Exhibit 99.1
[JLG LOGO] PRESS RELEASE
FOR IMMEDIATE RELEASE
JLG INDUSTRIES, INC.
1 JLG Drive
McConnellsburg, PA 17233-9533 CONTACT: JUNA ROWLAND
Telephone (717) 485-5161 DIRECTOR - CORPORATE & INVESTOR RELATIONS
Fax (717) 485-6417 (240) 313-1816, ir@jlg.com
www.jlg.com
JLG'S FULL YEAR OPERATING RESULTS CONTINUE TO IMPROVE
MCCONNELLSBURG, PA, SEPTEMBER 22, 2003 - JLG Industries, Inc. (NYSE: JLG)
today announced earnings per diluted share of $.33 for its fiscal year 2003
ended July 31, 2003, a 10 percent increase from last year's $.30 before the
cumulative effect of change in accounting principle, on consolidated revenues of
$760 million versus $770 million a year ago. After-tax earnings for the full
year were reduced by approximately $3.2 million of restructuring and
restructuring-related expenses. These charges were included in the Company's
guidance of $.33 to $.37 per share given in its April 29, 2003 announcement.
For the fourth quarter, earnings per diluted share were $.17 on
consolidated revenues of $242 million as compared to earnings per diluted share
of $.19 on total revenues of $249 million for the prior period.
In July 2003, the Company signed a definitive agreement to acquire the
OmniQuip business unit from Textron, and subsequently completed the transaction
on August 1, 2003.
Management's analysis of the Company's quarterly results and financial
condition will be provided during a conference call on Tuesday, September 23,
2003 at 9:00 a.m. Eastern Time. The call can be accessed via JLG's website
www.jlg.com, where it will be accompanied by a slide presentation, or by dialing
(800) 289-0468. International participants should dial (913) 981-5517. Please
dial into the conference call 10 minutes prior to the start. A replay of the
conference call presentation will be available on the Company's website.
JLG Industries, Inc. is the world's leading producer of access equipment
and highway-speed telescopic hydraulic excavators. The Company's diverse product
portfolio encompasses leading brands such as JLG(R) aerial work platforms;
JLG(R), Sky Trak(R), Lull(R) and Gradall(R) telehandlers; Gradall(R) excavators;
and an array of complementary accessories that increase the versatility and
efficiency of these products for end users. JLG markets its products and
services through a multi-channel network that includes a highly trained and
skilled direct sales force, direct marketing, the Internet, integrated supply
programs and a network of distributors. In addition, JLG offers world-class
after-sales service and support for its customers in the industrial, commercial,
institutional and construction markets. JLG's manufacturing facilities are
located in the United States and Belgium, with sales and service locations on
six continents.
For more information, visit www.jlg.com.
NOTE: Information contained on our website is not incorporated by reference
into this press release.
(Tables follow)
JOG Industries, Inc. - page 2
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended Fiscal Year Ended
July 31, July 31,
2003 2002 2003 2002
---- ---- ---- ----
(unaudited)
Revenues
Net sales $235,849 $241,900 $733,480 $ 745,870
Financial products 4,806 4,841 19,184 14,227
Rentals 1,564 2,083 7,125 9,973
--------------- --------------- -------------- --------------
242,219 248,824 759,789 770,070
Cost of sales 194,764 205,594 622,475 637,983
--------------- --------------- -------------- --------------
Gross profit 47,455 43,230 137,314 132,087
Selling and administrative expenses 25,276 25,644 79,225 79,693
Product development expenses 3,791 4,183 16,142 15,586
Restructuring charges 138 -- 2,754 6,091
--------------- --------------- -------------- --------------
Income from operations 18,250 13,403 39,193 30,717
Other income (deductions):
Interest expense (9,645) (4,545) (27,985) (16,255)
Miscellaneous, net (588) 3,592 6,691 4,759
--------------- --------------- -------------- --------------
Income before taxes and cumulative effect of
change in accounting principle 8,017 12,450 17,899 19,221
Income tax provision 562 4,108 3,724 6,343
--------------- --------------- -------------- --------------
Income before cumulative effect of change in
accounting principle 7,455 8,342 14,175 12,878
Cumulative effect of change in accounting
principle -- -- -- (114,470)
--------------- --------------- -------------- --------------
Net income (loss) $ 7,455 $ 8,342 $ 14,175 $ (101,592)
=============== =============== ============== ==============
Earnings (loss) per common share before
cumulative effect of change in accounting
principle $ .17 $ .20 $ .33 $ .31
Cumulative effect of change in accounting
principle -- -- -- (2.72)
--------------- --------------- -------------- --------------
Earnings (loss) per common share $ .17 $ .20 $ .33 $ (2.41)
=============== =============== ============== ==============
Earnings (loss) per common share - assuming
