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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, 2001
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
--- ---
The number of shares of capital stock outstanding as of February 20, 2001 was
41,910,037.
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TABLE OF CONTENTS
PART 1
Item 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
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.......................... 7
Item 3. Quantitative and Qualitative Disclosures about
Market Risk.................................................. 9
Independent Accountants' Review Report.................................. 10
PART II
Item 6. Exhibits and Reports on Form 8-K............................. 11
Signature ............................................................. 11
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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,
2001 2000
----------- --------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 14,804 $ 25,456
Trade receivables-net 186,552 172,511
Inventories 238,450 147,991
Other current assets 18,081 10,594
-------- --------
Total current assets 457,887 356,552
Property, plant and equipment - net 101,756 105,879
Goodwill - net 143,147 145,867
Lease receivables - net 45,180 --
Equipment held for rental - net 9,075 12,153
Other assets 26,856 33,136
-------- --------
$783,901 $653,587
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt $ 20,944 $ 9,184
Accounts payable 115,326 116,616
Accrued expenses 60,100 64,829
-------- --------
Total current liabilities 196,370 190,629
Long-term debt 216,003 89,118
Accrued post-retirement benefits 23,169 22,943
Other long-term liabilities 15,005 12,623
Provisions for contingencies 15,087 14,223
Shareholders' equity
Capital stock:
Authorized shares: 100,000 at $.20 par
Issued shares: 41,997 fiscal 2000 - 43,648 8,399 8,729
Additional paid-in capital 12,497 12,514
Retained earnings 304,145 308,966
Unearned compensation (1,266) (1,474)
Accumulated other comprehensive income (5,508) (4,684)
-------- --------
Total shareholders' equity 318,267 324,051
-------- --------
$783,901 $653,587
======== ========
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,
2001 2000 2001 2000
-------- -------- -------- --------
Net sales $230,093 $206,868 $462,803 $424,863
Cost of sales 188,618 168,273 368,838 333,695
-------- -------- -------- --------
Gross profit 41,475 38,595 93,965 91,168
Selling and administrative expenses 24,125 22,386 46,030 45,716
Product development expenses 4,105 3,877 8,020 7,602
Goodwill amortization 1,488 1,527 2,979 3,088
-------- -------- -------- --------
Income from operations 11,757 10,805 36,936 34,762
Other income (deductions):
Interest expense (6,052) (5,465) (10,108) (8,900)
Miscellaneous, net 2,053 (444) 1,576 63
-------- -------- -------- --------
Income before taxes 7,758 4,896 28,404 25,925
Income tax provision 2,861 1,811 10,500 9,592
-------- -------- -------- --------
Net income $ 4,897 $ 3,085 $ 17,904 $ 16,333
======== ======== ======== ========
Earnings per common share $ .12 $ .07 $ .42 $ .37
======== ======== ======== ========
Earnings per common share -
assuming dilution $ .12 $ .07 $ .42 $ .36
======== ======== ======== ========
Cash dividends per share $ .01 $ .01 $ .02 $ .015
======== ======== ======== ========
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,
2001 2000
--------- ---------
Operations
Net income $ 17,904 $ 16,333
Adjustments to reconcile net income to
cash flow from operating activities:
Gain on sale of joint venture (1,008) --
Non-cash charges and credits:
Depreciation and amortization 12,935 13,862
Other 4,551 2,448
Changes in selected working capital items:
Trade receivables (14,059) (26,279)
Inventories (90,459) (72,864)
Other operating assets and liabilities (13,478) (17,621)
Lease receivables (45,180)
Changes in other assets and liabilities 1,724 (4,511)
--------- ---------
Cash flow from operating activities (127,070) (88,632)
Investments
Net purchases of property, plant and equipment (4,695) (9,222)
Additions to equipment held for rental 1,938 8,119
Retirements of equipment held for rental
Proceeds from sale of joint venture 4,000 --
--------- ---------
Cash flow from investing activities 1,243 (1,103)
Financing
Net increase in short-term debt 12,090 --
Issuance of long-term debt 264,150 162,088
Repayment of long-term debt (137,597) (83,159)
Payment of dividends (860) (664)
Purchase of common stock (22,201) --
Exercise of stock options and issuance of restricted awards 70 863
--------- ---------
Cash flow from financing activities 115,652 79,128
Currency Adjustments
Effect of exchange rate changes on cash (477) (51)
--------- ---------
Cash
Net change in cash and cash equivalents (10,652) (10,658)
Beginning balance 25,456 19,033
--------- ---------
Ending balance $ 14,804 $ 8,375
========= =========
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, 2001
(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.
