Lindsay (LNN) 8-K Lindsay Corporation Reports Fiscal 2008 First Quarter Results

EXHIBIT 99.1

     2707 NO. 108^TH ST. OMAHA, NE 68164 TEL: 402-829-6800 FAX: 402-829-6836

For further information, contact:

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

Lindsay Corporation Reports Fiscal 2008 First Quarter Results

OMAHA, Neb., December 20, 2007—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal 2008 first quarter ended November 30, 2007.

First Quarter Results

First quarter fiscal 2008 total revenues increased 47 percent to $75.9 million from $51.5 million for the year-ago period. Net earnings were $4.4 million or $0.36 per diluted share, compared with $1.8 million or $0.15 per diluted share, in the prior year’s first quarter. The quarter includes the results from Snoline, which was acquired in December 2006.

Total irrigation equipment revenues increased 49 percent to $56.5 million from $38.0 million in the prior fiscal year’s first quarter. Domestic irrigation revenues increased 34 percent, while international irrigation revenues improved 79 percent from the prior year’s quarter. Infrastructure revenues were $19.4 million compared, with $13.6 million in the prior year period, an increase of 43 percent.

Gross margin improved to 25.4 percent from 24.2 percent a year ago due to higher irrigation margins. Operating expenses of $12.8 million, an increase of $2.9 million in the first quarter, were 16.8 percent of sales, compared with 19.1 percent of sales in the prior year period. The increased spending was primarily due to the inclusion of Snoline and personnel related expenses. Operating income during the quarter was $6.5 million, compared with $2.6 million in the prior year period.

Rick Parod, president and chief executive officer, commented, “Although the primary selling season for domestic irrigation has not yet started, significant international irrigation revenue growth in the first quarter, along with higher agricultural commodity prices, provides a solid base in our irrigation segment for 2008. In addition, we are seeing international growth in our infrastructure segment.”

Lindsay’s backlog of unshipped orders at November 30, 2007 was $51.2 million compared, with $24.6 million at November 30, 2006. Irrigation backlog increased $16.3 million, while infrastructure backlog increased $10.3 million primarily on higher Barrier Systems backlog.

Shareholders’ equity at November 30, 2007 was $147.5 million or $12.50 per outstanding common share, compared with $123.7 million or $10.64 per outstanding common share at November 30, 2006.

Outlook

Parod added, “With the USDA forecast of record net farm income in 2007, we believe domestic demand for our irrigation products will be higher during this irrigation selling season. International demand is also expected to increase on the strength of higher agricultural commodity prices.”

Parod concluded, “We are focused on achieving growth in each of our segments organically and through acquisitions. During the period we acquired a product line which complements the Barrier Systems portfolio of infrastructure products. We will continue to leverage our financial flexibility to create shareholder value through a balance of organic growth opportunities, strategic acquisitions, share repurchases, and dividend payments.”

First-Quarter Conference Call

Lindsay’s fiscal 2008 first 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.P.A. 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 November 30, 2007, Lindsay had approximately 11.8 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 ended November 30, 2007 and 2006

	(unaudited)
	Three Months Ended
	November			November
(in thousands, except per share amounts)	2007			2006
Operating revenues	$	75,928		$	51,532
Cost of operating revenues		56,632			39,067
Gross profit		19,296			12,465
Operating expenses:
Selling expense		5,130			3,613
General and administrative expense		6,144			5,435
Engineering and research expense		1,506			806
Total operating expenses		12,780			9,854
Operating income		6,516			2,611
Other income (expense):
Interest expense		(599	)		(487	)
Interest income		476			636
Other income (expense), net		114			(16	)
Earnings before income taxes		6,507			2,744
Income tax provision		2,141			961
Net earnings	$	4,366		$	1,783
Basic net earnings per share	$	0.37		$	0.15
Diluted net earnings per share	$	0.36		$	0.15
Average shares outstanding		11,766			11,577
Diluted effect of stock equivalents		462			279
Average shares outstanding assuming dilution		12,228			11,856
Cash dividends per share	$	0.070		$	0.065

