk factors previously disclosed in the Company’s most recent Annual Report filed on Form 10-K. See the discussion of the Company’s risk factors under Part I, Item 1A in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2013.

- 20 -

ITEM 6 – Exhibits

Exhibit No.	Description
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.
10.1*	Lindsay Corporation Management Incentive Plan (“MIP”), 2014 Plan Year. † **
10.2*	Lindsay Corporation Policy on Payment of Directors Fees and Expenses. †
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

† Management contract or compensatory plan or arrangement required to be filed as an exhibit hereto pursuant to Item 6 of Part II of Form 10-Q.

* Filed herein.

** Certain confidential portions of this Exhibit were omitted by means of redacting a portion of the text. This Exhibit has been filed separately with the Secretary of the Commission with the redacted text pursuant to the Company’s application requesting confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934.

*** 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.

- 21 -

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 6^th day of January 2014.

LINDSAY CORPORATION
By:	/s/ JAMES C. RAABE
Name:	James C. Raabe
Title:	Vice President and Chief Financial Officer
	(on behalf of the registrant and as principal financial officer)

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EX-10.1

Exhibit 10.1

LINDSAY CORPORATION

MANAGEMENT INCENTIVE PLAN (MIP)

2014

Plan Year

Table of Contents

1. Purpose	1
2. Definitions	1
3. Effective Date	2
4. Eligibility for Participation	2
5. Enrollment in the Plan	2&3
6. Determination of Target Payout Levels	3&4
7. Basis of Awards	4,5,&6
8. Changes in Employment Status	6
9. Administration	6&7
Attachment A (Calculation Guideline)	8
Attachment: Financial Performance Component Elements	9&10

1. Purpose

The purpose of the Management Incentive Plan (the “Plan”) is to:

• Encourage performance consistent with the Company’s business strategy.

• Focus on near-term performance results as well as progress toward the achievement of long-term objectives.

• Strengthen the link between performance and pay by delivering awards based on measurable corporate and individual goals.

2. Definitions

The terms used in this Plan have the meanings set forth below.

A. “Company” shall mean Lindsay Corporation.

B. “Compensation Committee” shall mean the Compensation Committee of the Company’s Board of Directors.

C. “Financial Performance Component” shall mean the portion of a Participant’s Plan award that is based on the Company’s and specific Market financial performance as defined in Section 7B.

D. “Individual Performance Component” shall mean the portion of a Participant’s Plan award that is based on a Participant’s performance relative to individual objectives established in accordance with Section 7C.

E. “Named Executive Officers” shall mean the executives of the Company listed in the Executive Compensation section of the Company’s Proxy Statement, other executive officers of the Company for SEC reporting purposes and any other elected officers.

F. “Participant” shall mean a key employee eligible for awards under the terms outlined in Section 4 of this Plan.

G. “Plan” shall mean Lindsay Corporation Management Incentive Plan.

1

3. Effective Date

The Plan shall be effective as of September 1, 2013 and will be in effect for the 2014 bonus year. The 2014 bonus year is defined as September 1, 2013 through August 31, 2014.

4. Eligibility for Participation

A. Participation in the Plan is limited to individuals in positions which have significant responsibility for and impact on the Company’s corporate performance.

B. Only the Chief Executive Officer and those employees in grades H through J (elected officers as noted in the annual report) are eligible to be considered for participation in the Plan.

C. Participation in the Plan does not guarantee or entitle any employee to participate in any bonus plan enacted in the future. Participation in the Plan at any target bonus level does not guarantee or entitle any employee to be eligible to participate at any similar target bonus level in any bonus plan which may be enacted in the future.

5. Enrollment in the Plan

A. Initial Enrollment

At the beginning of the Plan year, each Participant must be enrolled in the Plan subject to the approvals and eligibility criteria set forth in Sections 4 and 6. The enrollment process is as follows:

i. Plan Participants will participate in the Plan at the standard target percent per grade level as listed in Section 6.

ii. The Company’s Chief Executive Officer will review the participant list and projected bonus costs of enrolled employees with the Compensation Committee. The Compensation Committee provides final approval on the aggregate potential cost of the Plan.

2

B. Mid-year Enrollment

When hiring or promoting employees during the Plan year who may be eligible for participation in the Plan, the following procedures must be followed:

i. Prior to the commencement of the recruiting or promotion process, the hiring manager consults with Human Resources to determine the position’s eligibility for participation in the Plan and the recommended target bonus amount.

ii. Offer letters indicating bonus Plan participation and target bonus award opportunities to new hires and/or promoted employees must be reviewed by the CEO or, in the case of a Named Executive Officer, by the Compensation Committee. Target bonus recommendations must be approved before communication to a prospective Participant. Generally, employees hired or promoted during the fourth quarter 2014 are not eligible to participate in the 2014 Plan.

6. Determination of Target Payout Levels

A. Incentive awards will be calculated as a percentage of the Participant’s annual base salary received during the Plan year, provided that annual base salary increases which are made during the first quarter of the Plan year will be treated for purposes of calculating a Participant’s bonus as if they had been made at the beginning of the Plan year. The impact of promotions or other adjustments to base pay made after the annual pay adjustment noted above will be prorated for the time in effect. While award amounts will vary based on the range of award opportunity and an assessment of individual performance results, the target award opportunities for each grade level are shown below:

Grade	Target % of Salary
CEO		80	%
J		50	%
I		40	%
H		30	%

i. Actual participation is subject to approval by the CEO and by the Compensation Committee. Actual participation is based on an assessment of the individual’s position impact on the organization.

ii. Standard target percents per grade level should be followed for all Plan Participants.

B. If a Participant’s Plan target award opportunity (Target % of Salary as set forth above) changes due to promotion into a grade level with a higher target bonus, the Participant’s bonus will be calculated based on his or her annual salary during the Plan year and a pro-rated bonus award. The pro-rated bonus award will reflect the portion of the Plan year spent in each grade level (e.g., 26 weeks at 40% and 26 weeks at 50%). In evaluating the performance of Participants who change positions during the Plan year, consideration will be given to the length of time and results in each position. Actual award decisions will be made by the CEO or, in the case of a Named Executive Officer, by the Compensation Committee. Generally, fourth quarter promotions will not result in an increase in a Participant’s target award opportunity.

3

C. Examples of various award calculations are included with this Plan document as Attachment A.

D. The CEO will review and approve award recommendations for all employees other than Named Executive Officers prior to payout. Final approval authority for all payments (except for award payments to the Named Executive Officers) rests with the CEO. Individual award payments for all Participants (except the Named Executive Officers) may be adjusted at any time and for any reason at the discretion of the CEO.

E. The Compensation Committee will determine the award payments to the Named Executive Officers.

F. Award payments will be calculated on an annual basis and paid in accordance with the Company’s normal payroll cycle. Payments will be made during the first quarter following the Plan year. The payment date may be changed at any time and for any reason at the discretion of the CEO, or in the case of a Named Executive Officer, with approval of the Compensation Committee, but may not be later than March 15 following the end of the Plan year for which the award is paid.

