<SEC-DOCUMENT>0001193125-13-028298.txt : 20130307
<SEC-HEADER>0001193125-13-028298.hdr.sgml : 20130307
<ACCEPTANCE-DATETIME>20130129170610
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-028298
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINDSAY CORP
		CENTRAL INDEX KEY:			0000836157
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		IRS NUMBER:				470554096
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2222 N 111TH STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
		BUSINESS PHONE:		4024282131

	MAIL ADDRESS:	
		STREET 1:		2222 N 111TH STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINDSAY MANUFACTURING CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>CORRESP
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lindsay Corporation </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; " ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2222 N. 111</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Street </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Omaha, NE 68164 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">January&nbsp;29, 2013 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Via EDGAR Correspondence </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Martin James </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Assistant Chief
Accountant </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">450 Fifth Street, N.W. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lindsay Corporation </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Form 10-K for the fiscal year ended August&nbsp;31, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed
October&nbsp;26, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No.&nbsp;001-13419 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;James: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are writing in response to the comments of the staff
(the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) set forth in your letter, dated January&nbsp;16, 2013 (the&nbsp;&#147;Comment Letter&#148;), with respect to the Annual Report on Form&nbsp;10-K for the
fiscal year ended August&nbsp;31, 2012 filed by Lindsay Corporation (the &#147;Company&#148;) on October&nbsp;26, 2012. Our responses to the Staff&#146;s comments set forth in the Comment Letter are set forth below and are preceded in each case by a
recitation of the Staff&#146;s comment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-K for Fiscal Year Ended August&nbsp;31, 2012 </U></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Item&nbsp;8. Financial Statements and Supplementary Data </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Note A. Description of Business and Significant Accounting Policies </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>(4) Revenue
Recognition, page 33 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment&nbsp;No.&nbsp;1:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We note your revenue recognition policy for leases of infrastructure property on page 19. Please tell us why you did not include this policy in the notes to your financial
statements.</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Martin James </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 29, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page &nbsp;&nbsp;&nbsp;&nbsp;
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response&nbsp;No.&nbsp;1:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Our critical accounting policy on revenue recognition on page 19 is designed to supplement the accounting policy in the notes to the consolidated financial statements and
to provide greater insight into the quality and variability of information regarding financial condition and operating performance. As such, we have added certain additional information regarding lease revenue which was not material to the
consolidated financial statements. We supplementally advise the Staff that our lease revenues of infrastructure property were $6.9 million, or 1.3% of operating revenues, for the year ended August&nbsp;31, 2012. In future filings as it relates to
different revenue streams like lease activity, we will ensure consistency is maintained between the critical accounting policy and the revenue recognition policy included in the notes to the consolidated financial statements.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>(5) Receivables and Allowances, page 33 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment&nbsp;No.&nbsp;2:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We note that you maintain an allowance for doubtful accounts that is based on the appropriate amount. Please tell us how you considered FASB ASC 310-10-35-8 in determining
the losses from uncollectible accounts receivable.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response No.&nbsp;2:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>FASB ASC 310-10-35-8 requires recognition of a loss when information available before the financial statements are issued or are available to be issued indicates that it
is probable that an asset has been impaired at the date of the financial statements and the amount of the loss can be reasonably estimated. In estimating probable losses, we review specific accounts that are significant and past due, in bankruptcy
or otherwise identified at risk for potential credit loss. Collectability of these specific accounts are assessed based on facts and circumstances of that customer, and an allowance for credit losses is established based on the probability of
repayment. The allowance for credit losses attributable to the remaining accounts is established using probabilities of default and an estimate of associated losses based upon the aging of receivable balances, collection experience, economic
conditions and credit risk quality. The evaluation of the adequacy of the allowance for credit losses is based on facts and circumstances available to the Company at the date of the consolidated financial statements and considers any significant
changes in circumstances occurring through the date that the financial statements are issued.</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Martin James </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 29, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page &nbsp;&nbsp;&nbsp;&nbsp;
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>(7) Cash and Cash Equivalents, page 33 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment&nbsp;No.&nbsp;3:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We note that your cash equivalents have original maturities of three months or less. Please tell us whether your cash equivalents are also highly liquid investments and
