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Credit Arrangements

6 Months Ended

Feb. 29, 2012

Credit Arrangements [Abstract]

Credit Arrangements

(7) Credit Arrangements

At February 29, 2012, February 28, 2011 and August 31, 2011, the Company was in compliance with all loan covenants. Changes to credit arrangements since August 31, 2011 consist of the following:

Euro Line of Credit

The Company's wholly-owned European subsidiary, Lindsay Europe, has an unsecured revolving line of credit with Societe Generale, a European commercial bank, under which it could borrow for working capital purposes up to 2.3 million Euros (the "Euro Line of Credit"). On January 23, 2012, the Company extended the Euro Line of Credit with Societe Generale through January 31, 2013. There were no borrowings outstanding on this credit agreement at February 29, 2012 or August 31, 2011. There was $0.4 million outstanding on this credit agreement at February 28, 2011. Under the terms of the Euro Line of Credit, borrowings, if any, bear interest at a floating rate in effect from time to time designated by the commercial bank as the Euro Interbank Offered Rate plus 110 basis points, (2.08 percent at February 29, 2012). Unpaid principal and interest is due by January 31, 2013.

Outstanding long-term debt consists of the following:

		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
BSI Term Note	$	6,429		$	10,714		$	8,571
Less current portion		(4,286	)		(4,286	)		(4,286	)
Total long-term debt	$	2,143		$	6,428		$	4,285

Principal payments due on long-term debt are as follows:

Due within:
1 year	$	4,286
2 years		2,143
	$	6,429

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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