Cascade 8-K Results of Operations and Financial Condition

Exhibit 99.1

Portland, Oregon

August 30, 2012

FOR IMMEDIATE RELEASE

CASCADE CORPORATION ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JULY 31, 2012

Cascade Corporation (NYSE: CASC) today reported its financial results for the second quarter ended July 31, 2012.

Second Quarter Overview

• Net sales of $136 million for the second quarter of fiscal 2013 were 4% higher than the second quarter of fiscal 2012, excluding the impact of changes in foreign currency exchange rates.

• Our net income for the second quarter of fiscal 2013 was $12.6 million ($1.11 per diluted share) compared to $13.9 million ($1.23 per diluted share) for the second quarter of fiscal 2012. The prior year results include net insurance proceeds and flood related costs due to a flood in Australia. The net after-tax impact of the flood increased net income by $0.7 million ($.06 per diluted share).

Second Quarter Fiscal 2013 Summary

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

Three Months Ended July 31	2012			2011			% Change
Net sales	$	136,410		$	135,642			1	%
Gross profit		42,060			43,311			(3	%)
Gross profit %		31	%		32	%
SG&A		21,997			22,334			(2	%)
Operating income		20,063			20,977			(4	%)
Operating income %		15	%		15	%
Interest expense, net		127			206			(38	%)
Foreign currency loss		225			463			(51	%)
Income before taxes		19,711			20,308			(3	%)
Provision for income taxes		7,072			6,457			10	%
Effective tax rate		36	%		32	%
Net income	$	12,639		$	13,851			(9	%)
Diluted earnings per share	$	1.11		$	1.23			(10	%)

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August 30, 2012

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• Consolidated net sales during the second quarter of fiscal 2013 increased 4% over the second quarter of fiscal 2012, excluding the impact of foreign currency changes. The increase in net sales was due to higher sales volumes of products related to the construction industry and strong lift truck markets in the Asia Pacific region. Details of the change in net sales compared to the prior year are as follows (in thousands):

	Amount			Change %
Net sales change	$	5,273			4	%
Foreign currency change		(4,505	)		(3	%)
Total	$	768			1	%

• Our consolidated gross profit percentage decreased slightly during the second quarter of fiscal 2013. The prior year gross profit includes net flood insurance proceeds of $1.3 million. Without these insurance proceeds, the gross profit percentage would have been 31% for both periods.

• The effective tax rate of 36% in the second quarter of fiscal 2013 was higher than the effective tax rate in the second quarter of fiscal 2012 primarily due to a $0.7 million increase in our accrual for state tax matters during the current quarter.

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 Q2 Fiscal 2013 vs 2012			Orders Q2 Fiscal 2013 vs 2012
Americas		2	%		3	%
Europe		4	%		(7	%)
Asia Pacific		14	%		7	%
China		(19	%)		(17	%)
Global		(2	%)		(5	%)

• Volatility in the global lift truck market is continuing. The Americas, Europe and Asia Pacific markets experienced flat to moderate growth. China’s shipments were well below prior year shipments, which were at record levels.

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Americas Summary

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

Three Months Ended July 31	2012			2011			% Change
Net sales	$	76,042		$	67,025			13	%
Transfers between areas		6,447			7,952			(19	%)
Net sales and transfers		82,489			74,977			10	%
Gross profit		24,201			21,783			11	%
Gross profit %		29	%		29	%
SG&A		13,315			12,686			5	%
Operating income	$	10,886		$	9,097			20	%
Operating income %		13	%		12	%

• Net sales increased 14%, excluding the impact of currency changes, primarily due to higher sales volumes of products to the construction industry. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount			Change %
Net sales change	$	9,568			14	%
Foreign currency change		(551	)		(1	%)
Total	$	9,017			13	%

• Our gross profit percentage remained consistent with the prior year as the benefit of higher sales volumes was offset by increased sales of lower margin products to the construction industry.

• Selling and administrative costs increased primarily due to consulting, personnel, product liability and other general costs.

