-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N5I1OLY9Z6Q06/5iw4X21IB9qw3ptzFhD00hsc6by2FGFUYCgjIk4l/LjQ5+mJA1 4gM2k07gPlEHFbnd19kFBw== /in/edgar/work/0000856386-00-000014/0000856386-00-000014.txt : 20001110 0000856386-00-000014.hdr.sgml : 20001110 ACCESSION NUMBER: 0000856386-00-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GEHL CO CENTRAL INDEX KEY: 0000856386 STANDARD INDUSTRIAL CLASSIFICATION: [3523 ] IRS NUMBER: 390300430 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-18110 FILM NUMBER: 757444 BUSINESS ADDRESS: STREET 1: 143 WATER STREET CITY: WEST BEND STATE: WI ZIP: 53095 BUSINESS PHONE: 4143349461 MAIL ADDRESS: STREET 1: 143 WATER STREET CITY: WEST BEND STATE: WI ZIP: 53095 10-Q 1 0001.txt GEHL COMPANY 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from . . to Commission file number 0-18110 GEHL COMPANY (Exact name of registrant as specified in its charter) Wisconsin 39-0300430 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 143 Water Street, West Bend, WI 53095 (Address of principal (Zip code) executive office) (262) 334-9461 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at September 30, 2000 Common Stock, $.10 Par Value 5,374,621 GEHL COMPANY FORM 10-Q September 30, 2000 REPORT INDEX Page No. PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Condensed Consolidated Statements of Income for the Three- and Nine- 3 Month Periods Ended September 30, 2000 and October 2, 1999 Condensed Consolidated Balance Sheets at September 30, 2000, 4 December 31, 1999, and October 2, 1999 Condensed Consolidated Statements of Cash Flows for the Nine-Month 5 Period Ended September 30, 2000 and October 2, 1999 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Results of 8 Operations and Financial Condition Item 3. Quantitative and Qualitative Disclosures About Market Risk 12 PART II. OTHER INFORMATION: Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14 PART I FINANCIAL INFORMATION Item 1. Financial Statements GEHL COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data; unaudited)
Three Months Ended Nine Months Ended September 30, October 2, September 30, October 2, 2000 1999 2000 1999 --------- --------- --------- -------- NET SALES $ 53,606 $ 69,838 $ 201,812 $ 222,649 Cost of goods sold 38,910 49,195 146,361 159,115 -------- --------- --------- -------- GROSS PROFIT 14,696 20,643 55,451 63,534 Selling, general and administrative expenses 11,991 10,322 35,233 35,348 -------- --------- --------- -------- INCOME FROM OPERATIONS 2,705 10,321 20,218 28,186 Interest expense (1,205) (789) (3,469) (2,343) Interest income 452 452 1,277 1,290 Other expense, net (1,663) (525) (3,586) (1,742) -------- --------- --------- -------- INCOME BEFORE INCOME TAXES 289 9,459 14,440 25,391 Income tax provision 101 3,358 5,054 9,014 -------- --------- --------- -------- NET INCOME $ 188 $ 6,101 $ 9,386 $ 16,377 -------- --------- --------- -------- EARNINGS PER SHARE Diluted $ .03 $ 1.00 $ 1.65 $ 2.52 Basic $ .03 $ 1.04 $ 1.70 $ 2.62
The accompanying notes are an integrel part of the financial statements. GEHL COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
September 30, December 31, October 2, 2000 1999 1999 (Unaudited) (Unaudited) ASSETS Cash $ 2,808 $ 1,010 $ 3,967 Accounts receivable-net 79,168 68,551 74,057 Finance contracts receivable- net 12,367 12,074 10,945 Inventories 45,741 35,206 32,119 Deferred tax assets 8,431 8,431 7,138 Other current assets 360 511 903 --------- --------- -------- Total Current Assets 148,875 125,783 129,129 --------- --------- -------- Property, plant and equipment-net 44,165 37,028 34,492 Finance contracts receivable-net, non-current 7,618 7,311 6,558 Intangible assets 15,145 15,706 15,894 Other assets 10,214 8,332 8,671 --------- --------- -------- TOTAL ASSETS $ 226,017 $ 194,160 $194,744 ========= ========= ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current portion of long-term debt obligations $ 193 $ 519 $ 562 Accounts payable 24,957 25,077 26,198 Accrued liabilities 29,477 30,703 32,753 --------- --------- -------- Total Current Liabilities 54,627 56,299 59,513 --------- --------- -------- Line of credit facility 50,522 22,038 21,060 Long-term debt obligations 8,933 9,059 9,142 Other long-term liabilities 6,034 5,391 5,205 Deferred income taxes 3,949 3,949 3,943 --------- --------- -------- Total Long-Term Liabilities 69,438 40,437 39,350 --------- --------- -------- Common stock, $.10 par value, 25,000,000 shares authorized, 5,374,621, 5,645,620 and 6,570,271 shares outstanding, respectively 538 565 657 Preferred stock, $.10 par value, 2,000,000 shares authorized, 250,000 shares designated as Series A Preferred Stock, no shares issued - - - Treasury stock, at cost (767,500 shares at October 2, 1999) - - (15,613) Capital in excess of par 6,463 11,294 29,329 Retained earnings 95,854 86,468 82,660 Accumulated other comprehensive loss (903) (903) (1,152) -------- -------- -------- Total Shareholders' Equity 101,952 97,424 95,881 -------- -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $226,017 $194,160 $194,744 ======== ======== ========
The accompanying notes are an integral part of the financial statements. GEHL COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited)
Nine Months Ended September 30, October 2, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 9,386 $ 16,377 Adjustments to reconcile net income to net cash (used for) provided by operating activities: Depreciation 3,725 3,239 Amortization 636 588 Proceeds from sales of finance contracts 68,562 53,553 Increase in finance contracts receivable (72,716) (57,491) Cost of sales of finance contracts 3,554 2,025 Net change in remaining working capital items (22,347) 4,400 --------- --------- Net cash (used for) provided by operating activities (9,200) 22,691 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment additions, net (10,862) (3,589) Other assets (1,957) (2,446) --------- --------- Net cash used for investing activities (12,819) (6,035) CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in long-term debt obligations (452) (481) Increase (decrease) in long-term liabilities 643 (195) Proceeds from line of credit facility 28,484 1,701 Proceeds from issuance of common stock 445 1,012 Treasury stock purchases (5,303) (15,613) --------- --------- Net cash provided by (used for) financing activities 23,817 (13,576) --------- --------- Net increase in cash 1,798 3,080 Cash, beginning of period 1,010 887 --------- --------- Cash, end of period $ 2,808 $ 3,967 ========= ========= Supplemental disclosure of cash flow information: Cash paid for the following: Interest $ 3,236 $ 2,284 Income taxes $ 6,348 $ 8,702
