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): May 20, 2004

JLG INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Commission file number: 1-12123

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)

TABLE OF CONTENTS

	Item 9. Regulation FD Disclosure
SIGNATURE
EXHIBIT INDEX
Press Release

Item 9. Regulation FD Disclosure

     (information being furnished under Item 12. Results of Operations and Financial Condition)

In accordance with the instructions of the Securities and Exchange Commission, the following information, which is intended to be furnished pursuant to this Form 8-K under Item 12, “Results of Operations and Financial Condition,” is being furnished under Item 9, “Regulation FD Disclosure.”

On May 20, 2004, the Company issued a press release releasing and reviewing the Company’s financial results for its fiscal quarter ended April 30, 2004. A copy of this press release, including unaudited condensed consolidated financial statements for the period ended April 30, 2004, is attached as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.

The information in this Current Report on Form 8-K, including the exhibit, is being furnished pursuant to Item 9 (Regulation FD Disclosure) and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of JLG Industries, Inc. under the Securities Act of 1933, as amended.

2

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: May 20, 2004	/s/ James H. Woodward, Jr.
	James H. Woodward, Jr.
	Executive Vice President and
	Chief Financial Officer

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of JLG Industries, Inc. issued on May 20, 2004.

4

EX-99.1

Exhibit 99.1

Press Release
FOR IMMEDIATE RELEASE

Contact: Juna Rowland
Director – Corporate & Investor Relations
(240) 313-1816, ir@jlg.com

STRONG PRODUCT DEMAND DRIVES JLG’S REVENUES UP 55 PERCENT
Operating margin doubles in third quarter

     MCCONNELLSBURG, PA, MAY 20, 2004 – JLG Industries, Inc. (NYSE: JLG) announced today consolidated revenues for the third quarter ended April 30, 2004 of $318.7 million, which represented a 55 percent increase from the prior year, including revenues from OmniQuip products of $67.1 million. Revenues from traditional JLG products increased $45.9 million or 22 percent. Adjusted to eliminate the impact of integration expenses, earnings for the third quarter were $.24 per diluted share versus $0.05 in the prior year. Unadjusted reported earnings on a GAAP basis for the third quarter are $.20 per diluted share versus $.05 in the prior year.

     Excluding integration costs, gross profit margin improved to 20.4 percent in the third quarter compared with 16.8 percent in the same period last year, and operating income improved to $26.5 million or 8.3 percent versus $8.6 million or 4.2 percent for the year-ago period.

YEAR-TO-DATE RESULTS

     For the nine months of fiscal 2004, consolidated revenues were $768.8 million, a 49 percent increase from the prior year period, reflecting additional revenues from OmniQuip products of $170.3 million and increased revenues from traditional JLG products of $81 million. Adjusted to eliminate the impact of integration expense, year-to-date earnings are $.42 per diluted share versus $.16 for the prior year period. Unadjusted reported earnings on a GAAP basis are $.26 per diluted share year-to-date versus $.16 in the same period last year.

     Before the impact of integration costs, gross profit margin improved to 19.7 percent from 17.4 percent in the comparable period last year, and operating income increased to $55.0 million from $20.9 million in the year-ago period.

     “Order patterns continued to strengthen during the third quarter reflecting increased fleet refreshment and customer confidence,” stated Bill Lasky, Chairman of the Board, President and Chief Executive Officer. “Our consolidated order backlog is strong and rising. Steel shortages have impacted our production lines resulting in

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JLG Industries, Inc. – page 2

disruptions to our production schedules and higher work-in-process inventory, however, despite these challenges, we are pleased that our earnings are in line with our internal plans for the year. We continue to focus on our core access products, expanding our products and distribution strength with our recently announced acquisition of Delta Manlift in France and our intended alliance with the SAME Deutz-Fahr Group for agricultural telehandlers in Europe.”

OUTLOOK

     Integration of the OmniQuip acquisition remains on track and ahead of a very aggressive schedule. With the addition of Phase 2 of the OmniQuip integration referenced in our second quarter results, our estimate of total cost for the four-year program remains constant at $47.8 million, while ongoing annual synergies are expected to be slightly higher at $45.6 million. Of the $47.8 million in costs, $27.7 million will impact the income statement and there will be $41.2 million in cash.

     For fiscal 2004, we now estimate lower than previously estimated total costs of $30.8 million with relatively stable ongoing annual synergies of $24.0 million. Of the $30.8 million in costs, $17.9 million will impact the income statement and there will be $26.0 million in cash.

     The North American economy continues to strengthen reflecting positive trends in construction spending, capacity utilization and consumer confidence. The European economic indicators are also trending in a positive direction, albeit lagging the North American economic recovery. Although interest rates have been stable, concerns over raw material and energy prices remain. With the continuing positive trends of the key indicators associated with the access industry and our nine-months revenues already surpassing all of fiscal 2003, barring any catastrophic event, we are optimistic about the near term.

DIVIDEND

     The Board of Directors of JLG Industries, Inc. today declared its regular, quarterly cash dividend of $.005 per common share. The dividend is payable on July 9, 2004 to shareholders of record June 18, 2004.

CONFERENCE CALL

     Management’s complete analysis of the Company’s quarterly results and financial condition will be provided during a conference call on Friday, May 21, 2004 at 9:00 a.m. Eastern Time. The call can be accessed via JLG’s website www.jlg.com, where it will be accompanied by a slide presentation, or by dialing (800) 884-5695. International participants should dial (617) 786-2960. Access code for both dial-in numbers is 22872341. Please dial into the conference call 10 minutes prior to the start. A replay of the conference call presentation will be available on the Company’s website.

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JLG Industries, Inc. – page 3

ABOUT JLG

     JLG Industries, Inc. is the world’s leading producer of access equipment (aerial work platforms and telehandlers) and highway-speed telescopic hydraulic excavators. The Company’s diverse product portfolio encompasses leading brands such as JLG® aerial work platforms; JLG, SkyTrak®, Lull® and Gradall® telehandlers; Gradall excavators; 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, marketing, the Internet, integrated supply programs and a network of distributors. In addition, JLG offers world-class after-sales service and support for its customers in the industrial, commercial, institutional and construction markets. JLG’s manufacturing facilities are located in the United States, Belgium and France, with sales and service locations on six continents.

     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) limitations on customer access to credit for purchases; (iv) credit risks from our financing of customer purchases; (v) interest and foreign currency exchange rates; and (vi) costs of raw materials and energy, as well as other risks as detailed in the Company’s SEC reports, including the report on Form 10-Q for the quarter ended January 31, 2004.

     Adjustments to reported GAAP earnings, AFS operations as if accounted for under the equity method, as well as our disclosures of free cash flow, EBITDA and net debt are useful in analyzing operating performance, but should be used only in conjunction with financial performance reported in accordance with generally accepted accounting principles. For more information, visit www.jlg.com. NOTE: Information contained on our website is not incorporated by reference into this press release.