Europe Summary

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

Three Months Ended July 31	2012			2011			% Change
Net sales	$	23,119		$	29,344			(21	%)
Transfers between areas		261			187			40	%
Net sales and transfers		23,380			29,531			(21	%)
Gross profit		4,732			6,671			(29	%)
Gross profit %		20	%		23	%
SG&A		4,090			4,864			(16	%)
Operating income	$	642		$	1,807			(64	%)
Operating income %		3	%		6	%

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• Net sales decreased 10%, excluding the impact of currency changes, primarily as a result of a weakening lift truck market, due to economic conditions in Europe. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount			Change %
Net sales change	$	(3,035	)		(10	%)
Foreign currency change		(3,190	)		(11	%)
Total	$	(6,225	)		(21	%)

• The decrease in our gross profit percentage is a result of lower cost absorption due to decreased sales volumes and higher product costs from changes in foreign currency rates.

Asia Pacific Summary

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

Three Months Ended July 31	2012			2011			% Change
Net sales	$	21,717		$	21,167			3	%
Transfers between areas		24			8			200	%
Net sales and transfers		21,741			21,175			3	%
Gross profit		6,156			7,272			(15	%)
Gross profit %		28	%		34	%
SG&A		2,915			3,293			(11	%)
Operating income	$	3,241		$	3,979			(19	%)
Operating income %		15	%		19	%

• Net sales increased 8%, excluding the impact of foreign currencies, primarily due to higher sales volumes as a result of strong lift truck markets. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount			Change %
Net sales change	$	1,592			8	%
Foreign currency change		(1,042	)		(5	%)
Total	$	550			3	%

• Our prior year gross profit percentage included net insurance proceeds of $1.3 million related to the Australia flood. Without these insurance proceeds, the gross profit percentage would have been 28% for both periods.

• Operating income, during the second quarter of fiscal 2012, reflects $0.9 million from net flood insurance proceeds. We did not receive any insurance proceeds and did not incur any significant flood related costs during the second quarter of fiscal 2013.

Cascade Corporation

August 30, 2012

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China Summary

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

Three Months Ended July 31	2012			2011			% Change
Net sales	$	15,532		$	18,106			(14	%)
Transfers between areas		8,000			8,771			(9	%)
Net sales and transfers		23,532			26,877			(12	%)
Gross profit		6,971			7,585			(8	%)
Gross profit %		30	%		28	%
SG&A		1,677			1,491			12	%
Operating income	$	5,294		$	6,094			(13	%)
Operating income %		22	%		23	%

• Net sales decreased 16%, excluding currency changes, primarily due to a slowdown in the Chinese economy and lift truck industry. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount			Change %
Net sales change	$	(2,852	)		(16	%)
Foreign currency change		278			2	%
Total	$	(2,574	)		(14	%)

• Our gross profit percentage increased primarily due to a higher percentage of higher margin product sales and to a lesser extent a reduction in the cost of steel.

Other Matters:

• On August 28, 2012, our Board of Directors declared a quarterly dividend of $0.35 per share, payable on October 11, 2012 to shareholders of record as of September 26, 2012.

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 future levels of business activity. 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, the impact of the European debt crisis on our European market and the global economy, 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.

Cascade Corporation

August 30, 2012

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Earnings Call Information:

We will discuss our results in a conference call on August 30 at 2:00 pm PDT. 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) 629-9692. 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 4556780, or internationally, by dialing (303) 590-3030 and entering passcode 4556780.

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

August 30, 2012

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CASCADE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited — in thousands, except per share amounts)
	Three Months Ended July 31				Six Months Ended July 31
	2012		2011		2012		2011
Net sales	$	136,410	$	135,642	$	277,645	$	271,819
Cost of goods sold		94,350		92,331		192,291		184,135
Gross profit		42,060		43,311		85,354		87,684
Selling and administrative expenses		21,997		22,334		44,604		42,200
Operating income		20,063		20,977		40,750		45,484
Interest expense, net		127		206		211		457
Foreign currency loss		225		463		235		659
Income before provision for income taxes		19,711		20,308		40,304		44,368
Provision for income taxes		7,072		6,457		12,457		14,093
Net income	$	12,639	$	13,851	$	27,847	$	30,275
Basic earnings per share	$	1.14	$	1.26	$	2.51	$	2.76
Diluted earnings per share	$	1.11	$	1.23	$	2.45	$	2.68
Basic weighted average shares outstanding		11,112		10,994		11,073		10,960
Diluted weighted average shares outstanding		11,378		11,302		11,374		11,288
Cash dividends per share	$	0.35	$	0.20	$	0.70	$	0.40

