Exhibit 99.1
![]() JLG Industries, Inc. | Press Release FOR IMMEDIATE RELEASE | |
1 JLG Drive McConnellsburg, PA 17233-9533 Telephone (717) 485-5161 Fax (717) 485-6417 www.jlg.com | Contact: Juna Rowland Vice President — Corporate & Investor Relations (240) 313-1816, ir@jlg.com |
JLG ENJOYS SUSTAINED STRONG DEMAND FOR ACCESS PRODUCTS
Revenues up 59 percent — Cash Flow from Operations of $101 Million
McConnellsburg, PA, May 24, 2005 — JLG Industries, Inc. (NYSE: JLG) announced today consolidated revenues for the third quarter ended May 1, 2005 of $505 million, a 59 percent increase from prior year period revenues of $319 million. The Company reported net income of $22.7 million, or $0.47 per diluted share, compared with net income of $8.7 million, or $0.20 per diluted share, in the prior year. Adjusted to exclude the impact of integration expenses and expenses associated with the early extinguishment of debt, earnings for the third quarter were $0.56 per diluted share, a 133 percent increase, versus $0.24 per diluted share in the prior year. Cash flow from operations was $101 million for the quarter compared to a use of cash of $25 million in the prior year period.
On a GAAP basis, the operating profit margin was 10.1 percent of revenues versus 7.4 percent in the comparable year-ago period, with operating income of $51.3 million and $23.6 million, respectively, for the same periods. Excluding integration expenses, third quarter operating income was $52.4 million or 10.4 percent of revenues, versus $26.5 million or 8.3 percent for the year-ago period. Net unrecovered steel costs declined to an estimated $8.3 million, before-tax, in the third quarter compared to the $26.8 million and $21.0 million reported in the first and second quarters, respectively. Net unrecovered steel costs represent estimated increases in steel and related commodity costs against fiscal 2004 baselines offset in part by increased customer pricing.
“Our record revenue growth this quarter, led by strong sales of aerial products, reflects the continued robust demand for all our products,” said Bill Lasky, Chairman of the Board, President and Chief Executive Officer. “International sales grew 75 percent year-over-year and domestic sales increased by 54 percent. Our operating profit margin improvement reflects the full impact of pricing actions taken earlier in the year, the benefits of the OmniQuip synergies, Six Sigma initiatives, and ongoing productivity improvements. The order board has more than doubled sequentially to $665 million with delivery dates extending well into our 2006 fiscal year.”
Year-to-date Results
For the first nine months of fiscal 2005, consolidated revenues were $1.17 billion, a 52 percent increase from the prior year period of $769 million. Unadjusted reported net income on a GAAP basis was $21.5 million, or $0.46 per
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JLG Industries, Inc. — page 2
diluted share, year-to-date versus $11.4 million, or $0.26, in the same period last year. Reflecting the high price of raw materials partly offset by price increases, operating income was $60.5 million for the current year-to-date period and $44.0 million for the prior year period. Before the impact of integration expenses, operating income increased to $64.7 million, or 5.5 percent of revenues, versus $55 million, or 7.2 percent in the comparable period last year. Adjusting for expenses associated with the impact of integration and early extinguishment of debt, earnings were $0.60 per diluted share versus $0.42 last year. On a year-to-date basis, cash flow from operations was $88 million compared to a use of cash of $45 million in the prior year period.
The Company continued to improve key operating metrics, with trade receivable days sales outstanding reduced to 55 from 106 in the year-ago quarter, and inventory turns improving to 6.9 from 5.1. Net debt decreased by $264 million from the comparable period last year.
“We were extremely pleased by the success of our equity offering during the quarter,” stated Jim Woodward, Executive Vice President and Chief Financial Officer. “We used the proceeds to repurchase a portion of our Senior Subordinated Notes and Senior Notes. These transactions, combined with our other business activities including $101 million in cash flow from operations, resulted in a quarter-end cash and marketable securities position of $172 million and a reduction in net debt-to-net debt plus shareholders’ equity ratio from 50 percent to 12 percent sequentially.”
Outlook
“Economic activity, particularly commercial and non-residential construction activity, the primary drivers of equipment demand, continues at a healthy pace. Fleet age, rental and utilization rates for our type of equipment continues to drive demand in most all geographic regions and product lines,” commented Woodward. “Rental companies are continuing their strong pace of equipment refreshment propelled by some of the highest utilization rates they have seen since the last cycle peak in 2000. If historical patterns hold true, in the near- to mid-term, we should be moving from a strong cyclical recovery into an expansion phase as improving economic conditions in our principal markets and higher construction spending continue to drive demand. We also expect the continuing improvement of component availability to help drive operating efficiency gains.
“In light of this outlook we now expect full year revenue growth of 40 to 45 percent versus our previously stated guidance of 30 to 35 percent. Adjusting for the expenses associated with the early extinguishment of debt and taking into consideration the dilutive effect of the equity offering, we expect full year results to be toward the upper end of our guidance range of $1.05 and $1.15 per share based on an annual weighted average of approximately 47.7 million diluted shares. Guidance for the full year on a GAAP basis remains in the $0.98 to $1.08 range.”
Dividend
The Board of Directors of JLG Industries, Inc. today declared its regular, quarterly cash dividend of $.005 per common share. The dividend is payable on July 8, 2005 to shareholders of record June 17, 2005.
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Conference Call
Management’s more detailed analysis of the Company’s quarterly results and financial condition will be provided during a conference call on Wednesday, May 25, 2005 at 9:00 a.m. Eastern Time. The call can be accessed via JLG’s websitewww.jlg.com, where it will be accompanied by a slide presentation, or by dialing (800) 901-5259. International participants should dial (617) 786-4514. Access code for both dial-in numbers is 53176156. Please dial into the conference call 10 minutes prior to the start. A replay of the conference call presentation will be available on the Company’s website.
About JLG
JLG Industries, Inc. is the world’s leading producer of access equipment (aerial work platforms and telehandlers) and highway-speed telescopic hydraulic excavators. The Company’s diverse product portfolio encompasses leading brands such as JLG® aerial work platforms; JLG, SkyTrak®, Lull® and Gradall® telehandlers; Gradall excavators; and an array of complementary accessories that increase the versatility and efficiency of these products for end users. JLG markets its products and services through a multi-channel approach that includes a highly trained sales force, marketing, the Internet, integrated supply programs and a network of distributors. In addition, JLG offers world-class after-sales service and support for its customers in the industrial, commercial, institutional and construction markets. JLG’s manufacturing facilities are located in the United States, Belgium, and France with sales and service locations on six continents.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance, and involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: (i) general economic and market conditions, including political and economic uncertainty in areas of the world where we do business; (ii) varying and seasonal levels of demand for our products and services; (iii) limitations on customer access to credit for purchases; (iv) credit risks from our financing of customer purchases; (v) interest and foreign currency exchange rates; and (vi) costs of raw materials and energy, as well as other risks as detailed in the Company’s SEC reports, including the report onForm 10-Q for the quarter ended January 30, 2005.
Adjustments to reported GAAP earnings, AFS operations as if accounted for under the equity method, as well as our disclosures of free cash flow, EBITDA and net debt are useful in analyzing operating performance, but should be used only in conjunction with financial performance reported in accordance with generally accepted accounting principles.
For more information, visitwww.jlg.com.
JLG Industries, Inc. - Page 4
JLG INDUSTRIES, INC.