7. Basis of Awards

A. Measurable performance objectives for each Plan Participant will be established at the beginning of the Plan year (or at mid-year for mid-year hires or newly eligible employees). In 2014, consideration will be given to:

i. Financial Performance Component: Company and Market financial performance vs. Plan performance objectives in accordance with Section 7B.

ii. Individual Performance Component: Participant’s performance relative to individual goals established in accordance with Section 7C.

4

iii. Individual and Financial Performance Components will be added to reach a Participant’s total bonus. The relative weighting will vary by grade in accordance with the following schedule:

	Financial			Individual
Grade	Performance			Performance
CEO		80	%		20	%
J		80	%		20	%
I		80	%		20	%
H		80	%		20	%

B. At the beginning of the Plan year, the objectives for the Financial Performance Component are identified and approved by the Compensation Committee.

i. Recommended award amounts may range from 0 - 200% of the Financial Performance Component of the Participant’s target award, based on performance.

ii. Percentages between the threshold, intermediate, target, and maximum award will be interpolated.

iii. In the event of an acquisition, revenue, operating income, expenses, fees, assets, liabilities and acquisition fees resulting from the acquisition will be excluded from award payout calculations, unless the Compensation Committee approves a modification to include any such items.

C. The Individual Performance Component will be based on written objectives set annually for Participants by their supervisors and approved by the CEO or, in the case of a Named Executive Officer, by the Compensation Committee. Objectives will be based on the Participant’s position and may be financial, operational or strategic.

i. Objectives under the Individual Performance Component may be linked to team-based goals, if appropriate

ii. Examples of appropriate objectives under the Individual Performance Component include:

• Safety

• Customer Service

• Market Share

• On-time Delivery

• Cost Reduction

• Product Development

5

iii. Recommended award amounts may range from 0% - 200% of the target amount under the Individual Performance Component. Recommended award amounts will be based on an assessment of the individual’s performance relative to objectives established under the Individual Performance Component, in accordance with the following guidelines:

Individual Performance	Payout (as % of Target Individual Performance Component)
Does not meet objectives		0	%
Meets some objectives		50	%
Meets most objectives		75	%
Meets all objectives		100	%
Exceeds objectives		150	%
Significantly exceeds objectives		200	%

iv. The “Payout (as % of Target Individual Performance Component)” represents the payout relative to target award for the Individual Performance Component of the Plan.

8. Changes in Employment Status

A. Participants who cease to be employees of the Company during the Plan year will not be eligible to receive an award. Any exceptions will require the approval of the CEO, or in the case of a Named Executive Officer, the Compensation Committee.

B. In the event that a Participant transfers out of an eligible position into an ineligible position within the Company, the employee may be eligible for a prorated bonus award based upon the approval of the CEO, or in the case of a Named Executive Officer, the Compensation Committee.

C. In all cases awards will be calculated and paid according to the provisions in Sections 6 and 7 of this Plan document.

9. Administration

A. General authority for Plan administration and responsibility for ongoing Plan administration will rest with the Compensation Committee of the Company’s Board of Directors. The Compensation Committee has sole authority for decisions regarding interpretation of the terms of this Plan.

B. This plan is being adopted pursuant to and shall be subject to the terms of the Management Incentive Umbrella Plan as approved by stockholders on January 26, 2009.

6

C. The Company reserves the right to amend or change the Plan in whole or in part at any time during the Plan year. Amendments to the Plan require the approval of the Compensation Committee.

D. Participation in the Plan does not constitute a contract of employment nor a contractual agreement of payment. It shall not affect the right of the Company to discharge, transfer, or change the position of a Participant. The Plan shall not be construed to limit or prevent the Company from adopting or changing, from time to time, any rules, standards or procedures affecting the Participant’s employment with the Company or any Company affiliate, including those which affect bonus payouts.

E. If any provision of this Plan is found to be illegal, invalid or unenforceable under present or future laws, that provision shall be severed from the Plan. If such a provision is severed, this Plan shall be construed and enforced as if the severed provision had never been part of it and the remaining provisions of this Plan shall remain in full force and effect and shall not be affected by the severed provisions or by its severance from this Plan. In place of any severed provision there shall be added automatically as part of this Plan a provision as similar in terms to the severed provision as may be possible and be legal, valid and enforceable.

E. This is not an ERISA plan. This is a bonus program.

7

ATTACHMENT A

Award Calculation Guidelines

The following examples are to be used as guidelines in calculating bonus awards at the end of the 2014 Plan year. Managers should use their discretion in calculating actual bonus awards and may consider exceptions to the calculations below when necessary. Any such exceptions must be fully documented and are subject to review and approval by the Chief Executive Officer, or in the case of a Named Executive Officer, the Compensation Committee.

Full Year Participation				Mid-Year Promotion
Individual Score:		100		Individual Score:		100
Financial Performance Score:		100.00	%	Financial Performance Score:		100.00	%
Individual Score		100		Individual Score		100
Total Incentive Plan %		40	%	Total Incentive Plan %		40	%
% Objectives to Total Incentive Plan Participation		20	%	% Objectives to Total Incentive Plan Participation		20	%
Base Salary	$	150,000		Base Salary	$	150,000
Financial Performance Payout	$	12,000		Financial Performance Payout	$	12,000
Financial Score		100	%	Financial Score		100	%
Total Incentive Plan %		40	%	Total Incentive Plan %		40	%
% Financial to Total Incentive Plan Participation		80	%	% Financial to Total Incentive Plan Participation		80	%
Base Salary	$	150,000		Base Salary	$	150,000
Financial Performance Payout	$	48,000		Financial Performance Payout	$	48,000
Incentive Amount	$	60,000		Incentive Amount	$	60,000
Time Period (weeks)		52		Time Period (weeks)		26
Proration Factor		1		Proration Factor		0.5
Prorated Payout for Time Period	$	60,000		Prorated Payout for Time Period	$	30,000
Partial Year Participation
Individual Score:		100
Financial Performance Score:		100.00	%	Post Promotion Calculation
Individual Score		100		Individual Score		100
Total Incentive Plan %		40	%	Total Incentive Plan %		50	%
% Objectives to Total Incentive Plan Participation		20	%	% Objectives to Total Incentive Plan Participation		20	%
Base Salary	$	150,000		Base Salary	$	200,000
Financial Performance Payout	$	12,000		Financial Performance Payout	$	20,000
Financial Score		100	%	Financial Score		100	%
Total Incentive Plan %		40	%	Total Incentive Plan %		50	%
% Financial to Total Incentive Plan Participation		80	%	% Financial to Total Incentive Plan Participation		80	%
Base Salary	$	150,000		Base Salary	$	200,000
Financial Performance Payout	$	48,000		Financial Performance Payout	$	80,000
Incentive Amount	$	60,000		Incentive Amount	$	100,000
Time Period (weeks)		30		Time Period (weeks)		26
Proration Factor		0.576923		Proration Factor		0.5
Prorated Payout for Time Period	$	34,615		Prorated Payout for Time Period	$	50,000
				Total Prorated Incentive Amount	$	80,000

8

“The Financial Performance Component Elements for Fiscal Year 2014 constitutes confidential information and has been omitted from this filing. This appendix has been filed separately with the Securities and Exchange Commission.”

