Jlg (NYSE:JLG)
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JLG Industries, Inc. (NYSE:JLG) today announced that its 2007 fiscal
first-quarter consolidated revenues were $539 million compared to $478
million during the same period last year. Net income for the quarter
totaled $40 million, or 37 cents per share, versus $28 million, or 27
cents per share, for the fiscal first-quarter of 2006. Operating income
was $62 million, or 11.5 percent of sales, compared to $50 million, or
10.5 percent, during the same period last year. Cash and cash
equivalents were $308 million at October 29, 2006 compared to $231
million a year ago.
Fiscal first-quarter 2007 net income included $4.1 million ($2.6 million
net of tax), or 2 cents per share, of charges related to the proposed
merger with a subsidiary of Oshkosh Truck Corporation.
“For the fourth consecutive year, we have
produced record first-quarter revenues despite recent consolidation in
the equipment rental industry which has altered ordering patterns for
some of our larger customers. Demand for our products continues to
mirror the strength in non-residential construction activity as our
order board grew sequentially to $845 million from $749 million at the
end of July,” stated Bill Lasky, Chairman of
the Board, President and Chief Executive Officer. “In
addition, we are now shipping Caterpillar-branded telehandlers to Cat
dealers around the world and expect this business to grow during the
year as we ramp up to full production under the exclusive 20-year
private label Alliance agreement.”
“Excluding the $4.1 million of charges related
to the proposed merger with a subsidiary of Oshkosh Truck Corporation,
our incremental operating margin was 26% reflecting the effect of our
ongoing cost reduction initiatives as well as an improved sales mix,”
said Jim Woodward, Executive Vice President and Chief Financial Officer. “In
addition, a lower effective tax rate contributed to the increase in net
income.”
Fiscal-Year 2007 Outlook
“As a result of our strengthened order board
and insights into most of our major customers’
annual purchasing plans, we now expect that our fiscal 2007 revenue
growth will be toward the upper end of our previously announced range of
20 to 25 percent greater than our 2006 revenue level of $2.3 billion,”
Woodward stated. “On that basis, we are
forecasting earnings per share to be in a range from $1.82 to $1.92.
This revised earnings guidance includes $4.1 million in merger-related
expenses incurred during the first quarter, but does not include any
other expenses that may be incurred in completing or terminating the
merger. Our previous guidance of $1.72 to $1.82 did not assume any
merger-related expenses.”
This revised outlook is based upon JLG as an independent company under
current management and does not reflect any post-closing management
decisions or impacts of the pending transaction with Oshkosh Truck
Corporation.
Special Meeting of Shareholders
JLG Industries, Inc. will hold a Special Meeting of Shareholders to
consider and vote on a proposal to approve the Agreement and Plan of
Merger among the company, Oshkosh Truck Corporation and its subsidiary,
whereby JLG will become a wholly owned subsidiary of Oshkosh. JLG has
mailed the definitive proxy statement and other related materials to its
shareholders of record as of November 3, 2006 in connection with this
meeting. The meeting is scheduled for December 4, 2006. Pending this
meeting and the related transaction, we have not scheduled a conference
call to discuss our first-quarter results.
About JLG Industries, Inc.
JLG Industries, Inc. is the world’s leading
producer of access equipment (aerial work platforms and telehandlers).
The Company’s diverse product portfolio
encompasses leading brands such as JLG®
aerial work platforms; JLG, SkyTrak®, Lull®
and Gradall® telehandlers; and an array of
complementary accessories that increase the versatility and efficiency
of these products for end users. JLG markets its products and services
through a multi-channel approach that includes a highly trained sales
force and utilizes a broad range of marketing techniques, integrated
supply programs and a network of distributors in the industrial,
commercial, institutional and construction markets. In addition, JLG
offers world-class after-sales service and support for its customers. JLG’s
manufacturing facilities are located in the United States, Belgium, and
France, with sales and service operations on six continents.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are not guarantees of future performance and involve a number
of risks and uncertainties that could cause actual results to differ
materially from those indicated by the forward-looking statements.
Important factors that could cause actual results to differ materially
from those suggested by the forward-looking statements include, but are
not limited to, the following: (i) general economic and market
conditions, including political and economic uncertainty in areas of the
world where we do business; (ii) varying and seasonal levels of demand
for our products and services; (iii) risks associated with acquisitions;
(iv) credit risks from our financing of customer purchases; (v) risks
arising from dependence on third-party suppliers; (vi) costs of raw
materials and energy; and (vii) risks associated with our pending
merger, as well as other risks as detailed in the Company's SEC reports,
including the report on Form 10-K for the year ended July 31, 2006.
In this release and accompanying tables, we refer to various non-GAAP
measures including adjustments to reported GAAP earnings, AFS operations
as if accounted for under the equity method, as well as our disclosure
of free cash flow, EBITDA and net debt. We believe that these measures
are useful to investors in analyzing the Company’s
operating performance. For more information, visit www.jlg.com.
NOTE: Information contained on our website is not incorporated by
reference into this press release.
JLG INDUSTRIES, INC.
FINANCIAL DASHBOARD
(in thousands, except per share data and as otherwise identified)
Quarter Ended
Fiscal Year
Quarter Ended
Fiscal Year
October 29, 2006
Ended July 31, 2006
July 31, 2006
April 30, 2006
January 29, 2006
October 30, 2005
Ended July 31, 2005
REVENUES AND PROFITABILITY
Revenues
$ 539,310
$ 2,289,396
$ 687,632
$ 629,615
$ 494,426
$ 477,723
$ 1,735,030
Gross profit margin
21.6%
19.4%
19.5%
18.8%
19.4%
19.9%
16.6%
EBITDA
75,960
297,930
88,234
90,952
59,400
59,344
154,185
Trailing twelve month EBITDA
314,546
297,930
297,930
280,799
243,633
211,344
154,185
Trailing twelve month EBITDA margin
13.4%
13.0%
13.0%
12.9%
11.9%
11.1%
8.9%
Operating income
62,226
262,984
78,194
84,690
49,734
50,366
120,261
Operating profit margin
11.5%
11.5%
11.4%
13.5%
10.1%
10.5%
6.9%
Net income margin
7.4%
6.5%
7.0%
7.3%
5.5%
5.8%
3.3%
Reported earnings per diluted share (1)
$ 0.37
$ 1.40
$ 0.45
$ 0.43
$ 0.26
$ 0.27
$ 0.60
IMPACT OF SELECTED ITEMS ON: (2)
income (expense)
PRE-TAX INCOME
Strategic Initiatives/Integration (in both Cost of sales (COS),
Selling & administrative and product development (SA&PD))
$ -
$ (22,019)
$ (9,848)
$ (7,951)
$ (3,375)
$ (845)
$ (6,261)
Merger related costs (in SA&PD)
(4,149)
-
-
-
-
-
-
Net expenses on early extinguishment of debt
-
(1,939)
(492)
(873)
(574)
-
(6,493)
Currency effects (in Miscellaneous-net)
1,391
(2,767)
21
(2,847)
(672)
731
5,826
Bad debt charges (in SA&PD)
(388)
(6,368)
(1,289)
(234)
(1,336)
(3,509)
(6,977)
Inventory charges (in COS)
(324)
(2,074)
(141)
106
(551)
(1,488)
(4,423)
Early vesting incentives (in both COS, SA&PD)
-
-
-
-
-
-
(1,658)
Other Incentive pay (in both COS, SA&PD)
(5,603)
(25,938)
(9,938)
(6,266)
(4,888)
(4,846)
(22,194)
Estimated net unrecovered steel cost (in COS) (3)
-
(6,005)
-
-
-
(6,005)
(64,753)
Gain related to sale of Gradall excavator product line
-
14,572
-
14,572
-
-
-
NET INCOME
Strategic Initiatives/Integration (in both COS and SA&PD)
-
(13,581)
(6,247)
(4,789)
(2,146)
(503)
(3,846)
Merger related costs (in SA&PD)
(2,634)
-
-
-
-
-
(3,846)
Net expenses on early extinguishment of debt
-
(1,196)
(312)
(526)
(365)
-
(3,988)
Currency effects (in Miscellaneous-net)
883
(1,707)
13
(1,715)
(427)
435
3,578
Bad debt charges (in SA&PD)
(246)
(3,928)
(818)
(141)
(850)
(2,088)
(4,285)
Inventory charges (in COS)
(206)
(1,279)
(89)
64
(350)
(885)
(2,717)
Early vesting incentives (in both COS, SA&PD)
-
-
-
-
-
-
(1,018)
Other Incentive pay (in both COS, SA&PD)
(3,557)
(15,999)
(6,304)
(3,774)
(3,109)
(2,883)
(13,632)
Estimated net unrecovered steel cost (in COS) (3)
-
(3,704)
-
-
-
(3,573)
(39,771)
Gain related to sale of Gradall excavator product line
-
8,988
-
8,777
-
-
-
EARNINGS PER SHARE (1)
Strategic Initiatives/Integration (in both COS and SA&PD)
-
(0.13)
(0.06)
(0.04)
(0.02)
-
(0.04)
Merger related costs (in SA&PD)
(0.02)
-
-
-
-
-
(0.04)
Net expenses on early extinguishment of debt
-
(0.01)
-
-
-
-
(0.04)
Currency effects (in Miscellaneous-net)
0.01
(0.02)
-
(0.02)
-
-
0.04
Bad debt charges (in SA&PD)
-
(0.04)
(0.01)
-
(0.01)
(0.02)
(0.04)
Inventory charges (in COS)
-
(0.01)
-
-
-
(0.01)
(0.03)
Early vesting incentives (in both COS, SA&PD)
-
-
-
-
-
-
(0.01)
Other Incentive pay (in both COS, SA&PD)
(0.03)
(0.15)
(0.06)
(0.04)
(0.03)
(0.03)
(0.14)
Estimated net unrecovered steel cost (in COS) (3)
-
(0.03)
-
-
-
(0.03)
(0.42)
Gain related to sale of Gradall excavator product line
-
0.08
-
0.08
-
-
-
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents
$ 307,947
$ 328,096
$ 328,096
$ 304,895
$ 183,344
$ 230,947
$ 223,597
Trade accounts and finance receivables, net
401,283
445,631
445,631
393,966
379,813
379,393
419,866
Inventories
326,406
212,864
212,864
216,901
227,957
218,881
169,097
Total balance sheet debt
231,006
239,581
239,581
252,047
273,721
278,877
289,351
Limited recourse debt from finance receivables monetizations
19,350
23,719
23,719
28,516
45,318
55,921
63,658
Net debt (4)
(96,291)
(112,234)
(112,234)
(81,364)
45,059
(7,991)
2,096
Net debt (4)
to total capitalization
-
-
-
-
7%
-
-
Maximum loss exposure under loss pool agreements related to
finance receivable monetizations
6,617
8,818
8,818
8,818
11,346
11,855
22,160
Equity
717,302
675,432
675,432
625,736
566,870
507,140
478,592
Working capital
650,007
607,460
607,460
575,593
523,417
505,787
489,187
Depreciation and amortization
7,106
28,551
6,410
7,701
7,907
6,533
28,899
Capital expenditures, net of retirements
(10,756)
32,241
15,837
9,622
3,653
3,129
13,435
Free cash flow (5)
(15,943)
114,330
30,870
126,423
(53,050)
10,087
267,457
FINANCIAL RATIOS
Days sales outstanding
57.3
51.2
51.2
46.8
62.3
62.7
57.1
Days payables outstanding
50.5
44.2
44.2
45.2
40.6
46.4
50.5
Inventory turnover (annualized)
7.2
7.6
7.6
7.5
7.6
7.8
7.6
(1) On March 27, 2006, we
distributed a two-for-one stock split of our then outstanding common
stock. All share and per share data included in this
Financial Dashboard and the accompanying consolidated condensed
financial statements have been restated to reflect the stock split.
(2) Net of the quarter and annual
effective tax rates. EPS is calculated by dividing the net income
(loss) amounts by the respective diluted shares for each period. Individual
quarterly net income (loss) per diluted share may not equal the
fiscal year EPS due to changes in the number of common shares
outstanding during the year. Repositioning charges are
reported in COS.
(3) Net unrecovered steel cost is
an estimate based upon a baseline average of steel prices per ton
for various types of steel in fiscal 2004 compared to the impact of
steel prices incurred for various types of steel. These
estimates include assumptions regarding the steel content of and
sources of our products and their components. The steel price
increases are netted against steel surcharges invoiced to our
customers.
