Cascade 8-K Results of Operations and Financial Condition

Exhibit 99.1

Portland, Oregon

December 1, 2011

FOR IMMEDIATE RELEASE

CASCADE CORPORATION ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED

OCTOBER 31, 2011

Cascade Corporation (NYSE: CASC) today reported its financial results for the third quarter ended October 31, 2011.

Third Quarter Overview

• Net sales of $138 million for the third quarter of fiscal 2012 were 25% higher than net sales of $107 million for the third quarter of fiscal 2011, excluding the impact of changes in foreign currency exchange rates.

• Our net income for the third quarter of fiscal 2012 was $19.6 million ($1.74 per diluted share) compared to $8.8 million ($.79 per diluted share) for the third quarter of fiscal 2011.

• Net income for the third quarter of fiscal 2012 includes $3.6 million ($0.32 per diluted share) attributable to the release of a tax valuation allowance on deferred income tax assets in The Netherlands.

Third Quarter Fiscal 2012 Summary

• Summary financial results are outlined below (in thousands, except earnings per share):

Three Months Ended October 31	2011			2010			% Change
Net sales	$	138,024		$	107,377			29	%
Gross profit		45,183			33,792			34	%
Gross profit %		33	%		31	%
SG&A		21,784			18,336			19	%
Operating income		23,399			15,456			51	%
Interest expense, net		20			445			(96	%)
Foreign currency loss, net		378			232			63	%
Income before taxes		23,001			14,779			56	%
Provision for income taxes		3,426			5,995			(43	%)
Effective tax rate		15	%		41	%
Net income	$	19,575		$	8,784			123	%
Diluted earnings per share	$	1.74		$	0.79			120	%

Cascade Corporation

December 1, 2011

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• Consolidated net sales during the third quarter of fiscal 2012 increased 25% over the third quarter of fiscal 2011, excluding the impact of foreign currency changes. The increase in net sales was due to higher sales volumes as a result of improved economic conditions and a strong global lift truck market. Details of the change in net sales compared to the prior year third quarter follow (in thousands):

	Amount		Change %
Net sales change	$	26,626		25	%
Foreign currency change		4,021		4	%
Total	$	30,647		29	%

• The consolidated gross profit percentage during the third quarter of fiscal 2012 increased to 33% from 31% in the prior period, primarily as a result of improved cost absorption due to increased sales volumes and our restructuring efforts in recent years which have reduced our overall cost structure in Europe. Our consolidated gross profit percentage was 32% during the second quarter of fiscal 2012.

• The effective tax rate for the third quarter of fiscal 2012 was 15% compared to 41% for the third quarter of fiscal 2011. The decrease in the effective tax rate is primarily a result of the release during the third quarter of fiscal 2012 of $3.6 million of tax valuation allowance on deferred income tax assets attributable to operations in The Netherlands. This release is due to improved financial performance in The Netherlands as a result of our restructuring and an improved business climate for our operations there. This compares to the third quarter of fiscal 2011 losses in Europe for which a tax benefit could not be recorded.

Market Conditions

• Percentage changes in lift truck industry shipments and orders, by region, as compared to the prior year are outlined below. Although lift truck unit data provides an indicator of the general health of the industry and our business over a six- to twelve-month period, it does not necessarily correlate directly with the demand for our products on a quarterly basis.

	Shipments	Orders
	Q3 Fiscal 2012 vs 2011	Q3 Fiscal 2012 vs 2011
Americas	45%	26%
Europe	37%	9%
Asia Pacific	27%	24%
China	15%	6%
Global	28%	14%

• We expect lift truck demand to moderate and business levels to be impacted by regular holiday shutdowns during the fourth quarter. Given the current economic uncertainty in Europe, we are unable to predict how this may affect our future financial performance.

Cascade Corporation

December 1, 2011

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Americas Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended October 31	2011			2010			% Change
Net sales	$	73,309		$	53,615			37	%
Transfers between areas		6,946			6,433			8	%
Net sales and transfers		80,255			60,048			34	%
Gross profit		26,500			18,933			40	%
Gross profit %		33	%		32	%
SG&A		12,373			10,365			19	%
Operating income	$	14,127		$	8,568			65	%
Operating income %		18	%		14	%

Net sales increased 36%, excluding the impact of currency changes, primarily due to higher sales volumes as a result of a strong lift truck market in the Americas and sales price increases. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount		Change %
Net sales change	$	19,410		36	%
Foreign currency change		284		1	%
Total	$	19,694		37	%

• Our gross profit percentage increased as the benefit of additional fixed costs absorption due to higher sales volumes was partially offset by increases in material and other costs. Our gross profit percentage was 29% during the second quarter of fiscal 2012.

• Selling and administrative costs increased primarily due to consulting, warranty, professional fees and other general costs.