9

EX-10.2

Exhibit 10.2

LINDSAY CORPORATION

POLICY ON PAYMENT OF DIRECTOR FEES AND EXPENSES

(Adopted at Board of Directors Meeting on January 25, 2000, as amended

at Board of Directors Meetings of December 5, 2003, July 13, 2004, January 29, 2007,

May 4, 2007, July 2, 2008, December 1, 2011, November 29, 2012 and September 26, 2013)

Outside Directors who are not employees of the Company are compensated or have expenses reimbursed as follows, effective September 1, 2013:

• $60,000 Annual Fee as Director: Payment of $15,000 is made by check in December, March, June and September ($60,000 total).

• $45,000 Annual Fee as Chairman of Board of Directors: Payment of $11,250 is made by check in December, March, June and September ($45,000 total) in addition to the annual fee as a Director, if the Chairman of the Board is an outside Director; provided that the Chairman of the Board may not also receive an additional fee for serving as Chairman of any standing or special committee.

• $10,000 Annual Fee as Chairman of the Audit Committee, $8,000 Annual Fee as Chairman of the Compensation Committee and $5,000 Annual Fee as Chairman of the Corporate Governance and Nominating Committee: Payment of one-quarter of the fee is made by check in December, March, June and September in addition to the annual fee as a Director; provided that the annual fee to serve as the Chairman of any Committee shall not be payable if the Chairman of such Committee is also serving as Chairman of the Board of Directors.

• $5,000 Annual Fee as member of the Audit Committee, $3,000 Annual Fee as member of the Compensation Committee and $2,000 Annual Fee as member of the Corporate Governance and Nominating Committee: Payment of one-quarter of the fee is made by check in December, March, June and September in addition to the annual fee as a Director and the annual fees paid to the Chairman of such Committee.

• Lindsay will reimburse outside Directors for actual and reasonable expenses they incur associated with travel for Lindsay meetings or other Lindsay business, including first class commercial airfare (or travel by private plane for distances of less than 1,000 miles if commercial air travel is difficult or inconvenient or more than 1,000 miles if authorized or approved by the Chairman of the Board of Directors or the Chairman of the Audit Committee), car rental, taxi, parking, meals, tips and hotel expenses. Reimbursement for other expenses may be authorized or approved by the Chairman of the Board of Directors or the Chairman of the Audit Committee.

• Directors who are not employees of the Company receive annual grants of restricted stock units with an award value of $70,000 with the grant being made on the date of the annual meeting of stockholders. The number of units awarded will equal $70,000 divided by the closing stock price on the date of grant. These restricted stock units vest on November 1 following the date of grant.

• New directors who are not employees of the Company that join the Board of Directors at a time other than the annual meeting of stockholders receive a one-time grant of restricted stock units with an award value equal to the prorated amount of the last annual grant of restricted stock units based on the amount of time the new director will serve on the Board of Directors until the next annual meeting of stockholders, with the grant being made on the date of their first regular Board meeting as a director. The number of units awarded will equal the prorated amount divided by the closing stock price on the date of grant. These restricted stock units vest on the earlier of November 1 following the date of grant or the date of the next annual meeting of stockholders. For the sake of clarity, this prorated grant of restricted stock units will not apply to a new director who joins the Board of Directors at an annual meeting of the stockholders.

- 2 -

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	January 6, 2014

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	January 6, 2014

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 November 30, 2013, 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

January 6, 2014

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

Warranties

3 Months Ended

Nov. 30, 2013

Warranties [Abstract]

Warranties

Note 10 – Warranties

The following table provides the changes in the Company’s product warranties:

	Three months ended
	November 30,		November 30,
($ in thousands)	2013		2012
Warranties:
Product warranty accrual balance, beginning of period	$	6,695	$	4,848
Liabilities accrued for warranties during the period		3,042		1,292
Warranty claims paid during the period		(1,115)		(1,088)
Product warranty accrual balance, end of period	$	8,622	$	5,052

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Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Other comprehensive income, tax expense (benefit)	$ (357)	$ (393)

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Net Earnings Per Share

3 Months Ended

Nov. 30, 2013

Net Earnings Per Share [Abstract]

Net Earnings Per Share

Note 3 – Net Earnings per Share

The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2013 and 2012:

	Three months ended
	November 30,		November 30,
($ and shares in thousands, except per share amounts)	2013		2012
Numerator:
Net earnings	$	10,234	$	14,728
Denominator:
Weighted average shares outstanding		12,889		12,756
Diluted effect of stock equivalents		62		97
Weighted average shares outstanding assuming dilution		12,951		12,853
Basic net earnings per share	$	0.79	$	1.15
Diluted net earnings per share	$	0.79	$	1.15

Certain stock options and restricted stock units are excluded from the computation of diluted net earnings per share because their effect is anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. Items excluded from the calculation were not significant for the three months ended November 30, 2013 and 2012.

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Financial Derivatives (Tables)

3 Months Ended

Nov. 30, 2013

Financial Derivatives [Abstract]

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

	Fair Values of Derivative Instruments
	Asset (Liability)
		November 30,		November 30,		August 31,
($ in thousands)	Balance Sheet Classification	2013		2012		2013
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	18	$	-	$	151
Foreign currency forward contracts	Other current liabilities		(287)		(359)		(258)
Interest rate swap	Other current liabilities		-		(45)		-
Total derivatives designated as hedging  instruments		$	(269)	$	(404)	$	(107)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	132	$	128	$	78
Foreign currency forward contracts	Other current liabilities		(1)		-		(33)
Total derivatives not designated as hedging instruments		$	131	$	128	$	45

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

	Amount of Gain/(Loss) Recognized in OCI on Derivatives
	Three months ended
	November 30,		November 30,
($ in thousands)	2013		2012
Foreign currency forward contracts, net of tax expense (benefit) of ($403) and ($385)	$	(695)	$	(631)

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Share-Based Compensation

3 Months Ended

Nov. 30, 2013

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 11 – Share-Based Compensation

The Company’s current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units (“RSUs”), stock appreciation rights, performance shares and performance stock units (“PSUs”) to employees and non-employee directors of the Company.  The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $1.2million for each of the three months ended November 30, 2013 and 2012.

The following table illustrates the type and fair value of the share-based compensation awards granted during the three month periods ended November 30, 2013 and 2012, respectively:

	Three months ended November 30,
	2013			2012
		Grant-Date Fair Value			Grant-Date Fair Value
	# Granted	Per Award		# Granted	Per Award
Stock options	25,394	$	40.42	24,684	$	40.09
RSUs	29,619	$	74.84	25,279	$	74.31
PSUs	13,434	$	74.84	13,072	$	74.31

The RSUs granted in 2013 and 2012 consisted of 2,977 and 2,057, respectively, of awards that will be settled in cash. The weighted average stock price on the date of grant was $76.39 and $75.68 for 2013 and 2012, respectively.

