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): February 22, 2006

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 240.13a-4(c))

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 February 22, 2006, the Company issued a press release releasing and reviewing the Company’s financial results for the second quarter of fiscal 2006. A copy of this press release, including condensed consolidated financial statements for the second quarter of fiscal 2006, 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.

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: February 22, 2006	/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 February 22, 2006.

4

EX-99.1

Exhibit 99.1

	Press Release
	FOR IMMEDIATE RELEASE
JLG Industries, Inc.	Contact: Greg Fries
1 JLG Drive	Manager — Investor Relations & Analysis
McConnellsburg, PA 17233-9533	(240) 313-1817, ir@jlg.com
Telephone (717) 485-5161
Fax (717) 485-6417
www.jlg.com

JLG’S SECOND QUARTER SALES UP 40 PERCENT, EARNINGS TRIPLE
Customer Demand Continues to be Strong

     MCCONNELLSBURG, PA, FEBRUARY 22, 2006 — JLG Industries, Inc. (NYSE: JLG) today announced consolidated revenues of $494 million and earnings per share of $.52 for its fiscal second quarter ended January 29, 2006. Compared to the prior year period, revenue in the second fiscal quarter increased 40 percent led by a 43 percent increase in the United States and 31 percent internationally. The Company reported net income of $27.4 million compared with net income of $7.5 million, or $0.17 per share, in the prior year. Operating income was $49.7 million, or 10.1% of revenues, versus $17.6 million, or 5.0%, for the comparable year-ago period. The year-on-year improvement in the operating margin represents an incremental margin of 23% on the change in sales.

     “Our revenues reached a new record for the quarter and, more importantly, our earnings improved dramatically compared to last year,” stated Bill Lasky, Chairman of the Board, President and Chief Executive Officer. “The continued strength in demand for our products is reflected in our order board which reached $1.0 billion at the end of the quarter, a 20% sequential increase from $849 million last quarter and over three times the $290 million level of last year. Our previous pricing actions and cost reduction activity have substantially caught up with the increases in commodities, especially steel, experienced last year. We continue to monitor pressure on product costs and work to offset the impact but remain prepared to increase pricing further if conditions warrant.

     “The sale of the New Philadelphia plant, when netted against the announced reopening of our Bedford, PA and Orrville, OH facilities, and combined with the capacity investments we are making for the Caterpillar alliance and additional JLG products, will enable us to support significantly higher volume in essentially the same manufacturing footprint beginning in the fourth quarter of this fiscal year.”

year to date results

     For the first half of fiscal 2006, consolidated revenues were $972 million, a 47 percent increase from the prior year period. Net income was $55.3 million, or $ 1.05 per share, versus a loss of $1.2 million, or $.03 per share last year. Last year’s results were negatively impacted by a lag in the recovery of increased cost of commodities, especially steel.

     Cash and cash equivalents totaled $183 million at January 29, 2006, down $48 million sequentially due primarily to the purchase of the Caterpillar telehandler assets.

JLG Industries, Inc. — page 2

outlook

     “The continuing strong demand for our products reinforces our belief that 2006 will be another good year for JLG,” said Jim Woodward, Executive Vice President and Chief Financial Officer. “Supply chain performance improvement and our own manufacturing capacity expansion will position us to better meet customer demand and optimize capacity utilization. We now expect to spend approximately $40 million in fiscal 2006 on capital additions including the capacity expansion and the Caterpillar alliance. Despite the impact of the $48 million sales volume reduction in our second half associated with the sale of the Gradall excavator product line, we project our full year revenue growth will be at the upper end of our previously announced range 20 to 25 percent over fiscal 2005. Excluding the one-time pre-tax gain on the excavator transaction of approximately $13.1 million, we now expect earnings per share to be in a range from $2.35 to $2.45, up from our previous guidance of $2.15 to $2.25.”

conference call

     Management’s complete analysis of the Company’s quarterly results will be provided during a conference call on Thursday, February 23, 2006 at 2:00 p.m. Eastern Time. Within North America, access to the call is available by dialing (866) 713-8564, participant pass code 33323188. From international locations, call (617) 597-5312, using the same pass code. Please dial into the conference 10 minutes prior to the start. A replay of the call will be available on the website later the same day.

about JLG

     JLG Industries, Inc. is the world’s leading producer of access equipment (aerial work platforms and telehandlers). The Company’s diverse product portfolio encompasses leading brands such as JLG^® aerial work platforms; JLG, SkyTrak^®, Lull^® and Gradall telehandlers; and an array of complementary accessories that increase the versatility and efficiency of these products for end users. JLG markets its products and services through a multi-channel approach that includes a highly trained sales force and utilizes a broad range of marketing techniques, integrated supply programs and a network of distributors in the industrial, commercial, institutional and construction markets. In addition, JLG offers world-class after-sales service and support for its customers. JLG’s manufacturing facilities are located in the United States, Belgium, and France, with sales and service operations on six continents.

(more)

JLG Industries, Inc. — page 3

     This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: (i) general economic and market conditions, including political and economic uncertainty in areas of the world where we do business; (ii) varying and seasonal levels of demand for our products and services; (iii) risks associated with acquisitions; (iv) credit risks from our financing of customer purchases; (v) risks arising from dependence on third-party suppliers; 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 October 30, 2005.

     In this release, we refer to various non-GAAP measures including adjustments to reported GAAP earnings, AFS operations as if accounted for under the equity method, as well as our disclosure of free cash flow, EBITDA and net debt. We believe that these measures are useful to investors in analyzing the Company’s operating performance. For more information, visit www.jlg.com.