dilution, before cumulative effect of
change in accounting principle $ .17 $ .19 $ .33 $ .30
Cumulative effect of change in accounting
principle -- -- -- (2.65)
--------------- --------------- -------------- --------------
Earnings (loss) per common share - assuming
dilution $ .17 $ .19 $ .33 $ (2.35)
=============== =============== ============== ==============
Cash dividends per share $ .005 $ .005 $ .02 $ .025
=============== =============== ============== ==============
Weighted average shares outstanding 42,608 42,492 42,601 42,082
=============== =============== ============== ==============
Weighted average shares outstanding -
assuming dilution 42,883 43,950 42,866 43,170
=============== =============== ============== ==============
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JLG Industries, Inc. - page 3
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share data)
July 31, July 31,
2003 2002
--------------- -------------
ASSETS
Current assets
Cash and cash equivalents $132,809 $ 6,205
Accounts receivable, net 266,180 227,722
Finance receivables, net 3,168 28,248
Pledged finance receivables, net 41,334 34,353
Inventories 116,886 165,536
Other current assets 45,385 31,042
--------------- -------------
Total current assets 605,762 493,106
Property, plant and equipment 79,699 84,370
Equipment held for rental 19,651 20,979
Finance receivables, less current portion 31,156 45,412
Pledged finance receivables, less current portion 119,073 53,703
Goodwill 29,509 28,791
Other assets 53,135 51,880
--------------- -------------
$937,985 $778,241
=============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt and current portion of long-term debt $1,472 $14,427
Current portion of limited recourse debt from finance
receivables monetizations 45,279 34,850
Accounts payable 83,408 129,317
Accrued expenses 91,057 83,309
--------------- -------------
Total current liabilities 221,216 261,903
Long-term debt, less current portion 294,158 177,331
Limited recourse debt from finance receivables
monetizations, less current portion 119,661 52,721
Accrued post-retirement benefits 26,179 24,989
Other long-term liabilities 15,160 10,807
Provisions for contingencies 12,114 14,448
Shareholders' equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Outstanding shares: 43,367; fiscal 2002 - 42,728 8,673 8,546
Additional paid-in capital 23,597 18,846
Retained earnings 230,273 216,957
Unearned compensation (5,428) (1,649)
Accumulated other comprehensive loss (7,618) (6,658)
--------------- -------------
Total shareholders' equity 249,497 236,042
--------------- -------------
$937,985 $778,241
=============== =============
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JLG Industries, Inc. - page 4
JLG INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Year Ended
July 31,
2003 2002
---- ----
OPERATIONS
Net income (loss) $ 14,175 $(101,592)
Adjustments to reconcile net income to
cash flow from operating activities:
Loss on sale of property, plant and equipment 266 392
Gain on sale of equipment held for rental (6,794) (8,049)
Non-cash charges and credits:
Cumulative effect of change in accounting principle -- 114,470
Depreciation and amortization 19,937 20,959
Other 8,124 6,997
Changes in selected working capital items:
Accounts receivable (1) (43,985) (40,110)
Inventories 48,926 24,462
Accounts payable (46,026) 52,685
Other operating assets and liabilities (12,706) 15,194
Changes in finance receivables 40,487 57,154
Changes in pledged finance receivables (114,271) (91,331)
Changes in other assets and liabilities (3,295) (28,136)
-------------- ----------------
Cash flow from operating activities (95,162) 23,095
INVESTMENTS
Purchases of property, plant and equipment (10,806) (12,954)
Proceeds from sale of property, plant and equipment 216 172
Purchases of equipment held for rental (16,342) (26,429)
Proceeds from sale of equipment held for rental 19,063 28,924
Other (689) 405
-------------- ----------------
Cash flow from investing activities (8,558) (9,882)
FINANCING
Net decrease in short-term debt (13,497) (7,771)
Issuance of long-term debt 404,283 617,000
Repayment of long-term debt (279,647) (717,572)
Issuance of limited recourse debt 117,383 90,214
Repayment of limited recourse debt (118) --
Payment of dividends (859) (1,058)
Exercise of stock option and issuance of restricted awards 927 3,732
-------------- ----------------
Cash flow from financing activities 228,472 (15,455)
CURRENCY ADJUSTMENTS
Effect of exchange rate changes on cash 1,852 (807)
-------------- ----------------
CASH
Net change in cash and cash equivalents 126,604 (3,049)
Beginning balance 6,205 9,254
-------------- ----------------
Ending balance $ 132,809 $ 6,205
============== ================
(1) Net of change in accounts receivable securitization of $0 for the period
ended July 31, 2003 and $50,600 for the period ended July 31, 2002.
