JLG Industries (JLG) 8-K Robust Demand Drives JLG to Record Quarterly Revenues

Exhibit 99.1

	Press Release
	FOR IMMEDIATE RELEASE
	Contact: Greg Fries
JLG Industries, Inc.	Manager — Investor Relations & Analysis
1 JLG Drive	(240) 313-1817, ir@jlg.com
McConnellsburg, PA 17233-9533
Telephone (717) 485-5161
Fax (717) 485-6417
www.jlg.com

ROBUST DEMAND DRIVES JLG TO RECORD QUARTERLY REVENUES

Revenues up 25 percent – Earnings per share up 79 percent — Improved Outlook

     McConnellsburg, PA, May 24, 2006– JLG Industries, Inc. (NYSE: JLG) today announced consolidated revenues of $630 million and earnings per diluted share of $.43 for its fiscal third quarter ended April 30, 2006. Compared to the prior year period, revenue in the third fiscal quarter increased 25 percent, led by a 38 percent increase internationally and a 20 percent increase in the United States. Excluding revenues from the recently divested excavator business, third quarter revenues increased 30 percent from the prior year. The Company reported net income of $46.2 million compared with net income of $22.7 million, or $0.24 per diluted share, in the prior year. These results include a one time pre-tax gain of $14.6 million ($8.8 million net of tax), or $.08 per diluted share, from the sale of the excavator business during the quarter. The prior year results include $6.3 million ($3.8 million net of tax) or $.04 per share of charges associated with the early extinguishment of debt.

     “Quarterly revenues reached a new record and we produced solid earnings improvement during a period of major manufacturing realignment and capacity expansion,” stated Bill Lasky, Chairman of the Board, President and Chief Executive Officer. “Despite the record level of shipments, incoming orders remained very strong and the open order board at the end of the quarter was $927 million, a significant increase from last year’s level of $665 million. This continues to reflect strong market demand for JLG access products. Our supply chain is responding positively to the increased orders and we are on track to complete our manufacturing realignment and capacity expansion in the fourth quarter. We plan to begin shipments of Caterpillar-branded telehandlers to European dealers in August and to North American dealers in November under our exclusive 20-year private label alliance agreement. In addition to supporting the alliance agreement, the manufacturing realignment and capacity expansion also provides the additional capacity and flexibility required to better satisfy overall demand for JLG access equipment, as well as ongoing productivity improvement.”

Year to date Results

     For the first nine months of fiscal 2006, consolidated revenues were $1.6 billion, a 37 percent increase from the prior year period. Net income was $101 million, or $.95 per diluted share, compared to $21.5 million, or $.23 per diluted share last year.

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JLG Industries, Inc. — page 2

     Cash and cash equivalents totaled $305 million at April 30, 2006, a sequential increase of $122 million, of which $32.4 million was due to the sale of the excavator product line. During the quarter, the Company repurchased $12.4 million of its 8.25 percent Senior Notes due in 2008.

Outlook

     “Demand strength for access products continued through the third quarter and the sustained high level of our order board suggests this trend will continue,” said Jim Woodward, Executive Vice President and Chief Financial Officer. “Operating income improved to $84.7 million including the gain on the sale of the excavator business, or 13.5 percent of revenues, compared to $51.3 million, or 10.1 percent, for the comparable year-ago period. Adjusted for the $14.6 million gain on the sale of the excavator business and the $8.0 million of costs for strategic initiatives and manufacturing realignment in the current period, and for $1.1 million of integration expense in the prior period, our incremental operating margin was 21 percent.

     With nine months of our fiscal year behind us, we now expect our fiscal 2006 revenue growth to be approximately 30 percent over fiscal 2005, an increase from our previously announced range of 20 to 25 percent. Excluding the one-time pre-tax gain on the sale of the excavator business of approximately $14.6 million, we now expect earnings per diluted share to be in a range from $1.25 to $1.30, up from our previous guidance of $1.18 to $1.23. Including the sale of the excavator business, we expect earnings per diluted share in the $1.33 — $1.38 range for this fiscal year.”

Conference Call

     Management’s detailed analysis of the Company’s quarterly results will be provided during a conference call on Thursday, May 25, 2006 at 2:00 p.m. Eastern Time. Within North America, access to the call is available by dialing 866-277-1181, participant pass code 48911770. From international locations, call 617-597-5358, using the same pass code. Please dial into the conference 10 minutes prior to the start. A replay of the call will be available on the website later the same day.

About JLG

     JLG Industries, Inc. is the world’s leading producer of access equipment (aerial work platforms and telehandlers). The Company’s diverse product portfolio encompasses leading brands such as JLGâ aerial work platforms; JLG, SkyTrakâ, Lullâ and Gradallâ telehandlers; 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 and utilizes a broad range of marketing techniques, integrated supply programs and a network of distributors in the industrial, commercial, institutional and construction markets. In addition, JLG offers world-class after-sales service and support for its customers. JLG’s manufacturing facilities are located in the United States, Belgium, and France, with sales and service operations on six continents.

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JLG Industries, Inc. — page 3

     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) risks associated with acquisitions; (iv) credit risks from our financing of customer purchases; (v) risks arising from dependence on third-party suppliers; 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 29, 2006.

     In this release and accompanying tables, we refer to various non-GAAP measures including adjustments to reported GAAP earnings, AFS operations as if accounted for under the equity method, as well as our disclosure of free cash flow, EBITDA and net debt. We believe that these measures are useful to investors in analyzing the Company’s operating performance. For more information, visit www.jlg.com.

     NOTE: Information contained on our website is not incorporated by reference into this press release.

