JLG Industries, Inc. 8-K/A

0000950152-04-008547.txt : 20041123 0000950152-04-008547.hdr.sgml : 20041123 20041123165757 ACCESSION NUMBER: 0000950152-04-008547 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041118 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20041123 DATE AS OF CHANGE: 20041123 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-12123 FILM NUMBER: 041164344 BUSINESS ADDRESS: STREET 1: 1 JLG DR CITY: MCCONNELLSBURG STATE: PA ZIP: 17233 BUSINESS PHONE: 7174855161 8-K/A 1 j1068801e8vkza.htm JLG INDUSTRIES, INC. 8-K/A JLG Industries, Inc. 8-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 23, 2004 (November 18, 2004)

JLG INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Commission file number: 1-12123


PENNSYLVANIA (State or other jurisdiction of incorporation or organization)		25-1199382 (I.R.S. Employer 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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

TABLE OF CONTENTS


Item 7.01 Regulation FD Disclosure
SIGNATURE
EXHIBIT INDEX
Exhibit 99.1

Item 7.01 Regulation FD Disclosure
(information being furnished under Item 2.02. 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 2.02, “Results of Operations and Financial Condition,” is being furnished under Item 7.01, “Regulation FD Disclosure.”

On November 18, 2004, the Company issued a press release releasing and reviewing the Company’s financial results for the first quarter of fiscal 2005, including condensed consolidated financial statements. The Consolidated Condensed Statements of Cash Flow, Free Cash Flow and Statements of Cash Flow with Access Financial Solutions operations as if accounted for under the equity method have been revised to present the correct gain on the sale of equipment held for rental of $1.3 million for the first quarter of fiscal 2005 compared to the loss of $0.7 million as previously reported. This resulted in a $2.0 million overstatement of cash flow from operating activities for the first quarter of fiscal 2005 and a corresponding overstatement of cash flow used in investing activities. A copy of the Condensed Consolidated Financial Statements for the First Quarter of Fiscal 2005 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 7.01 (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.

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: November 23, 2004		/s/ James H. Woodward, Jr.

		James H. Woodward, Jr.
		Executive Vice President and
		Chief Financial Officer

EXHIBIT INDEX


Exhibit No.		Description
99.1		Condensed Consolidated Financial Statements for the First Quarter of Fiscal 2005.

