Lindsay (LNN) 8-K Lindsay Corporation Reports Fiscal 2009 Third Quarter Results

EXHIBIT 99.1

2222 NO. 111^TH ST. OMAHA, NE 68164 TEL: 402-829-6800 FAX: 402-829-6836

For further information, contact:
LINDSAY CORPORATION:	HALLIBURTON INVESTOR RELATIONS:
Dave Downing	Jeff Elliott or Geralyn DeBusk
CFO and President – International Division	972-458-8000
402-827-6235

Lindsay Corporation Reports Fiscal 2009 Third Quarter Results

OMAHA, Neb., July 1, 2009—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal third quarter ended May 31, 2009.

Third Quarter Results

Third quarter fiscal 2009 total revenues of $84.6 million decreased 41 percent from $143.6 million in the same prior year period. Net earnings were $5.3 million or $0.42 per diluted share compared with $14.1 million or $1.15 per diluted share, in the prior fiscal year’s third quarter.

Total irrigation equipment revenues decreased 45 percent to $66.4 million from $120.6 million in the prior fiscal year’s third quarter. Domestic irrigation revenues decreased 47 percent, while international irrigation revenues decreased 40 percent as compared to the same prior year period. Infrastructure revenues were $18.2 million compared with $23.0 million in the prior year period, a decrease of 21 percent.

Gross margin was 24.9 percent compared to 25.8 percent a year ago on lower irrigation margins from reduced factory volume. Operating expenses decreased $3.2 million to $13.5 million compared to the third quarter of the prior fiscal year primarily due to lower personnel related costs and were 16.0 percent of sales in 2009 compared with 11.6 percent of sales in the prior year period. Operating income decreased $13.0 million from the prior year period to $7.5 million.

Lindsay’s backlog of unshipped orders at May 31, 2009 was $40.2 million compared with $84.4 million at May 31, 2008. The current backlog includes approximately $19.0 million of quick move barrier for the previously disclosed road project in Mexico City that has been delayed.

Nine Month Results

Total revenues for the nine months ended May 31, 2009 were $262.8 million, a 20 percent decrease from $327.9 million for the prior year’s nine-month period. Total irrigation equipment revenues of $200.7 million declined 23 percent from a year ago, while infrastructure revenues declined 9 percent to $62.1 million. The Company’s operating income for the nine-month period was $18.9 million compared to $42.8 million during the prior year period. Net earnings were $11.7 million or $0.94 per diluted share, as compared to $28.2 million, or $2.29 per diluted share for the prior year period.

Outlook

Rick Parod, president and chief executive officer, commented, “Although agricultural commodity prices improved some during the quarter, farmers remained cautious about making investments in capital goods, negatively impacting demand for irrigation equipment. In the highway infrastructure segment, the Mexico City moveable barrier project continued to be delayed pending resolution of issues between the contractor and the local government. At this point, the Company cannot estimate when or if the issues between the contractor and the local government will be resolved. During the quarter, we continued to reduce operating expenses, including further personnel reductions. Our focus on improving cash flow has resulted in increasing cash and cash equivalents by $44.1 million to $63.2 million compared with the third quarter of last year, as well as reducing debt $6.2 million over the same period.”

Parod added, “As farmers become more confident in their income potential, we expect to see increased investment in improving farm efficiency. In addition, the expanded interest in reducing environmental impacts should be positive for our efficient irrigation and traffic mitigation products.”

Third-Quarter Conference Call

Lindsay’s fiscal 2009 third quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (888) 748–0479 domestically, or (706) 758-9823 internationally and referring to conference ID # 15069814. Additionally, the conference call will be simulcast live on the Internet, and can be accessed via the investor relations section of the Company’s Web site, www.lindsay.com. The Company will have a slide presentation available to augment management’s formal presentation, which will also be accessible via the Company’s Web site.

About the Company

Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products through its wholly owned subsidiaries, Barrier Systems Inc. and Snoline S.P.A. At May 31, 2009, Lindsay had approximately 12.3 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

For more information regarding Lindsay Corporation, see Lindsay’s Web site at www.lindsay.com. For more information on the Company’s infrastructure products, visit www.barriersystemsinc.com and www.snoline.com.