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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
	April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
REVENUES AND PROFITABILITY
Revenues	$	629,615		$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
Gross profit margin		18.8	%		19.4	%		19.9	%		16.6	%		19.3	%		19.4	%		15.3	%		8.4	%		18.9	%
EBITDA		90,952			59,400			59,344			154,185			71,103			53,786			27,111			2,185			105,660
Trailing twelve month EBITDA		280,799			243,633			211,344			154,185			154,185			121,445			97,995			90,653			105,660
Trailing twelve month EBITDA margin		12.9	%		11.9	%		11.1	%		8.9	%		8.9	%		7.6	%		7.0	%		7.0	%		8.8	%
Operating income (loss)		84,690			49,734			50,366			120,261			59,722			51,267			17,607			(8,335	)		75,906
Operating profit (loss) margin		13.5	%		10.1	%		10.5	%		6.9	%		10.5	%		10.1	%		5.0	%		-2.7	%		6.4	%
Net income (loss) margin		7.3	%		5.5	%		5.8	%		3.3	%		6.3	%		4.5	%		2.1	%		-2.8	%		2.2	%
Reported earnings (loss) per diluted share(1)	$	0.43		$	0.26		$	0.27		$	.60		$	.35		$	.24		$	.08		$	(.10	)	$	.30
IMPACT OF SELECTED ITEMS ON:(2)
income (expense)
PRE-TAX INCOME
Strategic Initiatives/Integration (in both Cost of sales (COS), Selling & administrative and product development (SA&PD))	$	(7,951	)	$	(3,375	)	$	(845	)	$	(6,261	)	$	(2,131	)	$	(1,141	)	$	(1,093	)	$	(1,896	)	$	(15,975	)
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			—			—			—			—			—			(119	)
Net expenses on early extinguishment of debt		(873	)		(574	)		—			(6,493	)		(217	)		(6,276	)		—			—			—
Currency effects (in Miscellaneous-net)		(2,847	)		(672	)		731			5,826			1,419			(961	)		3,087			2,281			(2,309	)
Bad debt charges (in SA&PD)		(234	)		(1,336	)		(3,509	)		(6,977	)		(2,533	)		(1,364	)		(1,948	)		(1,132	)		(11,560	)
Inventory charges (in COS)		106			(551	)		(1,488	)		(4,423	)		(1,244	)		(1,279	)		(308	)		(1,592	)		(4,519	)
Early vesting incentives (in both COS, SA&PD)		—			—			—			(1,658	)		—			(227	)		(436	)		(995	)		(1,771	)
Other Incentive pay (in both COS, SA&PD)		(6,266	)		(4,888	)		(4,846	)		(22,194	)		(14,810	)		(7,384	)		—			—			(16,923	)
Restatement expenses (in SA&PD)		—			—			—			—			—			—			—			—			(1,264	)
Estimated net unrecovered steel cost (in COS)(3)		—			—			(6,005	)		(64,753	)		(8,702	)		(8,307	)		(20,980	)		(26,764	)		(4,695	)
Gain on sale of Gradall excavator product line		14,572			—			—			—			—			—			—			—			—
NET INCOME
Strategic Initiatives/Integration (in both COS and SA&PD)		(4,789	)		(2,146	)		(503	)		(3,846	)		(1,325	)		(687	)		(692	)		(1,191	)		(10,160	)
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			—			—			—			—			—			(76	)
Net expenses on early extinguishment of debt		(526	)		(365	)		—			(3,988	)		(135	)		(3,778	)		—			—			—
Currency effects (in Miscellaneous-net)		(1,715	)		(427	)		435			3,578			882			(579	)		1,954			1,432			(1,469	)
Bad debt charges (in SA&PD)		(141	)		(850	)		(2,088	)		(4,285	)		(1,575	)		(821	)		(1,233	)		(711	)		(7,352	)
Inventory charges (in COS)		64			(350	)		(885	)		(2,717	)		(774	)		(770	)		(195	)		(1,000	)		(2,874	)
Early vesting incentives (in both COS, SA&PD)		—			—			—			(1,018	)		—			(137	)		(276	)		(625	)		(1,126	)
Other Incentive pay (in both COS, SA&PD)		(3,774	)		(3,109	)		(2,883	)		(13,632	)		(9,209	)		(4,445	)		—			—			(10,763	)
Restatement expenses (in SA&PD)		—			—			—			—			—			—			—			—			(804	)
Estimated net unrecovered steel cost (in COS)(3)		—			—			(3,573	)		(39,771	)		(5,411	)		(5,001	)		(13,280	)		(16,808	)		(2,986	)
Gain on sale of Gradall excavator product line		8,777			—			—			—			—			—			—			—			—
EARNINGS PER SHARE(1)
Strategic Initiatives/Integration (in both COS and SA&PD)		(0.04	)		(0.02	)		—			(0.04	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.11	)
Restructuring and repositioning charges (in both COS, Restructuring)		—			—			—			—			—			—			—			—			—
Net expenses on early extinguishment of debt		—			—			—			(0.04	)		—			(0.04	)		—			—			—
Currency effects (in Miscellaneous-net)		(0.02	)		—			—			0.04			0.01			(0.01	)		0.02			0.02			(0.02	)
Bad debt charges (in SA&PD)		—			(0.01	)		(0.02	)		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.08	)
Inventory charges (in COS)		—			—			(0.01	)		(0.03	)		(0.01	)		(0.01	)		—			(0.01	)		(0.03	)
Early vesting incentives (in both COS, SA&PD)		—			—			—			(0.01	)		—			—			—			(0.01	)		(0.01	)
Other Incentive pay (in both COS, SA&PD)		(0.04	)		(0.03	)		(0.03	)		(0.14	)		(0.09	)		(0.05	)		—			—			(0.12	)
Restatement expenses (in SA&PD)		—			—			—			—			—			—			—			—			(0.01	)
Estimated net unrecovered steel cost (in COS)(3)		—			—			(0.03	)		(0.42	)		(0.05	)		(0.05	)		(0.15	)		(0.19	)		(0.03	)
Gain on sale of Gradall excavator product line		0.08			—			—			—			—			—			—			—			—
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents	$	304,895		$	183,344		$	230,947		$	223,597		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656
Trade accounts and finance receivables, net		393,966			379,813			379,393			419,866			419,866			377,190			354,350			333,316			400,597
Inventories		216,901			227,957			218,881			169,097			169,097			185,370			182,606			170,731			154,405
Total balance sheet debt		252,047			273,721			278,877			289,351			289,351			299,075			383,534			389,609			423,534
Limited recourse debt from finance receivables monetizations		28,516			45,318			55,921			63,658			63,658			70,586			77,601			85,733			121,794
Net debt(4)		(81,364	)		45,059			(7,991	)		2,096			2,096			59,248			286,092			242,381			269,553
Net debt(4) to total capitalization		—			7	%		—			—			—			12	%		50	%		47	%		49	%
Maximum loss exposure under loss pool agreements related to finance receivable monetizations		8,818			11,346			11,855			22,160			22,160			22,168			22,168			22,168			22,198
Equity		625,736			566,870			507,140			478,592			478,592			436,238			284,746			276,780			281,270
Working capital		575,593			523,417			505,787			489,187			489,187			451,660			340,786			328,671			340,552
Depreciation and amortization		7,701			7,907			6,533			28,899			7,365			7,488			6,958			7,088			25,681
Capital expenditures, net of retirements		9,622			3,653			3,129			13,435			8,282			490			2,010			2,653			11,978
Free cash flow(5)		126,423			(53,050	)		10,087			267,457			57,152			226,844			(43,711	)		27,172			(98,450	)
FINANCIAL RATIOS
Days sales outstanding		46.8			62.3			62.7			57.1			57.1			55.4			83.7			92.0			78.4
Days payables outstanding		45.2			40.6			46.4			50.5			50.5			55.7			46.5			54.6			57.0
Inventory turnover (annualized)		7.5			7.6			7.8			7.6			7.6			6.9			6.4			5.9			5.8