EX-99.1 2 j1068801exv99w1.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

JLG Industries, Inc. - Page 1

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


	Quarter Ended			Fiscal Year						Quarter Ended									Fiscal Year
	October 31,			Ended			July 31,			April 30,			January 31,			October 31,			Ended
	2004			July 31, 2004			2004			2004			2004			2003			July 31, 2003
REVENUES AND PROFITABILITY
Revenues	$	306,661		$	1,193,962		$	425,160		$	318,687		$	236,530		$	213,585		$	751,128
Gross profit margin		8.4	%		18.9	%		18.8	%		20.0	%		18.4	%		17.9	%		17.9	%
EBITDA		2,185			105,660			38,363			30,336			19,769			17,192			62,949
Trailing twelve month EBITDA		90,653			105,660			105,660			86,678			71,220			68,885			62,949
Trailing twelve month EBITDA margin		7.0	%		8.8	%		8.8	%		8.6	%		8.0	%		8.6	%		8.4	%
Operating (loss) income		(8,335	)		75,906			31,879			23,598			10,663			9,766			36,321
Operating (loss) profit margin		-2.7	%		6.4	%		7.5	%		7.4	%		4.5	%		4.6	%		4.8	%
Net (loss) income margin		-2.8	%		2.2	%		3.6	%		2.7	%		0.9	%		0.2	%		1.6	%
Reported EPS per diluted share	$	(.20	)	$	.61		$	.35		$	.20		$	.05		$	.01		$	.29
IMPACT OF SELECTED ITEMS ON: ⁽¹⁾
income (expense)
PRE-TAX INCOME
Integration expenses - OmniQuip (in both Cost of sales (COS), Selling & administrative and product development (SA&PD))	$	(1,897	)	$	(15,975	)	$	(5,022	)	$	(2,907	)	$	(4,145	)	$	(3,901	)	$	—
Restructuring and repositioning charges (in both COS, Restructuring)		—			(119	)		3			(1	)		(58	)		(63	)		(4,040	)
Currency effects (in Miscellaneous-net)		2,281			(2,309	)		(1,171	)		(1,938	)		675			125			5,422
Bad debt charges (in SA&PD)		(1,132	)		(11,560	)		(3,819	)		(2,376	)		(4,273	)		(1,092	)		(7,024	)
Inventory charges (in COS)		(1,592	)		(4,519	)		(1,374	)		(196	)		(1,622	)		(1,327	)		(4,463	)
Early vesting incentives (in both COS, SA&PD)		(995	)		(1,771	)		—			(577	)		(1,194	)		—			—
Other Incentive pay (in both COS, SA&PD)		—			(16,923	)		(12,065	)		(4,858	)		—			—			(2,605	)
Restatement expenses (in SA&PD)		—			(1,264	)		(206	)		(1,058	)		—			—			—
Estimated net unrecovered steel cost (in COS) ⁽²⁾		(26,764	)		(4,695	)		(4,695	)		—			—			—			—
NET INCOME
Integration expenses - OmniQuip (in both COS, SA&PD)		(1,233	)		(10,247	)		(3,264	)		(1,890	)		(2,589	)		(2,504	)		—
Restructuring and repositioning charges (in both COS, Restructuring)		—			(75	)		2			(1	)		(36	)		(40	)		(2,747	)
Currency effects (in Miscellaneous-net)		1,483			(1,519	)		(761	)		(1,260	)		422			80			3,687
Bad debt charges (in SA&PD)		(736	)		(7,396	)		(2,482	)		(1,544	)		(2,669	)		(701	)		(4,776	)
Inventory charges (in COS)		(1,035	)		(2,885	)		(893	)		(127	)		(1,013	)		(852	)		(3,035	)
Benefit from change in effective income tax rate		—			—			—			—			—			—			2,051
Early vesting incentives (in both COS, SA&PD)		(647	)		(1,121	)		—			(375	)		(746	)		—			—
Other Incentive pay (in both COS, SA&PD)		—			(11,000	)		(7,842	)		(3,158	)		—			—			(1,771	)
Restatement expenses (in SA&PD)		—			(822	)		(134	)		(688	)		—			—			—
Estimated net unrecovered steel cost (in COS) ⁽²⁾		(17,397	)		(3,052	)		(3,052	)		—			—			—			—
EARNINGS PER SHARE
Integration expenses - OmniQuip (in both COS, SA&PD)		(0.03	)		(0.23	)		(0.07	)		(0.04	)		(0.06	)		(0.06	)		—
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			—			—			—			(0.06	)
Currency effects (in Miscellaneous-net)		0.03			(0.04	)		(0.02	)		(0.03	)		0.01			—			0.09
Bad debt charges (in SA&PD)		(0.02	)		(0.17	)		(0.06	)		(0.04	)		(0.06	)		(0.02	)		(0.11	)
Inventory charges (in COS)		(0.02	)		(0.06	)		(0.02	)		—			(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	)		(0.03	)		—			(0.01	)		(0.02	)		—			—
Other Incentive pay (in both COS, SA&PD)		—			(0.25	)		(0.18	)		(0.07	)		—			—			(0.04	)
Restatement expenses (in SA&PD)		—			(0.02	)		—			(0.02	)		—			—			—
Estimated net unrecovered steel cost (in COS) ⁽²⁾		(0.40	)		(0.07	)		(0.07	)		—			—			—			—
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents	$	66,498		$	37,656		$	37,656		$	12,945		$	18,125		$	11,288		$	132,809
Accounts receivable, net		299,123			362,819			362,819			372,500			315,304			289,729			257,519
Finance receivable, net		48,138			39,667			39,667			33,270			31,134			33,057			34,324
Pledged finance receivables, net		81,470			118,417			118,417			131,878			148,104			153,762			160,407
Inventories		170,731			154,405			154,405			164,160			150,074			153,200			122,675
Total balance sheet debt		389,609			423,534			423,534			465,094			464,609			467,422			460,570
Limited recourse debt from finance receivables monetizations		85,733			121,794			121,794			135,453			150,283			153,541			164,940
Net debt ⁽³⁾		242,381			269,553			269,553			323,186			303,408			310,498			171,103
Net debt ⁽³⁾ to total capitalization		47	%		49	%		49	%		55	%		55	%		56	%		41	%
Maximum loss exposure from finance receivables monetizations		26,068			25,161			25,161			23,757			24,460			23,380			21,708
Equity		276,780			281,270			281,270			264,018			252,252			248,911			247,714
Working capital		328,671			340,552			340,552			353,696			336,107			321,950			382,763
Depreciation and amortization		7,088			25,681			5,070			7,359			6,766			6,486			19,937
Capital expenditures, net of retirements		(2,653	)		11,978			3,597			2,094			2,858			3,429			10,324
Free cash flow ⁽⁴⁾		27,172			(98,450	)		53,633			(19,778	)		7,090			(139,395	)		27,781
FINANCIAL RATIOS
Days sales outstanding		92.0			78.4			78.4			106.0			115.4			106.0			102.7
Days payables outstanding		54.6			57.0			57.0			65.1			58.6			54.0			70.8
Inventory turnover (annualized)		5.9			5.8			5.8			5.1			4.6			3.8			3.4

⁽¹⁾ Net of 35%, 35%, 35%, 38%, 36% and 32% effective income tax rate for the first quarter of fiscal 2005, the fourth quarter of fiscal 2004, the third quarter of fiscal 2004, the second quarter of fiscal 2004, the first quarter of fiscal 2004 and fiscal 2003, respectively. 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.

