Case Corporation Reports Strong Second Quarter Revenue Growth And Retail Demand.RACINE Racine (rəsēn`), industrial city (1990 pop. 84,298), seat of Racine co., SE Wis., on Lake Michigan, at the mouth of the Root River; inc. 1848. , Wisc.--(BUSINESS WIRE)--July 16, 1998-- income of $126 million (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. $1.61) -- creases in sales of agricultural equipmUAW contract adds significant operationhile below the record performance reported for the second quarter of 1997, were achieved despite one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs associated with the company's negotiations with the UArevenues increased to $1.7 billion, up 8 percentings for the second quarter were driven by continued strong pricing of Case equipment and cost reduction i the UAW (spelling) UAW - Misspelling of "IAW"? and by $14 million in unfavorable foreign exchange rates, due primarily to a 17 percent decline inpared to last year's second quarter. For rable period of 1997. Revenues for the first six months of 1998 were $3.1 billion, up 10 percent over the prior year. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before were $308 million for the first six months of 1998, compared with $314 million last year. "Our market performance in the second quarter was extremely strong," said Jean-Pierre Jean-Pierre may refer to:
Rosso is the major city of south-western Mauritania and capital of Trarza region. It ia situated on the Senegal River at the head of year-round navigation. , Case chairman and chief executive officer. "This performance was supported by the successful launch of new products in both our agricultural and construction equipment businesses." "We continue to actively manage both the cost reduction and growth elements of our operating strategy. The successful execution of our strategy ensures long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value creation for our shareholders." Operating Strategy Progress Case is consistently following its operating strategy of combining growth and cost reduction initiatives to maximize earnings. In the second quarter, Case announced an expanded focus for its financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. subsidiary by creating Case Capital Corporation, a broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased financing company for the global marketplace. In addition, the company completed the acquisition of certain assets of the Tyler Tyler, city (1990 pop. 75,450), seat of Smith co., E Tex.; inc. 1850. In the heart of the rich East Texas oil field, Tyler has refineries and other oil-based industries. Industries division of IBOCO, Inc. Tyler is a designer, manufacturer and distributor of chemical and fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. sprayers and applicators. Case also launched a number of new products, including higher horsepower horsepower, unit of power in the English system of units. It is equal to 33,000 foot-pounds per minute or 550 foot-pounds per second or approximately 746 watts. MX series Maxxum tractors targeted to the important 150-170 horsepower market. Additionally, the company began shipping telescopic handlers A telescopic handler, or telehandler, is a machine widely used in Agriculture and Industry. It is similar in appearance and function to a forklift, with the increased versatility of a single telescopic boom that can extend forwards and upwards from the vehicle. for the construction equipment market under its new supply agreement with Ingersoll-Rand Company. These growth initiatives were balanced by ongoing actions to manage the company's operating costs operating costs npl → gastos mpl operacionales . Case also took steps during the quarter to keep its equipment inventories at below industry averages. The company decreased its production schedules for small horsepower and large four-wheel four-wheel adj. 1. Having or running on four wheels. 2. Of or relating to four-wheel drive. Adj. 1. four-wheel - of or relating to vehicles with four wheels; "a four-wheel drive" four-wheeled drive tractors, and implements, in response to specific market conditions. The depressed agricultural equipment market in the United Kingdom is a major factor in lower sales of smaller tractors, while the four-wheel drive tractor tractor, in agriculture, vehicle used to pull such equipment as plows, cultivators, and mowers; to power stationary devices such as saws and winches; and to push snowplows and earth-moving implements. market has been impacted by farming conditions in the Great Plains region of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and western Canada
Western Canada, commonly referred to as the West . As part of its ongoing supply chain management initiative, the company will continue to adjust production to meet market demand. Other significant developments during the quarter include the ratification The confirmation or adoption of an act that has already been performed. A principal can, for example, ratify something that has been done on his or her behalf by another individual who assumed the authority to act in the capacity of an agent. by UAW-represented employees of a six-year contract between Case and the union. In addition to favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. economics, the new agreement provides the flexibility necessary to implement Case's manufacturing strategy, a key component of which is the new Case Production System. During the second quarter, Case announced that several large sales of agricultural equipment to the Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. and the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. region would be delayed from a planned second quarter completion as a result of a less favorable financing environment for emerging markets, including Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). . However, the company was able to complete several sales of agricultural equipment to the region during the second quarter. In addition to the previously announced sale of 100 combines to Russia, Case also completed the sale of a large number of high-horsepower tractors and combines to Uzbekistan Uzbekistan (  zbĕkĭstän`), Uzbek Ozbekiston, officially Republic of Uzbekistan, republic (2005 est. pop. 26,851,000), 173,552 sq mi (449,500 sq km), central Asia. . Sales were also
made to Ukraine Ukraine (y `krān, ykrān`), Ukr. Ukraina, republic (2005 est. pop. , Turkmenistan Turkmenistan (trkmyĕ'nyĭstän`), republic (2005 est. pop. 4,952,000), 188,455 sq mi (488,100 sq km), central Asia. , Kazakstan and several regions of Russia.