(Tables follow)

JLG Industries, Inc. — Page 4

JLG INDUSTRIES, INC.
FINANCIAL DASHBOARD
(in thousands, except per share data and as otherwise identified)

	Quarter Ended									Fiscal Year
	April 30,			January 31,			October 31,			Ended
	2004			2004			2003			July 31, 2003
REVENUES AND PROFITABILITY
Revenues	$	318,687		$	236,530		$	213,585		$	751,128
Gross profit margin		20.0	%		18.4	%		17.9	%		17.9	%
EBITDA (1)		30,336			19,769			17,192			62,949
Trailing twelve month EBITDA (1)		86,678			71,220			68,885			62,949
Trailing twelve month EBITDA margin (1)		8.6	%		8.0	%		8.6	%		8.4	%
Operating income		23,598			10,663			9,766			36,321
Operating profit margin		7.4	%		4.5	%		4.6	%		4.8	%
Net income margin (1)		2.7	%		0.9	%		0.2	%		1.6	%
Reported EPS per diluted share (1)	$	.20		$	.05		$	.01		$	.29
IMPACT OF SELECTED ITEMS ON: (2)
income (expense)
PRE-TAX INCOME
Integration expenses — OmniQuip (in both Cost of sales (COS), Selling & administrative and product development (SA&PD))	$	(2,907	)	$	(4,145	)	$	(3,901	)	$	—
Restructuring and repositioning charges (in both COS, Restructuring)		(1	)		(58	)		(63	)		(4,040	)
Currency effects (in Miscellaneous-net)		(1,938	)		675			125			5,422
Bad debt charges (in SA&PD)		(2,376	)		(4,273	)		(1,092	)		(7,024	)
Inventory charges (in COS)		(196	)		(1,622	)		(1,327	)		(4,463	)
Early vesting incentives (in both COS, SA&PD)		(577	)		(1,194	)		—			—
Other Incentive pay (in both COS, SA&PD)		(4,858	)		—			—			(2,605	)
Deferred profit on sale-leaseback (in COS)		—			—			—			—
Restatement expenses (in SA&PD)		(1,058	)		—			—			—
NET INCOME
Integration expenses — OmniQuip (in both COS, SA&PD)		(1,890	)		(2,589	)		(2,504	)		—
Restructuring and repositioning charges (in both COS, Restructuring)		(1	)		(36	)		(40	)		(2,747	)
Currency effects (in Miscellaneous-net)		(1,260	)		422			80			3,687
Bad debt charges (in SA&PD)		(1,544	)		(2,669	)		(701	)		(4,776	)
Inventory charges (in COS)		(127	)		(1,013	)		(852	)		(3,035	)
Benefit from change in effective income tax rate		—			—			—			2,051
Early vesting incentives (in both COS, SA&PD)		(375	)		(746	)		—			—
Other Incentive pay (in both COS, SA&PD)		(3,158	)		—			—			(1,771	)
Deferred profit on sale-leaseback (in COS)		—			—			—			—
Restatement expenses (in SA&PD)		(688	)		—			—			—
EARNINGS PER SHARE
Integration expenses — OmniQuip (in both COS, SA&PD)		(0.04	)		(0.06	)		(0.06	)		—
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			(0.06	)
Currency effects (in Miscellaneous-net)		(0.03	)		0.01			—			0.09
Bad debt charges (in SA&PD)		(0.04	)		(0.06	)		(0.02	)		(0.11	)
Inventory charges (in COS)		—			(0.02	)		(0.02	)		(0.07	)
Benefit from change in effective income tax rate		—			—			—			0.05
Early vesting incentives (in both COS, SA&PD)		(0.01	)		(0.02	)		—			—
Other Incentive pay (in both COS, SA&PD)		(0.07	)		—			—			(0.04	)
Deferred profit on sale-leaseback (in COS)		—			—			—			—
Restatement expenses (in SA&PD)		(0.02	)		—			—			—
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents	$	12,945		$	18,125		$	11,288		$	132,809
Accounts receivable, net		372,500			315,304			289,729			257,519
Finance receivable, net		33,270			31,134			33,057			34,324
Pledged finance receivables, net		131,878			148,104			153,762			160,407
Inventories		164,160			150,074			153,200			122,675
Total balance sheet debt		465,094			464,609			467,422			460,570
Limited recourse debt from finance receivables monetizations		135,453			150,283			153,541			164,940
Net debt (3)		323,186			303,408			310,498			171,103
Net debt (3) to total capitalization		55	%		55	%		56	%		41	%
Maximum loss exposure from finance receivables monetizations		23,757			24,460			23,380			21,708
Equity		264,018			252,252			248,911			247,714
Working capital		353,696			336,107			321,950			382,763
Depreciation and amortization		7,359			6,766			6,486			19,937
Capital expenditures, net of retirements		2,094			2,858			3,429			10,324
Free cash flow (4)		(19,778	)		7,090			(139,395	)		27,781
FINANCIAL RATIOS
Days sales outstanding		130.9			118.8			113.7			128.7
Days payables outstanding		65.1			58.6			54.0			70.8
Inventory turnover (annualized)		5.1			4.6			3.8			3.4

[Additional columns below]

[Continued from above table, first column repeated]