The accompanying notes are an integral part of the financial statements. GEHL COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2000 (Unaudited) NOTE 1 BASIS OF PRESENTATION The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, the information furnished for the three- and nine-month periods ended September 30, 2000 and October 2, 1999 includes all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation of the results of operations and financial position of the Company. Due in part to the seasonal nature of the Company's business, the results of operations for the nine months ended September 30, 2000 are not necessarily indicative of the results to be expected for the entire year. It is suggested that these interim financial statements be read in conjunction with the financial statements and notes thereto included in the Company s Annual Report on Form 10-K for the year ended December 31, 1999 as filed with the Securities and Exchange Commission. NOTE 2 INCOME TAXES The income tax provision is determined by applying an estimated annual effective income tax rate to income before income taxes. The estimated annual effective income tax rate is based on the most recent annualized forecast of pre-tax income, permanent book/tax differences, and tax credits. NOTE 3 INVENTORIES If all of the Company's inventories had been valued on a current cost basis, which approximated FIFO value, inventories by major classification would have been as follows (in thousands): September 30, December 31, October 2, 2000 1999 1999 ------------- ------------ ------------- Raw materials and supplies $17,845 $ 17,371 $ 17,306 Work-in-process 5,590 5,767 5,149 Finished machines and parts 41,501 31,263 29,060 ------- -------- -------- Total current cost value 64,936 54,401 51,515 Adjustment to LIFO basis (19,195) (19,195) (19,396) ------- -------- -------- $45,741 $ 35,206 $ 32,119 ======= ======== ======== NOTE 4 ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board has issued Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Investments and Hedging Activities" which was originally effective for fiscal quarters of fiscal years beginning after June 15, 1999. The statement, as amended by SFAS No. 137 and 138, will now be effective January 1, 2001 for the Company. Due to the Company's current limited use of derivative instruments, the adoption of this statement is not expected to materially affect the Company's financial condition or results of operations. NOTE 5 EARNINGS PER SHARE AND COMPREHENSIVE INCOME Basic net income per common share is computed by dividing net income by the weighted- average number of common shares outstanding for the period. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares, and, if applicable, common stock equivalents which would arise from the exercise of stock options. A reconciliation of the shares used in the computation of earnings per share follows (in thousands): For the three months ended: September 30, 2000 October 2, 1999 ------------------ ----------------- Basic shares 5,436 5,856 Effect of options 105 235 ------ ------ Diluted shares 5,541 6,091 ====== ====== For the nine months ended: September 30, 2000 October 2, 1999 ------------------ ----------------- Basic shares 5,518 6,260 Effect of options 154 243 ------ ------ Diluted shares 5,672 6,503 ====== ====== Accumulated other comprehensive loss is comprised entirely of minimum pension liability adjustments. Comprehensive income equaled net income for the nine months ended September 30, 2000 and October 2, 1999, as the minimum pension liability amount did not change from the respective prior year-end amount. NOTE 6 STOCK REPURCHASE In March 2000, the Company's Board of Directors authorized a repurchase plan providing for the repurchase of up to an additional 325,000 shares of the Company's outstanding common stock. As of September 30, 2000, 212,700 shares had been repurchased in the open market under this authorization at an aggregate cost of $3.2 million. In March 1999, a repurchase plan relating to up to 325,000 shares of the Company's outstanding common stock was authorized. As of April 1, 2000, all of the authorized shares under that plan had been repurchased at an aggregate cost of $5.8 million. The treasury stock acquired by the Company has been cancelled and returned to the status of authorized but unissued shares. NOTE 7 BUSINESS SEGMENTS The Company operates in two business segments: Construction equipment and Agricultural equipment. The long-term financial performance of the Company's reportable segments are affected by separate economic conditions and cycles. The segments are managed separately based on the fundamental differences in their operations. Following is selected segment information (in thousands): Three Months Ended Nine Months Ended ------------------ -------------------- September 30, October 2, September 30, October 2, 2000 1999 2000 1999 Net Sales: Construction $31,698 $41,251 $120,893 $132,852 Agricultural 21,908 28,587 80,919 89,797 ------- ------- --------- -------- Consolidated $53,606 $69,838 $201,812 $222,649 ======= ======= ========= ======== Income from Operations: Construction $ 2,128 $ 6,640 $ 13,213 $ 19,033 Agricultural 577 3,681 7,005 9,153 ------- ------- -------- -------- Consolidated $ 2,705 $10,321 $ 20,218 $ 28,186 ======= ======= ======== ======== Item 2. Management's Discussion And Analysis Of Results Of Operations And Financial Condition RESULTS OF OPERATIONS Three Months Ended September 30, 2000 Compared to Three Months Ended October 2, 1999 Net sales for the third quarter of 2000 of $53.6 million were 23% lower than the $69.8 million in the comparable period of 1999. Construction equipment net sales decreased to $31.7 million in the third quarter of 2000 from $41.2 million in the third quarter of 1999, a 23% decline. The decline in Construction equipment net sales was due primarily to both shipments and retail sales of telescopic handlers being below the comparable three month levels of 1999, as a result of reduced industry-wide demand for telescopic handler equipment. In addition, a lower level of North American skid loader shipments, and a reduction in overseas demand for skid loaders, resulting in part from the continued weakness of the Euro, further contributed to the reduction from 1999 sales levels. The industry-wide reduced demand for telescopic handlers is primarily a result of a decline in residential construction activity, especially within the U.S. housing sector, which has been adversely impacted by increased interest rates, and reduced demand for new units by rental customers due to low equipment rental rates and adequate levels of units in rental fleet inventory. Offsetting these negative demand factors, the Company realized a positive contribution in the third quarter of 2000 from shipments of new equipment, primarily mini-excavators, introduced within the past fifteen months. Sales of the Company's agricultural equipment in the third quarter of 2000 were $21.9 million, 23% less than the $28.6 million recorded in the third quarter of 1999. The decline in net sales was due primarily to lower shipments of skid loaders and forage harvesting equipment. Partially offsetting these reductions was an increased level of disc mower conditioner shipments as a result of new product offerings in 2000. The continuation of low milk prices and the effect of higher interest rates contributed to the overall