exv99w1

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 Second Quarter Results

OMAHA, Neb., April 2, 2009—Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal second quarter ended February 28, 2009.

Second Quarter Results

Second quarter fiscal 2009 total revenues of $65.1 million decreased 40 percent from $108.4 million in the same prior year period. Net earnings were $0.2 million or $0.01 per diluted share compared with $9.7 million or $0.79 per diluted share, in the prior fiscal year’s second quarter.

Total irrigation equipment revenues decreased 41 percent to $48.4 million from $82.6 million in the prior fiscal year’s second quarter. Domestic irrigation revenues decreased 38 percent, while international irrigation revenues decreased 48 percent as compared to the same prior year period. Infrastructure revenues were $16.7 million compared with $25.8 million in the prior year period, a decrease of 35 percent.

Gross margin was 20.4 percent compared to 27.7 percent a year ago on lower irrigation margins from reduced factory volume and lower infrastructure margins primarily resulting from unfavorable product mix due to a delay in the previously announced Mexico City moveable barrier project. Operating expenses decreased $0.5 million to $13.7 million compared to the second quarter of the prior fiscal year and were 21.1 percent of sales in 2009 compared with 13.1 percent of sales in the prior year period. Lower personnel related costs in the quarter were partially offset by inclusion of a full quarter of operating expenses for Watertronics, Inc. which was purchased on January 24, 2008. During the three months ended February 28, 2009, Lindsay had an operating loss of $0.4 million compared to operating income of $15.9 million during the prior year period.

Lindsay’s backlog of unshipped orders at February 28, 2009 was $45.5 million compared with $98.5 million at February 29, 2008. Irrigation backlog of $17.5 million decreased $66.0 million while Infrastructure backlog of $28.0 million increased $13.0 million compared to February 29, 2008.

Six Month Results

Total revenues for the six months ended February 28, 2009 were $178.3 million, a 3 percent decrease from $184.3 million for the prior year’s six-month period. Total irrigation equipment revenues of $134.4 million declined 3 percent from a year ago, while infrastructure revenues declined 3 percent to $43.9 million. The Company’s operating income for the six-month period was $11.3 million compared to $22.4 million during the prior year period. Net earnings were $6.5 million or $0.52 per diluted share, as compared to $14.0 million, or $1.15 per diluted share for the prior year period.

Outlook

Rick Parod, president and chief executive officer, commented, “General economic conditions and agricultural commodity prices remained unfavorable during the quarter adversely affecting the willingness of farmers to make investments in capital goods. During the past several months, we have also seen federal, state and local governments limit spending on infrastructure projects, pending availability of funds. Agricultural market conditions are expected to continue to adversely affect irrigation demand for the remainder of our fiscal year, while we do anticipate improved demand for road infrastructure products due to increased funding from the stimulus package. We have reduced staffing and other expenses globally, and will continue to take appropriate actions to control expenses. In addition, our focus on cash flow has strengthened our balance sheet, with cash and marketable securities $16.3 million higher and debt $21.2 million lower compared with the second quarter of last year.”

Parod added, “Expanded food production, efficient water use, and improvements in transportation infrastructure remain very positive long-term growth drivers for our business segments.”

Second-Quarter Conference Call

Lindsay’s fiscal 2009 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 # 90338260. 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 28, 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 the 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						Six Months Ended
	February 28,			February 29,			February 28,			February 29,
(in thousands, except per share amounts)	2009			2008			2009			2008
Operating revenues	$	65,146		$	108,418		$	178,267		$	184,346
Cost of operating revenues		51,870			78,380			136,342			135,012

Gross profit		13,276			30,038			41,925			49,334


Operating expenses:
Selling expense		5,618			6,222			12,381			11,352
General and administrative expense		6,488			6,507			14,837			12,651
Engineering and research expense		1,619			1,456			3,360			2,962

Total operating expenses		13,725			14,185			30,578			26,965


Operating (loss) income		(449	)		15,853			11,347			22,369

Other income (expense):
Interest expense		(480	)		(821	)		(1,105	)		(1,420	)
Interest income		225			377			541			853
Other income (expense), net		238			107			(1,468	)		221