The following table provides the assumptions used in determining the fair value of the option awards for the three month periods ended November 30, 2013 and 2012, respectively:

	Grant Year
	2013	2012
Weighted-average dividend yield	0.68%	0.61%
Weighted-average volatility	55.23%	56.26%
Range of risk-free interest rates	1.91%	1.21%
Weighted-average expected lives	7 years	7 years

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Other Current Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Other Current Liabilities [Abstract]
Compensation and benefits	$ 11,962	$ 18,471	$ 10,772
Warranties	8,622	6,695	5,052
Dealer related liabilities	6,588	7,134	3,405
Income tax liabilities	6,367	3,550	4,129
Deferred revenues	5,677	4,790	2,555
Other	17,916	19,176	13,228
Total other current liabilities	$ 57,132	$ 59,816	$ 39,141

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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
	Nov. 30, 2013	Nov. 30, 2012
Financial Derivatives [Abstract]
Foreign currency forward contracts, net of tax expense	$ (695)	$ (631)
Tax expense (benefit)	$ (403)	$ (385)

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Warranties (Tables)

3 Months Ended

Nov. 30, 2013

Warranties [Abstract]

Schedule Of Product Warranty Liability

	Three months ended
	November 30,		November 30,
($ in thousands)	2013		2012
Warranties:
Product warranty accrual balance, beginning of period	$	6,695	$	4,848
Liabilities accrued for warranties during the period		3,042		1,292
Warranty claims paid during the period		(1,115)		(1,088)
Product warranty accrual balance, end of period	$	8,622	$	5,052

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Commitments And Contingencies (Tables)

3 Months Ended

Nov. 30, 2013

Commitments And Contingencies [Abstract]

Summary Of Undiscounted Environmental Remediation Liability Classifications

Environmental Remediation Liabilities
($ in thousands)	November 30,		November 30,		August 31,
Balance Sheet Classification	2013		2012		2013
Other current liabilities	$	1,516	$	2,391	$	1,740
Other noncurrent liabilities		5,200		5,200		5,200
Total environmental remediation liabilities	$	6,716	$	7,591	$	6,940

XML

Industry Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2011
Segment Reporting Information [Line Items]
Total operating revenues	$ 147,671,000	$ 147,370,000
Segment operating income	20,819,000	26,150,000
Unallocated general and administrative expenses	(4,827,000)	(3,886,000)
Interest and other income (expense), net	(175,000)	119,000
Earnings before income taxes	15,817,000	22,383,000
Capital Expenditures	2,387,000	2,215,000
Depreciation and Amortization	3,707,000	3,130,000
Environmental remediation expenses			7,200,000
Irrigation [Member]
Segment Reporting Information [Line Items]
Number of operating segments	13
Total operating revenues	129,183,000	134,217,000
Segment operating income	20,311,000	27,468,000
Capital Expenditures	2,228,000	2,085,000
Depreciation and Amortization	2,358,000	1,704,000
Infrastructure [Member]
Segment Reporting Information [Line Items]
Number of operating segments	2
Total operating revenues	18,488,000	13,153,000
Segment operating income	508,000	(1,318,000)
Capital Expenditures	159,000	130,000
Depreciation and Amortization	$ 1,349,000	$ 1,426,000

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Inventories (Schedule Of Inventories) (Details) (USD $) In Thousands, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Inventories [Abstract]
Raw materials and supplies	$ 20,386	$ 19,369	$ 14,447
Work in process	7,045	5,665	5,040
Finished goods and purchased parts	54,540	50,038	54,675
Total inventory value before LIFO adjustment	81,971	75,072	74,162
Less adjustment to LIFO value	(6,357)	(6,465)	(6,912)
Inventories, net	$ 75,614	$ 68,607	$ 67,250

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Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) In Thousands, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012	Aug. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 151,803	$ 151,927	$ 152,173	$ 143,444
Derivative assets	150	229	128
Derivative liabilities	(288)	(291)	(404)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	151,803	151,927	152,173
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	150	229	128
Derivative liabilities	$ (288)	$ (291)	$ (404)

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Acquisitions (Narrative) (Details) (Claude Laval Corporation [Member], USD $) In Thousands, unless otherwise specified	0 Months Ended
	Aug. 16, 2013
Claude Laval Corporation [Member]
Percent of shares acquired	100.00%
Total consideration paid	$ 29,007
Finite-lived intangible assets	7,100
Indefinite-lived intangible assets	$ 6,500
Weighted average useful life in years	8 years

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Acquisitions (Tables)

3 Months Ended

Nov. 30, 2013

Acquisitions [Abstract]

Schedule Of Consideration Paid And Amounts Of Fair Value Of Assets Acquired And Liabilities Assumed

$ in thousands	Amount
Identifiable assets acquired and liabilities assumed:
Current assets	$	8,656
Property and equipment		7,867
Intangible assets		13,600
Other long-term assets		738
Current liabilities		(1,808)
Long-term debt		(1,400)
Other long-term liabilities		(5,500)
Total identifiable net assets acquired		22,153
Goodwill		6,854
Total	$	29,007

Schedule Of Identifiable Intangible Assets At Fair Value

$ in thousands	Weighted Average Useful Life in Years	Fair Value of Identifiable Asset
Intangible assets:
Tradenames	N/A	$	6,500
Patents	10.0		4,600
Customer relationships	5.0		1,600
Non-compete agreements	5.0		500
Other	1.3		400
Total intangible assets		$	13,600

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Share-Based Compensation (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1.2	$ 1.2
Awards To Be Settled In Cash [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total units of restricted stock granted	2,977	2,057
Weighted average grant date fair value of restricted stock	$ 76.39	$ 75.68

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Fair Value Measurements (Tables)

3 Months Ended

Nov. 30, 2013

Fair Value Measurements [Abstract]

Schedule Of Financial Assets And Liabilities Measured At Fair Value

	November 30, 2013
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	151,803	$	-	$	-	$	151,803
Derivative assets		-		150		-		150
Derivative liabilities		-		(288)		-		(288)
	November 30, 2012
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	152,173	$	-	$	-	$	152,173
Derivative assets		-		128		-		128
Derivative liabilities		-		(404)		-		(404)
	August 31, 2013
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	151,927	$	-	$	-	$	151,927
Derivative assets		-		229		-		229
Derivative liabilities		-		(291)		-		(291)

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Condensed Consolidated Balance Sheets [Abstract]
Receivables, allowance	$ 3,349	$ 2,853	$ 1,645
Preferred stock, par value	$ 1	$ 1	$ 1
Preferred stock, authorized	2,000,000	2,000,000	2,000,000
Preferred stock, issued	0	0	0
Common stock, par value	$ 1	$ 1	$ 1
Common stock, authorized	25,000,000	25,000,000	25,000,000
Common stock, issued	18,620,000
Treasury stock, shares	5,698,000	5,698,000	5,698,000

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Condensed Consolidated Financial Statements

3 Months Ended

Nov. 30, 2013

Condensed Consolidated Financial Statements [Abstract]

Condensed Consolidated Financial Statements

Note 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 (“U.S. GAAP”) 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 most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2013.

