JLG Industries (JLG) 8-K Full-Year Earnings Increase to Record $149 Million on Robust Revenue Growth

Exhibit 99.1

Contact: Michelle Hards
(240) 313-1816
mlhards@jlg.com

JLG Industries’ Fourth-Quarter Earnings Grow 34%

Full-Year Earnings Increase to Record $149 Million on Robust Revenue Growth

          MCCONNELLSBURG, PA, SEPTEMBER 25, 2006— JLG Industries, Inc. (NYSE: JLG) today announced record consolidated financial results for the fiscal fourth-quarter and full-year ended July 31, 2006.

Financial highlights for the periods included:

• Revenue growth of 21 percent and $48 million of net income earned during the fourth quarter

• Revenue growth of 32 percent and earnings improvement of 161 percent for fiscal year 2006

• Continued strong cash flow from operations funding growth

• Strong demand continued for access products in construction markets

     “Along with achieving new records for both quarterly and full-year revenues and earnings, we achieved other significant milestones in 2006,” stated Bill Lasky, Chairman of the Board, President and Chief Executive Officer. “We completed our manufacturing realignment and capacity expansion in preparation for the Caterpillar alliance and a projected increase in demand for JLG access equipment. Shipments of Caterpillar-branded telehandlers to European dealers began in late July and we will begin shipping to North American dealers in November under our exclusive 20-year private label alliance agreement. Despite some economic uncertainty and reduced residential construction activity, non-residential construction projections continue to be robust into calendar 2007. Combined with increased international activity and the new Caterpillar volume, this will continue to drive demand for JLG access products.”

Fourth-Quarter 2006 Results

          During the fourth quarter, revenues were $688 million, compared to $570 million during the same period last year. This increase of 21 percent was primarily due to sustained strong demand for access equipment as new machine revenues rose 25 percent. Earnings for the quarter totaled $48 million, or 45 cents per share, compared to $36 million, or 35 cents per share, during the fourth quarter of 2005. Operating income was $78 million, or 11.4 percent of sales, compared to $60 million, or 10.5 percent, during the same period last year.

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JLG Industries, Inc. — page 2

Full-Year 2006 Results

          Consolidated revenues were $2.3 billion, a 32 percent increase when compared to $1.7 billion in 2005. Net income was $149 million, or $1.40 per share, compared to $57 million, or 60 cents per share last year. The 2006 results include a one time pre-tax gain of $14.6 million ($8.8 million net of tax), or 8 cents per share, from the sale of the Gradall excavator business during the third quarter and $1.9 million ($1.2 million net of tax), or 1 cent per share of charges associated with the early extinguishment of debt. The 2005 results include $6.5 million ($4.0 million net of tax) or 4 cents per share of charges associated with the early extinguishment of debt. Operating income was $263 million, or 11.5 percent of revenues in 2006, compared to $120 million, or 6.9 percent, in fiscal 2005.

          Cash and cash equivalents were $328 million at July 31, 2006 compared to $224 million a year ago. Cash flow from operations was $119 million.

Fiscal-Year 2007 Outlook

          “Demand for our products remained strong in the fourth quarter, continuing the pattern we have seen throughout fiscal 2006,” said Jim Woodward, Executive Vice President and Chief Financial Officer. “As a result, our earnings quality improved significantly despite the additional expenses associated with our Caterpillar alliance preparations and other strategic initiatives. Excluding the gain on the sale of the excavator business, the fiscal 2006 operating margin improved to 10.9 percent compared to 6.9 percent in 2005. On a full year basis, we achieved our 23-percent target for incremental operating margin.”

          “We anticipate continued strong demand in fiscal 2007 and project revenue growth to be 20 to 25 percent greater than our record fiscal 2006 level of $2.3 billion. With a substantial portion of our manufacturing realignment and capacity expansion behind us, and the start up of shipments under the new Caterpillar alliance, we expect fiscal 2007 earnings per share to be in a range of $1.72 to $1.82.”

Quarterly Conference Call Scheduled for 2 p.m. Today

          Management’s detailed analysis of the Company’s quarterly results will be provided during a conference call this afternoon at 2 p.m. Eastern Time. The call and accompanying slide presentation can be accessed via JLG’s website at www.jlg.com, or by dialling (800) 901-5217 in the U.S. and Canada, or (617) 786-2964 from international locations. Callers must reference participant password #14994468. Please dial in 10 minutes prior to the start of the call. A replay of the call will be available on the website later in the day.

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JLG Industries, Inc. — page 3

About JLG Industries, Inc.

          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 JLG^® aerial work platforms; JLG, SkyTrak^®, Lull^® and Gradall^® 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.