Case will continue to pursue additional sales in these regions during
1998, including the delayed shipments of several orders planned in the
second quarter.
During the quarter, Case repurchased approximately 500,000 shares of its common stock, as part of its current share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. The company recently announced that it would accelerate this 4 million share repurchase program, authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the company's board of directors in May 1997, and substantially complete the buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may in the third quarter of 1998. Further, the board authorized the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 8 million additional shares of the company's common stock from time to time, depending upon market and financial conditions. Equipment Sales Construction Equipment -- Retail unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of Case construction equipment increased in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Europe Europe (y r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). in the
second quarter, declining only in the company's Asia Pacific
region. The gains include a 12 percent increase in Latin America, where
improvements came in nearly every product line. The retail sales
increase in Latin America was paced by growth in sales of wheel loaders
and loader/backhoes, as well as increases in excavators. This reflects
favorable customer response to Case's new excavator ex·ca·va·torn. An instrument, such as a sharp spoon or curette, used in scraping out pathological tissue. excavator (eks´k that the company began selling into the region during the quarter as part of a previously announced global alliance with Sumitomo (S.H.I.) Construction Machinery Co., Ltd. In Europe, retail unit sales of Case construction equipment also rose 12 percent on double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. increases in loader/backhoes, skid steers, wheel loaders and excavators. This marks the third consecutive quarter of higher retail sales of Case construction equipment in Europe. In the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. construction equipment market, retail unit sales of Case equipment were up 5 percent compared with last year, led by increases in excavators, loader/backhoes and skid steers. The retail unit gains in these regions were partially offset by a 16 percent decline in the company's Asia Pacific region. Agricultural Equipment -- Retail unit sales of Case agricultural equipment in the second quarter were led by strong increases in North America and Latin America, with lower sales from Europe and the Asia Pacific region. The gains in North America were driven by exceptional improvements in retail sales of mid- mid- pref. Middle: midbrain. and high-horsepower row crop tractors. In Latin America, retail unit sales of Case agricultural equipment were up 80 percent over the second quarter of 1997. Retail sales of all row crop tractors and combines more than doubled as Case continued to add to its growing share of the region's agricultural equipment market, particularly in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. . In Europe, second quarter retail unit sales of Case agricultural equipment were down 4 percent, reflecting continued lower demand in the United Kingdom, as well as discussion around the future outcome of the development of the Common Agricultural Policy Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products. Governments usually implement agricultural policies with the goal of achieving a specific outcome in the domestic agricultural product markets. for Europe. In the Asia Pacific region, second quarter retail unit sales of Case agricultural equipment were down 25 percent, with declines in every product category. The decrease was driven by Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Case's largest markets in the region, which have been affected by lower exports of farm commodities to Asia and higher import costs driven by the weakness in the Australian dollar Noun 1. Australian dollar - the basic unit of money in Australia and Nauru dollar - the basic monetary unit in many countries; equal to 100 cents . Market Outlook The market conditions for Case's agricultural and construction equipment and financial services businesses vary by regions of the world. Sales of agricultural equipment have been strong in North America and Latin America, although weakness continues in the Asia Pacific region and parts of Europe. Commodity prices, which are comparably lower, have been affected by expectations of a strong harvest and could possibly impact net farm income. However, farmers' balance sheets are in good condition in North America. In other regions of the world, additional factors such as the need for self-sufficiency self-suf·fi·cient adj. 1. Able to provide for oneself without the help of others; independent. 