Interim results for the six month period ended January 31, 2001 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 thereto included in the Company's annual report on Form 10-K for the
fiscal year ended July 31, 2000.
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, 2001, must
necessarily be based on management's estimate of expected fiscal year-end
inventory levels and costs.
Inventories consist of the following:
January 31, July 31,
2001 2000
----------- --------
Finished goods $174,562 $ 97,858
Raw materials and work in process 65,812 52,775
-------- --------
240,374 150,633
Less LIFO provision 1,924 2,642
-------- --------
$238,450 $147,991
======== ========
REPURCHASE OF CAPITAL STOCK
During the six months ended January 31, 2001, the Company repurchased 1.7
million shares of its capital stock at an aggregate cost of $22.2 million. At
January 31, 2001, the Company had remaining Board authorization to repurchase an
additional 2.5 million shares of its capital stock.
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BASIC AND DILUTED EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per
share for each of the periods ended January 31:
Three Months Ended Six Months Ended
January 31, January 31,
2001 2000 2001 2000
------- ------- ------- -------
Net income $ 4,897 $ 3,085 $17,904 $16,333
======= ======= ======= =======
Denominator for basic earnings per share --
weighted average shares 41,866 43,998 42,512 43,989
Effect of dilutive securities - employee stock
options and unvested restricted shares 706 1,725 511 1,626
------- ------- ------- -------
Denominator for diluted earnings per share --
weighted average shares adjusted for
dilutive securities 42,572 45,723 43,023 45,615
======= ======= ======= =======
Earnings per common share $ .12 $ .07 $ .42 $ .37
======= ======= ======= =======
Earnings per common share -
assuming dilution $ .12 $ .07 $ .42 $ .36
======= ======= ======= =======
During the quarter ended January 31, 2001, options to purchase 1.1 million
shares of capital stock with exercise prices ranging from $13.69 to $21.94 were
not included in the computation of diluted earnings per share because the
exercise prices were greater than the average market price of the capital stock.
COMPREHENSIVE INCOME
On an annual basis, comprehensive income is disclosed in the Statement of
Shareholders' Equity. This statement is not presented on a quarterly basis. 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,
2001 2000 2001 2000
------ ------ ------- -------
Net income $4,897 $3,085 $17,094 $16,333
Aggregate currency translation adjustment (193) 113 824 28
------ ------ ------- -------
$4,704 $3,198 $18,728 $16,361
====== ====== ======= =======
SEGMENT INFORMATION
The Company has organized its business into two segments consisting of
manufactured products and services. The Machinery segment contains the design,
manufacture and sale of new equipment, and the Equipment Services segment
contains financing and leasing activities and after-sales service and support,
including parts sales, equipment rentals, used equipment sales and rebuilt
equipment. The Company evaluates performance
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and allocates resources based on operating profit before interest, miscellaneous
income/expense and income taxes. Intersegment sales and transfers are not
significant. The accounting policies of the reportable segments are the same as
those described in the summary of significant accounting policies.
Business segment information consisted of the following for each of the periods
ended January 31:
Three Months Ended Six Months Ended
January 31, January 31,
2001 2000 2001 2000
--------- --------- --------- ---------
External sales:
Machinery $ 191,600 $ 177,789 $ 401,293 $ 359,918
Equipment services 38,493 29,079 61,510 64,945
--------- --------- --------- ---------
$ 230,093 $ 206,868 $ 462,803 $ 424,863
========= ========= ========= =========
Segment profit (loss):
Machinery $ 16,766 $ 14,349 $ 46,057 $ 38,542
Equipment services 4,540 8,091 12,322 19,178
General corporate (9,549) (11,635) (21,443) (22,958)
--------- --------- --------- ---------
$ 11,757 $ 10,805 $ 36,936 $ 34,762
========= ========= ========= =========
The Company manufactures its products in the United States and sells these
products globally, but principally in North America, Europe, Australia and South
America. No single foreign country is significant to the consolidated
operations. Sales by geographic area were as follows for of the periods ended
January 31:
Three Months Ended Six Months Ended
January 31, January 31,
2001 2000 2001 2000
-------- -------- -------- --------
United States $168,801 $148,924 $351,906 $311,839
Europe 49,869 42,946 85,922 82,517
Other 11,423 14,998 24,975 30,507
-------- -------- -------- --------
$230,093 $206,868 $462,803 $424,863
======== ======== ======== ========
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 2001 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 $16.4 million and $16.1 million were established at
January 31, 2001 and July 31, 2000, 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. As of January 31, 2001 and
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July 31, 2000, there were no insurance recoverables or offset implications and
there were no claims by the Company being contested by insurers.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS FOR THE SECOND QUARTERS OF FISCAL 2001 AND 2000
Sales for the second quarter of fiscal 2001 were $230.1 million, up 11% over the
$206.9 million in the comparable year-ago period. Included in the fiscal 2001
sales was $16.8 million associated with a sale-leaseback of rental fleet assets.
