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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange
Act of 1934
For the quarterly period ended January 31, 2000
or
[ ] Transition Report Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934
For the transition period from_________________to_________________
Commission file number: 0-8454
JLG INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 25-1199382
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1 JLG Drive, McConnellsburg, PA 17233-9533
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(7l7) 485-5161
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
At February 22, 2000, there were 44,380,948 shares of capital stock of the
Registrant outstanding.
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TABLE OF CONTENTS
ITEM
- ----
PART 1
1. FINANCIAL INFORMATION............................................. 1
CONDENSED CONSOLIDATED BALANCE SHEETS......................... 1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME................... 2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS............... 3
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS.................................................... 4
2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS............................... 7
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK....................................................... 9
INDEPENDENT ACCOUNTANTS' REVIEW REPORT................................... 11
PART II
6. EXHIBITS AND REPORTS ON FORM 8-K.................................. 12
SIGNATURES .............................................................. 12
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PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JLG INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, July 31,
2000 1999
----------- --------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 8,375 $ 19,033
Accounts receivable 189,120 162,820
Inventories 198,445 125,571
Other current assets 18,445 8,563
-------- --------
Total current assets 414,385 315,987
PROPERTY, PLANT AND EQUIPMENT 100,214 100,534
EQUIPMENT HELD FOR RENTAL 12,724 23,068
GOODWILL 152,879 155,655
OTHER ASSETS 30,756 30,573
-------- --------
$710,958 $625,817
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt $ 2,656 $ 2,656
Current portion of long-term debt 744 625
Accounts payable 79,423 78,793
Accrued expenses 46,715 57,598
-------- --------
Total current liabilities 129,538 139,672
LONG-TERM DEBT, LESS CURRENT PORTION 251,322 172,512
ACCRUED POSTRETIREMENT BENEFITS 22,207 21,471
OTHER LONG-TERM LIABILITIES 9,022 9,463
PROVISIONS FOR CONTINGENCIES 11,082 11,416
SHAREHOLDERS' EQUITY
Capital stock:
Authorized shares: 100,000 at $.20 par
Outstanding shares: 44,321; fiscal 1999 - 44,250 8,864 8,850
Additional paid-in capital 18,597 17,246
Unearned compensation (1,826) (1,324)
Accumulated other comprehensive income (3,523) (3,495)
Retained earnings 265,675 250,006
-------- --------
Total shareholders' equity 287,787 271,283
-------- --------
$710,958 $625,817
======== ========
The accompanying notes are an integral part of these financial statements.
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JLG INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
-------- -------- -------- --------
NET SALES $206,868 $138,235 $424,863 $266,890
Cost of sales 168,273 106,727 333,695 205,656
-------- -------- -------- --------
GROSS PROFIT 38,595 31,508 91,168 61,234
Selling, administrative and product
development expenses 26,263 16,284 53,318 31,300
Goodwill amortization 1,527 -- 3,088 --
-------- -------- -------- --------
INCOME FROM OPERATIONS 10,805 15,224 34,762 29,934
Other income (deductions):
Interest expense (5,465) (58) (8,900) (111)
Miscellaneous, net (444) 481 63 1,359
-------- -------- -------- --------
INCOME BEFORE TAXES 4,896 15,647 25,925 31,182
Income tax provision 1,811 4,320 9,592 9,602
-------- -------- -------- --------
NET INCOME $ 3,085 $ 11,327 $ 16,333 $ 21,580
======== ======== ======== ========
EARNINGS PER COMMON SHARE $ .07 $ .26 $ .37 $ .49
======== ======== ======== ========
EARNINGS PER COMMON SHARE -
ASSUMING DILUTION $ .07 $ .25 $ .36 $ .48
======== ======== ======== ========
CASH DIVIDENDS PER SHARE $ .01 $ .005 $ .015 $ .01
======== ======== ======== ========
The accompanying notes are an integral part of these financial statements.
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JLG INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Six Months Ended
January 31,
2000 1999
--------- --------
OPERATIONS
Net income $ 16,333 $ 21,580
Adjustments for noncash items:
Depreciation and amortization 13,862 9,440
Other 2,448 2,412
Changes in operating assets and liabilities (119,875) (62,910)
Changes in other assets and liabilities (1,400) 4,045
--------- --------
Cash used for operations (88,632) (25,433)
INVESTMENTS
Purchases of property, plant and equipment (9,222) (4,726)
Retirements (additions) to equipment held for rental 8,119 (10,198)
--------- --------
Cash used for investments (1,103) (14,924)
FINANCING
Issuance of long-term debt 162,088 --
Repayment of long-term debt (83,159) (134)
Payment of dividends (664) (441)
Exercise of stock options and issuance of restricted awards 863 681
--------- --------
Cash provided by financing 79,128 106
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash (51) 221
--------- --------
CASH
Net change in cash (10,658) (40,030)
Beginning balance 19,033 56,793
--------- --------
Ending balance $ 8,375 $ 16,763
========= ========
The accompanying notes are an integral part of these financial statements.