In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of 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 U.S. GAAP. 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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Income Taxes

3 Months Ended

Nov. 30, 2013

Income Taxes [Abstract]

Income Taxes

Note 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 income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded no material discrete items for the three months ended November 30, 2013 and 2012.

The Company recorded income tax expense of $5.6 million and $7.7 million for the three months ended November 30, 2013 and 2012, respectively.  The estimated annual effective income tax rate used to calculate income tax expense before discrete items was 35.3 percent and 34.2 percent for the three months ended November 30, 2013 and 2012, respectively. The increase in the estimated annual effective income tax rate from November 2012 to November 2013 primarily relates to incremental taxes due to earnings mix among jurisdictions.

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New Accounting Pronouncements

3 Months Ended

Nov. 30, 2013

New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

Note 2 – New Accounting Pronouncements

Newly Adopted Accounting Standards

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Amendments to Disclosures about Offsetting Assets and Liabilities and in January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The objective of ASU No. 2011-11 and ASU No. 2013-01 is to provide enhanced disclosures that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on its financial position. Derivative instruments accounted for in accordance with Accounting Standards Codification (“ASC”) 815, repurchase agreements, reverse repurchase agreements, securities borrowing, and securities lending transactions are subject to ASU No. 2011-11 disclosure requirements. ASU No. 2011-11 and ASU No. 2013-01 became effective for the Company beginning the first quarter of fiscal year 2014.  The adoption of these standards did not have a material impact on the condensed consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.  The objective of ASU No. 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”).  Entities are required to disclose changes in AOCI balances by component and significant items reclassified out of AOCI.  ASU No. 2013-02 became effective for the Company beginning the first quarter of fiscal year 2014.  The reclassification disclosures were not included in this Quarterly Report on Form 10-Q as the reclassifications out of AOCI were immaterial for the three months ended November 30, 2013 and 2012.

New Accounting Standards Issued but not yet adopted

In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.  The objective of ASU No. 2013-05 is to clarify the applicable guidance for the release of the cumulative translation adjustment under U.S. GAAP.  The effective date for ASU No. 2013-05 will be the first quarter of fiscal year 2015.  The Company does not expect the adoption of this standard to impact its condensed consolidated financial statements.

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Commitments And Contingencies (Details) (USD $)	3 Months Ended
	Nov. 30, 2011	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Commitments And Contingencies [Abstract]
Environmental remediation expense	$ 7,200,000
Other current liabilities		1,516,000	1,740,000	2,391,000
Other noncurrent liabilities		5,200,000	5,200,000	5,200,000
Total environmental remediation liabilities		$ 6,716,000	$ 6,940,000	$ 7,591,000

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Share-Based Compensation (Tables)

3 Months Ended

Nov. 30, 2013

Share-Based Compensation [Abstract]

Summary Of Type And Fair Value Of Share-Based Compensation Awards

	Three months ended November 30,
	2013			2012
		Grant-Date Fair Value			Grant-Date Fair Value
	# Granted	Per Award		# Granted	Per Award
Stock options	25,394	$	40.42	24,684	$	40.09
RSUs	29,619	$	74.84	25,279	$	74.31
PSUs	13,434	$	74.84	13,072	$	74.31

Schedule Of Assumptions Used In Determining The Fair Value Of The Option Awards

	Grant Year
	2013	2012
Weighted-average dividend yield	0.68%	0.61%
Weighted-average volatility	55.23%	56.26%
Range of risk-free interest rates	1.91%	1.21%
Weighted-average expected lives	7 years	7 years

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Net Earnings Per Share (Schedule Of Computation Of Basic And Diluted Net Earnings Per Share)(Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Net Earnings Per Share [Abstract]
Net earnings	$ 10,234	$ 14,728
Weighted average shares outstanding	12,889	12,756
Diluted effect of stock equivalents	62	97
Weighted average shares outstanding assuming dilution	12,951	12,853
Basic net earnings per share	$ 0.79	$ 1.15
Diluted net earnings per share	$ 0.79	$ 1.15

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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	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Derivatives Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	$ (269)	$ (107)	$ (404)
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Foreign currency forward contracts, liabilities	(287)	(258)	(359)
Derivatives Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap, liabilities			(45)
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Foreign currency forward contracts, assets	18	151
Derivatives Not Designated As Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	131	45	128
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Foreign currency forward contracts, liabilities	(1)	(33)
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Foreign currency forward contracts, assets	$ 132	$ 78	$ 128

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Acquisitions (Schedule Of Consideration Paid And Amounts Of Fair Value Of Assets Acquired And Liabilities Assumed) (Details) (USD $) In Thousands, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012	Aug. 16, 2013 Claude Laval Corporation [Member]
Current assets				$ 8,656
Property and equipment				7,867
Intangible assets				13,600
Other long-term assets				738
Current liabilities				(1,808)
Long-term debt				(1,400)
Other long-term liabilities				(5,500)
Total identifiable net assets acquired				22,153
Goodwill	37,193	37,414	30,114	6,854
Total				$ 29,007

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Share-Based Compensation (Schedule Of Assumptions Used In Determining The Fair Value Of The Option Awards) (Details)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Share-Based Compensation [Abstract]
Weighted-average dividend yield	0.68%	0.61%
Weighted-average volatility	55.23%	56.26%
Range of risk-free interest rates	1.91%	1.21%
Weighted-average expected lives	7 years	7 years

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Condensed Consolidated Statements Of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net earnings	$ 10,234	$ 14,728
Defined benefit pension plan adjustment, net of tax	28	33
Unrealized gain on cash flow hedges, net of tax		26
Foreign currency translation adjustment, net of hedging activities and tax	877	(41)
Total other comprehensive income, net of tax (benefit) of ($357) and ($393)	905	18
Total comprehensive income	$ 11,139	$ 14,746

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Financial Derivatives

3 Months Ended

Nov. 30, 2013

Financial Derivatives [Abstract]

Financial Derivatives

Note 7 – 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.  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 November 30, 2013, the Company’s derivative counterparty had investment grade credit ratings.  Financial derivatives consist of the following:

	Fair Values of Derivative Instruments
	Asset (Liability)
		November 30,		November 30,		August 31,
($ in thousands)	Balance Sheet Classification	2013		2012		2013
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	18	$	-	$	151
Foreign currency forward contracts	Other current liabilities		(287)		(359)		(258)
Interest rate swap	Other current liabilities		-		(45)		-
Total derivatives designated as hedging  instruments		$	(269)	$	(404)	$	(107)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	132	$	128	$	78
Foreign currency forward contracts	Other current liabilities		(1)		-		(33)
Total derivatives not designated as hedging instruments		$	131	$	128	$	45

Accumulated other comprehensive income (“AOCI”) included realized and unrealized after-tax gains of $1.4 million, $1.7 million and $2.0 million at November 30, 2013 and 2012 and August 31, 2013, respectively, related to derivative contracts designated as hedging instruments.