Lindsay Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
November 30, 2007 and 2006 and August 31, 2007

	(Unaudited)			(Unaudited)
	November			November			August
($ in thousands, except par values)	2007			2006			2007
ASSETS
Current Assets:
Cash and cash equivalents	$	17,324		$	19,699		$	21,022
Marketable securities		8,207			21,792			27,591
Receivables, net of allowance, $1,029, $696 and $946, respectively		60,437			46,539			46,968
Inventories, net		54,964			34,656			41,099
Deferred income taxes		5,645			—			6,108
Other current assets		8,453			4,602			6,990
Total current assets		155,030			127,288			149,778
Long-term marketable securities		—			4,378			—
Property, plant and equipment, net		47,286			27,157			44,292
Other intangible assets, net		27,713			20,704			25,830
Goodwill, net		18,829			11,134			16,845
Other noncurrent assets		6,112			6,949			5,460
Total assets	$	254,970		$	197,610		$	242,205
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	24,664		$	12,951		$	18,367
Current portion of long-term debt		6,171			4,286			6,171
Other current liabilities		27,978			25,931			26,964
Total current liabilities		58,813			43,168			51,502
Pension benefits liabilities		5,426			5,047			5,384
Long-term debt		30,253			24,643			31,796
Deferred income taxes		10,036			—			9,860
Other noncurrent liabilities		2,952			1,042			2,635
Total liabilities		107,480			73,900			101,177
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, 17,795,683, 17,678,151 and 17,744,458 shares issued and outstanding in November 2007 and 2006 and August 2007, respectively)		17,796			17,678			17,744
Capital in excess of stated value		12,924			7,667			11,734
Retained earnings		207,422			193,347			204,750
Less treasury stock (at cost, 5,998,448, 6,048,448 and 5,998,448 shares in November 2007 and 2006 and August 2007, respectively)		(95,749	)		(96,547	)		(95,749	)
Accumulated other comprehensive income, net		5,097			1,565			2,549
Total shareholders’ equity		147,490			123,710			141,028
Total liabilities and shareholders’ equity	$	254,970		$	197,610		$	242,205

Lindsay Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three-months ended November 30, 2007 and 2006
(unaudited)

	November			November
($ in thousands)	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	4,366		$	1,783
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		2,131			1,531
Amortization of marketable securities premiums, net		(4	)		18
Gain on sale of property, plant and equipment		(2	)		(17	)
Provision for uncollectible accounts receivable		(68	)		10
Deferred income taxes		281			392
Stock-based compensation expense		572			431
Other, net		(30	)		78
Changes in assets and liabilities:
Receivables, net		(12,114	)		(8,415	)
Inventories, net		(11,612	)		(7,775	)
Other current assets		(983	)		(660	)
Accounts payable		4,424			3,311
Other current liabilities		161			(637	)
Current taxes payable		604			(1,277	)
Other noncurrent assets and liabilities		(2,873	)		(628	)
Net cash used in operating activities		(15,147	)		(11,855	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(4,502	)		(1,232	)
Proceeds from sale of property, plant and equipment		5			16
Acquisition of business		(3,520	)		—
Purchases of marketable securities available-for-sale		(13,860	)		(44,245	)
Proceeds from maturities of marketable securities available-for-sale		33,265			34,060
Net cash provided by (used in) investing activities		11,388			(11,401	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under stock option plan		307			1,247
Principal payments on long-term debt		(1,543	)		(1,071	)
Excess tax benefits from stock-based compensation		373			93
Dividends paid		(826	)		(755	)
Net cash used in financing activities		(1,689	)		(486	)
Effect of exchange rate changes on cash		1,750			97
Net decrease in cash and cash equivalents		(3,698	)		(23,645	)
Cash and cash equivalents, beginning of period		21,022			43,344
Cash and cash equivalents, end of period	$	17,324		$	19,699