SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

(Mark One)
(x)[x]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934

     For the quarterly period ended DecemberMarch 31, 19992000

                                       or

( )[ ]  Transaction Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     for the Transition period from                 to
                                    ---------------    ---------------

Commission File Number   0-13886
                         -------


                            Oshkosh Truck Corporation
             ------------------------------------------------------
             [Exact name of registrant as specified in its charter]

                Wisconsin                                39-0520270
     -------------------------------                -------------------
     [State or other jurisdiction of                 [I.R.S. Employer
      incorporation or organization]                Identification No.]

2307 Oregon Street, P.O. Box 2566, Oshkosh, Wisconsin           54903
- -----------------------------------------------------         ----------
[Address of principal executive offices]                      [Zip Code]

Registrant's telephone number, including area code (920) 235-9151
                                                   --------------

                                      None
                   ------------------------------------------
                    [Former name, former address and former
                   fiscal year, if changed since last report]

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 A Common Stock Outstanding as of January 31,April 15, 2000:    425,173422,609
- --------------------------------------------------------------------

Common Stock Outstanding as of January 31,April 15, 2000:            16,202,98316,205,798
- --------------------------------------------------------------------





                            OSHKOSH TRUCK CORPORATION
                                 FORM 10-Q INDEX
                      FOR THE QUARTER ENDED DECEMBERMARCH 31, 19992000


                                                                            Page

Part I.   Financial Information

          Item 1. Financial Statements (Unaudited)

                  Condensed Consolidated Statements of Income
                      - Three Months Ended DecemberMarch 31, 2000 and 1999;
                        Six Months Ended March 31, 2000 and 1999 and 1998..........3..............3

                  Condensed Consolidated Balance Sheets
                     - DecemberMarch 31, 19992000 and September 30, 1999...............41999...................4

                  Condensed Consolidated Statement of Shareholders' Equity
                     - ThreeSix Months Ended DecemberMarch 31, 1999...................52000 ........................5

                  Condensed Consolidated Statements of Cash Flows
                     - ThreeSix Months Ended DecemberMarch 31, 2000 and 1999 and 1998 .........6...............6

                  Notes to Condensed Consolidated Financial Statements
                     - DecemberMarch 31, 1999......................................72000 .........................................7

          Item 2. Management's Discussion and Analysis of Consolidated
                    Financial Condition and Results of Operations ..........18............20

          Item 3. Quantitative and Qualitative Disclosure of Market Risk ........24.....27

Part II.  Other Information

          Item 1. Legal Proceedings .............................................25..........................................28

          Item 4. Submission of Matters to Vote of Security Holders ..........28

          Item 6. Exhibits and Reports on Form 8-K ..............................25...........................28

Signatures .................................................................26...................................................................29



                                       2



PART I. ITEM 1. FINANCIAL INFORMATION
                            OSHKOSH TRUCK CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)


                                                          Three Months Ended
                                                             December 31,
                                                          ------------------
                                                          1999          1998
                                                          ----          ----
                                                        (In thousands, except
                                                          per share amounts)

Net sales                                            $    243,867    $ 222,693
Cost of sales                                             203,890      190,585
                                                     ------------    ---------
Gross income                                               39,977       32,108
Operating expenses:
  Selling, general and administrative                      20,578       16,545
  Amortization of goodwill and other intangibles            2,772        2,735
                                                     ------------    ---------
     Total operating expenses                              23,350       19,280
                                                     ------------    ---------
Operating income                                           16,627       12,828
Other income (expense):
  Interest expense                                         (5,786)      (6,581)
  Interest income                                             166          186
  Miscellaneous, net                                          114          142
                                                     ------------    ---------
                                                           (5,506)      (6,253)
Income before income taxes,
  equity in earnings of unconsolidated
  partnership and extraordinary item                       11,121        6,575
Provision for income taxes                                  4,740        3,000
                                                     ------------    ---------
                                                            6,381        3,575
Equity in earnings of unconsolidated
  partnership, net of income taxes                            315          337
                                                     ------------    ---------
Income before extraordinary item                            6,696        3,912
Extraordinary charge for early retirement of debt,
  net of income tax benefit                                  (581)        --
                                                     ------------    ---------
Net income                                           $      6,115    $   3,912
                                                     ============    =========

Earnings per share:
  Income before extraordinary item                   $       0.46    $    0.31
  Extraordinary item                                        (0.04)        --
                                                     ------------    ---------
    Net income                                       $       0.42    $    0.31
                                                     ============    =========

Earnings per share assuming dilution:
  Income before extraordinary item                   $       0.46    $    0.30
  Extraordinary item                                        (0.04)        --
                                                     ------------    ---------
    Net income                                       $       0.42    $    0.30
                                                     ============    =========

Cash dividends:
  Class A Common Stock                               $    0.07500    $ 0.07250
  Common Stock                                       $    0.08625    $ 0.08333
                                    PART I. ITEM 1. FINANCIAL INFORMATION
                                          OSHKOSH TRUCK CORPORATION
                                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                 (Unaudited)