Forward-Looking Statements

          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 on Form 10-Q for the quarter ended April 30, 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)

	Fiscal Year						Quarter Ended									Fiscal Year						Quarter Ended									Fiscal Year
	Ended			July 31,			April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	July 31, 2006			2006			2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
REVENUES AND PROFITABILITY
Revenues	$	2,289,396		$	687,632		$	629,615		$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
Gross profit margin		19.4	%		19.5	%		18.8	%		19.4	%		19.9	%		16.6	%		19.3	%		19.4	%		15.3	%		8.4	%		18.9	%
EBITDA		297,930			88,234			90,952			59,400			59,344			154,185			71,103			53,786			27,111			2,185			105,660
Trailing twelve month EBITDA		297,930			297,930			280,799			243,633			211,344			154,185			154,185			121,445			97,995			90,653			105,660
Trailing twelve month EBITDA margin		13.0	%		13.0	%		12.9	%		11.9	%		11.1	%		8.9	%		8.9	%		7.6	%		7.0	%		7.0	%		8.8	%
Operating income (loss)		262,984			78,194			84,690			49,734			50,366			120,261			59,722			51,267			17,607			(8,335	)		75,906
Operating profit (loss) margin		11.5	%		11.4	%		13.5	%		10.1	%		10.5	%		6.9	%		10.5	%		10.1	%		5.0	%		-2.7	%		6.4	%
Net income (loss) margin		6.5	%		7.0	%		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)	$	1.40		$	0.45		$	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))	$	(22,019	)	$	(9,848	)	$	(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		(1,939	)		(492	)		(873	)		(574	)		—			(6,493	)		(217	)		(6,276	)		—			—			—
Currency effects (in Miscellaneous-net)		(2,767	)		21			(2,847	)		(672	)		731			5,826			1,419			(961	)		3,087			2,281			(2,309	)
Bad debt charges (in SA&PD)		(6,368	)		(1,289	)		(234	)		(1,336	)		(3,509	)		(6,977	)		(2,533	)		(1,364	)		(1,948	)		(1,132	)		(11,560	)
Inventory charges (in COS)		(2,074	)		(141	)		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)		(25,938	)		(9,938	)		(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	)		—			—			—			(6,005	)		(64,753	)		(8,702	)		(8,307	)		(20,980	)		(26,764	)		(4,695	)
Gain related to sale of Gradall excavator product line		14,572			—			14,572			—			—			—			—			—			—			—			—
NET INCOME
Strategic Initiatives/Integration (in both COS and SA&PD)		(13,581	)		(6,247	)		(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		(1,196	)		(312	)		(526	)		(365	)		—			(3,988	)		(135	)		(3,778	)		—			—			—
Currency effects (in Miscellaneous-net)		(1,707	)		13			(1,715	)		(427	)		435			3,578			882			(579	)		1,954			1,432			(1,469	)
Bad debt charges (in SA&PD)		(3,928	)		(818	)		(141	)		(850	)		(2,088	)		(4,285	)		(1,575	)		(821	)		(1,233	)		(711	)		(7,352	)
Inventory charges (in COS)		(1,279	)		(89	)		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)		(15,999	)		(6,304	)		(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)		(3,704	)		—			—			—			(3,573	)		(39,771	)		(5,411	)		(5,001	)		(13,280	)		(16,808	)		(2,986	)
Gain related to sale of Gradall excavator product line		8,988			—			8,777			—			—			—			—			—			—			—			—
EARNINGS PER SHARE(1)
Strategic Initiatives/Integration (in both COS and SA&PD)		(0.13	)		(0.06	)		(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		(0.01	)		—			—			—			—			(0.04	)		—			(0.04	)		—			—			—
Currency effects (in Miscellaneous-net)		(0.02	)		—			(0.02	)		—			—			0.04			0.01			(0.01	)		0.02			0.02			(0.02	)
Bad debt charges (in SA&PD)		(0.04	)		(0.01	)		—			(0.01	)		(0.02	)		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.08	)
Inventory charges (in COS)		(0.01	)		—			—			—			(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)		(0.15	)		(0.06	)		(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	)		—			—			—			(0.03	)		(0.42	)		(0.05	)		(0.05	)		(0.15	)		(0.19	)		(0.03	)
Gain related to sale of Gradall excavator product line		0.08			—			0.08			—			—			—			—			—			—			—			—
BALANCE SHEET & LIQUIDITY MEASURES
Cash & cash equivalents	$	328,096		$	328,096		$	304,895		$	183,344		$	230,947		$	223,597		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656
Trade accounts and finance receivables, net		445,631			445,631			393,966			379,813			379,393			419,866			419,866			377,190			354,350			333,316			400,597
Inventories		212,864			212,864			216,901			227,957			218,881			169,097			169,097			185,370			182,606			170,731			154,405
Total balance sheet debt		239,581			239,581			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		23,719			23,719			28,516			45,318			55,921			63,658			63,658			70,586			77,601			85,733			121,794
Net debt(4)		(112,234	)		(112,234	)		(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			8,818			8,818			11,346			11,855			22,160			22,160			22,168			22,168			22,168			22,198
Equity		675,432			675,432			625,736			566,870			507,140			478,592			478,592			436,238			284,746			276,780			281,270
Working capital		607,460			607,460			575,593			523,417			505,787			489,187			489,187			451,660			340,786			328,671			340,552
Depreciation and amortization		28,551			6,410			7,701			7,907			6,533			28,899			7,365			7,488			6,958			7,088			25,681
Capital expenditures, net of retirements		32,241			15,837			9,622			3,653			3,129			13,435			8,282			490			2,010			2,653			11,978
Free cash flow(5)		114,330			30,870			126,423			(53,050	)		10,087			267,457			57,152			226,844			(43,711	)		27,172			(98,450	)
FINANCIAL RATIOS
Days sales outstanding		51.2			51.2			46.8			62.3			62.7			57.1			57.1			55.4			83.7			92.0			78.4
Days payables outstanding		44.2			44.2			45.2			40.6			46.4			50.5			50.5			55.7			46.5			54.6			57.0
Inventory turnover (annualized)		7.6			7.6			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)