⁽²⁾ Net unrecovered steel cost is an estimate based upon a baseline average of steel prices per ton for various types of steel at the beginning of 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 for our products and their components. The steel price increases are netted against steel surcharges invoiced to our customers.

⁽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 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 2

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 31,			Ended			July 31,			April 30,			January 31,			October 31,			Ended
	2004			July 31, 2004			2004			2004			2004			2003			July 31, 2003
Revenues
Net sales	$	302,131		$	1,170,186		$	418,605		$	312,650		$	230,539		$	208,392		$	724,819
Financial products		2,660			15,203			4,172			3,913			3,442			3,676			19,184
Rentals		1,870			8,573			2,383			2,124			2,549			1,517			7,125

		306,661			1,193,962			425,160			318,687			236,530			213,585			751,128
Cost of sales		280,966			968,562			345,110			255,050			193,083			175,319			616,686

Gross profit		25,695			225,400			80,050			63,637			43,447			38,266			134,442
Gross profit margin		8.4	%		18.9	%		18.8	%		20.0	%		18.4	%		17.9	%		17.9	%
Selling and administrative expenses		28,122			128,465			42,348			34,052			28,349			23,716			79,225
Selling & administrative %		9.2	%		10.8	%		10.0	%		10.7	%		12.0	%		11.1	%		10.5	%
Product development expenses		5,908			21,002			5,807			5,987			4,435			4,773			16,142
Product development %		1.9	%		1.8	%		1.6	%		1.9	%		1.9	%		2.2	%		2.1	%
Restructuring charges		—			27			16			—			—			11			2,754

(Loss) income from operations		(8,335	)		75,906			31,879			23,598			10,663			9,766			36,321
Operating (loss) profit margin		-2.7	%		6.4	%		7.5	%		7.4	%		4.5	%		4.6	%		4.8	%
Other income (deductions):
Interest expense		(8,996	)		(38,098	)		(9,274	)		(9,400	)		(9,548	)		(9,876	)		(27,985	)
Miscellaneous, net		3,432			4,073			1,414			(621	)		2,340			940			6,691

(Loss) income before taxes		(13,899	)		41,881			24,019			13,577			3,455			830			15,027
Income tax (benefit) provision		(5,170	)		15,232			8,748			4,890			1,297			297			2,635

Net (loss) income	$	(8,729	)	$	26,649		$	15,271		$	8,687		$	2,158		$	533		$	12,392

Return on revenues		-2.8	%		2.2	%		3.6	%		2.7	%		0.9	%		0.2	%		1.6	%
(Loss) earnings per common share	$	(.20	)	$	.62		$	.36		$	.20		$	.05		$	.01		$	.29

(Loss) earnings per common share - assuming dilution	$	(.20	)	$	.61		$	.35		$	.20		$	.05		$	.01		$	.29

Cash Dividends per share	$	.005		$	.020		$	.005		$	.005		$	.005		$	.005		$	.020

Average basic shares outstanding		43,277			42,860			42,955			42,836			42,791			42,656			42,601

Average diluted shares outstanding		43,277			44,032			44,191			44,013			44,152			43,575			42,866

JLG Industries, Inc. - Page 3

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


	October 31,			July 31,			April 30,			January 31,			October 31,			July 31,
	2004			2004			2004			2004			2003			2003
ASSETS
Current assets
Cash and cash equivalents	$	66,498		$	37,656		$	12,945		$	18,125		$	11,288		$	132,809
Accounts receivable, net		299,123			362,819			372,500			315,304			289,729			257,519
Finance receivables, net		9,136			5,920			4,473			8,252			2,573			3,168
Pledged finance receivables, net		25,057			31,858			36,027			42,189			39,380			41,334
Inventories		170,731			154,405			164,160			150,074			153,200			122,675
Other current assets		45,739			41,058			42,086			27,441			54,252			46,474

Total current assets		616,284			633,716			632,191			561,385			550,422			603,979
Property, plant and equipment, net		89,443			91,504			88,277			90,862			92,525			79,699
Equipment held for rental, net		26,842			21,190			18,687			22,903			18,236			19,651
Finance receivables, less current portion		39,002			33,747			28,797			22,882			30,484			31,156
Pledged finance receivables, less current portion		56,413			86,559			95,851			105,915			114,382			119,073
Goodwill		63,017			62,885			66,501			66,501			66,450			29,509
Intangible assets, net		34,590			35,240			32,979			33,709			34,448			—
Other assets		66,991			62,603			66,434			67,961			66,002			53,135