(4) Net debt reflects total
balance sheet debt plus off-balance sheet financing, less cash and
limited recourse debt from finance receivables monetizations.
(5) Free cash flow is defined as
cash flow from operating activities, investing activities, payment
of dividends, exercise of stock options, and the effect of exchange
rate changes on cash less changes in accounts receivable
securitization, limited recourse debt from finance receivables
monetizations and off-balance sheet debt.
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share data)
(Quarterly data is unaudited)
Quarter Ended
Fiscal Year
Quarter Ended
Fiscal Year
October 29, 2006
Ended July 31, 2006
July 31, 2006
April 30, 2006
January 29, 2006
October 30, 2005
Ended July 31, 2005
Revenues
Net sales
$ 534,391
$ 2,268,322
$ 682,789
$ 624,686
$ 488,411
$ 472,436
$ 1,713,782
Financial products
2,288
11,093
2,647
2,216
3,256
2,974
11,915
Rentals
2,631
9,981
2,196
2,713
2,759
2,313
9,333
539,310
2,289,396
687,632
629,615
494,426
477,723
1,735,030
Cost of sales
422,558
1,846,371
553,394
511,552
398,566
382,859
1,447,785
Gross profit
116,752
443,025
134,238
118,063
95,860
94,864
287,245
Gross profit margin
21.6%
19.4%
19.5%
18.8%
19.4%
19.9%
16.6%
Selling and administrative expenses
42,721
164,362
45,975
41,025
39,301
38,061
142,383
Selling & administrative %
7.9%
7.2%
6.7%
6.5%
7.9%
8.0%
8.2%
Product development expenses
7,656
30,251
10,069
6,920
6,825
6,437
24,601
Product development %
1.4%
1.3%
1.5%
1.1%
1.4%
1.3%
1.4%
Merger related costs
4,149
-
-
-
-
-
-
Gain related to sale of Gradall excavator product line
-
(14,572)
-
(14,572)
-
-
-
Income from operations
62,226
262,984
78,194
84,690
49,734
50,366
120,261
Operating profit margin
11.5%
11.5%
11.4%
13.5%
10.1%
10.5%
6.9%
Other income (deductions):
Interest expense (net of interest income)
(1,403)
(17,710)
(2,526)
(4,030)
(6,688)
(4,466)
(28,609)
Miscellaneous, net
2,147
(3,166)
(195)
(3,974)
69
934
1,436
Income before taxes
62,970
242,108
75,473
76,686
43,115
46,834
93,088
Income tax provision
22,990
92,764
27,602
30,499
15,695
18,968
35,915
Net income
$ 39,980
$ 149,344
$ 47,871
$ 46,187
$ 27,420
$ 27,866
$ 57,173
Return on revenues
7.4%
6.5%
7.0%
7.3%
5.5%
5.8%
3.3%
Earnings per common share
$ .38
$ 1.43
$ .45
$ .44
$ .26
$ .27
$ .61
Earnings per common share - assuming dilution
$ .37
$ 1.40
$ .45
$ .43
$ .26
$ .27
$ .60
Cash Dividends per share
$ .0050
$ .0150
$ .0050
$ .0050
$ .0025
$ .0025
$ .0100
Average basic shares outstanding
105,591
104,294
105,465
105,088
104,042
102,424
93,058
Average diluted shares outstanding
107,174
106,518
107,199
107,232
106,374
105,112
95,586
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share data)
(Quarterly data is unaudited)
October 29,
July 31,
April 30,
January 29,
October 30,
July 31,
2006
2006
2006
2006
2005
2005
ASSETS
Current assets
Cash and cash equivalents
$ 307,947
$ 328,096
$ 304,895
$ 183,344
$ 230,947
$ 223,597
Trade accounts and finance receivables, net
401,283
445,631
393,966
379,813
379,393
419,866
Inventories
326,406
212,864
216,901
227,957
218,881
169,097
Assets held for sale
-
-
-
49,941
-
-
Other current assets
39,917
47,613
26,595
42,715
48,417
56,739
Total current assets
1,075,553
1,034,204
942,357
883,770
877,638
869,299
Property, plant and equipment, net
106,033
98,345
87,447
82,746
84,879
85,855
Equipment held for rental, net
25,396
21,477
21,934
36,684
38,401
22,570
Finance receivables, less current portion
23,485
29,193
29,472
26,500
29,688
30,354
Pledged finance receivables, less current portion
4,715
7,668
11,923
18,623
26,589
33,649
Goodwill
57,382
57,388
60,513
60,419
61,598
61,641
Intangible assets, net
73,190
74,142
74,557
75,371
31,795
32,086
Other assets
75,707
74,872
72,197
68,379
64,675
68,143
$ 1,441,461
$ 1,397,289
$ 1,300,400
$ 1,252,492
$ 1,215,263
$ 1,203,597
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt and current portion of long-term debt
$ 3,496
$ 8,484
$ 8,447
$ 6,515
$ 1,486
$ 1,496
Current portion of limited recourse debt from finance receivables
monetizations
14,590
16,001
16,531
26,558
29,045
29,642
Accounts payable
271,190
233,746
221,342
187,591
200,281
200,323
Accrued expenses
136,270
168,513
120,444
139,689
141,039
148,651
Total current liabilities
425,546
426,744
366,764
360,353
371,851
380,112
Long-term debt, less current portion
208,160
207,378
215,084
221,888
221,470
224,197
Limited recourse debt from finance receivables monetizations, less
current portion
4,760
7,718
11,985
18,760
26,876
34,016
Accrued post-retirement benefits
25,748
25,748
25,193
31,797
31,455
31,113
Other long-term liabilities
21,891
19,984
23,152
22,117
28,464
27,233
Provisions for contingencies
38,054
34,285
32,486
30,707
28,007
28,334
Shareholders' equity
Capital stock:
Authorized shares: 200,000 at $.20 par value
Issued shares: 106,754; fiscal 2006 - 106,751; fiscal 2005 -
103,290
21,351
21,350
21,268
21,100
20,666
20,658
Additional paid-in capital
212,344
209,290
206,710
193,021
165,119
170,367
Retained earnings
497,722
458,276
410,937
365,280
338,124
310,516
Unearned compensation
-
-
-
-
-
(7,397)
Accumulated other comprehensive loss
(14,115)
(13,484)
(13,179)
(12,531)
(16,769)
(15,552)
Total shareholders' equity
717,302
675,432
625,736
566,870
507,140
478,592
$ 1,441,461
$ 1,397,289
$ 1,300,400
$ 1,252,492
$ 1,215,263
$ 1,203,597
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(in thousands)
(Quarterly data is unaudited)
Quarter Ended
Fiscal Year
Quarter Ended
Fiscal Year
October 29, 2006
Ended July 31, 2006
July 31, 2006
April 30, 2006
January 29, 2006
October 30, 2005
Ended July 31, 2005
OPERATIONS
Net income (loss)
$ 39,980
$ 149,344
$ 47,871
$ 46,187
$ 27,420
$ 27,866
$ 57,173
Adjustments to reconcile net income (loss) to cash flow from
operating activities:
Gain related to sale of Gradall excavator product line
-
(14,572)
-
(14,572)
-
-
-
(Gain) loss on sale of property, plant and equipment
(1)
(383)
(359)
5
57
(86)
948
Gain on sale of equipment held for rental
(42)
(13,745)
(506)
(7,555)
(5,612)
(72)
(11,711)
Non-cash charges and credits:
Depreciation and amortization
7,106
28,551
6,410
7,701
7,907
6,533
28,899
Other
20,012
24,377
971
11,238
5,137
7,031
6,986
Changes in selected working capital items:
Accounts receivable
49,542
(45,350)
(58,188)
(13,080)
(13,268)
39,186
(25,948)
Inventories
(113,624)
(64,712)
5,470
10,368
(30,523)
(50,027)
(15,268)
Accounts payable
37,443
42,312
12,405
35,610
(5,669)
(34)
60,423
Other operating assets and liabilities
(35,652)
33,484
29,722
9,160
(6,722)
1,324
30,623
Changes in finance receivables
752
(2,315)
3,394
(3,645)
(3,415)
1,351
1,877
Changes in pledged finance receivables
(54)
(627)
(65)
(133)
(233)
(196)
36
Changes in other assets and liabilities
(1,163)
(17,613)
1,035
(11,506)
(3,720)
(3,422)
8,374
Cash flow from operating activities
4,299
118,751
48,160
69,778
(28,641)
29,454
142,412
INVESTMENTS
Purchases of property, plant and equipment
(10,781)
(32,597)
(16,065)
(9,643)
(3,744)
(3,145)
(15,443)
Proceeds from the sale of property, plant and equipment
26
739
587
16
34
102
1,060
Purchases of equipment held for rental
(7,058)
(43,527)
(4,246)
(11,890)
(9,270)
(18,121)
(31,249)
Proceeds from the sale of equipment held for rental
90
50,552
3,413
32,396
14,305
438
35,065
Proceeds from the sale of Gradall excavator product line
-
32,992
576
32,416
-
-
-
Cash portion of acquisitions
-
(47,093)
-
(58)
(47,035)
-
(105)
Other
(48)
150
(204)
422
(40)
(28)
366
Cash flow used for investing activities
(17,771)
(38,784)
(15,939)
43,659
(45,750)
(20,754)
(10,306)
FINANCING
Net issuance (repayment) of short-term debt
(5,001)
52
14
26
23
(11)
(6)
Issuance of long-term debt
-
10,000
-
10,000
-
-
156,018
Repayment of long-term debt
(575)
(21,455)
(8,584)
(12,678)
(96)
(97)
(232,666)
Payment of dividends
(534)
(1,584)
(532)
(530)
(264)
(258)
(925)
Net proceeds from issuance of common stock
-
-
-
-
-
-
119,421
Cash proceeds received from the exercise of stock options
75
18,494
493
4,510
13,327
164
19,826
Excess tax benefits from stock-based compensation
42
20,384
-
7,323
13,017
44
-
Cash flow from financing activities
(5,993)
25,891
(8,609)
8,651
26,007
(158)
61,668
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash
(684)
(1,359)
(411)
(537)
781
(1,192)
(7,833)
CASH AND CASH EQUIVALENTS
Net change in cash and cash equivalents
(20,149)
104,499
23,201
121,551
(47,603)
7,350
185,941
Beginning balance
328,096
223,597
304,895
183,344
230,947
223,597
37,656
Ending balance
$ 307,947
$ 328,096
$ 328,096
$ 304,895
$ 183,344
$ 230,947
$ 223,597
JLG INDUSTRIES, INC.
CONSOLIDATED SELECTED SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
(Quarterly data is unaudited)
Quarter Ended
Fiscal Year
Quarter Ended
Fiscal Year
October 29, 2006
Ended July 31, 2006
July 31, 2006
April 30, 2006
January 29, 2006
October 30, 2005
Ended July 31, 2005
SEGMENT INFORMATION REVENUES:
North American Distribution
$ 370,962
$ 1,704,030
$ 509,653
$ 462,772
$ 369,725
$ 361,880
$ 1,329,682
European Distribution
118,915
407,143
137,233
124,521
83,062
62,327
261,602
Rest of World Distribution
47,094
166,820
37,985
40,051
38,329
50,455
129,995
Access Financial Solutions
2,339
11,403
2,761
2,271
3,310
3,061
13,751
$ 539,310
$ 2,289,396
$ 687,632
$ 629,615
$ 494,426
$ 477,723
$ 1,735,030
SEGMENT PROFIT (LOSS):
North American Distribution
$ 55,135
$ 254,167
$ 79,554
$ 75,997
$ 47,903
$ 50,713
$ 114,255
European Distribution
19,367
38,969
14,082
16,032
6,659
2,196
21,489
Rest of World Distribution
10,848
39,411
7,966
8,304
9,001
14,140
32,475
Access Financial Solutions
425
4,937
1,544
1,139
1,166
1,088
4,420
Corporate expense
(23,936)
(77,585)
(25,419)
(17,443)
(15,891)
(18,832)
(58,774)
Segment profit
61,839
259,899
77,727
84,029
48,838
49,305
113,865
Add: AFS' interest expense
387
3,085
467
661
896
1,061
6,396
Operating income
$ 62,226
$ 262,984
$ 78,194
$ 84,690
$ 49,734
$ 50,366
$ 120,261
PRODUCT GROUP REVENUES
Aerial work platforms
$ 299,388
$ 1,159,778
$ 360,367
$ 320,827
$ 234,710
$ 243,874
$ 888,073
Telehandlers
164,429
776,001
254,546
202,637
160,715
158,103
511,766
Excavators
-
26,798
-
865
16,902
9,031
61,562
After-sales service and support, including parts sales, and used
and reconditioned equipment sales
70,574
305,745
67,876
100,357
76,084
61,428
252,381
Financial products
2,288
11,093
2,647
2,216
3,256
2,974
11,915
Rentals
2,631
9,981
2,196
2,713
2,759
2,313
9,333
$ 539,310
$ 2,289,396
$ 687,632
$ 629,615
$ 494,426
$ 477,723
$ 1,735,030
GEOGRAPHIC REVENUES
United States
$ 364,914
$ 1,678,674
$ 500,788
$ 456,630
$ 366,343
$ 354,913
$ 1,311,450
Europe
119,344
408,513
138,010
124,621
83,349
62,533
264,032
Other international
55,052
202,209
48,834
48,364
44,734
60,277
159,548
$ 539,310
$ 2,289,396
$ 687,632
$ 629,615
$ 494,426
$ 477,723
$ 1,735,030
JLG INDUSTRIES, INC.
