Exhibit 99.1

CAUTIONARY STATEMENTS PURSUANT TO THE SECURITIES LITIGATION REFORM ACT OF 1995

We wish to inform our investors of the following important factors that in some
cases have affected, and in the future could affect, our results of operations
and that could cause such future results of operations to differ materially from
those expressed in any forward looking statements made by us or on our behalf.
Disclosure of these factors is intended to permit us to take advantage of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. We have discussed many of these factors in prior SEC filings. Though we
have attempted to list comprehensively these important cautionary factors, we
wish to caution investors that other factors may in the future prove to be
important in affecting our results of operations.

Our business is highly cyclical and seasonal.

Historically, sales of our products have been subject to cyclical variations
caused by changes in general economic conditions. The demand for our products
reflects the capital investment decisions of our customers, which depend upon
the general economic conditions of the markets that our customers serve,
including, particularly, the construction and industrial sectors of the North
American and European economies. During periods of expansion in construction and
industrial activity, we generally have benefited from increased demand for our
products. Conversely, downward economic cycles in construction and industrial
activities result in reductions in sales and pricing of our products, which may
reduce our profits and cash flow. During economic downturns, customers also tend
to delay purchases of new products. In addition, our business is highly seasonal
with the majority of our sales occurring in the spring and summer months which
constitute the traditional construction season. The cyclical and seasonal nature
of our business could at times adversely affect our liquidity and ability to
borrow under our credit facilities.

Our customer base is consolidated and a relatively small number of customers
account for a majority of our sales.

Our principal customers are equipment rental companies that purchase our
equipment and rent it to end-users. In recent years, there has been substantial
consolidation among rental companies, particularly in North America, which is
our largest market. A limited number of these companies accounts for a
substantial majority of our sales. Some of these large customers are burdened by
substantial debt and have limited liquidity, which has recently constrained
their ability to purchase additional equipment and has contributed to their
decision to significantly reduce capital spending. Purchasing patterns by some
of these large customers also can be erratic with large volume purchases during
one period followed by periods of limited purchasing activity. Any substantial
change in purchasing decisions by one or more of our major customers, whether
due to actions by our competitors, customer financial constraints or otherwise,
could have an adverse effect on our business. In addition, the reduction of the
number of customers has increased competition, in particular on the basis of
pricing.

If the capital goods market worsens, the cost saving efforts we have implemented
may not be sufficient to achieve the benefits we expect.

In fiscal 2003, we announced certain actions to streamline operations and reduce
costs, which included the temporary idling of our 130,000-square foot Sunnyside
facility in Bedford, Pennsylvania, and other global organizational and process
consolidations. As a result of these actions, we expect to realize annualized
costs savings that exceed the costs to be incurred in taking these actions. If
the economy continues to worsen, the capital goods market does not improve, or
our revenues are lower than our expectations, the efforts we have implemented
may not achieve the benefits we expect.

Our customers need financing to purchase our products, which exposes us to
additional credit risk.

Availability and cost of financing are significant factors that affect demand
for our products. Many of our customers can purchase equipment only when
financing is available to them at a reasonable cost. Some of our customers are
unable to obtain all of the financing needed to fully fund their entire demand
of our equipment from banks or other third-party credit providers. We offer a
variety of financing programs and terms to our customers. These include open
account sales, installment sales, finance leases, and guarantees or other credit
enhancements of financing provided to our customers by third parties. Our
financing transactions expose us to credit risk, including the risk of



default by customers and any disparity between the cost and maturity of our
funding sources and the yield and maturity of financing that we provide to our
customers. We believe that our customers are most likely to seek financing from
us in down economic cycles, which increases our risk in providing this
financing.

We may not realize cash flow from our financial services operations.

Our Access Financial Solutions segment, which includes leases, loans and
guarantees, is new and has grown rapidly. Although we recognize revenues from
sales in which we provide financing, providing financing to our customers
requires us to use cash from operations or borrowings. If we are unable to
monetize the finance receivables that we originate, we may not realize positive
cash flow from these activities, which could adversely affect our results of
operations and liquidity.

We may not be able to satisfy all credit requests by our customers.

Due to restrictions contained in our senior credit facilities and our otherwise
limited capital, we may not be able to fund or otherwise satisfy all credit
requests by our customers, which could adversely affect our future sales. Our
ability to continue to meet customer credit needs depends largely on our ability
to generate funds by syndicating or securitizing finance receivables, either by
selling them to a third party or by getting a loan from a third party secured by
such finance receivables, or our ability through credit enhancements or
otherwise to induce third parties to extend credit to our customers. Factors
that may affect our prospects for completing such monetization transactions
include the credit quality and customer concentration of our existing and future
portfolios of finance receivables, market availability for such transactions,
and current and potential changes in accounting rules that may impact the
accounting treatment of monetization transactions. As with financing provided by
third parties in which we offer credit enhancement, in some securitizations and
sales of finance receivables, we expect the third party to have limited recourse
to us. If we are unable to generate funds through these or other types of
monetization transactions, or otherwise induce third parties to satisfy customer
credit demands, we may be unable to sustain our future business plan.