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JLG INDUSTRIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2000
(in thousands, except per share data)
(Unaudited)
BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all information and notes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included.
Operating results for the three and six month periods ended January 31, 2000 are
not necessarily indicative of the results that may be expected for the fiscal
year as a whole. For further information, refer to consolidated financial
statements and notes included in the Company's annual report on Form 10-K for
the fiscal year ended July 31, 1999.
INVENTORIES AND COST OF SALES
A precise inventory valuation under the LIFO (last-in, first-out) method can
only be made at the end of each fiscal year; therefore, interim LIFO inventory
valuation determinations, including the determination at January 31, 2000, must
necessarily be based on management's estimate of expected fiscal year-end
inventory levels and costs.
The components of inventory at the end of the each period consisted of the
following:
January 31, July 31,
2000 1999
---------- --------
Finished goods $132,941 $ 68,994
Work in process 14,469 12,544
Raw materials 55,923 48,561
-------- --------
203,333 130,099
Excess of FIFO cost over LIFO inventory value (4,888) (4,528)
-------- --------
$198,445 $125,571
======== ========
COMPREHENSIVE INCOME
The following table sets forth the components of comprehensive income for each
of the periods ended January 31:
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
------ ------- ------- -------
Net income $3,085 $11,327 $16,333 $21,580
Aggregate currency translation adjustment 113 26 28 (221)
------ ------- ------- -------
$3,198 $11,353 $16,361 $21,359
====== ======= ======= =======
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BASIC AND DILUTED EARNINGS PER SHARE
The computation of basic and diluted earnings per share for the each of the
periods ended January 31 are as follows:
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
------- ------- ------- -------
Net income $ 3,085 $11,327 $16,333 $21,580
======= ======= ======= =======
Denominator for basic earnings per share --
Weighted average shares 43,998 43,794 43,989 43,793
Effect of dilutive securities - employee stock options and
Unvested restricted shares 1,725 1,141 1,626 1,131
------- ------- ------- -------
Denominator for diluted earnings per share --
Weighted average shares adjusted for
Dilutive securities 45,723 44,935 45,615 44,924
======= ======= ======= =======
Earnings per common share $ .07 $ .26 $ .37 $ .49
======= ======= ======= =======
Earnings per common share - assuming dilution $ .07 $ .25 $ .36 $ .48
======= ======= ======= =======
Options to purchase 1,111 shares of common stock at a range of $13.69 to $21.94
were outstanding during the second quarter of fiscal 2000. However these shares
were not included in the computation of diluted earnings per share because the
options' exercise price was greater than the average market price of the common
shares.
COMMITMENTS AND CONTINGENCIES
The Company is a party to personal injury and property damage litigation arising
out of incidents involving the use of its products. The Company's insurance
program for fiscal year 2000 is comprised of a self-insured retention of $7
million for domestic claims, insurance coverage of $2 million for international
claims and catastrophic coverage for domestic and international claims of $75
million in excess of the retention and international primary coverage. The
Company contracts with an independent firm to provide claims handling and
adjustment services. The Company's estimates with respect to claims are based on
internal evaluations of the merits of individual claims and the reserves
assigned by the Company's independent firm. The methods of making such estimates
and establishing the resulting accrued liability are reviewed frequently, and
any adjustments resulting therefrom are reflected in current earnings. Claims
are paid over varying periods, which generally do not exceed five years. Accrued
liabilities for future claims are not discounted.
With respect to all product liability claims of which the Company is aware,
accrued liabilities of $13.3 million and $14.1 million were established at
January 31, 2000 and July 31, 1999, respectively. While the Company's ultimate
liability may exceed or be less than the amounts accrued, the Company believes
that it is unlikely that it would experience losses that are materially in
excess of such reserve amounts.
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As of January 31, 2000 and July 31, 1999, there were no insurance recoverables
or offset implications and there were no claims by the Company being contested
by insurers.
