Bucyrus International (BUCY) 8-K Announces Summary Unaudited Results

EXHIBIT 99.1

BUCYRUS INTERNATIONAL, INC.

ANNOUNCES SUMMARY UNAUDITED RESULTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006

______________________________________________________________________

South Milwaukee, Wisconsin - July 20, 2006 - Bucyrus International, Inc. today announced its summary unaudited results for the three and six months ended June 30, 2006. The following includes the summary unaudited results for these periods. References to “Bucyrus” and the “Company” refer to Bucyrus International, Inc. and its consolidated subsidiaries.

	For the three months ended June 30,						For the six months ended June 30,
Dollars in thousands, except per share amounts	2006			2005			2006		2005
Consolidated Statements of Earnings:
Sales	$	181,804		$	140,037		$	347,457	$	245,558
Cost of products sold		134,870			109,043			259,650		185,538
Gross profit		46,934			30,994			87,807		60,020
Selling, general and administrative expenses		18,078			12,141			33,538		24,446
Research and development expenses		3,051			1,460			4,973		2,810
Amortization of intangible assets		449			450			901		903
Operating earnings		25,356			16,943			48,395		31,861
Interest expense		601			1,110			1,246		2,362
Other (income) expense - net		(3	)		92			119		115
Earnings before income taxes		24,758			15,741			47,030		29,384
Income tax expense		3,200			5,517			10,950		10,035
Net earnings	$	21,558		$	10,224		$	36,080	$	19,349
Net earnings per share (2):
Basic:
Net earnings per share	$	.69		$	.34		$	1.15	$	.64
Weighted average shares		31,284,624			30,440,985			31,238,416		30,272,511
Diluted:
Net earnings per share	$	.68		$	.33		$	1.14	$	.62
Weighted average shares		31,615,978			31,245,990			31,571,657		31,209,929
Other Financial Data:
EBITDA (1)	$	29,070		$	20,313		$	55,686	$	38,551
Non-cash stock compensation expense		1,166			45			1,744		90
Severance		469			60			741		73
(Gain) loss on sale of fixed assets		13			(129	)		55		153

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(1) EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. EBITDA, a measure used by management to measure liquidity and performance, is reconciled to net earnings and net cash provided by (used in) operating activities in the following table. The Company’s management believes EBITDA is useful to the investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. EBITDA is not a recognized term under generally accepted accounting principles (“GAAP”) and does not purport to be an alternative to net earnings as an indicator of operating performance or to net cash provided by (used in) operating activities as a measure of liquidity. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to other similarly titled measures of other companies. Additionally, EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The amounts shown for EBITDA as presented herein differ from the amounts calculated under the definition of EBITDA used in the Company’s debt instruments. The definition of EBITDA used in the Company’s debt instruments is further adjusted for certain cash and non-cash charges and is used to determine compliance with financial covenants and the Company’s ability to engage in certain activities such as incurring additional debt and making certain payments.

(2) Adjusted for three-for-two stock split effective as of March 29, 2006.

	For the three months ended June 30,						For the six months ended June 30,
Dollars in thousands	2006			2005			2006			2005
Net earnings	$	21,558		$	10,224		$	36,080		$	19,349
Interest income		(127	)		(149	)		(241	)		(358	)
Interest expense		601			1,110			1,246			2,362
Income taxes		3,200			5,517			10,950			10,035
Depreciation		3,133			2,920			6,240			5,784
Amortization		705			691			1,411			1,379
EBITDA		29,070			20,313			55,686			38,551
Changes in assets and liabilities		(38,056	)		(23,271	)		(14,234	)		(21,022	)
Non-cash stock compensation expense		1,166			45			1,744			90
(Gain) loss on sale of fixed assets		13			(129	)		55			153
Interest income		127			149			241			358
Interest expense		(601	)		(1,110	)		(1,246	)		(2,362	)
Income tax expense		(3,200	)		(5,517	)		(10,950	)		(10,035	)
Net cash provided by (used in) operating activities	$	(11,481	)	$	(9,520	)	$	31,296		$	5,733

Dollars in thousands	June 30, 2006		December 31, 2005
Consolidated Balance Sheets
Assets
Cash and cash equivalents	$	10,128	$	12,451
Receivables-net		154,369		155,547
Inventories		155,614		133,476
Deferred income taxes		19,051		18,363
Prepaid expenses and other current assets		4,255		6,982
Total current assets		343,417		326,819
Goodwill		47,306		47,306
Intangible assets-net		33,619		34,565
Deferred income taxes		14,452		10,355
Other assets		8,046		8,767
Total other assets		103,423		100,993
Property, plant and equipment - net		88,513		64,155
Total assets	$	535,353	$	491,967
Liabilities and Common Shareholders’ Investment
Accounts payable and accrued expenses	$	115,926	$	106,747
Liabilities to customers on uncompleted contracts and        warranties		36,715		35,239
Income taxes		14,062		11,943
Current maturities of long-term debt and other short-term        obligations		272		1,339
Total current liabilities		166,975		155,268

Dollars in thousands	June 30, 2006		December 31, 2005
Postretirement benefits		14,749		14,257
Pension and other		35,205		34,567
Total other liabilities		49,954		48,824
Long-term debt		58,373		66,975
Common shareholders’ investment		260,051		220,900
Total liabilities and common shareholders’ investment	$	535,353	$	491,967