Three Months Ended Six Months Ended March 31, March 31, 2000 1999 2000 1999 ---- ---- ---- ---- (In thousands, except per share amounts) Net sales $330,524 $298,534 $574,391 $521,227 Cost of sales 280,763 254,014 484,653 444,599 -------- -------- -------- -------- Gross income 49,761 44,520 89,738 76,628 Operating expenses: Selling, general and administrative 22,334 24,754 42,912 41,299 Amortization of goodwill and other intangibles 2,772 2,890 5,544 5,625 -------- -------- -------- -------- Total operating expenses 25,106 27,644 48,456 46,924 -------- -------- -------- -------- Operating income 24,655 16,876 41,282 29,704 Other income (expense): Interest expense (5,412) (6,645) (11,198) (13,226) Interest income 188 241 354 427 Miscellaneous, net 171 198 285 340 -------- -------- -------- -------- (5,053) (6,206) (10,559) (12,459) -------- -------- -------- -------- Income from continuing operations before income taxes, equity in earnings of unconsolidated partnership and extraordinary item 19,602 10,670 30,723 17,245 Provision for income taxes 7,964 4,501 12,704 7,501 -------- -------- -------- -------- 11,638 6,169 18,019 9,744 Equity in earnings of unconsolidated partnership, net of income taxes 275 380 590 717 -------- -------- -------- -------- Income from continuing operations before extraordinary item 11,913 6,549 18,609 10,461 Gain from discontinued operations, net of income taxes of $1,235 2,015 -- 2,015 -- Extraordinary charge for early retirement of debt, net of income tax benefit of $356 -- -- (581) -- -------- -------- -------- -------- Net income $ 13,928 $ 6,549 $ 20,043 $ 10,461 ======== ======== ======== ======== Earnings per share: Income from continuing operations before extraordinary item $ 0.72 $ 0.51 $ 1.20 $ 0.83 Net income $ 0.84 $ 0.51 $ 1.29 $ 0.83 Earnings per share assuming dilution: Income from continuing operations before extraordinary item $ 0.70 $ 0.50 $ 1.18 $ 0.81 Net income $ 0.82 $ 0.50 $ 1.27 $ 0.81 Cash dividends: Class A Common Stock $0.07500 $0.07250 $0.15000 $0.14500 Common Stock $0.08625 $0.08333 $0.17250 $0.16667 The accompanying notes are an integral part of these condensed consolidated financial statements.
3 OSHKOSH TRUCK CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS DecemberMarch 31, September 30, 2000 1999 1999 --------------------- ------------- (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 3,6394,659 $ 5,137 Receivables, net 62,804105,374 93,186 Inventories 231,946249,392 198,446 Prepaid expenses 4,7536,182 4,963 Deferred income taxes 15,05012,378 14,558 --------- ------------------- ---------- Total current assets 318,192377,985 316,290 Investment in unconsolidated partnership 13,75413,885 12,335 Other long-term assets 20,71722,441 20,853 Property, plant and equipment 162,278166,493 154,597 Less accumulated depreciation (73,024)(75,355) (70,606) --------- ------------------- ---------- Net property, plant and equipment 89,25491,138 83,991 Goodwill and other intangible assets, net 317,049314,277 319,821 --------- ------------------- ---------- Total assets $ 758,966819,726 $ 753,290 ========= =================== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 74,914100,316 $ 84,727 Floor plan notes payable 38,28537,861 26,616 Customer advances 68,69066,040 68,364 Payroll-related obligations 16,28021,987 24,734 Accrued warranty 13,88614,492 14,623 Other current liabilities 50,93144,869 48,462 Revolving credit facility and current maturities of long-term debt 13,05742,030 5,259 --------- ------------------- ---------- Total current liabilities 276,043327,595 272,785 Long-term debt 159,782157,976 255,289 Deferred income taxes 43,69542,053 44,265 Other long-term liabilities 18,43518,581 18,071 Commitments and contingencies -- -- Shareholders' equity 261,011273,521 162,880 --------- ------------------- ---------- Total liabilities and shareholders' equity $ 758,966819,726 $ 753,290 ========= =================== ========== The accompanying notes are an integral part of these condensed consolidated financial statements. 4 OSHKOSH TRUCK CORPORATION CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY THREESIX MONTHS ENDED DECEMBERMARCH 31, 19992000 (Unaudited)
Common Paid-in Retained Cost of Common Paid-in Retained Common Stock Stock Capital Earnings Stock in Treasury Total ------ ------- -------- ----------------------------- ----- (In thousands) Balance at September 30, 1999 $ 140 $ 15,997 $ 157,810 $ (11,067) $ 162,880 Net income and comprehensive income -- -- 6,115 -- 6,115--- --- 20,043 --- 20,043 Proceeds from Common Stock offering, net of expenses 38 93,357 -- -- 93,39593,364 --- --- 93,402 Cash dividends: Class A Common Stock -- -- (32) -- (32)--- --- (64) --- (64) Common Stock -- -- (1,397) -- (1,397)--- --- (2,795) --- (2,795) Other -- 21 -- 29 50 ------------ 24 --- 31 55 ----- --------- --------- --------- --------- Balance at DecemberMarch 31, 19992000 $ 178 $ 109,375109,385 $ 162,496174,994 $ (11,038)(11,036) $ 261,011273,521 ===== ========= ========= ========= ========= =========
The accompanying notes are an integral part of these condensed consolidated financial statements. 5 OSHKOSH TRUCK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended December 31, 1999 1998 ---- ---- (In thousands) Operating activities: Income before extraordinary item $ 6,696 $ 3,912 Non-cash adjustments 4,202 2,798 Changes in operating assets and liabilities (5,624) (1,784) --------------- ------------- Net cash provided from operating activities 5,274 4,926 Investing activities: Acquisition of business (5,893) -- Additions to property, plant and equipment (3,888) (1,853) Proceeds from sale of property, plant and equipment -- 27 Increase in other long-term assets (1,603) (1,788) --------------- -------------- Net cash used for investing activities (11,384) (3,614) Financing activities: Net borrowings (repayments) under revolving credit facility 6,000 (700) Repayments of long-term debt (93,709) (148) Proceeds from Common Stock offering 93,736 -- Costs of Common Stock offering (341) -- Dividends paid (1,102) (1,048) Other 28 135 -------------- ------------- Net cash provided from (used for) financing activities 4,612 (1,761) -------------- ------------- Decrease in cash and cash equivalents (1,498) (449) Cash and cash equivalents at beginning of period 5,137 3,622 -------------- ------------- Cash and cash equivalents at end of period $ 3,639 $ 3,173 ============== ============= Supplementary disclosures: Depreciation and amortization $ 5,780 $ 5,373 Cash paid for interest 4,566 4,252 Cash paid for income taxes 361 6,320
OSHKOSH TRUCK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended March 31, 2000 1999 ---- ---- (In thousands) Operating activities: Income from continuing operations before extraordinary item $ 18,609 $ 10,461 Non-cash adjustments 10,500 4,252 Changes in operating assets and liabilities (45,425) (18,560) --------- --------- Net cash used for operating activities (16,316) (3,847) Investing activities: Acquisition of business (5,625) -- Additions to property, plant and equipment (8,676) (4,712) Proceeds from sale of property, plant and equipment 46 30 Increase in other long-term assets (2,282) (2,482) --------- ---------- Net cash used for investing activities (16,537) (7,164) Net cash provided from discontinued operations 2,015 -- Financing activities: Net borrowings under revolving credit facility 33,200 13,300 Repayments of long-term debt (93,742) (241) Proceeds from Common Stock offering 93,736 -- Costs of Common Stock offering (334) -- Dividends paid (2,531) (2,103) Other 31 819 --------- --------- Net cash provided from financing activities 30,360 11,775 --------- --------- Increase (decrease) in cash and cash equivalents (478) 764 Cash and cash equivalents at beginning of period 5,137 3,622 --------- --------- Cash and cash equivalents at end of period $ 4,659 $ 4,386 ========= ========= Supplementary disclosures: Depreciation and amortization $ 11,515 $ 11,085 Cash paid for interest 12,014 12,986 Cash paid for income taxes 9,258 14,028 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 OSHKOSH TRUCK CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION The condensed consolidated financial statements included herein have been prepared by Oshkosh Truck Corporation (the "Company") without audit. However, the foregoing financial statements contain all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of Company management, necessary to present fairly the condensed consolidated financial statements. 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 the rules and regulations of the Securities and Exchange Commission. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 1999 annual report to shareholders. 2. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted weighted average shares used in the denominator of the per share calculations: Three Months Ended DecemberSix Months Ended March 31, March 31, ------------------ ----------------- 2000 1999 19982000 1999 ---- ---- ---- ---- Denominator for basic earnings per share 14,398,921 12,635,63616,628,316 12,700,368 15,507,527 12,667,757 Effect of dilutive options and incentive compensation awards 310,575 266,989 ---------314,625 304,943 312,581 289,582 ---------- ---------- ---------- ---------- Denominator for dilutive earnings per share 14,709,496 12,902,62516,942,941 13,005,311 15,820,108 12,957,339 ========== ========== ========== ========== 3. INVENTORIES Inventories consist of the following: DecemberMarch 31, September 30, 2000 1999 1999 --------------------- ------------- (In thousands) Finished products $ 64,02974,125 $ 59,649 Partially finished products 86,75395,415 62,047 Raw materials 96,634100,042 89,417 --------- --------- Inventories at FIFO cost 247,416269,582 211,113 Less: Progress payments on U.S. government contracts (5,270)(9,191) (2,951) Excess of FIFO cost over LIFO cost (10,200)(10,999) (9,716) --------- --------- $ 231,946249,392 $ 198,446 ========= ========= Title to all inventories related to government contracts, which provide for progress payments, vests with the government to the extent of unliquidated progress payments. 