	$	992,582		$	1,027,444		$	1,029,717		$	972,118		$	972,949		$	936,202

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	1,788		$	1,729		$	14,843		$	1,758		$	2,278		$	1,472
Current portion of limited recourse debt from finance receivables monetizations		26,725			32,585			37,086			40,824			40,153			45,279
Accounts payable		150,600			139,990			123,984			92,762			68,197			83,408
Accrued expenses		108,500			118,860			102,582			89,934			117,844			91,057

Total current liabilities		287,613			293,164			278,495			225,278			228,472			221,216
Long-term debt, less current portion		302,088			300,011			314,798			312,568			311,603			294,158
Limited recourse debt from finance receivables monetizations, less current portion		59,008			89,209			98,367			109,459			113,388			119,661
Accrued post-retirement benefits		30,211			29,666			28,798			27,998			27,199			26,179
Other long-term liabilities		21,362			20,542			30,501			30,487			29,790			15,160
Provisions for contingencies		15,520			13,582			14,740			14,076			13,586			12,114
Shareholders’ equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Issued shares: 44,535; fiscal 2004 - 43,903; fiscal 2003 - 43,367		8,907			8,781			8,732			8,712			8,683			8,673
Additional paid-in capital		35,111			29,571			25,883			24,725			23,789			23,597
Retained earnings		245,319			254,268			239,215			230,746			228,806			228,490
Unearned compensation		(4,019	)		(5,333	)		(2,856	)		(3,796	)		(5,145	)		(5,428	)
Accumulated other comprehensive loss		(8,538	)		(6,017	)		(6,956	)		(8,135	)		(7,222	)		(7,618	)

Total shareholders’ equity		276,780			281,270			264,018			252,252			248,911			247,714

	$	992,582		$	1,027,444		$	1,029,717		$	972,118		$	972,949		$	936,202

JLG Industries, Inc. - Page 4

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


	Quarter Ended			Fiscal Year						Quarter Ended									Fiscal Year
	October 31,			Ended			July 31,			April 30,			January 31,			October 31,			Ended
	2004			July 31, 2004			2004			2004			2004			2003			July 31, 2003
OPERATIONS
Net (loss) income	$	(8,729	)	$	26,649		$	15,271		$	8,687		$	2,158		$	533		$	12,392
Adjustments to reconcile net (loss) income to cash flow from operating activities:
(Gain) loss on sale of property, plant and equipment		161			319			52			214			(240	)		293			266
(Gain) loss on sale of equipment held for rental		(1,300	)		(12,451	)		(12,568	)		(1,247	)		44			1,320			(6,794	)
Non-cash charges and credits:
Depreciation and amortization		7,088			25,681			5,070			7,359			6,766			6,486			19,937
Other		2,749			17,006			(1,173	)		5,977			8,548			3,654			7,869
Changes in selected working capital items:
Accounts receivable		62,217			(66,296	)		18,059			(57,552	)		(27,823	)		1,020			(35,324	)
Inventories		(16,368	)		9,188			13,060			(14,053	)		3,296			6,885			43,137
Accounts payable		10,554			33,207			11,982			31,428			24,751			(34,954	)		(46,026	)
Other operating assets and liabilities		(12,560	)		13,506			21,266			(3,515	)		(4,289	)		44			(12,706	)
Changes in finance receivables		(8,496	)		(6,112	)		(6,756	)		(2,181	)		1,770			1,055			40,487
Changes in pledged finance receivables		1,391			(14,866	)		224			1,537			(1,175	)		(15,452	)		(114,271	)
Changes in other assets and liabilities		(1,147	)		(11,090	)		(4,408	)		(1,921	)		(862	)		(3,899	)		(3,295	)

Cash flow from operating activities		35,560			14,741			60,079			(25,267	)		12,944			(33,015	)		(94,328	)
INVESTMENTS
Purchases of property, plant and equipment		(2,895	)		(12,387	)		(3,522	)		(2,435	)		(2,619	)		(3,811	)		(10,806	)
Proceeds from sale of property, plant and equipment		81			90			(127	)		127			1			89			216
Purchases of equipment held for rental		(10,089	)		(26,689	)		(10,246	)		(4,491	)		(9,743	)		(2,209	)		(16,342	)
Proceeds from sale of equipment held for rental		4,150			33,269			20,563			8,008			3,557			1,141			19,063
Cash portion of acquisitions		—			(109,557	)		(14,186	)		—			—			(95,371	)		—
Other		(46	)		333			(27	)		507			(101	)		(46	)		(689	)

Cash flow from investing activities		(8,799	)		(114,941	)		(7,545	)		1,716			(8,905	)		(100,207	)		(8,558	)
FINANCING
Net issuance (repayment) of short-term debt		58			27			(13,115	)		13,084			(536	)		594			(13,497	)
Issuance of long-term debt		85,016			351,999			181,999			71,000			77,000			22,000			404,283
Repayment of long-term debt		(85,092	)		(362,506	)		(196,202	)		(67,099	)		(77,119	)		(22,086	)		(279,647	)
Issuance of limited recourse debt		—			13,979			—			—			3,108			10,871			117,383
Repayment of limited recourse debt		—			(253	)		—			—			—			(253	)		(118	)
Payment of dividends		(220	)		(871	)		(219	)		(218	)		(218	)		(216	)		(859	)
Exercise of stock options		5,086			2,414			276			1,242			746			150			93