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JLG Industries, Inc. - page 5
Item 12 Disclosure
JLG INDUSTRIES, INC.
CONSOLIDATED SELECTED SUPPLEMENTAL INFORMATION
(unaudited)
(in thousands) Three Months Ended Fiscal Year Ended
July 31, July 31,
SEGMENT INFORMATION 2003 2002 2003 2002
---- ---- ---- ----
External revenues:
Machinery $201,419 $207,266 $603,145 $621,283
Equipment services 35,855 36,464 136,737 133,058
Access Financial Solutions 4,945 5,094 19,907 15,729
---------------- --------------- -------------- ---------------
$242,219 $248,824 $759,789 $770,070
================ =============== ============== ===============
Segment profit (loss):
Machinery $ 16,573 $ 20,845 $ 28,385 $ 29,039
Equipment services 8,235 1,968 27,119 24,686
Access Financial Solutions 295 1,816 3,990 5,288
General corporate expenses (10,356) (13,099) (32,001) (33,347)
---------------- --------------- -------------- ---------------
14,747 11,530 27,493 25,666
Add: Access Financial Solutions'
interest expense 3,503 1,873 11,700 5,051
---------------- --------------- -------------- ---------------
Operating income $ 18,250 $ 13,403 $ 39,193 $ 30,717
================ =============== ============== ===============
PRODUCT GROUP REVENUES
Aerial work platforms $148,144 $158,667 $435,164 $475,241
Telehandlers 37,674 34,115 119,536 87,443
Excavators 15,601 14,484 48,445 58,599
After-sales service and support,
including parts sales, and used &
reconditioned equipment sales 34,430 34,634 130,335 124,587
Financial products 4,806 4,841 19,184 14,227
Rentals 1,564 2,083 7,125 9,973
---------------- --------------- -------------- ---------------
$242,219 $248,824 $759,789 $770,070
================ =============== ============== ===============
GEOGRAPHIC REVENUES
United States $174,033 $178,034 $555,155 $556,252
Europe 47,144 57,410 145,038 167,940
Other international 21,042 13,380 59,596 45,878
---------------- --------------- -------------- ---------------
$242,219 $248,824 $759,789 $770,070
================ =============== ============== ===============
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JLG Industries, Inc. - page 6
Item 12 Disclosure
JLG INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP MEASURES TO GAAP
In addition to measuring our cash flow generation and usage based upon the
Consolidated Condensed Statements of Cash Flows, we also measure our free cash
flow. We define free cash flow as cash flow from operating, investing
activities, payment of dividends, exercise of stock option and issuance of
restricted awards, and the effect of exchange rate changes on cash less changes
in accounts receivable securitization, limited recourse debt from finance
receivable monetizations and off-balance sheet debt. Our measure of free cash
flow may not be comparable to similarly titled measures being disclosed by other
companies and is not a measure of financial performance that is in accordance
with GAAP. We utilize free cash flow to explain the change in our net debt
position from the prior period.