decline in demand for agricultural equipment by farmers. Of the Company's total net sales reported for the third quarter of 2000, $8.3 million represented sales made outside of the United States compared with $10.3 million in the comparable period of 1999. The decrease in export sales was due primarily to a reduction in shipments to Europe as a result of the decline in the value of the Euro versus the U.S. dollar. Gross profit decreased $5.9 million, or 29%, during the third quarter of 2000 versus the comparable period of 1999, due primarily to decreased sales volume. Gross profit as a percent of net sales decreased to 27.4% for the third quarter of 2000 from 29.6% in the comparable period of 1999. Gross profit as a percent of net sales for Construction equipment decreased to 24.5% in the third quarter of 2000 from 28.0% in the third quarter of 1999. The decrease in Construction equipment gross margin was a function of a) decreased telescopic handler sales, which sales are generally at higher gross margins than other Construction equipment, b) increased industry competition which has resulted in overall gross margin compression, c) increased mini-excavator shipments, which sales are generally at lower gross margins than other construction equipment, and d) decreased net sales per unit for product shipped into Europe due to the devaluation of the Euro. Gross profit as a percent of net sales for Agricultural equipment decreased to 31.6% in the third quarter of 2000 from 31.9% in the comparable period of 1999. Selling, general and administrative expenses increased $1.7 million, or 16%, during the third quarter of 2000 versus the comparable period of 1999, due primarily to increased sales related costs incurred, in part, in response to competitive market conditions, and continued investments in projects such as enterprise resource planning (ERP), new product development and improved parts distribution to enhance future market opportunities. As a percent of net sales, selling, general and administrative expenses increased to 22.4% during the third quarter of 2000 versus 14.8% in the comparable period of 1999. Income from operations in the third quarter of 2000 was $2.7 million versus $10.3 million in the third quarter of 1999. Interest expense increased $416,000 to $1,205,000 in the third quarter of 2000 from $789,000 in the third quarter of 1999. This resulted from an increase in average debt outstanding to $59.6 million in the third quarter of 2000 versus $35.1 million in the third quarter of 1999, and an increase in the average rate of interest paid by the Company to 8.7% in the third quarter of 2000 versus 8.0% in the comparable period of 1999. Other expense increased $1.2 million to $1.7 million in the third quarter of 2000 from $0.5 million in the third quarter of 1999. This was due primarily to increased costs of sales of finance contracts which resulted from a) selling $11.9 million, or 69%, more receivables in the third quarter of 2000 versus the comparable period of 1999, b) lower finance rates offered to Gehl finance customers, and c) increased discount rates used in selling finance contracts to third parties resulting from the general trend of overall interest rates. Third quarter 2000 net income was $188,000 versus $6.1 million in the third quarter of 1999. Diluted earnings were $.03 per share for the third quarter of 2000 versus $1.00 per share in the third quarter of 1999. Nine months Ended September 30, 2000 Compared to Nine months Ended October 2, 1999 Net sales for the first nine months of 2000 of $201.8 million were $20.8 million, or 9%, lower than the $222.6 million of net sales in the comparable period of 1999. Construction equipment net sales were $120.9 million in the first nine months of 2000 compared to $132.8 million in the first nine months of 1999, a decrease of 9%. The decline in Construction equipment net sales was due primarily to both shipments and retail sales of telescopic handlers being below the comparable nine month levels of 1999, as a result of reduced industry-wide demand for telescopic handler equipment. In addition, a lower level of North American skid loader shipments, and a reduction in overseas demand for skid loaders, resulting in part from the continued weakness of the Euro, further contributed to the sales reduction. On an industry-wide basis, year-to-date retail sales of telescopic handlers in North America are reported to be 15-20% below last year's level. The industry-wide reduced demand for telescopic handlers is primarily a result of a decline in residential construction activity, especially within the U.S. housing sector, which has been adversely impacted by increased interest rates, and reduced demand for new units by rental customers due to low equipment rental rates and adequate levels of units in rental fleet inventory. Offsetting these negative demand factors, the Company realized a positive contribution in the first nine months of 2000 from shipments of new equipment, primarily mini-excavators, introduced within the past fifteen months. Agriculture equipment net sales decreased 10% to $80.9 million in the first nine months of 2000 from $89.8 million in the first nine months of 1999 due primarily to reduced shipments of forage harvesting equipment and skid loaders. Partially offsetting this reduction was an increased level of disc mower conditioner shipments as a result of new product offerings in 2000. The continuation of low milk prices and the effect of higher interest rates contributed to the overall decline in demand for agricultural equipment by farmers. Of the Company's total net sales reported for the first nine months of 2000, sales made outside the United States were $28.6 million as compared with $30.6 million in the comparable period of 1999. The decrease in export sales was due, in part, to decreased orders from Europe due to the decline in the value of the Euro versus the U.S. dollar. Gross profit decreased $8.1 million, or 13%, in the first nine months of 2000 versus the comparable period of 1999, due primarily to decreased sales volume. Gross profit as a percent of net sales decreased to 27.5% for the first nine months of 2000 from 28.5% in the comparable period of 1999. Gross profit as a percent of net sales for Construction equipment decreased to 25.2% in the first nine months of 2000 from 27.4% in the first nine months of 1999. The decrease in Construction equipment gross margin was a function of a) decreased telescopic handler sales, which sales are generally at higher gross margins than other Construction equipment, b) increased industry competition which has resulted in overall gross margin compression, c) increased mini- excavator shipments, which sales are generally at lower gross margins than other construction equipment, and d) decreased net sales per unit for product shipped into Europe due to the devaluation of the Euro. Gross profit as a percent of net sales for Agriculture equipment increased to 30.8% for the first nine months of 2000 from 30.2% for the first nine months