	Quarter Ended												Fiscal Year
	July 31,			April 30,			January 31,			October 31,			Ended
	2003			2003			2003			2002			July 31, 2002
REVENUES AND PROFITABILITY
Revenues	$	233,558		$	205,770		$	151,313		$	160,487		$	770,070
Gross profit margin		19.1	%		16.8	%		17.2	%		18.1	%		17.2	%
EBITDA (1)		19,381			14,878			17,434			11,256			56,435
Trailing twelve month EBITDA (1)		62,949			65,709			60,118			54,726			56,435
Trailing twelve month EBITDA margin (1)		8.4	%		8.6	%		7.8	%		7.1	%		7.3	%
Operating income		15,378			8,564			4,649			7,730			30,717
Operating profit margin		6.6	%		4.2	%		3.1	%		4.8	%		4.0	%
Net income margin (1)		2.4	%		1.1	%		2.8	%		0.2	%		1.7	%
Reported EPS per diluted share (1)	$	.13		$	.05		$	.10		$	.01		$	.30
IMPACT OF SELECTED ITEMS ON: (2)
income (expense)
PRE-TAX INCOME
Integration expenses — OmniQuip (in both Cost of sales (COS), Selling & administrative and product development (SA&PD))	$	—		$	—		$	—		$	—		$	—
Restructuring and repositioning charges (in both COS, Restructuring)		(859	)		(1,762	)		(1,256	)		(163	)		(6,715	)
Currency effects (in Miscellaneous-net)		(697	)		993			7,575			(2,449	)		2,896
Bad debt charges (in SA&PD)		(3,273	)		(1,318	)		(1,652	)		(781	)		(3,693	)
Inventory charges (in COS)		1,905			(3,380	)		(1,944	)		(1,044	)		(4,670	)
Early vesting incentives (in both COS, SA&PD)		—			—			—			—			(762	)
Other Incentive pay (in both COS, SA&PD)		(876	)		(1,729	)		—			—			—
Deferred profit on sale-leaseback (in COS)		—			—			—			—			3,069
Restatement expenses (in SA&PD)		—			—			—			—			—
NET INCOME
Integration expenses — OmniQuip (in both COS, SA&PD)		—			—			—			—			—
Restructuring and repositioning charges (in both COS, Restructuring)		(584	)		(1,198	)		(854	)		(111	)		(4,499	)
Currency effects (in Miscellaneous-net)		(474	)		675			5,151			(1,665	)		1,940
Bad debt charges (in SA&PD)		(2,226	)		(896	)		(1,123	)		(531	)		(2,474	)
Inventory charges (in COS)		1,295			(2,298	)		(1,322	)		(710	)		(3,129	)
Benefit from change in effective income tax rate		2,051			—			—			—			—
Early vesting incentives (in both COS, SA&PD)		—			—			—			—			(511	)
Other Incentive pay (in both COS, SA&PD)		(596	)		(1,176	)		—			—			—
Deferred profit on sale-leaseback (in COS)		—			—			—			—			2,056
Restatement expenses (in SA&PD)		—			—			—			—			—
EARNINGS PER SHARE
Integration expenses — OmniQuip (in both COS, SA&PD)		—			—			—			—			—
Restructuring and repositioning charges (in both COS, Restructuring)		(0.01	)		(0.03	)		(0.02	)		—			(0.10	)
Currency effects (in Miscellaneous-net)		(0.01	)		0.02			0.12			(0.04	)		0.05
Bad debt charges (in SA&PD)		(0.05	)		(0.02	)		(0.03	)		(0.01	)		(0.06	)
Inventory charges (in COS)		0.03			(0.05	)		(0.03	)		(0.02	)		(0.07	)
Benefit from change in effective income tax rate		0.05			—			—			—			—
Early vesting incentives (in both COS, SA&PD)		—			—			—			—			(0.01	)
Other Incentive pay (in both COS, SA&PD)		(0.01	)		(0.03	)		—			—			—
Deferred profit on sale-leaseback (in COS)		—			—			—			—			0.05
Restatement expenses (in SA&PD)		—			—			—			—			—
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents	$	132,809		$	16,529		$	9,565		$	10,181		$	6,205
Accounts receivable, net		257,519			252,200			210,192			200,329			227,722
Finance receivable, net		34,324			28,936			79,458			99,766			73,660
Pledged finance receivables, net		160,407			167,089			113,656			86,700			88,056
Inventories		122,675			154,168			168,612			178,016			165,536
Total balance sheet debt		460,570			377,571			372,305			337,126			279,329
Limited recourse debt from finance receivables monetizations		164,940			164,653			106,662			83,188			87,571
Net debt (3)		171,103			206,361			266,913			255,627			198,884
Net debt (3) to total capitalization		41	%		46	%		52	%		52	%		46	%
Maximum loss exposure from finance receivables monetizations		21,708			18,928			8,519			6,275			5,998
Equity		247,714			245,034			241,760			235,897			236,042
Working capital		382,763			292,498			277,431			243,593			231,203
Depreciation and amortization		4,591			4,931			5,147			5,268			20,959
Capital expenditures, net of retirements		2,662			2,942			3,076			1,644			12,390
Free cash flow (4)		35,258			60,553			(11,286	)		(56,744	)		169,753
FINANCIAL RATIOS
Days sales outstanding		128.7			124.1			103.6			97.3			111.4
Days payables outstanding		70.8			75.8			36.0			59.2			66.5
Inventory turnover (annualized)		3.4			3.2			3.3			3.5			3.3

⁽¹⁾ Before cumulative effect of change in accounting principle.

⁽²⁾ Net of 35%, 38%, 36%, 32% and 33% effective income tax rate for the third quarter of fiscal 2004, the second quarter of fiscal 2004, the first quarter of fiscal 2004, 2003 and 2002, respectively. EPS is calculated by dividing the Net Income 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 debt reflects total balance sheet debt plus off-balance sheet financing, less cash and limited recourse debt from finance receivables monetizations.

⁽⁴⁾ Free cash flow is defined as cash flow from operating activities, investing activities, payment of dividends, exercise of stock options and issuance of restricted awards, 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. — Page 5

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
	April 30,			January 31,			October 31,			Ended			July 31,			April 30,			January 31,			October 31,			Ended
	2004			2004			2003			July 31, 2003			2003			2003			2003			2002			July 31, 2002
Revenues
Net sales	$	312,650		$	230,539		$	208,392		$	724,819		$	227,188		$	199,282		$	143,961		$	154,388		$	745,870
Financial products		3,913			3,442			3,676			19,184			4,806			5,152			4,836			4,390			14,227
Rentals		2,124			2,549			1,517			7,125			1,564			1,336			2,516			1,709			9,973
		318,687			236,530			213,585			751,128			233,558			205,770			151,313			160,487			770,070
Cost of sales		255,050			193,083			175,319			616,686			188,975			171,125			125,215			131,371			637,983
Gross profit		63,637			43,447			38,266			134,442			44,583			34,645			26,098			29,116			132,087
Gross profit margin		20.0	%		18.4	%		17.9	%		17.9	%		19.1	%		16.8	%		17.2	%		18.1	%		17.2	%
Selling and administrative expenses		34,052			28,349			23,716			79,225			25,276			20,087			16,377			17,485			79,693
Selling & administrative %		10.7	%		12.0	%		11.1	%		10.5	%		10.8	%		9.8	%		10.8	%		10.9	%		10.3	%
Product development expenses		5,987			4,435			4,773			16,142			3,791			4,561			3,889			3,901			15,586
Product development %		1.9	%		1.9	%		2.2	%		2.1	%		1.6	%		2.2	%		2.6	%		2.4	%		2.0	%
Restructuring charges		—			—			11			2,754			138			1,433			1,183			—			6,091
Income from operations		23,598			10,663			9,766			36,321			15,378			8,564			4,649			7,730			30,717
Operating profit margin		7.4	%		4.5	%		4.6	%		4.8	%		6.6	%		4.2	%		3.1	%		4.8	%		4.0	%
Other income (deductions):
Interest expense		(9,400	)		(9,548	)		(9,876	)		(27,985	)		(9,645	)		(6,764	)		(6,072	)		(5,504	)		(16,255	)
Miscellaneous, net		(621	)		2,340			940			6,691			(588	)		1,383			7,638			(1,742	)		4,759
Income before taxes and cumulative effect of change in accounting principle		13,577			3,455			830			15,027			5,145			3,183			6,215			484			19,221
Income tax provision		4,890			1,297			297			2,635			(527	)		1,018			1,989			155			6,343
Income before cumulative effect of change in accounting principle		8,687			2,158			533			12,392			5,672			2,165			4,226			329			12,878
Cumulative effect of change in accounting principle (1)		—			—			—			—			—			—			—			—			(114,470	)
Net income (loss)	$	8,687		$	2,158		$	533		$	12,392		$	5,672		$	2,165		$	4,226		$	329		$	(101,592	)
Return on revenues before impairment		2.7	%		0.9	%		0.2	%		1.6	%		2.4	%		1.1	%		2.8	%		0.2	%		1.7	%
Earnings (loss) per common share:
Earnings per common share before cumulative effect of change in accounting principle	$	.20		$	.05		$	.01		$	.29		$	.13		$	.05		$	.10		$	.01		$	.31
Cumulative effect of change in accounting principle (1)		—			—			—			—			—			—			—			—			(2.72	)
Earnings (loss) per common share	$	.20		$	.05		$	.01		$	.29		$	.13		$	.05		$	.10		$	.01		$	(2.41	)
Earnings (loss) per common share - assuming dilution:
Earnings per common share — assuming dilution before cumulative effect of change in accounting principle	$	.20		$	.05		$	.01		$	.29		$	.13		$	.05		$	.10		$	.01		$	.30
Cumulative effect of change in accounting principle (1)		—			—			—			—			—			—			—			—			(2.65	)
Earnings (loss) per common share - assuming dilution	$	.20		$	.05		$	.01		$	.29		$	.13		$	.05		$	.10		$	.01		$	(2.35	)
Cash Dividends per share	$	.005		$	.005		$	.005		$	.020		$	.005		$	.005		$	.005		$	.005		$	.025
Average basic shares outstanding		42,836			42,791			42,656			42,601			42,608			42,598			42,570			42,541			42,082
Average diluted shares outstanding		44,013			44,152			43,575			42,866			42,883			42,775			42,867			42,853			43,170