FINANCIAL DASHBOARD
(in thousands, except per share data and as otherwise identified)
Quarter Ended | Fiscal Year | Quarter Ended | Fiscal Year | |||||||||||||||||||||||||||||||||
May 1, | January 30, | October 31, | Ended | July 31, | April 25, | January 25, | October 26, | Ended | ||||||||||||||||||||||||||||
2005 | 2005 | 2004 | July 31, 2004 | 2004 | 2004 | 2004 | 2003 | July 31, 2003 | ||||||||||||||||||||||||||||
REVENUES AND PROFITABILITY | ||||||||||||||||||||||||||||||||||||
Revenues | $ | 505,356 | $ | 353,434 | $ | 306,661 | $ | 1,193,962 | $ | 425,160 | $ | 318,687 | $ | 236,530 | $ | 213,585 | $ | 751,128 | ||||||||||||||||||
Gross profit margin | 19.4 | % | 15.3 | % | 8.4 | % | 18.9 | % | 18.8 | % | 20.0 | % | 18.4 | % | 17.9 | % | 17.9 | % | ||||||||||||||||||
EBITDA | 53,786 | 27,111 | 2,185 | 105,660 | 38,363 | 30,336 | 19,769 | 17,192 | 62,949 | |||||||||||||||||||||||||||
Trailing twelve month EBITDA | 121,445 | 97,995 | 90,653 | 105,660 | 105,660 | 86,678 | 71,220 | 68,885 | 62,949 | |||||||||||||||||||||||||||
Trailing twelve month EBITDA margin | 7.6 | % | 7.0 | % | 7.0 | % | 8.8 | % | 8.8 | % | 8.6 | % | 8.0 | % | 8.6 | % | 8.4 | % | ||||||||||||||||||
Operating income (loss) | 51,267 | 17,607 | (8,335 | ) | 75,906 | 31,879 | 23,598 | 10,663 | 9,766 | 36,321 | ||||||||||||||||||||||||||
Operating profit (loss) margin | 10.1 | % | 5.0 | % | -2.7 | % | 6.4 | % | 7.5 | % | 7.4 | % | 4.5 | % | 4.6 | % | 4.8 | % | ||||||||||||||||||
Net income (loss) margin | 4.5 | % | 2.1 | % | -2.8 | % | 2.2 | % | 3.6 | % | 2.7 | % | 0.9 | % | 0.2 | % | 1.6 | % | ||||||||||||||||||
Reported earnings (loss) per diluted share | $ | .47 | $ | .17 | $ | (.20 | ) | $ | .61 | $ | .35 | $ | .20 | $ | .05 | $ | .01 | $ | .29 | |||||||||||||||||
IMPACT OF SELECTED ITEMS ON:(1) | ||||||||||||||||||||||||||||||||||||
income (expense) | ||||||||||||||||||||||||||||||||||||
PRE-TAX INCOME | ||||||||||||||||||||||||||||||||||||
Integration expenses - OmniQuip (in both Cost of sales (COS), Selling & administrative and product development (SA&PD)) | $ | (1,141 | ) | $ | (1,093 | ) | $ | (1,896 | ) | $ | (15,975 | ) | $ | (5,022 | ) | $ | (2,907 | ) | $ | (4,145 | ) | $ | (3,901 | ) | $ | — | ||||||||||
Restructuring and repositioning charges (in both COS, Restructuring) | — | — | — | (119 | ) | 3 | (1 | ) | (58 | ) | (63 | ) | (4,040 | ) | ||||||||||||||||||||||
Net expenses on early extinguishment of debt | (6,276 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Currency effects (in Miscellaneous-net) | (961 | ) | 3,087 | 2,281 | (2,309 | ) | (1,171 | ) | (1,938 | ) | 675 | 125 | 5,422 | |||||||||||||||||||||||
Bad debt charges (in SA&PD) | (1,364 | ) | (1,948 | ) | (1,132 | ) | (11,560 | ) | (3,819 | ) | (2,376 | ) | (4,273 | ) | (1,092 | ) | (7,024 | ) | ||||||||||||||||||
Inventory charges (in COS) | (1,279 | ) | (308 | ) | (1,592 | ) | (4,519 | ) | (1,374 | ) | (196 | ) | (1,622 | ) | (1,327 | ) | (4,463 | ) | ||||||||||||||||||
Early vesting incentives (in both COS, SA&PD) | (227 | ) | (436 | ) | (995 | ) | (1,771 | ) | — | (577 | ) | (1,194 | ) | — | — | |||||||||||||||||||||
Other Incentive pay (in both COS, SA&PD) | (7,384 | ) | — | — | (16,923 | ) | (12,065 | ) | (4,858 | ) | — | — | (2,605 | ) | ||||||||||||||||||||||
Restatement expenses (in SA&PD) | — | — | — | (1,264 | ) | (206 | ) | (1,058 | ) | — | — | — | ||||||||||||||||||||||||
Estimated net unrecovered steel cost (in COS) (2) | (8,307 | ) | (20,980 | ) | (26,764 | ) | (4,695 | ) | (4,695 | ) | — | — | — | — | ||||||||||||||||||||||
NET INCOME | ||||||||||||||||||||||||||||||||||||
Integration expenses - OmniQuip (in both COS, SA&PD) | (687 | ) | (692 | ) | (1,191 | ) | (10,160 | ) | (3,194 | ) | (1,860 | ) | (2,591 | ) | (2,504 | ) | — | |||||||||||||||||||
Restructuring and repositioning charges (in both COS, Restructuring) | — | — | — | (76 | ) | 2 | (1 | ) | (36 | ) | (40 | ) | (3,333 | ) | ||||||||||||||||||||||
Net expenses on early extinguishment of debt | (3,778 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Currency effects (in Miscellaneous-net) | (579 | ) | 1,954 | 1,432 | (1,469 | ) | (745 | ) | (1,240 | ) | 422 | 80 | 4,473 | |||||||||||||||||||||||
Bad debt charges (in SA&PD) | (821 | ) | (1,233 | ) | (711 | ) | (7,352 | ) | (2,429 | ) | (1,521 | ) | (2,671 | ) | (701 | ) | (5,795 | ) | ||||||||||||||||||
Inventory charges (in COS) | (770 | ) | (195 | ) | (1,000 | ) | (2,874 | ) | (874 | ) | (125 | ) | (1,014 | ) | (852 | ) | (3,682 | ) | ||||||||||||||||||
Benefit from change in effective income tax rate | — | — | — | — | — | — | — | — | 2,051 | |||||||||||||||||||||||||||
Early vesting incentives (in both COS, SA&PD) | (137 | ) | (276 | ) | (625 | ) | (1,126 | ) | — | (369 | ) | (746 | ) | — | — | |||||||||||||||||||||
Other Incentive pay (in both COS, SA&PD) | (4,445 | ) | — | — | (10,763 | ) | (7,673 | ) | (3,109 | ) | — | — | (2,149 | ) | ||||||||||||||||||||||
Restatement expenses (in SA&PD) | — | — | — | (804 | ) | (131 | ) | (677 | ) | — | — | — | ||||||||||||||||||||||||
Estimated net unrecovered steel cost (in COS) (2) | (5,001 | ) | (13,280 | ) | (16,808 | ) | (2,986 | ) | (2,986 | ) | — | — | — | — | ||||||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||||||
Integration expenses - OmniQuip (in both COS, SA&PD) | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.23 | ) | (0.07 | ) | (0.04 | ) | (0.06 | ) | (0.06 | ) | — | |||||||||||||||||||
Restructuring and repositioning charges (in both COS, Restructuring) | — | — | — | — | — | — | — | — | (0.08 | ) | ||||||||||||||||||||||||||
Net expenses on early extinguishment of debt | (0.08 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Currency effects (in Miscellaneous-net) | (0.01 | ) | 0.04 | 0.03 | (0.03 | ) | (0.02 | ) | (0.03 | ) | 0.01 | — | 0.10 | |||||||||||||||||||||||
Bad debt charges (in SA&PD) | (0.02 | ) | (0.03 | ) | (0.02 | ) | (0.17 | ) | (0.05 | ) | (0.03 | ) | (0.06 | ) | (0.02 | ) | (0.14 | ) | ||||||||||||||||||
Inventory charges (in COS) | (0.02 | ) | — | (0.02 | ) | (0.07 | ) | (0.02 | ) | — | (0.02 | ) | (0.02 | ) | (0.09 | ) | ||||||||||||||||||||
Benefit from change in effective income tax rate | — | — | — | — | — | — | — | — | 0.05 | |||||||||||||||||||||||||||
Early vesting incentives (in both COS, SA&PD) | — | (0.01 | ) | (0.01 | ) | (0.03 | ) | — | (0.01 | ) | (0.02 | ) | — | — | ||||||||||||||||||||||
Other Incentive pay (in both COS, SA&PD) | (0.09 | ) | — | — | (0.24 | ) | (0.17 | ) | (0.07 | ) | — | — | (0.05 | ) | ||||||||||||||||||||||
Restatement expenses (in SA&PD) | — | — | — | (0.02 | ) | — | (0.02 | ) | — | — | — | |||||||||||||||||||||||||
Estimated net unrecovered steel cost (in COS) (2) | (0.10 | ) | (0.30 | ) | (0.39 | ) | (0.07 | ) | (0.07 | ) | — | — | — | — | ||||||||||||||||||||||
BALANCE SHEET & LIQUIDITY MEASURES | ||||||||||||||||||||||||||||||||||||
Cash & cash equivalents | $ | 97,531 | $ | 24,305 | $ | 66,498 | $ | 37,656 | $ | 37,656 | $ | 12,945 | $ | 18,125 | $ | 11,288 | $ | 132,809 | ||||||||||||||||||
Marketable securities | 74,949 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Trade accounts and finance receivables, net | 377,190 | 354,350 | 333,316 | 400,597 | 400,597 | 413,000 | 365,745 | 331,682 | 302,021 | |||||||||||||||||||||||||||