EBITDA
QUARTERLY PERIODS
(in thousands)
October 29,
July 31,
April 30,
January 29,
October 30,
July 31,
2006
2006
2006
2006
2005
2005
Net income
$ 39,980
$ 47,871
$ 46,187
$ 27,420
$ 27,866
$35,696
Interest expense
5,884
6,351
6,565
8,378
5,977
6,326
Income tax provision
22,990
27,602
30,499
15,695
18,968
21,716
Depreciation and amortization
7,106
6,410
7,701
7,907
6,533
7,365
EBITDA
$ 75,960
$ 88,234
$ 90,952
$ 59,400
$ 59,344
$71,103
We monitor our EBITDA, which is a supplemental measure to GAAP
that provides additional information concerning our leverage
position and our historical ability to meet debt service and
capital expenditure and working capital requirements. EBITDA also
is an indicator of profitability, particularly in our
capital-intensive industry. EBITDA reflects our earnings before
interest, taxes and depreciation and amortization. EBITDA as
presented differs from measures of EBITDA calculated for purposes
of financial covenants in our note indentures and senior credit
facilities.
JLG INDUSTRIES, INC.
EBITDA AND EBITDA MARGINS
TRAILING TWELVE MONTH PERIODS
(in thousands)
October 29,
July 31,
April 30,
January 29,
October 30,
July 31,
2006
2006
2006
2006
2005
2005
Net income
$161,458
$149,344
$ 137,169
$ 113,704
$ 93,768
$57,173
Interest expense
27,178
27,271
27,246
29,235
29,179
32,198
Income tax provision
96,786
92,764
86,878
71,401
60,053
35,915
Depreciation and amortization
29,124
28,551
29,506
29,293
28,344
28,899
EBITDA
$314,546
$297,930
$ 280,799
$ 243,633
$ 211,344
$154,185
Revenues
$2,350,983
$2,289,396
$ 2,171,343
$ 2,047,084
$ 1,906,092
$1,735,030
EBITDA Margin
13.4%
13.0%
12.9%
11.9%
11.1%
8.9%
We monitor our EBITDA, which is a supplemental measure to GAAP that
provides additional information concerning our leverage position and
our historical ability to meet debt service and capital expenditure
and working capital requirements. EBITDA also is an indicator of
profitability, particularly in our capital-intensive industry.
EBITDA reflects our earnings before interest, taxes and depreciation
and amortization. EBITDA as presented differs from measures of
EBITDA calculated for purposes of financial covenants in our note
indentures and senior credit facilities.
JLG INDUSTRIES, INC.
NET DEBT
(in thousands)
October 29,
July 31,
April 30,
January 29,
October 30,
July 31,
2006
2006
2006
2006
2005
2005
Revolving credit facilities
$ -
$ -
$ -
$ -
$ -
$ -
Cash management facilities
-
-
-
-
-
-
$125 million senior notes
89,545
89,545
97,545
109,975
109,975
109,975
$175 million senior subordinated notes
113,750
113,750
113,750
113,750
113,750
113,750
Miscellaneous debt
13,311
18,886
19,455
9,678
4,751
4,859
Fair value of interest rate swaps
(7,419)
(8,898)
(9,908)
(7,799)
(8,428)
(5,909)
Gain on terminated interest rate swap
2,469
2,579
2,689
2,799
2,908
3,018
Bank debt and notes
211,656
215,862
223,531
228,403
222,956
225,693
Limited recourse debt from finance receivables monetizations *
19,350
23,719
28,516
45,318
55,921
63,658
Total balance sheet debt
231,006
239,581
252,047
273,721
278,877
289,351
Less: cash and cash equivalents
307,947
328,096
304,895
183,344
230,947
223,597
Less: limited recourse debt from finance receivables monetizations
19,350
23,719
28,516
45,318
55,921
63,658
Net debt
$ (96,291)
$ (112,234)
$ (81,364)
$ 45,059
$ (7,991)
$2,096
Shareholders' Equity
$717,302
$675,432
$ 625,736
$ 566,870
$ 507,140
$478,592
Net Debt-to-Net Debt plus Shareholders' Equity
-
-
-
7%
-
-
Total Balance Sheet Debt-to-Total Balance Sheet Debt plus
Shareholders' Equity
24%
26%
29%
33%
35%
38%
* Maximum loss exposure under loss pool agreements related to
finance receivable monetizations
$6,617
$8,818
$ 8,818
$ 11,346
$ 11,855
$22,160
We monitor our net debt, which is a supplemental measure to GAAP
that provides additional information concerning our leverage
position and our historical ability to meet debt service and capital
expenditure and working capital requirements. We define net debt as
the sum of total balance sheet debt and other off-balance sheet
financing, minus cash and limited recourse debt arising from our
monetizations of customer finance receivables.
JLG INDUSTRIES, INC.
FREE CASH FLOW
(in thousands)
Quarter Ended
Fiscal Year Ended
Quarter Ended
Fiscal Year Ended
October 29,
July 31,
July 31,
April 30,
January 29,
October 30,
July 31,
2006
2006
2006
2006
2006
2005
2005
Net income
$ 39,980
$149,344
$ 47,871
$ 46,187
$ 27,420
$ 27,866
$57,173
Adjustments to reconcile net income to cash flow from operating
activities:
Non-cash items
27,075
24,228
6,516
(3,183)
7,489
13,406
25,122
Accounts receivable
49,542
(45,350)
(58,188)
(13,080)
(13,268)
39,186
(25,948)
Inventories
(113,624)
(64,712)
5,470
10,368
(30,523)
(50,027)
(15,268)
Other current assets
(13,716)
17,653
(7,860)
11,633
4,345
9,535
(12,553)
Accounts payable
37,443
42,312
12,405
35,610
(5,669)
(34)
60,423
Accrued expenses
(21,936)
15,831
37,582
(2,473)
(11,067)
(8,211)
43,176
Finance receivables
752
(2,315)
3,394
(3,645)
(3,415)
1,351
1,877
Other cash from operations
(1,163)
(17,613)
1,035
(11,506)
(3,720)
(3,422)
8,374
Purchases of property, plant and equipment
(10,781)
(32,597)
(16,065)
(9,643)
(3,744)
(3,145)
(15,443)
Proceeds from the sale of property, plant and equipment
26
739
587
16
34
102
1,060
Purchases of equipment held for rental
(7,058)
(43,527)
(4,246)
(11,890)
(9,270)
(18,121)
(31,249)
Proceeds from the sale of equipment held for rental
90
50,552
3,413
32,396
14,305
438
35,065
Proceeds from the sale of Gradall excavator product line
-
32,992
576
32,416
-
-
-
Cash portion of acquisitions
-
(47,093)
-
(58)
(47,035)
-
(105)
Other cash from investments
(48)
150
(204)
422
(40)
(28)
366
Payment of dividends
(534)
(1,584)
(532)
(530)
(264)
(258)
(925)
Net proceeds from issuance of common stock
-
-
-
-
-
-
119,421
Cash proceeds received from the exercise of stock options
75
18,494
493
4,510
13,327
164
19,826
Excess tax benefits from stock-based compensation
42
20,384
-
7,323
13,017
44
-
Effect of exchange rate changes on cash
(684)
(1,359)
(411)
(537)
781
(1,192)
(7,833)
Seller financing
-
(5,000)
-
-
(5,000)
-
-
Other (1)
(1,424)
2,801
(966)
2,087
(753)
2,433
4,898
Free Cash Flow
$ (15,943)
$114,330
$ 30,870
$ 126,423
$ (53,050)
$ 10,087
$267,457
(1) Includes changes in other off-balance
sheet debt.
In addition to measuring our cash flow generation and usage based
upon the Statements of Cash Flows, we also measure our free cash
flow.
We define free cash flow as cash flow from operating activities,
investing activities, payment of dividends, cash proceeds received
from the exercise of stock options, excess tax benefits from
stock-based compensation and the effect of exchange rate changes
on cash less changes in accounts receivable securitization,
limited recourse debt from finance receivables monetizations and
off-balance sheet debt. Our measure of free cash flow may not be
comparable to similarly titled measures being disclosed by other
companies and is not a measure of financial performance that is in
accordance with GAAP. We utilize free cash flow to explain the
change in our net debt position from the prior period.
JLG INDUSTRIES, INC.
STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
CONSOLIDATED
EQUIPMENT OPERATIONS
FINANCIAL SERVICES
JLG Industries, Inc. and Consolidated Subsidiaries
JLG Industries, Inc. with Access Financial Solutions on the
Equity Basis
Access Financial Solutions
Three Months Ended
Three Months Ended
Three Months Ended
October 29,
October 30,
October 29,
October 30,
October 29,
October 30,
2006
2005
2006
2005
2006
2005
Revenues
Net sales
$ 534,391
$ 472,436
$ 534,391
$ 472,436
$ -
$ -
Financial products
2,288
2,974
-
-
2,288
2,974
Rentals
2,631
2,313
2,580
2,226
51
87
539,310
477,723
536,971
474,662
2,339
3,061
Cost of sales
422,558
382,859
422,487
382,793
71
66
Gross profit
116,752
94,864
114,484
91,869
2,268
2,995
Selling and administrative expenses
42,721
38,061
41,265
37,215
1,456
846
Product development expenses
7,656
6,437
7,656
6,437
-
-
Merger related costs
4,149
-
4,149
-
-
-
Income from operations
62,226
50,366
61,414
48,217
812
2,149
Other income (deductions):
Interest expense, net of interest income
(1,403)
(4,466)
(1,016)
(3,405)
(387)
(1,061)
Miscellaneous, net
2,147
934
2,147
934
-
-
Income before taxes
62,970
46,834
62,545
45,746
425
1,088
Income tax provision
22,990
18,968
22,835
18,527
155
441
Equity in income of Access Financial Solutions
-
-
270
647
-
-
Net income
$ 39,980
$ 27,866
$ 39,980
$ 27,866
$ 270
$ 647
Earnings per common share
$ .38
$ .27
Earnings per common share - assuming dilution
$ .37
$ .27
Cash dividends per share
$ .005
$ .0025
Weighted average shares outstanding
105,591
102,424
Weighted average shares outstanding - assuming dilution
107,174
105,112
JLG INDUSTRIES, INC.
BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
CONSOLIDATED
EQUIPMENT OPERATIONS
FINANCIAL SERVICES
JLG Industries, Inc. and Consolidated Subsidiaries
JLG Industries, Inc. with Access Financial Solutions on the
Equity Basis
Access Financial Solutions
October 29,
July 31,
October 29,
July 31,
October 29,
July 31,
2006
2006
2006
2006
2006
2006
ASSETS
Current assets
Cash and cash equivalents
$ 307,947
$ 328,096
$ 307,947
$ 328,096
$ -
$ -
Trade accounts and finance receivables - net
401,283
445,631
358,271
405,003
43,012
40,628
Inventories
326,406
212,864
326,406
212,864
-
-
Other current assets
39,917
47,613
39,917
47,613
-
-
Total current assets
1,075,553
1,034,204
1,032,541
993,576
43,012
40,628
Property, plant and equipment - net
106,033
98,345
105,957
98,253
76
92
Equipment held for rental - net
25,396
21,477
25,347
21,384
49
93
Finance receivables, less current portion
23,485
29,193
-
-
23,485
29,193
Pledged receivables, less current portion
4,715
7,668
-
-
4,715
7,668
Goodwill
57,382
57,388
57,382
57,388
-
-
Intangible assets - net
73,190
74,142
73,190
74,142
-
-
Investment in Access Financial Solutions
-
-
43,800
43,530
-
-
Receivable from Access Financial Solutions
-
-
5,262
8,403
-
-
Other assets
75,707
74,872
75,567
74,899
140
(27)
$ 1,441,461
$ 1,397,289
$ 1,419,046
$ 1,371,575
$ 71,477
$ 77,647
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt and current portion of long-term debt
$ 3,496
$ 8,484
$ 3,496
$ 8,484
$ -
$ -
Current portion of limited recourse debt from finance receivables
monetizations
14,590
16,001
-
-
14,590
16,001
Accounts payable
271,190
233,746
271,190
233,746
-
-
Accrued expenses
136,270
168,513
136,021
168,458
249
55
Total current liabilities
425,546
426,744
410,707
410,688
14,839
16,056
Long-term debt, less current portion
208,160
207,378
208,160
207,378
-
-
Limited recourse debt from finance receivables monetizations, less
current portion
4,760
7,718
-
-
4,760
7,718
Payable to JLG Industries, Inc.
-
-
-
-
5,262
8,403
Accrued post-retirement benefits
25,748
25,748
25,748
25,748
-
-
Other long-term liabilities
21,891
19,984
21,891
19,984
-
-
Provisions for contingencies
38,054
34,285
35,238
32,345
2,816
1,940
Shareholders’ equity
Capital stock:
Authorized shares: 200,000 at $.20 par value Issued and
outstanding shares: 106,754 shares; fiscal 2006 –
106,751 shares
21,351
21,350
21,351
21,350
30,000
30,000
Additional paid-in capital
212,344
209,290
212,344
209,290
-
-
Retained earnings
497,722
458,276
497,722
458,276
13,800
13,530
Accumulated other comprehensive loss
(14,115)
(13,484)
(14,115)
(13,484)
-
-
Total shareholders’ equity
717,302
675,432
717,302
675,432
43,800
43,530
$ 1,441,461
$ 1,397,289
$ 1,419,046
$ 1,371,575
$ 71,477
$ 77,647
JLG INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
CONSOLIDATED
EQUIPMENT OPERATIONS
FINANCIAL SERVICES
JLG Industries, Inc. and Consolidated Subsidiaries
JLG Industries, Inc. with Access Financial Solutions on the
Equity Basis
Access Financial Solutions
Three Months Ended
Three Months Ended
Three Months Ended
October 29,
October 30,
October 29,
October 30,
October 29,
October 30,
2006
2005
2006
2005
2006
2005
Operations
Net income
$ 39,980
$ 27,866
$ 39,980
$ 27,866
$ 270
$ 647
Adjustments to reconcile net income to cash flow from operating
activities:
(Gain) loss on sale of property, plant and equipment
(1)
(86)
(1)
(86)
-
-
(Gain) loss on sale of equipment held for rental
(42)
(72)
(42)
(72)
-
-
Non-cash charges and credits:
Depreciation and amortization
7,106
6,533
7,046
6,451
60
82
Other
20,012
7,031
19,215
6,733
797
298
Changes in selected working capital items:
Accounts receivable
49,542
39,186
48,264
48,344
1,278
(9,158)
Inventories
(113,624)
(50,027)
(113,624)
(50,027)
-
-
Accounts payable
37,443
(34)
37,443
(34)
-
-
Other operating assets and liabilities
(35,652)
1,324
(35,846)
1,285
194
39
Changes in finance receivables
752
1,351
-
-
752
1,351
Changes in pledged finance receivables
(54)
(196)
-
-
(54)
(196)
Changes in other assets and liabilities
(1,163)
(3,422)
(1,009)
(3,395)
(154)
(27)
Cash flow from operating activities
4,299
29,454
1,426
37,065
3,143
(6,964)
Investments
Purchases of property, plant and equipment
(10,781)
(3,145)
(10,781)
(3,145)
-
-
Proceeds from the sale of property, plant and equipment
26
102
26
102
-
-
Purchases of equipment held for rental
(7,058)
(18,121)
(7,058)
(18,121)
-
-
Proceeds from the sale of equipment held for rental
90
438
90
438
-
-
Investment in income of Access Financial Solutions
-
-
(270)
(647)
-
-
Other
(48)
(28)
(48)
(28)
-
-
Cash flow used for investing activities
(17,771)
(20,754)
(18,041)
(21,401)
-
-
Financing
Net decrease in short-term debt
(5,001)
(11)
(5,001)
(11)
-
-
Repayment of long-term debt
(575)
(97)
(575)
(97)
-
-
Change in receivable from Access Financial Solutions
-
-
3,141
(6,965)
-
-
Change in payable to JLG Industries, Inc.
-
-
-
-
(3,141)
6,965
Payment of dividends
(534)
(258)
(534)
(258)
-
-
Cash proceeds received from the exercise of stock options
75
164
75
164
-
-
Excess tax benefits from stock-based compensation
42
44
42
44
-
-
Cash flow from financing activities
(5,993)
(158)
(2,852)
(7,123)
(3,141)
6,965
Currency Adjustments
Effect of exchange rate changes on cash
(684)
(1,192)
(682)
(1,191)
(2)
(1)
Cash and Cash Equivalents
Net change in cash and cash equivalents
(20,149)
7,350
(20,149)
7,350
-
-
Beginning balance
328,096
223,597
328,096
223,597
-
-
Ending balance
$ 307,947
$ 230,947
$ 307,947
$ 230,947
$ -
$ -
JLG Industries, Inc. (NYSE:JLG) today announced that its 2007
fiscal first-quarter consolidated revenues were $539 million compared
to $478 million during the same period last year. Net income for the
quarter totaled $40 million, or 37 cents per share, versus $28
million, or 27 cents per share, for the fiscal first-quarter of 2006.
Operating income was $62 million, or 11.5 percent of sales, compared
to $50 million, or 10.5 percent, during the same period last year.
Cash and cash equivalents were $308 million at October 29, 2006
compared to $231 million a year ago.
Fiscal first-quarter 2007 net income included $4.1 million ($2.6
million net of tax), or 2 cents per share, of charges related to the
proposed merger with a subsidiary of Oshkosh Truck Corporation.
"For the fourth consecutive year, we have produced record
first-quarter revenues despite recent consolidation in the equipment
rental industry which has altered ordering patterns for some of our
larger customers. Demand for our products continues to mirror the
strength in non-residential construction activity as our order board
grew sequentially to $845 million from $749 million at the end of
July," stated Bill Lasky, Chairman of the Board, President and Chief
Executive Officer. "In addition, we are now shipping
Caterpillar-branded telehandlers to Cat dealers around the world and
expect this business to grow during the year as we ramp up to full
production under the exclusive 20-year private label Alliance
agreement."
"Excluding the $4.1 million of charges related to the proposed
merger with a subsidiary of Oshkosh Truck Corporation, our incremental
operating margin was 26% reflecting the effect of our ongoing cost
reduction initiatives as well as an improved sales mix," said Jim
Woodward, Executive Vice President and Chief Financial Officer. "In
addition, a lower effective tax rate contributed to the increase in
net income."
Fiscal-Year 2007 Outlook
"As a result of our strengthened order board and insights into
most of our major customers' annual purchasing plans, we now expect
that our fiscal 2007 revenue growth will be toward the upper end of
our previously announced range of 20 to 25 percent greater than our
2006 revenue level of $2.3 billion," Woodward stated. "On that basis,
we are forecasting earnings per share to be in a range from $1.82 to
$1.92. This revised earnings guidance includes $4.1 million in
merger-related expenses incurred during the first quarter, but does
not include any other expenses that may be incurred in completing or
terminating the merger. Our previous guidance of $1.72 to $1.82 did
not assume any merger-related expenses."
This revised outlook is based upon JLG as an independent company
under current management and does not reflect any post-closing
management decisions or impacts of the pending transaction with
Oshkosh Truck Corporation.
Special Meeting of Shareholders
JLG Industries, Inc. will hold a Special Meeting of Shareholders
to consider and vote on a proposal to approve the Agreement and Plan
of Merger among the company, Oshkosh Truck Corporation and its
subsidiary, whereby JLG will become a wholly owned subsidiary of
Oshkosh. JLG has mailed the definitive proxy statement and other
related materials to its shareholders of record as of November 3, 2006
in connection with this meeting. The meeting is scheduled for December
4, 2006. Pending this meeting and the related transaction, we have not
scheduled a conference call to discuss our first-quarter results.
About JLG Industries, Inc.
JLG Industries, Inc. is the world's leading producer of access
equipment (aerial work platforms and telehandlers). The Company's
diverse product portfolio encompasses leading brands such as JLG(R)
aerial work platforms; JLG, SkyTrak(R), Lull(R) and Gradall(R)
telehandlers; and an array of complementary accessories that increase
the versatility and efficiency of these products for end users. JLG
markets its products and services through a multi-channel approach
that includes a highly trained sales force and utilizes a broad range
of marketing techniques, integrated supply programs and a network of
distributors in the industrial, commercial, institutional and
construction markets. In addition, JLG offers world-class after-sales
service and support for its customers. JLG's manufacturing facilities
are located in the United States, Belgium, and France, with sales and
service operations on six continents.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties that could cause
actual results to differ materially from those indicated by the
forward-looking statements. Important factors that could cause actual
results to differ materially from those suggested by the
forward-looking statements include, but are not limited to, the
following: (i) general economic and market conditions, including
political and economic uncertainty in areas of the world where we do
business; (ii) varying and seasonal levels of demand for our products
and services; (iii) risks associated with acquisitions; (iv) credit
risks from our financing of customer purchases; (v) risks arising from
dependence on third-party suppliers; (vi) costs of raw materials and
energy; and (vii) risks associated with our pending merger, as well as
other risks as detailed in the Company's SEC reports, including the
report on Form 10-K for the year ended July 31, 2006.
In this release and accompanying tables, we refer to various
non-GAAP measures including adjustments to reported GAAP earnings, AFS
operations as if accounted for under the equity method, as well as our
disclosure of free cash flow, EBITDA and net debt. We believe that
these measures are useful to investors in analyzing the Company's
operating performance. For more information, visit www.jlg.com.
NOTE: Information contained on our website is not incorporated by
reference into this press release.
-0-
*T
JLG INDUSTRIES, INC.