(Loss) earnings before income taxes		(466	)		15,516			9,315			22,023

Income tax (benefit) provision		(616	)		5,836			2,843			7,977


Net earnings	$	150		$	9,680		$	6,472		$	14,046


Basic net earnings per share	$	0.01		$	0.82		$	0.53		$	1.19


Diluted net earnings per share	$	0.01		$	0.79		$	0.52		$	1.15


Weighted average shares outstanding		12,285			11,847			12,268			11,806
Diluted effect of stock equivalents		135			410			185			436

Weighted average shares outstanding assuming dilution		12,420			12,257			12,453			12,242


Cash dividends per share	$	0.075		$	0.070		$	0.150		$	0.140

Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)			(Unaudited)
	February, 28			February 29,			August 31,
($ in thousands, except par values)	2009			2008			2008
ASSETS
Current Assets:
Cash and cash equivalents	$	41,139		$	24,328		$	50,760
Marketable securities		—			496			—
Receivables, net of allowance, $1,248, $1,198 and $1,457, respectively		58,741			73,597			88,410
Inventories, net		66,658			60,540			53,409
Deferred income taxes		7,876			6,644			8,095
Other current assets		8,875			9,590			7,947

Total current assets		183,289			175,195			208,621

Property, plant and equipment, net		56,779			54,679			57,571
Other intangible assets, net		28,511			32,608			30,808
Goodwill, net		23,328			24,406			24,430
Other noncurrent assets		4,975			5,590			5,447

Total assets	$	296,882		$	292,478		$	326,877


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	23,066		$	25,855		$	32,818
Current portion of long-term debt		6,171			6,171			6,171
Other current liabilities		29,083			36,395			43,458

Total current liabilities		58,320			68,421			82,447

Pension benefits liabilities		5,603			5,383			5,673
Long-term debt		22,540			43,711			25,625
Deferred income taxes		12,345			9,671			11,786
Other noncurrent liabilities		4,492			6,097			5,445

Total liabilities		103,300			133,283			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, 18,114,503, 17,846,114 and 18,055,292 shares issued at February 2009 and 2008 and August 2008, respectively)		18,115			17,846			18,055
Capital in excess of stated value		27,615			15,353			26,352
Retained earnings		244,247			216,312			239,676
Less treasury stock (at cost, 5,813,448, 5,963,448 and 5,843,448 shares at February 2009 and 2008 and August 2008, respectively)		(92,796	)		(95,190	)		(93,275	)
Accumulated other comprehensive (loss) income, net		(3,599	)		4,874			5,093

Total shareholders’ equity		193,582			159,195			195,901

Total liabilities and shareholders’ equity	$	296,882		$	292,478		$	326,877

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


	Six Months Ended
	February 28,			February 29,
($ in thousands)	2009			2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	6,472		$	14,046
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		5,311			4,299
Provision for uncollectible accounts receivable		91			(96	)
Deferred income taxes		(318	)		(52	)
Stock-based compensation expense		938			1,303
Other, net		369			(36	)
Changes in assets and liabilities:
Receivables, net		25,261			(22,715	)
Inventories, net		(16,963	)		(15,071	)
Other current assets		903			(1,748	)
Accounts payable		(5,722	)		5,059
Other current liabilities		(13,178	)		6,897
Current taxes payable		(5,516	)		1,582
Other noncurrent assets and liabilities		340			(3,885	)

Net cash used in operating activities		(2,012	)		(10,417	)


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(5,176	)		(7,269	)
Proceeds from sale of property, plant and equipment		6			22
Acquisition of business, net of cash acquired		—			(21,154	)
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		—			40,995

Net cash used in investing activities		(4,311	)		(1,266	)


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under stock compensation plan		482			598
Proceeds from issuance of long-term debt		—			15,000
Principal payments on long-term debt		(3,011	)		(3,085	)
Net borrowings on revolving line of credit		842			—
Excess tax benefits from stock-based compensation		317			2,357
Dividends paid		(1,841	)		(1,659	)

Net cash (used in) provided by financing activities		(3,211	)		13,211


Effect of exchange rate changes on cash		(87	)		1,778

Net (decrease) increase in cash and cash equivalents		(9,621	)		3,306
Cash and cash equivalents, beginning of period		50,760			21,022

Cash and cash equivalents, end of period	$	41,139		$	24,328