2. Having undue confidence; smug. self or the adoption of advanced equipment and farming practices support continued demand. The worldwide construction equipment market is led by excellent demand in North America as a result of continued strong housing starts and a favorable interest rate environment. This outlook is strengthened by increased spending as a result of the new U.S. highway bill. In Europe, economic conditions continue to show signs of improvement, and the construction sectors are beginning to reflect that improvement. In the Asia Pacific region, overall economic conditions have resulted in a weaker Australian dollar, which has impacted the overall economy and construction activity there. In Latin America, economic conditions in Brazil and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. are greatly improved and retail sales of construction equipment are expected to continue to show strength year-over-year. The information included in the Market Outlook section and elsewhere in this release represents forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and involves risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The company's outlook is predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. based on its interpretation of what it considers key economic assumptions. Crop production and commodity prices are strongly affected by weather and can fluctuate significantly. Housing starts and other construction activity are sensitive to interest rates and government spending Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product. . Some of the other significant factors for the company include general economic and capital market conditions, the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of its business, foreign currency movements, the company's and its customers' access to credit, political uncertainty and civil unrest Unrest is a sociological phenomenon, for instance:
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. Annual Report for 1997, as filed with the Securities and Exchange Commission: Business -- Employees, Business -- Environmental Matters, Business -- Significant International Operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , Business -- Seasonality and Production Schedules, Business -- Competition, Legal Proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations. Case Corporation is a leading worldwide designer, manufacturer and distributor of agricultural and construction equipment and offers a broad array of financial products. Headquartered in Racine, Wisconsin Racine is a city in Racine County, Wisconsin, United States, located beside Lake Michigan at the mouth of the Root River.[2] As of the 2006 census, the city had a total population of 79,592.[3] It is the county seat of Racine County. , Case had 1997 revenues of $6 billion and sells its products in 150 countries through a network of approximately 4,900 independent dealers. The following is issued in conjunction with Case Corporation's 1998 second quarter results: For more information, contact: Sandra sandra (sänˑ·dr  ),adj J. Lasch (414) 636-6473 -0-
CASE CREDIT CORPORATION REPORTS 6 PERCENT INCOME GROWTH
AND STRONG SECOND QUARTER ORIGINATIONS
-- Net income rises 6 percent
-- Originations increase 38 percent
-- Serviced portfolio reaches record $5.8 billion
-- Other manufacturer financing increases significantly
-- Case Capital created to expand focus of financial services
RACINE, Wisc.--July 16, 1998--Case Credit Corporation, a leading worldwide financial services provider for the equipment industry, today announced net income of $18 million for the second quarter of 1998, up 6 percent from $17 million in the comparable period last year. Revenues increased 33 percent over the prior year to a record $80 million. These improvements are attributed to higher financing income from strong growth in receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and leases, partially offset by the impact of Case Credit's asset-management strategy. Retaining a larger percentage of assets on balance sheet, as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to selling those assets through asset-backed securitizations, in the short term, will constrain con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. earnings but ultimately will generate a more stable earnings performance. For the first six months of 1998, revenues increased 24 percent over the prior year to $156 million. Net income for the period was $37 million, down 5 percent from $39 million in the prior year. Increases in financing income were more than offset by the impact of Case Credit's asset-management strategy and a higher tax rate during the first six months. Net income would have been flat versus the prior year, assuming a comparable tax rate for both periods. Case Credit's serviced portfolio grew to a record $5.8 billion as of June June: see month. 