Cash flow from financing activities		4,848			4,789			(27,261	)		18,009			2,981			11,060			227,638
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash		(2,767	)		258			(562	)		362			(183	)		641			1,852
CASH AND CASH EQUIVALENTS
Net change in cash and cash equivalents		28,842			(95,153	)		24,711			(5,180	)		6,837			(121,521	)		126,604
Beginning balance		37,656			132,809			12,945			18,125			11,288			132,809			6,205

Ending balance	$	66,498		$	37,656		$	37,656		$	12,945		$	18,125		$	11,288		$	132,809

JLG Industries, Inc. - Page 5

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


	Quarter Ended			Fiscal Year						Quarter Ended									Fiscal Year
	October 31,			Ended			July 31,			April 30,			January 31,			October 31,			Ended
	2004			July 31, 2004			2004			2004			2004			2003			July 31, 2003
SEGMENT INFORMATION
REVENUES:
Machinery	$	252,532		$	973,610		$	351,123		$	261,263		$	192,266		$	168,958		$	594,484
Equipment Services		51,350			204,454			69,559			53,258			40,822			40,815			136,737
Access Financial Solutions		2,779			15,898			4,478			4,166			3,442			3,812			19,907

	$	306,661		$	1,193,962		$	425,160		$	318,687		$	236,530		$	213,585		$	751,128

SEGMENT PROFIT (LOSS):
Machinery	$	(13,340	)	$	70,844		$	27,520		$	25,190		$	11,541		$	6,593		$	25,513
Equipment services		15,767			59,760			20,725			15,158			12,809			11,068			27,119
Access Financial Solutions		194			1,695			990			694			(273	)		284			3,990
General corporate expenses		(13,249	)		(67,308	)		(19,898	)		(20,229	)		(16,088	)		(11,093	)		(32,001	)

Segment (loss) profit		(10,628	)		64,991			29,337			20,813			7,989			6,852			24,621
Add: AFS’ interest expense		2,293			10,915			2,542			2,785			2,674			2,914			11,700

Operating (Loss) Income	$	(8,335	)	$	75,906		$	31,879		$	23,598		$	10,663		$	9,766		$	36,321

PRODUCT GROUP REVENUES
Aerial work platforms	$	124,523		$	562,056		$	217,425		$	146,017		$	109,354		$	89,260		$	428,564
Telehandlers		119,668			358,865			117,510			99,439			69,908			72,008			117,475
Excavators		8,341			52,689			16,188			15,807			13,004			7,690			48,445
After-sales service and support, including parts sales, and used and reconditioned equipment sales		49,599			196,576			67,482			51,387			38,273			39,434			130,335
Financial products		2,660			15,203			4,172			3,913			3,442			3,676			19,184
Rentals		1,870			8,573			2,383			2,124			2,549			1,517			7,125

	$	306,661		$	1,193,962		$	425,160		$	318,687		$	236,530		$	213,585		$	751,128

GEOGRAPHIC REVENUES
United States	$	238,733		$	923,696		$	327,498		$	246,985		$	177,542		$	171,671		$	546,494
Europe		36,863			178,392			66,076			48,079			40,286			23,951			145,038
Other international		31,065			91,874			31,586			23,623			18,702			17,963			59,596

	$	306,661		$	1,193,962		$	425,160		$	318,687		$	236,530		$	213,585		$	751,128

JLG Industries, Inc. - Page 6

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


	October 31,			July 31,		April 30,		January 31,		October 31,		July 31,
	2004			2004		2004		2004		2003		2003
Net (loss) income	($	8,729	)	$	15,271	$	8,687	$	2,158	$	533	$	5,672
Interest expense		8,996			9,274		9,400		9,548		9,876		9,645
Income tax (benefit) provision		(5,170	)		8,748		4,890		1,297		297		(527	)
Depreciation and amortization		7,088			5,070		7,359		6,766		6,486		4,591

EBITDA	$	2,185		$	38,363	$	30,336	$	19,769	$	17,192	$	19,381

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 (loss) 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 7

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


	October 31,			July 31,			April 30,			January 31,			October 31,			July 31,
	2004			2004			2004			2004			2003			2003
Net income	$	17,387		$	26,649		$	17,050		$	10,528		$	12,596		$	12,392
Interest expense		37,218			38,098			38,469			35,833			32,357			27,985
Income tax provision		9,765			15,232			5,957			2,085			2,777			2,635
Depreciation and amortization		26,283			25,681			25,202			22,774			21,155			19,937