	Fiscal Year			Quarter Ended												Fiscal Year			Quarter Ended												Fiscal Year
	Ended			July 31,			April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	July 31, 2006			2006			2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
Revenues
Net sales	$	2,268,322		$	682,789		$	624,686		$	488,411		$	472,436		$	1,713,782		$	563,805		$	499,899		$	347,947		$	302,131		$	1,170,186
Financial products		11,093			2,647			2,216			3,256			2,974			11,915			2,826			3,373			3,056			2,660			15,203
Rentals		9,981			2,196			2,713			2,759			2,313			9,333			2,948			2,084			2,431			1,870			8,573
		2,289,396			687,632			629,615			494,426			477,723			1,735,030			569,579			505,356			353,434			306,661			1,193,962
Cost of sales		1,846,371			553,394			511,552			398,566			382,859			1,447,785			459,893			407,464			299,462			280,966			968,562
Gross profit		443,025			134,238			118,063			95,860			94,864			287,245			109,686			97,892			53,972			25,695			225,400
Gross profit margin		19.4	%		19.5	%		18.8	%		19.4	%		19.9	%		16.6	%		19.3	%		19.4	%		15.3	%		8.4	%		18.9	%
Selling and administrative expenses		164,362			45,975			41,025			39,301			38,061			142,383			43,927			39,524			30,810			28,122			128,465
Selling & administrative %		7.2	%		6.7	%		6.5	%		7.9	%		8.0	%		8.2	%		7.7	%		7.8	%		8.7	%		9.2	%		10.8	%
Product development expenses		30,251			10,069			6,920			6,825			6,437			24,601			6,037			7,101			5,555			5,908			21,002
Product development %		1.3	%		1.5	%		1.1	%		1.4	%		1.3	%		1.4	%		1.1	%		1.4	%		1.6	%		1.9	%		1.8	%
Gain related to sale of Gradall excavator product line		(14,572	)		—			(14,572	)		—			—			—			—			—			—			—			—
Restructuring charges		—			—			—			—			—			—			—			—			—			—			27
Income (loss) from operations		262,984			78,194			84,690			49,734			50,366			120,261			59,722			51,267			17,607			(8,335	)		75,906
Operating profit (loss) margin		11.5	%		11.4	%		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)		(17,710	)		(2,526	)		(4,030	)		(6,688	)		(4,466	)		(28,609	)		(4,905	)		(7,418	)		(7,852	)		(8,434	)		(35,397	)
Miscellaneous, net		(3,166	)		(195	)		(3,974	)		69			934			1,436			2,595			(6,105	)		2,076			2,870			1,372
Income (loss) before taxes		242,108			75,473			76,686			43,115			46,834			93,088			57,412			37,744			11,831			(13,899	)		41,881
Income tax provision (benefit)		92,764			27,602			30,499			15,695			18,968			35,915			21,716			15,022			4,347			(5,170	)		15,232
Net income (loss)	$	149,344		$	47,871		$	46,187		$	27,420		$	27,866		$	57,173		$	35,696		$	22,722		$	7,484		$	(8,729	)	$	26,649
Return on revenues		6.5	%		7.0	%		7.3	%		5.5	%		5.8	%		3.3	%		6.3	%		4.5	%		2.1	%		-2.8	%		2.2	%
Earnings (loss) per common share	$	1.43		$	.45		$	.44		$	.26		$	.27		$	.61		$	.35		$	.24		$	.09		$	(.10	)	$	.31
Earnings (loss) per common share - assuming dilution	$	1.40		$	.45		$	.43		$	.26		$	.27		$	.60		$	.35		$	.24		$	.08		$	(.10	)	$	.30
Cash Dividends per share	$	.0150		$	.0050		$	.0050		$	.0025		$	.0025		$	.0100		$	.0025		$	.0025		$	.0025		$	.0025		$	.0100
Average basic shares outstanding		104,294			105,465			105,088			104,042			102,424			93,058			100,722			94,182			87,596			86,554			85,720
Average diluted shares outstanding		106,518			107,199			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)