30, 1998. Financing originations increased 38 percent in the second quarter and 36 percent for the first six months, as compared to the prior year periods. Significantly higher financing of other manufacturers' equipment was one of the key drivers of this growth, representing 21 percent of total retail originations during the second quarter and 19 percent for the first six months. "Case Credit's second quarter results demonstrate the strength of our business strategy," said Ted R. French, Case Credit chairman and Case president, financial services, and chief financial officer. "We continue to make great strides in growing our financial services business outside the established Case dealer network. The growth in our balance sheet and our increased net income demonstrate that we are successfully executing our asset-management strategy. We remain confident in our ability to make a stable, growing contribution to Case Corporation and its shareholders." Case Corporation announced in June that it intends to expand the focus of its financial services business by creating Case Capital Corporation, a broad-based financing company for the global marketplace. Case Capital will include separate businesses that offer loans and leases for construction, agriculture and other industries; commercial lending within equipment industries; multiple lines of insurance products and private label credit cards. "Financial services continue to grow in importance to Case," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. French. "We have already taken a number of steps to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. beyond our captive captive said of naturally wild or feral animals kept in captivity for educational and scientific investigation with no attempt being made to domesticate them. business through the establishment of joint ventures with other companies, expansion into new markets around the world and the creation of an insurance company. The formation of Case Capital positions us to strategically expand the scope of our operations and generate non-cyclical earnings growth that will help maximize Case's profitability throughout its business cycles." Case Credit Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Case Corporation, has been serving the financing needs of equipment customers since 1957. Today, the company provides financial services to customers purchasing, leasing and insuring equipment through established dealer networks located primarily in North America, Australia and Europe. Based in Racine, Wisconsin, Case Credit services a $5.8 billion portfolio of receivables and leases. -0-
CASE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share data)
(Unaudited)
CONSOLIDATED
Three Months Ended
June 30,
1998 1997
------- -------
Revenues
Net sales $1,672 $1,547
Interest income and other 62 54
------- -------
Total 1,734 1,601
Costs and Expenses
Cost of goods sold 1,274 1,153
Selling, general
and administrative 155 143
Research, development
and engineering 57 46
Interest expense 57 40
Other, net 9 17
------- -------
Total 1,552 1,399
------- -------
Income before taxes 182 202
Income tax provision 56 64
------- -------
126 138
Equity in income - Case Credit
------- -------
Net income $126 $138
------- -------
------- -------
Preferred stock dividends 1 1
------- -------
Net income to common $125 $137
------- -------
------- -------
CASE INDUSTRIAL
Three Months Ended
June 30,
1998 1997
------- --------
Revenues
Net sales $1,672 $1,547
Interest income and other 8 8
------- --------
Total 1,680 1,555
Costs and Expenses
Cost of goods sold 1,274 1,153
Selling, general and
administrative 169 151
Research, development and
engineering 57 46
Interest expense 26 17
Other, net (1) 11
-------- --------
Total 1,525 1,378
------- --------
Income before taxes 155 177
Income tax provision 47 56
-------- --------
108 121
Equity in income - Case Credit 18 17
-------- --------
Net income $126 $138
-------- --------
-------- --------
CASE CREDIT
Three Months Ended
June 30,
1998 1997
-------- --------
Revenues
Net sales $0 $0
Interest income and other 80 60
------- --------
Total 80 60
Costs and Expenses
Cost of goods sold
Selling, general and
administrative 12 7
Research, development
and engineering
Interest expense 31 22
Other, net 10 6
-------- --------
Total 53 35
-------- --------
Income before taxes 27 25
Income tax provision 9 8
-------- --------
18 17
Equity in income - Case Credit
-------- --------
Net income $18 $17
-------- --------
-------- --------
Earnings per Common Share:
Basic earnings per
common share $1.68 $1.86
Diluted earnings per
common share $1.61 $1.75
See Notes to Interim Financial Statements.