of 1999, due in part to improved efficiencies at the manufacturing plants. Selling, general and administrative expenses of $35.2 million during the first nine months of 2000 were comparable to the same period in 1999. As a percent of net sales, selling, general and administrative expenses increased to 17.5% during the first nine months of 2000 versus 15.9% in the comparable period of 1999 due primarily to decreased sales volume. Income from operations in the first nine months of 2000 of $20.2 million was 28% lower than the $28.2 million for the comparable period of 1999. Interest expense increased $1.1 million to $3.5 million in the first nine months of 2000 from $2.4 million in the first nine months of 1999. The increase was a result of an increase in average debt outstanding to $54.0 million in the first nine months of 2000 versus $35.5 million in the comparable period of 1999 combined with an increase in the average rate of interest paid by the Company to approximately 8.6% in the first nine months of 2000 versus 7.7% in the comparable period of 1999. Other expense increased $1.8 million to $3.6 million for the nine months ended September 30, 2000 from $1.8 million for the nine months ended October 2, 1999. This was the result of increased costs of sales of finance contracts which were due to a) selling $16.5 million, or 30%, more receivables in the first nine months of 2000 versus the same period in 1999, b) lower finance rates offered to Gehl finance customers, and c) increased discount rates used in selling finance contracts to third parties resulting from the general trend of overall interest rates. Net income was $9.4 million for the nine months ended September 30, 2000 versus $16.4 million for the nine months ended October 2, 1999. Diluted earnings were $1.65 per share for the first nine months of 2000 versus $2.52 per share in the comparable period of 1999. Financial Condition The Company's working capital of $94.2 million at September 30, 2000 increased from $69.5 million at December 31, 1999, and $69.6 million at October 2, 1999 due primarily to increases in accounts receivable and inventory. The increase in inventories at September 30, 2000 compared to October 2, 1999 reflects the impact of new products offered since mid-1999 combined with an inventory build-up resulting from the slowing sales trend. The Company has adjusted production levels in an attempt to reduce inventory in accordance with current market demand. Capital expenditures for property, plant and equipment during the first nine months of 2000 were approximately $10.9 million. The Company plans to make up to $14 million in capital expenditures in 2000. Outstanding capital expenditure commitments as of September 30, 2000 totaled approximately $2.0 million. As of September 30, 2000, the weighted-average interest rate paid by the Company on outstanding borrowings under its line of credit facility was 8.6%. The Company had available unused borrowing capacity of $22.1 million, $49.8 million and $51.8 million under the line of credit facility at September 30, 2000, December 31, 1999, and October 2, 1999, respectively. At September 30, 2000, December 31, 1999, and October 2, 1999, the borrowings outstanding under the line of credit facility were $50.5 million, $22.0 million and $21.1 million, respectively. The increased amounts outstanding under the line of credit facility at September 30, 2000 were primarily the result of borrowings used to repurchase Company stock, expand plant facilities and fund working capital increases. The sale of finance contracts is an important component of the Company's overall liquidity. The Company has arrangements with several financial institutions and financial service companies to sell, with recourse, its finance contracts receivable. The Company continues to service substantially all contracts whether or not sold. At September 30, 2000, the Company serviced $133.3 million of such contracts, of which $113.3 million were owned by other parties. The Company believes that it will be able to arrange for sufficient capacity to sell its retail finance contracts for the foreseeable future. Shareholders' equity at September 30, 2000 was $102.0 million. This was $6.1 million higher than the $95.9 million of shareholders' equity at October 2, 1999, due primarily to income earned during the period offset by $8.2 million expended to repurchase Company stock from October 2, 1999 to September 30, 2000. In March 2000, the Company's Board of Directors authorized a repurchase plan providing for the repurchase of up to an additional 325,000 shares of the Company's outstanding common stock. As of September 30, 2000, 212,700 shares had been repurchased in the open market under this authorization at an aggregate cost of $3.2 million. In March 1999, a repurchase plan relating to up to 325,000 shares of the Company s outstanding common stock was authorized. As of April 1, 2000, all of the authorized shares under that plan had been repurchased at an aggregate cost of $5.8 million. Accounting Pronouncements The Financial Accounting Standards Board (FASB) has issued Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Investments and Hedging Activities" which was originally effective for fiscal quarters of fiscal years beginning after June 15, 1999. The statement, as amended by SFAS No. 137 and 138, will be effective January 1, 2001 for the Company. Due to the Company's current limited use of derivative instruments, the adoption of this statement is not expected to materially affect the Company s financial condition or results of operations. Forward-Looking Statements Certain matters discussed in this Quarterly Report on Form 10-Q are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include such words as the Company "believes", "anticipates" or "expects", or words of similar import. Similarly, statements that describe the Company's future plans, objectives or goals are also forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include competitive conditions in the markets served by the Company, changes in the Company s plans regarding capital expenditures, changes in housing starts and construction activity, general economic conditions, changes in commodity prices, especially milk, market acceptance of existing and new products offered by the Company, changes in the cost of raw materials and component parts purchased by the Company, and interest rate and foreign currency fluctuations. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Item 3. Quantitative and Qualitative Disclosures About Market Risk There are no material changes to the information provided in response to this item as set forth in the Company's Form 10-K for the year ended December 31, 1999 as filed with the Securities and Exchange Commission. PART II OTHER INFORMATION Item 6. Exhibits and Report on Form 8-K (a) Exhibits 10.1 Gehl Company Deferred Compensation Plan effective August 1, 2000 27 Financial Data Schedule [EDGAR version only] (b) Reports on Form 8-K No reports on Form 8-K were filed by the Company during the quarter ended September 30, 2000. SIGNATURES 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. GEHL COMPANY Date: November 9, 2000 By:/s/ William D. Gehl William D. Gehl Chairman of the Board, President and Chief Executive Officer Date: November 9, 2000 By:/s/ Kenneth P. Hahn Kenneth P. Hahn Vice President of Finance, Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) GEHL COMPANY FORM 10-Q September 30, 2000 EXHIBIT INDEX Exhibit Number Document Description 10.1 Gehl Company Deferred Compensation Plan effective August 1, 2000 27 Financial Data Schedule [EDGAR version only] EX-10 2 0002.txt GEHL COMPANY DEFERRED COMPENSATION PLAN Effective August 1, 2000 TABLE OF CONTENTS Page ARTICLE I. DEFINITIONS AND CONSTRUCTION . . . . . . . . . . . 2 Section 1.01.Definitions. . . . . . . . . . . . . . . . 2 Section 1.02.Construction and Applicable Law. . . . . . 4 ARTICLE II. DEFERRALS . . . . . . . . . . . . . . . . . . . . 5 Section 2.01.Election to Make Deferrals. . . . . . . . . 5 Section 2.02.Revision or Modification of Deferral Election. 5 Section 2.03.Involuntary Termination of Deferral Elections. 5 ARTICLE III. PLAN ACCOUNTS . . . . . . . . . . . . . . . . . 7 Section 3.01.Establishment of Accounts. . . . . . . . . 7 Section 3.02.Credits to the Account. . . . . . . . . . . 7 Section 3.03.Accounts are For Recordkeeping Purposes Only. 7 ARTICLE IV. DISTRIBUTION OF ACCOUNTS . . . . . . . . . . . . 8 Section 4.01.Distribution Election. . . . . . . . . . . 8 Section 4.02.Modified Distribution Election. . . . . . . 9 Section 4.03.Time of Distribution. . . . . . . . . . . . 9 ARTICLE V. PROTECTION OF OTHER EMPLOYEE PLAN BENEFITS . . . . 10 Section 5.01.Retirement Plan Equalization Benefit. . . . 10 Section 5.02.Life Insurance Equalization Benefit. . . . 10 Section 5.03.Long-Term Disability Insurance Equalization Benefit. 11 ARTICLE VI. MISCELLANEOUS PROVISIONS . . . . . . . . . . . . 12 Section 6.01.Administration. . . . . . . . . . . . . . . 12 Section 6.02.Participant Rights Unsecured. . . . . . . . 12 Section 6.03.Tax Withholding. . . . . . . . . . . . . . 13 Section 6.04.Establishment, Amendment or Termination of Plan. 13 Section 6.05.Administrative Expenses. . . . . . . . . . 13 Section 6.06.Successor and Assigns. . . . . . . . . . . 13 Gehl Company Deferred Compensation Plan (the "Plan") has been established effective August 1, 2000 to promote the best interests of Gehl Company (the "Company") and the stockholders of the Company by (1) attracting and retaining well-qualified persons for service as non-employee directors of the Company and designated subsidiaries or affiliates; and (2) attracting and retaining key management employees possessing a strong interest in the successful operation of the Company and its subsidiaries or affiliates and encouraging their continued loyalty, service and counsel to the Company and its subsidiaries or affiliates. ARTICLE I. DEFINITIONS AND CONSTRUCTION Section 1.01. Definitions. The following terms have the meanings indicated below unless the context in which the term is used clearly indicates otherwise: (a) "Account" means the recordkeeping account maintained by the Company for each Participant. (b) "Beneficiary" means the person or entity designated by the Participant to be his beneficiary for purposes of this Plan. If a valid designation of Beneficiary is not in effect at time of the death of a Participant, the estate of the Participant is deemed to be the sole Beneficiary. If a Beneficiary dies while entitled to receive distributions from the Plan, any remaining payments shall be paid to the estate of the Beneficiary. Beneficiary designations shall be in writing, filed with the Secretary, and in such form as the Secretary may prescribe for this purpose. (c) "Board" means the Board of Directors of the Company. (d) "Change in Control" means one of the following: (i) securities of the Company representing 25% or more of the combined voting power of the Company's then outstanding voting securities are acquired pursuant to a tender offer or an exchange offer; or (ii) The shareholders of the Company approve a merger or consolidation of the Company with any other corporation as a result of which less than fifty percent (50%) of the outstanding voting securities of the surviving or resulting entity are owned by the former shareholders of the Company (other than a shareholder who is an "affiliate," as defined under rules promulgated under the Securities Act of 1933, as amended, of any party to such consolidation or merger); or (iii) The shareholders of the Company approve the sale of substantially all of the Company's assets to a corporation which is not a wholly-owned subsidiary of the Company; or (iv) Any person becomes the "beneficial owner," as defined under rules promulgated under the Securities Exchange Act of 1934, as amended, directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the Company's then outstanding securities the effect of which (as determined by the Board) is to take over control of the Company; or (v) During any period of two consecutive years, individuals who, at the beginning of such period, constituted the Board cease, for any reason, to constitute at least a majority thereof, unless the election or nomination for election of each new director was approved by the vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. (e) "Code" means the Internal Revenue Code of 1986, as interpreted by regulations and rulings issued pursuant thereto, all as amended and in effect from time to time. (f) "Company" means Gehl Company, a Wisconsin corporation, or any successor corporation. (g) "Compensation" means (i) for a Director, the Retainer Fee and (ii) for an Executive, the base salary and cash bonus payable by the Company for services performed, including elective contributions to a Section 125, 129 or 401(k) arrangement or Deferrals to this Plan, as determined in accordance with such uniform rules, regulations or standards as may be prescribed by the Compensation Committee. (h) "Compensation Committee" means the Compensation Committee of the Board. (i) "Deferrals" means amounts credited, in accordance with a Participant's election, to his Account in lieu of the payment of an equal amount of current Compensation. (j) "Director" means a director of the Board who is not also an employee of the Company or any Affiliate. (k) "ERISA" means the Employee Retirement Income Security Act of 1974, as interpreted by regulations and rulings issued pursuant thereto, all as amended and in effect from time to time. (l) "Executive" means any corporate officer or any common law employee of the Company who has been designated by the Compensation Committee as covered under or otherwise being eligible to participate in this Plan. (m) "Participant" means either a Director or Executive who is participating in or eligible to participate in the Plan. (n) "Retainer Fee" means those fees paid by the Company to non- employee directors for services rendered on the Board or any committee of the Board, or for