Europe Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended October 31	2011			2010			% Change
Net sales	$	27,184		$	22,653			20	%
Transfers between areas		107			180			(41	%)
Net sales and transfers		27,291			22,833			20	%
Gross profit		5,767			3,409			69	%
Gross profit %		21	%		15	%
SG&A		4,658			4,219			10	%
Operating income (loss)	$	1,109		$	(810	)		—
Operating income (loss) %		4	%		(4	%)

Cascade Corporation

December 1, 2011

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• Net sales increased 15%, excluding the impact of currency changes, due to higher sales volumes as a result of a stronger lift truck market and price increases. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount		Change %
Net sales change	$	3,303		15	%
Foreign currency change		1,228		5	%
Total	$	4,531		20	%

• The improvement in our gross profit percentage is the result of our restructuring efforts in recent years which have reduced our overall cost structure, increased cost absorption as a result of higher sales volumes, a shift in sourcing more products from China and sales price increases for certain products. Our gross profit percentage was 23% during the second quarter of fiscal 2012.

• Selling and administrative costs increased due to changes in foreign currency rates and higher marketing and other general costs.

Asia Pacific Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended October 31	2011			2010			% Change
Net sales	$	20,158		$	16,353			23	%
Transfers between areas		15			9			67	%
Net sales and transfers		20,173			16,362			23	%
Gross profit		5,912			4,601			28	%
Gross profit %		29	%		28	%
SG&A		3,007			2,500			20	%
Operating income	$	2,905		$	2,101			38	%
Operating income %		14	%		13	%

• Net sales increased 13%, excluding the impact of currency changes, due to higher sales volumes as a result of a strong lift truck market throughout the region. The sales increase due to foreign currency changes was primarily a result of the strengthening of the Japanese Yen and Australian Dollar against the US Dollar. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount		Change %
Net sales change	$	2,178		13	%
Foreign currency change		1,627		10	%
Total	$	3,805		23	%

• Our gross profit percentage increased compared to the prior year primarily due to fluctuations in foreign currency rates. Our gross profit percentage was 34% during the second quarter of fiscal 2011, which included some insurance proceeds related to the Australia flood.

Cascade Corporation

December 1, 2011

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• Selling and administrative costs increased primarily due to flood related costs incurred, higher warranty costs and changes in foreign currency rates.

China Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended October 31	2011			2010			% Change
Net sales	$	17,373		$	14,756			18	%
Transfers between areas		9,016			6,012			50	%
Net sales and transfers		26,389			20,768			27	%
Gross profit		7,004			6,849			2	%
Gross profit %		27	%		33	%
SG&A		1,746			1,252			39	%
Operating income	$	5,258		$	5,597			(6	%)
Operating income %		20	%		27	%

• Net sales increased 12%, excluding currency changes, primarily as a result of the growth of the Chinese economy and a strong lift truck market. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount		Change %
Net sales change	$	1,735		12	%
Foreign currency change		882		6	%
Total	$	2,617		18	%

• Transfers to other Cascade locations increased due to higher global demand.

• The gross profit percentage decreased due to changes in product mix and competitive price reductions. Our gross profit percentage was 28% during the second quarter of fiscal 2012.

• Selling and administrative costs increased 32%, excluding currency changes, primarily due to higher local business taxes and research and development costs.

Other Matters:

• During the third quarter of fiscal 2012, we paid down our debt by $26 million utilizing income from operations and cash from repatriated overseas profits.

• On November 29, 2011, our Board of Directors declared a quarterly dividend of $0.25 per share, payable on January 12, 2012 to shareholders of record as of December 28, 2011.

Cascade Corporation

December 1, 2011

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Forward Looking Statements:

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 which include, among others, statements relating to our expectations with respect to global lift truck demand and fourth quarter business levels. Readers are cautioned that a number of factors could cause our actual results to differ materially from any results indicated in this release or in any other forward-looking statements made by us, or on our behalf. These include among others, factors related to general economic conditions, interest rates, demand for materials handling products and construction equipment, performance of our manufacturing facilities and the cyclical nature of the materials handling and construction equipment industries. Further, historical information should not be considered an indicator of future performance. Additional considerations and important risk factors are described in our reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission.

Earnings Call Information:

We will discuss our results in a conference call on December 1, 2011 at 2:00 pm PST. Robert C. Warren, Jr., President and Chief Executive Officer will host the call. The conference call can be accessed in the U.S. and Canada by dialing (877) 941-8609, International callers can access the call by dialing (480) 629-9818. Participants are encouraged to dial-in 15 minutes prior to the beginning of the call. A replay will be available for 48 hours after the live broadcast and can be accessed by dialing (800) 406-7325 and entering passcode 4489901, or internationally, by dialing (303) 590-3030 and entering passcode 4489901.

The call will be simultaneously webcast and can be accessed on the Investor Relations page of the company’s website,www.cascorp.com. Listeners should go to the website at least 15 minutes early to register, download and install any necessary audio software.

About Cascade Corporation:

Cascade Corporation, headquartered in Fairview, Oregon, is a leading international manufacturer of materials handling products used primarily on lift trucks. Additional information on Cascade is available on its website,www.cascorp.com.