FINANCIAL DASHBOARD
(in thousands, except per share data and as otherwise identified)
Quarter Quarter Ended
Ended Fiscal Year
October Ended July July 31, April 30,
29, 2006 31, 2006 2006 2006
--------- ----------- --------- ---------
REVENUES AND PROFITABILITY
Revenues $539,310 $2,289,396 $687,632 $629,615
Gross profit margin 21.6% 19.4% 19.5% 18.8%
EBITDA 75,960 297,930 88,234 90,952
--------------------------
Trailing twelve month
EBITDA 314,546 297,930 297,930 280,799
--------------------------
Trailing twelve month
EBITDA margin 13.4% 13.0% 13.0% 12.9%
--------------------------
Operating income 62,226 262,984 78,194 84,690
Operating profit margin 11.5% 11.5% 11.4% 13.5%
Net income margin 7.4% 6.5% 7.0% 7.3%
Reported earnings per
diluted share (1) $0.37 $1.40 $0.45 $0.43
IMPACT OF SELECTED ITEMS
ON: (2)
income (expense)
PRE-TAX INCOME
Strategic
Initiatives/Integration
(in both Cost of sales
(COS), Selling &
administrative and
product development
(SA&PD)) $- $(22,019) $(9,848) $(7,951)
Merger related costs (in
SA&PD) (4,149) - - -
Net expenses on early
extinguishment of debt - (1,939) (492) (873)
Currency effects (in
Miscellaneous-net) 1,391 (2,767) 21 (2,847)
Bad debt charges (in
SA&PD) (388) (6,368) (1,289) (234)
Inventory charges (in
COS) (324) (2,074) (141) 106
Early vesting incentives
(in both COS, SA&PD) - - - -
Other Incentive pay (in
both COS, SA&PD) (5,603) (25,938) (9,938) (6,266)
Estimated net
unrecovered steel cost
(in COS) (3) - (6,005) - -
Gain related to sale of
Gradall excavator
product line - 14,572 - 14,572
NET INCOME
Strategic
Initiatives/Integration
(in both COS and SA&PD) - (13,581) (6,247) (4,789)
Merger related costs (in
SA&PD) (2,634) - - -
Net expenses on early
extinguishment of debt - (1,196) (312) (526)
Currency effects (in
Miscellaneous-net) 883 (1,707) 13 (1,715)
Bad debt charges (in
SA&PD) (246) (3,928) (818) (141)
Inventory charges (in
COS) (206) (1,279) (89) 64
Early vesting incentives
(in both COS, SA&PD) - - - -
Other Incentive pay (in
both COS, SA&PD) (3,557) (15,999) (6,304) (3,774)
Estimated net
unrecovered steel cost
(in COS) (3) - (3,704) - -
Gain related to sale of
Gradall excavator
product line - 8,988 - 8,777
EARNINGS PER SHARE (1)
Strategic
Initiatives/Integration
(in both COS and SA&PD) - (0.13) (0.06) (0.04)
Merger related costs (in
SA&PD) (0.02) - - -
Net expenses on early
extinguishment of debt - (0.01) - -
Currency effects (in
Miscellaneous-net) 0.01 (0.02) - (0.02)
Bad debt charges (in
SA&PD) - (0.04) (0.01) -
Inventory charges (in
COS) - (0.01) - -
Early vesting incentives
(in both COS, SA&PD) - - - -
Other Incentive pay (in
both COS, SA&PD) (0.03) (0.15) (0.06) (0.04)
Estimated net
unrecovered steel cost
(in COS) (3) - (0.03) - -
Gain related to sale of
Gradall excavator
product line - 0.08 - 0.08
BALANCE SHEET & LIQUIDITY
MEASURES
Cash & cash equivalents $307,947 $328,096 $328,096 $304,895
Trade accounts and finance
receivables, net 401,283 445,631 445,631 393,966
Inventories 326,406 212,864 212,864 216,901
Total balance sheet debt 231,006 239,581 239,581 252,047
Limited recourse debt from
finance receivables
monetizations 19,350 23,719 23,719 28,516
Net debt (4) (96,291) (112,234) (112,234) (81,364)
--------------------------
Net debt (4) to total
capitalization - - - -
--------------------------
Maximum loss exposure
under loss pool
agreements related to
finance receivable
monetizations 6,617 8,818 8,818 8,818
Equity 717,302 675,432 675,432 625,736
Working capital 650,007 607,460 607,460 575,593
Depreciation and
amortization 7,106 28,551 6,410 7,701
Capital expenditures, net
of retirements (10,756) 32,241 15,837 9,622
Free cash flow (5) (15,943) 114,330 30,870 126,423
--------------------------
FINANCIAL RATIOS
Days sales outstanding 57.3 51.2 51.2 46.8
Days payables outstanding 50.5 44.2 44.2 45.2
Inventory turnover
(annualized) 7.2 7.6 7.6 7.5
Quarter Ended Fiscal Year
January October Ended July
29, 2006 30, 2005 31, 2005
---------- --------- -----------
REVENUES AND PROFITABILITY
Revenues $494,426 $477,723 $1,735,030
Gross profit margin 19.4% 19.9% 16.6%
EBITDA 59,400 59,344 154,185
-------------------------------------
Trailing twelve month EBITDA 243,633 211,344 154,185
-------------------------------------
Trailing twelve month EBITDA margin 11.9% 11.1% 8.9%
-------------------------------------
Operating income 49,734 50,366 120,261
Operating profit margin 10.1% 10.5% 6.9%
Net income margin 5.5% 5.8% 3.3%
Reported earnings per diluted share
(1) $0.26 $0.27 $0.60
IMPACT OF SELECTED ITEMS ON: (2)
income (expense)
PRE-TAX INCOME
Strategic Initiatives/Integration
(in both Cost of sales (COS),
Selling & administrative and
product development (SA&PD)) $(3,375) $(845) $(6,261)
Merger related costs (in SA&PD) - - -
Net expenses on early
extinguishment of debt (574) - (6,493)
Currency effects (in Miscellaneous-
net) (672) 731 5,826
Bad debt charges (in SA&PD) (1,336) (3,509) (6,977)
Inventory charges (in COS) (551) (1,488) (4,423)
Early vesting incentives (in both
COS, SA&PD) - - (1,658)
Other Incentive pay (in both COS,
SA&PD) (4,888) (4,846) (22,194)
Estimated net unrecovered steel
cost (in COS) (3) - (6,005) (64,753)
Gain related to sale of Gradall
excavator product line - - -
NET INCOME
Strategic Initiatives/Integration
(in both COS and SA&PD) (2,146) (503) (3,846)
Merger related costs (in SA&PD) - - (3,846)
Net expenses on early
extinguishment of debt (365) - (3,988)
Currency effects (in Miscellaneous-
net) (427) 435 3,578
Bad debt charges (in SA&PD) (850) (2,088) (4,285)
Inventory charges (in COS) (350) (885) (2,717)
Early vesting incentives (in both
COS, SA&PD) - - (1,018)
Other Incentive pay (in both COS,
SA&PD) (3,109) (2,883) (13,632)
Estimated net unrecovered steel
cost (in COS) (3) - (3,573) (39,771)
Gain related to sale of Gradall
excavator product line - - -
EARNINGS PER SHARE (1)
Strategic Initiatives/Integration
(in both COS and SA&PD) (0.02) - (0.04)
Merger related costs (in SA&PD) - - (0.04)
Net expenses on early
extinguishment of debt - - (0.04)
Currency effects (in Miscellaneous-
net) - - 0.04
Bad debt charges (in SA&PD) (0.01) (0.02) (0.04)
Inventory charges (in COS) - (0.01) (0.03)
Early vesting incentives (in both
COS, SA&PD) - - (0.01)
Other Incentive pay (in both COS,
SA&PD) (0.03) (0.03) (0.14)
Estimated net unrecovered steel
cost (in COS) (3) - (0.03) (0.42)
Gain related to sale of Gradall
excavator product line - - -
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents $183,344 $230,947 $223,597
Trade accounts and finance
receivables, net 379,813 379,393 419,866
Inventories 227,957 218,881 169,097
Total balance sheet debt 273,721 278,877 289,351
Limited recourse debt from finance
receivables monetizations 45,318 55,921 63,658
Net debt (4) 45,059 (7,991) 2,096
-------------------------------------
Net debt (4) to total capitalization 7% - -
-------------------------------------
Maximum loss exposure under loss pool
agreements related to finance
receivable monetizations 11,346 11,855 22,160
Equity 566,870 507,140 478,592
Working capital 523,417 505,787 489,187
Depreciation and amortization 7,907 6,533 28,899
Capital expenditures, net of
retirements 3,653 3,129 13,435
Free cash flow (5) (53,050) 10,087 267,457
-------------------------------------
FINANCIAL RATIOS
Days sales outstanding 62.3 62.7 57.1
Days payables outstanding 40.6 46.4 50.5
Inventory turnover (annualized) 7.6 7.8 7.6
(1) On March 27, 2006, we distributed a two-for-one stock split of our
then outstanding common stock. All share and per share data included
in this Financial Dashboard and the accompanying consolidated
condensed financial statements have been restated to reflect the
stock split.
(2) Net of the quarter and annual effective tax rates. EPS is
calculated by dividing the net income (loss) amounts by the
respective diluted shares for each period. Individual quarterly net
income (loss) per diluted share may not equal the fiscal year EPS due
to changes in the number of common shares outstanding during the
year. Repositioning charges are reported in COS.
(3) Net unrecovered steel cost is an estimate based upon a baseline
average of steel prices per ton for various types of steel in fiscal
2004 compared to the impact of steel prices incurred for various
types of steel. These estimates include assumptions regarding the
steel content of and sources of our products and their components.
The steel price increases are netted against steel surcharges
invoiced to our customers.
(4) Net debt reflects total balance sheet debt plus off-balance sheet
financing, less cash and limited recourse debt from finance
receivables monetizations.
(5) Free cash flow is defined as cash flow from operating activities,
investing activities, payment of dividends, exercise of stock
options, and the effect of exchange rate changes on cash less changes
in accounts receivable securitization, limited recourse debt from
finance receivables monetizations and off-balance sheet debt.
*T
-0-
*T
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share data)
(Quarterly data is unaudited)
Quarter Quarter Ended
Ended Fiscal Year
October Ended July July 31, April 30,
29, 2006 31, 2006 2006 2006
--------- ----------- --------- ---------
Revenues
Net sales $534,391 $2,268,322 $682,789 $624,686
Financial products 2,288 11,093 2,647 2,216
Rentals 2,631 9,981 2,196 2,713
--------- ----------- --------- ---------
539,310 2,289,396 687,632 629,615
Cost of sales 422,558 1,846,371 553,394 511,552
--------- ----------- --------- ---------
Gross profit 116,752 443,025 134,238 118,063
Gross profit margin 21.6% 19.4% 19.5% 18.8%
Selling and
administrative expenses 42,721 164,362 45,975 41,025
Selling &
administrative % 7.9% 7.2% 6.7% 6.5%
Product development
expenses 7,656 30,251 10,069 6,920
Product development % 1.4% 1.3% 1.5% 1.1%
Merger related costs 4,149 - - -
Gain related to sale of
Gradall excavator
product line - (14,572) - (14,572)
--------- ----------- --------- ---------
Income from operations 62,226 262,984 78,194 84,690
Operating profit
margin 11.5% 11.5% 11.4% 13.5%
Other income (deductions):
Interest expense
(net of interest
income) (1,403) (17,710) (2,526) (4,030)
Miscellaneous, net 2,147 (3,166) (195) (3,974)
--------- ----------- --------- ---------
Income before taxes 62,970 242,108 75,473 76,686
Income tax provision 22,990 92,764 27,602 30,499
--------- ----------- --------- ---------
Net income $39,980 $149,344 $47,871 $46,187
========= =========== ========= =========
Return on revenues 7.4% 6.5% 7.0% 7.3%
Earnings per common share $.38 $1.43 $.45 $.44
========= =========== ========= =========
Earnings per common share
- assuming dilution $.37 $1.40 $.45 $.43
========= =========== ========= =========
Cash Dividends per share $.0050 $.0150 $.0050 $.0050
========= =========== ========= =========
Average basic shares
outstanding 105,591 104,294 105,465 105,088
========= =========== ========= =========
Average diluted shares
outstanding 107,174 106,518 107,199 107,232
========= =========== ========= =========
Quarter Ended Fiscal Year
January October Ended July
29, 2006 30, 2005 31, 2005
---------- --------- -----------
Revenues
Net sales $488,411 $472,436 $1,713,782
Financial products 3,256 2,974 11,915
Rentals 2,759 2,313 9,333
---------- --------- -----------
494,426 477,723 1,735,030
Cost of sales 398,566 382,859 1,447,785
---------- --------- -----------
Gross profit 95,860 94,864 287,245
Gross profit margin 19.4% 19.9% 16.6%
Selling and administrative expenses 39,301 38,061 142,383
Selling & administrative % 7.9% 8.0% 8.2%
Product development expenses 6,825 6,437 24,601
Product development % 1.4% 1.3% 1.4%
Merger related costs - - -
Gain related to sale of Gradall
excavator product line - - -
---------- --------- -----------
Income from operations 49,734 50,366 120,261
Operating profit margin 10.1% 10.5% 6.9%
Other income (deductions):
Interest expense (net of
interest income) (6,688) (4,466) (28,609)
Miscellaneous, net 69 934 1,436
---------- --------- -----------
Income before taxes 43,115 46,834 93,088
Income tax provision 15,695 18,968 35,915
---------- --------- -----------
Net income $27,420 $27,866 $57,173
========== ========= ===========
Return on revenues 5.5% 5.8% 3.3%
Earnings per common share $.26 $.27 $.61
========== ========= ===========
Earnings per common share - assuming
dilution $.26 $.27 $.60
========== ========= ===========
Cash Dividends per share $.0025 $.0025 $.0100
========== ========= ===========
Average basic shares outstanding 104,042 102,424 93,058
========== ========= ===========
Average diluted shares outstanding 106,374 105,112 95,586
========== ========= ===========
*T
-0-
*T
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share data)
(Quarterly data is unaudited)
October 29, July 31, April 30,
2006 2006 2006
----------- ----------- -----------
ASSETS
---------------------------------
Current assets
Cash and cash equivalents $307,947 $328,096 $304,895
Trade accounts and finance