     NOTE: Information contained on our website is not incorporated by reference into this press release.

(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						Quarter Ended									Fiscal Year
	January 29,			October 30,			Ended			July 31,			May l,			January 30,			October 31,			Ended
	2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
REVENUES AND PROFITABILITY
Revenues	$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
Gross profit margin		19.4	%		19.9	%		16.6	%		19.3	%		19.4	%		15.3	%		8.4	%		18.9	%
EBITDA		59,400			59,344			154,185			71,103			53,786			27,111			2,185			105,660
Trailing twelve month EBITDA		243,633			211,344			154,185			154,185			121,445			97,995			90,653			105,660
Trailing twelve month EBITDA margin		11.9	%		11.1	%		8.9	%		8.9	%		7.6	%		7.0	%		7.0	%		8.8	%
Operating income (loss)		49,734			50,366			120,261			59,722			51,267			17,607			(8,335	)		75,906
Operating profit (loss) margin		10.1	%		10.5	%		6.9	%		10.5	%		10.1	%		5.0	%		-2.7	%		6.4	%
Net income (loss) margin		5.5	%		5.8	%		3.3	%		6.3	%		4.5	%		2.1	%		-2.8	%		2.2	%
Reported earnings (loss) per diluted share	$	0.52		$	0.53		$	1.20		$	.69		$	.47		$	.17		$	(.20	)	$	.61
IMPACT OF SELECTED ITEMS ON: (1)      income (expense)
PRE-TAX INCOME
Strategic Initiatives (in both Cost of sales (COS), Selling & administrative and product development (SA&PD))	$	(3,375	)	$	(845	)	$	(6,261	)	$	(2,131	)	$	(1,141	)	$	(1,093	)	$	(1,896	)	$	(15,975	)
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			—			—			—			—			(119	)
Net expenses on early extinguishment of debt		(574	)		—			(6,493	)		(217	)		(6,276	)		—			—			—
Currency effects (in Miscellaneous-net)		(672	)		731			5,826			1,419			(961	)		3,087			2,281			(2,309	)
Bad debt charges (in SA&PD)		(1,336	)		(3,509	)		(6,977	)		(2,533	)		(1,364	)		(1,948	)		(1,132	)		(11,560	)
Inventory charges (in COS)		(2,039	)		(1,488	)		(4,423	)		(1,244	)		(1,279	)		(308	)		(1,592	)		(4,519	)
Early vesting incentives (in both COS, SA&PD)		—			—			(1,658	)		—			(227	)		(436	)		(995	)		(1,771	)
Other Incentive pay (in both COS, SA&PD)		(4,888	)		(4,846	)		(22,194	)		(14,810	)		(7,384	)		—			—			(16,923	)
Restatement expenses (in SA&PD)		—			—			—			—			—			—			—			(1,264	)
Estimated net unrecovered steel cost (in COS) (2)		—			(6,005	)		(64,753	)		(8,702	)		(8,307	)		(20,980	)		(26,764	)		(4,695	)
NET INCOME
Strategic Initiatives (in both COS and SA&PD)		(2,146	)		(503	)		(3,846	)		(1,325	)		(687	)		(692	)		(1,191	)		(10,160	)
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			—			—			—			—			(76	)
Net expenses on early extinguishment of debt		(365	)		—			(3,988	)		(135	)		(3,778	)		—			—			—
Currency effects (in Miscellaneous-net)		(427	)		435			3,578			882			(579	)		1,954			1,432			(1,469	)
Bad debt charges (in SA&PD)		(850	)		(2,088	)		(4,285	)		(1,575	)		(821	)		(1,233	)		(711	)		(7,352	)
Inventory charges (in COS)		(1,297	)		(885	)		(2,717	)		(774	)		(770	)		(195	)		(1,000	)		(2,874	)
Early vesting incentives (in both COS, SA&PD)		—			—			(1,018	)		—			(137	)		(276	)		(625	)		(1,126	)
Other Incentive pay (in both COS, SA&PD)		(3,109	)		(2,883	)		(13,632	)		(9,209	)		(4,445	)		—			—			(10,763	)
Restatement expenses (in SA&PD)		—			—			—			—			—			—			—			(804	)
Estimated net unrecovered steel cost (in COS) (2)		—			(3,573	)		(39,771	)		(5,411	)		(5,001	)		(13,280	)		(16,808	)		(2,986	)
EARNINGS PER SHARE
Strategic Initiatives (in both COS and SA&PD)		(0.04	)		(0.01	)		(0.08	)		(0.03	)		(0.01	)		(0.02	)		(0.03	)		(0.23	)
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			—			—			—			—			—
Net expenses on early extinguishment of debt		(0.01	)		—			(0.08	)		—			(0.08	)		—			—			—
Currency effects (in Miscellaneous-net)		(0.01	)		0.01			0.07			0.02			(0.01	)		0.04			0.03			(0.03	)
Bad debt charges (in SA&PD)		(0.02	)		(0.04	)		(0.09	)		(0.03	)		(0.02	)		(0.03	)		(0.02	)		(0.17	)
Inventory charges (in COS)		(0.02	)		(0.02	)		(0.06	)		(0.01	)		(0.02	)		—			(0.02	)		(0.07	)
Early vesting incentives (in both COS, SA&PD)		—			—			(0.02	)		—			—			(0.01	)		(0.01	)		(0.03	)
Other Incentive pay (in both COS, SA&PD)		(0.06	)		(0.05	)		(0.29	)		(0.18	)		(0.09	)		—			—			(0.24	)
Restatement expenses (in SA&PD)		—			—			—			—			—			—			—			(0.02	)
Estimated net unrecovered steel cost (in COS) (2)		—			(0.07	)		(0.83	)		(0.10	)		(0.10	)		(0.30	)		(0.39	)		(0.07	)
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents	$	183,344		$	230,947		$	223,597		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656
Trade accounts and finance receivables, net		379,813			379,393			419,866			419,866			377,190			354,350			333,316			400,597
Inventories		227,957			218,881			169,097			169,097			185,370			182,606			170,731			154,405
Total balance sheet debt		273,721			278,877			289,351			289,351			299,075			383,534			389,609			423,534
Limited recourse debt from finance receivables monetizations		45,318			55,921			63,658			63,658			70,586			77,601			85,733			121,794
Net debt (3)		45,059			(7,991	)		2,096			2,096			59,248			286,092			242,381			269,553
Net debt (3) to total capitalization		7	%		—			—			—			12	%		50	%		47	%		49	%
Maximum loss exposure under loss pool agreements related to finance receivable monetizations		11,346			11,855			22,160			22,160			22,168			22,168			22,168			22,198
Equity		566,870			507,140			478,592			478,592			436,238			284,746			276,780			281,270
Working capital		523,417			505,787			489,187			489,187			451,660			340,786			328,671			340,552
Depreciation and amortization		7,907			6,533			28,899			7,365			7,488			6,958			7,088			25,681
Capital expenditures, net of retirements		3,653			3,129			13,435			8,282			490			2,010			2,653			11,978
Free cash flow (4)		(53,050	)		10,087			267,457			57,152			226,844			(43,711	)		27,172			(98,450	)
FINANCIAL RATIOS
Days sales outstanding		62.3			62.7			57.1			57.1			55.4			83.7			92.0			78.4
Days payables outstanding		40.6			46.4			50.5			50.5			55.7			46.5			54.6			57.0
Inventory turnover (annualized)		7.6			7.8			7.6			7.6			6.9			6.4			5.9			5.8