⁽¹⁾ Goodwill impairment.

JLG Industries, Inc. — Page 6

JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share data)
(Quarterly data is unaudited)

	April 30,			January 31,			October 31,			July 31,			April 30,			January 31,			October 31,			July 31,
	2004			2004			2003			2003			2003			2003			2002			2002
ASSETS
Current assets
Cash and cash equivalents	$	12,945		$	18,125		$	11,288		$	132,809		$	16,529		$	9,565		$	10,181		$	6,205
Accounts receivable, net		372,500			315,304			289,729			257,519			252,200			210,192			200,329			227,722
Finance receivables, net		4,473			8,252			2,573			3,168			1,570			18,031			18,276			28,248
Pledged finance receivables, net		36,027			42,189			39,380			41,334			50,741			39,685			35,391			34,353
Inventories		164,160			150,074			153,200			122,675			154,168			168,612			178,016			165,536
Other current assets		42,086			27,441			54,252			46,474			23,061			24,404			31,675			31,042
Total current assets		632,191			561,385			550,422			603,979			498,269			470,489			473,868			493,106
Property, plant and equipment, net		88,277			90,862			92,525			79,699			80,366			81,165			82,057			84,370
Equipment held for rental, net		18,687			22,903			18,236			19,651			20,509			20,288			21,552			20,979
Finance receivables, less current portion		28,797			22,882			30,484			31,156			27,366			61,427			81,490			45,412
Pledged finance receivables, less current portion		95,851			105,915			114,382			119,073			116,348			73,971			51,309			53,703
Goodwill, net		66,501			66,501			66,450			29,509			29,509			29,509			28,791			28,791
Intangible assets, net		32,979			33,709			34,448			—			—			—			—			—
Other assets		66,434			67,961			66,002			53,135			53,396			59,231			55,870			51,880
	$	1,029,717		$	972,118		$	972,949		$	936,202		$	825,763		$	796,080		$	794,937		$	778,241
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	14,843		$	1,758		$	2,278		$	1,472		$	912		$	23,436		$	25,375		$	14,427
Current portion of limited recourse debt from finance receivables monetizations		37,086			40,824			40,153			45,279			50,980			36,511			33,862			34,850
Accounts payable		123,984			92,762			68,197			83,408			83,059			70,162			96,283			129,317
Accrued expenses		102,582			89,934			117,844			91,057			70,820			62,949			74,755			83,309
Total current liabilities		278,495			225,278			228,472			221,216			205,771			193,058			230,275			261,903
Long-term debt, less current portion		314,798			312,568			311,603			294,158			212,006			242,207			228,563			177,331
Limited recourse debt from finance receivables monetizations, less current portion		98,367			109,459			113,388			119,661			113,673			70,151			49,326			52,721
Accrued post-retirement benefits		28,798			27,998			27,199			26,179			26,255			25,833			25,411			24,989
Other long-term liabilities		30,501			30,487			29,790			15,160			11,118			11,317			11,150			10,807
Provisions for contingencies		14,740			14,076			13,586			12,114			11,906			11,754			14,315			14,448
Shareholders’ equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Issued shares: fiscal 2004 - 43,659; fiscal 2003 - 43,367; fiscal 2002 - 42,728		8,732			8,712			8,683			8,673			8,601			8,594			8,594			8,546
Additional paid-in capital		25,883			24,725			23,789			23,597			20,514			20,508			20,594			18,846
Retained earnings		239,215			230,746			228,806			228,490			223,033			221,083			217,072			216,957
Unearned compensation		(2,856	)		(3,796	)		(5,145	)		(5,428	)		(2,749	)		(2,938	)		(3,157	)		(1,649	)
Accumulated other comprehensive loss		(6,956	)		(8,135	)		(7,222	)		(7,618	)		(4,365	)		(5,487	)		(7,206	)		(6,658	)
Total shareholders’ equity		264,018			252,252			248,911			247,714			245,034			241,760			235,897			236,042
	$	1,029,717		$	972,118		$	972,949		$	936,202		$	825,763		$	796,080		$	794,937		$	778,241

JLG Industries, Inc. — Page 7

JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(in thousands)
(Quarterly data is unaudited)