	July 31,			April 30,			January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2006			2006			2005			2005			2005			2005			2004			2004
ASSETS
Current assets
Cash and cash equivalents	$	328,096		$	304,895		$	183,344		$	230,947		$	223,597		$	172,480		$	24,305		$	66,498		$	37,656
Trade accounts and finance receivables, net		445,631			393,966			379,813			379,393			419,866			377,190			354,350			333,316			400,597
Inventories		212,864			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		47,613			26,595			42,715			48,417			56,739			55,253			43,166			45,739			41,058
Total current assets		1,034,204			942,357			883,770			877,638			869,299			793,793			608,727			616,284			633,716
Property, plant and equipment, net		98,345			87,447			82,746			84,879			85,855			78,270			82,387			89,443			91,504
Equipment held for rental, net		21,477			21,934			36,684			38,401			22,570			27,220			23,163			26,842			21,190
Finance receivables, less current portion		29,193			29,472			26,500			29,688			30,354			31,836			36,992			39,002			33,747
Pledged finance receivables, less current portion		7,668			11,923			18,623			26,589			33,649			40,459			50,372			56,413			86,559
Goodwill		57,388			60,513			60,419			61,598			61,641			63,134			63,165			63,017			62,885
Intangible assets, net		74,142			74,557			75,371			31,795			32,086			33,465			33,848			34,590			35,240
Other assets		74,872			72,197			68,379			64,675			68,143			56,848			80,420			66,991			62,603
	$	1,397,289		$	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	$	8,484		$	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		16,001			16,531			26,558			29,045			29,642			29,708			26,660			26,725			32,585
Accounts payable		233,746			221,342			187,591			200,281			200,323			194,588			139,742			150,600			139,990
Accrued expenses		168,513			120,444			139,689			141,039			148,651			116,285			97,795			108,500			118,860
Total current liabilities		426,744			366,764			360,353			371,851			380,112			342,133			267,941			287,613			293,164
Long-term debt, less current portion		207,378			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		7,718			11,985			18,760			26,876			34,016			40,878			50,941			59,008			89,209
Accrued post-retirement benefits		25,748			25,193			31,797			31,455			31,113			30,801			30,423			30,211			29,666
Other long-term liabilities		19,984			23,152			22,117			28,464			27,233			24,116			23,536			21,362			20,542
Provisions for contingencies		34,285			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: 106,751; fiscal 2005 — 103,290; fiscal 2004 — 87,806		21,350			21,268			21,100			20,666			20,658			20,390			17,880			17,814			17,562
Additional paid-in capital		209,290			206,710			193,021			165,119			170,367			153,779			28,147			26,204			20,790
Retained earnings		458,276			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		(13,484	)		(13,179	)		(12,531	)		(16,769	)		(15,552	)		(10,366	)		(10,427	)		(8,538	)		(6,017	)
Total shareholders’ equity		675,432			625,736			566,870			507,140			478,592			436,238			284,746			276,780			281,270
	$	1,397,289		$	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)

	Fiscal Year			Quarter Ended												Fiscal Year			Quarter Ended												Fiscal Year
	Ended			July 31,			April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	July 31, 2006			2006			2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
OPERATIONS
Net income (loss)	$	149,344		$	47,871		$	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 related to sale of Gradall excavator product line		(14,572	)		—			(14,572	)		—			—			—			—			—			—			—			—
(Gain) loss on sale of property, plant and equipment		(383	)		(359	)		5			57			(86	)		948			828			(22	)		(19	)		161			319
Gain on sale of equipment held for rental		(13,745	)		(506	)		(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		28,551			6,410			7,701			7,907			6,533			28,899			7,365			7,488			6,958			7,088			25,681
Other		24,377			971			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		(45,350	)		(58,188	)		(13,080	)		(13,268	)		39,186			(25,948	)		(42,151	)		(16,355	)		(29,659	)		62,217			(66,296	)
Inventories		(64,712	)		5,470			10,368			(30,523	)		(50,027	)		(15,268	)		16,321			(3,463	)		(11,758	)		(16,368	)		9,188
Accounts payable		42,312			12,405			35,610			(5,669	)		(34	)		60,423			5,868			54,834			(10,833	)		10,554			33,207
Other operating assets and liabilities		33,484			29,722			9,160			(6,722	)		1,324			30,623			38,335			7,188			(2,340	)		(12,560	)		13,506
Changes in finance receivables		(2,315	)		3,394			(3,645	)		(3,415	)		1,351			1,877			1,459			1,944			6,970			(8,496	)		(6,112	)
Changes in pledged finance receivables		(627	)		(65	)		(133	)		(233	)		(196	)		36			(190	)		(248	)		(917	)		1,391			(14,866	)
Changes in other assets and liabilities		(17,613	)		1,035			(11,506	)		(3,720	)		(3,422	)		8,374			495			21,946			(12,920	)		(1,147	)		(11,090	)
Cash flow from operating activities		118,751			48,160			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		(32,597	)		(16,065	)		(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		739			587			16			34			102			1,060			24			874			81			81			90
Purchases of equipment held for rental		(43,527	)		(4,246	)		(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		50,552			3,413			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		32,992			576			32,416			—			—			—			—			—			—			—			—
Cash portion of acquisitions		(47,093	)		—			(58	)		(47,035	)		—			(105	)		—			—			(105	)		—			(109,557	)
Other		150			(204	)		422			(40	)		(28	)		366			(35	)		503			(56	)		(46	)		333
Cash flow used for investing activities		(38,784	)		(15,939	)		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		52			14			26			23			(11	)		(6	)		(58	)		(1,961	)		1,955			58			27
Issuance of long-term debt		10,000			—			10,000			—			—			156,018			(38	)		26,002			45,038			85,016			351,999
Repayment of long-term debt		(21,455	)		(8,584	)		(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		(1,584	)		(532	)		(530	)		(264	)		(258	)		(925	)		(257	)		(224	)		(224	)		(220	)		(871	)
Net proceeds from issuance of common stock		—			—			—			—			—			119,421			(113	)		119,534			—			—			—
Cash proceeds received from the exercise of stock options		18,494			493			4,510			13,327			164			19,826			6,750			6,714			1,276			5,086			2,414
Excess tax benefits from stock-based compensation		20,384			—			7,323			13,017			44			—			—			—			—			—			—
Cash flow from financing activities		25,891			(8,609	)		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		(1,359	)		(411	)		(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		104,499			23,201			121,551			(47,603	)		7,350			185,941			51,117			148,175			(42,193	)		28,842			(95,153	)
Beginning balance		223,597			304,895			183,344			230,947			223,597			37,656			172,480			24,305			66,498			37,656			132,809
Ending balance	$	328,096		$	328,096		$	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)