EBITDA	$	90,653		$	105,660		$	86,678		$	71,220		$	68,885		$	62,949

Revenues	$	1,287,038		$	1,193,962		$	1,002,360		$	889,443		$	804,226		$	751,128

EBITDA Margin		7.0	%		8.8	%		8.6	%		8.0	%		8.6	%		8.4	%

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 8

JLG INDUSTRIES, INC.
NET DEBT
(in thousands)


	October 31,			July 31,			April 30,			January 31,			October 31,			July 31,
	2004			2004			2004			2004			2003			2003
Revolving credit facilities	$	—		$	—		$	14,000		$	—		$	—		$	—
$15 million cash management facility		—			—			13,129			—			567			—
$125 million senior notes		125,000			125,000			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
Miscellaneous debt		5,219			5,236			5,321			15,465			15,554			1,983
Fair value of interest rate swaps		(6,492	)		(8,814	)		(8,296	)		(6,795	)		(8,065	)		(12,347	)
Gain on terminated interest rate swap		5,149			5,318			5,487			5,656			5,825			5,994

Bank debt and notes		303,876			301,740			329,641			314,326			313,881			295,630
Limited recourse debt from finance receivables monetizations *		85,733			121,794			135,453			150,283			153,541			164,940

Total balance sheet debt		389,609			423,534			465,094			464,609			467,422			460,570

Net present value of off-balance sheet rental fleet lease		1,012			1,070			1,524			2,026			2,341			2,341
Net present value of off-balance sheet production equipment leases		3,991			4,399			4,966			5,181			5,564			5,941

Total off-balance sheet financing		5,003			5,469			6,490			7,207			7,905			8,282

Total balance sheet debt and off-balance sheet financing		394,612			429,003			471,584			471,816			475,327			468,852
Less: cash		66,498			37,656			12,945			18,125			11,288			132,809
Less: limited recourse debt from finance receivables monetizations		85,733			121,794			135,453			150,283			153,541			164,940

Net debt	$	242,381		$	269,553		$	323,186		$	303,408		$	310,498		$	171,103

* Maximum loss exposure from finance receivables monetizations	$	26,068		$	25,161		$	23,757		$	24,460		$	23,380		$	21,708

Shareholders’ Equity	$	276,780		$	281,270		$	264,018		$	252,252		$	248,911		$	247,714

Net Debt-to-Net Debt plus Shareholders’ Equity		47	%		49	%		55	%		55	%		56	%		41	%

Total Balance Sheet Debt-to-Total Balance Sheet Debt plus Shareholders’ Equity		58	%		60	%		64	%		65	%		65	%		65	%

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 9

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


	Quarter Ended			Fiscal Year						Quarter Ended									Fiscal Year
	October 31,			Ended			July 31,			April 30,			January 31,			October 31,			Ended
	2004			July 31, 2004			2004			2004			2004			2003			July 31, 2003
Net (loss) income		($8,729	)	$	26,649		$	15,271		$	8,687		$	2,158		$	533		$	12,392
Adjustments to reconcile net (loss) income to cash flow from operating activities:
Non-cash items		8,698			30,555			(8,619	)		12,303			15,118			11,753			21,278
Accounts receivable		62,217			(66,296	)		18,059			(57,552	)		(27,823	)		1,020			(35,324	)
Inventories		(16,368	)		9,188			13,060			(14,053	)		3,296			6,885			43,137
Other current assets		(2,817	)		8,780			(158	)		(14,211	)		26,225			(3,076	)		(15,960	)
Accounts payable		10,554			33,207			11,982			31,428			24,751			(34,954	)		(46,026	)
Accrued expenses		(9,743	)		4,726			21,424			10,696			(30,514	)		3,120			3,254
Finance receivables		(8,496	)		(6,112	)		(6,756	)		(2,181	)		1,770			1,055			40,487
Other cash from operations		(1,147	)		(11,090	)		(4,408	)		(1,921	)		(862	)		(3,899	)		(3,295	)
Purchases of property, plant and equipment		(2,895	)		(12,387	)		(3,522	)		(2,435	)		(2,619	)		(3,811	)		(10,806	)
Proceeds from sale of property, plant and equipment		81			90			(127	)		127			1			89			216
Purchases of equipment held for rental		(10,089	)		(26,689	)		(10,246	)		(4,491	)		(9,743	)		(2,209	)		(16,342	)
Proceeds from sale of equipment held for rental		4,150			33,269			20,563			8,008			3,557			1,141			19,063
Cash portion of acquisitions		—			(109,557	)		(14,186	)		—			—			(95,371	)		—
Other cash from investments		(46	)		333			(27	)		507			(101	)		(46	)		(689	)
Payment of dividends		(220	)		(871	)		(219	)		(218	)		(218	)		(216	)		(859	)
Exercise of stock options		5,086			2,414			276			1,242			746			150			93
Effect of exchange rate changes on cash		(2,767	)		258			(562	)		362			(183	)		641			1,852
Seller financing		—			(10,000	)		—			—			—			(10,000	)		—
Capital lease assumed in OmniQuip acquisition		—			(3,630	)		—			—			—			(3,630	)		—
Debt assumed in Delta acquisition		—			(103	)		(103	)		—			—			—			—
Other ⁽¹⁾		(297	)		(1,184	)		1,931			3,924			1,531			(8,570	)		15,310