FREE CASH FLOW Three Months Ended Fiscal Year Ended
(in thousands) July 31, July 31
2003 2002 2003 2002
- --------------------------------------------------------------------------------------------------------------------
Net income (loss) $ 7,455 $ 8,342 $ 14,175 $(101,592)
Adjustments to reconcile net income to cash flow
from operating activities: (826) 4,836 21,533 134,769
Accounts receivable (17,651) (23,116) (43,985) (40,110)
Inventories 37,953 (1,993) 48,926 24,462
Other current assets (18,109) 1,262 (15,960) 3,110
Accounts payable 621 6,926 (46,026) 52,685
Accrued expenses 16,057 21,621 3,254 12,084
Finance receivables (2,644) 29,938 40,487 57,154
Other cash from operations (3,392) (28,139) (3,295) (28,136)
Purchases of PP&E (2,811) (2,708) (10,806) (12,954)
Proceeds from sale of PP&E - 22 216 172
Purchases of equipment held for rental (1,991) (5,652) (16,342) (26,429)
Proceeds from sales of equipment held for rental 2,882 7,710 19,063 28,924
Other cash from investments (25) 405 (689) 405
Payment of dividends (215) (215) (859) (1,058)
Exercise of stock option & issuance of restricted awards 189 456 927 3,732
Effect of exchange rate changes on cash (753) 100 1,852 (807)
Other (1) 18,518 1,988 15,310 63,342
- --------------------------------------------------------------------------------------------------------------------
Free cash flow $ 35,258 $ 21,783 $ 27,781 $ 169,753
====================================================================================================================
(1) Includes changes in accounts receivable securitization and other
off-balance sheet debt.
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JLG Industries, Inc. - page 7
Item 12 Disclosure
We also monitor our net debt and our EBITDA, which are two other non-GAAP
measures that provide additional information concerning our leverage position
and our historical ability to meet debt service and capital expenditure and
working capital requirements. EBITDA also is an indicator of profitability,
particularly in our capital-intensive industry.
We define net debt as the sum of total debt and other off-balance sheet
financing, minus cash and limited recourse debt arising from our monetization of
customer finance receivables.
EBITDA reflects our earnings before interest, taxes and depreciation and
amortization. EBITDA as presented below differs (i) from previously disclosed
presentations which excluded restructuring or repositioning charges, and (ii)
from measures of EBITDA calculated for purposes of financial covenants in our
note indentures and senior credit facilities. The components of net debt and
EBITDA are included in the following tables.
NET DEBT COMPARISON July 31, April 30, January 31, October 31, July 31,
(in millions) 2003 2003 2003 2002 2002
---- ---- ---- ---- ----
$250 million revolving credit facility $ - $ 30.3 $ 61.0 $ 50.0 $ -
$25 million overdraft credit facility - - 23.0 25.0 13.9
$125 million senior notes 125.0 - - - -
$175 million senior subordinated notes 175.0 175.0 175.0 175.0 175.0
Miscellaneous bank debt 2.0 1.4 1.6 1.7 1.9
Fair value of interest rate swap (12.3) - 5.0 2.3 .9
Gain on terminated interest rate swap 6.0 6.2 - - -
- -----------------------------------------------------------------------------------------------------------------
Bank debt/senior subordinated notes 295.7 212.9 265.6 254.0 191.7
Limited recourse debt from finance
receivables monetizations * 164.9 164.7 106.7 83.2 87.6
- -----------------------------------------------------------------------------------------------------------------
Total Balance Sheet Debt 460.6 377.6 372.3 337.2 279.3
Net present value of off balance sheet
rental fleet lease 2.3 3.4 3.9 4.5 5.6
Net present value of off balance sheet
production equipment leases 5.9 6.6 7.0 7.4 7.8
- -----------------------------------------------------------------------------------------------------------------
Total off-balance sheet financing 8.2 10.0 10.9 11.9 13.4
- -----------------------------------------------------------------------------------------------------------------
