<SEC-DOCUMENT>0001193125-15-128835.txt : 20150520
<SEC-HEADER>0001193125-15-128835.hdr.sgml : 20150520
<ACCEPTANCE-DATETIME>20150414121333
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ACCESSION NUMBER:		0001193125-15-128835
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150414

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
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Lindsay Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2222 N. 111<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Omaha, NE 68164 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">April&nbsp;14,
2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via EDGAR Correspondence </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Martin James </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief Accountant </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">450 Fifth Street, N.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Lindsay Corporation </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Form 10-K for the fiscal year ended August&nbsp;31, 2014 </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Filed October&nbsp;15, 2014 </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">File No.&nbsp;001-13419 </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;James: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are writing in response to your letter, dated March&nbsp;23, 2015 (the&nbsp;&#147;Comment Letter&#148;), regarding the Annual Report on
Form&nbsp;10-K filed by Lindsay Corporation (&#147;Lindsay&#148;) on October&nbsp;15, 2014 <FONT STYLE="white-space:nowrap">(the&nbsp;&#147;10-K&#148;).</FONT> 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for fiscal year ended August&nbsp;31, 2014 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Comment&nbsp;No.&nbsp;1: </B></P></TD>
<TD>You disclose in your December 2013 Proxy Statement on Schedule 14A that during fiscal 2013 you made project solution sales for agricultural products in Sudan. You state on your website that IRZ Consulting is a Lindsay consulting and design firm
that has worked on large scale projects in Sudan, and you list a distributor in Sudan in the Dealer Locator section. You also disclose in the Form 10-K that you do business in the Middle East, a region that includes Syria. Sudan and Syria are
designated by the State Department as state sponsors of terrorism, and are subject to U.S. economic sanctions and export controls. You do not include disclosure about those countries in the Form 10-K. Please describe to us the nature and extent of
any past, current, and anticipated contacts with Sudan and Syria, whether through subsidiaries, affiliates, distributors, resellers or </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Martin James </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;14, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">other direct or indirect arrangements. You should describe any products, services, components or technology provided, directly or indirectly, to those countries, and any agreements, commercial arrangements, or other
contacts with the governments of those countries or entities they control. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Response No.&nbsp;1: </B></P></TD>
<TD>Lindsay policy prohibits the export of its products, software, and technology (including services) to restricted individuals and countries, including Sudan and Syria, either directly or indirectly without appropriate export authorization.
Furthermore, with the exception of one dealer in Sudan under an export license described below, Lindsay does not have any subsidiaries, branches, employees, representatives or dealers in the restricted countries. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Lindsay maintains an integrated system of policies and controls to prevent unauthorized sales and exports of Lindsay products and services to restricted locations or end users. Lindsay&#146;s global export compliance
program requires all known parties and destinations to any sale, shipment or service to be screened against an export compliance checklist, including screening against certain restricted countries and individuals. The screening system implemented by
Lindsay alerts our Export Compliance Officer to any transaction potentially involving a restricted party or destination. Upon receiving an alert, Lindsay will either seek the appropriate authorization or deny the order. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Lindsay provides training, on an annual basis for senior management as well as employees with responsibilities related to international transactions to review the export controls and trade sanctions policy and review
any updates to the policy or changes to applicable laws and sanctions. Lindsay also provides training to its third party dealers and sales representatives and requires written acknowledgement to comply with applicable US export controls and trade
laws. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Lindsay&#146;s past, current and anticipated contacts with Sudan are limited to the contacts under Lindsay&#146;s export licenses described below. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Lindsay holds export licenses issued by the United States Department of the Treasury Office of Foreign Assets Control (&#147;OFAC&#148;) that permit Lindsay to engage in all transactions necessary to export certain
goods and services to customers in Sudan, including a Sudanese government agency, that have been pre-approved by OFAC. The goods and services eligible for export under the licenses include agricultural irrigation systems, ancillary equipment
necessary for use with those systems (including pump stations, generators, power cables and storage tanks for chemicals and/or </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Martin James </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;14, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">fertilizers) and related services (including irrigation engineering design services). Lindsay&#146;s wholly owned subsidiary, IRZ Consulting, LLC has provided engineering design services to customers in Sudan on