service on the board of directors of a subsidiary or affiliate, including attendance fees and fees for serving as committee chair. (o) "Secretary" means the Secretary of the Company (or his delegate). (p) "Trust" means for Directors the Gehl Company Directors' Rabbi Trust and for Executives the Gehl Company Officers' Rabbi Trust or other funding vehicle(s) which may from time to time be established, as amended and in effect from time to time. Section 1.02. Construction and Applicable Law. (a) Wherever any words are used in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and wherever any words are use in the singular or the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. Titles of articles and sections are for general information only, and the Plan is not to be construed by reference to such items. (b) This Plan, as applied to Executives, is intended to be a plan of deferred compensation maintained for a select group of management or highly compensated employees as that term is used in ERISA, and shall be interpreted so as to comply with the applicable requirements thereof. In all other respects, the Plan is to be construed and its validity determined according to the laws of the State of Wisconsin to the extent such laws are not preempted by federal law. In case any provision of the Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, but the Plan shall, to the extent possible, be construed and enforced as if the illegal or invalid provision had never been inserted. ARTICLE II. DEFERRALS Section 2.01. Election to Make Deferrals. (a) A Participant may elect to make Deferrals by submitting a properly completed and signed election form to the Secretary. Deferrals with respect to Compensation earned by an Executive in the form of base salary will commence for the calendar month following the date of the election. Deferrals with respect to Compensation earned by an Executive in the form of a cash bonus will commence with the cash bonus paid to the Executive in the calendar year following the date of the election. Deferrals with respect to the Compensation earned by a Director in the form of a Retainer Fee will commence with the Retainer Fee paid to the Director for any meeting occurring after the date of the election. (b) A Participant's election shall be in such form as the Secretary may prescribe, and shall specify the percentage or dollar amount of Compensation to be deferred as a Deferral. A Director may elect to defer all or any part of his Compensation, in whole dollar amounts or in increments of one percent (1%). An Executive may, without the consent of the Compensation Committee, elect to defer a portion of his Compensation, in whole dollar amounts or in increments of one percent (1%), provided that the amount or percentage elected does not exceed twenty-five percent (25%) of the Executive's Compensation. An Executive may elect to defer more than twenty- five percent (25%) of Compensation only if the Compensation Committee has approved the Executive's specific deferral percentage or amount. An Executive shall make separate elections with respect to the portion of Compensation which is base salary and the portion which is cash bonus. (c) An election shall be deemed made only when it is received by the Secretary, and shall remain in effect until modified by the Participant in accordance with Section 2.02 below. Section 2.02. Revision or Modification of Deferral Election. (a) Participant's initial election under Section 2.01 (including an election not to make Deferrals) shall remain in effect from year to year unless revised or modified by the Participant in accordance with this Section 2.02. (b) A Participant may modify his then current election (including an election not to make Deferrals) by filing a revised election form, properly completed and signed, with the Secretary. An election shall be deemed revised in accordance with this Section 2.02 only when the revised election is received by the Secretary, and once effective, the revised election shall remain in effect until further revised in accordance with this Section 2.02. Revised elections are prospectively effective according to the rules described in Section 2.01. A revised election does not operate to modify the amounts deferred prior to the effective date of the revised election. Section 2.03. Involuntary Termination of Deferral Elections. A deferral election shall be automatically revoked upon termination of service as a Director (in the case of a Director) or termination of employment (in the case of an Executive). In addition, an Executive's deferral election shall terminate on the first day of the Plan Year following the date that the Compensation Committee determines that the Executive is no longer eligible to participate in the Plan, including any such action that may be necessary in order for the Plan to qualify under ERISA, with respect to Executive employees, as a plan of deferred compensation for a select group of management or highly compensated employees. ARTICLE III. PLAN ACCOUNTS Section 3.01. Establishment of Accounts. An Account will be established in the name of each Participant who is eligible for and has elected to make Deferrals. Section 3.02. Credits to the Account. (a) The Account shall be credited with Deferrals which a Participant makes to the Plan from time to time as soon as practicable thereafter. (b) With respect to Executives, the Account shall be credited with the amount, if any, by which the amount of the "Company Matching Contributions" otherwise allocable to the Executive's account pursuant to Sections 3.03 and 5.03 of the Gehl Savings Plan are reduced solely because of the Deferral. For this purpose, it is assumed that the Executive would have made "Deposits" to the Gehl Savings Plan as a percentage of the Deferral at the same rate as applicable to the "Compensation" paid in cash to the Participant at the time of the Deferral. No credit shall be made under this provision if the Executive would not have been allocated "Company Matching Contributions" for any other reason under the terms of the Gehl Savings Plan, including but not limited to the limitations of Code Sections 401(a)(17), 401(k), 401(m), 402(g), or 415. The allocation under this provision shall be made as of the end of the month in which the "Company Matching Contributions" would have been made under the Gehl Savings Plan. (c) The Account shall be credited with deemed investment earnings or losses as of the end of each month, based on the balance at the beginning of the month less any distributions during the month. The applicable rate of gain or loss shall be determined from one or more mutual funds selected by the Participant from among the list of available funds offered by the Company from time to time. The Participant shall select one or more mutual funds by submitting a properly completed and signed election form to the Secretary. An election shall be deemed made only when it is received by the Secretary and shall remain in effect until modified by the Participant by a subsequent