Machinery sales for the current year quarter were $191.6 million an increase of
$13.8 million, or 8%, from the $177.8 million for the comparable prior year
quarter. The increase is principally attributable to strong aerial work platform
sales. Equipment Services sales for the current year quarter were $38.5 million
an increase of $9.4 million, or 32%, from the $29.1 million for the comparable
prior year quarter. The second quarter of fiscal 2001 included the
sale-leaseback of rental fleet assets, while the same quarter of fiscal 2000
benefited from a large sale by Equipment Services.
Domestic sales for the second quarter of fiscal 2001 were $168.8 million, up 13%
from the comparable year-ago period sales of $148.9 million. International sales
for the second quarter of fiscal 2001 were $61.3 million, up 6% from the
corresponding quarter of the previous year.
The Company's sales by product (in thousands) consisted of the following for the
second quarter ended January 31:
2001 2000
-------- --------
Aerial work platforms $158,907 $140,658
Material handlers 16,623 20,054
Excavators 16,070 17,077
Financing and leasing activities and after-sales
service and support, including parts sales,
equipment rentals, used equipment sales
and rebuilt equipment 38,493 29,079
-------- --------
$230,093 $206,868
======== ========
Gross profit margin was 18.0% for the second quarter of fiscal 2001 compared to
the prior year quarter's 18.7%. The principal contributors to this reduction
were the strengthening of the U. S. dollar against foreign currencies,
particularly the Euro, British pound and Australian dollar, competitive pricing
pressures and the effect of the rental fleet sale-leaseback transaction. These
reductions were partially offset by ongoing cost savings initiatives and a more
favorable product mix.
Selling, administrative and product development expenses as a percent of sales
improved to 12.3% for the current year second quarter from 12.7% for the prior
year second quarter. In terms of dollars, the increase was principally due to
increased bad debt expense and pension charges resulting from early retirements.
Miscellaneous expense included currency gains of $1.9 million in second quarter
of fiscal 2001 compared to losses of $898 thousand in the corresponding prior
year period.
The effective tax rate was 37% for the current and prior year quarters.
RESULTS FOR THE FIRST SIX MONTHS OF FISCAL 2001 AND 2000
Sales for the first six months of fiscal 2001 were $462.8 million, up 9% over
the $424.9 million in the comparable year-ago period. Machinery sales for the
first six months of fiscal 2001 were $401.3 million an
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increase of $41.4 million, or 12%, from the $359.9 million for the comparable
prior year period. The increase is principally attributable to strong aerial
work platform sales. Equipment Services sales for the current year six months
were $61.5 million a decrease of $3.4 million, or 5%, from the $64.9 million for
the comparable prior year period. The first six months of fiscal 2001 included
the sale-leaseback of rental fleet assets, while the same period of fiscal 2000
benefited from several large sales by Equipment Services.
Domestic sales for the first six months of fiscal 2001 were $351.9 million, up
13% from the comparable year-ago period sales of $311.8 million. International
sales for the first six months of fiscal 2001 were $110.9 million, down 2% from
the corresponding period of the previous year primarily due to the strong U. S.
dollar.
The Company's sales by product (in thousands) consisted of the following for the
six months ended January 31:
2001 2000
-------- --------
Aerial work platforms $336,234 $292,411
Material handlers 36,991 38,386
Excavators 28,068 29,121
Financing and leasing activities and after-sales
service and support, including parts sales,
equipment rentals, used equipment sales
and rebuilt equipment 61,510 64,945
-------- --------
$462,803 $424,863
======== ========
Gross profit margin was 20.3% for the first six months of fiscal 2001 compared
to the prior year period's 21.5%. The decrease was mainly due to the same
factors as discussed in the second quarter comparison.
Selling, administrative and product development expenses as a percent of sales
improved to 11.7% for the first six months of fiscal 2001 from 12.5% for the
comparable prior year period as the Company leveraged slightly higher expenses
in fiscal 2001 over a larger sales base. In terms of dollars, the increase was
mainly due to the same factors as discussed in the second quarter comparison.