	Amount of Gain/(Loss) Recognized in OCI on Derivatives
	Three months ended
	November 30,		November 30,
($ in thousands)	2013		2012
Foreign currency forward contracts, net of tax expense (benefit) of ($403) and ($385)	$	(695)	$	(631)

For the three months ended November 30, 2013 and 2012, the Company settled foreign currency forward contracts resulting in an after-tax net loss of $0.6 million and $0.7 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 foreign currency forward contracts related to net investment hedges for the three months ended November 30, 2013 and 2012. Accumulated currency translation adjustments from net investment hedges in AOCI at November 30, 2013 and 2012 and August 31, 2013 reflected realized and unrealized after-tax gains of $1.4 million, $1.8 million and $2.0 million, respectively.

At November 30, 2013 and 2012 and August 31, 2013, the Company had outstanding Euro foreign currency forward contracts to sell 29.1 million Euro, 13.0 million Euro and 29.2 million Euro, respectively, at fixed prices to settle during the next fiscal quarter. At November 30, 2013 and August 31, 2013, the Company had an outstanding South African Rand foreign currency forward contract to sell 43.0million South African Rand 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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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Current Assets:
Cash and cash equivalents	$ 151,803	$ 151,927	$ 152,173
Receivables, net of allowance of $3,349, $1,645 and $2,853	122,093	120,291	88,893
Inventories, net	75,614	68,607	67,250
Deferred income taxes	13,469	12,705	8,171
Other current assets	15,989	15,261	10,719
Total current assets	378,968	368,791	327,206
Property, Plant And Equipment:
Cost	156,299	153,422	139,032
Less accumulated depreciation	(91,047)	(88,358)	(82,947)
Property, plant and equipment, net	65,252	65,064	56,085
Intangibles, net	35,029	36,007	24,410
Goodwill	37,193	37,414	30,114
Other noncurrent assets	5,261	5,020	5,063
Total assets	521,703	512,296	442,878
Current Liabilities:
Accounts payable	45,902	42,276	50,662
Current portion of long-term debt			3,214
Other current liabilities	57,132	59,816	39,141
Total current liabilities	103,034	102,092	93,017
Pension benefits liabilities	6,263	6,324	6,749
Deferred income taxes	14,715	15,415	9,622
Other noncurrent liabilities	8,022	7,827	7,417
Total liabilities	132,034	131,658	116,805
Shareholders' Equity:
Preferred stock of $1 par value - Authorized 2,000 shares, none issued
Common stock of $1 par value - Authorized 25,000 shares; 18,620 issued	18,620	18,571	18,531
Capital in excess of stated value	49,288	49,764	44,995
Retained earnings	414,133	405,580	354,367
Less treasury stock (at cost, 5,698 shares)	(90,961)	(90,961)	(90,961)
Accumulated other comprehensive loss, net	(1,411)	(2,316)	(859)
Total shareholders' equity	389,669	380,638	326,073
Total liabilities and shareholders' equity	$ 521,703	$ 512,296	$ 442,878

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Condensed Consolidated Statements Of Operations (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Condensed Consolidated Statements Of Operations [Abstract]
Operating revenues	$ 147,671,000	$ 147,370,000
Cost of operating revenues	107,520,000	104,513,000
Gross profit	40,151,000	42,857,000
Operating expenses:
Selling expense	9,756,000	7,321,000
General and administrative expense	11,743,000	10,118,000
Engineering and research expense	2,660,000	3,154,000
Total operating expenses	24,159,000	20,593,000
Operating income	15,992,000	22,264,000
Other income (expense):
Interest expense	(39,000)	(143,000)
Interest income	135,000	138,000
Other income (expense), net	(271,000)	124,000
Earnings before income taxes	15,817,000	22,383,000
Income tax expense	5,583,000	7,655,000
Net earnings	$ 10,234,000	$ 14,728,000
Earnings per share:
Basic	$ 0.79	$ 1.15
Diluted	$ 0.79	$ 1.15
Shares used in computing earnings per share:
Basic	12,889	12,756
Diluted	12,951	12,853
Cash dividends declared per share	$ 0.130	$ 0.115

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Acquisitions (Schedule Of Identifiable Intangible Assets At Fair Value) (Details) (Claude Laval Corporation [Member], USD $) In Thousands, unless otherwise specified	0 Months Ended
	Aug. 16, 2013
Indefinite-lived intangible assets	$ 6,500
Finite-lived intangible assets	7,100
Total intangible assets	13,600
Weighted average useful life in years	8 years
Patents [Member]
Finite-lived intangible assets	4,600
Weighted average useful life in years	10 years
Customer Relationships [Member]
Finite-lived intangible assets	1,600
Weighted average useful life in years	5 years
Noncompete Agreements [Member]
Finite-lived intangible assets	500
Weighted average useful life in years	5 years
Other Intangible Assets [Member]
Finite-lived intangible assets	400
Weighted average useful life in years	1 year 3 months 18 days
Trade Names [Member]
Indefinite-lived intangible assets	$ 6,500

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Industry Segment Information (Tables)

3 Months Ended

Nov. 30, 2013

Industry Segment Information [Abstract]

Schedule Of Segment Reporting Information, By Segment

	Three months ended
	November 30,		November 30,
($ in thousands)	2013		2012
Operating revenues:
Irrigation	$	129,183	$	134,217
Infrastructure		18,488		13,153
Total operating revenues	$	147,671	$	147,370
Operating income (loss):
Irrigation	$	20,311	$	27,468
Infrastructure		508		(1,318)
Segment operating income		20,819		26,150
Unallocated general and administrative expenses		(4,827)		(3,886)
Interest and other income (expense), net		(175)		119
Earnings before income taxes	$	15,817	$	22,383
Capital Expenditures:
Irrigation	$	2,228	$	2,085
Infrastructure		159		130
	$	2,387	$	2,215
Depreciation and Amortization:
Irrigation	$	2,358	$	1,704
Infrastructure		1,349		1,426
	$	3,707	$	3,130

Reconciliation Of Assets From Segment To Consolidated

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Total Assets:
Irrigation	$	395,981	$	331,872	$	391,527
Infrastructure		125,722		111,006		120,769
	$	521,703	$	442,878	$	512,296

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Inventories (Tables)

3 Months Ended

Nov. 30, 2013

Inventories [Abstract]

Schedule Of Inventories

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Raw materials and supplies	$	20,386	$	14,447	$	19,369
Work in process		7,045		5,040		5,665
Finished goods and purchased parts		54,540		54,675		50,038
Total inventory value before LIFO adjustment		81,971		74,162		75,072
Less adjustment to LIFO value		(6,357)		(6,912)		(6,465)
Inventories, net	$	75,614	$	67,250	$	68,607

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Share-Based Compensation (Summary Of Type And Fair Value Of Share-Based Compensation Awards) (Details) (USD $)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number granted	25,394	24,684
Grant-date fair value per award	$ 40.42	$ 40.09
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number granted	29,619	25,279
Grant-date fair value per award	$ 74.84	$ 74.31
Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number granted	13,434	13,072
Grant-date fair value per award	$ 74.84	$ 74.31

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Fair Value Measurements (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Fair Value Measurements [Abstract]
Fair value of the long-term debt	$ 0	$ 0	$ 3.2