(1)	Net of the quarter and annual effective tax rates. EPS is calculated by dividing the net income (loss) amounts by the respective diluted shares for each period. Individual quarterly net income (loss) per diluted share may not equal the fiscal year EPS due to changes in the number of common shares outstanding during the year. Repositioning charges are reported in COS.
(2)	Net unrecovered steel cost is an estimate based upon a baseline average of steel prices per ton for various types of steel in fiscal 2004 compared to the impact of steel prices incurred for various types of steel. These estimates include assumptions regarding the steel content of and sources of our products and their components. The steel price increases are netted against steel surcharges invoiced to our customers.
(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 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
	January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
Revenues
Net sales	$	488,411		$	472,436		$	1,713,782		$	563,805		$	499,899		$	347,947		$	302,131		$	1,170,186
Financial products		3,256			2,974			11,915			2,826			3,373			3,056			2,660			15,203
Rentals		2,759			2,313			9,333			2,948			2,084			2,431			1,870			8,573
		494,426			477,723			1,735,030			569,579			505,356			353,434			306,661			1,193,962
Cost of sales		398,566			382,859			1,447,785			459,893			407,464			299,462			280,966			968,562
Gross profit		95,860			94,864			287,245			109,686			97,892			53,972			25,695			225,400
Gross profit margin		19.4	%		19.9	%		16.6	%		19.3	%		19.4	%		15.3	%		8.4	%		18.9	%
Selling and administrative expenses		39,301			38,061			142,383			43,927			39,524			30,810			28,122			128,465
Selling & administrative %		7.9	%		8.0	%		8.2	%		7.7	%		7.8	%		8.7	%		9.2	%		10.8	%
Product development expenses		6,825			6,437			24,601			6,037			7,101			5,555			5,908			21,002
Product development %		1.4	%		1.3	%		1.4	%		1.1	%		1.4	%		1.6	%		1.9	%		1.8	%
Restructuring charges		—			—			—			—			—			—			—			27
Income (loss) from operations		49,734			50,366			120,261			59,722			51,267			17,607			(8,335	)		75,906
Operating profit (loss) margin		10.1	%		10.5	%		6.9	%		10.5	%		10.1	%		5.0	%		-2.7	%		6.4	%
Other income (deductions):
Interest expense (net of interest income)		(6,688	)		(4,466	)		(28,609	)		(4,905	)		(7,418	)		(7,852	)		(8,434	)		(35,397	)
Miscellaneous, net		69			934			1,436			2,595			(6,105	)		2,076			2,870			1,372
Income (loss) before taxes		43,115			46,834			93,088			57,412			37,744			11,831			(13,899	)		41,881
Income tax provision (benefit)		15,695			18,968			35,915			21,716			15,022			4,347			(5,170	)		15,232
Net income (loss)	$	27,420		$	27,866		$	57,173		$	35,696		$	22,722		$	7,484		$	(8,729	)	$	26,649
Return on revenues		5.5	%		5.8	%		3.3	%		6.3	%		4.5	%		2.1	%		-2.8	%		2.2	%
Earnings (loss) per common share	$	.53		$	.54		$	1.23		$	.71		$	.48		$	.17		$	(.20	)	$	.62
Earnings (loss) per common share - assuming dilution	$	.52		$	.53		$	1.20		$	.69		$	.47		$	.17		$	(.20	)	$	.61
Cash Dividends per share	$	.005		$	.005		$	.020		$	.005		$	.005		$	.005		$	.005		$	.020
Average basic shares outstanding		52,021			51,212			46,529			50,361			47,091			43,798			43,277			42,860
Average diluted shares outstanding		53,187			52,556			47,793			51,656			48,287			44,988			43,277			44,032