Inventories | 185,370 | 182,606 | 170,731 | 154,405 | 154,405 | 164,160 | 150,074 | 153,200 | 122,675 | |||||||||||||||||||||||||||
Total balance sheet debt | 299,075 | 383,534 | 389,609 | 423,534 | 423,534 | 465,094 | 464,609 | 467,422 | 460,570 | |||||||||||||||||||||||||||
Limited recourse debt from finance receivables monetizations | 70,586 | 77,601 | 85,733 | 121,794 | 121,794 | 135,453 | 150,283 | 153,541 | 164,940 | |||||||||||||||||||||||||||
Net debt (3) | 59,248 | 286,092 | 242,381 | 269,553 | 269,553 | 323,186 | 303,408 | 310,498 | 171,103 | |||||||||||||||||||||||||||
Net debt (3) to total capitalization | 12 | % | 50 | % | 47 | % | 49 | % | 49 | % | 55 | % | 55 | % | 56 | % | 41 | % | ||||||||||||||||||
Maximum loss exposure under loss pool agreements related to both finance receivable monetizations and third-party financing | 28,179 | 27,203 | 26,068 | 25,161 | 25,161 | 23,757 | 24,460 | 23,380 | 21,708 | |||||||||||||||||||||||||||
Equity | 436,238 | 284,746 | 276,780 | 281,270 | 281,270 | 264,018 | 252,252 | 248,911 | 247,714 | |||||||||||||||||||||||||||
Working capital | 451,660 | 340,786 | 328,671 | 340,552 | 340,552 | 353,696 | 336,107 | 321,950 | 382,763 | |||||||||||||||||||||||||||
Depreciation and amortization | 7,488 | 6,958 | 7,088 | 25,681 | 5,070 | 7,359 | 6,766 | 6,486 | 19,937 | |||||||||||||||||||||||||||
Capital expenditures, net of retirements | 490 | 2,010 | 2,653 | 11,978 | 3,597 | 2,094 | 2,858 | 3,429 | 10,324 | |||||||||||||||||||||||||||
Free cash flow (4) | 226,844 | (43,711 | ) | 27,172 | (98,450 | ) | 53,633 | (19,778 | ) | 7,090 | (139,395 | ) | 27,781 | |||||||||||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||||||||||||||||||
Days sales outstanding | 55.4 | 83.7 | 92.0 | 78.4 | 78.4 | 106.0 | 115.4 | 106.0 | 102.7 | |||||||||||||||||||||||||||
Days payables outstanding | 55.7 | 46.5 | 54.6 | 57.0 | 57.0 | 65.1 | 58.6 | 54.0 | 70.8 | |||||||||||||||||||||||||||
Inventory turnover (annualized) | 6.9 | 6.4 | 5.9 | 5.8 | 5.8 | 5.1 | 4.6 | 3.8 | 3.4 |
(1) | Net of the quarter and annual effective tax rates. EPS is calculated by dividing the Net Income (Loss) amounts by the respective diluted shares for each period. Individual quarterly net income (loss) per diluted share may not equal the fiscal year EPS due to changes in the number of common shares outstanding during the year. Repositioning charges are reported in COS. | |
(2) | Net unrecovered steel cost is an estimate based upon a baseline average of steel prices per ton for various types of steel at the beginning of fiscal 2004 compared to the impact of steel prices incurred for various types of steel. These estimates include assumptions regarding the steel content of and sources of our products and their components. The steel price increases are netted against steel surcharges invoiced to our customers. | |
(3) | Net debt reflects total balance sheet debt plus off-balance sheet financing, less cash and limited recourse debt from finance receivables monetizations. | |
(4) | Free cash flow is defined as cash flow from operating activities, investing activities, payment of dividends, exercise of stock options, and the effect of exchange rate changes on cash less changes in accounts receivable securitization, limited recourse debt from finance receivables monetizations and off-balance sheet debt. |
JLG Industries, Inc. - Page 5
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share data)
(Quarterly data is unaudited)
Quarter Ended | Fiscal Year | Quarter Ended | Fiscal Year | |||||||||||||||||||||||||||||||||
May 1, | January 30, | October 31, | Ended | July 31, | April 25, | January 25, | October 26, | Ended | ||||||||||||||||||||||||||||
2005 | 2005 | 2004 | July 31, 2004 | 2004 | 2004 | 2004 | 2003 | July 31, 2003 | ||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 499,899 | $ | 347,947 | $ | 302,131 | $ | 1,170,186 | $ | 418,605 | $ | 312,650 | $ | 230,539 | $ | 208,392 | $ | 724,819 | ||||||||||||||||||
Financial products | 3,373 | 3,056 | 2,660 | 15,203 | 4,172 | 3,913 | 3,442 | 3,676 | 19,184 | |||||||||||||||||||||||||||
Rentals | 2,084 | 2,431 | 1,870 | 8,573 | 2,383 | 2,124 | 2,549 | 1,517 | 7,125 | |||||||||||||||||||||||||||
505,356 | 353,434 | 306,661 | 1,193,962 | 425,160 | 318,687 | 236,530 | 213,585 | 751,128 | ||||||||||||||||||||||||||||
Cost of sales | 407,464 | 299,462 | 280,966 | 968,562 | 345,110 | 255,050 | 193,083 | 175,319 | 616,686 | |||||||||||||||||||||||||||
Gross profit | 97,892 | 53,972 | 25,695 | 225,400 | 80,050 | 63,637 | 43,447 | 38,266 | 134,442 | |||||||||||||||||||||||||||
Gross profit margin | 19.4 | % | 15.3 | % | 8.4 | % | 18.9 | % | 18.8 | % | 20.0 | % | 18.4 | % | 17.9 | % | 17.9 | % | ||||||||||||||||||
Selling and administrative expenses | 39,524 | 30,810 | 28,122 | 128,465 | 42,348 | 34,052 | 28,349 | 23,716 | 79,225 | |||||||||||||||||||||||||||
Selling & administrative % | 7.8 | % | 8.7 | % | 9.2 | % | 10.8 | % | 10.0 | % | 10.7 | % | 12.0 | % | 11.1 | % | 10.5 | % | ||||||||||||||||||
Product development expenses | 7,101 | 5,555 | 5,908 | 21,002 | 5,807 | 5,987 | 4,435 | 4,773 | 16,142 | |||||||||||||||||||||||||||
Product development % | 1.4 | % | 1.6 | % | 1.9 | % | 1.8 | % | 1.6 | % | 1.9 | % | 1.9 | % | 2.2 | % | 2.1 | % | ||||||||||||||||||
Restructuring charges | — | — | — | 27 | 16 | — | — | 11 | 2,754 | |||||||||||||||||||||||||||
Income (loss) from operations | 51,267 | 17,607 | (8,335 | ) | 75,906 | 31,879 | 23,598 | 10,663 | 9,766 | 36,321 | ||||||||||||||||||||||||||
Operating (loss) profit margin | 10.1 | % | 5.0 | % | -2.7 | % | 6.4 | % | 7.5 | % | 7.4 | % | 4.5 | % | 4.6 | % | 4.8 | % | ||||||||||||||||||
Other income (deductions): | ||||||||||||||||||||||||||||||||||||
Interest expense | (8,554 | ) | (8,322 | ) | (8,996 | ) | (38,098 | ) | (9,274 | ) | (9,400 | ) | (9,548 | ) | (9,876 | ) | (27,985 | ) | ||||||||||||||||||
Miscellaneous, net | (4,969 | ) | 2,546 | 3,432 | 4,073 | 1,414 | (621 | ) | 2,340 | 940 | 6,691 | |||||||||||||||||||||||||
Income (loss) before taxes | 37,744 | 11,831 | (13,899 | ) | 41,881 | 24,019 | 13,577 | 3,455 | 830 | 15,027 | ||||||||||||||||||||||||||
Income tax provision (benefit) | 15,022 | 4,347 | (5,170 | ) | 15,232 | 8,748 | 4,890 | 1,297 | 297 | 2,635 | ||||||||||||||||||||||||||
Net income (loss) | $ | 22,722 | $ | 7,484 | $ | (8,729 | ) | $ | 26,649 | $ | 15,271 | $ | 8,687 | $ | 2,158 | $ | 533 | $ | 12,392 | |||||||||||||||||
Return on revenues | 4.5 | % | 2.1 | % | -2.8 | % | 2.2 | % | 3.6 | % | 2.7 | % | 0.9 | % | 0.2 | % | 1.6 | % | ||||||||||||||||||
Earnings (loss) per common share | $ | .48 | $ | .17 | $ | (.20 | ) | $ | .62 | $ | .36 | $ | .20 | $ | .05 | $ | .01 | $ | .29 | |||||||||||||||||
Earnings (loss) per common share - assuming dilution | $ | .47 | $ | .17 | $ | (.20 | ) | $ | .61 | $ | .35 | $ | .20 | $ | .05 | $ | .01 | $ | .29 | |||||||||||||||||
Cash Dividends per share | $ | .005 | $ | .005 | $ | .005 | $ | .020 | $ | .005 | $ | .005 | $ | .005 | $ | .005 | $ | .020 | ||||||||||||||||||
Average basic shares outstanding | 47,091 | 43,798 | 43,277 | 42,860 | 42,955 | 42,836 | 42,791 | 42,656 | 42,601 | |||||||||||||||||||||||||||