7 4. ACQUISITIONSACQUISITIONS/DISPOSITIONS In January 2000, the Company entered into a technology transfer agreement and collected certain previously written-off receivables from a foreign affiliate, as a part of the disposition of a business that the Company exited in 1995. Gross proceeds of $3.2 million, less taxes of $1.2 million, or net proceeds of $2.0 million, have been recorded as a gain from discontinued operations. On November 1, 1999, the Company acquired the manufacturing assets of Kewaunee Engineering Corporation ("Kewaunee") for $5.9$5.6 million in cash plus the assumption of certain liabilities aggregating approximately $2.3$2.2 million. Kewaunee is a fabricator of heavy-steel components for cranes, aerial devices and other equipment. The acquisition was financed from borrowings under the Company's senior credit facility. The acquisition was accounted for using the purchase method of accounting and, accordingly, the operating results of Kewaunee are included in the Company's consolidated statements of income beginning November 1, 1999. The purchase price, including acquisition costs, approximated the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date. Had the acquisition occurred on October 1, 1999 or 1998, there would have been no material pro forma impact on the Company's consolidated net sales, net income or earnings per share in fiscal 2000 or 1999. 5. LONG-TERM DEBT The Company has outstanding a senior credit facility and $100.0 million of 8.75% senior subordinated notes due March 1, 2008. The senior credit facility consists of a six year $100.0 million revolving credit facility ("Revolving Credit Facility") and three term loan facilities ("Term Loan A", "Term Loan B", and "Term Loan C"). The outstanding balances as of DecemberMarch 31, 19992000 on the Revolving Credit Facility, Term Loan A, Term Loan B, and Term Loan C are $11.0$38.2 million, $32.5 million, $13.5 million, and $13.5 million, respectively. At DecemberMarch 31, 1999,2000, outstanding borrowings of $11.0$38.2 million and $6.1$9.2 million of outstanding letters of credit reduced available capacity under the Revolving Credit Facility to $82.9$52.6 million. Substantially all the tangible and intangible assets of the Company and its subsidiaries (including the stock of certain subsidiaries) are pledged as collateral under the senior credit facility. The senior credit facility includes customary affirmative and negative covenants and requires mandatory prepayments to the extent of "excess cash flows" as defined in the senior credit facility. The senior subordinated notes were issued pursuant to an Indenture dated February 26, 1998 (the "Indenture"), between the Company, the Subsidiary Guarantors (as defined below) and Firstar Trust Company, as trustee. The Indenture contains customary affirmative and negative covenants. The Subsidiary Guarantors fully, unconditionally, jointly and severally guarantee the Company's obligations under the senior subordinated notes. 8 6. COMMON STOCK OFFERING On November 24, 1999, the Company sold 3,795,000 shares of its Common Stock at $26.00 per share. Proceeds from the offering, net of underwriting discounts and commissions, totaled $93.7 million with $93.5 million used to repay indebtedness under the Company's senior credit facility. Pro forma unaudited earnings per share of the Company, assuming that the net proceeds to the Company from the offering were used to repay term debt as of October 1, 1999 and 1998, are summarized below: ThreeSix Months Ended DecemberMarch 31, ------------------2000 1999 1998 ---- ---- Earnings per share from continuing operations before extraordinary item Basic $ 0.441.16 $ 0.300.77 Assuming dilution 0.43 0.301.14 0.75 Weighted average shares Basic 16,626,421 16,430,63616,627,364 16,462,757 Assuming dilution 16,936,996 16,697,62516,939,945 16,752,339 7. COMMITMENTS AND CONTINGENCIES McNeilus Companies, Inc. ("McNeilus") was a defendant in litigation which was commenced in 1993 prior to the acquisition of McNeilus by the Company. The litigation,Company, which was brought by The Heil Co. ("Heil"), a McNeilus competitor,competitor. This litigation sought damages and made claims that McNeilus infringed certain aspects of one of its patent.patents. A settlement of the matter was reached in January 2000. The settlement included a payment to Heil, the amount of which was fully reserved for at December 31, 1999. As part of its routine business operations, the Company disposes of and recycles or reclaims certain industrial waste materials, chemicals and solvents at third party disposal and recycling facilities, which are licensed by appropriate governmental agencies. In some instances, these facilities have been and may be designated by the United States Environmental Protection Agency ("EPA") or a state environmental agency for remediation. Under the Comprehensive Environmental Response, Compensation, and Liability Act (the "Superfund" law) and similar state laws, each potentially responsible party ("PRP") that contributed hazardous substances may be jointly and severally liable for the costs associated with cleaning up the site. Typically, PRPs negotiate a resolution with the EPA and/or the state environmental agencies. PRPs also negotiate with each other regarding allocation of the cleanup cost. As to one such Superfund site, Pierce Manufacturing Inc. ("Pierce") is one of 431 PRPs participating in the costs of addressing the site and has been assigned an allocation share of approximately 0.04%. Currently, a report of the remedial investigation/ feasibility study is being completed, and as such, an estimate for the total cost of the remediation of this site has not been made to date. However, based on estimates and the assigned allocations, the Company believes its liability at the site will not be material and its share is adequately covered through reserves established by the Company at DecemberMarch 31, 1999.2000. Actual liability could vary based on 9 results of the study, the resources of other PRPs, and the Company's final share of liability. The Company is addressing a regional trichloroethylene ("TCE") groundwater plume on the south side of Oshkosh, Wisconsin. The Company believes there may be multiple sources in the area. TCE was detected at the Company's North Plant facility with testing showing the highest concentrations in a monitoring well located on the upgradient property line. Because the investigation process is still ongoing, it is not possible for the Company to estimate its long-term total liability associated with this issue at this time. Also, as part of the regional TCE groundwater investigation, the Company conducted a groundwater investigation of a former landfill located on Company property. The landfill, acquired by the Company in 1972, is approximately 2.0 acres in size and is believed to have been used for the disposal of household waste. Based on the investigation, the Company does not believe the landfill is one of the sources of the TCE contamination. Based upon current knowledge, the Company believes its liability associated with the TCE issue will not be material and that it has established adequate reserves for the matter as of DecemberMarch 31, 1999.2000. However, this may change as investigations proceed by the Company, other unrelated property owners, and the government. The Company is subject to other environmental matters and legal proceedings and claims, including patent, antitrust, product liability and state dealership regulation compliance proceedings, that arise in the ordinary course of business. Although the final results of all such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution of all such matters and claims, after taking into account the liabilities accrued with respect to such matters and claims, will not have a material adverse effect on the Company's financial condition or results of operations. Actual results could vary, among other things, due to the uncertainties involved in litigation. The Company has guaranteed certain customers' obligations under deferred payment contracts and lease purchase agreements totaling approximately $1$1.0 million at DecemberMarch 31, 1999.2000. The Company is also contingently liable under bid, performance and specialty bonds totaling approximately $132.2$148.6 million and open standby letters of credit issued by the Company's bank in favor of third parties totaling approximately $6.1$9.2 million at DecemberMarch 31, 1999.2000. 10 8. BUSINESS SEGMENT INFORMATION
Three Months Ended December 31, ------------------ 1999 1998 ---- ---- (in thousands) Net sales to unaffiliated customers: Commercial $ 115,394 $ 96,819 Fire and emergency 75,577 73,849 Defense 52,896 52,025 ------------ ------------- Consolidated $ 243,867 $ 222,693 ============ ============= Operating income (loss): Commercial $ 9,054 $ 4,794 Fire and emergency 3,915 4,819 Defense 7,495 6,164 Corporate and other (3,837) (2,949) ------------ ------------- Consolidated operating income 16,627 12,828 Net interest expense (5,620) (6,395) Miscellaneous other 114 142 ------------ ------------- Income before income taxes, equity in earnings of unconsolidated partnership and extraordinary item $ 11,121 $ 6,575 ============ ============= December 31, September 30, 1999 1999 ------------ ------------- (in thousands) Identifiable assets: Commercial $ 415,318 $ 381,199 Fire and emergency 278,536 276,692 Defense 63,305 85,796 Corporate and other 1,807 9,603 ------------ ------------- Consolidated $ 758,966 $ 753,290 ============ =============