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CASCADE CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except per share amounts)
	July 31 2012		January 31 2012
ASSETS
Current assets:
Cash and cash equivalents	$	39,349	$	24,928
Accounts receivable, less allowance for doubtful accounts of $1,332 and $1,211		83,624		77,752
Inventories		88,740		86,660
Deferred income taxes		3,825		3,822
Assets available for sale		7,120		7,572
Prepaid expenses and other		12,243		11,353
Total current assets		234,901		212,087
Property, plant and equipment, net		71,394		71,439
Goodwill		87,574		88,174
Deferred income taxes		22,025		18,964
Other assets		4,279		3,895
Total assets	$	420,173	$	394,559
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Notes payable to banks	$	—	$	99
Current portion of long-term debt		—		590
Accounts payable		26,016		28,280
Accrued payroll and payroll taxes		9,715		9,473
Accrued incentive pay		1,424		2,496
Other accrued expenses		13,047		15,580
Total current liabilities		50,202		56,518
Long-term debt, net of current portion		15,000		4,950
Accrued environmental expenses		1,669		2,279
Deferred income taxes and other tax liabilities		11,433		8,626
Employee benefit obligations		8,345		8,228
Other liabilities		3,001		3,231
Total liabilities		89,650		83,832
Commitments and contingencies
Shareholders’ equity:
Common stock, $.50 par value, 40,000 authorized shares; 11,195 and 11,088 shares issued and outstanding		5,598		5,544
Additional paid-in capital		16,936		13,252
Retained earnings		271,328		251,280
Accumulated other comprehensive income		36,661		40,651
Total shareholders’ equity		330,523		310,727
Total liabilities and shareholders’ equity	$	420,173	$	394,559

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CASCADE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands)
	Three Months Ended July 31						Six Months Ended July 31
	2012			2011			2012				2011
Cash flows from operating activities:
Net income	$	12,639		$	13,851		$	27,847			$	30,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,664			2,493			5,206				4,886
Share-based compensation		735			746			1,356				1,345
Deferred income taxes		(1,419	)		349			(3,290	)			190
Tax effect on share-based compensation		(121	)		(700	)		(1,574	)			(700	)
Loss (gain) on disposition of assets, net		9			(119	)		(30	)			(136	)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		2,900			2,403			(7,512	)			(17,239	)
Inventories		(2,851	)		(8,194	)		(3,019	)			(12,281	)
Prepaid expenses and other		563			(2,872	)		(1,088	)			(4,571	)
Accounts payable and accrued expenses		(3,230	)		5,305			(2,863	)			7,773
Income taxes payable and receivable		(1,117	)		(3,135	)		(99	)			(2,373	)
Other assets and liabilities		2,156			750			2,220				2,068
Net cash provided by operating activities		12,928			10,877			17,154				9,237
Cash flows from investing activities:
Capital expenditures		(2,654	)		(3,406	)		(5,757	)			(5,708	)
Proceeds from disposition of assets		16			1,001			111				1,052
Business acquisition		(18	)		—			(1,198	)			—
Net cash used in investing activities		(2,656	)		(2,405	)		(6,844	)			(4,656	)
Cash flows from financing activities:
Cash dividends paid		(7,799	)		(4,421	)		(7,799	)			(4,421	)
Payments on long-term debt		(19,234	)		(27,040	)		(96,073	)			(40,277	)
Proceeds from long-term debt		28,700			28,500			105,700				46,500
Notes payable to banks, net		(440	)		(2,966	)		(98	)			—
Common stock issued under share-based compensation plans		—			210			808				809
Tax effect on share-based compensation		121			700			1,574				700
Net cash provided by (used in) financing activities		1,348			(5,017	)		4,112				3,311
Effect of exchange rate changes		825			1,827			(1	)			(786	)
Change in cash and cash equivalents		12,445			5,282			14,421		��		7,106
Cash and cash equivalents at beginning of period		26,904			26,861			24,928				25,037
Cash and cash equivalents at end of period	$	39,349		$	32,143		$	39,349			$	32,143