(1)	On March 27, 2006, we distributed a two-for-one stock split of our then outstanding common stock. All share and per share data included in this Financial Dashboard and the accompanying consolidated condensed financial statements have been restated to reflect the stock split.
(2)	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.
(3)	Net unrecovered steel cost is an estimate based upon a baseline average of steel prices per ton for various types of steel in 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.
(4)	Net debt reflects total balance sheet debt plus off-balance sheet financing, less cash and limited recourse debt from finance receivables monetizations.
(5)	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
	April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
Revenues
Net sales	$	624,686		$	488,411		$	472,436		$	1,713,782		$	563,805		$	499,899		$	347,947		$	302,131		$	1,170,186
Financial products		2,216			3,256			2,974			11,915			2,826			3,373			3,056			2,660			15,203
Rentals		2,713			2,759			2,313			9,333			2,948			2,084			2,431			1,870			8,573
		629,615			494,426			477,723			1,735,030			569,579			505,356			353,434			306,661			1,193,962
Cost of sales		511,552			398,566			382,859			1,447,785			459,893			407,464			299,462			280,966			968,562
Gross profit		118,063			95,860			94,864			287,245			109,686			97,892			53,972			25,695			225,400
Gross profit margin		18.8	%		19.4	%		19.9	%		16.6	%		19.3	%		19.4	%		15.3	%		8.4	%		18.9	%
Selling and administrative expenses		41,025			39,301			38,061			142,383			43,927			39,524			30,810			28,122			128,465
Selling & administrative %		6.5	%		7.9	%		8.0	%		8.2	%		7.7	%		7.8	%		8.7	%		9.2	%		10.8	%
Product development expenses		6,920			6,825			6,437			24,601			6,037			7,101			5,555			5,908			21,002
Product development %		1.1	%		1.4	%		1.3	%		1.4	%		1.1	%		1.4	%		1.6	%		1.9	%		1.8	%
Gain on sale of Gradall excavator product line		(14,572	)		—			—			—			—			—			—			—			—
Restructuring charges		—			—			—			—			—			—			—			—			27
Income (loss) from operations		84,690			49,734			50,366			120,261			59,722			51,267			17,607			(8,335	)		75,906
Operating profit (loss)margin		13.5	%		10.1	%		10.5	%		6.9	%		10.5	%		10.1	%		5.0	%		-2.7	%		6.4	%
Other income (deductions):
Interest expense (net of interest income)		(4,030	)		(6,688	)		(4,466	)		(28,609	)		(4,905	)		(7,418	)		(7,852	)		(8,434	)		(35,397	)
Miscellaneous, net		(3,974	)		69			934			1,436			2,595			(6,105	)		2,076			2,870			1,372
Income (loss) before taxes		76,686			43,115			46,834			93,088			57,412			37,744			11,831			(13,899	)		41,881
Income tax provision (benefit)		30,499			15,695			18,968			35,915			21,716			15,022			4,347			(5,170	)		15,232
Net income (loss)	$	46,187		$	27,420		$	27,866		$	57,173		$	35,696		$	22,722		$	7,484		$	(8,729	)	$	26,649
Return on revenues		7.3	%		5.5	%		5.8	%		3.3	%		6.3	%		4.5	%		2.1	%		-2.8	%		2.2	%
Earnings (loss) per common share	$	.44		$	.26		$	.27		$	.61		$	.35		$	.24		$	.09		$	(.10	)	$	.31
Earnings (loss) per common share — assuming dilution	$	.43		$	.26		$	.27		$	.60		$	.35		$	.24		$	.08		$	(.10	)	$	.30
Cash Dividends per share	$	.0050		$	.0025		$	.0025		$	.0100		$	.0025		$	.0025		$	.0025		$	.0025		$	.0100
Average basic shares outstanding		105,088			104,042			102,424			93,058			100,722			94,182			87,596			86,554			85,720
Average diluted shares outstanding		107,232			106,374			105,112			95,586			103,312			96,574			89,976			86,554			88,064