Three Months Ended Six Months Ended March 31, March 31, --------- --------- 2000 1999 2000 1999 ---- ---- ---- ---- (In thousands) Net sales to unaffiliated customers: Commercial $181,873 $168,848 $297,267 $265,667 Fire and emergency 102,804 85,781 178,381 159,630 Defense 45,847 44,405 98,743 96,430 Corporate and other -- (500) -- (500) -------- -------- -------- -------- Consolidated net sales $330,524 $298,534 $574,391 $521,227 ======== ======== ======== ======== Operating income (loss): Commercial $ 17,809 $ 13,624 $ 26,863 $ 18,418 Fire and emergency 9,478 6,878 13,393 11,697 Defense 2,163 4,605 9,658 10,769 Corporate and other (4,795) (8,231) (8,632) (11,180) -------- -------- -------- -------- Consolidated operating income 24,655 16,876 41,282 29,704 Net interest expense (5,224) (6,404) (10,844) (12,799) Miscellaneous other 171 198 285 340 -------- -------- -------- ------- Income from continuing operations before income taxes, equity in earnings of unconsolidated partnership and extraordinary item $ 19,602 $ 10,670 $ 30,723 $ 17,245 ======== ======== ======== ======== March 31, September 30, 2000 1999 --------- ------------- (In thusands) Identifiable assets: Commercial $ 442,127 $ 381,199 Fire and emergency 295,638 276,692 Defense 76,593 85,796 Corporate and other 5,368 9,603 --------- --------- Consolidated identifiable assets $ 819,726 $ 753,290 ========= ========= 9. CONDENSED CONSOLIDATING FINANCIAL INFORMATION The following tables present condensed consolidating financial information for: (a) the Company; (b) on a combined basis, the guarantors of the senior subordinated notes, which include all wholly-owned subsidiaries of the Company ("Subsidiary Guarantors") other than McNeilus Financial Services, Inc. and Oshkosh/McNeilus Financial Services, Inc., which are the only non-guarantor subsidiaries of the Company ("Non-Guarantor Subsidiaries"), and (c) on a combined basis, the Non-Guarantor Subsidiaries. Separate financial statements of the Subsidiary Guarantors are not presented because the Subsidiary Guarantors are jointly, severally and unconditionally liable under the guarantees, and the Company believes separate financial statements and other disclosures regarding the Subsidiary Guarantors are not material to investors. The Company is comprised of Wisconsin and Florida manufacturing operations and certain corporate management, information services and finance functions. Borrowings and related interest expense under the senior credit facility and the senior subordinated notes are charged to the Company. The Company has allocated a portion of this interest expense to certain Subsidiary Guarantors through formal lending arrangements. There are no management fee arrangements between the Company and its Non-Guarantor Subsidiaries. 11 OSHKOSH TRUCK CORPORATION Condensed Consolidating Statements of Income For the Three Months Ended DecemberMarch 31, 19992000 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) Net sales $ 80,794 $167,714109,843 $ 225,691 $ -- $ (4,641)(5,010) $ 243,867330,524 Cost of sales 67,993 140,53897,941 187,832 -- (4,641) 203,890 -------- --------(5,010) 280,763 --------- --------- ------- ---------- --------- Gross income 12,801 27,17611,902 37,859 -- -- 39,97749,761 Operating expenses: Selling, general and administrative 8,398 12,096 8410,333 11,899 102 -- 20,57822,334 Amortization of goodwill and other intangibles -- 2,772 -- -- 2,772 -------- -------- --------- ----------------- ------- --------- --------- Total operating expenses 8,398 14,868 8410,333 14,671 102 -- 23,350 -------- --------25,106 --------- ----------------- ------- --------- --------- Operating income (loss) 4,403 12,308 (84)1,569 23,188 (102) -- 16,62724,655 Other income (expense): Interest expense (5,406) (1,955)(4,717) (2,270) -- 1,575 (5,786)(5,412) Interest income 32 1,668 4156 1,706 1 (1,575) 166188 Miscellaneous, net 8 (12) 118(60) 100 131 -- 114 -------- -------- --------- -------- --------- (5,366) (299) 159 -- (5,506)171 --------- --------- ------- --------- ----------------- (4,721) (464) 132 -- (5,053) ---------- ---------- ------- --------- ---------- Income (loss) from continuing operations before income taxes and equity in earnings of subsidiaries and unconsolidated partnership and extraordinary item (963) 12,009 75(3,152) 22,724 30 -- 11,12119,602 Provision (credit) for income taxes (366) 5,078 28(1,198) 9,150 12 -- 4,7407,964 ---------- --------- --------------- --------- -------- --------- (597) 6,931 47(1,954) 13,574 18 -- 6,38111,638 Equity in earnings of subsidiaries and unconsolidated partnership, net of income taxes 7,29313,867 -- 315 (7,293) 315 -------- --------275 (13,867) 275 --------- --------- ------- ---------- --------- Income before extraordinary item 6,696 6,931 362 (7,293) 6,696 Extraordinary charge for early retirement of debt,from continuing operations 11,913 13,574 293 (13,867) 11,913 Discontinued operations, net of income tax benefit (581)2,015 -- -- -- (581) -------- --------2,015 --------- ----------------- ------- --------- --------- Net income $ 6,11513,928 $ 6,93113,574 $ 362293 $ (7,293)(13,867) $ 6,115 ======== ========13,928 ========= ========= ======= ========== =========
12 OSHKOSH TRUCK CORPORATION Condensed Consolidating Statements of Income For the Three Months Ended DecemberMarch 31, 19981999 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) Net sales $ 76,734 $146,939101,360 $ 198,635 $ -- $ (980)(1,461) $ 222,693298,534 Cost of sales 66,342 125,22389,187 166,288 -- (980) 190,585 -------- --------(1,461) 254,014 --------- ------------------- ------- ---------- --------- Gross income 10,392 21,71612,173 32,347 -- -- 32,10844,520 Operating expenses: Selling, general and administrative 7,298 9,204 4312,458 12,196 100 -- 16,54524,754 Amortization of goodwill and other intangibles -- 2,7352,890 -- -- 2,735 -------- --------2,890 --------- ------------------ ------- --------- --------- Total operating expenses 7,298 11,939 4312,458 15,086 100 -- 19,280 -------- --------27,644 --------- ------------------ ------- --------- --------- Operating income (loss) 3,094 9,777 (43)(285) 17,261 (100) -- 12,82816,876 Other income (expense): Interest expense (6,184) (1,972)(6,158) (2,062) -- 1,575 (6,581)(6,645) Interest income 74 1,675 12123 1,671 22 (1,575) 186241 Miscellaneous, net 72 38 3239 35 124 -- 142 -------- --------198 --------- -------- --------- (6,038) (259) 44 -- (6,253)---------- ------- --------- --------- (5,996) (356) 146 -- (6,206) ---------- ----------- ------- --------- -------- ---------- Income (loss) before income taxes and equity in earnings of subsidiaries and unconsolidated partnership (2,944) 9,518 1(6,281) 16,905 46 -- 6,57510,670 Provision (credit) for income taxes (1,119) 4,119(2,499) 6,982 18 -- 4,501 ---------- ---------- ------- --------- --------- (3,782) 9,923 28 -- 3,000 --------- -------- --------- -------- --------- (1,825) 5,399 1 -- 3,5756,169 Equity in earnings of subsidiaries and unconsolidated partnership, net of income taxes 5,73710,331 -- 337 (5,737) 337 -------- --------380 (10,331) 380 --------- ------------------- ------- ---------- --------- Net income $ 3,9126,549 $ 5,3999,923 $ 338408 $ (5,737)(10,331) $ 3,912 ======== ========6,549 ========= =================== ======= ========== =========
13 OSHKOSH TRUCK CORPORATION Condensed Consolidating Balance Sheets DecemberStatements of Income For the Six Months Ended March 31, 2000 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) Net sales $ 190,637 $ 393,405 $ -- $ (9,651) $ 574,391 Cost of sales 165,934 328,370 -- (9,651) 484,653 --------- --------- ------- ---------- --------- Gross income 24,703 65,035 -- -- 89,738 Operating expenses: Selling, general and administrative 18,731 23,995 186 -- 42,912 Amortization of goodwill and other intangibles -- 5,544 -- -- 5,544 --------- --------- ------- --------- --------- Total operating expenses 18,731 29,539 186 -- 48,456 --------- --------- ------- --------- --------- Operating income (loss) 5,972 35,496 (186) -- 41,282 Other income (expense): Interest expense (10,123) (4,225) -- 3,150 (11,198) Interest income 88 3,374 42 (3,150) 354 Miscellaneous, net (52) 88 249 -- 285 --------- --------- ------- --------- --------- (10,087) (763) 291 -- (10,559) ---------- ---------- ------- --------- ---------- Income (loss) from continuing operations before income taxes, equity in earnings of subsidiaries and unconsolidated partnership and extraordinary item (4,115) 34,733 105 -- 30,723 Provision (credit) for income taxes (1,564) 14,228 40 -- 12,704 ---------- --------- ------- --------- --------- (2,551) 20,505 65 -- 18,019 Equity in earnings of subsidiaries and unconsolidated partnership, net of income taxes 21,160 -- 590 (21,160) 590 --------- --------- ------- ---------- --------- Income from continuing operations before extraordinary item 18,609 20,505 655 (21,160) 18,609 Discontinued operations, net 2,015 -- -- -- 2,015 Extraordinary item, net (581) -- -- -- (581) --------- --------- ------- --------- ---------- Net income $ 20,043 $ 20,505 $ 655 $ (21,160) $ 20,043 ========= ========= ======= ========== =========
14 OSHKOSH TRUCK CORPORATION Condensed Consolidating Statements of Income For the Six Months Ended March 31, 1999 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) Net sales $ 178,094 $ 345,574 $ -- $ (2,441) $ 521,227 Cost of sales 155,529 291,511 -- (2,441) 444,599 --------- --------- ------- ---------- --------- Gross income 22,565 54,063 -- -- 76,628 Operating expenses: Selling, general and administrative 19,756 21,400 143 -- 41,299 Amortization of goodwill and other intangibles -- 5,625 -- -- 5,625 --------- --------- ------- --------- --------- Total operating expenses 19,756 27,025 143 -- 46,924 --------- --------- ------- --------- --------- Operating income (loss) 2,809 27,038 (143) -- 29,704 Other income (expense): Interest expense (12,342) (4,034) -- 3,150 (13,226) Interest income 197 3,346 34 (3,150) 427 Miscellaneous, net 111 73 156 -- 340 --------- --------- ------- --------- --------- (12,034) (615) 190 -- (12,459) ---------- ---------- ------- --------- ---------- Income (loss) before income taxes and equity in earnings of subsidiaries and unconsolidated partnership (9,225) 26,423 47 -- 17,245 Provision (credit) for income taxes (3,618) 11,101 18 -- 7,501 ---------- --------- ------- --------- --------- (5,607) 15,322 29 -- 9,744 Equity in earnings of subsidiaries and unconsolidated partnership, net of income taxes 16,068 -- 717 (16,068) 717 --------- --------- ------- ---------- --------- Net income $ 10,461 $ 15,322 $ 746 $ (16,068) $ 10,461 ========= ========= ======= ========== =========