receivables, net 401,283 445,631 393,966
Inventories 326,406 212,864 216,901
Assets held for sale - - -
Other current assets 39,917 47,613 26,595
----------- ----------- -----------
Total current assets 1,075,553 1,034,204 942,357
Property, plant and equipment,
net 106,033 98,345 87,447
Equipment held for rental, net 25,396 21,477 21,934
Finance receivables, less current
portion 23,485 29,193 29,472
Pledged finance receivables, less
current portion 4,715 7,668 11,923
Goodwill 57,382 57,388 60,513
Intangible assets, net 73,190 74,142 74,557
Other assets 75,707 74,872 72,197
----------- ----------- -----------
$1,441,461 $1,397,289 $1,300,400
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS'
EQUITY
---------------------------------
Current liabilities
Short-term debt and current
portion of long-term debt $3,496 $8,484 $8,447
Current portion of limited
recourse debt from finance
receivables monetizations 14,590 16,001 16,531
Accounts payable 271,190 233,746 221,342
Accrued expenses 136,270 168,513 120,444
----------- ----------- -----------
Total current liabilities 425,546 426,744 366,764
Long-term debt, less current
portion 208,160 207,378 215,084
Limited recourse debt from
finance receivables
monetizations, less current
portion 4,760 7,718 11,985
Accrued post-retirement benefits 25,748 25,748 25,193
Other long-term liabilities 21,891 19,984 23,152
Provisions for contingencies 38,054 34,285 32,486
Shareholders' equity
Capital stock:
Authorized shares: 200,000
at $.20 par value
Issued shares: 106,754;
fiscal 2006 - 106,751;
fiscal 2005 - 103,290 21,351 21,350 21,268
Additional paid-in capital 212,344 209,290 206,710
Retained earnings 497,722 458,276 410,937
Unearned compensation - - -
Accumulated other
comprehensive loss (14,115) (13,484) (13,179)
----------- ----------- -----------
Total shareholders' equity 717,302 675,432 625,736
----------- ----------- -----------
$1,441,461 $1,397,289 $1,300,400
=========== =========== ===========
January 29, October 30, July 31,
2006 2005 2005
----------- ----------- -----------
ASSETS
---------------------------------
Current assets
Cash and cash equivalents $183,344 $230,947 $223,597
Trade accounts and finance
receivables, net 379,813 379,393 419,866
Inventories 227,957 218,881 169,097
Assets held for sale 49,941 - -
Other current assets 42,715 48,417 56,739
----------- ----------- -----------
Total current assets 883,770 877,638 869,299
Property, plant and equipment,
net 82,746 84,879 85,855
Equipment held for rental, net 36,684 38,401 22,570
Finance receivables, less current
portion 26,500 29,688 30,354
Pledged finance receivables, less
current portion 18,623 26,589 33,649
Goodwill 60,419 61,598 61,641
Intangible assets, net 75,371 31,795 32,086
Other assets 68,379 64,675 68,143
----------- ----------- -----------
$1,252,492 $1,215,263 $1,203,597
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS'
EQUITY
---------------------------------
Current liabilities
Short-term debt and current
portion of long-term debt $6,515 $1,486 $1,496
Current portion of limited
recourse debt from finance
receivables monetizations 26,558 29,045 29,642
Accounts payable 187,591 200,281 200,323
Accrued expenses 139,689 141,039 148,651
----------- ----------- -----------
Total current liabilities 360,353 371,851 380,112
Long-term debt, less current
portion 221,888 221,470 224,197
Limited recourse debt from
finance receivables
monetizations, less current
portion 18,760 26,876 34,016
Accrued post-retirement benefits 31,797 31,455 31,113
Other long-term liabilities 22,117 28,464 27,233
Provisions for contingencies 30,707 28,007 28,334
Shareholders' equity
Capital stock:
Authorized shares: 200,000
at $.20 par value
Issued shares: 106,754;
fiscal 2006 - 106,751;
fiscal 2005 - 103,290 21,100 20,666 20,658
Additional paid-in capital 193,021 165,119 170,367
Retained earnings 365,280 338,124 310,516
Unearned compensation - - (7,397)
Accumulated other
comprehensive loss (12,531) (16,769) (15,552)
----------- ----------- -----------
Total shareholders' equity 566,870 507,140 478,592
----------- ----------- -----------
$1,252,492 $1,215,263 $1,203,597
=========== =========== ===========
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-0-
*T
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(in thousands)
(Quarterly data is unaudited)
Quarter Fiscal Quarter Ended
Ended Year
October Ended July July 31, April 30,
29, 2006 31, 2006 2006 2006
--------- ---------- --------- ---------
OPERATIONS
Net income (loss) $39,980 $149,344 $47,871 $46,187
Adjustments to reconcile
net income (loss) to
cash flow from operating
activities:
Gain related to sale
of Gradall excavator
product line - (14,572) - (14,572)
(Gain) loss on sale of
property, plant and
equipment (1) (383) (359) 5
Gain on sale of
equipment held for
rental (42) (13,745) (506) (7,555)
Non-cash charges and
credits:
Depreciation and
amortization 7,106 28,551 6,410 7,701
Other 20,012 24,377 971 11,238
Changes in selected
working capital
items:
Accounts receivable 49,542 (45,350) (58,188) (13,080)
Inventories (113,624) (64,712) 5,470 10,368
Accounts payable 37,443 42,312 12,405 35,610
Other operating
assets and
liabilities (35,652) 33,484 29,722 9,160
Changes in finance
receivables 752 (2,315) 3,394 (3,645)
Changes in pledged
finance receivables (54) (627) (65) (133)
Changes in other
assets and
liabilities (1,163) (17,613) 1,035 (11,506)
--------- ---------- --------- ---------
Cash flow from
operating activities 4,299 118,751 48,160 69,778
INVESTMENTS
Purchases of property,
plant and equipment (10,781) (32,597) (16,065) (9,643)
Proceeds from the sale of
property, plant and
equipment 26 739 587 16
Purchases of equipment
held for rental (7,058) (43,527) (4,246) (11,890)
Proceeds from the sale of
equipment held for
rental 90 50,552 3,413 32,396
Proceeds from the sale of
Gradall excavator
product line - 32,992 576 32,416
Cash portion of
acquisitions - (47,093) - (58)
Other (48) 150 (204) 422
--------- ---------- --------- ---------
Cash flow used for
investing activities (17,771) (38,784) (15,939) 43,659
FINANCING
Net issuance (repayment)
of short-term debt (5,001) 52 14 26
Issuance of long-term
debt - 10,000 - 10,000
Repayment of long-term
debt (575) (21,455) (8,584) (12,678)
Payment of dividends (534) (1,584) (532) (530)
Net proceeds from
issuance of common stock - - - -
Cash proceeds received
from the exercise of
stock options 75 18,494 493 4,510
Excess tax benefits from
stock-based compensation 42 20,384 - 7,323
--------- ---------- --------- ---------
Cash flow from financing
activities (5,993) 25,891 (8,609) 8,651
CURRENCY ADJUSTMENTS
Effect of exchange rate
changes on cash (684) (1,359) (411) (537)
CASH AND CASH EQUIVALENTS
Net change in cash and
cash equivalents (20,149) 104,499 23,201 121,551
Beginning balance 328,096 223,597 304,895 183,344
--------- ---------- --------- ---------
Ending balance $307,947 $328,096 $328,096 $304,895
========= ========== ========= =========
Quarter Ended Fiscal
Year
January October Ended July
29, 2006 30, 2005 31, 2005
---------- --------- ----------
OPERATIONS
Net income (loss) $27,420 $27,866 $57,173
Adjustments to reconcile net income
(loss) to cash flow from operating
activities:
Gain related to sale of Gradall
excavator product line - - -
(Gain) loss on sale of property,
plant and equipment 57 (86) 948
Gain on sale of equipment held
for rental (5,612) (72) (11,711)
Non-cash charges and credits:
Depreciation and amortization 7,907 6,533 28,899
Other 5,137 7,031 6,986
Changes in selected working
capital items:
Accounts receivable (13,268) 39,186 (25,948)
Inventories (30,523) (50,027) (15,268)
Accounts payable (5,669) (34) 60,423
Other operating assets and
liabilities (6,722) 1,324 30,623
Changes in finance receivables (3,415) 1,351 1,877
Changes in pledged finance
receivables (233) (196) 36
Changes in other assets and
liabilities (3,720) (3,422) 8,374
---------- --------- ----------
Cash flow from operating
activities (28,641) 29,454 142,412
INVESTMENTS
Purchases of property, plant and
equipment (3,744) (3,145) (15,443)
Proceeds from the sale of property,
plant and equipment 34 102 1,060
Purchases of equipment held for
rental (9,270) (18,121) (31,249)
Proceeds from the sale of equipment
held for rental 14,305 438 35,065
Proceeds from the sale of Gradall
excavator product line - - -
Cash portion of acquisitions (47,035) - (105)
Other (40) (28) 366
---------- --------- ----------
Cash flow used for investing
activities (45,750) (20,754) (10,306)
FINANCING
Net issuance (repayment) of short-
term debt 23 (11) (6)
Issuance of long-term debt - - 156,018
Repayment of long-term debt (96) (97) (232,666)
Payment of dividends (264) (258) (925)
Net proceeds from issuance of common
stock - - 119,421
Cash proceeds received from the
exercise of stock options 13,327 164 19,826
Excess tax benefits from stock-based
compensation 13,017 44 -
---------- --------- ----------
Cash flow from financing activities 26,007 (158) 61,668
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on
cash 781 (1,192) (7,833)
CASH AND CASH EQUIVALENTS
Net change in cash and cash
equivalents (47,603) 7,350 185,941
Beginning balance 230,947 223,597 37,656
---------- --------- ----------
Ending balance $183,344 $230,947 $223,597
========== ========= ==========
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*T
JLG INDUSTRIES, INC.
CONSOLIDATED SELECTED SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
(Quarterly data is unaudited)
Quarter Quarter Ended
Ended Fiscal Year
October Ended July July 31, April 30,
29, 2006 31, 2006 2006 2006
--------- ----------- --------- ---------
SEGMENT INFORMATION
REVENUES:
North American
Distribution $370,962 $1,704,030 $509,653 $462,772
European Distribution 118,915 407,143 137,233 124,521
Rest of World
Distribution 47,094 166,820 37,985 40,051
Access Financial
Solutions 2,339 11,403 2,761 2,271
--------- ----------- --------- ---------
$539,310 $2,289,396 $687,632 $629,615
========= =========== ========= =========
SEGMENT PROFIT (LOSS):
North American
Distribution $55,135 $254,167 $79,554 $75,997
European Distribution 19,367 38,969 14,082 16,032
Rest of World
Distribution 10,848 39,411 7,966 8,304
Access Financial
Solutions 425 4,937 1,544 1,139
Corporate expense (23,936) (77,585) (25,419) (17,443)
--------- ----------- --------- ---------
Segment profit 61,839 259,899 77,727 84,029
Add: AFS' interest
expense 387 3,085 467 661
--------- ----------- --------- ---------
Operating income $62,226 $262,984 $78,194 $84,690
========= =========== ========= =========
PRODUCT GROUP REVENUES
Aerial work platforms $299,388 $1,159,778 $360,367 $320,827
Telehandlers 164,429 776,001 254,546 202,637
Excavators - 26,798 - 865
After-sales service and
support, including parts
sales, and used and
reconditioned equipment
sales 70,574 305,745 67,876 100,357
Financial products 2,288 11,093 2,647 2,216
Rentals 2,631 9,981 2,196 2,713
--------- ----------- --------- ---------
$539,310 $2,289,396 $687,632 $629,615
========= =========== ========= =========
GEOGRAPHIC REVENUES
United States $364,914 $1,678,674 $500,788 $456,630
Europe 119,344 408,513 138,010 124,621
Other international 55,052 202,209 48,834 48,364
--------- ----------- --------- ---------
$539,310 $2,289,396 $687,632 $629,615
========= =========== ========= =========
Quarter Ended Fiscal Year
January October Ended July
29, 2006 30, 2005 31, 2005
---------- --------- -----------
SEGMENT INFORMATION REVENUES:
North American Distribution $369,725 $361,880 $1,329,682
European Distribution 83,062 62,327 261,602
Rest of World Distribution 38,329 50,455 129,995
Access Financial Solutions 3,310 3,061 13,751
---------- --------- -----------
$494,426 $477,723 $1,735,030
========== ========= ===========
SEGMENT PROFIT (LOSS):
North American Distribution $47,903 $50,713 $114,255
European Distribution 6,659 2,196 21,489
Rest of World Distribution 9,001 14,140 32,475
Access Financial Solutions 1,166 1,088 4,420
Corporate expense (15,891) (18,832) (58,774)
---------- --------- -----------
Segment profit 48,838 49,305 113,865
Add: AFS' interest expense 896 1,061 6,396
---------- --------- -----------
Operating income $49,734 $50,366 $120,261
========== ========= ===========
PRODUCT GROUP REVENUES
Aerial work platforms $234,710 $243,874 $888,073
Telehandlers 160,715 158,103 511,766
Excavators 16,902 9,031 61,562
After-sales service and support,
including parts sales, and used and
reconditioned equipment sales 76,084 61,428 252,381
Financial products 3,256 2,974 11,915
Rentals 2,759 2,313 9,333
---------- --------- -----------
$494,426 $477,723 $1,735,030
========== ========= ===========
GEOGRAPHIC REVENUES
United States $366,343 $354,913 $1,311,450
Europe 83,349 62,533 264,032
Other international 44,734 60,277 159,548
---------- --------- -----------
$494,426 $477,723 $1,735,030
========== ========= ===========
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JLG INDUSTRIES, INC.
