Lindsay (LNN) 8-K Lindsay Corporation Reports Fiscal 2012 Second 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:
Jim Raabe	Hala Elsherbini or Geralyn DeBusk
Vice President & Chief Financial Officer	972-458-8000
402-827-6579

Lindsay Corporation Reports Fiscal 2012 Second Quarter Results

OMAHA, Neb., March 28, 2012—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its second quarter ended February 29, 2012.

Second Quarter Results

Second quarter fiscal 2012 total revenues of $132.1 million increased 10 percent from $120.2 million in the same prior year period. Net earnings were $12.8 million or $1.00 per diluted share compared with $11.3 million or $0.89 per diluted share in the prior fiscal year’s second quarter.

Total irrigation equipment revenues increased 28 percent to $117.0 million from $91.7 million in the prior fiscal year’s second quarter. Domestic irrigation revenues of $82.9 million increased 25 percent, while international irrigation revenues of $34.1 million increased 36 percent as compared to the same prior year period. Infrastructure revenues decreased 47 percent to $15.1 million due mostly to lower sales and leases of Quick-Change Moveable Barrier (QMB) systems.

Gross margin was 27.6 percent compared to 28.3 percent in the prior year’s second quarter. Total gross margins were lower primarily due to lower revenues of higher-margin QMB product as compared to the same period last year. Irrigation gross margins improved compared to the same quarter last year due to cost leverage and productivity gains on higher sales volumes. Infrastructure gross margins declined compared to the year ago period, but improved excluding QMB.

Operating expenses were $17.5 million in the quarter compared to $16.9 million in the second quarter of the prior fiscal year. The primary elements of the expense increase related to an acquired company purchased in fiscal 2011 and personnel related costs. Operating expenses were 13.3 percent of sales in the second quarter of 2012 compared with 14.1 percent of sales in the prior year period. Operating margins of 14.3 percent increased slightly from 14.2 percent in the prior year period.

Cash and cash equivalents of $105.0 million were $26.5 million higher compared with the end of the second quarter last year, while debt decreased $4.3 million over the same period.

Lindsay’s backlog of unshipped orders at February 29, 2012 was $87.3 million compared with $64.3 million at February 28, 2011 and $52.8 million at November 30, 2011.

Six Month Results

Total revenues for the six months ended February 29, 2012 were $251.3 million, a 20 percent increase from $209.3 million for the prior year’s six-month period. Total irrigation equipment revenues of $217.7 million increased 44 percent from a year ago, while infrastructure revenues decreased 42 percent to $33.6 million. The Company’s

operating income for the six-month period was $24.0 million compared to $23.7 million during the same prior year period. Net earnings were $15.7 million or $1.23 per diluted share, as compared to $15.6 million, or $1.23 per diluted share for the prior year period.

First quarter and year to date fiscal 2012 operating costs included $7.2 million of accrued expenses, or $0.37 per diluted share on an after tax basis, relating to an estimated increase in the Company’s liability for environmental remediation at its Lindsay, Nebraska facility. The comparable fiscal 2011 periods included environmental remediation expense of $0.7 million, or $0.04 per diluted share on an after tax basis.

Outlook

Rick Parod, president and chief executive officer, commented, “Global irrigation demand drove improved results in our domestic and international businesses. Our operating margins improved year over year despite the significantly lower QMB sales. Irrigation order volumes remained strong throughout the quarter leading to increased backlog as we enter the seasonally stronger third quarter.”

Parod added, “Farm incomes and commodity prices remain relatively high by historical standards and have continued to drive positive farmer sentiment. Expanded food production and efficient water use remain positive drivers for irrigation equipment demand, globally. Infrastructure demand, including QMB projects, has proven to be challenging, due to funding issues and project delays. During the past few months, we have experienced numerous QMB project delays that have left us uncertain as to the timing and extent of projects in the second half of fiscal 2012.”

Second-Quarter Conference Call

Lindsay’s fiscal 2012 second 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 # 60279722. 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 February 29, 2012, Lindsay had approximately 12.7 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, visitwww.barriersystemsinc.com andwww.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 the Company files 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,” “expect,” “outlook,” “could,” “may,” “should,” “will,” or similar expressions. 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. 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						Six months ended
	February 29,			February 28,			February 29,			February 28,
($ in thousands, except per share amounts)	2012			2011			2012			2011
Operating revenues	$	132,134		$	120,168		$	251,339		$	209,334
Cost of operating revenues		95,640			86,159			184,597			151,102
Gross profit		36,494			34,009			66,742			58,232
Operating expenses:
Selling expense		6,868			6,911			13,812			13,929
General and administrative expense		8,434			7,265			17,374			14,583
Engineering and research expense		2,244			2,772			4,300			5,336
Environmental remediation expense		—			—			7,225			713
Total operating expenses		17,546			16,948			42,711			34,561
Operating income		18,948			17,061			24,031			23,671
Other income (expense):
Interest expense		(130	)		(213	)		(273	)		(399	)
Interest income		94			37			190			79
Other income (expense), net		515			116			(80	)		227
Earnings before income taxes		19,427			17,001			23,868			23,578
Income tax provision		6,653			5,676			8,173			7,967
Net earnings	$	12,774		$	11,325		$	15,695		$	15,611
Basic net earnings per share	$	1.01		$	0.90		$	1.24		$	1.24
Diluted net earnings per share	$	1.00		$	0.89		$	1.23		$	1.23
Weighted average shares outstanding		12,703			12,548			12,692			12,525
Diluted effect of stock equivalents		118			137			100			139
Weighted average shares outstanding assuming dilution		12,821			12,685			12,792			12,664
Cash dividends per share	$	0.090		$	0.085		$	0.180		$	0.170

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)			(Unaudited)
	February 29,			February 28,			August 31,
($ and shares in thousands, except par values)	2012			2011			2011
ASSETS
Current Assets:
Cash and cash equivalents	$	104,953		$	78,448		$	108,167
Receivables, net of allowance		77,536			75,096			79,006
Inventories, net		68,578			54,876			49,524
Deferred income taxes		8,336			5,457			8,598
Other current assets		14,193			10,035			12,398
Total current assets		273,596			223,912			257,693
Property, plant and equipment, net		57,236			58,141			58,465
Other intangible assets, net		26,839			27,807			28,639
Goodwill, net		30,443			28,528			30,943
Other noncurrent assets		5,486			4,869			5,404
Total assets	$	393,600		$	343,257		$	381,144
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	39,417		$	38,261		$	32,153
Current portion of long-term debt		4,286			4,286			4,286
Other current liabilities		33,428			27,049			42,880
Total current liabilities		77,131			69,596			79,319
Pension benefits liabilities		6,115			6,289			6,231
Long-term debt		2,143			6,428			4,285
Deferred income taxes		11,678			10,746			12,550
Other noncurrent liabilities		8,362			1,798			3,094
Total liabilities		105,429			94,857			105,479
Shareholders’ equity:
Preferred stock		—			—			—
Common stock		18,409			18,257			18,374
Capital in excess of stated value		40,736			32,954			39,058
Retained earnings		316,141			283,751			302,732
Less treasury stock		(90,961	)		(90,961	)		(90,961	)
Accumulated other comprehensive income, net		3,846			4,399			6,462
Total shareholders’ equity		288,171			248,400			275,665
Total liabilities and shareholders’ equity	$	393,600		$	343,257		$	381,144

Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

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