	Fiscal Year			Quarter Ended												Fiscal Year			Quarter Ended												Fiscal Year
	Ended			July 31,			April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	July 31, 2006			2006			2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
SEGMENT INFORMATION REVENUES:
North American Distribution	$	1,704,030		$	509,653		$	462,772		$	369,725		$	361,880		$	1,329,682		$	444,383		$	387,442		$	258,793		$	239,064		$	930,802
European Distribution		407,143			137,233			124,521			83,062			62,327			261,602			82,426			85,960			56,631			36,585			177,392
Rest of World Distribution		166,820			37,985			40,051			38,329			50,455			129,995			38,390			28,506			34,866			28,233			69,870
Access Financial Solutions		11,403			2,761			2,271			3,310			3,061			13,751			4,380			3,448			3,144			2,779			15,898
	$	2,289,396		$	687,632		$	629,615		$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
SEGMENT PROFIT (LOSS):
North American Distribution	$	254,167		$	79,554		$	75,997		$	47,903		$	50,713		$	114,255		$	64,422		$	48,275		$	12,113		$	(10,555	)	$	92,512
European Distribution		38,969			14,082			16,032			6,659			2,196			21,489			4,564			8,630			5,878			2,417			3,765
Rest of World Distribution		39,411			7,966			8,304			9,001			14,140			32,475			10,084			7,047			8,218			7,126			15,293
Access Financial Solutions		4,937			1,544			1,139			1,166			1,088			4,420			2,303			1,211			712			194			1,695
Corporate expense		(77,585	)		(25,419	)		(17,443	)		(15,891	)		(18,832	)		(58,774	)		(22,854	)		(15,344	)		(10,766	)		(9,810	)		(48,274	)
Segment profit (loss)		259,899			77,727			84,029			48,838			49,305			113,865			58,519			49,819			16,155			(10,628	)		64,991
Add: AFS’ interest expense		3,085			467			661			896			1,061			6,396			1,203			1,448			1,452			2,293			10,915
Operating Income (Loss)	$	262,984		$	78,194		$	84,690		$	49,734		$	50,366		$	120,261		$	59,722		$	51,267		$	17,607		$	(8,335	)	$	75,906
PRODUCT GROUP REVENUES
Aerial work platforms	$	1,159,778		$	360,367		$	320,827		$	234,710		$	243,874		$	888,073		$	313,962		$	278,071		$	171,517		$	124,523		$	562,056
Telehandlers		776,001			254,546			202,637			160,715			158,103			511,766			157,948			141,660			92,490			119,668			358,865
Excavators		26,798			—			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		305,745			67,876			100,357			76,084			61,428			252,381			73,751			62,304			66,727			49,599			196,576
Financial products		11,093			2,647			2,216			3,256			2,974			11,915			2,826			3,373			3,056			2,660			15,203
Rentals		9,981			2,196			2,713			2,759			2,313			9,333			2,948			2,084			2,431			1,870			8,573
	$	2,289,396		$	687,632		$	629,615		$	494,426		$	477,723		$	1,735,030		$	569,579		$	505,356		$	353,434		$	306,661		$	1,193,962
GEOGRAPHIC REVENUES
United States	$	1,678,674		$	500,788		$	456,630		$	366,343		$	354,913		$	1,311,450		$	437,066		$	379,624		$	256,027		$	238,733		$	923,696
Europe		408,513			138,010			124,621			83,349			62,533			264,032			84,126			86,224			56,819			36,863			178,392
Other international		202,209			48,834			48,364			44,734			60,277			159,548			48,387			39,508			40,588			31,065			91,874
	$	2,289,396		$	687,632		$	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)

	July 31,		April 30,		January 29,		October 30,		July 31,		May 1,		January 30,		October 31,			July 31,
	2006		2006(1)		2006		2005		2005		2005		2005		2004			2004
Net income (loss)	$	47,871	$	46,187	$	27,420	$	27,866	$	35,696	$	22,722	$	7,484		($8,729	)	$	15,271
Interest expense		6,351		6,565		8,378		5,977		6,326		8,554		8,322		8,996			9,274
Income tax provision (benefit)		27,602		30,499		15,695		18,968		21,716		15,022		4,347		(5,170	)		8,748
Depreciation and amortization		6,410		7,701		7,907		6,533		7,365		7,488		6,958		7,088			5,070
EBITDA	$	88,234	$	90,952	$	59,400	$	59,344	$	71,103	$	53,786	$	27,111	$	2,185		$	38,363

⁽¹⁾ Includes gain on the sale of the Gradall excavator product line.