Free Cash Flow	$	27,172			($98,450	)	$	53,633			($19,778	)	$	7,090			($139,395	)	$	27,781

⁽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, 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. 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 10

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
	Three Months Ended October 31,						Three Months Ended October 31,						Three Months Ended October 31,
	2004			2003			2004			2003			2004			2003
Revenues
Net sales	$	302,131		$	208,392		$	302,131		$	208,392		$	—		$	—
Financial products		2,660			3,676			—			—			2,660			3,676
Rentals		1,870			1,517			1,751			1,381			119			136

		306,661			213,585			303,882			209,773			2,779			3,812
Cost of sales		280,966			175,319			280,772			175,161			194			158

Gross profit		25,695			38,266			23,110			34,612			2,585			3,654
Selling and administrative expenses		28,122			23,716			28,024			23,260			98			456
Product development expenses		5,908			4,773			5,908			4,773			—			—
Restructuring charges		—			11			—			11			—			—

(Loss) income from operations		(8,335	)		9,766			(10,822	)		6,568			2,487			3,198
Other income (deductions):
Interest expense		(8,996	)		(9,876	)		(6,703	)		(6,962	)		(2,293	)		(2,914	)
Miscellaneous, net		3,432			940			3,432			940			—			—

(Loss) income before taxes		(13,899	)		830			(14,093	)		546			194			284
Income tax (benefit) provision		(5,170	)		297			(5,242	)		195			72			102
Equity in income of Access Financial Solutions		—			—			122			182			—			—

Net (loss) income	$	(8,729	)	$	533		$	(8,729	)	$	533		$	122		$	182

(Loss) earnings per common share	$	(.20	)	$	.01

(Loss) earnings per common share - assuming dilution	$	(.20	)	$	.01

Cash dividends per share	$	.005		$	.005

Weighted average shares outstanding		43,277			42,656

Weighted average shares outstanding - assuming dilution		43,277			43,575

JLG Industries, Inc. - Page 11

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
	October 31,			July 31,			October 31,			July 31,			October 31,		July 31,
	2004			2004			2004			2004			2004		2004
ASSETS
Current assets
Cash and cash equivalents	$	66,498		$	37,656		$	66,498		$	37,656		$	—	$	—
Accounts receivable — net		299,123			362,819			295,304			332,154			3,819		30,665
Finance receivables — net		9,136			5,920			—			—			9,136		5,920
Pledged receivables — net		25,057			31,858			—			—			25,057		31,858
Inventories		170,731			154,405			170,731			154,405			—		—
Other current assets		45,739			41,058			45,739			41,058			—		—

Total current assets		616,284			633,716			578,272			565,273			38,012		68,443
Property, plant and equipment — net		89,443			91,504			89,443			91,504			—		—
Equipment held for rental — net		26,842			21,190			25,222			19,404			1,620		1,786
Finance receivables, less current portion		39,002			33,747			—			—			39,002		33,747
Pledged receivables, less current portion		56,413			86,559			—			—			56,413		86,559
Goodwill		63,017			62,885			63,017			62,885			—		—
Intangible assets — net		34,590			35,240			34,590			35,240			—		—
Investment in Access Financial Solutions		—			—			37,893			37,771			—		—
Receivable from Access Financial Solutions		—			—			11,309			31,398			—		—
Other assets		66,991			62,603			66,927			61,955			64		648

	$	992,582		$	1,027,444		$	906,673		$	905,430		$	135,111	$	191,183

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	1,788		$	1,729		$	1,788		$	1,729		$	—	$	—
Current portion of limited recourse debt from finance receivables monetizations		26,725			32,585			—			—			26,725		32,585
Accounts payable		150,600			139,990			150,600			139,990			—		—
Accrued expenses		108,500			118,860			108,324			118,652			176		208

Total current liabilities		287,613			293,164			260,712			260,371			26,901		32,793
Long-term debt, less current portion		302,088			300,011			302,088			300,011			—		—
Limited recourse debt from finance receivables monetizations, less current portion		59,008			89,209			—			—			59,008		89,209
Payable to JLG Industries, Inc.		—			—			—			—			11,309		31,398
Accrued post-retirement benefits		30,211			29,666			30,211			29,666			—		—
Other long-term liabilities		21,362			20,542			21,362			20,542			—		—
Provisions for contingencies		15,520			13,582			15,520			13,570			—		12
Shareholders’ equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Issued and outstanding shares: 44,535 shares; fiscal 2004 – 43,903 shares		8,907			8,781			8,907			8,781			30,000		30,000
Additional paid-in capital		35,111			29,571			35,111			29,571			—		—
Retained earnings		245,319			254,268			245,319			254,268			7,893		7,771
Unearned compensation		(4,019	)		(5,333	)		(4,019	)		(5,333	)		—		—
Accumulated other comprehensive loss		(8,538	)		(6,017	)		(8,538	)		(6,017	)		—		—