SEGMENT INFORMATION
The Company operates in two reportable business segments - machinery, which
consists of the design, manufacture and sale of new equipment; and customer
services and support, which consists of after-sales service and support,
including parts sales, equipment rentals, used equipment sales and rebuilding
used equipment. The Company evaluates the performance of its reportable segments
based upon a number of factors including segment profit. Segment profit excludes
interest, miscellaneous income/expense and income taxes. Intersegment sales and
transfers are accounted for at cost and are not significant.
The following table provides business segment information for each of the
periods ended January 31:
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
-------- -------- -------- --------
Sales to unaffiliated customers:
Machinery $177,789 $119,174 $359,918 $231,052
Customer services and support 29,079 19,061 64,945 35,838
-------- -------- -------- --------
$206,868 $138,235 $424,863 $266,890
======== ======== ======== ========
Segment profit (loss):
Machinery $ 14,349 $ 16,058 $ 38,542 $ 31,911
Customer services and support 8,091 6,633 19,178 12,673
General corporate expenses (11,635) (7,467) (22,958) (14,650)
-------- -------- -------- --------
$ 10,805 $ 15,224 $ 34,762 $ 29,934
======== ======== ======== ========
BANK CREDIT LINES AND LONG-TERM DEBT
The Company has credit agreements with a group of financial institutions that
provides for an unsecured revolving credit facility expiring June 2004 with an
aggregate commitment of $350 million. During the quarter, the Company increased
its revolving credit facility to $350 million from $250 million. Borrowings
under the agreements bear interest equal to either LIBOR plus a margin ranging
from 0.55 percent to 1.125 percent, depending on the Company's ratio of funded
debt to EBITDA; or the greater of prime or federal funds rate plus 0.50 percent.
The Company is required to pay an annual administrative fee of $35 and a
facility fee ranging from 0.20 percent to 0.275 percent, depending on the
Company's ratio of funded debt to EBITDA. The agreements contains customary
affirmative and negative covenants including financial covenants requiring the
maintenance of specified consolidated interest coverage, leverage ratios and a
minimum net worth. The Company also has available a $20 million unsecured bank
revolving line of credit with a term of one year, renewable annually, and at an
interest rate of prime or a spread over LIBOR. The Company also has $2.5 million
in loan facilities with a term of one year, renewable annually, and at a fixed
weighted average interest rate of 5.7 percent.
The components of long-term debt at the end of the each period consisted of the
following:
January 31, July 31,
2000 1999
-------- --------
Revolving credit facility due 2004 with an average
interest rate of 7.02% at January 31, 2000 $249,000 $169,912
Other 3,066 3,225
-------- --------
252,066 173,137
Less current portion 744 625
-------- --------
$251,322 $172,512
======== ========
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS FOR THE SECOND QUARTERS OF FISCAL 2000 AND 1999
Sales for the second fiscal quarter ended January 31, 2000 were $206.9 million,
up $68.7 million or 50 percent from the $138.2 million reported in the year-ago
period. Growth of the aerial work platform product group accounted for $27.8
million, or 41 percent of the revenue increase, while telescopic material
handling and excavator products, acquired in June 1999, represented $40.9
million, or 59 percent of the increase. Domestic sales for the second quarter of
fiscal 2000 were $148.9, up 59 percent from the fiscal 1999 second quarter sales
of $93.5 million. International sales were $58.0 million, up 30 percent from the
comparable year-ago quarter. Customer Service and Support sales for the second
fiscal quarter were $29.1 million, up $10.1 million or 53 percent compared to
prior year quarter.
The gross profit percentage for the quarter was 18.7 percent, down 4.1
percentage points from the year-ago quarter. As a result of the Company's cost
reduction efforts, the gross profit percentage was favorably impacted by lower
product costs but more than offset by the following factors: a less favorable
product mix; the impact of aggressive acceptance of trade-ins to displace
competitor products during the quarter; competitive price pressures; strength of
the U.S. dollar against foreign currencies, primarily the Euro; and start-up
costs for the Shippensburg and Orrville plants.
The $10.0 million increase in selling, administrative and product development
costs compared to the 1999 second fiscal quarter was principally due to the
Gradall acquisition and the expansion of the Company's sales and service
capabilities globally. At 12.7 percent of sales, these expenses were nine tenths
of a percent above the percentage for the year ago quarter.
The current year quarter includes $1.5 million in goodwill amortization
primarily due to the Gradall acquisition. The increase in interest charges of
$5.4 million was due to an increase in average borrowings to fund the Gradall
acquisition and working capital investments.
The effective tax rate of 37 percent was more than nine percentage points higher
in the fiscal 2000 second quarter compared to the year-ago period. This increase
was primarily due to goodwill charges not being tax deductible and a one-time
benefit attributable to certain tax incentives related to export sales in the
fiscal 1999 second quarter.