Total off-balance sheet financing
and balance sheet debt 468.8 387.6 383.2 349.1 292.7
Less cash 132.8 16.5 9.6 10.2 6.2
Less limited recourse debt from
finance receivables monetizations 164.9 164.7 106.7 83.2 87.6
- -----------------------------------------------------------------------------------------------------------------
Net debt $171.1 $206.4 $266.9 $255.7 $198.9
=================================================================================================================
* Maximum loss exposure from
finance receivables monetizations $ 21.7 $ 18.9 $ 8.5 $ 6.3 $ 6.0
JLG Industries, Inc. - page 8
Item 12 Disclosure
July 31, April 30, January 31, October 31, July 31,
(in millions) 2003 2003 2003 2002 2002
---- ---- ---- ---- ----
Shareholders' Equity $249.5 $245.0 $241.8 $235.9 $236.0
Net Debt-to-Net Debt plus
Shareholders' Equity (percent) 41 46 53 52 46
Total Balance Sheet Debt-to-Total
Balance Sheet Debt plus
Shareholders' Equity (percent) 65 61 61 59 54
EBITDA COMPONENTS Three Months Ended Trailing 12 Months Ended
(in millions) July 31, July 31, April 30, January 31, October 31,
2003 2002 2003 2003 2003 2002
---- ---- ---- ---- ---- ----
Income before cumulative
effect of change in
accounting principle $ 7.5 $ 8.3 $14.2 $15.1 $13.7 $10.8
Interest expense 9.6 4.6 28.0 22.8 19.5 17.4
Income tax provision .6 4.1 3.7 7.3 6.7 5.3
Depreciation and amortization 4.6 5.1 19.9 20.5 20.2 21.2
- ---------------------------------------------------------------------------------------------------------------------------
EBITDA $22.3 $22.1 $65.8 $65.7 $60.1 $54.7
===========================================================================================================================
The following non-GAAP supplemental consolidated data is presented for the
sole purpose of facilitating the analysis of the results of our Equipment
Operations and Financial Services businesses. These two operations are engaged
in fundamentally different businesses and cannot be easily analyzed on a
consolidated basis. Equipment Operations includes the operations of our
Machinery and Equipment Services segments with Financial Services reflected on
the equity basis. Access Financial Solutions consists of our financial services
business. In addition to the monthly amortization of monetizations, Access
Financial Solutions recognizes an allocation of interest expense. The amount of
interest expense that is transferred from Equipment Operations is based upon the
monthly weighted cost of debt multiplied by Access Financial Solutions'
portfolio balance less the initial investment in Access Financial Solutions of
$30.0 million.
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JLG Industries, Inc. - page 9
Item 12 Disclosure
JLG INDUSTRIES, INC.
STATEMENTS OF INCOME
(in thousands)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG INDUSTRIES, INC. AND JLG INDUSTRIES, INC. WITH ACCESS
CONSOLIDATED SUBSIDIARIES FINANCIAL SOLUTIONS ON THE EQUITY BASIS
---------------------------------------------------------------------------------
FISCAL YEAR ENDED JULY 31, FISCAL YEAR ENDED JULY 31,
2003 2002 2003 2002
---- ---- ---- ----
Revenues
Net sales $733,480 $ 745,870 $733,480 $ 745,870
Rentals 7,125 9,973 6,402 8,471
Financial products 19,184 14,227 - -
----------------------------------- ---------------------------------------------
759,789 770,070 739,882 754,341
Cost of sales 622,475 637,983 621,844 637,065
----------------------------------- ---------------------------------------------
Gross profit 137,314 132,087 118,038 117,276
Selling and administrative expenses 79,225 79,693 75,639 75,221
Product development expenses 16,142 15,586 16,142 15,586
Restructuring charges 2,754 6,091 2,754 6,091
----------------------------------- ---------------------------------------------
Income from operations 39,193 30,717 23,503 20,378
Other income (deductions):
Interest expense (27,985) (16,255) (16,285) (11,204)
Miscellaneous, net 6,691 4,759 6,691 4,759
----------------------------------- ---------------------------------------------