JLG Industries, Inc. — Page 6

JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share data)
(Quarterly data is unaudited)

	April 30,			January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2006			2005			2005			2005			2005			2004			2004
ASSETS
Current assets
Cash and cash equivalents	$	304,895		$	183,344		$	230,947		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656
Trade accounts and finance receivables, net		393,966			379,813			379,393			419,866			377,190			354,350			333,316			400,597
Inventories		216,901			227,957			218,881			169,097			185,370			182,606			170,731			154,405
Assets held for sale		—			49,941			—			—			3,500			4,300			—			—
Other current assets		26,595			42,715			48,417			56,739			55,253			43,166			45,739			41,058
Total current assets		942,357			883,770			877,638			869,299			793,793			608,727			616,284			633,716
Property, plant and equipment, net		87,447			82,746			84,879			85,855			78,270			82,387			89,443			91,504
Equipment held for rental, net		21,934			36,684			38,401			22,570			27,220			23,163			26,842			21,190
Finance receivables, less current portion		29,472			26,500			29,688			30,354			31,836			36,992			39,002			33,747
Pledged finance receivables, less current portion		11,923			18,623			26,589			33,649			40,459			50,372			56,413			86,559
Goodwill		60,513			60,419			61,598			61,641			63,134			63,165			63,017			62,885
Intangible assets, net		74,557			75,371			31,795			32,086			33,465			33,848			34,590			35,240
Other assets		72,197			68,379			64,675			68,143			56,848			80,420			66,991			62,603
	$	1,300,400		$	1,252,492		$	1,215,263		$	1,203,597		$	1,125,025		$	979,074		$	992,582		$	1,027,444
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	8,447		$	6,515		$	1,486		$	1,496		$	1,552		$	3,744		$	1,788		$	1,729
Current portion of limited recourse debt from finance receivables monetizations		16,531			26,558			29,045			29,642			29,708			26,660			26,725			32,585
Accounts payable		221,342			187,591			200,281			200,323			194,588			139,742			150,600			139,990
Accrued expenses		120,444			139,689			141,039			148,651			116,285			97,795			108,500			118,860
Total current liabilities		366,764			360,353			371,851			380,112			342,133			267,941			287,613			293,164
Long-term debt, less current portion		215,084			221,888			221,470			224,197			226,937			302,189			302,088			300,011
Limited recourse debt from finance receivables monetizations, less current portion		11,985			18,760			26,876			34,016			40,878			50,941			59,008			89,209
Accrued post-retirement benefits		25,193			31,797			31,455			31,113			30,801			30,423			30,211			29,666
Other long-term liabilities		23,152			22,117			28,464			27,233			24,116			23,536			21,362			20,542
Provisions for contingencies		32,486			30,707			28,007			28,334			23,922			19,298			15,520			13,582
Shareholders’ equity
Capital stock:
Authorized shares: 200,000 at $.20 par value
Issued shares: 106,338; fiscal 2005 — 103,290; fiscal 2004 — 87,806		21,268			21,100			20,666			20,658			20,390			17,880			17,814			17,562
Additional paid-in capital		206,710			193,021			165,119			170,367			153,779			28,147			26,204			20,790
Retained earnings		410,937			365,280			338,124			310,516			275,077			252,579			245,319			254,268
Unearned compensation		—			—			—			(7,397	)		(2,642	)		(3,433	)		(4,019	)		(5,333	)
Accumulated other comprehensive loss		(13,179	)		(12,531	)		(16,769	)		(15,552	)		(10,366	)		(10,427	)		(8,538	)		(6,017	)
Total shareholders’ equity		625,736			566,870			507,140			478,592			436,238			284,746			276,780			281,270
	$	1,300,400		$	1,252,492		$	1,215,263		$	1,203,597		$	1,125,025		$	979,074		$	992,582		$	1,027,444