	Quarter Ended									Fiscal Year
	April 30,			January 31,			October 31,			Ended
	2004			2004			2003			July 31, 2003
OPERATIONS
Net income (loss)	$	8,687		$	2,158		$	533		$	12,392
Adjustments to reconcile net income to cash flow from operating activities:
(Gain) loss on sale of property, plant and equipment		214			(240	)		293			266
(Gain) loss on sale of equipment held for rental		(1,247	)		44			1,320			(6,794	)
Non-cash charges and credits:
Cumulative effect of change in accounting principle		—			—			—			—
Depreciation and amortization		7,359			6,766			6,486			19,937
Other		5,101			6,980			3,319			7,035
Changes in selected working capital items:
Accounts receivable (1)		(57,552	)		(27,823	)		1,020			(35,324	)
Inventories		(14,053	)		3,296			6,885			43,137
Accounts payable		31,428			24,751			(34,954	)		(46,026	)
Other operating assets and liabilities		(3,515	)		(4,289	)		44			(12,706	)
Changes in finance receivables		(2,181	)		1,770			1,055			40,487
Changes in pledged finance receivables		1,537			(1,175	)		(15,452	)		(114,271	)
Changes in other assets and liabilities		(1,921	)		(862	)		(3,899	)		(3,295	)
Cash flow from operating activities		(26,143	)		11,376			(33,350	)		(95,162	)
INVESTMENTS
Purchases of property, plant and equipment		(2,435	)		(2,619	)		(3,811	)		(10,806	)
Proceeds from sale of property, plant and equipment		127			1			89			216
Purchases of equipment held for rental		(4,491	)		(9,743	)		(2,209	)		(16,342	)
Proceeds from sale of equipment held for rental		8,008			3,557			1,141			19,063
Cash portion of OmniQuip acquisition		—			—			(95,371	)		—
Other		507			(101	)		(46	)		(689	)
Cash flow from investing activities		1,716			(8,905	)		(100,207	)		(8,558	)
FINANCING
Net issuance (repayment) of short-term debt		13,084			(536	)		594			(13,497	)
Issuance of long-term debt		71,000			77,000			22,000			404,283
Repayment of long-term debt		(67,099	)		(77,119	)		(22,086	)		(279,647	)
Issuance of limited recourse debt		—			3,108			10,871			117,383
Repayment of limited recourse debt		—			—			(253	)		(118	)
Payment of dividends		(218	)		(218	)		(216	)		(859	)
Exercise of stock options and issuance of restricted awards		2,118			2,314			485			927
Cash flow from financing activities		18,885			4,549			11,395			228,472
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash		362			(183	)		641			1,852
CASH
Net change in cash and cash equivalents		(5,180	)		6,837			(121,521	)		126,604
Beginning balance		18,125			11,288			132,809			6,205
Ending balance	$	12,945		$	18,125		$	11,288		$	132,809

[Additional columns below]

[Continued from above table, first column repeated]

	Quarter Ended												Fiscal Year
	July 31,			April 30,			January 31,			October 31,			Ended
	2003			2003			2003			2002			July 31, 2002
OPERATIONS
Net income (loss)	$	5,672		$	2,165		$	4,226		$	329		$	(101,592	)
Adjustments to reconcile net income to cash flow from operating activities:
(Gain) loss on sale of property, plant and equipment		149			25			89			3			392
(Gain) loss on sale of equipment held for rental		(1,091	)		(1,852	)		(3,154	)		(697	)		(8,049	)
Non-cash charges and credits:
Cumulative effect of change in accounting principle		—			—			—			—			114,470
Depreciation and amortization		4,591			4,931			5,147			5,268			20,959
Other		(5,564	)		4,317			5,683			2,599			6,997
Changes in selected working capital items:
Accounts receivable (1)		(8,990	)		(41,663	)		(11,945	)		27,274			(40,110	)
Inventories		32,164			14,544			8,695			(12,266	)		24,462
Accounts payable		621			12,832			(26,469	)		(33,010	)		52,685
Other operating assets and liabilities		(2,052	)		7,434			(8,396	)		(9,692	)		15,194
Changes in finance receivables		(2,644	)		50,239			20,244			(27,352	)		57,154
Changes in pledged finance receivables		(14,627	)		(64,299	)		(32,950	)		(2,395	)		(91,331	)
Changes in other assets and liabilities		(3,392	)		3,970			(281	)		(3,592	)		(28,136	)
Cash flow from operating activities		4,837			(7,357	)		(39,111	)		(53,531	)		23,095
INVESTMENTS
Purchases of property, plant and equipment		(2,811	)		(3,059	)		(3,286	)		(1,650	)		(12,954	)
Proceeds from sale of property, plant and equipment		—			92			121			3			172
Purchases of equipment held for rental		(1,991	)		(3,014	)		(7,713	)		(3,624	)		(26,429	)
Proceeds from sale of equipment held for rental		2,882			3,577			10,099			2,505			28,924
Cash portion of OmniQuip acquisition		—			—			—			—			—
Other		(25	)		529			(1,136	)		(57	)		405
Cash flow from investing activities		(1,945	)		(1,875	)		(1,915	)		(2,823	)		(9,882	)
FINANCING
Net issuance (repayment) of short-term debt		568			(23,114	)		(1,975	)		11,024			(7,771	)
Issuance of long-term debt		126,995			57,288			127,000			93,000			617,000
Repayment of long-term debt		(32,336	)		(88,050	)		(116,059	)		(43,202	)		(717,572	)
Issuance of limited recourse debt		18,940			68,975			29,468			—			90,214
Repayment of limited recourse debt		—			(118	)		—			—			—
Payment of dividends		(215	)		(215	)		(215	)		(214	)		(1,058	)
Exercise of stock options and issuance of restricted awards		189			260			203			275			3,732
Cash flow from financing activities		114,141			15,026			38,422			60,883			(15,455	)
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash		(753	)		1,170			1,988			(553	)		(807	)
CASH
Net change in cash and cash equivalents		116,280			6,964			(616	)		3,976			(3,049	)
Beginning balance		16,529			9,565			10,181			6,205			9,254
Ending balance	$	132,809		$	16,529		$	9,565		$	10,181		$	6,205

(1) Net of change in accounts receivable securitiation of $50,600 for the period ended July 31, 2002.

JLG Industries, Inc. — Page 8

JLG INDUSTRIES, INC.
CONSOLIDATED SELECTED SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
(Quarterly data is unaudited)

	Quarter Ended									Fiscal Year
	April 30,			January 31,			October 31,			Ended
	2004			2004			2003			July 31, 2003
SEGMENT INFORMATION
REVENUES:
Machinery	$	261,263		$	192,266		$	168,958		$	594,484
Equipment Services		53,258			40,822			40,815			136,737
Access Financial Solutions		4,166			3,442			3,812			19,907
	$	318,687		$	236,530		$	213,585		$	751,128
SEGMENT PROFIT (LOSS):
Machinery	$	25,190		$	11,541		$	6,593		$	25,513
Equipment services		15,158			12,809			11,068			27,119
Access Financial Solutions		694			(273	)		284			3,990
General corporate expenses		(20,229	)		(16,088	)		(11,093	)		(32,001	)
Segment profit		20,813			7,989			6,852			24,621
Add: AFS’ interest expense		2,785			2,674			2,914			11,700
Operating Income	$	23,598		$	10,663		$	9,766		$	36,321
PRODUCT GROUP REVENUES
Aerial work platforms	$	146,017		$	109,354		$	89,260		$	428,564
Telehandlers		99,439			69,908			72,008			117,475
Excavators		15,807			13,004			7,690			48,445
After-sales service and support, including parts sales, and used and reconditioned equipment sales		51,387			38,273			39,434			130,335
Financial products		3,913			3,442			3,676			19,184
Rentals		2,124			2,549			1,517			7,125
	$	318,687		$	236,530		$	213,585		$	751,128
GEOGRAPHIC REVENUES
United States	$	246,985		$	177,542		$	171,671		$	546,494
Europe		48,079			40,286			23,951			145,038
Other international		23,623			18,702			17,963			59,596
	$	318,687		$	236,530		$	213,585		$	751,128