The results for the three months ended June 30, 2006 include an increase in sales of $41.8 million or 29.8% as compared to the three months ended June 30, 2005. New machine sales were $53.8 million, a decrease of $1.1 million or 2.2% from $54.9 million for the three months ended June 30, 2005, and aftermarket parts and service sales were $128.0 million, an increase of $42.9 million or 50.5% from $85.1 million for the three months ended June 30, 2005. The decrease in new machine sales was primarily due to the manufacturing of one dragline being substantially completed at the end of the first quarter of 2006. The results for the six months ended June 30, 2006 include an increase in sales of $101.9 million or 41.5% as compared to the six months ended June 30, 2005. New machine sales were $107.2 million, an increase of $24.5 million or 29.7% from $82.7 million for the six months ended June 30, 2005, and aftermarket parts and service sales were $240.3 million, an increase of $77.4 million or 47.5% from $162.9 million for the six months ended June 30, 2005. The increase in new machine sales for the first six months of 2006 when compared to 2005 resulted from the sustained strength in prices of commodities that are surfaced mined by the Company’s machines. The increase in aftermarket parts and service sales in 2006 reflects the Company’s continuing initiatives and strategies to capture additional market share. Also, aftermarket sales continue to increase as the existing installed fleet of machines operates at very high utilization levels due to the current demand and increased prices for commodities. Aftermarket sales have increased in both the United States and international markets. The Company achieved operating earnings of $25.4 million for the three months ended June 30, 2006 and $48.4 million for the six months ended June 30, 2006. Operating earnings for the three and six month periods ended June 30, 2006 increased from 2005 primarily due to increased gross profit resulting from increased sales volume.

For the three months ended June 30, 2006, the Company recorded income tax expense of $3.2 million. This amount was reduced by a net income tax benefit of approximately $3.7 million related to foreign tax credits. The foreign tax credits resulted from the completion of the Company’s evaluation of its potential to claim additional foreign tax credits generated in previous tax periods.

As of June 30, 2006, the Company’s total backlog was $715.9 million, $442.1 million of which was expected to be recognized within twelve months of such date. This represents a 25.0% and 26.9% increase from the March 31, 2006 total backlog of $572.6 million and twelve months backlog of $348.5 million, respectively, and a 24.9% and 36.3% increase from the June 30, 2005 total backlog of $573.3 million and twelve months backlog of $324.4 million, respectively. The increase from March 31, 2006 and June 30, 2005 was primarily due to an increase in new machine orders, which totaled $178.2 million during the second quarter of 2006. Inquires for the Company’s machines remain at a high level.

                As of June 30, 2006, the Company had aggregate outstanding indebtedness of $58.6 million compared with $68.3 million at December 31, 2005. The Company had borrowings of $54.9 million under its revolving credit facility as of June 30, 2006 and cash and cash equivalents were $10.1 million as of that date.

On July 20, 2006, the Company’s Board of Directors declared a cash dividend of $.05 per share on Bucyrus’ Class A common stock, which is to be paid on August 21, 2006 to shareholders of record on August 3, 2006.

On July 20, 2006, Bucyrus announced that it will undertake the third phase of its multi-phase expansion program at its South Milwaukee facility. The first phase of the expansion, which was announced on August 24, 2005, will provide 110,000 square feet of new space for welding and machining of large electric mining shovel components. Phase one is expected to be fully completed in the fourth quarter of 2006 with initial manufacturing to begin ahead of schedule in August 2006.

The second phase, announced on February 16, 2006, will expand the Company’s new facility north of Rawson Avenue to over 350,000 square feet of welding, machining and outdoor hard-goods storage space. Construction is expected to be completed in mid-2007 and is currently ahead of the original schedule. The aggregate cost of phase one and two of the expansion project is expected to be approximately $54 million.

The third phase of the expansion project was approved in support of Bucyrus’ ongoing efforts to meet the continued growth of demand for its machines and their components. Phase three will include the renovation of manufacturing buildings and offices at the Company’s existing facilities south of Rawson Avenue in South Milwaukee, Wisconsin, USA. Its focus is on modernizing and improving manufacturing and administrative efficiencies and includes renovation as well as expansion of existing buildings and the addition of new machine tools. The steps for accomplishing phase three are scheduled to maximize manufacturing throughput during the renovation and construction processes. Phase three construction is scheduled to be completed by the fourth quarter of 2007 and is expected to cost approximately $58 million.

Bucyrus will be holding a telephone conference call pertaining to this news release at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Friday, July 21, 2006. Interested parties should call 866.356.4123 (617.597.5393 for international callers), participant passcode 49546388. A replay of the call will be available through August 4, 2006 at 888.286.8010 (617.801.6888 internationally), passcode 11695707.

Bucyrus is one of the world’s leading manufacturers of large-scale excavation equipment used in surface mining. Bucyrus machines are used throughout the world by customers mining copper, coal, oil sands, iron ore and other minerals. An important part of Bucyrus’ business consists of aftermarket sales in support of its large installed base (almost $12.5 billion based on estimated replacement value) of machines which have service lives from fifteen to forty years.

Statements contained in this press release that are not based on current or historical fact are forward-looking in nature. Such forward-looking statements are based on current plans, estimates and expectations and are made pursuant to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on known and unknown risks, assumptions, uncertainties and other factors. Bucyrus’ actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those risk factors and cautionary factors described in the “Risk Factors” and “Forward-Looking Statements” sections of Bucyrus’ Form 10-K for the year ended December 31, 2005 and other factors described in Bucyrus’ subsequent reports filed with the Securities and Exchange Commission. Bucyrus undertakes no obligation to publicly update or revise any forward-looking statements.

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