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
	April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
OPERATIONS
Net income (loss)	$	46,187		$	27,420		$	27,866		$	57,173		$	35,696		$	22,722		$	7,484		$	(8,729	)	$	26,649
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Gain on sale of Gradall excavator product line		(14,572	)		—			—			—			—			—			—			—			—
Loss (gain) on sale of property, plant and equipment		5			57			(86	)		948			828			(22	)		(19	)		161			319
Gain on sale of equipment held for rental		(7,555	)		(5,612	)		(72	)		(11,711	)		(3,791	)		(1,286	)		(5,334	)		(1,300	)		(12,451	)
Non-cash charges and credits:
Depreciation and amortization		7,701			7,907			6,533			28,899			7,365			7,488			6,958			7,088			25,681
Other		11,238			5,137			7,031			6,986			(5,953	)		6,225			3,965			2,749			17,006
Changes in selected working capital items:
Accounts receivable		(13,080	)		(13,268	)		39,186			(25,948	)		(42,151	)		(16,355	)		(29,659	)		62,217			(66,296	)
Inventories		10,368			(30,523	)		(50,027	)		(15,268	)		16,321			(3,463	)		(11,758	)		(16,368	)		9,188
Accounts payable		35,610			(5,669	)		(34	)		60,423			5,868			54,834			(10,833	)		10,554			33,207
Other operating assets and liabilities		9,160			(6,722	)		1,324			30,623			38,335			7,188			(2,340	)		(12,560	)		13,506
Changes in finance receivables		(3,645	)		(3,415	)		1,351			1,877			1,459			1,944			6,970			(8,496	)		(6,112	)
Changes in pledged finance receivables		(133	)		(233	)		(196	)		36			(190	)		(248	)		(917	)		1,391			(14,866	)
Changes in other assets and liabilities		(11,506	)		(3,720	)		(3,422	)		8,374			495			21,946			(12,920	)		(1,147	)		(11,090	)
Cash flow from operating activities		69,778			(28,641	)		29,454			142,412			54,282			100,973			(48,403	)		35,560			14,741
INVESTMENTS
Purchases of property, plant and equipment		(9,643	)		(3,744	)		(3,145	)		(15,443	)		(9,134	)		(1,342	)		(2,072	)		(2,895	)		(12,387	)
Proceeds from the sale of property, plant and equipment		16			34			102			1,060			24			874			81			81			90
Purchases of the equipment held for rental		(11,890	)		(9,270	)		(18,121	)		(31,249	)		(5,590	)		(6,719	)		(8,851	)		(10,089	)		(26,689	)
Proceeds from the sale of equipment held for rental		32,396			14,305			438			35,065			11,775			3,103			16,037			4,150			33,269
Proceeds from the sale of Gradall excavator product line		32,416			—			—			—			—			—			—			—			—
Cash portion of acquisitions		(58	)		(47,035	)		—			(105	)		—			—			(105	)		—			(109,557	)
Other		422			(40	)		(28	)		366			(35	)		503			(56	)		(46	)		333
Cash flow used for investing activities		43,659			(45,750	)		(20,754	)		(10,306	)		(2,960	)		(3,581	)		5,034			(8,799	)		(114,941	)
FINANCING
Net issuance (repayment) of short-term debt		26			23			(11	)		(6	)		(58	)		(1,961	)		1,955			58			27
Issuance of long-term debt		10,000			—			—			156,018			(38	)		26,002			45,038			85,016			351,999
Repayment of long-term debt		(12,678	)		(96	)		(97	)		(232,666	)		(3,060	)		(99,374	)		(45,140	)		(85,092	)		(362,506	)
Issuance of limited recourse debt		—			—			—			—			—			—			—			—			13,979
Repayment of limited recourse debt		—			—			—			—			—			—			—			—			(253	)
Payment of dividends		(530	)		(264	)		(258	)		(925	)		(257	)		(224	)		(224	)		(220	)		(871	)
Net proceeds from issuance of common stock		—			—			—			119,421			(113	)		119,534			—			—			—
Exercise of stock options		4,510			13,327			164			19,826			6,750			6,714			1,276			5,086			2,414
Excess tax benefits from stock-based compensation		7,323			13,017			44			—			—			—			—			—			—
Cash flow from financing activities		8,651			26,007			(158	)		61,668			3,224			50,691			2,905			4,848			4,789
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash		(537	)		781			(1,192	)		(7,833	)		(3,429	)		92			(1,729	)		(2,767	)		258
CASH AND CASH EQUIVALENTS
Net change in cash and cash equivalents		121,551			(47,603	)		7,350			185,941			51,117			148,175			(42,193	)		28,842			(95,153	)
Beginning balance		183,344			230,947			223,597			37,656			172,480			24,305			66,498			37,656			132,809
Ending balance	$	304,895		$	183,344		$	230,947		$	223,597		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656

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
	April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
SEGMENT INFORMATION
REVENUES:
Machinery	$	524,329		$	412,327		$	411,008		$	1,461,401		$	490,054		$	437,595		$	281,220		$	252,532		$	973,610
Equipment Services		103,015			78,789			63,654			259,878			75,145			64,313			69,070			51,350			204,454
Access Financial Solutions		2,271			3,310			3,061			13,751			4,380			3,448			3,144			2,779			15,898
	$	629,615		$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
SEGMENT PROFIT (LOSS):
Machinery	$	80,457		$	44,587		$	47,940		$	111,974		$	63,786		$	51,995		$	9,533		$	(13,340	)	$	70,844
Equipment services		27,586			24,497			23,205			72,878			19,533			17,867			19,711			15,767			59,760
Access Financial Solutions		1,139			1,166			1,088			4,420			2,303			1,211			712			194			1,695
Corporate expense		(25,153	)		(21,412	)		(22,928	)		(75,407	)		(27,103	)		(21,254	)		(13,801	)		(13,249	)		(67,308	)
Segment profit (loss)		84,029			48,838			49,305			113,865			58,519			49,819			16,155			(10,628	)		64,991
Add: AFS’ interest expense		661			896			1,061			6,396			1,203			1,448			1,452			2,293			10,915
Operating Income (Loss)	$	84,690		$	49,734		$	50,366		$	120,261		$	59,722		$	51,267		$	17,607		$	(8,335	)	$	75,906
PRODUCT GROUP REVENUES
Aerial work platforms	$	320,827		$	234,710		$	243,874		$	888,073		$	313,962		$	278,071		$	171,517		$	124,523		$	562,056
Telehandlers		202,637			160,715			158,103			511,766			157,948			141,660			92,490			119,668			358,865
Excavators		865			16,902			9,031			61,562			18,144			17,864			17,213			8,341			52,689
After-sales service and support, including parts sales, and used and reconditioned equipment sales		100,357			76,084			61,428			252,381			73,751			62,304			66,727			49,599			196,576
Financial products		2,216			3,256			2,974			11,915			2,826			3,373			3,056			2,660			15,203
Rentals		2,713			2,759			2,313			9,333			2,948			2,084			2,431			1,870			8,573
	$	629,615		$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
GEOGRAPHIC REVENUES
United States	$	456,630		$	366,343		$	354,913		$	1,311,450		$	437,066		$	379,624		$	256,027		$	238,733		$	923,696
Europe		124,621			83,349			62,533			264,032			84,126			86,224			56,819			36,863			178,392
Other international		48,364			44,734			60,277			159,548			48,387			39,508			40,588			31,065			91,874
	$	629,615		$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962