JLG Industries, Inc. — Page 6

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

	January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2005			2005			2005			2005			2004			2004
ASSETS
Current assets
Cash and cash equivalents	$	183,344		$	230,947		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656
Trade accounts and finance receivables, net		379,813			379,393			419,866			377,190			354,350			333,316			400,597
Inventories		227,957			218,881			169,097			185,370			182,606			170,731			154,405
Assets held for sale		49,941			—			—			3,500			4,300			—			—
Other current assets		42,715			48,417			56,739			55,253			43,166			45,739			41,058
Total current assets		883,770			877,638			869,299			793,793			608,727			616,284			633,716
Property, plant and equipment, net		82,746			84,879			85,855			78,270			82,387			89,443			91,504
Equipment held for rental, net		36,684			38,401			22,570			27,220			23,163			26,842			21,190
Finance receivables, less current portion		26,500			29,688			30,354			31,836			36,992			39,002			33,747
Pledged finance receivables, less current portion		18,623			26,589			33,649			40,459			50,372			56,413			86,559
Goodwill		60,419			61,598			61,641			63,134			63,165			63,017			62,885
Intangible assets, net		75,371			31,795			32,086			33,465			33,848			34,590			35,240
Other assets		68,379			64,675			68,143			56,848			80,420			66,991			62,603
	$	1,252,492		$	1,215,263		$	1,203,597		$	1,125,025		$	979,074		$	992,582		$	1,027,444
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	6,515		$	1,486		$	1,496		$	1,552		$	3,744		$	1,788		$	1,729
Current portion of limited recourse debt from finance receivables monetizations		26,558			29,045			29,642			29,708			26,660			26,725			32,585
Accounts payable		187,591			200,281			200,323			194,588			139,742			150,600			139,990
Accrued expenses		139,689			141,039			148,651			116,285			97,795			108,500			118,860
Total current liabilities		360,353			371,851			380,112			342,133			267,941			287,613			293,164
Long-term debt, less current portion		221,888			221,470			224,197			226,937			302,189			302,088			300,011
Limited recourse debt from finance receivables monetizations, less current portion		18,760			26,876			34,016			40,878			50,941			59,008			89,209
Accrued post-retirement benefits		31,797			31,455			31,113			30,801			30,423			30,211			29,666
Other long-term liabilities		22,117			28,464			27,233			24,116			23,536			21,362			20,542
Provisions for contingencies		30,707			28,007			28,334			23,922			19,298			15,520			13,582
Shareholders’ equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Issued shares: 52,752; fiscal 2005 — 51,645; fiscal 2004 — 43,903		10,550			10,333			10,329			10,195			8,940			8,907			8,781
Additional paid-in capital		203,571			175,452			180,696			163,974			37,087			35,111			29,571
Retained earnings		365,280			338,124			310,516			275,077			252,579			245,319			254,268
Unearned compensation		—			—			(7,397	)		(2,642	)		(3,433	)		(4,019	)		(5,333	)
Accumulated other comprehensive loss		(12,531	)		(16,769	)		(15,552	)		(10,366	)		(10,427	)		(8,538	)		(6,017	)
Total shareholders’ equity		566,870			507,140			478,592			436,238			284,746			276,780			281,270
	$	1,252,492		$	1,215,263		$	1,203,597		$	1,125,025		$	979,074		$	992,582		$	1,027,444