Average diluted shares outstanding | 48,287 | 44,988 | 43,277 | 44,032 | 44,191 | 44,013 | 44,152 | 43,575 | 42,866 | |||||||||||||||||||||||||||
JLG Industries, Inc. - Page 6
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share data)
(Quarterly data is unaudited)
May 1, | January 30, | October 31, | July 31, | April 25, | January 25, | October 26, | July 31, | |||||||||||||||||||||||||
2005 | 2005 | 2004 | 2004 | 2004 | 2004 | 2003 | 2003 | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 97,531 | $ | 24,305 | $ | 66,498 | $ | 37,656 | $ | 12,945 | $ | 18,125 | $ | 11,288 | $ | 132,809 | ||||||||||||||||
Marketable securities | 74,949 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Trade accounts and finance receivables, net | 377,190 | 354,350 | 333,316 | 400,597 | 413,000 | 365,745 | 331,682 | 302,021 | ||||||||||||||||||||||||
Inventories | 185,370 | 182,606 | 170,731 | 154,405 | 164,160 | 150,074 | 153,200 | 122,675 | ||||||||||||||||||||||||
Other current assets | 58,753 | 47,466 | 45,739 | 41,058 | 42,086 | 27,441 | 54,252 | 46,474 | ||||||||||||||||||||||||
Total current assets | 793,793 | 608,727 | 616,284 | 633,716 | 632,191 | 561,385 | 550,422 | 603,979 | ||||||||||||||||||||||||
Property, plant and equipment, net | 78,270 | 82,387 | 89,443 | 91,504 | 88,277 | 90,862 | 92,525 | 79,699 | ||||||||||||||||||||||||
Equipment held for rental, net | 27,220 | 23,163 | 26,842 | 21,190 | 18,687 | 22,903 | 18,236 | 19,651 | ||||||||||||||||||||||||
Finance receivables, less current portion | 31,836 | 36,992 | 39,002 | 33,747 | 28,797 | 22,882 | 30,484 | 31,156 | ||||||||||||||||||||||||
Pledged finance receivables, less current portion | 40,459 | 50,372 | 56,413 | 86,559 | 95,851 | 105,915 | 114,382 | 119,073 | ||||||||||||||||||||||||
Goodwill | 63,134 | 63,165 | 63,017 | 62,885 | 66,501 | 66,501 | 66,450 | 29,509 | ||||||||||||||||||||||||
Intangible assets, net | 33,465 | 33,848 | 34,590 | 35,240 | 32,979 | 33,709 | 34,448 | — | ||||||||||||||||||||||||
Other assets | 56,848 | 80,420 | 66,991 | 62,603 | 66,434 | 67,961 | 66,002 | 53,135 | ||||||||||||||||||||||||
$ | 1,125,025 | $ | 979,074 | $ | 992,582 | $ | 1,027,444 | $ | 1,029,717 | $ | 972,118 | $ | 972,949 | $ | 936,202 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 1,552 | $ | 3,744 | $ | 1,788 | $ | 1,729 | $ | 14,843 | $ | 1,758 | $ | 2,278 | $ | 1,472 | ||||||||||||||||
Current portion of limited recourse debt from finance receivables monetizations | 29,708 | 26,660 | 26,725 | 32,585 | 37,086 | 40,824 | 40,153 | 45,279 | ||||||||||||||||||||||||
Accounts payable | 194,588 | 139,742 | 150,600 | 139,990 | 123,984 | 92,762 | 68,197 | 83,408 | ||||||||||||||||||||||||
Accrued expenses | 116,285 | 97,795 | 108,500 | 118,860 | 102,582 | 89,934 | 117,844 | 91,057 | ||||||||||||||||||||||||
Total current liabilities | 342,133 | 267,941 | 287,613 | 293,164 | 278,495 | 225,278 | 228,472 | 221,216 | ||||||||||||||||||||||||
Long-term debt, less current portion | 226,937 | 302,189 | 302,088 | 300,011 | 314,798 | 312,568 | 311,603 | 294,158 | ||||||||||||||||||||||||
Limited recourse debt from finance receivables monetizations, less current portion | 40,878 | 50,941 | 59,008 | 89,209 | 98,367 | 109,459 | 113,388 | 119,661 | ||||||||||||||||||||||||
Accrued post-retirement benefits | 30,801 | 30,423 | 30,211 | 29,666 | 28,798 | 27,998 | 27,199 | 26,179 | ||||||||||||||||||||||||
Other long-term liabilities | 24,116 | 23,536 | 21,362 | 20,542 | 30,501 | 30,487 | 29,790 | 15,160 | ||||||||||||||||||||||||
Provisions for contingencies | 23,922 | 19,298 | 15,520 | 13,582 | 14,740 | 14,076 | 13,586 | 12,114 | ||||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||||||||
Capital stock: | ||||||||||||||||||||||||||||||||
Authorized shares: 100,000 at $.20 par value Issued shares: 50,975; fiscal 2004 - 43,903; fiscal 2003 - 43,367 | 10,195 | 8,940 | 8,907 | 8,781 | 8,732 | 8,712 | 8,683 | 8,673 | ||||||||||||||||||||||||
Additional paid-in capital | 163,974 | 37,087 | 35,111 | 29,571 | 25,883 | 24,725 | 23,789 | 23,597 | ||||||||||||||||||||||||
Retained earnings | 275,077 | 252,579 | 245,319 | 254,268 | 239,215 | 230,746 | 228,806 | 228,490 | ||||||||||||||||||||||||
Unearned compensation | (2,642 | ) | (3,433 | ) | (4,019 | ) | (5,333 | ) | (2,856 | ) | (3,796 | ) | (5,145 | ) | (5,428 | ) | ||||||||||||||||
Accumulated other comprehensive loss | (10,366 | ) | (10,427 | ) | (8,538 | ) | (6,017 | ) | (6,956 | ) | (8,135 | ) | (7,222 | ) | (7,618 | ) | ||||||||||||||||
Total shareholders’ equity | 436,238 | 284,746 | 276,780 | 281,270 | 264,018 | 252,252 | 248,911 | 247,714 | ||||||||||||||||||||||||
$ | 1,125,025 | $ | 979,074 | $ | 992,582 | $ | 1,027,444 | $ | 1,029,717 | $ | 972,118 | $ | 972,949 | $ | 936,202 | |||||||||||||||||
JLG Industries, Inc. - Page 7
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(in thousands)
(Quarterly data is unaudited)
Quarter Ended | Fiscal Year | Quarter Ended | Fiscal Year | |||||||||||||||||||||||||||||||||
May 1, | January 30, | October 31, | Ended | July 31, | April 25, | January 25, | October 26, | Ended | ||||||||||||||||||||||||||||
2005 | 2005 | 2004 | July 31, 2004 | 2004 | 2004 | 2004 | 2003 | July 31, 2003 | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 22,722 | $ | 7,484 | $ | (8,729 | ) | $ | 26,649 | $ | 15,271 | $ | 8,687 | $ | 2,158 | $ | 533 | $ | 12,392 | |||||||||||||||||
Adjustments to reconcile net income (loss) to cash flow from operating activities: | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | (22 | ) | (19 | ) | 161 | 319 | 52 | 214 | (240 | ) | 293 | 266 | ||||||||||||||||||||||||
(Gain) loss on sale of equipment held for rental | (1,286 | ) | (5,334 | ) | (1,300 | ) | (12,451 | ) | (12,568 | ) | (1,247 | ) | 44 | 1,320 | (6,794 | ) | ||||||||||||||||||||
Non-cash charges and credits: | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 7,488 | 6,958 | 7,088 | 25,681 | 5,070 | 7,359 | 6,766 | 6,486 | 19,937 | |||||||||||||||||||||||||||
Other | 6,225 | 3,965 | 2,749 | 17,006 | (1,173 | ) | 5,977 | 8,548 | 3,654 | 7,869 | ||||||||||||||||||||||||||
Changes in selected working capital items: | ||||||||||||||||||||||||||||||||||||
Accounts receivable | (16,355 | ) | (29,659 | ) | 62,217 | (66,296 | ) | 18,059 | (57,552 | ) | (27,823 | ) | 1,020 | (35,324 | ) | |||||||||||||||||||||
Inventories | (3,463 | ) | (11,758 | ) | (16,368 | ) | 9,188 | 13,060 | (14,053 | ) | 3,296 | 6,885 | 43,137 | |||||||||||||||||||||||
Accounts payable | 54,834 | (10,833 | ) | 10,554 | 33,207 | 11,982 | 31,428 | 24,751 | (34,954 | ) | (46,026 | ) | ||||||||||||||||||||||||
Other operating assets and liabilities | 7,188 | (2,340 | ) | (12,560 | ) | 13,506 | 21,266 | (3,515 | ) | (4,289 | ) | 44 | (12,706 | ) | ||||||||||||||||||||||
Changes in finance receivables | 1,944 | 6,970 | (8,496 | ) | (6,112 | ) | (6,756 | ) | (2,181 | ) | 1,770 | 1,055 | 40,487 | |||||||||||||||||||||||
Changes in pledged finance receivables | (248 | ) | (917 | ) | 1,391 | (14,866 | ) | 224 | 1,537 | (1,175 | ) | (15,452 | ) | (114,271 | ) | |||||||||||||||||||||
Changes in other assets and liabilities | 21,946 | (12,920 | ) | (1,147 | ) | (11,090 | ) | (4,408 | ) | (1,921 | ) | (862 | ) | (3,899 | ) | (3,295 | ) | |||||||||||||||||||
