UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 29, 2003
JLG INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Commission file number: 0-8454
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
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
Certain of the Company's subordinated indebtedness is guaranteed by significant
subsidiaries (the "guarantor subsidiaries") but is not guaranteed by the
Company's other subsidiaries (the "non-guarantor subsidiaries"). In the
Company's Form 10-Q for the second quarter ended January 31, 2003, two foreign
subsidiaries were incorrectly classified as guarantor subsidiaries when they
should have been included with the non-guarantor subsidiaries. This resulted in
a $1.6 million net asset understatement in the guarantor subsidiary condensed
balance sheet disclosure and a corresponding overstatement for the non-guarantor
subsidiaries and similar $759 thousand and $480 thousand income statement and
cash flow effects, respectively. The following presents the correct
presentation.
Condensed Consolidated Balance Sheet
As of January 31, 2003
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Guarantor Non-Guarantor Other and Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
- -------------------------------------------------------------------------------------------------------------- -----------------
ASSETS
- ------
Accounts receivable - net $136,017 $21,873 $48,986 $3,316 $210,192
Finance receivables - net -- 76,087 -- 3,371 79,458
Pledged finance receivables -- 113,656 -- -- 113,656
Inventories 64,716 52,561 56,464 (5,129) 168,612
Property, plant and equipment - net 25,216 45,388 11,045 (484) 81,165
Equipment held for rental - net 1,110 16,340 2,838 -- 20,288
Investment in subsidiaries 244,238 -- 2,678 (246,916) --
Other assets 71,477 37,996 13,227 9 122,709
------------- -------------- ------------------- ---------------- -----------------
$542,774 $363,901 $135,238 $(245,833) $796,080
============= ============== =================== ================ =================
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Accounts payable and accrued expenses
$74,391 $26,184 $37,185 $(4,649) $133,111
Long-term debt, less current portion 242,207 -- -- -- 242,207
Limited recourse debt,
less current portion -- 70,151 -- -- 70,151
Other liabilities (257,004) 276,725 77,105 12,025 108,851
------------- -------------- ------------------- ---------------- -----------------
Total liabilities 59,594 373,060 114,290 7,376 554,320
------------- -------------- ------------------- ---------------- -----------------
Shareholders' equity 483,180 (9,159) 20,948 (253,209) 241,760
------------- -------------- ------------------- ---------------- -----------------
$542,774 $363,901 $135,238 $(245,833) $796,080
============= ============== =================== ================ =================
Condensed Consolidated Statement of Income
For the Six Months Ended January 31, 2003
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Guarantor Non-Guarantor Other and Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
- -------------------------------------------------------------------------------------------------------------- -----------------
Revenues $216,394 $68,280 $54,811 $(27,685) $311,800
Gross profit (loss) 56,587 (3,481) 5,659 (3,551) 55,214
Other expenses (income) 33,377 9,912 5,959 1,411 50,659
Net income (loss) $23,210 $(13,393) $(300) $(4,962) $4,555
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Consolidated Statement of Cash Flows
For the Six Months Ended January 31, 2003
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Guarantor Non-Guarantor Other and Consolidated
Parent Subsidiaries Subsidiaries Eliminations Total
- -------------------------------------------------------------------------------------------------------------- -----------------
Cash flow from operating activities $(83,033) $(11,873) $2,936 $(672) $(92,642)
Cash flow from investing activities (3,295) 1,627 (2,999) (71) (4,738)
Cash flow from financing activities 69,933 29,372 16 (16) 99,305
Effect of exchange rate changes on cash 422 21 (66) 1,058 1,435
------------- -------------- ------------------- ---------------- -----------------
Net change in cash and cash equivalents (15,973) 19,147 (113) 299 3,360
Beginning balance 22,949 (19,545) 3,093 (292) 6,205
------------- -------------- ------------------- ---------------- -----------------
Ending balance $6,976 $(398) $2,980 $7 $9,565
============= ============== =================== ================ =================
In our January 31, 2003 Form 10-Q filed on March 4, 2003, and our February 26,
2003 Current Report on Form 8-K we disclosed that during the first six months of
fiscal 2003 and for fiscal 2002, we monetized $39.1 million and $101.9 million,
respectively, in finance receivables through syndications or monetization
transactions. These amounts were inclusive of pay downs on finance receivables.
Excluding lease payments paid down on finance receivables, during the first six
months of fiscal 2003 and for fiscal 2002, we monetized $28.9 million and $101.7
million, respectively, in finance receivables through syndications.
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.
JLG INDUSTRIES, INC.
(Registrant)
Date: April 29, 2003 /s/ James H. Woodward, Jr.
------------------------------------
James H. Woodward, Jr.
Executive Vice President and
Chief Financial Officer
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