15 OSHKOSH TRUCK CORPORATION Condensed Consolidating Balance Sheets March 31, 2000 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) ASSETS Current assets: Cash and cash equivalents $ 2,1683,550 $ 1,3501,099 $ 12110 $ -- $ 3,6394,659 Receivables, net 28,879 38,488 (20) (4,543) 62,80449,792 57,634 (19) (2,033) 105,374 Inventories 62,428 169,51876,747 172,645 -- -- 231,946249,392 Prepaid expenses 3,898 8554,833 1,349 -- -- 4,7536,182 Deferred income taxes 4,974 6,309 3,7675,447 3,638 3,293 -- 15,050 -------12,378 --------- --------- -------- ------- ---------- ------------------- Total current assets 102,347 216,520 3,868 (4,543) 318,192140,369 236,365 3,284 (2,033) 377,985 Investment in and advances to: Subsidiaries 377,216 (3,926)390,701 (2,705) -- (373,290)(387,996) -- Unconsolidated partnership -- -- 13,75413,885 -- 13,75413,885 Other long-term assets 11,774 8,902 4113,372 9,015 54 -- 20,71722,441 Net property, plant and equipment 22,859 66,39522,935 68,203 -- -- 89,25491,138 Goodwill and other intangible assets, net -- 317,049314,277 -- -- 317,049 -------314,277 --------- --------- -------- ------- ---------- ------------------- Total assets $514,196 $604,940 $17,663 $ (377,833)567,377 $ 758,966625,155 $ 17,223 $ (390,029) $ 819,726 ========= ========= ======== ======== ======= =========== =================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $32,902 $ 43,84142,631 $ 3558,254 $ (1,864)32 $ 74,914(601) $ 100,316 Floor plan notes payable -- 40,96439,293 -- (2,679) 38,285(1,432) 37,861 Customer advances 987 67,7033,101 62,939 -- -- 68,69066,040 Payroll-related obligations 5,241 11,009 308,674 13,282 31 -- 16,28021,987 Accrued warranty 6,440 7,4467,237 7,255 -- -- 13,88614,492 Other current liabilities 23,955 17,511 9,46522,721 13,881 8,267 -- 50,93144,869 Revolving credit facility and current maturities of long-term debt 12,798 25941,796 234 -- -- 13,057 -------42,030 --------- --------- -------- ------- ---------- ------------------- Total current liabilities 82,323 188,733 9,530 (4,543) 276,043126,160 195,138 8,330 (2,033) 327,595 Long-term debt 157,702 2,080155,904 2,072 -- -- 159,782157,976 Deferred income taxes (4,583) 36,219 12,059(6,146) 36,601 11,598 -- 43,69542,053 Other long-term liabilities 17,743 69217,938 643 -- -- 18,43518,581 Commitments and contingencies -- -- -- -- -- Investments by and advances from (to) parent -- 377,216 (3,926) (373,290)390,701 (2,705) (387,996) -- Shareholders' equity 261,011273,521 -- -- -- 261,011 -------273,521 --------- ---------------- -------- ---------- ------------------- Total liabilities and shareholders' equity $514,196 $604,940 $17,663 $ (377,833)567,377 $ 758,966625,155 $ 17,223 $ (390,029) $ 819,726 ========= ========= ======== ======== ======= =========== ===================
1416 OSHKOSH TRUCK CORPORATION Condensed Consolidating Balance Sheets September 30, 1999 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) ASSETS Current assets: Cash and cash equivalents $ 3,698 $ 1,337 $ 102 $ -- $ 5,137 Receivables, net 49,311 43,837 38 -- 93,186 Inventories 49,988 148,458 -- -- 198,446 Prepaid expenses 3,791 1,172 -- -- 4,963 Deferred income taxes 3,818 6,523 4,217 -- 14,558 --------- --------- --------- --------- ----------------- ---------- ---------- Total current assets 110,606 201,327 4,357 -- 316,290 Investment in and advances to: Subsidiaries 357,575 (7,590) -- (349,985) -- Unconsolidated partnership -- -- 12,335 -- 12,335 Other long-term assets 11,902 8,899 52 -- 20,853 Net property, plant and equipment 22,803 61,188 -- -- 83,991 Goodwill and other intangible assets, net -- 319,821 -- -- 319,821 --------- --------- --------- --------- ----------------- ---------- ---------- Total assets $ 502,886 $ 583,645 $ 16,744 $(349,985)$ (349,985) $ 753,290 ========= ========= ========= ========= ================= =========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 34,261 $ 50,234 $ 232 $ -- $ 84,727 Floor plan notes payable -- 26,616 -- -- 26,616 Customer advances 1,669 66,695 -- -- 68,364 Payroll-related obligations 9,172 15,532 30 -- 24,734 Accrued warranty 6,785 7,838 -- -- 14,623 Other current liabilities 17,940 19,894 10,628 -- 48,462 Revolving credit facility and current maturities of long-term debt 5,000 259 -- -- 5,259 --------- --------- --------- --------- ----------------- ---------- ---------- Total current liabilities 74,827 187,068 10,890 -- 272,785 Long-term debt 253,000 2,289 -- -- 255,289 Deferred income taxes (5,407) 36,228 13,444 -- 44,265 Other long-term liabilities 17,586 485 -- -- 18,071 Commitments and contingencies -- -- -- -- -- Investments by and advances from (to) parent -- 357,575 (7,590) (349,985) -- Shareholders' equity 162,880 -- -- -- 162,880 --------- --------- --------- --------- ----------------- ---------- ---------- Total liabilities and shareholders' equity $ 502,886 $ 583,645 $ 16,744 $(349,985)$ (349,985) $ 753,290 ========= ========= ========= ========= ================= ========== ==========
1517 OSHKOSH TRUCK CORPORATION Condensed Consolidating Statements of Cash Flows For the ThreeSix Months Ended DecemberMarch 31, 19992000 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) Operating activities: Income from continuing operations before extraordinary item $ 6,69618,609 $ 6,93120,505 $ 362655 $ (7,293)(21,160) $ 6,69618,609 Non-cash adjustments 961 4,692 (1,451)266 12,122 (1,888) -- 4,20210,500 Changes in operating assets and liabilities 7,104 (11,426) (1,302)(15,320) (27,602) (2,503) -- (5,624) ------- --------(45,425) ---------- ---------- --------- -------- --------- ---------- Net cash provided from (used for) operating activities 14,761 197 (2,391) (7,293) 5,2743,555 5,025 (3,736) (21,160) (16,316) Investing activities: Acquisition of business (5,893)(5,625) -- -- -- (5,893)(5,625) Investments in and advances to subsidiaries (13,748) 3,153 3,302 7,293(27,501) 2,111 4,230 21,160 -- Additions to property, plant and equipment (989) (2,899)(2,080) (6,596) -- -- (3,888)(8,676) Other (482) (229) (892)(1,114) (536) (586) -- (1,603) -------- --------(2,236) ---------- ---------- --------- -------- --------- ---------- Net cash provided from (used for) investing activities (21,112) 25 2,410 7,293 (11,384)(36,320) (5,021) 3,644 21,160 (16,537) Net cash provided from discontinued operations 2,015 -- -- -- 2,015 Financing activities: Net borrowings under revolving credit facility 6,00033,200 -- -- -- 6,00033,200 Repayments of long-term debt (93,500) (209)(242) -- -- (93,709)(93,742) Proceeds from Common Stock offering 93,736 -- -- -- 93,736 Costs of Common Stock offering (341)(334) -- -- -- (341)(334) Dividends paid (1,102)(2,531) -- -- -- (1,102)(2,531) Other 2831 -- -- -- 28 ------- -------31 --------- --------- -------- -------- ----------------- --------- Net cash provided from (used for) financing activities 4,821 (209)30,602 (242) -- -- 4,612 -------30,360 --------- ---------- -------- -------- -------- -------- Increase (decrease)--------- --------- Decrease in cash and cash equivalents (1,530) 13 19(148) (238) (92) -- (1,498)(478) Cash and cash equivalents at beginning of period 3,698 1,337 102 -- 5,137 ------- ---------------- --------- -------- -------- ----------------- --------- Cash and cash equivalents at end of period $ 2,1683,550 $ 1,3501,099 $ 12110 $ -- $ 3,639 ======= =======4,659 ========= ========= ======== ======== ================= =========
1618 OSHKOSH TRUCK CORPORATION Condensed Consolidating Statements of Cash Flows For the ThreeSix Months Ended DecemberMarch 31, 19981999 (Unaudited)
Subsidiary Non-Guarantor Company Guarantors Subsidiaries Eliminations Consolidated ------- ---------- ------------- ------------ ------------ (In thousands) Operating activities: Net income $ 3,91210,461 $ 5,39915,322 $ 338 $(5,737)746 $ 3,912(16,068) $ 10,461 Non-cash adjustments (1,170) 5,690 (1,722)(1,048) 8,816 (3,516) -- 2,7984,252 Changes in operating assets and liabilities (2,213) 810 (381)(21,210) 3,624 (974) -- (1,784) ------- ------- -------- ------- --------(18,560) --------- --------- --------- --------- ---------- Net cash provided from (used for) operating activities 529 11,899 (1,765) (5,737) 4,926(11,797) 27,762 (3,744) (16,068) (3,847) Investing activities: Investments in and advances to subsidiaries 1,384 (8,870) 1,749 5,7371,868 (21,745) 3,809 16,068 -- Additions to property, plant and equipment (462) (1,391)(1,867) (2,845) -- -- (1,853)(4,712) Other 26 (1,416) (371)(310) (2,232) 90 -- (1,761) ------- -------(2,452) --------- ---------- -------- ------- ----------------- ---------- Net cash provided from (used for) investing activities 948 (11,677) 1,378 5,737 (3,614)(309) (26,822) 3,899 16,068 (7,164) Financing activities: Net repaymentsborrowings under revolving credit facility (700)13,300 -- -- -- (700)13,300 Repayments of long term debt -- (148)(241) -- -- (148)(241) Dividends paid (1,048)(2,103) -- -- -- (1,048)(2,103) Other 135819 -- -- -- 135 ------- -------819 --------- --------- -------- ------- ----------------- ---------- Net cash used forprovided from (used for) financing activities (1,613) (148)12,016 (241) -- -- (1,761) ------- -------11,775 --------- ---------- -------- ------- ----------------- ---------- Increase (decrease) in cash and cash equivalents (136) 74 (387)(90) 699 155 -- (449)764 Cash and cash equivalents at beginning of period 1,065 979 1,578 -- 3,622 ------- ---------------- --------- -------- ------- ----------------- ---------- Cash and cash equivalents at end of period $ 929975 $ 1,0531,678 $ 1,1911,733 $ -- $ 3,173 ======= =======4,386 ========= ========= ======== ======= ================= ==========