[Additional columns below]

[Continued from above table, first column repeated]

	Quarter Ended												Fiscal Year
	July 31,			April 30,			January 31,			October 31,			Ended
	2003			2003			2003			2002			July 31, 2002
SEGMENT INFORMATION
REVENUES:
Machinery	$	192,758		$	167,630		$	109,550		$	124,546		$	621,283
Equipment Services		35,855			32,835			36,676			31,371			133,058
Access Financial Solutions		4,945			5,305			5,087			4,570			15,729
	$	233,558		$	205,770		$	151,313		$	160,487		$	770,070
SEGMENT PROFIT (LOSS):
Machinery	$	13,701		$	6,665		$	168		$	4,979		$	29,039
Equipment services		8,235			6,998			6,632			5,254			24,686
Access Financial Solutions		295			716			1,881			1,098			5,288
General corporate expenses		(10,356	)		(9,434	)		(6,475	)		(5,736	)		(33,347	)
Segment profit		11,875			4,945			2,206			5,595			25,666
Add: AFS’ interest expense		3,503			3,619			2,443			2,135			5,051
Operating Income	$	15,378		$	8,564		$	4,649		$	7,730		$	30,717
PRODUCT GROUP REVENUES
Aerial work platforms	$	141,544		$	116,092		$	79,615		$	91,313		$	475,241
Telehandlers		35,613			34,843			19,417			27,602			87,443
Excavators		15,601			16,695			10,518			5,631			58,599
After-sales service and support, including parts sales, and used and reconditioned equipment sales		34,430			31,652			34,411			29,842			124,587
Financial products		4,806			5,152			4,836			4,390			14,227
Rentals		1,564			1,336			2,516			1,709			9,973
	$	233,558		$	205,770		$	151,313		$	160,487		$	770,070
GEOGRAPHIC REVENUES
United States	$	165,372		$	155,852		$	107,920		$	117,350		$	556,252
Europe		47,144			33,830			32,816			31,248			167,940
Other international		21,042			16,088			10,577			11,889			45,878
	$	233,558		$	205,770		$	151,313		$	160,487		$	770,070

JLG Industries, Inc. — Page 9

JLG INDUSTRIES, INC.
EBITDA
QUARTERLY PERIODS
(in thousands)

	April 30,		January 31,		October 31,		July 31,			April 30,		January 31,		October 31,
	2004		2004		2003		2003			2003		2003		2002
Income before cumulative effect of change in accounting principle	$	8,687	$	2,158	$	533	$	5,672		$	2,165	$	4,226	$	329
Interest expense		9,400		9,548		9,876		9,645			6,764		6,072		5,504
Income tax provision		4,890		1,297		297		(527	)		1,018		1,989		155
Depreciation and amortization		7,359		6,766		6,486		4,591			4,931		5,147		5,268
EBITDA	$	30,336	$	19,769	$	17,192	$	19,381		$	14,878	$	17,434	$	11,256

We also 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 (i) from previously disclosed presentations which excluded restructuring or repositioning charges, and (ii) from measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.

JLG Industries, Inc. — Page 10

JLG INDUSTRIES, INC.
EBITDA AND EBITDA MARGINS
TRAILING TWELVE MONTH PERIODS
(in thousands)

	April 30,			January 31,			October 31,			July 31,			April 30,			January 31,			October 31,			July 31,
	2004			2004			2003			2003			2003			2003			2002			2002
Income before cumulative effect of change in accounting principle	$	17,050		$	10,528		$	12,596		$	12,392		$	15,062		$	13,733		$	10,841		$	12,878
Interest expense		38,469			35,833			32,357			27,985			22,885			19,466			17,421			16,255
Income tax provision		5,957			2,085			2,777			2,635			7,270			6,664			5,333			6,343
Depreciation and amortization		25,202			22,774			21,155			19,937			20,492			20,255			21,131			20,959
EBITDA	$	86,678		$	71,220		$	68,885		$	62,949		$	65,709		$	60,118		$	54,726		$	56,435
Revenues	$	1,002,360		$	889,443		$	804,226		$	751,128		$	766,394		$	769,356		$	774,395		$	770,070
EBITDA Margin		8.6	%		8.0	%		8.6	%		8.4	%		8.6	%		7.8	%		7.1	%		7.3	%

We also 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 (i) from previously disclosed presentations which excluded restructuring or repositioning charges, and (ii) from measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.

JLG Industries, Inc. — Page 11

JLG INDUSTRIES, INC.
NET DEBT
(in thousands)

	April 30,			January 31,			October 31,			July 31,			April 30,			January 31,			October 31,			July 31,
	2004			2004			2003			2003			2003			2003			2002			2002
Revolving credit facilities	$	14,000		$	—		$	—		$	—		$	30,288		$	61,000		$	50,000		$	—
$15 million cash management facility		13,129			—			567			—			—			—			—			—
$25 million overdraft credit facility		—			—			—			—			—			23,058			25,000			13,935
$125 million senior notes		125,000			125,000			125,000			125,000			—			—			—			—
$175 million senior subordinated notes		175,000			175,000			175,000			175,000			175,000			175,000			175,000			175,000
Miscellaneous debt		5,321			15,465			15,554			1,983			1,468			1,573			1,665			1,909
Fair value of interest rate swaps		(8,296	)		(6,795	)		(8,065	)		(12,347	)		—			5,012			2,273			914
Gain on terminated interest rate swap		5,487			5,656			5,825			5,994			6,162			—			—			—
Bank debt and notes		329,641			314,326			313,881			295,630			212,918			265,643			253,938			191,758
Limited recourse debt from finance receivables monetizations *		135,453			150,283			153,541			164,940			164,653			106,662			83,188			87,571
Total balance sheet debt		465,094			464,609			467,422			460,570			377,571			372,305			337,126			279,329
Net present value of off-balance sheet rental fleet lease		1,524			2,026			2,341			2,341			3,382			3,858			4,506			5,582
Net present value of off-balance sheet production equipment leases		4,966			5,181			5,564			5,941			6,590			6,977			7,364			7,749
Total off-balance sheet financing		6,490			7,207			7,905			8,282			9,972			10,835			11,870			13,331
Total balance sheet debt and off-balance sheet financing		471,584			471,816			475,327			468,852			387,543			383,140			348,996			292,660
Less: cash		12,945			18,125			11,288			132,809			16,529			9,565			10,181			6,205
Less: limited recourse debt from finance receivables monetizations		135,453			150,283			153,541			164,940			164,653			106,662			83,188			87,571
Net debt	$	323,186		$	303,408		$	310,498		$	171,103		$	206,361		$	266,913		$	255,627		$	198,884
* Maximum loss exposure from finance receivables monetizations	$	23,757		$	24,460		$	23,380		$	21,708		$	18,928		$	8,519		$	6,275		$	5,998
Shareholders’ Equity	$	264,018		$	252,252		$	248,911		$	247,714		$	245,034		$	241,760		$	235,897		$	236,042
Net Debt-to-Net Debt plus Shareholders’ Equity		55	%		55	%		56	%		41	%		46	%		52	%		52	%		46	%
Total Balance Sheet Debt-to-Total Balance Sheet Debt plus Shareholders’ Equity		64	%		65	%		65	%		65	%		61	%		61	%		59	%		54	%

