-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FdS3x2UJOsVVa4NE2wTXoHKQ2MgqzMdWP9HmCBqKVQNn1xyLlZwQSZ/rBZHkQA/5 ukX9JyIbHkZIjQPw3IGVjA== 0000950152-03-004726.txt : 20030429 0000950152-03-004726.hdr.sgml : 20030429 20030429161700 ACCESSION NUMBER: 0000950152-03-004726 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030429 ITEM INFORMATION: Other events FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JLG INDUSTRIES INC CENTRAL INDEX KEY: 0000216275 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION MACHINERY & EQUIP [3531] IRS NUMBER: 251199382 STATE OF INCORPORATION: PA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12123 FILM NUMBER: 03669747 BUSINESS ADDRESS: STREET 1: 1 JLG DR CITY: MCCONNELLSBURG STATE: PA ZIP: 17233 BUSINESS PHONE: 7174855161 8-K 1 j0062401e8vk.txt JLG INDUSTRIES, INC. | FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 29, 2003 JLG INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Commission file number: 0-8454 PENNSYLVANIA 25-1199382 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1 JLG DRIVE, MCCONNELLSBURG, PA 17233-9533 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (7l7) 485-5161 Not Applicable (Former name or former address, if changed since last report) Item 5. Other Events. Certain of the Company's subordinated indebtedness is guaranteed by significant subsidiaries (the "guarantor subsidiaries") but is not guaranteed by the Company's other subsidiaries (the "non-guarantor subsidiaries"). In the Company's Form 10-Q for the second quarter ended January 31, 2003, two foreign subsidiaries were incorrectly classified as guarantor subsidiaries when they should have been included with the non-guarantor subsidiaries. This resulted in a $1.6 million net asset understatement in the guarantor subsidiary condensed balance sheet disclosure and a corresponding overstatement for the non-guarantor subsidiaries and similar $759 thousand and $480 thousand income statement and cash flow effects, respectively. The following presents the correct presentation. Condensed Consolidated Balance Sheet As of January 31, 2003
----------------------------------------------------------------- ----------------- Guarantor Non-Guarantor Other and Consolidated Parent Subsidiaries Subsidiaries Eliminations Total - -------------------------------------------------------------------------------------------------------------- ----------------- ASSETS - ------ Accounts receivable - net $136,017 $21,873 $48,986 $3,316 $210,192 Finance receivables - net -- 76,087 -- 3,371 79,458 Pledged finance receivables -- 113,656 -- -- 113,656 Inventories 64,716 52,561 56,464 (5,129) 168,612 Property, plant and equipment - net 25,216 45,388 11,045 (484) 81,165 Equipment held for rental - net 1,110 16,340 2,838 -- 20,288 Investment in subsidiaries 244,238 -- 2,678 (246,916) -- Other assets 71,477 37,996 13,227 9 122,709 ------------- -------------- ------------------- ---------------- ----------------- $542,774 $363,901 $135,238 $(245,833) $796,080 ============= ============== =================== ================ ================= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Accounts payable and accrued expenses $74,391 $26,184 $37,185 $(4,649) $133,111 Long-term debt, less current portion 242,207 -- -- -- 242,207 Limited recourse debt, less current portion -- 70,151 -- -- 70,151 Other liabilities (257,004) 276,725 77,105 12,025 108,851 ------------- -------------- ------------------- ---------------- ----------------- Total liabilities 59,594 373,060 114,290 7,376 554,320 ------------- -------------- ------------------- ---------------- ----------------- Shareholders' equity 483,180 (9,159) 20,948 (253,209) 241,760 ------------- -------------- ------------------- ---------------- ----------------- $542,774 $363,901 $135,238 $(245,833) $796,080 ============= ============== =================== ================ =================
Condensed Consolidated Statement of Income For the Six Months Ended January 31, 2003
----------------------------------------------------------------- ----------------- Guarantor Non-Guarantor Other and Consolidated Parent Subsidiaries Subsidiaries Eliminations Total - -------------------------------------------------------------------------------------------------------------- ----------------- Revenues $216,394 $68,280 $54,811 $(27,685) $311,800 Gross profit (loss) 56,587 (3,481) 5,659 (3,551) 55,214 Other expenses (income) 33,377 9,912 5,959 1,411 50,659 Net income (loss) $23,210 $(13,393) $(300) $(4,962) $4,555
2 Consolidated Statement of Cash Flows For the Six Months Ended January 31, 2003
----------------------------------------------------------------- ----------------- Guarantor Non-Guarantor Other and Consolidated Parent Subsidiaries Subsidiaries Eliminations Total - -------------------------------------------------------------------------------------------------------------- ----------------- Cash flow from operating activities $(83,033) $(11,873) $2,936 $(672) $(92,642) Cash flow from investing activities (3,295) 1,627 (2,999) (71) (4,738) Cash flow from financing activities 69,933 29,372 16 (16) 99,305 Effect of exchange rate changes on cash 422 21 (66) 1,058 1,435 ------------- -------------- ------------------- ---------------- ----------------- Net change in cash and cash equivalents (15,973) 19,147 (113) 299 3,360 Beginning balance 22,949 (19,545) 3,093 (292) 6,205 ------------- -------------- ------------------- ---------------- ----------------- Ending balance $6,976 $(398) $2,980 $7 $9,565 ============= ============== =================== ================ =================
In our January 31, 2003 Form 10-Q filed on March 4, 2003, and our February 26, 2003 Current Report on Form 8-K we disclosed that during the first six months of fiscal 2003 and for fiscal 2002, we monetized $39.1 million and $101.9 million, respectively, in finance receivables through syndications or monetization transactions. These amounts were inclusive of pay downs on finance receivables. Excluding lease payments paid down on finance receivables, during the first six months of fiscal 2003 and for fiscal 2002, we monetized $28.9 million and $101.7 million, respectively, in finance receivables through syndications. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. JLG INDUSTRIES, INC. (Registrant) Date: April 29, 2003 /s/ James H. Woodward, Jr. ------------------------------------ James H. Woodward, Jr. Executive Vice President and Chief Financial Officer 3 -----END PRIVACY-ENHANCED MESSAGE-----