1719 Item 2. Oshkosh Truck Corporation Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations FORWARD-LOOKING STATEMENTS This Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations and other sections of this Form 10-Q contain "forward-looking statements" that are believed to be within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this report, including, without limitation, statements regarding Oshkosh Truck Corporation's (the "Company" or "Oshkosh") future financial position, business strategy, budgets, targets, projected costs and plans and objectives of management for future operations are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimates", "anticipate", "believe", "should", "plans", or "continue", or the negative thereof or variations thereon or similar terminology. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company's expectations include, without limitation, the following: (1) the cyclical nature of the concrete placement industry; (2) the risks related to reductions or changes in government expenditures; (3) the potential for actual costs to exceed projected costs with long-term, fixed-price government contracts; (4) the uncertainty inherent in government contracts; (5) the challenges of identifying, completing and integrating future acquisitions; (6) competition; (7) disruptions in the supply of parts or components from sole source suppliers and subcontractors; (8) product liability and warranty claims; and (9) labor relations and market conditions. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including, but not limited to, the Company's prospectus dated November 18, 1999 included in the Company's Registration Statement on Form S-3 No. 333-87149. All subsequent written and oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements. General The major products manufactured and marketed by each of the Company's business segments are as follows: Commercial -- concrete mixer systems, refuse truck bodies, portable concrete batch plants and truck components sold to commercial ready-mix companies and commercial and municipal waste haulers in the U. S. and abroad. Fire and emergency -- commercial and custom fire trucks, aircraft rescue and firefighting trucks, snow removal trucks and other emergency vehicles primarily sold to fire departments, airports and other governmental units in the U. S. and abroad. 1820 Defense -- heavy-and medium-payload tactical trucks and supply parts sold to the U. S. Militarymilitary and to other militaries around the world. Results of Operations Analysis of Consolidated Net Sales The following table presents net sales by business segment: FirstSecond Quarter Fiscal First Six Months Fiscal --------------------- ----------------------- 2000 1999 2000 1999 ---- ---- (in---- ---- (In thousands) Net sales to unaffiliated customers: Commercial $115,394 $ 96,819181,873 $ 168,848 $ 297,267 $ 265,667 Fire and emergency 75,577 73,849102,804 85,781 178,381 159,630 Defense 52,896 52,025 -------- --------45,847 44,405 98,743 96,430 Corporate and other -- (500) -- (500) --------- --------- --------- --------- Consolidated total $243,867 $222,693 ======== ======== Firstnet sales $ 330,524 $ 298,534 $ 574,391 $ 521,227 ========= ========= ========= ========= Second Quarter Fiscal 2000 Compared to 1999 Consolidated net sales increased $21.2$32.0 million, or 9.5%10.7%, to $243.9$330.5 million for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. The November 1999 acquisition of Kewaunee Engineering Corporation ("Kewaunee") contributed 0.5% of the increase in net sales. Commercial segment net sales increased $18.6$13.0 million, or 19.2%7.7%, to $115.4$181.9 million for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. Continued strong end-markets in the concrete placement industry, the growing popularity of Oshkosh's front-discharge concrete mixer and sales, marketing and distribution synergies created through the February 1998 acquisition of McNeilus Companies, Inc. ("McNeilus") contributed to an 18.2%11.6% increase in concrete mixer sales for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. Refuse truck bodypacker sales increased 21.1%decreased 4.1% for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999 generallyon a lower mix of packer body and chassis package sales. Refuse packer unit volume in the quarter was flat as a result of commercialmunicipal sales increases offset significantly lower packer shipments to the U.S.'s largest waste haulers accelerating the replacement of refuse packers in their fleets and as a result of increased sales penetration with both commercial and municipal accounts.haulers. Fire and emergency segment net sales increased $1.7$17.0 million, or 2.3%19.8%, to $75.6$102.8 million for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. Pierce Manufacturing Inc. ("Pierce") comprises1999, on a substantial majoritystrong mix of the revenue of this segment. Pierce's sales increased 5.5% in the first quarter of fiscal 2000 compared to the first quarter of fiscal 1999. Pierce's sales were limited in the first quarter of fiscal 2000 by the late receipt of commercial chassis from truck supplierscustom pumpers and byaerials. The Company believes production inefficiencies resulting from the installation of an enterprise-wide resource planning ("ERP") system at Pierce.Pierce Manufacturing Inc.("Pierce") have largely been resolved. Defense segment net sales increased $0.9$1.4 million, or 1.7%3.2%, to $52.9$45.8 million for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. A slight decrease in defense vehicle sales was offset by an increase in parts sales. Vehicle sales under the Medium Tactical Vehicle 19 Replacement ("MTVR") contract awarded to Oshkosh in 21 December 1998 began in the second quarter of fiscal 2000. The Company expects sales under this contract to increase throughout fiscal 2000. First Six Months of Fiscal 2000 Compared to 1999 Consolidated net sales increased $53.2 million, or 10.2%, to $574.4 million for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. Commercial segment net sales increased $31.6 million, or 11.9%, to $297.3 million for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. Continued strong end-markets in the concrete placement industry, the growing popularity of Oshkosh's front-discharge concrete mixer and sales, marketing and distribution synergies created through the February 1998 acquisition of McNeilus contributed to a 13.7% increase in concrete mixer sales for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. Refuse packer sales increased 7.3% for the first six months of fiscal 2000 compared to the first six months of fiscal 1999, generally as a result of increases in sales to municipal and international customers. Fire and emergency segment net sales increased $18.8 million, or 11.7%, to $178.4 million for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. Pierce comprises a substantial majority of the revenue of this segment. Pierce's sales increased 12.7% during the period, which is in line with Pierce's long-term sales growth rate of 11% per annum since 1980. The Company believes production inefficiencies resulting from the installation of an ERP system at Pierce have largely been resolved. Defense segment net sales increased $2.3 million, or 2.4%, to $98.7 million for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. Vehicle sales under the MTVR contract awarded to Oshkosh in December 1998 began in the second quarter of fiscal 2000, with2000. The Company expects defense segment sales under this contract expected to increase throughoutsubstantially in the second half of fiscal 2000.2000 as MTVR sales ramp up and as Oshkosh's heavy tactical truck sales are more heavily weighted to the second half of the year. Analysis of Consolidated Operating Income The following table presents operating income by business segment: FirstSecond Quarter Fiscal First Six Months Fiscal --------------------- ----------------------- 2000 1999 2000 1999 ---- ---- (in---- ---- (In thousands) Operating income (loss): Commercial $ 9,05417,809 $ 4,79413,624 $ 26,863 $ 18,418 Fire and emergency 3,915 4,8199,478 6,878 13,393 11,697 Defense 7,495 6,1642,163 4,605 9,658 10,769 Corporate and other (3,837) (2,949) ---------- ----------(4,795) (8,231) (8,632) (11,180) -------- -------- -------- --------- Consolidated operating income $ 16,62724,655 $ 12,828 ========== ========== First16,876 $ 41,282 $ 29,704 ======== ======== ======== ========= 22 Second Quarter Fiscal 2000 Compared to 1999 Consolidated operating income increased $3.8$7.8 million, or 29.6%46.1%, for the firstsecond quarter of fiscal 2000 compared to the first quarter of fiscal 1999. Excluding the impact of the November 1999 acquisition of Kewaunee, consolidated operating income increased $3.7 million, or 28.6% compared to consolidated operating income for the firstsecond quarter of fiscal 1999. Commercial segment operating income increased $4.3$4.2 million, or 88.9%30.7%, for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. Operating income as a percent of segment sales ("operating income margin") increased to 7.8%9.8% of commercial segment sales for the firstsecond quarter of fiscal 2000 compared to 5.0%8.1% of commercial segment sales for the firstsecond quarter of fiscal 1999. Increased concrete mixer unit volume and manufacturing, purchasing and distribution synergies generated as a result of the acquisition of McNeiluscontinued cost reduction activities contributed to the improvement in the operating income margin. Fire and emergency segment operating income decreased $0.9increased $2.6 million, or 18.8%37.8%, for the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. The operating income margin decreasedincreased from 6.5%8.0% to 5.2%9.2% during this same time period. ReducedIncreased operating income margins were primarily attributable to increased sales volume and improved production efficiencies as operations stabilized under Pierce's new ERP system. The Company believes