JLG Industries, Inc. — Page 7

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

	Quarter Ended						Fiscal Year						Quarter Ended									Fiscal Year
	January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
OPERATIONS
Net income (loss)	$	27,420		$	27,866		$	57,173		$	35,696		$	22,722		$	7,484		$	(8,729	)	$	26,649
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Loss (gain) on sale of property, plant and equipment		57			(86	)		948			828			(22	)		(19	)		161			319
Gain on sale of equipment held for rental		(5,612	)		(72	)		(11,711	)		(3,791	)		(1,286	)		(5,334	)		(1,300	)		(12,451	)
Non-cash charges and credits:
Depreciation and amortization		7,907			6,533			28,899			7,365			7,488			6,958			7,088			25,681
Other		5,137			7,031			6,986			(5,953	)		6,225			3,965			2,749			17,006
Changes in selected working capital items:
Accounts receivable		(13,268	)		39,186			(25,948	)		(42,151	)		(16,355	)		(29,659	)		62,217			(66,296	)
Inventories		(30,523	)		(50,027	)		(15,268	)		16,321			(3,463	)		(11,758	)		(16,368	)		9,188
Accounts payable		(5,669	)		(34	)		60,423			5,868			54,834			(10,833	)		10,554			33,207
Other operating assets and liabilities		(6,722	)		1,324			30,623			38,335			7,188			(2,340	)		(12,560	)		13,506
Changes in finance receivables		(3,415	)		1,351			1,877			1,459			1,944			6,970			(8,496	)		(6,112	)
Changes in pledged finance receivables		(233	)		(196	)		36			(190	)		(248	)		(917	)		1,391			(14,866	)
Changes in other assets and liabilities		(3,720	)		(3,422	)		8,374			495			21,946			(12,920	)		(1,147	)		(11,090	)
Cash flow from operating activities		(28,641	)		29,454			142,412			54,282			100,973			(48,403	)		35,560			14,741
INVESTMENTS
Purchases of property, plant and equipment		(3,744	)		(3,145	)		(15,443	)		(9,134	)		(1,342	)		(2,072	)		(2,895	)		(12,387	)
Proceeds from sale of property, plant and equipment		34			102			1,060			24			874			81			81			90
Purchases of equipment held for rental		(9,270	)		(18,121	)		(31,249	)		(5,590	)		(6,719	)		(8,851	)		(10,089	)		(26,689	)
Proceeds from sale of equipment held for rental		14,305			438			35,065			11,775			3,103			16,037			4,150			33,269
Cash portion of acquisitions		(47,035	)		—			(105	)		—			—			(105	)		—			(109,557	)
Other		(40	)		(28	)		366			(35	)		503			(56	)		(46	)		333
Cash flow used for investing activities		(45,750	)		(20,754	)		(10,306	)		(2,960	)		(3,581	)		5,034			(8,799	)		(114,941	)
FINANCING
Net issuance (repayment) of short-term debt		23			(11	)		(6	)		(58	)		(1,961	)		1,955			58			27
Issuance of long-term debt		—			—			156,018			(38	)		26,002			45,038			85,016			351,999
Repayment of long-term debt		(96	)		(97	)		(232,666	)		(3,060	)		(99,374	)		(45,140	)		(85,092	)		(362,506	)
Issuance of limited recourse debt		—			—			—			—			—			—			—			13,979
Repayment of limited recourse debt		—			—			—			—			—			—			—			(253	)
Payment of dividends		(264	)		(258	)		(925	)		(257	)		(224	)		(224	)		(220	)		(871	)
Net proceeds from issuance of common stock		—			—			119,421			(113	)		119,534			—			—			—
Exercise of stock options		13,327			164			19,826			6,750			6,714			1,276			5,086			2,414
Excess tax benefits from stock-based compensation		13,017			44			—			—			—			—			—			—
Cash flow from financing activities		26,007			(158	)		61,668			3,224			50,691			2,905			4,848			4,789
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash		781			(1,192	)		(7,833	)		(3,429	)		92			(1,729	)		(2,767	)		258
CASH AND CASH EQUIVALENTS
Net change in cash and cash equivalents		(47,603	)		7,350			185,941			51,117			148,175			(42,193	)		28,842			(95,153	)
Beginning balance		230,947			223,597			37,656			172,480			24,305			66,498			37,656			132,809
Ending balance	$	183,344		$	230,947		$	223,597		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656

     JLG Industries, Inc. — Page 8

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

	Quarter Ended						Fiscal Year						Quarter Ended									Fiscal Year
	January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
SEGMENT INFORMATION REVENUES:
Machinery	$	412,327		$	411,008		$	1,461,401		$	490,054		$	437,595		$	281,220		$	252,532		$	973,610
Equipment Services		78,789			63,654			259,878			75,145			64,313			69,070			51,350			204,454
Access Financial Solutions		3,310			3,061			13,751			4,380			3,448			3,144			2,779			15,898
	$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
SEGMENT PROFIT (LOSS):
Machinery	$	44,587		$	47,940		$	111,974		$	63,786		$	51,995		$	9,533		$	(13,340	)	$	70,844
Equipment services		24,497			23,205			72,878			19,533			17,867			19,711			15,767			59,760
Access Financial Solutions		1,166			1,088			4,420			2,303			1,211			712			194			1,695
Corporate expense		(21,412	)		(22,928	)		(75,407	)		(27,103	)		(21,254	)		(13,801	)		(13,249	)		(67,308	)
Segment profit (loss)		48,838			49,305			113,865			58,519			49,819			16,155			(10,628	)		64,991
Add: AFS’ interest expense		896			1,061			6,396			1,203			1,448			1,452			2,293			10,915
Operating Income (Loss)	$	49,734		$	50,366		$	120,261		$	59,722		$	51,267		$	17,607		$	(8,335	)	$	75,906
PRODUCT GROUP REVENUES
Aerial work platforms	$	234,710		$	243,874		$	888,073		$	313,962		$	278,071		$	171,517		$	124,523		$	562,056
Telehandlers		160,715			158,103			511,766			157,948			141,660			92,490			119,668			358,865
Excavators		16,902			9,031			61,562			18,144			17,864			17,213			8,341			52,689
After-sales service and support, including parts sales, and used and reconditioned equipment sales		76,084			61,428			252,381			73,751			62,304			66,727			49,599			196,576
Financial products		3,256			2,974			11,915			2,826			3,373			3,056			2,660			15,203
Rentals		2,759			2,313			9,333			2,948			2,084			2,431			1,870			8,573
	$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
GEOGRAPHIC REVENUES
United States	$	366,343		$	354,913		$	1,311,450		$	437,066		$	379,624		$	256,027		$	238,733		$	923,696
Europe		83,349			62,533			264,032			84,126			86,224			56,819			36,863			178,392
Other international		44,734			60,277			159,548			48,387			39,508			40,588			31,065			91,874
	$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962

JLG Industries, Inc. — Page 9

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

	January 29,		October 30,		July 31,		May 1,		January 30,			October 31,			July 31,
	2006		2005		2005		2005		2005			2004			2004
Net income (loss)	$	27,420	$	27,866	$	35,696	$	22,722	$	7,484	(	$	8,729	)	$	15,271
Interest expense		8,378		5,977		6,326		8,554		8,322			8,996			9,274
Income tax provision (benefit)		15,695		18,968		21,716		15,022		4,347			(5,170	)		8,748
Depreciation and amortization		7,907		6,533		7,365		7,488		6,958			7,088			5,070
EBITDA	$	59,400	$	59,344	$	71,103	$	53,786	$	27,111		$	2,185		$	38,363

We monitor our EBITDA, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. EBITDA also is an indicator of profitability, particularly in our capital-intensive industry. EBITDA reflects our earnings (loss) before interest, taxes and depreciation and amortization. EBITDA as presented differs from measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.