meet the definition of cash equivalents in FASB ASC 305-10-20.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response No.&nbsp;3:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>All of our cash equivalents are considered highly-liquid investments and meet the definition of cash equivalents in FASB ASC 305-10-20. As of August&nbsp;31, 2012 and
2011, our cash equivalents included highly-liquid investments entirely held in money market funds of $97.0 million and $77.9 million, respectively. We supplementally advise the Staff that the remaining balances in our cash and cash equivalents line
item meet the definition of cash in FASB ASC 305-10-20. In future filings, we will change our disclosure as follows:</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Cash equivalents consist of highly-liquid investments with original maturities of three months or less.&#148;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Note D. Income Taxes, page 38 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment&nbsp;No.&nbsp;4:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We note from the disclosure in the first paragraph on page 40 that you did not recognize a deferred tax liability for permanently reinvested foreign earnings. Please tell
us the cumulative amount of the temporary difference and how you considered the disclosures required by FASB ASC 740-30-50-2.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response No.&nbsp;4:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We supplementally advise the Staff that at August&nbsp;31, 2012, undistributed earnings of the Company&#146;s foreign subsidiaries amounted to approximately $12.2 million
for which a deferred tax liability has not been recognized.&nbsp;To the extent applicable in future filings of Forms 10-K, we will include the following language in the notes to the consolidated financial statements:</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The Company does not intend to repatriate earnings of its foreign subsidiaries and accordingly, has not provided a U.S. deferred income tax liability on these undistributed
earnings that are indefinitely reinvested.&nbsp;The Company would recognize a deferred income tax liability if the Company were to determine that such earnings are no longer indefinitely reinvested. At August&nbsp;31, XXXX, undistributed earnings of
the Company&#146;s foreign subsidiaries amounted to approximately $XX million.&nbsp;Determination of the estimated amount of unrecognized deferred tax liability on these undistributed earnings is not practicable.&#148;</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Martin James </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 29, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page &nbsp;&nbsp;&nbsp;&nbsp;
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Note L. Commitment and Contingencies, page 45 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment&nbsp;No.&nbsp;5:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We note your disclosure in the first paragraph of the section regarding various legal proceedings. Please clarify whether this includes your environmental remediation
matters. While you state that you believe that the outcome of such matters will not have a material adverse effect on your business or financial condition, please tell us whether you expect these matters to have a material effect on your results of
operations and cash flows.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response No.&nbsp;5:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>With respect to the first paragraph referenced above, we advise the Staff that the Company&#146;s reference to commercial litigation, employment disputes, administrative
proceedings and other legal proceedings does not include environmental remediation matters, which are further addressed in the paragraphs that follow the first. We further advise the Staff that we do not expect these current proceedings (exclusive
of environmental remediation matters), individually or in the aggregate, to have a material effect on the business, financial condition, results of operations or cash flows of the Company. To the extent applicable in future filings, we will modify
our disclosure as follows:</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;In the ordinary course of its business operations, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings and
other legal proceedings. The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any potential loss in excess of the amounts accrued would not have a material effect on
the business or its consolidated financial statements. Such proceedings are exclusive of environmental remediation matters which are discussed separately below.&#148;</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment No.&nbsp;6:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Further, with respect to your remediation efforts for groundwater at and near your Lindsay, Nebraska facility, please tell us what prompted the company to assess further
potential site remediation and containment actions in the first quarter of fiscal 2012, as opposed to doing so in an earlier period. Please explain to us in more detail how you determined the amount of the accrual of $7.2 million and summarize the
major components of that accrual. Discuss the factors which caused the significant increase in the amount accrued in fiscal 2012, as compared to fiscal 2011.</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Martin James </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 29, 2013 </FONT></P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response&nbsp;No.&nbsp;6:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Company&#146;s discussions with the U.S. Environmental Protection Agency (the &#147;EPA&#148;) have been an ongoing dialogue of alternative courses of actions for
approximately 20 years. Throughout these discussions, the Company has accrued costs that have been determined to be probable and estimable at each reporting date.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2008, the Company and the EPA conducted a periodic five-year review on the remediation of the site contamination. As a result of this review, the Company&#146;s ongoing
discussions with the EPA became more focused on identifying and containing the boundaries of the contaminated groundwater as well as performing analysis and testing of potential solutions.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">In April 2011, the Company, its consultants and the EPA agreed that the options evaluated up until that time were not viable solutions and the EPA requested that the Company
focus on potential source area remediation options, which was a significant change in focus from the previous course of action. In May 2011, the Company&#146;s environmental consultants began investigation and evaluation of alternatives for source