that any lingering effects from the system conversion have been substantially resolved. Defense segment operating income decreased $2.4 million, or 53.0%, for the second quarter of fiscal 2000 compared to the second quarter of fiscal 1999. The defense operating income margin decreased to 4.7% of defense segment sales for the second quarter of fiscal 2000 compared to 10.4% of defense segment sales for the second quarter of fiscal 1999. Second quarter 2000 operating income was adversely impacted by an unfavorable truck sales mix and higher bid and proposal spending compared to the second quarter of fiscal 1999. Corporate and other expenses decreased $3.4 million to $4.8 million, or 1.5% of consolidated net sales, for the second quarter of fiscal 2000 from $8.2 million, or 2.8% of consolidated net sales, for the second quarter of fiscal 1999. Results for the second quarter of fiscal 1999 included a $3.8 million charge for litigation. Excluding that charge, corporate expenses increased $0.4 million generally due to increased staffing to support the Company's higher level of sales. First Six Months of Fiscal 2000 Compared to 1999 Consolidated operating income increased $11.6 million, or 39.0%, for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. Commercial segment operating income increased $8.4 million, or 45.9%, for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. The commercial operating income margin increased to 9.0% of commercial segment sales for the first six months of fiscal 2000 compared to 6.9% of commercial segment sales for the first six months of fiscal 1999. Increased concrete mixer unit volume and continued cost reduction activities contributed to the improvement in the operating income margin. 23 Fire and emergency segment operating income increased $1.7 million, or 14.5%, for the first six months of fiscal 2000 compared to the first six months of fiscal 1999. The operating income margin increased from 7.3% to 7.5% during this same time period. Increased operating income margins were attributable to commercial chassis shortages from suppliers and short-termthe resolution of the first quarter production inefficiencies following the installation at Pierce of the final modules of a new enterprise-wide resource planning system during the third quarter of fiscal 1999. Management believes that any lingering effects from the system conversion were substantially resolved by the end of the first quarter of fiscal 2000.ERP system. Defense segment operating income increased $1.3decreased $1.1 million, or 21.6%10.3%, for the first quartersix months of fiscal 2000 compared to the first quartersix months of fiscal 1999. OperatingThe defense operating income margin increaseddecreased to 14.2%9.8% of defense segment sales for the first quartersix months of fiscal 2000 compared to 11.8%11.2% of defense segment sales for the first quartersix months of fiscal 1999. Increases in parts and MTVR sales with lower margins and higher margin parts sales, prior year pre-contract bid-and-proposal costs on the MTVR contractbid and 20 current year less than expected costs on the prototype Family of Medium Tactical Vehicles ("FMTV") contractproposal spending contributed to the increaseddecreased operating income margins for the first quartersix months of fiscal 2000 compared to the first quartersix months of fiscal 1999. Corporate and other expenses increased $0.9decreased $2.5 million to $3.8$8.6 million, or 1.6%1.5% of consolidated net sales, for the first quartersix months of fiscal 2000 from $2.9$11.2 million, or 1.3%2.1% of consolidated net sales, for the first quartersix months of fiscal 1999. Increases inResults for the first six months of fiscal 1999 included a $3.8 million pre-tax charge for litigation. Excluding that charge, corporate expenses increased $1.3 million generally relatedue to increased staffing to support the higher level of sales. Analysis of Non-Operating Income Statement Items FirstSecond Quarter of Fiscal 2000 Compared to 1999 InterestNet interest expense decreased $0.8$1.2 million, or 12.1%18.4%, in the firstsecond quarter of fiscal 2000 compared to the firstsecond quarter of fiscal 1999. Lower interest expense resulted from the prepaymentPrepayment of $93.5 million of term debt from proceeds of the Company's November 24, 1999 public offering of Common Stock.Stock resulted in a $1.9 million reduction in interest expense for the quarter. Increased borrowings to fund the acquisition of Kewaunee Engineering Corporation ("Kewaunee") and to support the seasonal working capital requirements of the commercial segment contributed to the increase in interest expense after consideration of the debt prepayment. The effective tax rate for combined federal and state income taxes for the second quarter of fiscal 2000 was 40.6% compared to 42.2% in the second quarter of fiscal 1999. Excluding the impact of $1.4 million of nondeductible goodwill in the second quarter of fiscal 2000 and $1.5 million in the second quarter of fiscal 1999, the Company's effective income tax rate was 38% in both periods. Equity in earnings of an unconsolidated partnership of $0.3 million in the second quarter of fiscal 2000 and $0.4 million in the second quarter of fiscal 1999 represents the Company's equity interest in its lease financing partnership. In January 2000, the Company entered into a technology transfer agreement and collected certain previously written-off receivables from a foreign affiliate, which was part of a business that the Company exited in 1995. 24 Gross proceeds of $3.2 million, less taxes of $1.2 million, or net proceeds of $2.0 million, have been recorded as a gain from discontinued operations in the second quarter of fiscal 2000 First Six Months of Fiscal 2000 Compared to 1999 Net interest expense decreased $2.0 million, or 15.3%, in the first six months of fiscal 2000 compared to the first six months of fiscal 1999. Prepayment of $93.5 million of term debt from proceeds of the Company's November 24, 1999 public offering of Common Stock resulted in a $2.9 million reduction in interest expense for the period. Increased working capital borrowings to fund the Kewaunee acquisition and to support overall sales growth contributed to the increase in net interest expense after consideration of the debt prepayment. The effective tax rate for combined federal and state income taxes for the first quartersix months of fiscal 2000 was 42.6%41.4% compared to 45.6%43.5% for the first six months of fiscal 1999. Excluding the impact of $2.7 million of nondeductible goodwill in the first quartersix months of fiscal 1999. The2000 and $2.8 million in the first six months of fiscal 1999, the Company's effective income tax rate was 38% in the first quarter of fiscal 2000 and 1999 excluding the impact of $1.3 million of nondeductible goodwill.for both periods. Equity in earnings of an unconsolidated partnership of $0.3$0.6 million in the first quartersix months of fiscal 2000 and $0.7 million in the first six months of fiscal 1999 represents the Company's equity in earnings of the Company's interest in its lease financing partnership. The $0.6 million extraordinary charge in the first quarter of fiscal 2000 represents the write-off of deferred financing costs for that portion of debt prepaid during the quarter. Financial Condition First QuarterSix Months of Fiscal 2000 During the quarter,first six months of fiscal 2000, cash decreased by $1.5$0.5 million to $3.6$4.7 million at DecemberMarch 31, 1999.2000. Cash provided fromused in operating activities of $5.3$16.3 million, was used to fund capital expenditures of $3.9$8.7 million, an increase in long-term assets by $1.6of $2.3 million, and pay dividendsdividend payments of $1.1 million. Net borrowings of $6.0$2.5 million during the quarter were used to fundand the acquisition of Kewaunee for $5.9$5.6 million were funded by net borrowings of $33.2 million. In November 1999, the Company completed a public offering of 3,795,000 shares of Common Stock at $26.00 per share, before commissions and expenses. Proceeds to the Company, net of underwriting discounts and commissions, were used to prepay $93.5 million of term debt under the Company's senior credit facility. The Company's debt-to-capital ratio at December 31, 1999 was 39.8%. During the quarter,period, inventory increased $33.5$50.9 million, including $27.0$36.6 million in the commercial segment as a result of seasonal build requirements. Fire and emergency inventories increased $9.9$17.1 million during the quarter,period, generally as a result of earlier commercial chassis and systems-related production inefficiencies at Pierce. 