election. For any election to apply to the next following month, it made by the twentieth (20th) day of the preceding month. Section 3.03. Accounts are For Recordkeeping Purposes Only. The Accounts serve solely as a device for determining the amount of benefits accumulated by each Participant under the Plan, and shall not constitute or imply an obligation on the part of the Company to fund such benefits. In any event, the Company may, in its discretion, set aside assets equal to part or all of such account balances and invest such assets in life insurance or any other investment deemed appropriate. Any such assets, including any assets held under the Trust, shall be and remain the sole property of the Company and a Participant shall have no proprietary rights of any nature whatsoever with respect to such assets. ARTICLE IV. DISTRIBUTION OF ACCOUNTS Section 4.01. Distribution Election. (a) A new Participant shall, at the time he commences participation in the Plan, make a distribution election with respect to his Account. The election shall be in such form as the Secretary may prescribe, and shall specify the distribution commencement date, the distribution period, the distribution method applicable following the Participant's death, and if acceleration shall occur in the event of a Change in Control. (i) Distribution Commencement Date. Unless the Participant has selected a later commencement date (which in no event shall be later than the first distribution period following the Participant's attainment of age 72), distribution of a Participant's Accounts will commence within 60 days following the end of the calendar year in which occurs the Participant's retirement or termination of employment or service. For purposes of this Plan, an Executive who is disabled shall be deemed to have retired or terminated at the conclusion of benefits under all disability income plans sponsored by the Company. (ii) Distribution Period. Distributions will be made in annual installments elected by the participant, but in no case greater than 15 installments. (iii) Method of Calculating Annual Distribution Amount. The annual distribution amount shall be determined by dividing the balance in the Account as of January 1 of the year for which the distribution is being made by the number of installment payments remaining to be made under the distribution period selected by the Participant. Distributions shall be made in cash (iv) Distribution of Remaining Account Following Participant's Death. In the event of the Participant's death, the Participant's remaining undistributed interest will be distributed to the Beneficiary designated by the Participant in either a single sum payment or in installments, as elected by the Participant. If the Participant has elected that death benefits be paid in a single sum, the payment shall be made no later than March 1 following the calendar year in which occurs the Participant's death. If the Participant has elected that death benefits be paid in installments, (A) any installments previously commenced to the Participant shall continue to the Beneficiary and (B) if installment distributions had not commenced as of the date of the Participant's death, payments over the installment period elected by the Participant shall commence to the Beneficiary no later than March 1 following the calendar year in which occurs the Participant's death. (v) Change in Control. Notwithstanding the applicable elections described above and the provisions of Section 5.01, the Participant may elect that in the event of a Change in Control the benefits otherwise provided hereunder shall be accelerated in a single lump sum to occur as soon as practicable after such Change in Control. (b) A distribution election shall be deemed made only when it is received by the Secretary, and shall remain in effect until modified by the Participant in accordance with Section 4.02 below. Section 4.02. Modified Distribution Election. A Participant may from time to time modify his distribution election by filing a revised distribution election, properly completed and signed, with the Secretary. However, a revised distribution election will be given effect only if the Participant remains employed by (or in the case of a Director, continues service on the Board) for twenty-four (24) consecutive months following the date that the revised election is received by the Secretary. Section 4.03. Time of Distribution. Each annual distribution will be made no later than March 1 of the year for which the distribution is being made. ARTICLE V. PROTECTION OF OTHER EMPLOYEE PLAN BENEFITS Section 5.01. Retirement Plan Equalization Benefit. (a) In the case of an Executive who participates in the Gehl Company Retirement Income Plan "B" ("Retirement Plan"), a monthly benefit shall be paid to the Executive during his lifetime, and if applicable, to his designated beneficiary under the Retirement Plan following the Executive's death, a monthly amount equal to the difference between: (i) The monthly benefit that would have been payable to or on behalf of the Participant under the Retirement Plan had the Participant's compensation for Retirement Plan purposes been calculated prior to reduction for Deferrals made to this Plan but subject to the aggregate compensation and benefit limitations described in Sections 401(a)(17) and 415 of the Code; and (ii) The monthly benefit actually payable to or on behalf of the Executive under the Retirement Plan. (b) Payments under this Section 5.01 shall cease when all benefits payable to or on behalf of the Executive under the Retirement Plan are discontinued. (c) In the event of a Change in Control that results in the acceleration of payment pursuant to Section 4.01(a)(v), the lump sum value of this supplement shall be determined using the interest rate and mortality table specified in the Retirement Plan at that time for valuing lump sums, even though said lump sum payments may be for small amounts only. Section 5.02. Life Insurance Equalization Benefit. In the event that a Deferral reduces the amount of death benefit coverage provided under the Company's group term life insurance plan ("GTLI Plan"), in the event of the Executive's death while such coverage is in effect and prior to the Executive's termination of employment with the Company, the Company shall pay to the beneficiary or beneficiaries of the Executive designated for purposes of the GTLI Plan an amount equal to the difference between: (i) The amount of benefits that would have been payable on behalf of the Participant under the GTLI Plan had no Deferral been elected; and (ii) The benefit actually payable on behalf of the Executive under the GTLI Plan. The timing and form of such payments shall be identical to the payments from the GTLI Plan, although the tax effects to the recipient may be different. Section 5.03. Long-Term Disability Insurance Equalization Benefit. In the event that a Deferral reduces the amount of long-term disability benefit coverage provided under the Company's group long-term