We also 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. — Page 12

JLG INDUSTRIES, INC.
FREE CASH FLOW
(in thousands)

	Quarter Ended									Fiscal Year
	April 30,			January 31,			October 31,			Ended
	2004			2004			2003			July 31, 2003
Net income (loss)	$	8,687		$	2,158		$	533		$	12,392
Adjustments to reconcile net income to cash flow from operating activities:
Non-cash items		11,427			13,550			11,418			20,444
Accounts receivable		(57,552	)		(27,823	)		1,020			(35,324	)
Inventories		(14,053	)		3,296			6,885			43,137
Other current assets		(14,211	)		26,225			(3,076	)		(15,960	)
Accounts payable		31,428			24,751			(34,954	)		(46,026	)
Accrued expenses		10,696			(30,514	)		3,120			3,254
Finance receivables		(2,181	)		1,770			1,055			40,487
Other cash from operations		(1,921	)		(862	)		(3,899	)		(3,295	)
Purchases of property, plant and equipment		(2,435	)		(2,619	)		(3,811	)		(10,806	)
Proceeds from sale of property, plant and equipment		127			1			89			216
Purchases of equipment held for rental		(4,491	)		(9,743	)		(2,209	)		(16,342	)
Proceeds from sale of equipment held for rental		8,008			3,557			1,141			19,063
Cash portion of OmniQuip acquisition		—			—			(95,371	)		—
Other cash from investments		507			(101	)		(46	)		(689	)
Payment of dividends		(218	)		(218	)		(216	)		(859	)
Exercise of stock options and issuance of restricted awards		2,118			2,314			485			927
Effect of exchange rate changes on cash		362			(183	)		641			1,852
Seller financing		—			—			(10,000	)		—
Capital lease assumed in OmniQuip acquisition		—			—			(3,630	)		—
Other (1)		3,924			1,531			(8,570	)		15,310
Free Cash Flow	$	(19,778	)	$	7,090		$	(139,395	)	$	27,781

[Additional columns below]

[Continued from above table, first column repeated]

	Quarter Ended												Fiscal Year
	July 31,			April 30,			January 31,			October 31,			Ended
	2003			2003			2003			2002			July 31, 2002
Net income (loss)	$	5,672		$	2,165		$	4,226		$	329		$	(101,592	)
Adjustments to reconcile net income to cash flow from operating activities:
Non-cash items		(1,915	)		7,421			7,765			7,173			134,769
Accounts receivable		(8,990	)		(41,663	)		(11,945	)		27,274			(40,110	)
Inventories		32,164			14,544			8,695			(12,266	)		24,462
Other current assets		(18,109	)		191			2,721			(763	)		3,110
Accounts payable		621			12,832			(26,469	)		(33,010	)		52,685
Accrued expenses		16,057			7,243			(11,117	)		(8,929	)		12,084
Finance receivables		(2,644	)		50,239			20,244			(27,352	)		57,154
Other cash from operations		(3,392	)		3,970			(281	)		(3,592	)		(28,136	)
Purchases of property, plant and equipment		(2,811	)		(3,059	)		(3,286	)		(1,650	)		(12,954	)
Proceeds from sale of property, plant and equipment		—			92			121			3			172
Purchases of equipment held for rental		(1,991	)		(3,014	)		(7,713	)		(3,624	)		(26,429	)
Proceeds from sale of equipment held for rental		2,882			3,577			10,099			2,505			28,924
Cash portion of OmniQuip acquisition		—			—			—			—			—
Other cash from investments		(25	)		529			(1,136	)		(57	)		405
Payment of dividends		(215	)		(215	)		(215	)		(214	)		(1,058	)
Exercise of stock options and issuance of restricted awards		189			260			203			275			3,732
Effect of exchange rate changes on cash		(753	)		1,170			1,988			(553	)		(807	)
Seller financing		—			—			—			—			—
Capital lease assumed in OmniQuip acquisition		—			—			—			—			—
Other (1)		18,518			4,271			(5,186	)		(2,293	)		63,342
Free Cash Flow	$	35,258		$	60,553		$	(11,286	)	$	(56,744	)	$	169,753

⁽¹⁾Includes changes in accounts receivable securitization and 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, exercise of stock options and issuance of restricted awards, 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. — Page 13

JLG INDUSTRIES, INC.
STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

	CONSOLIDATED						EQUIPMENT OPERATIONS						FINANCIAL SERVICES
	JLG Industries, Inc. and						JLG Industries, Inc. with Access
	Consolidated Subsidiaries						Financial Solutions on the Equity Basis						Access Financial Solutions
	Nine Months Ended April 30,						Nine Months Ended April 30,						Nine Months Ended April 30,
	2004			2003			2004			2003			2004			2003
Revenues
Net sales	$	751,581		$	497,631		$	751,581		$	497,631		$	—		$	—
Financial products		11,031			14,378			—			—			11,031			14,378
Rentals		6,190			5,561			5,801			4,977			389			584
		768,802			517,570			757,382			502,608			11,420			14,962
Cost of sales		623,452			427,711			623,013			427,229			439			482
Gross profit		145,350			89,859			134,369			75,379			10,981			14,480
Selling and administrative expenses		86,117			53,949			84,214			51,361			1,903			2,588
Product development expenses		15,195			12,351			15,195			12,351			—			—
Restructuring charges		11			2,616			11			2,616			—			—
Income from operations		44,027			20,943			34,949			9,051			9,078			11,892
Other income (deductions):
Interest expense		(28,824	)		(18,340	)		(20,451	)		(10,143	)		(8,373	)		(8,197	)
Miscellaneous, net		2,659			7,279			2,659			7,279			—			—
Income before taxes		17,862			9,882			17,157			6,187			705			3,695
Income tax provision		6,484			3,162			6,228			1,980			256			1,182
Equity in income of Access Financial Solutions		—			—			449			2,513			—			—
Net income	$	11,378		$	6,720		$	11,378		$	6,720		$	449		$	2,513
Earnings per common share	$	.27		$	.16
Earnings per common share - assuming dilution	$	.26		$	.16
Cash dividends per share	$	.015		$	.015
Weighted average shares outstanding		42,821			42,587
Weighted average shares outstanding - assuming dilution		43,973			42,849

     JLG Industries, Inc. — Page 14

JLG INDUSTRIES, INC.
BALANCE SHEETS
(in thousands, except per share data)
(unaudited)