JLG Industries, Inc. — Page 10

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

	January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2005			2005			2005			2005			2004			2004
Net income	$	113,704		$	93,768		$	57,173		$	36,748		$	22,713		$	17,387		$	26,649
Interest expense		29,235			29,179			32,198			35,146			35,992			37,218			38,098
Income tax provision		71,401			60,053			35,915			22,947			12,815			9,765			15,232
Depreciation and amortization		29,293			28,344			28,899			26,604			26,475			26,283			25,681
EBITDA	$	243,633		$	211,344		$	154,185		$	121,445		$	97,995		$	90,653		$	105,660
Revenues	$	2,047,084		$	1,906,092		$	1,735,030		$	1,590,611		$	1,403,942		$	1,287,038		$	1,193,962
EBITDA Margin		11.9	%		11.1	%		8.9	%		7.6	%		7.0	%		7.0	%		8.8	%

We monitor our EBITDA, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. EBITDA also is an indicator of profitability, particularly in our capital-intensive industry. EBITDA reflects our earnings before interest, taxes and depreciation and amortization. EBITDA as presented differs from measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.

JLG Industries, Inc. — Page 11

JLG INDUSTRIES, INC.
NET DEBT
(in thousands)

	January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2005			2005			2005			2005			2004			2004
Revolving credit facilities	$	—		$	—		$	—		$	—		$	—		$	—		$	—
$5 million cash management facility		—			—			—			—			1,944			—			—
$125 million senior notes		109,975			109,975			109,975			112,975			125,000			125,000			125,000
$175 million senior subordinated notes		113,750			113,750			113,750			113,750			175,000			175,000			175,000
Miscellaneous debt		9,678			4,751			4,859			5,014			5,128			5,219			5,236
Fair value of interest rate swaps		(7,799	)		(8,428	)		(5,909	)		(6,378	)		(6,120	)		(6,492	)		(8,814	)
Gain on terminated interest rate swap		2,799			2,908			3,018			3,128			4,981			5,149			5,318
Bank debt and notes		228,403			222,956			225,693			228,489			305,933			303,876			301,740
Limited recourse debt from finance receivables monetizations *		45,318			55,921			63,658			70,586			77,601			85,733			121,794
Total balance sheet debt		273,721			278,877			289,351			299,075			383,534			389,609			423,534
Net present value of off-balance sheet rental fleet lease		—			—			—			656			755			1,012			1,070
Net present value of off-balance sheet production equipment leases		—			—			—			2,583			3,709			3,991			4,399
Total off-balance sheet financing		—			—			—			3,239			4,464			5,003			5,469
Total balance sheet debt and off-balance sheet financing		273,721			278,877			289,351			302,314			387,998			394,612			429,003
Less: cash and cash equivalents		183,344			230,947			223,597			172,480			24,305			66,498			37,656
Less: limited recourse debt from finance receivables monetizations		45,318			55,921			63,658			70,586			77,601			85,733			121,794
Net debt	$	45,059		$	(7,991	)	$	2,096		$	59,248		$	286,092		$	242,381		$	269,553
Shareholders’ Equity	$	566,870		$	507,140		$	478,592		$	436,238		$	284,746		$	276,780		$	281,270
Net Debt-to-Net Debt plus Shareholders’ Equity		7	%		—			—			12	%		50	%		47	%		49	%
Total Balance Sheet Debt-to-Total Balance Sheet Debt plus Shareholders’ Equity		33	%		35	%		38	%		41	%		57	%		58	%		60	%
* Maximum loss exposure under loss pool agreements related to finance receivable monetizations	$	11,346		$	11,855		$	22,160		$	22,168		$	22,168		$	22,168		$	22,198

We monitor our net debt, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. We define net debt as the sum of total balance sheet debt and other off-balance sheet financing, minus cash and limited recourse debt arising from our monetizations of customer finance receivables.