Cash flow from operating activities | 100,973 | (48,403 | ) | 35,560 | 14,741 | 60,079 | (25,267 | ) | 12,944 | (33,015 | ) | (94,328 | ) | |||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | (1,342 | ) | (2,072 | ) | (2,895 | ) | (12,387 | ) | (3,522 | ) | (2,435 | ) | (2,619 | ) | (3,811 | ) | (10,806 | ) | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | 874 | 81 | 81 | 90 | (127 | ) | 127 | 1 | 89 | 216 | ||||||||||||||||||||||||||
Purchases of equipment held for rental | (6,719 | ) | (8,851 | ) | (10,089 | ) | (26,689 | ) | (10,246 | ) | (4,491 | ) | (9,743 | ) | (2,209 | ) | (16,342 | ) | ||||||||||||||||||
Proceeds from sale of equipment held for rental | 3,103 | 16,037 | 4,150 | 33,269 | 20,563 | 8,008 | 3,557 | 1,141 | 19,063 | |||||||||||||||||||||||||||
Purchases of held-to-maturity securities | (224,987 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Maturities of held-to-maturity securities | 150,038 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash portion of acquisitions | — | (105 | ) | — | (109,557 | ) | (14,186 | ) | — | — | (95,371 | ) | — | |||||||||||||||||||||||
Other | 503 | (56 | ) | (46 | ) | 333 | (27 | ) | 507 | (101 | ) | (46 | ) | (689 | ) | |||||||||||||||||||||
Cash flow from investing activities | (78,530 | ) | 5,034 | (8,799 | ) | (114,941 | ) | (7,545 | ) | 1,716 | (8,905 | ) | (100,207 | ) | (8,558 | ) | ||||||||||||||||||||
FINANCING | ||||||||||||||||||||||||||||||||||||
Net issuance (repayment) of short-term debt | (1,961 | ) | 1,955 | 58 | 27 | (13,115 | ) | 13,084 | (536 | ) | 594 | (13,497 | ) | |||||||||||||||||||||||
Issuance of long-term debt | 26,002 | 45,038 | 85,016 | 351,999 | 181,999 | 71,000 | 77,000 | 22,000 | 404,283 | |||||||||||||||||||||||||||
Repayment of long-term debt | (99,374 | ) | (45,140 | ) | (85,092 | ) | (362,506 | ) | (196,202 | ) | (67,099 | ) | (77,119 | ) | (22,086 | ) | (279,647 | ) | ||||||||||||||||||
Issuance of limited recourse debt | — | — | — | 13,979 | — | — | 3,108 | 10,871 | 117,383 | |||||||||||||||||||||||||||
Repayment of limited recourse debt | — | — | — | (253 | ) | — | — | — | (253 | ) | (118 | ) | ||||||||||||||||||||||||
Payment of dividends | (224 | ) | (224 | ) | (220 | ) | (871 | ) | (219 | ) | (218 | ) | (218 | ) | (216 | ) | (859 | ) | ||||||||||||||||||
Net proceeds from issuance of common stock | 119,534 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Exercise of stock options | 6,714 | 1,276 | 5,086 | 2,414 | 276 | 1,242 | 746 | 150 | 93 | |||||||||||||||||||||||||||
Cash flow from financing activities | 50,691 | 2,905 | 4,848 | 4,789 | (27,261 | ) | 18,009 | 2,981 | 11,060 | 227,638 | ||||||||||||||||||||||||||
CURRENCY ADJUSTMENTS | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | 92 | (1,729 | ) | (2,767 | ) | 258 | (562 | ) | 362 | (183 | ) | 641 | 1,852 | |||||||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | 73,226 | (42,193 | ) | 28,842 | (95,153 | ) | 24,711 | (5,180 | ) | 6,837 | (121,521 | ) | 126,604 | |||||||||||||||||||||||
Beginning balance | 24,305 | 66,498 | 37,656 | 132,809 | 12,945 | 18,125 | 11,288 | 132,809 | 6,205 | |||||||||||||||||||||||||||
Ending balance | $ | 97,531 | $ | 24,305 | $ | 66,498 | $ | 37,656 | $ | 37,656 | $ | 12,945 | $ | 18,125 | $ | 11,288 | $ | 132,809 | ||||||||||||||||||
JLG Industries, Inc. - Page 8
JLG INDUSTRIES, INC.
CONSOLIDATED SELECTED SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
(Quarterly data is unaudited)
Quarter Ended | Fiscal Year | Quarter Ended | Fiscal Year | |||||||||||||||||||||||||||||||||
May 1, | January 30, | October 31, | Ended | July 31, | April 25, | January 25, | October 26, | Ended | ||||||||||||||||||||||||||||
2005 | 2005 | 2004 | July 31, 2004 | 2004 | 2004 | 2004 | 2003 | July 31, 2003 | ||||||||||||||||||||||||||||
SEGMENT INFORMATION REVENUES: | ||||||||||||||||||||||||||||||||||||
Machinery | $ | 437,595 | $ | 281,220 | $ | 252,532 | $ | 973,610 | $ | 351,123 | $ | 261,263 | $ | 192,266 | $ | 168,958 | $ | 594,484 | ||||||||||||||||||
Equipment Services | 64,313 | 69,070 | 51,350 | 204,454 | 69,559 | 53,258 | 40,822 | 40,815 | 136,737 | |||||||||||||||||||||||||||
Access Financial Solutions | 3,448 | 3,144 | 2,779 | 15,898 | 4,478 | 4,166 | 3,442 | 3,812 | 19,907 | |||||||||||||||||||||||||||
$ | 505,356 | $ | 353,434 | $ | 306,661 | $ | 1,193,962 | $ | 425,160 | $ | 318,687 | $ | 236,530 | $ | 213,585 | $ | 751,128 | |||||||||||||||||||
SEGMENT PROFIT (LOSS): | ||||||||||||||||||||||||||||||||||||
Machinery | $ | 51,995 | $ | 9,533 | $ | (13,340 | ) | $ | 70,844 | $ | 27,520 | $ | 25,190 | $ | 11,541 | $ | 6,593 | $ | 25,513 | |||||||||||||||||
Equipment services | 17,867 | 19,711 | 15,767 | 59,760 | 20,725 | 15,158 | 12,809 | 11,068 | 27,119 | |||||||||||||||||||||||||||
Access Financial Solutions | 1,211 | 712 | 194 | 1,695 | 990 | 694 | (273 | ) | 284 | 3,990 | ||||||||||||||||||||||||||
General corporate expenses | (21,254 | ) | (13,801 | ) | (13,249 | ) | (67,308 | ) | (19,898 | ) | (20,229 | ) | (16,088 | ) | (11,093 | ) | (32,001 | ) | ||||||||||||||||||
Segment profit (loss) | 49,819 | 16,155 | (10,628 | ) | 64,991 | 29,337 | 20,813 | 7,989 | 6,852 | 24,621 | ||||||||||||||||||||||||||
Add: AFS’ interest expense | 1,448 | 1,452 | 2,293 | 10,915 | 2,542 | 2,785 | 2,674 | 2,914 | 11,700 | |||||||||||||||||||||||||||
Operating Income (Loss) | $ | 51,267 | $ | 17,607 | $ | (8,335 | ) | $ | 75,906 | $ | 31,879 | $ | 23,598 | $ | 10,663 | $ | 9,766 | $ | 36,321 | |||||||||||||||||
PRODUCT GROUP REVENUES | ||||||||||||||||||||||||||||||||||||
Aerial work platforms | $ | 278,071 | $ | 171,517 | $ | 124,523 | $ | 562,056 | $ | 217,425 | $ | 146,017 | $ | 109,354 | $ | 89,260 | $ | 428,564 | ||||||||||||||||||
Telehandlers | 141,660 | 92,490 | 119,668 | 358,865 | 117,510 | 99,439 | 69,908 | 72,008 | 117,475 | |||||||||||||||||||||||||||
Excavators | 17,864 | 17,213 | 8,341 | 52,689 | 16,188 | 15,807 | 13,004 | 7,690 | 48,445 | |||||||||||||||||||||||||||
After-sales service and support, including parts sales, and used and reconditioned equipment sales | 62,304 | 66,727 | 49,599 | 196,576 | 67,482 | 51,387 | 38,273 | 39,434 | 130,335 | |||||||||||||||||||||||||||
Financial products | 3,373 | 3,056 | 2,660 | 15,203 | 4,172 | 3,913 | 3,442 | 3,676 | 19,184 | |||||||||||||||||||||||||||
Rentals | 2,084 | 2,431 | 1,870 | 8,573 | 2,383 | 2,124 | 2,549 | 1,517 | 7,125 | |||||||||||||||||||||||||||
$ | 505,356 | $ | 353,434 | $ | 306,661 | $ | 1,193,962 | $ | 425,160 | $ | 318,687 | $ | 236,530 | $ | 213,585 | $ | 751,128 | |||||||||||||||||||
GEOGRAPHIC REVENUES | ||||||||||||||||||||||||||||||||||||
United States | $ | 379,624 | $ | 256,027 | $ | 238,733 | $ | 923,696 | $ | 327,498 | $ | 246,985 | $ | 177,542 | $ | 171,671 | $ | 546,494 | ||||||||||||||||||
Europe | 86,224 | 56,819 | 36,863 | 178,392 | 66,076 | 48,079 | 40,286 | 23,951 | 145,038 | |||||||||||||||||||||||||||
Other international | 39,508 | 40,588 | 31,065 | 91,874 | 31,586 | 23,623 | 18,702 | 17,963 | 59,596 | |||||||||||||||||||||||||||
$ | 505,356 | $ | 353,434 | $ | 306,661 | $ | 1,193,962 | $ | 425,160 | $ | 318,687 | $ | 236,530 | $ | 213,585 | $ | 751,128 | |||||||||||||||||||
JLG Industries, Inc. - Page 9
JLG INDUSTRIES, INC.