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Credit Arrangements (Narrative) (Details) (USD $)	Nov. 30, 2013
Credit Arrangements [Abstract]
Long-term debt outstanding	$ 0

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Financial Derivatives (Narrative) (Details) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended						3 Months Ended
	Nov. 30, 2013 USD ($)	Nov. 30, 2012 USD ($)	Aug. 31, 2013 USD ($)	Nov. 30, 2013 Euro [Member] EUR (€)	Aug. 31, 2013 Euro [Member] EUR (€)	Nov. 30, 2012 Euro [Member] EUR (€)	Nov. 30, 2013 Rand [Member] ZAR	Aug. 31, 2013 Rand [Member] ZAR	Nov. 30, 2013 Foreign Currency Forward Contracts [Member] USD ($)	Nov. 30, 2012 Foreign Currency Forward Contracts [Member] USD ($)
Derivatives, Fair Value [Line Items]
Realized and unrealized gains, net of related income tax effects	$ 1.4	$ 1.7	$ 2.0
Derivative contracts resulting in an after-tax net loss									0.6	0.7
Accumulated currency translation adjustments in AOCI, after-tax gains	1.4	1.8	2.0
Outstanding foreign currency forward contracts to sell				€ 29.1	€ 29.2	€ 13.0	43.0	43.0

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Credit Arrangements

3 Months Ended

Nov. 30, 2013

Credit Arrangements [Abstract]

Credit Arrangements

Note 6 – Credit Arrangements

At November 30, 2013 and 2012 and August 31, 2013, the Company was in compliance with all loan covenants. There have been no changes made to credit arrangements since August 31, 2013. The Company has no outstanding long-term debt as of November 30, 2013.

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Other Current Liabilities (Tables)

3 Months Ended

Nov. 30, 2013

Other Current Liabilities [Abstract]

Other Current Liabilities

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Other current liabilities:
Compensation and benefits	$	11,962	$	10,772	$	18,471
Warranties		8,622		5,052		6,695
Dealer related liabilities		6,588		3,405		7,134
Income tax liabilities		6,367		4,129		3,550
Deferred revenues		5,677		2,555		4,790
Other		17,916		13,228		19,176
Total other current liabilities	$	57,132	$	39,141	$	59,816

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Warranties (Schedule Of Product Warranty Liability) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Warranties [Abstract]
Product warranty accrual balance, beginning of period	$ 6,695	$ 4,848
Liabilities accrued for warranties during the period	3,042	1,292
Warranty claims paid during the period	(1,115)	(1,088)
Product warranty accrual balance, end of period	$ 8,622	$ 5,052

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Commitments And Contingencies

3 Months Ended

Nov. 30, 2013

Commitments And Contingencies [Abstract]

Commitments And Contingencies

Note 9 – Commitments and Contingencies

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.  The Company has established accruals for certain proceedings based on an assessment of probability of loss.  The Company believes that any potential loss in excess of the amounts accrued would not have a material effect on the business or its condensed consolidated financial statements.  Such proceedings are exclusive of environmental remediation matters which are discussed separately below.

Environmental Remediation

In 1992, the Company entered into a consent decree with the U.S. Environmental Protection Agency (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 soil and groundwater.  To date, the remediation process has consisted primarily of drilling wells into the aquifer and pumping water to the surface to allow these contaminants to be removed by aeration.

In 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 $7.2million in remediation and operating costs and accrued that undiscounted amount as an operating expense in the first quarter of fiscal 2012.  The EPA has not approved the Company’s remediation plan.

In fiscal 2013, the Company and the EPA conducted a periodic five-year review of the status of the remediation of the contamination site. The Company intends to complete additional investigation of the soil and groundwater on the site during fiscal 2014 with the expectation that the Company will then come to an agreement with the EPA on how to proceed.  During the first three months of fiscal 2014, the Company did not accrue any additional incremental costs related to environmental remediation liabilities.  The Company anticipates there could be revisions to the current remediation plan as a result of these activities and as additional information is obtained. Any revisions could be material to the operating results of any fiscal quarter or fiscal year.  The Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition.

The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated.  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 could 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.  In addition, the current investigation has not yet been completed and does not include all potentially affected areas on the site.  Due to the current stage of discussions with the EPA and the uncertainty of the remediation actions that may be required with respect to these affected areas, the Company believes that meaningful estimates of costs or range of costs cannot currently be made and accordingly have not been accrued.

The following table summarizes the undiscounted environmental remediation liability classifications included in the balance sheet as of November 30, 2013 and 2012 and August 31, 2013:

Environmental Remediation Liabilities
($ in thousands)	November 30,		November 30,		August 31,
Balance Sheet Classification	2013		2012		2013
Other current liabilities	$	1,516	$	2,391	$	1,740
Other noncurrent liabilities		5,200		5,200		5,200
Total environmental remediation liabilities	$	6,716	$	7,591	$	6,940

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Inventories

3 Months Ended

Nov. 30, 2013

Inventories [Abstract]

Inventories

Note 5 – Inventories

Inventories consisted of the following as of November 30, 2013, November 30, 2012 and August 31, 2013:

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Raw materials and supplies	$	20,386	$	14,447	$	19,369
Work in process		7,045		5,040		5,665
Finished goods and purchased parts		54,540		54,675		50,038
Total inventory value before LIFO adjustment		81,971		74,162		75,072
Less adjustment to LIFO value		(6,357)		(6,912)		(6,465)
Inventories, net	$	75,614	$	67,250	$	68,607

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 10,234	$ 14,728
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	3,707	3,130
Provision for uncollectible accounts receivable	442	199
Deferred income taxes	(1,365)	(782)
Share-based compensation expense	1,180	1,219
Other, net	(244)	157
Changes in assets and liabilities:
Receivables	(1,608)	(6,441)
Inventories	(6,608)	(14,341)
Other current assets	(431)	(357)
Accounts payable	3,356	19,210
Other current liabilities	(5,986)	(4,396)
Current taxes payable	3,140	1,312
Other noncurrent assets and liabilities	111	(181)
Net cash provided by operating activities	5,928	13,457
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(2,387)	(2,215)
Proceeds from sale of property, plant and equipment	34
Proceeds from settlement of net investment hedges	101
Payments for settlement of net investment hedges	(1,035)	(1,093)
Net cash used in investing activities	(3,287)	(3,308)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		1,082
Common stock withheld for payroll tax withholdings	(2,027)	(2,441)
Principal payments on long-term debt		(1,072)
Excess tax benefits from share-based compensation	465	2,185
Dividends paid	(1,681)	(1,476)
Net cash used in financing activities	(3,243)	(1,722)
Effect of exchange rate changes on cash and cash equivalents	478	302
Net change in cash and cash equivalents	(124)	8,729
Cash and cash equivalents, beginning of period	151,927	143,444
Cash and cash equivalents, end of period	$ 151,803	$ 152,173

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Industry Segment Information (Reconciliation Of Assets From Segment To Consolidated) (Details) (USD $) In Thousands, unless otherwise specified	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012
Segment Reporting Information [Line Items]
Assets	$ 521,703	$ 512,296	$ 442,878
Irrigation [Member]
Segment Reporting Information [Line Items]
Assets	395,981	391,527	331,872
Infrastructure [Member]
Segment Reporting Information [Line Items]
Assets	$ 125,722	$ 120,769	$ 111,006

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Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Income Taxes [Abstract]
Income tax expense	$ 5,583	$ 7,655
Estimated effective income tax rate	35.30%	34.20%

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Industry Segment Information

3 Months Ended

Nov. 30, 2013

Industry Segment Information [Abstract]

Industry Segment Information

Note 12 – Industry Segment Information

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, controls, and filtration solutions.  The irrigation reporting segment consists of thirteen 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 Road Zipper SystemsTM, 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 two 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.