Income before taxes and cumulative
effect of change in accounting principle 17,899 19,221 13,909 13,933
Income tax provision 3,724 6,343 2,894 4,598
Equity in income of AFS - - 3,160 3,543
----------------------------------- ---------------------------------------------
Income before cumulative effect of change in
accounting principle 14,175 12,878 14,175 12,878
Cumulative effect of change in accounting
principle - (114,470) - (114,470)
----------------------------------- ---------------------------------------------
Net income (loss) $ 14,175 $ (101,592) $ 14,175 $ (101,592)
=================================== =============================================
FINANCIAL SERVICES
ACCESS FINANCIAL SOLUTIONS
----------------------------------
FISCAL YEAR ENDED JULY 31,
2003 2002
---- ----
Revenues
Net sales $ - $ -
Rentals 723 1,502
Financial products 19,184 14,227
-----------------------------------
19,907 15,729
Cost of sales 631 918
-----------------------------------
Gross profit 19,276 14,811
Selling and administrative expenses 3,586 4,472
Product development expenses - -
Restructuring charges - -
-----------------------------------
Income from operations 15,690 10,339
Other income (deductions):
Interest expense (11,700) (5,051)
Miscellaneous, net - -
-----------------------------------
Income before taxes and cumulative
effect of change in accounting principle 3,990 5,288
Income tax provision 830 1,745
Equity in income of AFS - -
-----------------------------------
Income before cumulative effect of change in
accounting principle 3,160 3,543
Cumulative effect of change in accounting
principle - -
-----------------------------------
Net income (loss) $ 3,160 $ 3,543
===================================
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JLG Industries, Inc. - page 10
Item 12 Disclosure
JLG INDUSTRIES, INC.
BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG INDUSTRIES, INC. AND JLG INDUSTRIES, INC. WITH ACCESS
CONSOLIDATED SUBSIDIARIES FINANCIAL SOLUTIONS ON THE EQUITY BASIS
----------------------------- ------------------------------------------
JULY 31, JULY 31,
2003 2002 2003 2002
---- ---- ---- ----
ASSETS
Current assets
Cash and cash equivalents $132,809 $ 6,205 $132,809 $ 6,205
Accounts receivable - net 266,180 227,722 226,182 204,779
Finance receivables - net 3,168 28,248 - -
Pledged receivables - net 41,334 34,353 - -
Inventories 116,886 165,536 116,886 165,536
Other current assets 45,385 31,042 45,385 31,042
----------------------------- ------------------------------------------
Total current assets 605,762 493,106 521,262 407,562
Property, plant and equipment - net 79,699 84,370 79,699 84,354
Equipment held for rental - net 19,651 20,979 17,455 17,576
Finance receivables, less current portion 31,156 45,412 - -
Pledged receivables, less current portion 119,073 53,703 - -
Goodwill - net 29,509 28,791 29,509 28,791
Investment in AFS - - 36,563 33,403
Receivable from AFS - - 35,792 64,106
Other assets 53,135 51,880 52,428 52,805
----------------------------- ------------------------------------------
$937,985 $778,241 $772,708 $688,597
============================= ==========================================
FINANCIAL SERVICES
ACCESS FINANCIAL SOLUTIONS
-----------------------------
JULY 31,
2003 2002
---- ----
ASSETS
Current assets
Cash and cash equivalents $ - $ -
Accounts receivable - net 39,998 22,943
Finance receivables - net 3,168 28,248
Pledged receivables - net 41,334 34,353
Inventories - -
Other current assets - -
-----------------------------
Total current assets 84,500 85,544
Property, plant and equipment - net - 16
Equipment held for rental - net 2,196 3,403
Finance receivables, less current portion 31,156 45,412
Pledged receivables, less current portion 119,073 53,703
Goodwill - net - -
Investment in AFS - -
Receivable from AFS - -
Other assets 707 (925)
-----------------------------
$237,632 $187,153
=============================
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JLG Industries, Inc. - page 11
Item 12 Disclosure
JLG INDUSTRIES, INC.
BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG INDUSTRIES, INC. AND JLG INDUSTRIES, INC. WITH ACCESS
CONSOLIDATED SUBSIDIARIES FINANCIAL SOLUTIONS ON THE EQUITY BASIS
----------------------------- ------------------------------------------
JULY 31, JULY 31,
2003 2002 2003 2002
---- ---- ---- ----
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt $ 1,472 $ 14,427 $ 1,472 $ 14,427
Current portion of limited recourse debt 45,279 34,850 - -
Accounts payable 83,408 129,317 83,408 129,317
Accrued expenses 91,057 83,309 90,720 81,236
----------------------------- ------------------------------------------
Total current liabilities 221,216 261,903 175,600 224,980
Long-term debt, less current portion 294,158 177,331 294,158 177,331
Limited recourse debt, less current portion 119,661 52,721 - -
Payable to JLG - - - -
Accrued post-retirement benefits 26,179 24,989 26,179 24,989
Other long-term liabilities 15,160 10,807 15,160 10,807
Provisions for contingencies 12,114 14,448 12,114 14,448
Shareholders' equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Issued and outstanding shares:
43,367 shares fiscal; 2002 - 42,728 shares 8,673 8,546 8,673 8,546
Additional paid-in capital 23,597 18,846 23,597 18,846
Retained earnings 230,273 216,957 230,273 216,957
Unearned compensation (5,428) (1,649) (5,428) (1,649)
Accumulated other comprehensive loss (7,618) (6,658) (7,618) (6,658)
----------------------------- ------------------------------------------
Total shareholders' equity 249,497 236,042 249,497 236,042
----------------------------- ------------------------------------------
$937,985 $778,241 $772,708 $688,597
============================= ==========================================
FINANCIAL SERVICES
ACCESS FINANCIAL SOLUTIONS
-----------------------------
JULY 31,
2003 2002
---- ----
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt $ - $ -
Current portion of limited recourse debt 45,279 34,850
Accounts payable - -
Accrued expenses 337 2,073
-----------------------------
Total current liabilities 45,616 36,923
Long-term debt, less current portion - -
Limited recourse debt, less current portion 119,661 52,721
Payable to JLG 35,792 64,106
Accrued post-retirement benefits - -
Other long-term liabilities - -
Provisions for contingencies - -
Shareholders' equity
Capital stock:
Authorized shares: 100,000 at $.20 par value
Issued and outstanding shares:
43,367 shares fiscal; 2002 - 42,728 shares 30,000 30,000
Additional paid-in capital - -
Retained earnings 6,563 3,403
Unearned compensation - -
Accumulated other comprehensive loss - -
-----------------------------
Total shareholders' equity 36,563 33,403
-----------------------------
$237,632 $187,153
=============================
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c
JOG Industries, Inc. - page 12
Item 12 Disclosure
JLG INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG INDUSTRIES, INC. AND JLG INDUSTRIES, INC. WITH ACCESS
CONSOLIDATED SUBSIDIARIES FINANCIAL SOLUTIONS ON THE EQUITY BASIS
------------------------------ -----------------------------------------
FISCAL YEAR ENDED JULY 31, FISCAL YEAR ENDED JULY 31,
2003 2002 2003 2002
---- ---- ---- ----
Operations
Net income (loss) $ 14,175 $(101,592) $ 14,175 $(101,592)
Adjustments to reconcile net income to
cash flow from operating activities:
Loss on sale of PP&E 266 392 266 392
(Gain) loss on sale of equipment held for rental (6,794) (8,049) (7,154) (8,463)
Non-cash charges and credits:
Cumulative effect of change in accounting
principle - 114,470 - 114,470
Depreciation and amortization 19,937 20,959 19,246 20,178
Other 8,124 6,997 6,985 5,393
Changes in selected working capital items:
Accounts receivable (43,985) (40,110) (26,665) (17,213)
Inventories 48,926 24,462 48,926 24,462
Accounts payable (46,026) 52,685 (46,026) 52,685
Other operating assets and liabilities (12,706) 15,194 (10,970) 13,121
Changes in finance receivables 40,487 57,154 - -
Changes in pledged finance receivables (114,271) (91,331) - -
Changes in other assets and liabilities (3,295) (28,136) (2,413) (32,126)