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)

	July 31,			April 30,			January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006(1)			2006(1)			2006			2005			2005			2005			2005			2004			2004
Net income	$	149,344		$	137,169		$	113,704		$	93,768		$	57,173		$	36,748		$	22,713		$	17,387		$	26,649
Interest expense		27,271			27,246			29,235			29,179			32,198			35,146			35,992			37,218			38,098
Income tax provision		92,764			86,878			71,401			60,053			35,915			22,947			12,815			9,765			15,232
Depreciation and amortization		28,551			29,506			29,293			28,344			28,899			26,604			26,475			26,283			25,681
EBITDA	$	297,930		$	280,799		$	243,633		$	211,344		$	154,185		$	121,445		$	97,995		$	90,653		$	105,660
Revenues	$	2,289,396		$	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		13.0	%		12.9	%		11.9	%		11.1	%		8.9	%		7.6	%		7.0	%		7.0	%		8.8	%

⁽¹⁾ Includes gain on the sale of the Gradall excavator product line.

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)

	July 31,			April 30,			January 29,			October 30,			July 31,			May 1,			January 30,			October 31,			July 31,
	2006			2006			2006			2005			2005			2005			2005			2004			2004
Revolving credit facilities	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Cash management facilities		—			—			—			—			—			—			1,944			—			—
$125 million senior notes		89,545			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			113,750			175,000			175,000			175,000
Miscellaneous debt		18,886			19,455			9,678			4,751			4,859			5,014			5,128			5,219			5,236
Fair value of interest rate swaps		(8,898	)		(9,908	)		(7,799	)		(8,428	)		(5,909	)		(6,378	)		(6,120	)		(6,492	)		(8,814	)
Gain on terminated interest rate swap		2,579			2,689			2,799			2,908			3,018			3,128			4,981			5,149			5,318
Bank debt and notes		215,862			223,531			228,403			222,956			225,693			228,489			305,933			303,876			301,740
Limited recourse debt from finance receivables monetizations *		23,719			28,516			45,318			55,921			63,658			70,586			77,601			85,733			121,794
Total balance sheet debt		239,581			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		239,581			252,047			273,721			278,877			289,351			302,314			387,998			394,612			429,003
Less: cash and cash equivalents		328,096			304,895			183,344			230,947			223,597			172,480			24,305			66,498			37,656
Less: limited recourse debt from finance receivables monetizations		23,719			28,516			45,318			55,921			63,658			70,586			77,601			85,733			121,794
Net debt		($112,234	)	$	(81,364	)	$	45,059		$	(7,991	)	$	2,096		$	59,248		$	286,092		$	242,381		$	269,553
Shareholders’ Equity	$	675,432		$	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		26	%		29	%		33	%		35	%		38	%		41	%		57	%		58	%		60	%
* Maximum loss exposure under loss pool agreements related to finance receivable monetizations	$	8,818		$	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)