JLG Industries, Inc. — Page 12

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

	Quarter Ended						Fiscal Year						Quarter Ended									Fiscal Year
	January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
Net income (loss)	$	27,420		$	27,866		$	57,173		$	35,696		$	22,722		$	7,484		$	(8,729	)	$	26,649
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Non-cash items		7,489			13,406			25,122			(1,551	)		12,405			5,570			8,698			30,555
Accounts receivable		(13,268	)		39,186			(25,948	)		(42,151	)		(16,355	)		(29,659	)		62,217			(66,296	)
Inventories		(30,523	)		(50,027	)		(15,268	)		16,321			(3,463	)		(11,758	)		(16,368	)		9,188
Other current assets		4,345			9,535			(12,553	)		899			(14,132	)		3,497			(2,817	)		8,780
Accounts payable		(5,669	)		(34	)		60,423			5,868			54,834			(10,833	)		10,554			33,207
Accrued expenses		(11,067	)		(8,211	)		43,176			37,436			21,320			(5,837	)		(9,743	)		4,726
Finance receivables		(3,415	)		1,351			1,877			1,459			1,944			6,970			(8,496	)		(6,112	)
Other cash from operations		(3,720	)		(3,422	)		8,374			495			21,946			(12,920	)		(1,147	)		(11,090	)
Purchases of property, plant and equipment		(3,744	)		(3,145	)		(15,443	)		(9,134	)		(1,342	)		(2,072	)		(2,895	)		(12,387	)
Proceeds from sale of property, plant and equipment		34			102			1,060			24			874			81			81			90
Purchases of equipment held for rental		(9,270	)		(18,121	)		(31,249	)		(5,590	)		(6,719	)		(8,851	)		(10,089	)		(26,689	)
Proceeds from sale of equipment held for rental		14,305			438			35,065			11,775			3,103			16,037			4,150			33,269
Cash portion of acquisitions		(47,035	)		—			(105	)		—			—			(105	)		—			(109,557	)
Other cash from investments		(40	)		(28	)		366			(35	)		503			(56	)		(46	)		333
Payment of dividends		(264	)		(258	)		(925	)		(257	)		(224	)		(224	)		(220	)		(871	)
Net proceeds from issuance of common stock		—			—			119,421			(113	)		119,534			—			—			—
Exercise of stock options		13,327			164			19,826			6,750			6,714			1,276			5,086			2,414
Excess tax benefits from stock-based compensation		13,017			44			—			—			—			—			—			—
Effect of exchange rate changes on cash		781			(1,192	)		(7,833	)		(3,429	)		92			(1,729	)		(2,767	)		258
Seller financing		(5,000	)		—			—			—			—			—			—			(10,000	)
Capital lease assumed in OmniQuip acquisition		—			—			—			—			—			—			—			(3,630	)
Debt assumed in Delta acquisition		—			—			—			—			—			—			—			(103	)
Other (1)		(753	)		2,433			4,898			2,689			3,088			(582	)		(297	)		(1,184	)
Free Cash Flow	$	(53,050	)	$	10,087		$	267,457		$	57,152		$	226,844		$	(43,711	)	$	27,172		$	(98,450	)

(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 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
	Six Months Ended						Six Months Ended						Six Months Ended
	January 29,			January 30,			January 29,			January 30,			January 29,			January 30,
	2006			2005			2006			2005			2006			2005
Revenues
Net sales	$	960,847		$	650,078		$	960,847		$	650,078		$	—		$	—
Financial products		6,230			5,716			—			—			6,230			5,716
Rentals		5,072			4,301			4,931			4,094			141			207
		972,149			660,095			965,778			654,172			6,371			5,923
Cost of sales		781,425			580,428			781,316			580,030			109			398
Gross profit		190,724			79,667			184,462			74,142			6,262			5,525
Selling and administrative expenses		77,362			58,932			75,311			58,058			2,051			874
Product development expenses		13,262			11,463			13,262			11,463			—			—
Income from operations		100,100			9,272			95,889			4,621			4,211			4,651
Other income (deductions):
Interest expense (net of interest income)		(11,154	)		(16,286	)		(9,197	)		(12,541	)		(1,957	)		(3,745	)
Miscellaneous, net		1,003			4,946			1,003			4,946			—			—
Income (loss) before taxes		89,949			(2,068	)		87,695			(2,974	)		2,254			906
Income tax provision (benefit)		34,663			(823	)		33,794			(1,184	)		869			361
Equity in income of Access Financial Solut		—			—			1,385			545			—			—
Net income (loss)	$	55,286		$	(1,245	)	$	55,286		$	(1,245	)	$	1,385		$	545
Earnings (loss) per common share	$	1.07		$	(.03	)
Earnings (loss) per common share — assuming dilution	$	1.05		$	(.03	)
Cash dividends per share	$	.01		$	.01
Weighted average shares outstanding		51,621			43,762
Weighted average shares outstanding — assuming dilution		52,876			43,762