The increase in interest charges of $1.2 million for the first six months of
fiscal 2001 compared to the same period of last year was principally due to
increased investment in inventory and receivables.
Miscellaneous expense included currency losses of $258 thousand in first six
months of fiscal 2001 compared to $1.0 million in the corresponding prior year
period. The current year period also benefited from a $1.0 million gain on the
sale of the Company's interest in its Brazilian joint venture.
The effective tax rate was 37% for the current and prior year periods.
FINANCIAL CONDITION
Cash flow used in operating activities was $127.1 million for the first six
months of fiscal 2001 versus $88.6 million in the comparable period of fiscal
2000. Comparing January 31, 2001 to January 31, 2000, inventory increased
approximately $40 million as a result of equipment built ahead of the
peak-demand season. The increase in receivables reflects higher business and
financing activities and extended payment terms which were partially offset by
$47.5 million in accounts receivable securitization.
Investing activities during the first six months of fiscal 2001 provided $1.2
million of cash compared to a use of $1.1 million for last year's comparable
period. The improvement in cash provided by investing activities for the first
six months of fiscal 2001 resulted principally from proceeds related to the
rental fleet sale-leaseback transaction and the sale of the Company's interest
in its Brazilian joint venture. In addition, the
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comparable period of fiscal 2000 included one-time capital expenditures for new
facilities in Shippensburg, Pennsylvania and Orrville, Ohio.
Financing activities provided cash of $115.7 million for the first six months of
fiscal 2001 compared to $79.1 million for the first six months of fiscal 2000.
The increase in cash provided from financing activities largely resulted from
higher borrowings under the Company's credit facilities due to the working
capital investments discussed above. In conjunction with the Company's share
repurchase program, the first six months of fiscal 2001 included the repurchase
of 1.7 million shares at an aggregate cost of $22.2 million.
At January 31, 2001, the Company had unused credit lines totaling $138 million.
In order to meet its future cash requirements, the Company intends to use
internally generated funds and to borrow under its credit facilities. Based on
its forecasting process, the Company believes that these resources will be
sufficient to meet its cash requirements over the next 12 months.
In addition to measuring its cash flow generation and usage based upon the
operating, investing, and financing classifications included in the Consolidated
Statements of Cash Flows, the Company also measures its free cash flow. Free
cash flow, a measure commonly employed by the financial community, is defined by
the Company as cash flow from operating activities less capital expenditures
including equipment held for rental, plus proceeds from the disposal of assets
and unrealized currency gains or losses. During the first six months of fiscal
2001, the Company had negative free cash flow of $126.0 million compared to
negative free cash flow of $89.2 million for the corresponding period in fiscal
2000 reflecting the strong seasonality of the second quarter and inventory built
ahead of the peak-season demand.
The Company's exposure to product liability claims is discussed in the note
entitled Commitments and Contingencies of the Notes to Condensed 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 are described in "Cautionary Statements Pursuant
to the Securities Litigation Reform Act" which is an exhibit to this report.
Based on the first six months actual results together with prospects of lower
interest rates and currency moderation, management reiterates its previously
stated range of $1.55 to $1.60 in earnings per share for fiscal 2001 with a
range for the third quarter of $.46 to $.50 per share.
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.
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 interest
bearing liabilities at January 31, 2001 consisted of $232 million in variable
rate borrowing, $48 million in accounts receivable securitization and $4 million
in fixed rate borrowing. At the current level of variable rate borrowing, a
hypothetical 10% increase in interest rates would decrease pre-tax current year
earnings by
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approximately $2.0 million on an annual basis. A hypothetical 10% 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, 2000.
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
The Board of Directors
JLG Industries, Inc.
We have reviewed the accompanying condensed consolidated balance sheet of JLG
Industries, Inc. (the "Company") as of January 31, 2001, and the related
condensed consolidated statements of income for the three month and six-month
periods ended January 31, 2001 and 2000 and condensed consolidated statements of
cash flows for the six-month periods ended January 31, 2001 and 2000. 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 generally accepted auditing standards, 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 generally accepted accounting principles.
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, 2000, 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 6, 2000, 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, 2000, 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
February14, 2001
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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:
15 Letter re: Unaudited Interim Financial Information
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, 2001.
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/ James H. Woodward, Jr.
--------------------------
James H. Woodward, Jr.
Senior Vice President and
Chief Financial Officer
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