We may experience credit losses in excess of our allowances and reserves for
doubtful accounts.

We evaluate the collectibility of open accounts and finance receivables based on
a combination of factors and established reserves based on our estimates of
potential losses. In circumstances where we are aware of a specific customer's
inability to meet its financial obligations, a specific reserve is recorded
against amounts due to reduce the net recognized receivable to the amount
reasonably expected to be collected. Additional reserves are established based
upon our perception of the quality of the current receivables, the current
financial position of our customers and past experience of collectibility. Our
receivables portfolio has grown rapidly and our historical loss experience is
limited and therefore may not necessarily be indicative of future loss
experience. If the financial condition of our customers were to deteriorate
resulting in an impairment of their ability to make payments, additional
allowances would be required.

We operate in a highly competitive industry.

We compete in a highly competitive industry. To compete successfully, our
products must excel in terms of quality, price, breadth of product line,
efficiency of use and maintenance costs, safety and comfort, and we must also
provide excellent customer service. The greater financial resources of certain
of our competitors and their ability to provide additional customer financing or
pricing discounts may put us at a competitive disadvantage. In addition, the
greater financial resources or the lower amount of debt of certain of our
competitors may enable them to commit larger amounts of capital in response to
changing market conditions. Certain competitors also may have the ability to
develop product or service innovations that could put us at a disadvantage. If
we are unable to compete successfully against other manufacturers of access
equipment, we could lose customers and our revenues may decline. There can also
be no assurance that customers will continue to regard our products favorably,
that we will be able to develop new products that appeal to customers, that we
will be able to improve or maintain our profit margins on sales to our customers
or that we will be able to continue to compete successfully in the access
equipment segment.

Our products involve risks of personal injury and property damage, which exposes
us to potential liability.

Our business exposes us to possible claims for personal injury or death and
property damage resulting from the use of equipment that we rent or sell. We
maintain insurance through a combination of self-insurance retentions and



excess insurance coverage. We monitor claims and potential claims of which we
become aware and establish accrued liability reserves for the self-insurance
amounts based on our liability estimates for such claims. We cannot give any
assurance that existing or future claims will not exceed our estimates for
self-insurance or the amount of our excess insurance coverage. In addition, we
cannot give any assurance that insurance will continue to be available to us on
economically reasonable terms or that our insurers would not require us to
increase our self-insurance amounts.

Our manufacturing operations are dependent upon third-party suppliers, making us
vulnerable to supply shortages and price increases.

In the manufacture of our products, we use large amounts of raw materials and
processed inputs including steel, engine components, copper and electronic
controls. We obtain raw materials and certain manufactured components from
third-party suppliers. To reduce material costs and inventories, we rely on
supplier arrangements with preferred vendors as a sole source for "just-in-time"
delivery of many raw materials and manufactured components. Because we maintain
limited raw material inventories, even brief unanticipated delays in delivery by
suppliers, including those due to capacity constraints, labor disputes, impaired
financial condition of suppliers, weather emergencies or other natural
disasters, may adversely affect our ability to satisfy our customers on a timely
basis and thereby affect our financial performance. This risk increases as we
continue to change our manufacturing model to more closely align production with
customer orders. In addition, recently, market prices of some of the raw
materials we use (such as steel) have increased significantly. If we are not
able to pass raw material or component price increases on to our customers, our
margins could be adversely affected.

We face risks with respect to our introduction of new products and services.

Our business strategy includes the introduction of new products and services.
Some of these products or services may be introduced to compete with existing
offerings of competing businesses, while others may target new and unproven
markets. We must make substantial expenditures in order to introduce new
products and services or to enter new markets. We cannot give any assurance that
our introduction of new products or services or entry into new markets will be
profitable or otherwise generate sufficient incremental revenues to recover the
expenditures necessary to launch such initiatives. Such initiatives also may
expose us to other types of regulation or liabilities than those to which our
business is currently exposed.

We may face limitations on our ability to finance future acquisitions and
integrate acquired businesses.

We intend to continue our strategy of identifying and acquiring businesses with
complementary products and services, which we believe will enhance our
operations and profitability. We may pay for future acquisitions from internally
generated funds, bank borrowings, public or private securities offerings, or
some combination of these methods. However, we may not be able to find suitable
businesses to purchase or may be unable to acquire desired businesses or assets
on economically acceptable terms. In addition, we may not be able to raise the
money necessary to complete future acquisitions. In the event we are unable to
complete future strategic acquisitions, we may not grow in accordance with our
expectations.