CASE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share data)
(Unaudited)
CONSOLIDATED
Six Months Ended
June 30,
1998 1997
-------- --------
Revenues
Net sales $2,984 $2,723
Interest income and other 131 110
-------- --------
Total 3,115 2,833
Costs and Expenses
Cost of goods sold 2,293 2,063
Selling, general and
administrative 301 277
Research, development
and engineering 109 92
Interest expense 104 79
Other, net 24 25
-------- --------
Total 2,831 2,536
-------- --------
Income before taxes 284 297
Income tax provision 89 95
-------- --------
195 202
Equity in income - Case Credit
-------- --------
Net income $195 $202
-------- --------
-------- --------
Preferred stock dividends 3 3
-------- --------
Net income to common $192 $199
-------- --------
-------- --------
CASE INDUSTRIAL
Six Months Ended
June 30,
1998 1997
-------- --------
Revenues
Net sales $2,984 $2,723
Interest income and other 16 18
-------- --------
Total 3,000 2,741
Costs and Expenses
Cost of goods sold 2,293 2,063
Selling, general and
administrative 321 296
Research, development
and engineering 109 92
Interest expense 44 35
Other, net 6 15
-------- --------
Total 2,773 2,501
-------- --------
Income before taxes 227 240
Income tax provision 69 77
-------- --------
158 163
Equity in income - Case Credit 37 39
-------- --------
Net income $195 $202
-------- --------
-------- --------
CASE CREDIT
Six Months Ended
June 30,
1998 1997
-------- --------
Revenues
Net sales $0 $0
Interest income and other 156 126
-------- --------
Total 156 126
Costs and Expenses
Cost of goods sold
Selling, general and
administrative 21 15
Research, development
and engineering
Interest expense 60 44
Other, net 18 10
-------- --------
Total 99 69
-------- --------
Income before taxes 57 57
Income tax provision 20 18
-------- --------
37 39
Equity in income - Case Credit
-------- --------
Net income $37 $39
-------- --------
-------- --------
Earnings per Common Share:
Basic earnings per
common share $2.59 $2.70
Diluted earnings per
common share $2.48 $2.57
See Notes to Interim Financial Statements.
Case Corporation
Net Sales
June 30, 1998
(Millions)
Three Months Ended
%
1998 1997 Change
-------- -------- ------
Net sales:
Agricultural equipment $840 $820 2%
Construction equipment 563 463 22%
Parts 269 264 2%
-------- --------
Total net sales $1,672 $1,547 8%
-------- --------
-------- --------
Net sales:
North America $950 $851 12%
Europe* 557 521 7%
Asia Pacific 77 110 -30%
Latin America 88 65 35%
-------- --------
Total net sales $1,672 $1,547 8%
-------- --------
-------- --------
Six Months Ended
%
1998 1997 Change
-------- -------- ------
Net sales:
Agricultural equipment $1,486 $1,382 8%
Construction equipment 1,015 861 18%
Parts 483 480 1%
-------- --------
Total net sales $2,984 $2,723 10%
-------- --------
-------- --------
Net sales:
North America $1,735 $1,518 14%
Europe* 940 894 5%
Asia Pacific 145 196 -26%
Latin America 164 115 43%
-------- --------
Total net sales $2,984 $2,723 10%
-------- --------
-------- --------
* Includes Africa and
Middle East
CASE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)
(Unaudited)
CONSOLIDATED
June 30,
1998 1997
Assets -------- --------
Cash and cash equivalents $115 $177
Accounts, notes receivable
and other - net 4,352 3,314
Inventories 1,363 1,194
Property, plant and
equipment - net 1,021 950
Investment in Case Credit
Goodwill and intangibles 327 294
Other assets 933 616
-------- --------
Total $8,111 $6,545
-------- --------
-------- --------
Liabilities and Equity
Current maturities of
long-term debt $5 $8
Short-term debt 2,047 1,413
Accounts payable and
other accrued liabilities 1,470 1,480
Long-term debt 1,679 1,108
Other liabilities 490 384
-------- --------
Total Liabilities 5,691 4,393
Equity 2,420 2,152
-------- --------
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