RESULTS FOR THE FIRST SIX MONTHS OF FISCAL 2000 AND 1999
For the six-month period ended January 31, 2000, sales were $424.9 million, up
$158.0 million, or 59 percent, from the $266.9 million reported in the year-ago
period. Growth of the aerial work platform product group accounted for $79.9
million, or 51 percent of the revenue increase, while telescopic material
handling and excavator products represented $78.1 million, or 49 percent of the
increase. Domestic sales for the six months of fiscal 2000 were $311.9, up 69
percent from the fiscal 1999 six
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months sales of $184.2 million. International sales were $113.0 million, up 37
percent from the comparable year-ago period. Customer Service and Support sales
for the six-month period were $65.0 million, up $29.2 million or 81 percent
compared to prior year period.
Gross profit percentage for the six months of fiscal 2000 was 21.5 percent, down
1.4 percentage points from the year-ago period. The decrease was mainly due to
the same factors as discussed in the second quarter comparison.
Selling, administrative and product development costs increased $22.0 million
from the comparable year-ago six months. The increase was mainly due to the same
factors as discussed in the second quarter comparison. At 12.5 percent of sales,
these expenses were eight tenths of a percent above the percentage for the year
ago quarter.
The current year period includes $3.1 million in goodwill amortization and an
increase in interest charges of $8.8 million, primarily due to the same factors
as discussed in the second quarter comparison.
The effective tax rate of 37 percent was six percentage points higher in the
fiscal 2000 six-month period compared to the year-ago period. This increase was
primarily due to the same factors as discussed in the second quarter comparison.
FINANCIAL CONDITION
Cash used for operations increased to $88.6 million in the first six months of
fiscal 2000 from $25.4 million used for operations in the comparable period of
1999. The increase in cash used for operations in fiscal 2000 compared to fiscal
1999 was primarily due to a $119.9 million change in operating assets and
liabilities principally reflecting higher receivable and inventory levels.
Receivables were higher in dollar terms and days sales outstanding due to
expanded use of extended payment terms. The increase in inventory is due to the
Company's decision to maintain relatively constant production levels in
anticipation of the high level of demand corresponding to the prime buying
season of the Company's customers, and a more pronounced than anticipated
deferral of purchases by certain major North American rental customers into the
2000 calendar year.
Cash used for investing activities during the first six months of fiscal 2000
was $1.1 million compared to $14.9 million for last year's comparable period.
The decrease relates primarily to sales of equipment held for rental which
occurred in fiscal year 2000. Partially offsetting the decrease in cash used for
investing activities were capital expenditures for the Shippensburg,
Pennsylvania and Orrville, Ohio facilities.
At January 31, 2000, the Company had unused credit lines totaling $121 million.
The Company believes that its credit lines, coupled with cash expected to be
generated by operations, to be sufficient to fund its ongoing operations,
capital-related projects for fiscal 2000 and its plan to purchase on the open
market up to five million shares of its common stock. These share purchases may
begin immediately after lender approvals are received, which are expected
shortly, and may occur, from time to time, during the twelve month period
commencing on February 16, 2000. Capital expenditures are expected to consist of
capital projects primarily for the Shippensburg, Pennsylvania and Orrville, Ohio
facilities.
Cash provided from financing activities was $79.1 million for the first six
months of fiscal 2000 compared to $106 thousand provided for the comparable
period of fiscal 1999. Increased borrowings under the existing revolving credit
agreements were used for business expansion as discussed above.
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The Company's exposure to product liability claims is discussed in the note
entitled Commitments and Contingencies of the Notes to Consolidated Financial
Statements of this report. Future results of operations, financial condition and
liquidity may be affected to the extent that the Company's ultimate exposure
with respect to product liability varies from current estimates.
OUTLOOK
This Outlook section and other parts of this Management's Discussion and
Analysis contain forward-looking information and involve certain risks and
uncertainties that could significantly impact expected results. Certain
important factors that, in some cases have affected, and in the future could
affect, the Company's results of operations and that could cause such future
results of operations to differ materially are described in "Cautionary
Statements Pursuant to the Securities Litigation Reform Act" which is an exhibit
to this report.
Most of the factors which detracted from profits in the second quarter are
reversible, and management is aggressively addressing each of these. Further,
management is confident in the overall health of the aerial work platform and
excavator marketplaces and is encouraged with the opportunity to expand sales of
material handler products. Management will continue to focus on growing the
business by maintaining its leadership positions in these product categories,
and by so doing, enhancing its profitability and the value it creates for
shareholders.
