Lindsay (LNN) 8-K Lindsay Corporation Reports Fiscal 2007 Third Quarter, Nine Month Results

EXHIBIT 99.1

2707 NO. 108^TH ST. OMAHA, NE 68164 TEL: 402-829-6800 FAX: 402-829-6835

For further information, contact:

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

Lindsay Corporation Reports Fiscal 2007 Third Quarter, Nine Month Results

OMAHA, Neb., June 20, 2007—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal 2007 third quarter ended May 31, 2007.

Third Quarter Results

Third quarter fiscal 2007 total revenues increased 24 percent to $93.1 million, compared with $75.0 million for the year-ago period. Net earnings were $7.5 million, or $0.62 per diluted share, versus $6.4 million, or $0.55 per diluted share, in the prior year’s third quarter. Total irrigation equipment revenues increased 9 percent to $75.4 million from $69.0 million in the prior year’s fiscal third quarter, reflecting strong economic conditions for farmers and higher irrigation equipment pricing from the year ago period. Domestic irrigation revenues increased11 percent, while international irrigation revenues increased 6 percent. Infrastructure revenues were $17.7 million compared with $6.0 million in the prior year’s fiscal third quarter, primarily due to the inclusion of Barrier Systems Inc. (BSI) and Snoline, which were acquired in the fourth quarter of fiscal 2006 and second quarter of fiscal 2007, respectively.

Gross margin improved to 26.2 percent from 22.7 percent a year ago. Irrigation gross margins were higher on favorable pricing and improvements in the European operations while infrastructure margins improved on the inclusion BSI and Snoline. The quarter’s operating income was $11.5 million versus $8.4 million in the comparable fiscal 2006 quarter, driven by higher revenues and improved margins. Operating expenses increased to $12.9 million from $8.7 million, due primarily to the inclusion of BSI and Snoline and higher medical costs. Interest and other income totaled $21,000 in the quarter compared to $779,000 in the fiscal 2006 quarter due to higher interest expense in 2007 on debt related to the acquisitions of BSI and Snoline.

Rick Parod, the Company’s chief executive officer, stated, “While current drought conditions have eased in much of the irrigated agricultural market in the U.S., irrigation equipment demand has remained firm. An improved pricing environment has allowed us to recover material increases while continuing to improve margins through our cost reduction initiatives. I am also pleased with the first full quarter results from Snoline.”

Lindsay’s order backlog at May 31, 2007 was $30.0 million compared $19.2 million at May 31, 2006. Irrigation backlog increased $1.4 million while infrastructure backlog increased $9.4 million, primarily due to inclusion of BSI and Snoline.

Nine Month Results

Total revenues for the nine months ended May 31, 2007 were $208.4 million, a 23 percent increase from $169.4 million for the prior year’s nine-month period. Total irrigation equipment revenues of $164.4 million rose 8 percent from a year ago, while infrastructure revenues grew 158 percent, rising to $44.0 million. Net earnings were $11.8 million, or $0.99 per diluted share, compared with $8.6 million, or $0.74 per diluted share, for the first nine months of fiscal 2006.

Shareholders’ equity at May 31, 2007 was $134.9 million, or $11.58 per outstanding common share, compared with $117.7 million, or $10.20 per outstanding common share at May 31, 2006. Cash and marketable securities at May 31, 2007 were $40.7 million, compared with $52.9 million at May 31, 2006.

Outlook

Parod added, “Lindsay has an important role to play in conserving fresh water resources and feeding a growing, worldwide population. Higher agriculture commodity prices and concern over water resources provide favorable conditions for our irrigation segment globally. In addition, we are experiencing increased enthusiasm for our unique infrastructure products internationally.”

Parod concluded, “I am very pleased with the management team we have built within the Company to drive our growth strategies in irrigation, infrastructure, and in new markets through acquisitions. We are also focused on improving efficiencies in our factories to expand margins and improve working capital utilization. Our approach to creating sustainable shareholder value includes a balance of organic earnings growth opportunities, accretive acquisitions, share repurchases, and dividend payments.”

Third Quarter Conference Call

Lindsay’s fiscal 2007 third quarter investor conference call is scheduled for 11:00 a.m. ET today. The conference call will be simulcast live on the Internet, and can be accessed via the investor relations section of the Company’s Web site, www.lindsay.com. The Company will have a slide presentation available to augment management’s formal presentation, which will also be accessible via the Company’s Web site.

About the Company

Lindsay manufactures and markets irrigation equipment including Zimmatic, Greenfield, Stettyn and Perrot center pivot, lateral move and hose reel irrigation systems and GrowSmart controls, all of which are used by farmers to increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure products including movable barriers for lane management to reduce traffic congestion and improve safety

through its wholly owned subsidiaries, Barrier Systems Inc. and Snoline S.R.L. In addition, the Company produces crash cushions and specialty barriers to improve motorist and highway worker safety, large diameter steel tubing, and provides outsourced manufacturing and production services for other companies. At May 31, 2007, Lindsay had approximately 11.6 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

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

Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. Forward-looking statements include the information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words “expectation,” “outlook,” “could,” “may,” “should,” or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three-months and nine-months ended May 31, 2007 and 2006