	Fiscal Year						Quarter Ended									Fiscal Year						Quarter Ended									Fiscal Year
	Ended			July 31,			April 30,			January 29,			October 30,			Ended			July 31,			May 1,			January 30,			October 31,			Ended
	July 31, 2006			2006			2006			2006			2005			July 31, 2005			2005			2005			2005			2004			July 31, 2004
Net income (loss)	$	149,344		$	47,871		$	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		24,228			6,516			(3,183	)		7,489			13,406			25,122			(1,551	)		12,405			5,570			8,698			30,555
Accounts receivable		(45,350	)		(58,188	)		(13,080	)		(13,268	)		39,186			(25,948	)		(42,151	)		(16,355	)		(29,659	)		62,217			(66,296	)
Inventories		(64,712	)		5,470			10,368			(30,523	)		(50,027	)		(15,268	)		16,321			(3,463	)		(11,758	)		(16,368	)		9,188
Other current assets		17,653			(7,860	)		11,633			4,345			9,535			(12,553	)		899			(14,132	)		3,497			(2,817	)		8,780
Accounts payable		42,312			12,405			35,610			(5,669	)		(34	)		60,423			5,868			54,834			(10,833	)		10,554			33,207
Accrued expenses		15,831			37,582			(2,473	)		(11,067	)		(8,211	)		43,176			37,436			21,320			(5,837	)		(9,743	)		4,726
Finance receivables		(2,315	)		3,394			(3,645	)		(3,415	)		1,351			1,877			1,459			1,944			6,970			(8,496	)		(6,112	)
Other cash from operations		(17,613	)		1,035			(11,506	)		(3,720	)		(3,422	)		8,374			495			21,946			(12,920	)		(1,147	)		(11,090	)
Purchases of property, plant and equipment		(32,597	)		(16,065	)		(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		739			587			16			34			102			1,060			24			874			81			81			90
Purchases of equipment held for rental		(43,527	)		(4,246	)		(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		50,552			3,413			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		32,992			576			32,416			—			—			—			—			—			—			—			—
Cash portion of acquisitions		(47,093	)		—			(58	)		(47,035	)		—			(105	)		—			—			(105	)		—			(109,557	)
Other cash from investments		150			(204	)		422			(40	)		(28	)		366			(35	)		503			(56	)		(46	)		333
Payment of dividends		(1,584	)		(532	)		(530	)		(264	)		(258	)		(925	)		(257	)		(224	)		(224	)		(220	)		(871	)
Net proceeds from issuance of common stock		—			—			—			—			—			119,421			(113	)		119,534			—			—			—
Cash proceeds received from the exercise of stock options		18,494			493			4,510			13,327			164			19,826			6,750			6,714			1,276			5,086			2,414
Excess tax benefits from stock-based compensation		20,384			—			7,323			13,017			44			—			—			—			—			—			—
Effect of exchange rate changes on cash		(1,359	)		(411	)		(537	)		781			(1,192	)		(7,833	)		(3,429	)		92			(1,729	)		(2,767	)		258
Seller financing		(5,000	)		—			—			(5,000	)		—			—			—			—			—			—			(10,000	)
Capital lease assumed in OmniQuip acquisition		—			—			—			—			—			—			—			—			—			—			(3,630	)
Debt assumed in Delta acquisition		—			—			—			—			—			—			—			—			—			—			(103	)
Other(1)		2,801			(966	)		2,087			(753	)		2,433			4,898			2,689			3,088			(582	)		(297	)		(1,184	)
Free Cash Flow	$	114,330		$	30,870		$	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, cash proceeds received from the exercise of stock options, excess tax benefits from stock-based compensation 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
	Fiscal Year Ended July 31,						Fiscal Year Ended July 31,						Fiscal Year Ended July 31,
	2006			2005			2006			2005			2006			2005
Revenues
Net sales	$	2,268,322		$	1,713,782		$	2,268,322		$	1,713,782		$	—		$	—
Financial products		11,093			11,915			—			—			11,093			11,915
Rentals		9,981			9,333			9,671			7,497			310			1,836
		2,289,396			1,735,030			2,277,993			1,721,279			11,403			13,751
Cost of sales		1,846,371			1,447,785			1,846,200			1,446,935			171			850
Gross profit		443,025			287,245			431,793			274,344			11,232			12,901
Selling and administrative expenses		164,362			142,383			161,152			140,298			3,210			2,085
Product development expenses		30,251			24,601			30,251			24,601			—			—
Gain related to sale of Gradall excavator product line		(14,572	)		—			(14,572	)		—			—			—
Income from operations		262,984			120,261			254,962			109,445			8,022			10,816
Other income (deductions):
Interest expense, net of interest income		(17,710	)		(28,609	)		(14,625	)		(22,213	)		(3,085	)		(6,396	)
Miscellaneous, net		(3,166	)		1,436			(3,166	)		1,436			—			—
Income before taxes		242,108			93,088			237,171			88,668			4,937			4,420
Income tax provision		92,764			35,915			90,872			34,209			1,892			1,706
Equity in income of Access Financial Solutions		—			—			3,045			2,714			—			—
Net income	$	149,344		$	57,173		$	149,344		$	57,173		$	3,045		$	2,714
Earnings per common share	$	1.43		$	.61
Earnings per common share - assuming dilution	$	1.40		$	.60
Cash dividends per share	$	.015		$	.01
Weighted average shares outstanding		104,294			93,058
Weighted average shares outstanding - assuming dilution		106,518			95,586