JLG Industries, Inc. — Page 9

JLG INDUSTRIES, INC.
EBITDA
QUARTERLY PERIODS
(in thousands)

	April 30,		January 29,		October 30,		July 31,		May 1,		January 30,		October 31,			July 31,
	2006		2006		2005		2005		2005		2005		2004			2004
Net income (loss)	$	46,187	$	27,420	$	27,866	$	35,696	$	22,722	$	7,484	$	(8,729	)	$	15,271
Interest expense		6,565		8,378		5,977		6,326		8,554		8,322		8,996			9,274
Income tax provision (benefit)		30,499		15,695		18,968		21,716		15,022		4,347		(5,170	)		8,748
Depreciation and amortization		7,701		7,907		6,533		7,365		7,488		6,958		7,088			5,070
EBITDA	$	90,952	$	59,400	$	59,344	$	71,103	$	53,786	$	27,111	$	2,185		$	38,363

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)

	April 30,			January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2006			2005			2005			2005			2005			2004			2004
Net income	$	137,169		$	113,704		$	93,768		$	57,173		$	36,748		$	22,713		$	17,387		$	26,649
Interest expense		27,246			29,235			29,179			32,198			35,146			35,992			37,218			38,098
Income tax provision		86,878			71,401			60,053			35,915			22,947			12,815			9,765			15,232
Depreciation and amortization		29,506			29,293			28,344			28,899			26,604			26,475			26,283			25,681
EBITDA	$	280,799		$	243,633		$	211,344		$	154,185		$	121,445		$	97,995		$	90,653		$	105,660
Revenues	$	2,171,343		$	2,047,084		$	1,906,092		$	1,735,030		$	1,590,611		$	1,403,942		$	1,287,038		$	1,193,962
EBITDA Margin		12.9	%		11.9	%		11.1	%		8.9	%		7.6	%		7.0	%		7.0	%		8.8	%

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)

	April 30,			January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2006			2005			2005			2005			2005			2004			2004
Revolving credit facilities	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Cash management facilities		—			—			—			—			—			1,944			—			—
$125 million senior notes		97,545			109,975			109,975			109,975			112,975			125,000			125,000			125,000
$175 million senior subordinated notes		113,750			113,750			113,750			113,750			113,750			175,000			175,000			175,000
Miscellaneous debt		19,455			9,678			4,751			4,859			5,014			5,128			5,219			5,236
Fair value of interest rate swaps		(9,908	)		(7,799	)		(8,428	)		(5,909	)		(6,378	)		(6,120	)		(6,492	)		(8,814	)
Gain on terminated interest rate swap		2,689			2,799			2,908			3,018			3,128			4,981			5,149			5,318
Bank debt and notes		223,531			228,403			222,956			225,693			228,489			305,933			303,876			301,740
Limited recourse debt from finance receivables monetizations *		28,516			45,318			55,921			63,658			70,586			77,601			85,733			121,794
Total balance sheet debt		252,047			273,721			278,877			289,351			299,075			383,534			389,609			423,534
Net present value of off-balance sheet rental fleet lease		—			—			—			—			656			755			1,012			1,070
Net present value of off-balance sheet production equipment leases		—			—			—			—			2,583			3,709			3,991			4,399
Total off-balance sheet financing		—			—			—			—			3,239			4,464			5,003			5,469
Total balance sheet debt and off-balance sheet financing		252,047			273,721			278,877			289,351			302,314			387,998			394,612			429,003
Less: cash and cash equivalents		304,895			183,344			230,947			223,597			172,480			24,305			66,498			37,656
Less: limited recourse debt from finance receivables monetizations		28,516			45,318			55,921			63,658			70,586			77,601			85,733			121,794
Net debt	$	(81,364	)	$	45,059		$	(7,991	)	$	2,096		$	59,248		$	286,092		$	242,381		$	269,553
Shareholders’ Equity	$	625,736		$	566,870		$	507,140		$	478,592		$	436,238		$	284,746		$	276,780		$	281,270
Net Debt-to-Net Debt plus Shareholders’ Equity		—			7	%		—			—			12	%		50	%		47	%		49	%
Total Balance Sheet Debt-to-Total Balance Sheet Debt plus Shareholders’ Equity		29	%		33	%		35	%		38	%		41	%		57	%		58	%		60	%

*   Maximum loss exposure under loss pool agreements related to finance receivable monetizations $ 8,818 $ 11,346 $ 11,855 $ 22,160 $ 22,168 $ 22,168 $ 22,168 $ 22,198