Lindsay&#146;s behalf under the export licenses. Lindsay has a dealer in Sudan who is also named on the export license and who performs equipment installation, maintenance and other services permitted under the licenses.</TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Lindsay does not sell, attempt to sell or otherwise have contacts to do business in Syria. Lindsay did engage an individual who is a non-resident Syrian citizen to act as a sales representative in territories outside of
Syria (primarily with regard to a contract with a customer in Iraq).&nbsp;Lindsay disclosed this arrangement to OFAC and has structured its agreement with this individual in accordance with the guidance received from OFAC. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Comment&nbsp;No.&nbsp;2: </B></P></TD>
<TD>Please discuss the materiality of any contacts with Sudan and Syria you describe in response to the comment above, and whether those contacts constitute a material investment risk for your security holders. You should address materiality in
quantitative terms, including the approximate dollar amounts of any associated revenues, assets, and liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative factors that a
reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company&#146;s reputation and share value. As you know, various state and municipal governments, universities,
and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. You should address the potential impact of the investor sentiment
evidenced by such actions directed toward companies that have operations associated with Sudan and Syria. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Response&nbsp;No.&nbsp;2: </B></P></TD>
<TD>Except as described above in the response to Comment No.&nbsp;1, Lindsay has had no contacts with Syria regarding the sales of its products, technology or services. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Lindsay does not believe that the contacts with Sudan under the license agreements outlined in Comment No.&nbsp;1 above are material in quantitative or qualitative terms and does not believe they present a material
investment risk. Total revenues related to these transactions ranged from 0.2% to 1.5% of the Company&#146;s consolidated revenues during the three years ended August&nbsp;31, 2014 and the six-month period ended February&nbsp;28, 2015. The
Company&#146; assets and liabilities in Sudan as of each of the above referenced periods are less than 0.2% of total assets and total liabilities, respectively, and consist of accounts receivables and other sales liabilities related to these
transactions. </TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Martin James </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;14, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Lindsay does not believe that investor sentiment would be negatively impacted by Lindsay&#146;s contacts in Sudan as the terms of the transactions are consistent with OFAC licensing policy regarding agricultural exports
to Sudan and are pursuant to the export licenses obtained and authorized by OFAC. The purpose of these licenses is to benefit the Sudanese people by enhancing local food production and strengthening the agricultural sector in the region. Lindsay has
had and may have in the future, potential opportunities for sales that require export authorization. Pursuant to Lindsay&#146;s policy, such opportunities have been and would be reviewed with the Company&#146;s Export Compliance Officer to ensure
that the proper authorizations are obtained before proceeding with the transactions. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Further, Lindsay has disclosed in its risk factors listed on page 10 of its Form 10-K for the year ended August&nbsp;31, 2014 that the Company&#146;s international equipment sales are highly dependent on foreign market
conditions and are subject to additional risk and restrictions, including a statement that the Company does business in a number of countries that are particularly susceptible to disruption from changing social economic conditions as well as
terrorism, political hostilities, sanctions, war and similar incidents. Based on its assessment of the materiality of the contacts with Sudan, Lindsay believes it has made adequate disclosure of such activities. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Martin James </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;14, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;8. Financial Statements and Supplementary
Data </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note Q &#150; Industry Segment Information, page 53 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Comment&nbsp;No.&nbsp;3: </B></P></TD>
<TD>We see the significance of your net sales to international customers in the table on page 54. Please describe to us your consideration of the guidance from FASB ASC 280-10-50-41(a) in assessing whether you should disclose revenues attributed to
any particular foreign countries. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Response&nbsp;No.&nbsp;3: </B></P></TD>
<TD>Lindsay&#146;s sales to international customers can fluctuate from year to year and generally include sales to more than 30 countries in any one year. Lindsay has historically viewed 10% of total consolidated revenues as the consideration of
materiality for disclosing individual country revenue in evaluating the disclosure requirements of ASC 280-10-50-41(a). For each of the three years ended August&nbsp;31, 2014, no such individual foreign country exceeded the threshold of 10% of
consolidated revenues. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lindsay hereby acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">it is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely,</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">LINDSAY CORPORATION</P></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ JAMES C. RAABE</TD></TR>
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<TD VALIGN="top" COLSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James C. Raabe</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Vice
President and Chief Financial Officer</I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(on behalf of the registrant and as principal financial officer)</P></TD></TR>
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