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. 

The Company had no single major customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2013 and 2012.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables:

	Three months ended
	November 30,		November 30,
($ in thousands)	2013		2012
Operating revenues:
Irrigation	$	129,183	$	134,217
Infrastructure		18,488		13,153
Total operating revenues	$	147,671	$	147,370
Operating income (loss):
Irrigation	$	20,311	$	27,468
Infrastructure		508		(1,318)
Segment operating income		20,819		26,150
Unallocated general and administrative expenses		(4,827)		(3,886)
Interest and other income (expense), net		(175)		119
Earnings before income taxes	$	15,817	$	22,383
Capital Expenditures:
Irrigation	$	2,228	$	2,085
Infrastructure		159		130
	$	2,387	$	2,215
Depreciation and Amortization:
Irrigation	$	2,358	$	1,704
Infrastructure		1,349		1,426
	$	3,707	$	3,130

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Total Assets:
Irrigation	$	395,981	$	331,872	$	391,527
Infrastructure		125,722		111,006		120,769
	$	521,703	$	442,878	$	512,296

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Fair Value Measurements

3 Months Ended

Nov. 30, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 8 – 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 November 30, 2013 and 2012 and August 31, 2013, respectively.

	November 30, 2013
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	151,803	$	-	$	-	$	151,803
Derivative assets		-		150		-		150
Derivative liabilities		-		(288)		-		(288)
	November 30, 2012
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	152,173	$	-	$	-	$	152,173
Derivative assets		-		128		-		128
Derivative liabilities		-		(404)		-		(404)
	August 31, 2013
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	151,927	$	-	$	-	$	151,927
Derivative assets		-		229		-		229
Derivative liabilities		-		(291)		-		(291)

The carrying amount of long-term debt (including current portion), which represented fair value, was zero,  $3.2 million and zero as of November 30, 2013 and 2012 and August 31, 2013, respectively.  Fair value of long-term debt (including current portion) is estimated (using level 2 inputs) 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 months ended November 30, 2013 and 2012. While the Company currently expects improvement in the infrastructure segment’s revenues and operating income, the increases involve certain matters that are outside of the Company’s control. To the extent that forecasted cash flows are not realized, the Company may be subject to further considerations of impairment exposures.

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Net Earnings Per Share (Tables)

3 Months Ended

Nov. 30, 2013

Net Earnings Per Share [Abstract]

Schedule Of Computation Of Basic And Diluted Net Earnings Per Share

	Three months ended
	November 30,		November 30,
($ and shares in thousands, except per share amounts)	2013		2012
Numerator:
Net earnings	$	10,234	$	14,728
Denominator:
Weighted average shares outstanding		12,889		12,756
Diluted effect of stock equivalents		62		97
Weighted average shares outstanding assuming dilution		12,951		12,853
Basic net earnings per share	$	0.79	$	1.15
Diluted net earnings per share	$	0.79	$	1.15

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Other Current Liabilities

3 Months Ended

Nov. 30, 2013

Other Current Liabilities [Abstract]

Other Current Liabilities

Note 13 – Other Current Liabilities

	November 30,		November 30,		August 31,
($ in thousands)	2013		2012		2013
Other current liabilities:
Compensation and benefits	$	11,962	$	10,772	$	18,471
Warranties		8,622		5,052		6,695
Dealer related liabilities		6,588		3,405		7,134
Income tax liabilities		6,367		4,129		3,550
Deferred revenues		5,677		2,555		4,790
Other		17,916		13,228		19,176
Total other current liabilities	$	57,132	$	39,141	$	59,816

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Document And Entity Information	3 Months Ended
	Nov. 30, 2013	Jan. 02, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2013
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
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		12,922,029

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Acquisitions

3 Months Ended

Nov. 30, 2013

Acquisitions [Abstract]

Acquisitions

Note 14 – Acquisitions

The Company pursues primarily synergistic water related acquisitions that provide attractive returns to shareholders.  The Company accounts for business combinations in accordance with ASC 805 – Business Combinations, which requires the recognition of the identifiable assets acquired, liabilities assumed, goodwill, and any noncontrolling interest in the acquiree. In addition, the Company expenses all acquisition-related costs in the period in which the costs are incurred and the services received.  

Claude Laval Corporation

On August 16, 2013, the Company acquired 100 percent of the outstanding common shares of Claude Laval Corporation (“CLC”), a California corporation that manufactures and distributes LAKOS® separators and filtration solutions for groundwater, agriculture, industrial and heat transfer markets, worldwide. Total consideration paid was $29.0 million which was financed with cash on hand. The allocation of purchase price for CLC was finalized in the first quarter of fiscal 2014. The allocation of purchase price for CLC below changed from the allocation of purchase price disclosed in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended August 31, 2013 because the closing balance sheet under the terms of the purchase agreement and the valuation of the identifiable assets acquired and liabilities assumed was finalized in November 2013. The Company determined the changes to be immaterial.

The following table summarizes the consideration paid for CLC and the amounts of fair value of the assets acquired and liabilities assumed at the acquisition date.

$ in thousands	Amount
Identifiable assets acquired and liabilities assumed:
Current assets	$	8,656
Property and equipment		7,867
Intangible assets		13,600
Other long-term assets		738
Current liabilities		(1,808)
Long-term debt		(1,400)
Other long-term liabilities		(5,500)
Total identifiable net assets acquired		22,153
Goodwill		6,854
Total	$	29,007

The acquired intangible assets include amortizable intangible assets of $7.1 million and indefinite-lived intangible assets of $6.5 million related to tradenames. The amortizable intangible assets have a weighted-average useful life of approximately 8 years. The following table summarizes the identifiable intangible assets at fair value.

$ in thousands	Weighted Average Useful Life in Years	Fair Value of Identifiable Asset
Intangible assets:
Tradenames	N/A	$	6,500
Patents	10.0		4,600
Customer relationships	5.0		1,600
Non-compete agreements	5.0		500
Other	1.3		400
Total intangible assets		$	13,600

Goodwill related to the acquisition of CLC primarily relates to intangible assets that do not qualify for separate recognition, including the experience and knowledge of CLC management, its assembled workforce, and its intellectual capital and specialization within the filtration solutions industry.  Goodwill recorded in connection with this acquisition is non-deductible for income tax purposes.  Pro forma information related to this acquisition was not included because the impact on the Company’s consolidated financial statements was not considered to be material.