EBITDA
QUARTERLY PERIODS
(in thousands)
May 1, | January 30, | October 31, | July 31, | April 25, | January 25, | October 26, | July 31, | |||||||||||||||||||||||||
2005 | 2005 | 2004 | 2004 | 2004 | 2004 | 2003 | 2003 | |||||||||||||||||||||||||
Net income (loss) | $ | 22,722 | $ | 7,484 | ($8,729 | ) | $ | 15,271 | $ | 8,687 | $ | 2,158 | $ | 533 | $ | 5,672 | ||||||||||||||||
Interest expense | 8,554 | 8,322 | 8,996 | 9,274 | 9,400 | 9,548 | 9,876 | 9,645 | ||||||||||||||||||||||||
Income tax provision (benefit) | 15,022 | 4,347 | (5,170 | ) | 8,748 | 4,890 | 1,297 | 297 | (527 | ) | ||||||||||||||||||||||
Depreciation and amortization | 7,488 | 6,958 | 7,088 | 5,070 | 7,359 | 6,766 | 6,486 | 4,591 | ||||||||||||||||||||||||
EBITDA | $ | 53,786 | $ | 27,111 | $ | 2,185 | $ | 38,363 | $ | 30,336 | $ | 19,769 | $ | 17,192 | $ | 19,381 | ||||||||||||||||
We monitor our EBITDA, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. EBITDA also is an indicator of profitability, particularly in our capital-intensive industry. EBITDA reflects our earnings (loss) before interest, taxes and depreciation and amortization. EBITDA as presented differs from measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.
JLG Industries, Inc. - Page 10
JLG INDUSTRIES, INC.
EBITDA AND EBITDA MARGINS
TRAILING TWELVE MONTH PERIODS
(in thousands)
May 1, | January 30, | October 31, | July 31, | April 25, | January 25, | October 26, | July 31, | |||||||||||||||||||||||||
2005 | 2005 | 2004 | 2004 | 2004 | 2004 | 2003 | 2003 | |||||||||||||||||||||||||
Net income | $ | 36,748 | $ | 22,713 | $ | 17,387 | $ | 26,649 | $ | 17,050 | $ | 10,528 | $ | 12,596 | $ | 12,392 | ||||||||||||||||
Interest expense | 35,146 | 35,992 | 37,218 | 38,098 | 38,469 | 35,833 | 32,357 | 27,985 | ||||||||||||||||||||||||
Income tax provision | 22,947 | 12,815 | 9,765 | 15,232 | 5,957 | 2,085 | 2,777 | 2,635 | ||||||||||||||||||||||||
Depreciation and amortization | 26,604 | 26,475 | 26,283 | 25,681 | 25,202 | 22,774 | 21,155 | 19,937 | ||||||||||||||||||||||||
EBITDA | $ | 121,445 | $ | 97,995 | $ | 90,653 | $ | 105,660 | $ | 86,678 | $ | 71,220 | $ | 68,885 | $ | 62,949 | ||||||||||||||||
Revenues | $ | 1,590,611 | $ | 1,403,942 | $ | 1,287,038 | $ | 1,193,962 | $ | 1,002,360 | $ | 889,443 | $ | 804,226 | $ | 751,128 | ||||||||||||||||
EBITDA Margin | 7.6 | % | 7.0 | % | 7.0 | % | 8.8 | % | 8.6 | % | 8.0 | % | 8.6 | % | 8.4 | % | ||||||||||||||||
We monitor our EBITDA, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. EBITDA also is an indicator of profitability, particularly in our capital-intensive industry. EBITDA reflects our earnings before interest, taxes and depreciation and amortization. EBITDA as presented differs from measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.
JLG Industries, Inc. - Page 11
JLG INDUSTRIES, INC.
NET DEBT
(in thousands)
May 1, | January 30, | October 31, | July 31, | April 25, | January 25, | October 26, | July 31, | |||||||||||||||||||||||||
2005 | 2005 | 2004 | 2004 | 2004 | 2004 | 2003 | 2003 | |||||||||||||||||||||||||
Revolving credit facilities | $ | — | $ | — | $ | — | $ | — | $ | 14,000 | $ | — | $ | — | $ | — | ||||||||||||||||
$15 million cash management facility | — | 1,944 | — | — | 13,129 | — | 567 | — | ||||||||||||||||||||||||
$125 million senior notes | 112,975 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | ||||||||||||||||||||||||
$175 million senior subordinated notes | 113,750 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | ||||||||||||||||||||||||
Miscellaneous debt | 5,014 | 5,128 | 5,219 | 5,236 | 5,321 | 15,465 | 15,554 | 1,983 | ||||||||||||||||||||||||
Fair value of interest rate swaps | (6,378 | ) | (6,120 | ) | (6,492 | ) | (8,814 | ) | (8,296 | ) | (6,795 | ) | (8,065 | ) | (12,347 | ) | ||||||||||||||||
Gain on terminated interest rate swap | 3,128 | 4,981 | 5,149 | 5,318 | 5,487 | 5,656 | 5,825 | 5,994 | ||||||||||||||||||||||||
Bank debt and notes | 228,489 | 305,933 | 303,876 | 301,740 | 329,641 | 314,326 | 313,881 | 295,630 | ||||||||||||||||||||||||
Limited recourse debt from finance receivables monetizations * | 70,586 | 77,601 | 85,733 | 121,794 | 135,453 | 150,283 | 153,541 | 164,940 | ||||||||||||||||||||||||
Total balance sheet debt | 299,075 | 383,534 | 389,609 | 423,534 | 465,094 | 464,609 | 467,422 | 460,570 | ||||||||||||||||||||||||
Net present value of off-balance sheet rental fleet lease | 656 | 755 | 1,012 | 1,070 | 1,524 | 2,026 | 2,341 | 2,341 | ||||||||||||||||||||||||
Net present value of off-balance sheet production equipment leases | 2,583 | 3,709 | 3,991 | 4,399 | 4,966 | 5,181 | 5,564 | 5,941 | ||||||||||||||||||||||||
Total off-balance sheet financing | 3,239 | 4,464 | 5,003 | 5,469 | 6,490 | 7,207 | 7,905 | 8,282 | ||||||||||||||||||||||||
Total balance sheet debt and off-balance sheet financing | 302,314 | 387,998 | 394,612 | 429,003 | 471,584 | 471,816 | 475,327 | 468,852 | ||||||||||||||||||||||||
Less: cash, cash equivalents and marketable securities | 172,480 | 24,305 | 66,498 | 37,656 | 12,945 | 18,125 | 11,288 | 132,809 | ||||||||||||||||||||||||
Less: limited recourse debt from finance receivables monetizations | 70,586 | 77,601 | 85,733 | 121,794 | 135,453 | 150,283 | 153,541 | 164,940 | ||||||||||||||||||||||||
Net debt | $ | 59,248 | $ | 286,092 | $ | 242,381 | $ | 269,553 | $ | 323,186 | $ | 303,408 | $ | 310,498 | $ | 171,103 | ||||||||||||||||
Shareholders’ Equity | $ | 436,238 | $ | 284,746 | $ | 276,780 | $ | 281,270 | $ | 264,018 | $ | 252,252 | $ | 248,911 | $ | 247,714 | ||||||||||||||||
Net Debt-to-Net Debt plus Shareholders’ Equity | 12 | % | 50 | % | 47 | % | 49 | % | 55 | % | 55 | % | 56 | % | 41 | % | ||||||||||||||||
Total Balance Sheet Debt-to-Total Balance Sheet Debt plus Shareholders’ Equity | 41 | % | 57 | % | 58 | % | 60 | % | 64 | % | 65 | % | 65 | % | 65 | % | ||||||||||||||||
* Maximum loss exposure under loss pool agreements related to both finance receivable monetizations and third-party financing | $ | 28,179 | $ | 27,203 | $ | 26,068 | $ | 25,161 | $ | 23,757 | $ | 24,460 | $ | 23,380 | $ | 21,708 | ||||||||||||||||
We monitor our net debt, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. We define net debt as the sum of total balance sheet debt and other off-balance sheet financing, minus cash and limited recourse debt arising from our monetizations of customer finance receivables.
JLG Industries, Inc. - Page 12
JLG INDUSTRIES, INC.