area remediation with an expected delivery date for their recommendations and analysis of February 2012.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">At August&nbsp;31, 2011, the Company&#146;s consolidated balance sheet included an environmental remediation accrual of $1.5 million, which was management&#146;s best estimate of
remediation costs based on the information available when the Form 10-K was filed on October&nbsp;27, 2011. While there was ongoing evaluation and dialogue with the EPA and the Company&#146;s environmental consultants as of August&nbsp;31, 2011 and
October&nbsp;27, 2011, there was no proposed solution or identified remediation plans that were probable on either of those dates as there was uncertainty as to the path that would be taken. As a result, management determined that an accrual or
range of losses specific to source area remediation alternatives could not be estimated when the Form 10-K was filed on October&nbsp;27, 2011. In Note L to the consolidated financial statements included in our fiscal 2011 Form 10-K, we disclosed
that meaningful estimates of costs or range of costs could not currently be made for all future remediation requirements. We also disclosed our expectation to meet with the EPA in fiscal 2012 to discuss more permanent or more clearly defined
remediation solutions.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Near the end of November 2011, the Company received a preliminary recommendation and analysis from its environmental consultants, which was the first time that management had
meaningful information about alternatives for source area remediation and estimated costs. Based on this preliminary evaluation, the Company&#146;s previous interactions with the EPA and discussions with the environmental consultants, the
Company</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Martin James </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 29, 2013 </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">estimated an additional $7.2 million in remediation and operating costs were likely to be incurred over the next 5 to 10 years. As the obligation could now be reasonably
estimated, the Company accrued its best estimate of the anticipated cost of environmental remediation in the first quarter of fiscal 2012 even though the EPA had not provided approval on the action plan. The $7.2 million accrued during the first
quarter of fiscal 2012 included approximately $4.7 million of costs for source area remediation activities and approximately $2.5 million for groundwater monitoring and ongoing operation and maintenance costs.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company continued discussions with the EPA and its environmental consultants throughout fiscal 2012. While the Company made its best estimate of probable costs using
information available at August&nbsp;31, 2012 and at the time the Form 10-K was filed on October&nbsp;26, 2012, the EPA has not yet approved any remediation plan, and there remains uncertainty in the total amount of costs that may be
incurred.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s financial and legal staff, including its General Counsel and its Chief Financial Officer, meet with the Company&#146;s engineers, environmental consultants and
outside legal counsel on a periodic basis to review the status of the ongoing discussions with the EPA and ongoing workplan results to assess the current status of the accrual related to the environmental remediation efforts to ensure that the
accrual represents management&#146;s best estimate of costs based on all information available.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment&nbsp;No.&nbsp;7:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We note the disclosure in the first paragraph on page 46. Please tell us whether your accrual includes your estimate of the costs related to the expected additional
testing and environmental monitoring and remediation that will be required in the future as part of your ongoing discussions with the EPA regarding the development and implementation of the remedial action plans. As part of your response, please
discuss how you considered the disclosures required by FASB ASC 450-20-50-4(b).</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response No.&nbsp;7:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>We supplementally advise the Staff that the accrual recorded at August&nbsp;31, 2012 includes an estimate for certain costs related to groundwater monitoring and ongoing
operation and maintenance. However, the accrual does not include costs associated with potential additional testing and environmental monitoring and remediation that could be required in the future as part of the ongoing discussions with the EPA.
Because these potential activities have not yet been defined and given the uncertainty in determining additional remediation and or testing and monitoring that may arise as a result of our ongoing discussion with the EPA, we do not believe that an
estimate of actual costs that could be incurred beyond the amounts already accrued could be presented.</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Martin James </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 29, 2013 </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the extent applicable in future filings, we will disclose that we are unable to estimate the cost of potential additional testing and environmental monitoring and remediation
that could be required as a result of ongoing discussions with the EPA and accordingly have not accrued for these amounts.</FONT></TD></TR>
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</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company hereby acknowledges that: </FONT></P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">it is responsible for the adequacy and accuracy of the disclosure in the filing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the
filing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">it may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the
United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We trust that the forgoing is responsive to your comments. If you have any questions
regarding the foregoing or require further information, please contact the undersigned at (402)&nbsp;827-6579. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">LINDSAY CORPORATION</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ JAMES C. RAABE</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">James C. Raabe</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Vice President and Chief Financial Officer</I></FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">(on behalf of the registrant and as principal financial officer)</FONT></TD></TR>
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