To combat the current pricing environment and improve gross profit margins,
management is placing increased emphasis on improving manufacturing efficiencies
and reducing costs. These efforts are taking place on several fronts, including
an accelerated focus on Gradall operations. Start-up costs at the Company's
Orrville and Shippensburg facilities will be eliminated as management brings
these two new plants fully on line by the end of this calendar year. When fully
operational, management expects to begin realizing the positive cost reduction
benefits they provide. Although the Company continues to pursue its trade-in
strategy, management expects the impact on margins from this activity to lessen
during the second half of the fiscal year. Management also expects the Company's
product mix to be more favorable in the second half of 2000.
On January 18, 2000, the Company forecast sales to be approximately $1.0 billion
and earnings per share to be in the $1.20 to $1.25 range and on February 17th,
the Company announced that it expected to meet or exceed the sales and earnings
forecasts previously announced in January.
IMPACT OF YEAR 2000
The year 2000 issue arose out of the fact that many computer programs were
written using two digits to identify the applicable year rather than four
digits. It was feared that computer programs with date-sensitive software or
equipment with embedded date-sensitive technology might misinterpret a two-digit
year code. This error could result in system or equipment failures or
miscalculations and disruptions of operations. As of December 31, 1999, the
Company had completed all aspects of its year 2000 readiness program and,
through February 17, 2000, the Company has not experienced any significant
problems related to the Y2K issue.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company is exposed to market risk from changes in interest rates and foreign
currency exchange rates, which could affect its future results of operations and
financial condition. The Company manages exposure to these risks principally
through its regular operating and financing activities.
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While the Company is exposed to changes in interest rates as a result of its
outstanding debt, the Company does not currently utilize any derivative
financial instruments related to its interest rate exposure. Total short-term
and long-term debt outstanding at January 31, 2000 was $254.7 million,
consisting of $249.0 million in variable rate borrowing and $5.7 million in
fixed rate borrowing. At the current level of variable rate borrowing, a
hypothetical 10 percent increase in interest rates would decrease pre-tax
current year earnings by approximately $1.7 million on an annual basis. A
hypothetical 10 percent change in interest rates would not result in a material
change in the fair value of the Company's fixed rate debt. The Company does not
have a material exposure to financial risk from using derivative financial
instruments to manage its foreign currency exposures. For additional
information, reference is made to Item 7 in the Company's annual report on Form
10-K for the fiscal year ended July 31, 1999.
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Independent Accountants' Review Report
The Board of Directors
JLG Industries, Inc.
We have reviewed the accompanying condensed consolidated balance sheet of JLG
Industries, Inc. and subsidiaries as of January 31, 2000, and the related
condensed consolidated statements of income for the three month periods ended
January 31, 2000 and 1999 and the condensed consolidated statements of cash
flows for the six-month periods ended January 31, 2000 and 1999. These financial
statements are the responsibility of the Company's management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data, and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States,
which will be performed for the full year with the objective of expressing an
opinion regarding the financial statements taken as a whole. Accordingly, we do
not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should
be made to the accompanying financial statements referred to above for them to
be in conformity with accounting principles generally accepted in the United
States.
We have previously audited, in accordance with auditing standards generally
accepted in the United States, the consolidated balance sheet of JLG Industries,
Inc. as of July 31, 1999, and the related consolidated statements of income,
shareholders' equity, and cash flows for the year then ended (not presented
herein), and in our report dated September 9, 1999, we expressed an unqualified
opinion on those consolidated financial statements. In our opinion, the
information set forth in the accompanying condensed consolidated balance sheet
as of July 31, 1999, is fairly stated, in all material respects, in relation to
the consolidated balance sheet from which it has been derived.
/s/ Ernst & Young LLP
Baltimore, Maryland
February 15, 2000
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PART II OTHER INFORMATION
ITEMS 1 - 5
None/not applicable.
ITEM 6 -- EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibits are included herein:
4.1 Working Capital Agreement dated December 16, 1999 between JLG
Industries, Inc. and First Union National Bank.
15 Letter re: Unaudited Interim Financial Information
27 Financial Data Schedule
99 Cautionary Statements Pursuant to the Securities Litigation
Reform Act
(b) The company was not required to file Form 8-K pursuant to requirements of
such form for any of the three months ended January 31, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized who is also signing in his capacity as
principal financial officer.
JLG INDUSTRIES, INC.
(Registrant)
/s/ Charles H. Diller, Jr.
-----------------------------
Charles H. Diller, Jr.
Executive Vice President and
Chief Financial Officer
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