EBITDA
QUARTERLY PERIODS
(in thousands)
October April January October
29, July 31, 30, 29, 30, July 31,
2006 2006 2006 2006 2005 2005
-------- -------- -------- -------- -------- --------
Net income $39,980 $47,871 $46,187 $27,420 $27,866 $35,696
Interest expense 5,884 6,351 6,565 8,378 5,977 6,326
Income tax
provision 22,990 27,602 30,499 15,695 18,968 21,716
Depreciation and
amortization 7,106 6,410 7,701 7,907 6,533 7,365
-------- -------- -------- -------- -------- --------
EBITDA $75,960 $88,234 $90,952 $59,400 $59,344 $71,103
======== ======== ======== ======== ======== ========
We monitor our EBITDA, which is a supplemental measure to GAAP that
provides additional information concerning our leverage position and
our historical ability to meet debt service and capital expenditure
and working capital requirements. EBITDA also is an indicator of
profitability, particularly in our capital-intensive industry. EBITDA
reflects our earnings before interest, taxes and depreciation and
amortization. EBITDA as presented differs from measures of EBITDA
calculated for purposes of financial covenants in our note indentures
and senior credit facilities.
*T
-0-
*T
JLG INDUSTRIES, INC.
EBITDA AND EBITDA MARGINS
TRAILING TWELVE MONTH PERIODS
(in thousands)
October 29, July 31, April 30,
2006 2006 2006
----------- ----------- -----------
Net income $161,458 $149,344 $137,169
Interest expense 27,178 27,271 27,246
Income tax provision 96,786 92,764 86,878
Depreciation and amortization 29,124 28,551 29,506
----------- ----------- -----------
EBITDA $314,546 $297,930 $280,799
=========== =========== ===========
Revenues $2,350,983 $2,289,396 $2,171,343
=========== =========== ===========
EBITDA Margin 13.4% 13.0% 12.9%
=========== =========== ===========
January 29, October 30, July 31,
2006 2005 2005
------------ ----------- -----------
Net income $113,704 $93,768 $57,173
Interest expense 29,235 29,179 32,198
Income tax provision 71,401 60,053 35,915
Depreciation and amortization 29,293 28,344 28,899
------------ ----------- -----------
EBITDA $243,633 $211,344 $154,185
============ =========== ===========
Revenues $2,047,084 $1,906,092 $1,735,030
============ =========== ===========
EBITDA Margin 11.9% 11.1% 8.9%
============ =========== ===========
We monitor our EBITDA, which is a supplemental measure to GAAP that
provides additional information concerning our leverage position and
our historical ability to meet debt service and capital expenditure
and working capital requirements. EBITDA also is an indicator of
profitability, particularly in our capital-intensive industry.
EBITDA reflects our earnings before interest, taxes and depreciation
and amortization. EBITDA as presented differs from measures of
EBITDA calculated for purposes of financial covenants in our note
indentures and senior credit facilities.
*T
-0-
*T
JLG INDUSTRIES, INC.
NET DEBT
(in thousands)
October 29, July 31, April 30,
2006 2006 2006
----------- ---------- ---------
Revolving credit facilities $- $- $-
Cash management facilities - - -
$125 million senior notes 89,545 89,545 97,545
$175 million senior subordinated
notes 113,750 113,750 113,750
Miscellaneous debt 13,311 18,886 19,455
Fair value of interest rate swaps (7,419) (8,898) (9,908)
Gain on terminated interest rate
swap 2,469 2,579 2,689
----------- ---------- ---------
Bank debt and notes 211,656 215,862 223,531
Limited recourse debt from finance
receivables monetizations * 19,350 23,719 28,516
----------- ---------- ---------
Total balance sheet debt 231,006 239,581 252,047
Less: cash and cash equivalents 307,947 328,096 304,895
Less: limited recourse debt from
finance receivables monetizations 19,350 23,719 28,516
----------- ---------- ---------
Net debt $(96,291) $(112,234) $(81,364)
=========== ========== =========
Shareholders' Equity $717,302 $675,432 $625,736
=========== ========== =========
Net Debt-to-Net Debt plus
Shareholders' Equity - - -
=========== ========== =========
Total Balance Sheet Debt-to-Total
Balance Sheet Debt plus
Shareholders' Equity 24% 26% 29%
=========== ========== =========
* Maximum loss exposure under loss
pool agreements related to finance
receivable monetizations $6,617 $8,818 $8,818
=========== ========== =========
January 29, October 30, July 31,
2006 2005 2005
----------- ----------- ---------
Revolving credit facilities $- $- $-
Cash management facilities - - -
$125 million senior notes 109,975 109,975 109,975
$175 million senior subordinated
notes 113,750 113,750 113,750
Miscellaneous debt 9,678 4,751 4,859
Fair value of interest rate swaps (7,799) (8,428) (5,909)
Gain on terminated interest rate
swap 2,799 2,908 3,018
----------- ----------- ---------
Bank debt and notes 228,403 222,956 225,693
Limited recourse debt from finance
receivables monetizations * 45,318 55,921 63,658
----------- ----------- ---------
Total balance sheet debt 273,721 278,877 289,351
Less: cash and cash equivalents 183,344 230,947 223,597
Less: limited recourse debt from
finance receivables monetizations 45,318 55,921 63,658
----------- ----------- ---------
Net debt $45,059 $(7,991) $2,096
=========== =========== =========
Shareholders' Equity $566,870 $507,140 $478,592
=========== =========== =========
Net Debt-to-Net Debt plus
Shareholders' Equity 7% - -
=========== =========== =========
Total Balance Sheet Debt-to-Total
Balance Sheet Debt plus
Shareholders' Equity 33% 35% 38%
=========== =========== =========
* Maximum loss exposure under loss
pool agreements related to finance
receivable monetizations $11,346 $11,855 $22,160
=========== =========== =========
We monitor our net debt, which is a supplemental measure to GAAP that
provides additional information concerning our leverage position and
our historical ability to meet debt service and capital expenditure
and working capital requirements. We define net debt as the sum of
total balance sheet debt and other off-balance sheet financing,
minus cash and limited recourse debt arising from our monetizations
of customer finance receivables.
*T
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*T
JLG INDUSTRIES, INC.
FREE CASH FLOW
(in thousands)
Quarter Ended Fiscal Year Ended
October 29, July 31,
2006 2006
----------------- -----------------
Net income $39,980 $149,344
Adjustments to
reconcile net
income to cash
flow from
operating
activities:
Non-cash items 27,075 24,228
Accounts
receivable 49,542 (45,350)
Inventories (113,624) (64,712)
Other current
assets (13,716) 17,653
Accounts payable 37,443 42,312
Accrued expenses (21,936) 15,831
Finance
receivables 752 (2,315)
Other cash from
operations (1,163) (17,613)
Purchases of
property, plant
and equipment (10,781) (32,597)
Proceeds from the
sale of
property, plant
and equipment 26 739
Purchases of
equipment held
for rental (7,058) (43,527)
Proceeds from the
sale of
equipment held
for rental 90 50,552
Proceeds from the
sale of Gradall
excavator
product line - 32,992
Cash portion of
acquisitions - (47,093)
Other cash from
investments (48) 150
Payment of
dividends (534) (1,584)
Net proceeds from
issuance of
common stock - -
Cash proceeds
received from
the exercise of
stock options 75 18,494
Excess tax
benefits from
stock-based
compensation 42 20,384
Effect of
exchange rate
changes on cash (684) (1,359)
Seller financing - (5,000)
Other (1) (1,424) 2,801
----------------- -----------------
Free Cash Flow $(15,943) $114,330
================= =================
Fiscal
Year
Quarter Ended Ended
July 31, April 30, January 29, October 30, July 31,
2006 2006 2006 2005 2005
-------- --------- ----------- ----------- ---------
Net income $47,871 $46,187 $27,420 $27,866 $57,173
Adjustments to
reconcile net
income to cash
flow from
operating
activities:
Non-cash items 6,516 (3,183) 7,489 13,406 25,122
Accounts
receivable (58,188) (13,080) (13,268) 39,186 (25,948)
Inventories 5,470 10,368 (30,523) (50,027) (15,268)
Other current
assets (7,860) 11,633 4,345 9,535 (12,553)
Accounts payable 12,405 35,610 (5,669) (34) 60,423
Accrued expenses 37,582 (2,473) (11,067) (8,211) 43,176
Finance
receivables 3,394 (3,645) (3,415) 1,351 1,877
Other cash from
operations 1,035 (11,506) (3,720) (3,422) 8,374
Purchases of
property, plant
and equipment (16,065) (9,643) (3,744) (3,145) (15,443)
Proceeds from the
sale of
property, plant
and equipment 587 16 34 102 1,060
Purchases of
equipment held
for rental (4,246) (11,890) (9,270) (18,121) (31,249)
Proceeds from the
sale of
equipment held
for rental 3,413 32,396 14,305 438 35,065
Proceeds from the
sale of Gradall
excavator
product line 576 32,416 - - -
Cash portion of
acquisitions - (58) (47,035) - (105)
Other cash from
investments (204) 422 (40) (28) 366
Payment of
dividends (532) (530) (264) (258) (925)
Net proceeds from
issuance of
common stock - - - - 119,421
Cash proceeds
received from
the exercise of
stock options 493 4,510 13,327 164 19,826
Excess tax
benefits from
stock-based
compensation - 7,323 13,017 44 -
Effect of
exchange rate
changes on cash (411) (537) 781 (1,192) (7,833)
Seller financing - - (5,000) - -
Other (1) (966) 2,087 (753) 2,433 4,898
-------- --------- ----------- ----------- ---------
Free Cash Flow $30,870 $126,423 $(53,050) $10,087 $267,457
======== ========= =========== =========== =========
(1) Includes changes in other off-balance sheet debt.
In addition to measuring our cash flow generation and usage based upon
the Statements of Cash Flows, we also measure our free cash flow.
We define free cash flow as cash flow from operating activities,
investing activities, payment of dividends, cash proceeds received
from the exercise of stock options, excess tax benefits from stock-
based compensation and the effect of exchange rate changes on cash
less changes in accounts receivable securitization, limited recourse
debt from finance receivables monetizations and off-balance sheet
debt. Our measure of free cash flow may not be comparable to
similarly titled measures being disclosed by other companies and is
not a measure of financial performance that is in accordance with
GAAP. We utilize free cash flow to explain the change in our net debt
position from the prior period.
*T
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*T
JLG INDUSTRIES, INC.
STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG Industries, Inc.