Total shareholders’ equity		276,780			281,270			276,780			281,270			37,893		37,771

	$	992,582		$	1,027,444		$	906,673		$	905,430		$	135,111	$	191,183

JLG Industries, Inc. - Page 12

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
	Three Months Ended October 31,						Three Months Ended October 31,						Three Months Ended October 31,
	2004			2003			2004			2003			2004			2003
Operations
Net (loss) income	$	(8,729	)	$	533		$	(8,729	)	$	533		$	122		$	182
Adjustments to reconcile net (loss) income to cash flow from operating activities:
(Gain) loss on sale of property, plant and equipment		161			293			161			293			—			—
(Gain) loss on sale of equipment held for rental		(1,300	)		1,320			(1,300	)		1,320			—			—
Non-cash charges and credits:
Depreciation and amortization		7,088			6,486			6,894			6,332			194			154
Other		2,749			3,654			3,267			3,746			(518	)		(92	)
Changes in selected working capital items:
Accounts receivable		62,217			1,020			35,355			(21,304	)		26,862			22,324
Inventories		(16,368	)		6,885			(16,368	)		6,885			—			—
Accounts payable		10,554			(34,954	)		10,554			(34,954	)		—			—
Other operating assets and liabilities		(12,560	)		44			(12,528	)		20			(32	)		24
Changes in finance receivables		(8,496	)		1,055			—			—			(8,496	)		1,055
Changes in pledged finance receivables		1,391			(15,452	)		—			—			1,391			(15,452	)
Changes in other assets and liabilities		(1,147	)		(3,899	)		(1,719	)		(3,573	)		572			(326	)

Cash flow from operating activities		35,560			(33,015	)		15,587			(40,702	)		20,095			7,869
Investments
Purchases of property, plant and equipment		(2,895	)		(3,811	)		(2,895	)		(3,811	)		—			—
Proceeds from the sale of property, plant and equipment		81			89			81			89			—			—
Purchases of equipment held for rental		(10,089	)		(2,209	)		(10,061	)		(2,100	)		(28	)		(109	)
Proceeds from the sale of equipment held for rental		4,150			1,141			4,150			1,141			—			—
Cash portion of acquisitions		—			(95,371	)		—			(95,371	)		—			—
Investment in income of Access Financial Solutions		—			—			(122	)		(182	)		—			—
Other		(46	)		(46	)		(46	)		(46	)		—			—

Cash flow from investing activities		(8,799	)		(100,207	)		(8,993	)		(100,280	)		(28	)		(109	)
Financing
Net increase in short-term debt		58			594			58			594			—			—
Issuance of long-term debt		85,016			22,000			85,016			22,000			—			—
Repayment of long-term debt		(85,092	)		(22,086	)		(85,092	)		(22,086	)		—			—
Issuance of limited recourse debt		—			10,871			—			—			—			10,871
Repayment of limited recourse debt					(253	)		—			—			—			(253	)
Change in receivable from Access Financial Solutions		—			—			20,089			18,378			—			—
Change in payable to JLG Industries, Inc.		—			—			—			—			(20,089	)		(18,378	)
Payment of dividends		(220	)		(216	)		(220	)		(216	)		—			—
Exercise of stock options		5,086			150			5,086			150			—			—

Cash flow from financing activities		4,848			11,060			24,937			18,820			(20,089	)		(7,760	)
Currency Adjustments
Effect of exchange rate changes on cash		(2,767	)		641			(2,789	)		641			22			—
Cash and Cash Equivalents
Net change in cash and cash equivalents		28,842			(121,521	)		28,842			(121,521	)		—			—
Beginning balance		37,656			132,809			37,656			132,809			—			—

Ending balance	$	66,498		$	11,288		$	66,498		$	11,288		$	—		$	—

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Table of Contents

Table of Contents

Table of Contents

Table of Contents

	⁽¹⁾	Net of 35%, 35%, 35%, 38%, 36% and 32% effective income tax rate for the first quarter of fiscal 2005, the fourth quarter of fiscal 2004, the third quarter of fiscal 2004, the second quarter of fiscal 2004, the first quarter of fiscal 2004 and fiscal 2003, respectively. 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.

	⁽²⁾	Net unrecovered steel cost is an estimate based upon a baseline average of steel prices per ton for various types of steel at the beginning of 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 for our products and their components. The steel price increases are netted against steel surcharges invoiced to our customers.

	⁽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 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.