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
	July 31,						July 31,						July 31,
	2006			2005			2006			2005			2006			2005
ASSETS
Current assets
Cash and cash equivalents	$	328,096		$	223,597		$	328,096		$	223,597		$	—		$	—
Trade accounts and finance receivables — net		445,631			419,866			405,003			373,417			40,628			46,449
Inventories		212,864			169,097			212,864			169,097			—			—
Other current assets		47,613			56,739			47,613			56,739			—			—
Total current assets		1,034,204			869,299			993,576			822,850			40,628			46,449
Property, plant and equipment — net		98,345			85,855			98,253			85,698			92			157
Equipment held for rental — net		21,477			22,570			21,384			22,259			93			311
Finance receivables, less current portion		29,193			30,354			—			—			29,193			30,354
Pledged receivables, less current portion		7,668			33,649			—			—			7,668			33,649
Goodwill		57,388			61,641			57,388			61,641			—			—
Intangible assets — net		74,142			32,086			74,142			32,086			—			—
Investment in Access Financial Solutions		—			—			43,530			40,485			—			—
Receivable from Access Financial Solutions		—			—			8,403			5,868			—			—
Other assets		74,872			68,143			74,899			68,009			(27	)		134
	$	1,397,289		$	1,203,597		$	1,371,575		$	1,138,896		$	77,647		$	111,054
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	8,484		$	1,496		$	8,484		$	1,496		$	—		$	—
Current portion of limited recourse debt from finance receivables monetizations		16,001			29,642			—			—			16,001			29,642
Accounts payable		233,746			200,323			233,746			200,323			—			—
Accrued expenses		168,513			148,651			168,458			148,615			55			36
Total current liabilities		426,744			380,112			410,688			350,434			16,056			29,678
Long-term debt, less current portion		207,378			224,197			207,378			224,197			—			—
Limited recourse debt from finance receivables monetizations, less current portion		7,718			34,016			—			—			7,718			34,016
Payable to JLG Industries, Inc.		—			—			—			—			8,403			5,868
Accrued post-retirement benefits		25,748			31,113			25,748			31,113			—			—
Other long-term liabilities		19,984			27,233			19,984			27,233			—			—
Provisions for contingencies		34,285			28,334			32,345			27,327			1,940			1,007
Shareholders’ equity
Capital stock:
Authorized shares: 200,000 at $.20 par value
Issued and outstanding shares: 106,751 shares; fiscal 2005 — 103,290 shares		21,350			20,658			21,350			20,658			30,000			30,000
Additional paid-in capital		209,290			170,367			209,290			170,367			—			—
Retained earnings		458,276			310,516			458,276			310,516			13,530			10,485
Unearned compensation		—			(7,397	)		—			(7,397	)		—			—
Accumulated other comprehensive loss		(13,484	)		(15,552	)		(13,484	)		(15,552	)		—			—
Total shareholders’ equity		675,432			478,592			675,432			478,592			43,530			40,485
	$	1,397,289		$	1,203,597		$	1,371,575		$	1,138,896		$	77,647		$	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
	Fiscal Year Ended July 31,						Fiscal Year Ended July 31,						Fiscal Year Ended July 31,
	2006			2005			2006			2005			2006			2005
Operations
Net income	$	149,344		$	57,173		$	149,344		$	57,173		$	3,045		$	2,714
Adjustments to reconcile net income to cash flow from operating activities:
Gain related to sale of Gradall excavator product line		(14,572	)		—			(14,572	)		—			—			—
(Gain) loss on sale of property, plant and equipment		(383	)		948			(383	)		948			—			—
(Gain) loss on sale of equipment held for rental		(13,745	)		(11,711	)		(13,745	)		(11,711	)		—			—
Non-cash charges and credits:
Depreciation and amortization		28,551			28,899			28,281			28,011			270			888
Other		24,377			6,986			23,339			7,503			1,038			(517	)
Changes in selected working capital items:
Accounts receivable		(45,350	)		(25,948	)		(41,143	)		(45,612	)		(4,207	)		19,664
Inventories		(64,712	)		(15,268	)		(64,712	)		(15,268	)		—			—
Accounts payable		42,312			60,423			42,312			60,423			—			—
Other operating assets and liabilities		33,484			30,623			33,465			30,795			19			(172	)
Changes in finance receivables		(2,315	)		1,877			—			—			(2,315	)		1,877
Changes in pledged finance receivables		(627	)		36			—			—			(627	)		36
Changes in other assets and liabilities		(17,613	)		8,374			(17,870	)		7,129			257			1,245
Cash flow from operating activities		118,751			142,412			124,316			119,391			(2,520	)		25,735
Investments
Purchases of property, plant and equipment		(32,597	)		(15,443	)		(32,597	)		(15,248	)		—			(195	)
Proceeds from the sale of property, plant and equipment		739			1,060			739			1,060			—			—
Purchases of equipment held for rental		(43,527	)		(31,249	)		(43,527	)		(31,236	)		—			(13	)
Proceeds from the sale of equipment held for rental		50,552			35,065			50,552			35,065			—			—
Proceeds from the sale of excavator product line		32,992			—			32,992			—			—			—
Cash portion of acquisitions		(47,093	)		(105	)		(47,093	)		(105	)		—			—
Investment in income of Access Financial Solutions		—			—			(3,045	)		(2,714	)		—			—
Other		150			366			150			366			—			—
Cash flow used for investing activities		(38,784	)		(10,306	)		(41,829	)		(12,812	)		—			(208	)
Financing
Net increase in short-term debt		52			(6	)		52			(6	)		—			—
Issuance of long-term debt		10,000			156,018			10,000			156,018			—			—
Repayment of long-term debt		(21,455	)		(232,666	)		(21,455	)		(232,666	)		—			—
Change in receivable from Access Financial Solutions		—			—			(2,535	)		25,530			—			—
Change in payable to JLG Industries, Inc.		—			—			—			—			2,535			(25,530	)
Payment of dividends		(1,584	)		(925	)		(1,584	)		(925	)		—			—
Net proceeds from issuance of common stock		—			119,421			—			119,421			—			—
Cash proceeds received from the exercise of stock options		18,494			19,826			18,494			19,826			—			—
Excess tax benefits from stock-based compensation		20,384			—			20,384			—			—			—
Cash flow from financing activities		25,891			61,668			23,356			87,198			2,535			(25,530	)
Currency Adjustments
Effect of exchange rate changes on cash		(1,359	)		(7,833	)		(1,344	)		(7,836	)		(15	)		3
Cash and Cash Equivalents
Net change in cash and cash equivalents		104,499			185,941			104,499			185,941			—			—
Beginning balance		223,597			37,656			223,597			37,656			—			—
Ending balance	$	328,096		$	223,597		$	328,096		$	223,597		$	—		$	—