JLG Industries, Inc. with Access Financial
and Consolidated Solutions on the
Subsidiaries Equity Basis
----------------------- -----------------------
Three Months Ended Three Months Ended
October 29, October 30, October 29, October 30,
2006 2005 2006 2005
----------- ----------- ----------- -----------
Revenues
Net sales $534,391 $472,436 $534,391 $472,436
Financial products 2,288 2,974 - -
Rentals 2,631 2,313 2,580 2,226
----------- ----------- ----------- -----------
539,310 477,723 536,971 474,662
Cost of sales 422,558 382,859 422,487 382,793
----------- ----------- ----------- -----------
Gross profit 116,752 94,864 114,484 91,869
Selling and
administrative
expenses 42,721 38,061 41,265 37,215
Product development
expenses 7,656 6,437 7,656 6,437
Merger related costs 4,149 - 4,149 -
----------- ----------- ----------- -----------
Income from operations 62,226 50,366 61,414 48,217
Other income
(deductions):
Interest expense,
net of interest
income (1,403) (4,466) (1,016) (3,405)
Miscellaneous, net 2,147 934 2,147 934
----------- ----------- ----------- -----------
Income before taxes 62,970 46,834 62,545 45,746
Income tax provision 22,990 18,968 22,835 18,527
Equity in income of
Access Financial
Solutions - - 270 647
----------- ----------- ----------- -----------
Net income $39,980 $27,866 $39,980 $27,866
=========== =========== =========== ===========
Earnings per common
share $.38 $.27
=========== ===========
Earnings per common
share - assuming
dilution $.37 $.27
Cash dividends per
share $.005 $.0025
=========== ===========
Weighted average
shares outstanding 105,591 102,424
=========== ===========
Weighted average
shares outstanding -
assuming dilution 107,174 105,112
FINANCIAL SERVICES
Access Financial Solutions
--------------------------
Three Months Ended
October 29, October 30,
2006 2005
-------------- -----------
Revenues
Net sales $- $-
Financial products 2,288 2,974
Rentals 51 87
-------------- -----------
2,339 3,061
Cost of sales 71 66
-------------- -----------
Gross profit 2,268 2,995
Selling and
administrative
expenses 1,456 846
Product development
expenses - -
Merger related costs - -
-------------- -----------
Income from operations 812 2,149
Other income
(deductions):
Interest expense,
net of interest
income (387) (1,061)
Miscellaneous, net - -
-------------- -----------
Income before taxes 425 1,088
Income tax provision 155 441
Equity in income of
Access Financial
Solutions - -
-------------- -----------
Net income $270 $647
============== ===========
Earnings per common
share
Earnings per common
share - assuming
dilution
Cash dividends per
share
Weighted average
shares outstanding
Weighted average
shares outstanding -
assuming dilution
*T
-0-
*T
JLG INDUSTRIES, INC.
BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG Industries, Inc.
JLG Industries, Inc. with Access Financial
and Consolidated Solutions on the
Subsidiaries Equity Basis
----------------------- -----------------------
October 29, July 31, October 29, July 31,
2006 2006 2006 2006
----------- ----------- ----------- -----------
ASSETS
----------------------
Current assets
Cash and cash
equivalents $307,947 $328,096 $307,947 $328,096
Trade accounts and
finance receivables
- net 401,283 445,631 358,271 405,003
Inventories 326,406 212,864 326,406 212,864
Other current assets 39,917 47,613 39,917 47,613
----------- ----------- ----------- -----------
Total current
assets 1,075,553 1,034,204 1,032,541 993,576
Property, plant and
equipment - net 106,033 98,345 105,957 98,253
Equipment held for
rental - net 25,396 21,477 25,347 21,384
Finance receivables,
less current portion 23,485 29,193 - -
Pledged receivables,
less current portion 4,715 7,668 - -
Goodwill 57,382 57,388 57,382 57,388
Intangible assets -
net 73,190 74,142 73,190 74,142
Investment in Access
Financial Solutions - - 43,800 43,530
Receivable from Access
Financial Solutions - - 5,262 8,403
Other assets 75,707 74,872 75,567 74,899
----------- ----------- ----------- -----------
$1,441,461 $1,397,289 $1,419,046 $1,371,575
=========== =========== =========== ===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
----------------------
Current liabilities
Short-term debt and
current portion of
long-term debt $3,496 $8,484 $3,496 $8,484
Current portion of
limited recourse
debt from finance
receivables
monetizations 14,590 16,001 - -
Accounts payable 271,190 233,746 271,190 233,746
Accrued expenses 136,270 168,513 136,021 168,458
----------- ----------- ----------- -----------
Total current
liabilities 425,546 426,744 410,707 410,688
Long-term debt, less
current portion 208,160 207,378 208,160 207,378
Limited recourse debt
from finance
receivables
monetizations, less
current portion 4,760 7,718 - -
Payable to JLG
Industries, Inc. - - - -
Accrued post-
retirement benefits 25,748 25,748 25,748 25,748
Other long-term
liabilities 21,891 19,984 21,891 19,984
Provisions for
contingencies 38,054 34,285 35,238 32,345
Shareholders' equity
Capital stock:
Authorized shares:
200,000 at $.20
par value Issued
and outstanding
shares: 106,754
shares; fiscal
2006 - 106,751
shares 21,351 21,350 21,351 21,350
Additional paid-in
capital 212,344 209,290 212,344 209,290
Retained earnings 497,722 458,276 497,722 458,276
Accumulated other
comprehensive loss (14,115) (13,484) (14,115) (13,484)
----------- ----------- ----------- -----------
Total
shareholders'
equity 717,302 675,432 717,302 675,432
----------- ----------- ----------- -----------
$1,441,461 $1,397,289 $1,419,046 $1,371,575
=========== =========== =========== ===========
FINANCIAL SERVICES
Access Financial Solutions
--------------------------
October 29, July 31,
2006 2006
------------- ------------
ASSETS
----------------------
Current assets
Cash and cash
equivalents $- $-
Trade accounts and
finance receivables
- net 43,012 40,628
Inventories - -
Other current assets - -
------------- ------------
Total current
assets 43,012 40,628
Property, plant and
equipment - net 76 92
Equipment held for
rental - net 49 93
Finance receivables,
less current portion 23,485 29,193
Pledged receivables,
less current portion 4,715 7,668
Goodwill - -
Intangible assets -
net - -
Investment in Access
Financial Solutions - -
Receivable from Access
Financial Solutions - -
Other assets 140 (27)
------------- ------------
$71,477 $77,647
============= ============
LIABILITIES AND
SHAREHOLDERS' EQUITY
----------------------
Current liabilities
Short-term debt and
current portion of
long-term debt $- $-
Current portion of
limited recourse
debt from finance
receivables
monetizations 14,590 16,001
Accounts payable - -
Accrued expenses 249 55
------------- ------------
Total current
liabilities 14,839 16,056
Long-term debt, less
current portion - -
Limited recourse debt
from finance
receivables
monetizations, less
current portion 4,760 7,718
Payable to JLG
Industries, Inc. 5,262 8,403
Accrued post-
retirement benefits - -
Other long-term
liabilities - -
Provisions for
contingencies 2,816 1,940
Shareholders' equity
Capital stock:
Authorized shares:
200,000 at $.20
par value Issued
and outstanding
shares: 106,754
shares; fiscal
2006 - 106,751
shares 30,000 30,000
Additional paid-in
capital - -
Retained earnings 13,800 13,530
Accumulated other
comprehensive loss - -
------------- ------------
Total
shareholders'
equity 43,800 43,530
------------- ------------
$71,477 $77,647
============= ============
*T
-0-
*T
JLG INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG Industries, Inc.
JLG Industries, Inc. with Access Financial
and Consolidated Solutions on the
Subsidiaries Equity Basis
----------------------- -----------------------
Three Months Ended Three Months Ended
October 29, October 30, October 29, October 30,
2006 2005 2006 2005
----------- ----------- ----------- -----------
Operations
Net income $39,980 $27,866 $39,980 $27,866
Adjustments to
reconcile net
income to cash flow
from operating
activities:
(Gain) loss on
sale of
property, plant
and equipment (1) (86) (1) (86)
(Gain) loss on
sale of
equipment held
for rental (42) (72) (42) (72)
Non-cash charges
and credits:
Depreciation
and
amortization 7,106 6,533 7,046 6,451
Other 20,012 7,031 19,215 6,733
Changes in
selected
working capital
items:
Accounts
receivable 49,542 39,186 48,264 48,344
Inventories (113,624) (50,027) (113,624) (50,027)
Accounts
payable 37,443 (34) 37,443 (34)
Other
operating
assets and
liabilities (35,652) 1,324 (35,846) 1,285
Changes in
finance
receivables 752 1,351 - -
Changes in
pledged finance
receivables (54) (196) - -
Changes in other
assets and
liabilities (1,163) (3,422) (1,009) (3,395)
----------- ----------- ----------- -----------
Cash flow from
operating
activities 4,299 29,454 1,426 37,065
Investments
Purchases of
property, plant and
equipment (10,781) (3,145) (10,781) (3,145)
Proceeds from the
sale of property,
plant and equipment 26 102 26 102
Purchases of
equipment held for
rental (7,058) (18,121) (7,058) (18,121)
Proceeds from the
sale of equipment
held for rental 90 438 90 438
Investment in income
of Access Financial
Solutions - - (270) (647)
Other (48) (28) (48) (28)
----------- ----------- ----------- -----------
Cash flow used
for investing
activities (17,771) (20,754) (18,041) (21,401)
Financing
Net decrease in
short-term debt (5,001) (11) (5,001) (11)
Repayment of long-
term debt (575) (97) (575) (97)
Change in receivable
from Access
Financial Solutions - - 3,141 (6,965)
Change in payable to
JLG Industries,
Inc. - - - -
Payment of dividends (534) (258) (534) (258)
Cash proceeds
received from the
exercise of stock
options 75 164 75 164
Excess tax benefits
from stock-based
compensation 42 44 42 44
----------- ----------- ----------- -----------
Cash flow from
financing
activities (5,993) (158) (2,852) (7,123)
Currency Adjustments
Effect of exchange
rate changes on
cash (684) (1,192) (682) (1,191)
----------- ----------- ----------- -----------
Cash and Cash
Equivalents
Net change in cash
and cash
equivalents (20,149) 7,350 (20,149) 7,350
Beginning balance 328,096 223,597 328,096 223,597
----------- ----------- ----------- -----------
Ending balance $307,947 $230,947 $307,947 $230,947
=========== =========== =========== ===========
FINANCIAL SERVICES
Access Financial Solutions
--------------------------
Three Months Ended
October 29, October 30,
2006 2005
-------------- -----------
Operations
Net income $270 $647
Adjustments to
reconcile net
income to cash flow
from operating
activities:
(Gain) loss on
sale of
property, plant
and equipment - -
(Gain) loss on
sale of
equipment held
for rental - -
Non-cash charges
and credits:
Depreciation
and
amortization 60 82
Other 797 298
Changes in
selected
working capital
items:
Accounts
receivable 1,278 (9,158)
Inventories - -
Accounts
payable - -
Other
operating
assets and
liabilities 194 39
Changes in
finance
receivables 752 1,351
Changes in
pledged finance
receivables (54) (196)
Changes in other
assets and
liabilities (154) (27)
-------------- -----------
Cash flow from
operating
activities 3,143 (6,964)
Investments
Purchases of
property, plant and
equipment - -
Proceeds from the
sale of property,
plant and equipment - -
Purchases of
equipment held for
rental - -
Proceeds from the
sale of equipment
held for rental - -
Investment in income
of Access Financial
Solutions - -
Other - -
-------------- -----------
Cash flow used
for investing
activities - -
Financing
Net decrease in
short-term debt - -
Repayment of long-
term debt - -
Change in receivable
from Access
Financial Solutions - -
Change in payable to
JLG Industries,
Inc. (3,141) 6,965
Payment of dividends - -
Cash proceeds
received from the
exercise of stock
options - -
Excess tax benefits
from stock-based
compensation - -
-------------- -----------
Cash flow from
financing
activities (3,141) 6,965
Currency Adjustments
Effect of exchange
rate changes on
cash (2) (1)
-------------- -----------
Cash and Cash
Equivalents
Net change in cash
and cash
equivalents - -
Beginning balance - -
-------------- -----------
Ending balance $- $-
============== ===========
*T