Contact

Joseph G. Pointer

Chief Financial Officer

Cascade Corporation

Phone (503) 669-6300

Email: investorrelations@cascorp.com

Cascade Corporation

December 1, 2011

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CASCADE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited - in thousands, except per share amounts)

	Three Months Ended October 31				Nine Months Ended October 31
	2011		2010		2011		2010
Net sales	$	138,024	$	107,377	$	409,843	$	299,510
Cost of goods sold		92,841		73,585		276,976		208,484
Gross profit		45,183		33,792		132,867		91,026
Selling and administrative expenses		21,784		18,336		63,984		55,667
Operating income		23,399		15,456		68,883		35,359
Interest expense, net		20		445		477		1,514
Foreign currency loss, net		378		232		1,037		752
Income before provision for income taxes		23,001		14,779		67,369		33,093
Provision for income taxes		3,426		5,995		17,519		15,411
Net income	$	19,575	$	8,784	$	49,850	$	17,682
Basic earnings per share	$	1.78	$	0.81	$	4.54	$	1.63
Diluted earnings per share	$	1.74	$	0.79	$	4.42	$	1.60
Basic weighted average shares outstanding		11,016		10,906		10,979		10,876
Diluted weighted average shares outstanding		11,256		11,092		11,280		11,083
Cash dividends per share	$	0.25	$	0.10	$	0.65	$	0.17

Cascade Corporation

December 1, 2011

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CASCADE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except per share amounts)

	October 31 2011		January 31 2011
ASSETS
Current assets:
Cash and cash equivalents	$	19,795	$	25,037
Accounts receivable, less allowance for doubtful accounts of $1,253 and $1,196		85,373		66,497
Inventories		85,020		67,041
Deferred income taxes		4,154		5,001
Assets available for sale		8,022		8,610
Prepaid expenses and other		18,112		11,170
Total current assets		220,476		183,356
Property, plant and equipment, net		69,926		66,978
Goodwill		88,891		88,708
Deferred income taxes		19,029		16,606
Other assets		3,761		3,531
Total assets	$	402,083	$	359,179
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Notes payable to banks	$	632	$	—
Current portion of long-term debt		576		548
Accounts payable		31,110		23,905
Accrued payroll and payroll taxes		9,062		9,299
Accrued incentive pay		2,917		2,868
Other accrued expenses		15,714		11,612
Total current liabilities		60,011		48,232
Long-term debt, net of current portion		21,522		41,789
Accrued environmental expenses		2,590		3,198
Deferred income taxes		4,457		4,452
Employee benefit obligations		8,140		7,864
Other liabilities		8,175		5,088
Total liabilities		104,895		110,623
Commitments and contingencies
Shareholders’ equity:
Common stock, $.50 par value, 40,000 authorized shares; 11,078 and 10,972 shares issued and outstanding		5,539		5,486
Additional paid-in capital		12,187		9,254
Retained earnings		240,854		198,194
Accumulated other comprehensive income		38,608		35,622
Total shareholders’ equity		297,188		248,556
Total liabilities and shareholders’ equity	$	402,083	$	359,179

Cascade Corporation

December 1, 2011

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CASCADE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

	Three Months Ended October 31						Nine Months Ended October 31
	2011			2010			2011			2010
Cash flows from operating activities:
Net income	$	19,575		$	8,784		$	49,850		$	17,682
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,622			2,570			7,508			7,627
Share-based compensation		571			499			1,916			2,138
Deferred income taxes		(1,635	)		856			(1,445	)		1,774
Tax effect on share-based compensation		439			393			(261	)		393
Gain on disposition of assets, net		(10	)		(26	)		(146	)		(20	)
Changes in operating assets and liabilities:
Accounts receivable		(555	)		(7,395	)		(17,794	)		(20,995	)
Inventories		(4,622	)		(1,300	)		(16,903	)		(1,577	)
Prepaid expenses and other		(2,148	)		996			(6,719	)		(2,735	)
Accounts payable and accrued expenses		906			(450	)		8,679			1,887
Income taxes payable and receivable		3,761			3,278			2,088			5,772
Other assets and liabilities		804			419			2,172			49
Net cash provided by operating activities		19,708			8,624			28,945			11,995
Cash flows from investing activities:
Capital expenditures		(3,482	)		(1,810	)		(9,190	)		(3,715	)
Proceeds from disposition of assets		122			1,065			1,174			1,182
Net cash used in investing activities		(3,360	)		(745	)		(8,016	)		(2,533	)
Cash flows from financing activities:
Cash dividends paid		(2,769	)		(1,097	)		(7,190	)		(1,863	)
Tax effect on share-based compensation		(439	)		(393	)		261			(393	)
Payments on long-term debt		(37,146	)		(21,635	)		(77,423	)		(54,634	)
Proceeds from long-term debt		10,500			22,250			57,000			53,750
Notes payable to banks, net		635			(1,360	)		635			(2,266	)
Common stock issued under share-based compensation plans		—			—			809			14
Net cash used in financing activities		(29,219	)		(2,235	)		(25,908	)		(5,392	)
Effect of exchange rate changes		523			(1,810	)		(263	)		1,926
Change in cash and cash equivalents		(12,348	)		3,834			(5,242	)		5,996
Cash and cash equivalents at beginning of period		32,143			22,363			25,037			20,201
Cash and cash equivalents at end of period	$	19,795		$	26,197		$	19,795		$	26,197