	CONSOLIDATED						EQUIPMENT OPERATIONS						FINANCIAL SERVICES
	JLG Industries, Inc. and						JLG Industries, Inc. with Access
	Consolidated Subsidiaries						Financial Solutions on the Equity Basis						Access Financial Solutions
	April 30,			July 31,			April 30,			July 31,			April 30,		July 31,
	2004			2003			2004			2003			2004		2003
ASSETS
Current assets
Cash and cash equivalents	$	12,945		$	132,809		$	12,945		$	132,809		$	—	$	—
Accounts receivable — net		372,500			257,519			335,938			217,521			36,562		39,998
Finance receivables — net		4,473			3,168			—			—			4,473		3,168
Pledged receivables — net		36,027			41,334			—			—			36,027		41,334
Inventories		164,160			122,675			164,160			122,675			—		—
Other current assets		42,086			46,474			42,086			46,474			—		—
Total current assets		632,191			603,979			555,129			519,479			77,062		84,500
Property, plant and equipment — net		88,277			79,699			88,277			79,699			—		—
Equipment held for rental — net		18,687			19,651			16,717			17,455			1,970		2,196
Finance receivables, less current portion		28,797			31,156			—			—			28,797		31,156
Pledged receivables, less current portion		95,851			119,073			—			—			95,851		119,073
Goodwill — net		66,501			29,509			66,501			29,509			—		—
Intangible assets — net		32,979			—			32,979			—			—		—
Investment in Access Financial Solutions		—			—			37,142			36,693			—		—
Receivable from Access Financial Solutions		—			—			31,836			35,662			—		—
Other assets		66,434			53,135			65,367			52,428			1,067		707
	$	1,029,717		$	936,202		$	893,948		$	770,925		$	204,747	$	237,632
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	14,843		$	1,472		$	14,843		$	1,472		$	—	$	—
Current portion of limited recourse debt from finance receivables monetizations		37,086			45,279			—			—			37,086		45,279
Accounts payable		123,984			83,408			123,984			83,408			—		—
Accrued expenses		102,582			91,057			102,266			90,720			316		337
Total current liabilities		278,495			221,216			241,093			175,600			37,402		45,616
Long-term debt, less current portion		314,798			294,158			314,798			294,158			—		—
Limited recourse debt from finance receivables monetizations, less current portion		98,367			119,661			—			—			98,367		119,661
Payable to JLG Industries, Inc.		—			—			—			—			31,836		35,662
Accrued post-retirement benefits		28,798			26,179			28,798			26,179			—		—
Other long-term liabilities		30,501			15,160			30,501			15,160			—		—
Provisions for contingencies		14,740			12,114			14,740			12,114			—		—
Shareholders’ equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Issued and outstanding shares: 43,659 shares; fiscal 2003 – 43,367 shares		8,732			8,673			8,732			8,673			30,000		30,000
Additional paid-in capital		25,883			23,597			25,883			23,597			—		—
Retained earnings		239,215			228,490			239,215			228,490			7,142		6,693
Unearned compensation		(2,856	)		(5,428	)		(2,856	)		(5,428	)		—		—
Accumulated other comprehensive income		(6,956	)		(7,618	)		(6,956	)		(7,618	)		—		—
Total shareholders’ equity		264,018			247,714			264,018			247,714			37,142		36,693
	$	1,029,717		$	936,202		$	893,948		$	770,925		$	204,747	$	237,632

     JLG Industries, Inc. — Page 15

JLG INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

	CONSOLIDATED						EQUIPMENT OPERATIONS						FINANCIAL SERVICES
	JLG Industries, Inc. and						JLG Industries, Inc. with Access
	Consolidated Subsidiaries						Financial Solutions on the Equity Basis						Access Financial Solutions
	Nine Months Ended April 30,						Nine Months Ended April 30,						Nine Months Ended April 30,
	2004			2003			2004			2003			2004			2003
Operations
Net income	$	11,378		$	6,720		$	11,378		$	6,720		$	449		$	2,513
Adjustments to reconcile net income to cash flow from operating activities:
(Gain) loss on sale of property, plant and equipment		267			117			267			117			—			—
(Gain) loss on sale of equipment held for rental		117			(5,703	)		114			(6,047	)		3			344
Non-cash charges and credits:
Depreciation and amortization		20,611			15,346			20,182			14,803			429			543
Other		15,400			12,599			14,998			11,725			402			874
Changes in selected working capital items:
Accounts receivable		(84,355	)		(26,334	)		(88,260	)		10,074			3,905			(36,408	)
Inventories		(3,872	)		10,973			(3,872	)		10,973			—			—
Accounts payable		21,225			(46,647	)		21,225			(46,647	)		—			—
Other operating assets and liabilities		(7,760	)		(10,654	)		(7,739	)		(10,667	)		(21	)		13
Changes in finance receivables		644			43,131			—			—			644			43,131
Changes in pledged finance receivables		(15,090	)		(99,644	)		—			—			(15,090	)		(99,644	)
Changes in other assets and liabilities		(6,682	)		97			(6,322	)		743			(360	)		(646	)
Cash flow from operating activities		(48,117	)		(99,999	)		(38,029	)		(8,206	)		(9,639	)		(89,280	)
Investments
Purchases of property, plant and equipment		(8,865	)		(7,995	)		(8,865	)		(7,995	)		—			—
Proceeds from the sale of property, plant and equipment		217			216			217			216			—			—
Purchases of equipment held for rental		(16,443	)		(14,351	)		(16,182	)		(13,812	)		(261	)		(539	)
Proceeds from the sale of equipment held for rental		12,706			16,181			12,706			16,181			—			—
Cash portion of OmniQuip acquisition		(95,371	)		—			(95,371	)		—			—			—
Investment in income Access Financial Solutions		—			—			(449	)		(2,513	)		—			—
Other		360			(664	)		360			(664	)		—			—
Cash flow from investing activities		(107,396	)		(6,613	)		(107,584	)		(8,587	)		(261	)		(539	)
Financing
Net increase (decrease) in short-term debt		13,142			(14,065	)		13,142			(14,065	)		—			—
Issuance of long-term debt		170,000			277,288			170,000			277,288			—			—
Repayment of long-term debt		(166,304	)		(247,311	)		(166,304	)		(247,311	)		—			—
Issuance of limited recourse debt		13,979			98,443			—			—			13,979			98,443
Repayment of limited recourse debt		(253	)		(118	)		—			—			(253	)		(118	)
Change in receivable from Access Financial Solutions		—			—			3,826			8,506			—			—
Change in payable to JLG Industries, Inc.		—			—			—			—			(3,826	)		(8,506	)
Payment of dividends		(652	)		(644	)		(652	)		(644	)		—			—
Exercise of stock options and issuance of restricted awards		4,917			738			4,917			738			—			—
Cash flow from financing activities		34,829			114,331			24,929			24,512			9,900			89,819
Currency Adjustments
Effect of exchange rate changes on cash		820			2,605			820			2,605			—			—
Cash
Net change in cash and cash equivalents		(119,864	)		10,324			(119,864	)		10,324			—			—
Beginning balance		132,809			6,205			132,809			6,205			—			—
Ending balance	$	12,945		$	16,529		$	12,945		$	16,529		$	—		$	—

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