FREE CASH FLOW
(in thousands)
Quarter Ended | Fiscal Year | Quarter Ended | Fiscal Year | |||||||||||||||||||||||||||||||||
May 1, | January 30, | October 31, | Ended | July 31, | April 25, | January 25, | October 26, | Ended | ||||||||||||||||||||||||||||
2005 | 2005 | 2004 | July 31, 2004 | 2004 | 2004 | 2004 | 2003 | July 31, 2003 | ||||||||||||||||||||||||||||
Net income (loss) | $ | 22,722 | $ | 7,484 | ( | $ | 8,729 | ) | $ | 26,649 | $ | 15,271 | $ | 8,687 | $ | 2,158 | $ | 533 | $ | 12,392 | ||||||||||||||||
Adjustments to reconcile net income (loss) to cash flow from operating activities: | ||||||||||||||||||||||||||||||||||||
Non-cash items | 12,405 | 5,570 | 8,698 | 30,555 | (8,619 | ) | 12,303 | 15,118 | 11,753 | 21,278 | ||||||||||||||||||||||||||
Accounts receivable | (16,355 | ) | (29,659 | ) | 62,217 | (66,296 | ) | 18,059 | (57,552 | ) | (27,823 | ) | 1,020 | (35,324 | ) | |||||||||||||||||||||
Inventories | (3,463 | ) | (11,758 | ) | (16,368 | ) | 9,188 | 13,060 | (14,053 | ) | 3,296 | 6,885 | 43,137 | |||||||||||||||||||||||
Other current assets | (14,132 | ) | 3,497 | (2,817 | ) | 8,780 | (158 | ) | (14,211 | ) | 26,225 | (3,076 | ) | (15,960 | ) | |||||||||||||||||||||
Accounts payable | 54,834 | (10,833 | ) | 10,554 | 33,207 | 11,982 | 31,428 | 24,751 | (34,954 | ) | (46,026 | ) | ||||||||||||||||||||||||
Accrued expenses | 21,320 | (5,837 | ) | (9,743 | ) | 4,726 | 21,424 | 10,696 | (30,514 | ) | 3,120 | 3,254 | ||||||||||||||||||||||||
Finance receivables | 1,944 | 6,970 | (8,496 | ) | (6,112 | ) | (6,756 | ) | (2,181 | ) | 1,770 | 1,055 | 40,487 | |||||||||||||||||||||||
Other cash from operations | 21,946 | (12,920 | ) | (1,147 | ) | (11,090 | ) | (4,408 | ) | (1,921 | ) | (862 | ) | (3,899 | ) | (3,295 | ) | |||||||||||||||||||
Purchases of property, plant and equipment | (1,342 | ) | (2,072 | ) | (2,895 | ) | (12,387 | ) | (3,522 | ) | (2,435 | ) | (2,619 | ) | (3,811 | ) | (10,806 | ) | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | 874 | 81 | 81 | 90 | (127 | ) | 127 | 1 | 89 | 216 | ||||||||||||||||||||||||||
Purchases of equipment held for rental | (6,719 | ) | (8,851 | ) | (10,089 | ) | (26,689 | ) | (10,246 | ) | (4,491 | ) | (9,743 | ) | (2,209 | ) | (16,342 | ) | ||||||||||||||||||
Proceeds from sale of equipment held for rental | 3,103 | 16,037 | 4,150 | 33,269 | 20,563 | 8,008 | 3,557 | 1,141 | 19,063 | |||||||||||||||||||||||||||
Cash portion of acquisitions | — | (105 | ) | — | (109,557 | ) | (14,186 | ) | — | — | (95,371 | ) | — | |||||||||||||||||||||||
Other cash from investments | 503 | (56 | ) | (46 | ) | 333 | (27 | ) | 507 | (101 | ) | (46 | ) | (689 | ) | |||||||||||||||||||||
Payment of dividends | (224 | ) | (224 | ) | (220 | ) | (871 | ) | (219 | ) | (218 | ) | (218 | ) | (216 | ) | (859 | ) | ||||||||||||||||||
Net proceeds from issuance of common stock | 119,534 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Exercise of stock options | 6,714 | 1,276 | 5,086 | 2,414 | 276 | 1,242 | 746 | 150 | 93 | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash | 92 | (1,729 | ) | (2,767 | ) | 258 | (562 | ) | 362 | (183 | ) | 641 | 1,852 | |||||||||||||||||||||||
Seller financing | — | — | — | (10,000 | ) | — | — | — | (10,000 | ) | — | |||||||||||||||||||||||||
Capital lease assumed in OmniQuip acquisition | — | — | — | (3,630 | ) | — | — | — | (3,630 | ) | — | |||||||||||||||||||||||||
Debt assumed in Delta acquisition | — | — | — | (103 | ) | (103 | ) | — | — | — | — | |||||||||||||||||||||||||
Other(1) | 3,088 | (582 | ) | (297 | ) | (1,184 | ) | 1,931 | 3,924 | 1,531 | (8,570 | ) | 15,310 | |||||||||||||||||||||||
Free Cash Flow | $ | 226,844 | ( | $ | 43,711 | ) | $ | 27,172 | ( | $ | 98,450 | ) | $ | 53,633 | ( | $ | 19,778 | ) | $ | 7,090 | ( | $ | 139,395 | ) | $ | 27,781 | ||||||||||
(1) | Includes changes in other off-balance sheet debt. |
In addition to measuring our cash flow generation and usage based upon the Statements of Cash Flows, we also measure our free cash flow. We define free cash flow as cash flow from operating activities, investing activities, payment of dividends, exercise of stock options, and the effect of exchange rate changes on cash less changes in accounts receivable securitization, limited recourse debt from finance receivables monetizations and off-balance sheet debt. Our measure of free cash flow may not be comparable to similarly titled measures being disclosed by other companies and is not a measure of financial performance that is in accordance with GAAP. We utilize free cash flow to explain the change in our net debt position from the prior period.
JLG Industries, Inc. - Page 13
JLG INDUSTRIES, INC.
STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
CONSOLIDATED | EQUIPMENT OPERATIONS | FINANCIAL SERVICES | ||||||||||||||||||||||
JLG Industries, Inc. and | JLG Industries, Inc. with Access | |||||||||||||||||||||||
Consolidated Subsidiaries | Financial Solutions on the Equity Basis | Access Financial Solutions | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
May 1, 2005 | April 25, 2004 | May 1, 2005 | April 25, 2004 | May 1, 2005 | April 25, 2004 | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Net sales | $ | 1,149,977 | $ | 751,581 | $ | 1,149,977 | $ | 751,581 | $ | — | $ | — | ||||||||||||
Financial products | 9,089 | 11,031 | — | — | 9,089 | 11,031 | ||||||||||||||||||
Rentals | 6,385 | 6,190 | 6,103 | 5,801 | 282 | 389 | ||||||||||||||||||
1,165,451 | 768,802 | 1,156,080 | 757,382 | 9,371 | 11,420 | |||||||||||||||||||
Cost of sales | 987,892 | 623,452 | 987,291 | 623,013 | 601 | 439 | ||||||||||||||||||
Gross profit | 177,559 | 145,350 | 168,789 | 134,369 | 8,770 | 10,981 | ||||||||||||||||||
Selling and administrative expenses | 98,456 | 86,117 | 96,996 | 84,214 | 1,460 | 1,903 | ||||||||||||||||||
Product development expenses | 18,564 | 15,195 | 18,564 | 15,195 | — | — | ||||||||||||||||||
Restructuring charges | — | 11 | — | 11 | — | — | ||||||||||||||||||
Income from operations | 60,539 | 44,027 | 53,229 | 34,949 | 7,310 | 9,078 | ||||||||||||||||||
Other income (deductions): | ||||||||||||||||||||||||
Interest expense | (25,872 | ) | (28,824 | ) | (20,679 | ) | (20,451 | ) | (5,193 | ) | (8,373 | ) | ||||||||||||
Miscellaneous, net | 1,009 | 2,659 | 1,009 | 2,659 | — | — | ||||||||||||||||||
Income before taxes | 35,676 | 17,862 | 33,559 | 17,157 | 2,117 | 705 | ||||||||||||||||||
Income tax provision | 14,199 | 6,484 | 13,356 | 6,228 | 843 | 256 | ||||||||||||||||||
Equity in income of Access Financial Solutions | — | — | 1,274 | 449 | — | — | ||||||||||||||||||
Net income | $ | 21,477 | $ | 11,378 | $ | 21,477 | $ | 11,378 | $ | 1,274 | $ | 449 | ||||||||||||
Earnings per common share | $ | .48 | $ | .27 | ||||||||||||||||||||
Earnings per common share - assuming dilution | $ | .46 | $ | .26 | ||||||||||||||||||||
Cash dividends per share | $ | .015 | $ | .015 | ||||||||||||||||||||
Weighted average shares outstanding | 45,045 | 42,821 | ||||||||||||||||||||||
Weighted average shares outstanding - assuming dilution | 46,298 | 43,973 | ||||||||||||||||||||||
JLG Industries, Inc. - Page 14
JLG INDUSTRIES, INC.
BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
CONSOLIDATED | EQUIPMENT OPERATIONS | FINANCIAL SERVICES | ||||||||||||||||||||||
JLG Industries, Inc. and | JLG Industries, Inc. with Access | |||||||||||||||||||||||
Consolidated Subsidiaries | Financial Solutions on the Equity Basis | Access Financial Solutions | ||||||||||||||||||||||
May 1, | July 31, | May 1, | July 31, | May 1, | July 31, | |||||||||||||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 97,531 | $ | 37,656 | $ | 97,531 | $ | 37,656 | $ | — | $ | — | ||||||||||||
Marketable securities | 74,949 | — | 74,949 | — | — | — | ||||||||||||||||||
Trade accounts and finance receivables — net | 377,190 | 400,597 | 338,892 | 332,154 | 38,298 | 68,443 | ||||||||||||||||||
Inventories | 185,370 | 154,405 | 185,370 | 154,405 | — | — | ||||||||||||||||||
Other current assets | 58,753 | 41,058 | 58,753 | 41,058 | — | — | ||||||||||||||||||
Total current assets | 793,793 | 633,716 | 755,495 | 565,273 | 38,298 | 68,443 | ||||||||||||||||||
Property, plant and equipment — net | 78,270 | 91,504 | 78,094 | 91,504 | 176 | — | ||||||||||||||||||
Equipment held for rental — net | 27,220 | 21,190 | 25,959 | 19,404 | 1,261 | 1,786 | ||||||||||||||||||
Finance receivables, less current portion | 31,836 | 33,747 | — | — | 31,836 | 33,747 | ||||||||||||||||||
Pledged receivables, less current portion | 40,459 | 86,559 | — | — | 40,459 | 86,559 | ||||||||||||||||||
Goodwill | 63,134 | 62,885 | 63,134 | 62,885 | — | — | ||||||||||||||||||
Intangible assets — net | 33,465 | 35,240 | 33,465 | 35,240 | — | — | ||||||||||||||||||
Investment in Access Financial Solutions | — | — | 39,045 | 37,771 | — | — | ||||||||||||||||||
Receivable from Access Financial Solutions | — | — | 2,401 | 31,398 | — | — | ||||||||||||||||||
Other assets | 56,848 | 62,603 | 56,681 | 61,955 | 167 | 648 | ||||||||||||||||||
$ | 1,125,025 | $ | 1,027,444 | $ | 1,054,274 | $ | 905,430 | $ | 112,197 | $ | 191,183 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 1,552 | $ | 1,729 | $ | 1,552 | $ | 1,729 | $ | — | $ | — | ||||||||||||
Current portion of limited recourse debt from finance receivables monetizations | 29,708 | 32,585 | — | — | 29,708 | 32,585 | ||||||||||||||||||
Accounts payable | 194,588 | 139,990 | 194,588 | 139,990 | — | — | ||||||||||||||||||
Accrued expenses | 116,285 | 118,860 | 116,201 | 118,652 | 84 | 208 | ||||||||||||||||||
Total current liabilities | 342,133 | 293,164 | 312,341 | 260,371 | 29,792 | 32,793 | ||||||||||||||||||
Long-term debt, less current portion | 226,937 | 300,011 | 226,937 | 300,011 | — | — | ||||||||||||||||||
Limited recourse debt from finance receivables monetizations, less current portion | 40,878 | 89,209 | — | — | 40,878 | 89,209 | ||||||||||||||||||
Payable to JLG Industries, Inc. | — | — | — | — | 2,401 | 31,398 | ||||||||||||||||||
Accrued post-retirement benefits | 30,801 | 29,666 | 30,801 | 29,666 | — | — | ||||||||||||||||||
Other long-term liabilities | 24,116 | 20,542 | 24,116 | 20,542 | — | — | ||||||||||||||||||
Provisions for contingencies | 23,922 | 13,582 | 23,841 | 13,570 | 81 | 12 | ||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||
Capital stock: | ||||||||||||||||||||||||
Authorized shares: 100,000 at $.20 par value | ||||||||||||||||||||||||
Issued and outstanding shares: 50,975 shares; fiscal 2004 – 43,903 shares | 10,195 | 8,781 | 10,195 | 8,781 | 30,000 | 30,000 | ||||||||||||||||||
Additional paid-in capital | 163,974 | 29,571 | 163,974 | 29,571 | — | — | ||||||||||||||||||
Retained earnings | 275,077 | 254,268 | 275,077 | 254,268 | 9,045 | 7,771 | ||||||||||||||||||
Unearned compensation | (2,642 | ) | (5,333 | ) | (2,642 | ) | (5,333 | ) | — | — | ||||||||||||||
Accumulated other comprehensive loss | (10,366 | ) | (6,017 | ) | (10,366 | ) | (6,017 | ) | — | — | ||||||||||||||
Total shareholders’ equity | 436,238 | 281,270 | 436,238 | 281,270 | 39,045 | 37,771 | ||||||||||||||||||
$ | 1,125,025 | $ | 1,027,444 | $ | 1,054,274 | $ | 905,430 | $ | 112,197 | $ | 191,183 | |||||||||||||
JLG Industries, Inc. - Page 15
JLG INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
CONSOLIDATED | EQUIPMENT OPERATIONS | FINANCIAL SERVICES | ||||||||||||||||||||||
JLG Industries, Inc. and | JLG Industries, Inc. with Access | |||||||||||||||||||||||
Consolidated Subsidiaries | Financial Solutions on the Equity Basis | Access Financial Solutions | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
May 1, 2005 | April 25, 2004 | May 1, 2005 | April 25, 2004 | May 1, 2005 | April 25, 2004 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net income | $ | 21,477 | $ | 11,378 | $ | 21,477 | $ | 11,378 | $ | 1,274 | $ | 449 | ||||||||||||
Adjustments to reconcile net income to cash flow from operating activities: | ||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | 120 | 267 | 120 | 264 | — | 3 | ||||||||||||||||||
(Gain) loss on sale of equipment held for rental | (7,920 | ) | 117 | (7,920 | ) | 117 | — | — | ||||||||||||||||
Non-cash charges and credits: | ||||||||||||||||||||||||
Depreciation and amortization | 21,534 | 20,611 | 20,913 | 20,182 | 621 | 429 | ||||||||||||||||||
Other | 12,939 | 18,179 | 13,341 | 17,777 | (402 | ) | 402 | |||||||||||||||||
Changes in selected working capital items: | ||||||||||||||||||||||||
Accounts receivable | 16,203 | (84,355 | ) | (10,498 | ) | (88,260 | ) | 26,701 | 3,905 | |||||||||||||||
Inventories | (31,589 | ) | (3,872 | ) | (31,589 | ) | (3,872 | ) | — | — | ||||||||||||||
Accounts payable | 54,555 | 21,225 | 54,555 | 21,225 | — | — | ||||||||||||||||||
Other operating assets and liabilities | (7,712 | ) | (7,760 | ) | (7,588 | ) | (7,739 | ) | (124 | ) | (21 | ) | ||||||||||||
Changes in finance receivables | 418 | 644 | — | — | 418 | 644 | ||||||||||||||||||
Changes in pledged finance receivables | 226 | (15,090 | ) | — | — | 226 | (15,090 | ) | ||||||||||||||||
Changes in other assets and liabilities | 7,879 | (6,682 | ) | 7,329 | (6,322 | ) | 550 | (360 | ) | |||||||||||||||
Cash flow from operating activities | 88,130 | (45,338 | ) | 60,140 | (35,250 | ) | 29,264 | (9,639 | ) | |||||||||||||||
Investments | ||||||||||||||||||||||||
Purchases of property, plant and equipment | (6,309 | ) | (8,865 | ) | (6,114 | ) | (8,865 | ) | (195 | ) | — | |||||||||||||
Proceeds from the sale of property, plant and equipment | 1,036 | 217 | 1,036 | 217 | — | — | ||||||||||||||||||
Purchases of equipment held for rental | (25,659 | ) | (16,443 | ) | (25,582 | ) | (16,182 | ) | (77 | ) | (261 | ) | ||||||||||||
Proceeds from the sale of equipment held for rental | 23,290 | 12,706 | 23,290 | 12,706 | — | — | ||||||||||||||||||
Purchases of held-to-maturity securities | (224,987 | ) | — | (224,987 | ) | — | — | — | ||||||||||||||||
Maturities of held-to-maturity securities | 150,038 | — | 150,038 | — | — | — | ||||||||||||||||||
Cash portion of acquisitions | (105 | ) | (95,371 | ) | (105 | ) | (95,371 | ) | — | — | ||||||||||||||
Investment in income of Access Financial Solutions | — | — | (1,274 | ) | (449 | ) | — | — | ||||||||||||||||
Other | 401 | 360 | 401 | 360 | — | — | ||||||||||||||||||
Cash flow from investing activities | (82,295 | ) | (107,396 | ) | (83,297 | ) | (107,584 | ) | (272 | ) | (261 | ) | ||||||||||||
Financing | ||||||||||||||||||||||||
Net increase in short-term debt | 52 | 13,142 | 52 | 13,142 | — | — | ||||||||||||||||||
Issuance of long-term debt | 156,056 | 170,000 | 156,056 | 170,000 | — | — | ||||||||||||||||||
Repayment of long-term debt | (229,606 | ) | (166,304 | ) | (229,606 | ) | (166,304 | ) | — | — | ||||||||||||||
Issuance of limited recourse debt | — | 13,979 | — | — | — | 13,979 | ||||||||||||||||||
Repayment of limited recourse debt | — | (253 | ) | — | — | — | (253 | ) | ||||||||||||||||
Change in receivable from Access Financial Solutions | — | — | 28,997 | 3,826 | — | — | ||||||||||||||||||
Change in payable to JLG Industries, Inc. | — | — | — | — | (28,997 | ) | (3,826 | ) | ||||||||||||||||
Net proceeds from issuance of common stock | 119,534 | — | 119,534 | — | — | — | ||||||||||||||||||
Payment of dividends | (668 | ) | (652 | ) | (668 | ) | (652 | ) | — | — | ||||||||||||||
Exercise of stock options | 13,076 | 2,138 | 13,076 | 2,138 | — | — | ||||||||||||||||||
Cash flow from financing activities | 58,444 | 32,050 | 87,441 | 22,150 | (28,997 | ) | 9,900 | |||||||||||||||||
Currency Adjustments | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | (4,404 | ) | 820 | (4,409 | ) | 820 | 5 | — | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Net change in cash and cash equivalents | 59,875 | (119,864 | ) | 59,875 | (119,864 | ) | — | — | ||||||||||||||||
Beginning balance | 37,656 | 132,809 | 37,656 | 132,809 | — | — | ||||||||||||||||||
Ending balance | $ | 97,531 | $ | 12,945 | $ | 97,531 | $ | 12,945 | $ | — | $ | — | ||||||||||||
# # #