	(unaudited) Three Months Ended						(unaudited) Nine Months Ended
	May			May			May			May
	2007			2006			2007			2006
(in thousands, except per share amounts)
Operating revenues	$	93,147		$	75,013		$	208,353		$	169,429
Cost of operating revenues		68,725			57,977			157,011			135,102
Gross profit		24,422			17,036			51,342			34,327
Operating expenses:
Selling expense		4,844			3,530			12,803			9,262
General and administrative expense		6,991			4,446			17,885			12,300
Engineering and research expense		1,073			697			2,818			1,951
Total operating expenses		12,908			8,673			33,506			23,513
Operating income		11,514			8,363			17,836			10,814
Other income (expense):
Interest expense		(826	)		(28	)		(1,845	)		(160	)
Interest income		477			539			1,539			1,533
Other, net		370			268			364			251
Earnings before income taxes		11,535			9,142			17,894			12,438
Income tax provision		4,058			2,727			6,122			3,795
Net earnings	$	7,477		$	6,415		$	11,772		$	8,643
Basic net earnings per share	$	0.64		$	0.56		$	1.01		$	0.75
Diluted net earnings per share	$	0.62		$	0.55		$	0.99		$	0.74
Average shares outstanding		11,639			11,529			11,615			11,524
Diluted effect of stock equivalents		346			219			329			174
Average shares outstanding assuming dilution		11,985			11,748			11,944			11,698
Cash dividends per share	$	0.065		$	0.060		$	0.195		$	0.180

Lindsay Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
May 31, 2007 and 2006 and August 31, 2006

	(Unaudited)			(Unaudited)
	May			May			August
	2007			2006			2006
($ in thousands, except par values)
ASSETS
Current Assets:
Cash and cash equivalents	$	22,774		$	30,088		$	43,344
Marketable securities		17,434			11,941			10,179
Receivables, net of allowance, $933, $573 and $595, respectively		55,507			42,387			38,115
Inventories, net		45,362			24,803			26,818
Deferred income taxes		5 ,869			4,441			—
Other current assets		6 ,777			3,926			3,947
Total current assets		153,723			117,586			122,403
Long-term marketable securities		478			10,857			5,778
Property, plant and equipment, net		37,843			17,489			26,981
Other intangible assets, net		26,410			546			20,998
Goodwill, net		12,029			1,388			11,129
Other noncurrent assets		5 ,161			5,481			4,945
Total assets	$	235,644		$	153,347		$	192,234
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	18,970		$	9,726		$	9,565
Current portion of long-term debt		6 ,171			—			4,286
Other current liabilities		28,776			20,515			23,619
Total current liabilities		53,917			30,241			37,470
Pension benefits liabilities		5 ,141			5,251			5,003
Long-term debt		33,339			—			25,714
Other noncurrent liabilities		8 ,354			179			3,147
Total liabilities		100,751			35,671			71,334
Shareholders’ equity:
Preferred stock, ($1 par value, 2,000,000 shares authorized, no shares issued and outstanding)		—			—			—
Common stock, ($1 par value, 25,000,000 shares authorized, 17,698,208, 17,584,031 and 17,600,686 shares issued and outstanding in May 2007 and 2006 and August 2006, respectively)		17,698			17,584			17,600
Capital in excess of stated value		9 ,074			5,144			5,896
Retained earnings		201,823			190,013			192,319
Less treasury stock (at cost, 6,048,448 shares)		( 96,547	)		(96,547	)		(96,547	)
Accumulated other comprehensive income, net		2,845			1,482			1,632
Total shareholders’ equity		134,893			117,676			120,900
Total liabilities and shareholders’ equity	$	235,644		$	153,347		$	192,234

Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine-months ended May 31, 2007 and 2006
(unaudited)

	May			May
($ in thousands)	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	11,772		$	8,643
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		5,356			2,585
Amortization of marketable securities premiums, net		35			178
(Gain) loss on sale of property, plant and equipment		(23	)		37
Provision for uncollectible accounts receivable		40			66
Deferred income taxes		28			(1,272	)
Stock-based compensation expense		1,669			1,298
Other, net		45			(1	)
Changes in assets and liabilities:
Receivables, net		(12,033	)		(12,790	)
Inventories, net		(15,494	)		(5,298	)
Other current assets		(2,362	)		(949	)
Accounts payable		5,090			2,952
Other current liabilities		1,021			6,714
Current taxes payable		928			(300	)
Other noncurrent assets and liabilities		(449	)		406
Net cash (used in) provided by operating activities		(4,377	)		2,269
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(6,671	)		(2,713	)
Proceeds from sale of property, plant and equipment		40			111
Acquisition of business		(17,373	)		—
Proceeds from sale of an equity investment		—			354
Purchases of marketable securities available-for-sale		(66,800	)		—
Proceeds from maturities of marketable securities available-for-sale		64,905			6,304
Net cash (used in) provided by investing activities		(25,899	)		4,056
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under stock option plan		1,714			194
Principal payments on long-term debt		(3,686	)		—
Proceeds from issuance of long-term debt		13,196			—
Excess tax benefits from stock-based compensation		(205	)		—
Dividends paid		(2,268	)		(2,074	)
Net cash provided by (used in) financing activities		8,751			(1,880	)
Effect of exchange rate changes on cash		955			79
Net (decrease) increase in cash and cash equivalents		(20,570	)		4,524
Cash and cash equivalents, beginning of period		43,344			25,564
Cash and cash equivalents, end of period	$	22,774		$	30,088