In addition, we cannot guarantee that we will be able to successfully integrate
any business we purchase into our existing business or that any acquired
businesses will be profitable. The successful integration of new businesses
depends on our ability to manage these new businesses and cut excess costs. The
successful integration of future acquisitions may also require substantial
attention from our senior management and the management of the acquired
companies, which could decrease the time that they have to service and attract
customers and develop new products and services. In addition, because we may
pursue acquisitions both in the United States and abroad and may actively pursue
a number of opportunities simultaneously, we may encounter unforeseen expenses,
complications and delays, including difficulties in employing sufficient staff
and maintaining operational and management oversight. Our inability to complete
the integration of new businesses in a timely and orderly manner could have a
materially adverse effect on our results of operations and financial condition.



We are subject to currency fluctuations from our international sales.

Our products are sold in many countries around the world. Thus, a portion of our
revenues is generated in foreign currencies, including principally the Euro, the
British Pound Sterling, and the Australian Dollar, while costs incurred to
generate those revenues are only partly incurred in the same currencies. Since
our financial statements are denominated in U.S. dollars, changes in currency
exchange rates between the U.S. dollar and other currencies have had, and will
continue to have, an impact on our earnings. To reduce this currency exchange
risk, we may buy protecting or offsetting positions (known as "hedges") in
certain currencies to reduce the risk of an adverse currency exchange movement.
Currency fluctuations may impact our financial performance in the future.

Our international operations are subject to a variety of potential risks.

International operations represent a significant portion of our business. For
fiscal 2002, approximately 28% of our revenues were derived from sales outside
the United States. We expect revenues from foreign markets to continue to
represent a significant portion of our total revenues. Outside the United
States, we operate a manufacturing facility in Belgium and 20 sales and services
facilities elsewhere. We also sell domestically manufactured products to foreign
customers.

Our international operations are subject to a number of potential risks in
addition to the risks of our domestic operations. Such risks include, among
others:

     -   currency exchange controls;

     -   labor unrest;

     -   differing, and in many cases more stringent, labor regulations;

     -   differing protection of intellectual property;

     -   regional economic uncertainty;

     -   political instability;

     -   restrictions on the transfer of funds into or out of a country;

     -   export duties and quotas;

     -   domestic and foreign customs and tariffs;

     -   current and changing regulatory environments;

     -   difficulty in obtaining distribution support;

     -   difficulty in staffing and managing widespread operations;

     -   differences in the availability and terms of financing; and

     -   potentially adverse tax consequences.

These factors may have an adverse effect on our international operations, or on
the ability of our international operations to repatriate earnings to us, in the
future.

Part of our strategy to expand our worldwide market share and decrease costs is
strengthening our international distribution capabilities and sourcing basic
components in foreign countries, in particular in Europe. Implementation



of this strategy may increase the impact of the risks described above and we
cannot assure you that such risks will not have an adverse effect on our
business, results of operations or financial condition.

Compliance with environmental and other governmental regulations could be costly
and require us to make significant expenditures.

We generate hazardous and non-hazardous wastes in the normal course of our
manufacturing and service operations. As a result, we are subject to a wide
range of federal, state, local and foreign environmental laws and regulations.
These laws and regulations govern actions that may have adverse environmental
effects and also require compliance with certain practices when handling and
disposing of hazardous and non-hazardous wastes. These laws and regulations also
impose liability for the cost of, and damages resulting from, cleaning up sites,
past spills, disposals and other releases of, or exposure to, hazardous
substances. In addition, our operations are subject to other laws and
regulations relating to the protection of the environment and human health and
safety, including those governing air emissions and water and waste water
discharges. Compliance with these environmental laws and regulations requires us
to make expenditures.

Despite our compliance efforts, risk of environmental liability is part of the
nature of our business. We cannot give any assurance that environmental
liabilities, including compliance and remediation costs, will not have a
material adverse effect on us in the future. In addition, acquisitions or other
future events may lead to additional compliance or other costs that could have a
material adverse effect on our business.

We rely on key management and our ability to attract successor management
personnel.

We rely on the management and leadership skills of our senior management team
led by William M. Lasky, Chairman of the Board, President and Chief Executive
Officer. Generally, these employees (including William M. Lasky) are not bound
by employment or non-competition agreements. The loss of the services of William
M. Lasky or of other key personnel could have a significant, negative impact on
our business. Similarly, any difficulty in attracting, assimilating and
retaining other key management employees in the future could adversely affect
our business.

Terrorist's actions have and could negatively impact the U. S. economy and the
other markets in which we operate. Terrorist attacks, like those that occurred
on September 11, 2001, have contributed to economic instability in the United
States and elsewhere, and further acts of terrorism, violence or war could
further affect the markets in which we operate, our business, financial results
and our expectations. There can be no assurance that terrorist attacks, or
responses to such attacks from the United States, will not lead to further acts
of terrorism and civil disturbances in the United States or elsewhere or to
armed hostilities, which may further contribute to economic instability in the
United States. These attacks or armed conflicts may directly impact our physical
facilities or those of our suppliers or customers and could impact our domestic
or international revenues, our supply chain, our production capability and our
ability to deliver our products and services to our customers.