OMAHA, Neb.--Lindsay Corporation (NYSE: LNN - News), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal first quarter ended November 30, 2009.

First Quarter Results

First quarter fiscal 2010 total revenues decreased 24 percent to $86.0 million from $113.1 million for the year-ago period. Net earnings were $6.7 million or $0.53 per diluted share compared with $6.3 million or $0.51 per diluted share in the prior year’s first quarter.

Total irrigation equipment revenues decreased to $53.3 million from $85.9 million in the prior fiscal year’s first quarter. Domestic irrigation revenues decreased 39 percent from the prior year’s first quarter while international irrigation revenues decreased 37 percent over the same period. Infrastructure revenues were $32.7 million compared with $27.2 million in the prior year period, an increase of 20 percent.

Gross margin was 30.0 percent compared to 25.3 percent a year ago on improved infrastructure margins from higher revenues of quick moveable barrier product and stable irrigation margins. Operating expenses were $14.6 million, decreasing $2.2 million as compared to the first quarter of the prior year primarily related to lower personnel related costs. Operating income of $11.2 million decreased 5 percent compared with $11.8 million in the prior year period. Other income increased $1.8 million compared to the prior year’s first quarter primarily due to the prior year’s first quarter including foreign currency transaction losses from unfavorable movements in exchange rates.

Cash and cash equivalents of $91.8 million, increased $63.5 million from the comparable prior year period. Long-term debt decreased $6.2 million over the same time last year.

Lindsay’s backlog of unshipped orders at November 30, 2009 was $36.1 million compared with $43.6 million at August 31, 2009 and $40.1 million at November 30, 2008.

Outlook

Rick Parod, president and chief executive officer, commented, “Excellent performance on the Mexico City project by our Barrier Systems team contributed to a strong performance in the infrastructure segment. At the end of the quarter, we had delivered approximately 80 percent of the order and we anticipate completion during the second fiscal quarter. Going forward, infrastructure spending continues to be uncertain due to delays in Congressional passage of a new federal highway bill. In the agricultural sector, farmer sentiment remains cautious toward capital equipment purchases. As a result, demand for the upcoming irrigation season remains unclear at this time.” Parod added, “As world population continues to grow, expanded food production, efficient water use, reduced pollution and improvements in transportation infrastructure remain very positive long-term growth drivers for our business segments.”

First-Quarter Conference Call

Lindsay’s fiscal 2010 first 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 # 45906043. 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 November 30, 2009, Lindsay had approximately 12.4 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 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, 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
		November 30,
(in thousands, except per share amounts)		2009				2008
Operating revenues		$	85,970			$	113,121
Cost of operating revenues			60,166				84,472
Gross profit			25,804				28,649
Operating expenses:
Selling expense			5,523				6,763
General and administrative expense			7,336				8,349
Engineering and research expense			1,784				1,741
Total operating expenses			14,643				16,853
Operating income			11,161				11,796
Other income (expense):
Interest expense			(461	)			(625	)
Interest income			83				316
Other income (expense), net			145				(1,706	)
Earnings before income taxes			10,928				9,781
Income tax provision			4,251				3,459
Net earnings		$	6,677			$	6,322
Basic net earnings per share		$	0.54			$	0.52
Diluted net earnings per share		$	0.53			$	0.51
Weighted average shares outstanding			12,380				12,250
Diluted effect of stock equivalents			161				235
Weighted average shares outstanding assuming dilution			12,541				12,485
Cash dividends per share		$	0.080			$	0.075

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
		(Unaudited)				(Unaudited)
		November 30,				November 30,				August 31,
($ in thousands, except par values)		2009				2008				2009
ASSETS
Current Assets:
Cash and cash equivalents		$	91,750			$	28,298			$	85,929
Receivables, net of allowance, $2,097, $1,241, and $1,864, respectively			51,552				84,089				42,862
Inventories, net			44,327				72,488				46,255
Deferred income taxes			6,877				7,754				6,881
Other current assets			6,660				6,627				7,602
Total current assets			201,166				199,256				189,529
Property, plant and equipment, net			59,949				55,669				59,641
Other intangible assets, net			29,045				29,195				29,100
Goodwill, net			24,530				23,333				24,174
Other noncurrent assets			5,646				4,973				5,453
Total assets		$	320,336			$	312,426			$	307,897
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable		$	26,291			$	33,300			$	20,008
Current portion of long-term debt			6,171				6,171				6,171
Other current liabilities			31,958				33,767				33,008
Total current liabilities			64,420				73,238				59,187
Pension benefits liabilities			6,407				5,606				6,407
Long-term debt			17,912				24,082				19,454
Deferred income taxes			10,510				12,197				10,391
Other noncurrent liabilities			4,598				3,572				4,800
Total liabilities			103,847				118,695				100,239
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,
18,173,896, 18,093,191 and 18,128,743 shares issued at November 30, 2009
and 2008 and August 31, 2009, respectively)			18,174				18,093				18,129
Capital in excess of stated value			29,240				26,818				28,944
Retained earnings			255,273				245,019				249,588
Less treasury stock (at cost, 5,763,448, 5,813,448 and 5,763,448 shares
at November 30, 2009 and 2008 and August 31, 2009, respectively)			(91,998	)			(92,796	)			(91,998	)
Accumulated other comprehensive income, net			5,800				(3,403	)			2,995
Total shareholders' equity			216,489				193,731				207,658
Total liabilities and shareholders' equity		$	320,336			$	312,426			$	307,897

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Three Months Ended
($ in thousands)		November 30,
		2009				2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings		$	6,677			$	6,322
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization			2,681				2,686
Provision for uncollectible accounts receivable			149				27
Deferred income taxes			(447	)			338
Stock-based compensation expense			613				457
Other, net			(93	)			67
Changes in assets and liabilities:
Receivables, net			(7,813	)			1,507
Inventories, net			2,222				(22,684	)
Other current assets			(437	)			(44	)
Accounts payable			5,916				2,128
Other current liabilities			(3,452	)			(6,489	)
Current taxes payable			4,276				(867	)
Other noncurrent assets and liabilities			(769	)			225
Net cash provided by (used in) operating activities			9,523				(16,327	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment			(1,436	)			(2,275	)
Proceeds from sale of property, plant and equipment			92				6
Acquisition of business, net of cash acquired			(132	)			-
Proceeds from settlement of net investment hedge			-				859
Net cash used in investing activities			(1,476	)			(1,410	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock options and issuance of other stock awards			(507	)			116
Principal payments on long-term debt			(1,543	)			(1,543	)
Net payments on revolving line of credit			-				(1,630	)
Excess tax benefits from stock-based compensation			310				328
Dividends paid			(992	)			(920	)
Net cash used in financing activities			(2,732	)			(3,649	)
Effect of exchange rate changes on cash			506				(1,076	)
Net increase (decrease) in cash and cash equivalents			5,821				(22,462	)
Cash and cash equivalents, beginning of period			85,929				50,760
Cash and cash equivalents, end of period		$	91,750			$	28,298