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that we file with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” “expectation,” “outlook,” “could,” “may,” “should,”, “will” or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	Three Months Ended						Nine Months Ended
	May 31,						May 31,
(in thousands, except per share amounts)	2009			2008			2009			2008
Operating revenues	$	84,578		$	143,562		$	262,845		$	327,908
Cost of operating revenues		63,509			106,460			199,851			241,472
Gross profit		21,069			37,102			62,994			86,436
Operating expenses:
Selling expense		5,186			6,847			17,567			18,199
General and administrative expense		7,000			8,112			21,837			20,763
Engineering and research expense		1,346			1,693			4,706			4,655
Total operating expenses		13,532			16,652			44,110			43,617
Operating income		7,537			20,450			18,884			42,819
Other income (expense):
Interest expense		(465	)		(787	)		(1,570	)		(2,207	)
Interest income		200			346			741			1,199
Other income (expense), net		636			299			(832	)		520
Earnings before income taxes		7,908			20,308			17,223			42,331
Income tax provision		2,639			6,201			5,482			14,178
Net earnings	$	5,269		$	14,107		$	11,741		$	28,153
Basic net earnings per share	$	0.43		$	1.18		$	0.96		$	2.37
Diluted net earnings per share	$	0.42		$	1.15		$	0.94		$	2.29
Weighted average shares outstanding		12,305			11,958			12,280			11,857
Diluted effect of stock equivalents		136			362			168			411
Weighted average shares outstanding assuming dilution		12,441			12,320			12,448			12,268
Cash dividends per share	$	0.075		$	0.070		$	0.225		$	0.210

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)			(Unaudited)
	May 31,			May 31,			August 31,
($ in thousands, except par values)	2009			2008			2008
ASSETS
Current Assets:
Cash and cash equivalents	$	63,212		$	19,068		$	50,760
Receivables, net of allowance, $1,503, $1,319 and $1,457, respectively		57,371			82,859			88,410
Inventories, net		54,355			61,118			53,409
Deferred income taxes		8,591			7,054			8,095
Other current assets		5,886			12,150			7,947
Total current assets		189,415			182,249			208,621
Property, plant and equipment, net		56,964			56,657			57,571
Other intangible assets, net		28,383			31,943			30,808
Goodwill, net		24,079			25,009			24,430
Other noncurrent assets		5,479			5,628			5,447
Total assets	$	304,320		$	301,486		$	326,877
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	18,463		$	27,967		$	32,818
Notes payable		1,595			1,492			1,773
Current portion of long-term debt		6,171			6,171			6,171
Other current liabilities		29,362			33,285			42,693
Total current liabilities		55,591			68,915			83,455
Pension benefits liabilities		5,588			5,384			5,673
Long-term debt		20,997			27,168			25,625
Deferred income taxes		11,935			10,831			11,786
Other noncurrent liabilities		5,619			5,592			4,437
Total liabilities		99,730			117,890			130,976
Shareholders’ equity:
Preferred stock, ($1 par value, 2,000,000 shares authorized, no shares issued and outstanding)		—			—			—
Common stock, ($1 par value, 25,000,000 shares authorized, 18,121,203, 18,054,292 and 18,055,292 shares issued at May 31, 2009 and 2008 and August 31, 2008, respectively)		18,121			18,054			18,055
Capital in excess of stated value		28,304			25,489			26,352
Retained earnings		248,594			229,576			239,676
Less treasury stock (at cost, 5,813,448, 5,963,448 and 5,843,448 shares at May 31, 2009 and 2008 and August 31, 2008, respectively)		(92,796	)		(95,190	)		(93,275	)
Accumulated other comprehensive income, net		2,367			5,667			5,093
Total shareholders’ equity		204,590			183,596			195,901
Total liabilities and shareholders’ equity	$	304,320		$	301,486		$	326,877

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

	Nine Months Ended
	May 31,
($ in thousands)	2009			2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	11,741		$	28,153
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		7,917			6,647
Provision for uncollectible accounts receivable		205			(22	)
Deferred income taxes		(1,897	)		(247	)
Stock-based compensation expense		1,504			2,384
Other, net		1,072			40
Changes in assets and liabilities:
Receivables, net		28,703			(30,958	)
Inventories, net		(2,248	)		(14,692	)
Other current assets		1,406			(804	)
Accounts payable		(13,443	)		6,373
Other current liabilities		(9,715	)		6,508
Current taxes payable		(2,356	)		(3,489	)
Other noncurrent assets and liabilities		1,372			(3,529	)
Net cash provided by (used in) operating activities		24,261			(3,636	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(6,148	)		(11,020	)
Proceeds from sale of property, plant and equipment		25			28
Acquisition of business, net of cash acquired		—			(21,028	)
Proceeds from settlement of net investment hedge		859			—
Purchases of marketable securities available-for-sale		—			(13,860	)
Proceeds from maturities of marketable securities available-for-sale		—			41,490
Net cash used in investing activities		(5,264	)		(4,390	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under stock compensation plan		638			4,825
Proceeds from issuance of long-term debt		—			15,000
Principal payments on long-term debt		(4,628	)		(19,628	)
Net borrowings on revolving line of credit		(108	)		—
Excess tax benefits from stock-based compensation		321			7,525
Dividends paid		(2,764	)		(2,503	)
Net cash (used in) provided by financing activities		(6,541	)		5,219
Effect of exchange rate changes on cash		(4	)		853
Net increase (decrease) in cash and cash equivalents		12,452			(1,954	)
Cash and cash equivalents, beginning of period		50,760			21,022
Cash and cash equivalents, end of period	$	63,212		$	19,068