disability insurance plan ("LTD Plan"), in the event of the Executive's disability while such coverage is in effect and prior to the Executive's termination of employment with the Company, the Company shall pay to the Executive an amount equal to the difference between: (i) The amount of benefits that would have been payable to the Participant under the LTD Plan had no Deferral been elected; and (ii) The benefit actually payable to the Executive under the LTD Plan. The timing and form of such payments shall be identical to the payments from the KTD Plan, although the tax effects to the Executive may be different. ARTICLE VI. MISCELLANEOUS PROVISIONS Section 6.01. Administration. The Compensation Committee shall administer and interpret the Plan and supervise preparation of Participant elections, forms, and any amendments thereto. Interpretation of the Plan shall be within the sole discretion of the Compensation Committee and shall be final and binding upon each Participant and Beneficiary. The Compensation Committee may adopt and modify rules and regulations relating to the Plan as it deems necessary or advisable for the administration of the Plan. Section 6.02. Participant Rights Unsecured. (a) The right of a Participant or his Beneficiary to receive a distribution hereunder shall be an unsecured claim, and neither the Participant nor any Beneficiary shall have any rights in or against any amount credited to his Account or any other specific assets of a Participating Employer. The right of a Participant or Beneficiary to the payment of benefits under this Plan shall not be assigned, encumbered, or transferred, except by will or the laws of descent and distribution. The rights of a Participant hereunder are exercisable during the Participant's lifetime only by him or his guardian or legal representative. (b) Notwithstanding the establishment of the Trust or any other arrangements made by the Company from time to time to assist in meeting the obligations created under the Plan, any liability to any person with respect to the Plan shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. Nothing contained in this Plan and no action taken pursuant to its terms shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant or Beneficiary, or any other person. (c) If, after a Change in Control, (i) a dispute arises with respect to the enforcement of the Participant's rights under the Plan, or (ii) any legal proceeding shall be brought to enforce or interpret any provision contained in the Plan or to recover damages for breach of the Plan, in either case so long as the Participant is not acting in bad faith or otherwise pursuing a course of action that a reasonable person would determine to be frivolous, the Participant shall recover from the Company any reasonable attorneys' fees and necessary costs and disbursements incurred as a result of such dispute or legal proceeding ("Expenses"), and prejudgment interest on any money judgment obtained by the Participant calculated at the rate of interest announced by Firstar Bank Milwaukee, Milwaukee, Wisconsin (or any successor thereto), from time to time as its prime or base lending rate from the date that payments to the Participant should have been made under this Plan. Within ten (10) days after the Participant's written request therefor, the Company shall pay to the Participant, or such other person or entity as the Participant may designate in writing to the Company, the Participant's Expenses in advance of the final disposition or conclusion of any such dispute or legal proceeding. In the case of a deceased Participant, this Section 6.03(c) shall apply with respect to the Participant's Beneficiary or estate. Section 6.03. Tax Withholding. No later than the date as of which an amount first becomes includible in the gross income of the Participant or Beneficiary for Federal income tax purposes, the Participant or Beneficiary shall pay or make arrangements satisfactory to the Compensation Committee regarding the payment of, any Federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. Section 6.04. Establishment, Amendment or Termination of Plan. (a) There shall be no time limit on the duration of the Plan. Except as provided in Section 6.04(b) below, the Board (or where specified herein, the Compensation Committee) may at any time amend or terminate the Plan; provided, however, that no amendment or termination may reduce or eliminate any Account balance accrued or credited on behalf of a Participant based on Deferrals already made or reduce or eliminate benefits accrued or credited based upon service already rendered. (b) Upon and following the occurrence of a Change in Control: (i) The Board may at any time amend the Plan consistent with Section 6.04(a) to (A) modify the terms and conditions applicable to (or otherwise eliminate) Deferrals that in the absence of the amendment would have been made on or after the Amendment Date, or (B) modify the terms and conditions applicable to (or otherwise eliminate) the accrual of benefits, with respect to periods on or after the Amendment Date, under the supplemental benefits described in Section 3.02(b) and Article V of the Plan. (ii) Any amendment to the Plan or action to terminate the Plan that is not described in Section 6.04(b)(i) above, including, without limitation, an amendment that would affect the crediting of investment earnings or losses with respect to Deferrals made prior to the Amendment Date and any amendment that would affect the supplemental benefits described in Section 3.02(b) and Article V that have accrued through the Amendment Date, shall be effective only with the written consent of the Participant (or in the case of a deceased Participant, the Participant's Beneficiary). (c) The term "Amendment Date" means the date on which an amendment to the Plan is validly adopted or the date on which the amendment is or purports to be effective, whichever is later. Section 6.05. Administrative Expenses. Costs of establishing and administering the Plan will be paid by the Company. Section 6.06. Successor and Assigns. This Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns and the Participants and their heirs, executors, administrators, and legal representatives. EX-27 3 0003.txt
5 This schedule contains summary financial information extracted from Gehl Company's condensed consolidated balance sheet at September 30, 2000 and condensed consolidated statements of income for the nine-month period ended September 30,2000 and is qualified in its entirety by reference to such financial statements. 1000 9-MOS DEC-31-2000 JAN-1-2000 SEP-30-2000 2808 0 91535 0 45741 148875 91634 47469 226017 54627 59455 538 0 0 101414 226017 201812 201812 146361 146361 0 0 3469 14440 5054 9386 0 0 0 9386 1.70 1.65 The Company presents receivables on a net basis in compliance with Article 10 of Regulation S-X. Includes all non-current portion of debt obligations The EPS under the "EPS-Primary" tag represents Basic Earnings Per Share.
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