------------------------------ ---------------------------------------
Cash flow from operating activities (95,162) 23,095 (3,630) 71,307
FINANCIAL SERVICES
ACCESS FINANCIAL SOLUTIONS
----------------------------
FISCAL YEAR ENDED JULY 31,
2003 2002
---- ----
Operations
Net income (loss) $ 3,160 $ 3,543
Adjustments to reconcile net income to
cash flow from operating activities:
Loss on sale of PP&E - -
(Gain) loss on sale of equipment held for rental 360 414
Non-cash charges and credits:
Cumulative effect of change in accounting
principle - -
Depreciation and amortization 691 781
Other 1,139 1,604
Changes in selected working capital items:
Accounts receivable (17,320) (22,897)
Inventories - -
Accounts payable - -
Other operating assets and liabilities (1,736) 2,073
Changes in finance receivables 40,487 57,154
Changes in pledged finance receivables (114,271) (91,331)
Changes in other assets and liabilities (882) 3,990
-------------------------------
Cash flow from operating activities (88,372) (44,669)
(more)
JOG Industries, Inc. - page 13
Item 12 Disclosure
JLG INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
CONSOLIDATED EQUIPMENT OPERATIONS
JLG INDUSTRIES, INC. AND JLG INDUSTRIES, INC. WITH ACCESS
CONSOLIDATED SUBSIDIARIES FINANCIAL SOLUTIONS ON THE EQUITY BASIS
--------------------------- ---------------------------------------
FISCAL YEAR ENDED JULY 31, FISCAL YEAR ENDED JULY 31,
2003 2002 2003 2002
---- ---- ---- ----
Investments
Purchases of PP&E (10,806) (12,954) (10,806) (12,938)
Proceeds from the sale of PP&E 216 172 216 172
Purchases of EHFR (16,342) (26,429) (15,763) (24,070)
Proceeds from the sale of EHFR 19,063 28,924 19,063 28,924
Investment in income of AFS - - (3,160) (3,543)
Other (689) 405 (689) 405
------------------------------ -------------------------------------------
Cash flow from investing activities (8,558) (9,882) (11,139) (11,050)
Financing
Net increase in short-term debt (13,497) (7,771) (13,497) (7,771)
Issuance of long-term debt 404,283 617,000 404,283 617,000
Repayment of long-term debt (279,647) (717,572) (279,647) (717,572)
Issuance of limited recourse debt 117,383 90,214 - -
Repayment of limited recourse debt (118) - - -
Change in receivable from AFS - - 28,314 43,170
Change in payable to JLG - - - -
Payment of dividends (859) (1,058) (859) (1,058)
Exercise of stock options and issuance of
restricted awards 927 3,732 927 3,732
------------------------------ -------------------------------------------
Cash flow from financing activities 228,472 (15,455) 139,521 (62,499)
Currency Adjustments
Effect of exchange rate changes on cash 1,852 (807) 1,852 (807)
Cash
Net change in cash and cash equivalents 126,604 (3,049) 126,604 (3,049)
Beginning balance 6,205 9,254 6,205 9,254
-------------------------------------------------------------------------------
Ending balance $ 132,809 $ 6,205 $ 132,809 $ 6,205
===============================================================================
FINANCIAL SERVICES
ACCESS FINANCIAL SOLUTIONS
------------------------------
FISCAL YEAR ENDED JULY 31,
2003 2002
---- ----
Investments
Purchases of PP&E - (16)
Proceeds from the sale of PP&E - -
Purchases of EHFR (579) (2,359)
Proceeds from the sale of EHFR - -
Investment in income of AFS - -
Other - -
------------------------------
Cash flow from investing activities (579) (2,375)
Financing
Net increase in short-term debt - -
Issuance of long-term debt - -
Repayment of long-term debt - -
Issuance of limited recourse debt 117,383 90,214
Repayment of limited recourse debt (118) -
Change in receivable from AFS - -
Change in payable to JLG (28,314) (43,170)
Payment of dividends - -
Exercise of stock options and issuance of
restricted awards - -
------------------------------
Cash flow from financing activities 88,951 47,044
Currency Adjustments
Effect of exchange rate changes on cash - -
Cash
Net change in cash and cash equivalents - -
Beginning balance - -
------------------------------
Ending balance $ - $ -
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