EXHIBIT 99.1
FORM 8-K
PRESS RELEASE
BUCYRUS INTERNATIONAL, INC.
(NASDAQ: BCYR)
FOR IMMEDIATE RELEASE
HIGHLIGHTS OF SECOND QUARTER 1997 RESULTS
South Milwaukee, Wisconsin, July 11, 1997... Bucyrus International, Inc.
today reported highlights of its results for the quarter and six months ended
June 30, 1997.
The Company's net sales for the quarters ended June 30, 1997 and 1996 were
$83.9 million and $69.4 million, respectively, and for the six months ended
June 30, 1997 and 1996 were $143.8 million and $130.8 million, respectively.
Net income for the quarter and six months ended June 30, 1997 was $2.5
million or $.24 per share and $3.4 million or $.33 per share, respectively,
compared with net income for the quarter and six months ended June 30, 1996 of
$.6 million or $.06 per share and $.9 million or $.09 per share, respectively.
Adjusted EBITDA for the quarters ended June 30, 1997 and 1996 were $7.8
million and $5.0 million, respectively, and for the six months ended June 30,
1997 and 1996 were $12.9 million and $9.3 million, respectively.
Backlog at June 30, 1997 was $215.8 million compared with backlog of
$158.7 million at December 31, 1996 and $184.1 million at June 30, 1996.
Willard R. Hildebrand, President and Chief Executive Officer, said "We are
very encouraged with the continued improvement of our quarterly financial
results which confirm the positive effects of our various management programs
to strengthen the Company for the long term."
Bucyrus International, Inc. is a leading manufacturer of surface mining
equipment.
Contact: Daniel J. Smoke, Vice President and Chief Financial Officer, 414-
768-5371, or Craig R. Mackus, Secretary and Controller, 414-768-4267.
BUCYRUS INTERNATIONAL, INC.
SUMMARY OF CONSOLIDATED EARNINGS
(In Thousands Except Per Share Amounts)
Quarter Ended June 30, Six Months Ended June 30,
1997 1996 1997 1996
Revenues:
Net sales $ 83,876 $ 69,364 $ 143,762 $ 130,820
Other income 351 248 615 464
__________ __________ __________ __________
84,227 69,612 144,377 131,284
__________ __________ __________ __________
Costs and Expenses:
Cost of products
sold 68,256 57,360 116,261 107,023
Product development,
selling, administrative
and miscellaneous
expenses 9,692 8,919 18,345 17,854
Interest expense 2,042 2,093 3,956 4,173
__________ __________ __________ __________
79,990 68,372 138,562 129,050
__________ __________ __________ __________
Earnings before
income taxes 4,237 1,240 5,815 2,234
Income taxes 1,729 628 2,392 1,324
__________ __________ __________ __________
Net earnings $ 2,508 $ 612 $ 3,423 $ 910
Weighted average number
of common and common
equivalent shares
outstanding 10,353,305 10,234,574 10,345,443 10,234,574
Net earnings per share
of common stock $ .24 $ .06 $ .33 $ .09
Adjusted EBITDA (1) $ 7,849 $ 4,964 $ 12,900 $ 9,333
(1) Earnings before interest expense, income taxes, depreciation,
amortization, stock compensation and (gain) loss on sale of fixed assets.
BUCYRUS INTERNATIONAL, INC.
SUMMARY OF CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30, December 31,
1997 1996
Assets
Current Assets:
Cash and cash equivalents $ 11,350 $ 15,763
Receivables 54,271 32,085
Inventories 74,587 70,889
Prepaid expenses and other current assets 5,091 2,504
Total Current Assets 145,299 121,241
Other Assets 15,575 15,627
Property, Plant and Equipment 37,639 36,027
$198,513 $172,895
Liabilities and Common Shareholders' Investment
Current Liabilities:
Accounts payable and accrued expenses $ 41,712 $ 33,765
Liabilities to customers on uncompleted
contracts and warranties 7,170 3,579
Income taxes 2,042 1,469
Short-term obligations 10,788 3,186
Current maturities of long-term debt 655 428
Total Current Liabilities 62,367 42,427
Long-Term Liabilities 26,329 26,380
Long-Term Debt 68,750 66,627
Common Shareholders' Investment 41,067 37,461
$198,513 $172,895