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
	January 29,			July 31,			January 29,			July 31,			January 29,		July 31,
	2006			2005			2006			2005			2006		2005
ASSETS
Current assets
Cash and cash equivalents	$	183,344		$	223,597		$	183,344		$	223,597		$	—	$	—
Trade accounts and finance receivables — net		379,813			419,866			324,171			373,417			55,642		46,449
Inventories		227,957			169,097			227,957			169,097			—		—
Assets held for sale		49,941			—			49,941			—			—		—
Other current assets		42,715			56,739			42,715			56,739			—		—
Total current assets		883,770			869,299			828,128			822,850			55,642		46,449
Property, plant and equipment — net		82,746			85,855			82,621			85,698			125		157
Equipment held for rental — net		36,684			22,570			36,480			22,259			204		311
Finance receivables, less current portion		26,500			30,354			—			—			26,500		30,354
Pledged receivables, less current portion		18,623			33,649			—			—			18,623		33,649
Goodwill		60,419			61,641			60,419			61,641			—		—
Intangible assets — net		75,371			32,086			75,371			32,086			—		—
Investment in Access Financial Solutions		—			—			41,870			40,485			—		—
Receivable from Access Financial Solutions		—			—			12,416			5,868			—		—
Other assets		68,379			68,143			68,237			68,009			142		134
	$	1,252,492		$	1,203,597		$	1,205,542		$	1,138,896		$	101,236	$	111,054
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term	$	6,515		$	1,496		$	6,515		$	1,496		$	—	$	—
Current portion of limited recourse debt from finance receivables monetizations		26,558			29,642			—			—			26,558		29,642
Accounts payable		187,591			200,323			187,591			200,323			—		—
Accrued expenses		139,689			148,651			139,626			148,615			63		36
Total current liabilities		360,353			380,112			333,732			350,434			26,621		29,678
Long-term debt, less current portion		221,888			224,197			221,888			224,197			—		—
Limited recourse debt from finance receivables monetizations, less current portion		18,760			34,016			—			—			18,760		34,016
Payable to JLG Industries, Inc.		—			—			—			—			12,416		5,868
Accrued post-retirement benefits		31,797			31,113			31,797			31,113			—		—
Other long-term liabilities		22,117			27,233			22,117			27,233			—		—
Provisions for contingencies		30,707			28,334			29,138			27,327			1,569		1,007
Shareholders’ equity
Capital stock:
Authorized shares: 100,000 at $.20 par value Issued and outstanding shares: 52,752 shares; fiscal 2005 — 51,645 shares		10,550			10,329			10,550			10,329			30,000		30,000
Additional paid-in capital		203,571			180,696			203,571			180,696			—		—
Retained earnings		365,280			310,516			365,280			310,516			11,870		10,485
Unearned compensation		—			(7,397	)		—			(7,397	)		—		—
Accumulated other comprehensive loss		(12,531	)		(15,552	)		(12,531	)		(15,552	)		—		—
Total shareholders’ equity		566,870			478,592			566,870			478,592			41,870		40,485
	$	1,252,492		$	1,203,597		$	1,205,542		$	1,138,896		$	101,236	$	111,054

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
	Six Months Ended						Six Months Ended						Six Months Ended
	January 29,			January 30,			January 29,			January 30,			January 29,			January 30,
	2006			2005			2006			2005			2006			2005
Operations
Net income (loss)	$	55,286		$	(1,245	)	$	55,286		$	(1,245	)	$	1,385		$	545
Adjustments to reconcile net income (loss) to cash flow from operating activities:
(Gain) loss on sale of property, plant and equipment		(29	)		142			(29	)		142			—			—
(Gain) loss on sale of equipment held for rental		(5,684	)		(6,634	)		(5,684	)		(6,634	)		—			—
Non-cash charges and credits:
Depreciation and amortization		14,440			14,046			14,297			13,648			143			398
Other		12,168			6,714			11,201			7,115			967			(401	)
Changes in selected working capital items:
Accounts receivable		25,918			32,558			33,044			4,124			(6,588	)		28,434
Inventories		(80,550	)		(28,126	)		(80,550	)		(28,126	)		—			—
Accounts payable		(5,703	)		(279	)		(5,703	)		(279	)		—			—
Other operating assets and liabilities		(5,398	)		(14,900	)		(5,425	)		(14,854	)		27			(46	)
Changes in finance receivables		(2,064	)		(1,526	)		—			—			(2,064	)		(1,526	)
Changes in pledged finance receivables		(429	)		474			—			—			(429	)		474
Changes in other assets and liabilities		(7,142	)		(14,067	)		(7,692	)		(14,564	)		12			497
Cash flow from operating activities		813			(12,843	)		8,745			(40,673	)		(6,547	)		28,375
Investments
Purchases of property, plant and equipment		(6,889	)		(4,967	)		(6,889	)		(4,967	)		—			—
Proceeds from the sale of property, plant and equipment		136			162			136			162			—			—
Purchases of equipment held for rental		(27,391	)		(18,940	)		(27,391	)		(18,876	)		—			(64	)
Proceeds from the sale of equipment held for rental		14,743			20,187			14,743			20,187			—			—
Cash portion of acquisitions		(47,035	)		(105	)		(47,035	)		(105	)		—			—
Investment in income of Access Financial Solutions		—			—			(1,385	)		(545	)		—			—
Other		(68	)		(102	)		(68	)		(102	)		—			—
Cash flow used for investing activities		(66,504	)		(3,765	)		(67,889	)		(4,246	)		—			(64	)
Financing
Net increase in short-term debt		12			2,013			12			2,013			—			—
Issuance of long-term debt		—			130,054			—			130,054			—			—
Repayment of long-term debt		(193	)		(130,232	)		(193	)		(130,232	)		—			—
Issuance of limited recourse debt		—			—			—			—			—			—
Repayment of limited recourse debt		—			—			—			—			—			—
Change in receivable from Access Financial Solutions		—			—			(6,548	)		28,317			—			—
Change in payable to JLG Industries, Inc.		—			—			—			—			6,548			(28,317	)
Payment of dividends		(522	)		(444	)		(522	)		(444	)		—			—
Exercise of stock options		13,491			6,362			13,491			6,362			—			—
Excess tax benefits from stock-based compensation		13,061			—			13,061			—			—			—
Cash flow from financing activities		25,849			7,753			19,301			36,070			6,548			(28,317	)
Currency Adjustments
Effect of exchange rate changes on cash		(411	)		(4,496	)		(410	)		(4,502	)		(1	)		6
Cash and Cash Equivalents
Net change in cash and cash equivalents		(40,253	)		(13,351	)		(40,253	)		(13,351	)		—			—
Beginning balance		223,597			37,656			223,597			37,656			—			—
Ending balance	$	183,344		$	24,305		$	183,344		$	24,305		$	—		$	—