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
	April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
Net income (loss)	$	46,187		$	27,420		$	27,866		$	57,173		$	35,696		$	22,722		$	7,484		$	(8,729	)	$	26,649
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Non-cash items		(3,183	)		7,489			13,406			25,122			(1,551	)		12,405			5,570			8,698			30,555
Accounts receivable		(13,080	)		(13,268	)		39,186			(25,948	)		(42,151	)		(16,355	)		(29,659	)		62,217			(66,296	)
Inventories		10,368			(30,523	)		(50,027	)		(15,268	)		16,321			(3,463	)		(11,758	)		(16,368	)		9,188
Other current assets		11,633			4,345			9,535			(12,553	)		899			(14,132	)		3,497			(2,817	)		8,780
Accounts payable		35,610			(5,669	)		(34	)		60,423			5,868			54,834			(10,833	)		10,554			33,207
Accrued expenses		(2,473	)		(11,067	)		(8,211	)		43,176			37,436			21,320			(5,837	)		(9,743	)		4,726
Finance receivables		(3,645	)		(3,415	)		1,351			1,877			1,459			1,944			6,970			(8,496	)		(6,112	)
Other cash from operations		(11,506	)		(3,720	)		(3,422	)		8,374			495			21,946			(12,920	)		(1,147	)		(11,090	)
Purchases of property, plant and equipment		(9,643	)		(3,744	)		(3,145	)		(15,443	)		(9,134	)		(1,342	)		(2,072	)		(2,895	)		(12,387	)
Proceeds from the sale of property, plant and equipment		16			34			102			1,060			24			874			81			81			90
Purchases of equipment held for rental		(11,890	)		(9,270	)		(18,121	)		(31,249	)		(5,590	)		(6,719	)		(8,851	)		(10,089	)		(26,689	)
Proceeds from the sale of equipment held for rental		32,396			14,305			438			35,065			11,775			3,103			16,037			4,150			33,269
Proceeds from the sale of Gradall excavator product line		32,416			—			—			—			—			—			—			—			—
Cash portion of acquisitions		(58	)		(47,035	)		—			(105	)		—			—			(105	)		—			(109,557	)
Other cash from investments		422			(40	)		(28	)		366			(35	)		503			(56	)		(46	)		333
Payment of dividends		(530	)		(264	)		(258	)		(925	)		(257	)		(224	)		(224	)		(220	)		(871	)
Net proceeds from issuance of common stock		—			—			—			119,421			(113	)		119,534			—			—			—
Exercise of stock options		4,510			13,327			164			19,826			6,750			6,714			1,276			5,086			2,414
Excess tax benefits from stock-based compensation		7,323			13,017			44			—			—			—			—			—			—
Effect of exchange rate changes on cash		(537	)		781			(1,192	)		(7,833	)		(3,429	)		92			(1,729	)		(2,767	)		258
Seller financing		—			(5,000	)		—			—			—			—			—			—			(10,000	)
Capital lease assumed in OmniQuip acquisition		—			—			—			—			—			—			—			—			(3,630	)
Debt assumed in Delta acquisition		—			—			—			—			—			—			—			—			(103	)
Other(1)		2,087			(753	)		2,433			4,898			2,689			3,088			(582	)		(297	)		(1,184	)
Free Cash Flow	$	126,423		$	(53,050	)	$	10,087		$	267,457		$	57,152		$	226,844		$	(43,711	)	$	27,172		$	(98,450	)

⁽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
	April 30,			May 1,			April 30,			May 1,			April 30,			May 1,
	2006			2005			2006			2005			2006			2005
Revenues
Net sales	$	1,585,533		$	1,149,977		$	1,585,533		$	1,149,977		$	—		$	—
Financial products		8,446			9,089			—			—			8,446			9,089
Rentals		7,785			6,385			7,589			6,103			196			282
		1,601,764			1,165,451			1,593,122			1,156,080			8,642			9,371
Cost of sales		1,292,977			987,892			1,292,825			987,291			152			601
Gross profit		308,787			177,559			300,297			168,789			8,490			8,770
Selling and administrative expenses		118,387			98,456			115,908			96,996			2,479			1,460
Product development expenses		20,182			18,564			20,182			18,564			—			—
Gain on sale of Gradall excavator product line		(14,572	)		—			(14,572	)		—			—			—
Income from operations		184,790			60,539			178,779			53,229			6,011			7,310
Other income (deductions):
Interest expense (net of interest income)		(15,184	)		(23,704	)		(12,566	)		(18,511	)		(2,618	)		(5,193	)
Miscellaneous, net		(2,971	)		(1,159	)		(2,971	)		(1,159	)		—			—
Income before taxes		166,635			35,676			163,242			33,559			3,393			2,117
Income tax provision		65,162			14,199			63,835			13,356			1,327			843
Equity in income of Access Financial Solutions		—			—			2,066			1,274			—			—
Net income	$	101,473		$	21,477		$	101,473		$	21,477		$	2,066		$	1,274
Earnings per common share	$	.98		$	.24
Earnings per common share — assuming dilution	$	.95		$	.23
Cash dividends per share	$	.01		$	.0075
Weighted average shares outstanding		103,873			90,090
Weighted average shares outstanding — assuming dilution		106,261			92,596