21 Defense segment inventories were down slightly due to timing of inventory purchases. Increases in inventory were partially offset by reductions in defense receivables ($19.5increased trade payables of $15.6 million reduction) related to one-time accelerated payments by the U.S. government to minimize Year 2000 concerns and a $11.7$11.2 million increase in floor plansplan notes payable related to commercial segment chassis purchases. First QuarterSix Months of Fiscal 1999 During the quarter,first six months of fiscal 1999, cash decreasedincreased by $0.4$0.8 million. Cash used in operations during the period of $3.8 million, to $3.2equipment and 25 software purchases of $7.2 million at December 31, 1998. Cash provided from operating activitiesand dividend and scheduled debt payments of $4.9$2.1 million was used primarily to fund $0.1and $0.2 million, of debt repayments,respectively, were funded by a $0.7$13.3 million reductionincrease in borrowings under the Company's revolving credit facility capital additionsand $0.8 million of $1.9 million and to pay dividendsproceeds from exercise of $1.0 million.Common Stock options under the Company's Incentive Stock Plan. Liquidity and Capital Resources The Company had $82.9$52.6 million of unused availability under the terms of its revolving credit facility as of DecemberMarch 31, 1999.2000. The Company's primary cash requirements include working capital, interest and principal payments on indebtedness, capital expenditures, dividends, and, potentially, future acquisitions. The primary sources of cash are expected to be cash flow from operations and borrowings under the Company's senior credit facility. As indicated above, in November 1999, the Company completed the sale of 3,795,000 shares of Common Stock. Proceeds to the Company, net of underwriting discounts and commissions, were used to prepay $93.5 million of term indebtedness under the Company's senior credit facility. In addition, the Company purchased the manufacturing assets of Kewaunee. The Kewaunee acquisition was financed through borrowings under the Company's revolving credit facility. The senior credit facility requires prepayment of indebtedness to the extent of "excess cash flows" as defined in the senior credit agreement. Based upon current and anticipated future operations, management believes that capital resources will be adequate to meet future working capital, debt service and other capital requirements for fiscal 2000, including the working capital requirements associated with the start-up of production under the MTVR contract and the acquisition of Kewaunee. There can be no assurance, however, that the Company will generate cash flow that, together with the other sources of capital, will enable it to meet those requirements. The Company's cash flow from operations has fluctuated, and will likely continue to fluctuate, significantly from quarter to quarter due to changes in working capital arising principally from seasonal fluctuations in sales. Capital expenditures are expected to approximate $20 million in fiscal 2000 and $15 million in fiscal 2001. Fiscal 2000 capital expenditures include approximately $4 million of an $8 million expansion of the Company's production facilities in Oshkosh. The remaining $4 million of the expansion will be incurredoccur early in fiscal 2001. 22 New Accounting Standards The Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities," which was amended by SFAS No. 137. Provisions of these standards are required to be adopted in years beginning after June 15, 2000. Because of the Company's minimal use of derivatives, management does not anticipate that the adoption of the new statement will have a significant effect on the Company's financial condition, profitability or cash flows. 26 Customers and Backlog Sales to the U. S. Department of Defense comprised approximately 22%17% of the Company's net sales in the first quartersix months of fiscal 2000. No other single customer accounted for more than 10% of the Company's net sales for this period. A substantial majority of the Company's net sales are derived from customer orders prior to commencing production. The Company's backlog at DecemberMarch 31, 19992000 increased 17.8%29.3% to $558.7$739.9 million compared to $474.4$572.2 million at DecemberMarch 31, 1998. Commercial1999. The commercial segment backlogs increasedbacklog decreased by $19.0$19.4 million, or 10.8%10.3%, to $195.4$168.3 million at DecemberMarch 31, 19992000 compared to DecemberMarch 31, 1998. Fire1999. The fire and emergency segment backlog increased $31.4$29.7 million, or 17.3%14.9%, to $213.3$228.8 million at DecemberMarch 31, 19992000 compared to DecemberMarch 31, 1998.1999. The defense segment backlog increased by $33.9$157.4 million, or 29.2%84.9%, to $150.0$342.8 million at DecemberMarch 31, 2000 compared to March 31, 1999, compared to December 31, 1998. Approximately 10%reflecting the funding of the Decembersecond year of the MTVR contract. Approximately 30% of the aggregate March 31, 19992000 backlog is not expected to be filled in fiscal 2000. Reported backlog excludes purchase options and announced orders for which definitive contracts have not been executed. Additionally, backlog excludes unfunded portions of the U. S. Department of Defense long-term family and MTVR contracts. Backlog information and comparisons thereof as of different dates may not be accurate indicators of future sales or the ratio of the Company's future sales to the U. S. Department of Defense versus its sales to other customers. Year 2000 As described in the Company's 1999 Annual Report, the Company commenced a corporate-wide Year 2000 project in 1997 to address issues related to the Year 2000 problem. As of the date of this Form 10-Q, the Company has not experienced any material business disruptions as a result of Year 2000 issues arising from its systems nor is it aware of any material Year 2000 related business disruptions impacting its material third-party suppliers, service providers and customers. While no such issues have developed as of the date of this Form 10-Q, it is possible that Year 2000 issues may still arise. The Company will continue to monitor Year 2000 considerations and work diligently to remediate any Year 2000 issues that arise. To the extent that either the Company or third parties may have any ongoing Year 2000 issues that arise at a later date, the Company has contingency plans in place to address any such material issues. However, the Company cannot be certain that it will not suffer business interruptions, either 23 due to its own Year 2000 issues that may develop or those of its third-party suppliers, services providers and customers. Accordingly, there can be no assurance that the Company or any third parties will not have ongoing Year 2000 issues that may have a material adverse effect on the Company's business, results of operations or financial condition in the future. The total estimated capital costs of the Company's Year 2000 project, which would have been incurred regardless of Year 2000 issues and which had the incidental consequence of Year 2000 readiness, were $9.7 million. The Company incurred an additional $1.0 million in period costs since inception of the Year 2000 project, which amounts were expensed as incurred. The Company does not expect any additional Year 2000 costs in fiscal 2000. Item 3. Quantitative and Qualitative Disclosure of Market Risk The Company's quantitative and qualitative disclosures about market risk for changes in interest rates and foreign exchange risk are incorporated by reference in Item 7A of the Company's Annual Report on Form 10-K for the year ended September 30, 1999 and have not materially changed since that report was filed. 2427 OSHKOSH TRUCK CORPORATION PART II. OTHER INFORMATION FORM 10-Q DECEMBERMARCH 31, 19992000 ITEM 1 LEGAL PROCEEDINGS None.McNeilus was a defendant in litigation, which was commenced in 1998 prior to the acquisition of McNeilus by the Company, in the U.S. District court for the Northern District of Alabama. The litigation, which was brought by The Heil Co. ("Heil"), a McNeilus competitor, sought damages and claims that McNeilus infringed certain aspects of one of its patents. A settlement of the matter was reached on January 12, 2000. The settlement included a payment to Heil, the amount of which was fully reserved for at December 31, 1999. ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS At the annual meeting of shareholders held on January 31, 2000, all of the persons nominated as directors were elected. The following table sets forth certain information with respect to such election. Shares Shares Withholding Other Shares Name of Nominee Voted For Authority Not Voted --------------- --------- ----------- ------------ Class A Common Stock Nominees - ----------------------------- J.W. Andersen 228,138 0 197,844 R.G. Bohn 228,138 0 197,844 F.M. Franks 228,138 0 197,844 M.W. Grebe 228,138 0 197,844 K.J. Hempel 228,138 0 197,844 S.P. Mosling 228,134 4 197,844 J.P. Mosling, Jr. 228,134 4 197,844 Common Stock Nominees - ----------------------------- D.T. Carroll 12,914,263 50,024 3,236,886 R.G. Sim 12,912,660 51,627 3,236,886 Also at the annual meeting, shareholders approved a proposal to amend the Company's Restated Articles of Incorporation to increase the number of shares of Common Stock that the Company is authorized to issue from 18,000,000 to 60,000,000. The following table sets forth certain information with respect to such vote. Shares Abstentions Shares Voted and Broker Voted For Against Non-Votes --------- ------- ----------- Class A Common Stock 225,844 0 200,138 Common Stock 8,865,413 4,055,126 3,280,634 ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits ExhibitThe following exhibits are filed herewith: 3.1 Form of Amendment to Restated Articles of Incorporation of Oshkosh Truck Corporation. 3.2 Restated Articles of Incorporation of Oshkosh Truck Corporation, as amended. 10.1 Oshkosh Truck Corporation Executive Retirement Plan 27 - Financial Data Schedule (b) Reports on Form 8-K Current Report on Form 8-K dated October 25, 1999, reporting the announcement of the Company's earnings for the fourth quarter and the fiscal year ended September 30, 1999. Current Report on Form 8-K dated November 2, 1999, reporting the announcement of the Company's acquisition of manufacturing assets of Kewaunee Engineering Corporation. 25None. 28 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. OSHKOSH TRUCK CORPORATION February 11,April 26, 2000 /S/ R. G. Bohn -------------------------------------------- R. G. Bohn Chairman, President and Chief Executive Officer (Principal Executive Officer) February 11,April 26, 2000 /S/ C. L. Szews -------------------------------------------- C. L. Szews Executive Vice President and Chief Financial Officer (Principal Financial Officer) February 11,April 26, 2000 /S/ T. J. Polnaszek -------------------------------------------- T. J. Polnaszek Vice President and Controller (Principal Accounting Officer) 29 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 3.1 Form of Amendment to Restated Articles of Incorporation of Oshkosh Truck Corporation. 3.2 Restated Articles of Incorporation of Oshkosh Truck Corporation, as amended. 10.1 Oshkosh Truck Corporation Executive Retirement Plan 27 Financial Data Schedule 30