JLG Industries, Inc. — Page14

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
	April 30,			July 31,			April 30,			July 31,			April 30,		July 31,
	2006			2005			2006			2005			2006		2005
ASSETS
Current assets
Cash and cash equivalents	$	304,895		$	223,597		$	304,895		$	223,597		$	—	$	—
Trade accounts and finance receivables — net		393,966			419,866			352,724			373,417			41,242		46,449
Inventories		216,901			169,097			216,901			169,097			—		—
Other current assets		26,595			56,739			26,595			56,739			—		—
Total current assets		942,357			869,299			901,115			822,850			41,242		46,449
Property, plant and equipment — net		87,447			85,855			87,339			85,698			108		157
Equipment held for rental — net		21,934			22,570			21,771			22,259			163		311
Finance receivables, less current portion		29,472			30,354			—			—			29,472		30,354
Pledged receivables, less current portion		11,923			33,649			—			—			11,923		33,649
Goodwill		60,513			61,641			60,513			61,641			—		—
Intangible assets — net		74,557			32,086			74,557			32,086			—		—
Investment in Access Financial Solutions		—			—			42,551			40,485			—		—
Receivable from Access Financial Solutions		—			—			10,157			5,868			—		—
Other assets		72,197			68,143			72,088			68,009			109		134
	$	1,300,400		$	1,203,597		$	1,270,091		$	1,138,896		$	83,017	$	111,054
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	8,447		$	1,496		$	8,447		$	1,496		$	—	$	—
Current portion of limited recourse debt from finance receivables monetizations		16,531			29,642			—			—			16,531		29,642
Accounts payable		221,342			200,323			221,342			200,323			—		—
Accrued expenses		120,444			148,651			120,433			148,615			11		36
Total current liabilities		366,764			380,112			350,222			350,434			16,542		29,678
Long-term debt, less current portion		215,084			224,197			215,084			224,197			—		—
Limited recourse debt from finance receivables monetizations, less current portion		11,985			34,016			—			—			11,985		34,016
Payable to JLG Industries, Inc.		—			—			—			—			10,157		5,868
Accrued post-retirement benefits		25,193			31,113			25,193			31,113			—		—
Other long-term liabilities		23,152			27,233			23,152			27,233			—		—
Provisions for contingencies		32,486			28,334			30,704			27,327			1,782		1,007
Shareholders’ equity
Capital stock:
Authorized shares: 200,000 at $.20 par value
Issued and outstanding shares: 106,338 shares; fiscal 2005 — 103,290 shares		21,268			20,658			21,268			20,658			30,000		30,000
Additional paid-in capital		206,710			170,367			206,710			170,367			—		—
Retained earnings		410,937			310,516			410,937			310,516			12,551		10,485
Unearned compensation		—			(7,397	)		—			(7,397	)		—		—
Accumulated other comprehensive loss		(13,179	)		(15,552	)		(13,179	)		(15,552	)		—		—
Total shareholders’ equity		625,736			478,592			625,736			478,592			42,551		40,485
	$	1,300,400		$	1,203,597		$	1,270,091		$	1,138,896		$	83,017	$	111,054

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
	April 30,			May 1,			April 30,			May 1,			April 30,			May 1,
	2006			2005			2006			2005			2006			2005
Operations
Net income	$	101,473		$	21,477		$	101,473		$	21,477		$	2,066		$	1,274
Adjustments to reconcile net income to cash flow from operating activities:
Gain on sale of Gradall excavator product line		(14,572	)		—			(14,572	)		—			—			—
(Gain) loss on sale of property, plant and equipment		(24	)		120			(24	)		120			—			—
(Gain) loss on sale of equipment held for rental		(13,239	)		(7,920	)		(13,239	)		(7,920	)		—			—
Non-cash charges and credits:
Depreciation and amortization		22,141			21,534			21,939			20,913			202			621
Other		23,406			12,939			22,530			13,341			876			(402	)
Changes in selected working capital items:
Accounts receivable		12,838			16,203			14,054			(10,498	)		(1,216	)		26,701
Inventories		(70,182	)		(31,589	)		(70,182	)		(31,589	)		—			—
Accounts payable		29,907			54,555			29,907			54,555			—			—
Other operating assets and liabilities		3,762			(7,712	)		3,787			(7,588	)		(25	)		(124	)
Changes in finance receivables		(5,709	)		418			—			—			(5,709	)		418
Changes in pledged finance receivables		(562	)		226			—			—			(562	)		226
Changes in other assets and liabilities		(18,648	)		7,879			(18,753	)		7,329			105			550
Cash flow from operating activities		70,591			88,130			76,920			60,140			(4,263	)		29,264
Investments
Purchases of property, plant and equipment		(16,532	)		(6,309	)		(16,532	)		(6,114	)		—			(195	)
Proceeds from the sale of property, plant and equipment		152			1,036			152			1,036			—			—
Purchases of equipment held for rental		(39,281	)		(25,659	)		(39,281	)		(25,582	)		—			(77	)
Proceeds from the sale of equipment held for rental		47,139			23,290			47,139			23,290			—			—
Proceeds from the sale of Gradall excavator product line		32,416			—			32,416			—			—			—
Cash portion of acquisitions		(47,093	)		(105	)		(47,093	)		(105	)		—			—
Investment in income of Access Financial Solutions		—			—			(2,066	)		(1,274	)		—			—
Other		354			401			354			401			—			—
Cash flow used by investing activities		(22,845	)		(7,346	)		(24,911	)		(8,348	)		—			(272	)
Financing
Net increase in short-term debt		38			52			38			52			—			—
Issuance of long-term debt		10,000			156,056			10,000			156,056			—			—
Repayment of long-term debt		(12,871	)		(229,606	)		(12,871	)		(229,606	)		—			—
Issuance of limited recourse debt		—			—			—			—			—			—
Repayment of limited recourse debt		—			—			—			—			—			—
Change in receivable from Access Financial Solutions		—			—			(4,289	)		28,997			—			—
Change in payable to JLG Industries, Inc.		—			—			—			—			4,289			(28,997	)
Payment of dividends		(1,052	)		(668	)		(1,052	)		(668	)		—			—
Net proceeds from issuance of common stock		—			119,534			—			119,534			—			—
Exercise of stock options		18,001			13,076			18,001			13,076			—			—
Excess tax benefits from stock-based compensation		20,384			—			20,384			—			—			—
Cash flow from financing activities		34,500			58,444			30,211			87,441			4,289			(28,997	)
Currency Adjustments
Effect of exchange rate changes on cash		(948	)		(4,404	)		(922	)		(4,409	)		(26	)		5
Cash and Cash Equivalents
Net change in cash and cash equivalents		81,298			134,824			81,298			134,824			—			—
Beginning balance		223,597			37,656			223,597			37,656			—			—
Ending balance	$	304,895		$	172,480		$	304,895		$	172,480		$	—		$	—