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JLG INDUSTRIES REPORTS FIRST QUARTER PROFIT

 McCONNELLSBURG, Pa., Nov. 23 ~PRNewswire~ -- JLG Industries, Inc. (NASDAQ-NMS: JLGI) today reported sales for the first quarter ended Oct. 31, 1992, of $25 million compared to $25.1 million in the first quarter of the previous fiscal year.
 The company also reported net income of $348,000 for the quarter, or 10 cents per share, a substantial improvement over last year's first quarter loss of $526,000 or 15 cents per share.
 Commenting on the results for the quarter, L. David Black, president and chief executive officer, said, "We are extremely encouraged by our results for the first quarter, our first profitable quarter since the recession began nearly two years ago." He said the principal factors responsible for the return to profitability were:
 -- A significant increase in profit margins, despite continuing pricing pressure from competitors. This improvement in margins is a reflection of the company's efforts to reduce manufacturing costs and improve operating efficiencies.
 -- Increased sales from domestic sources, which offset lower sales in Europe and Australia as those regions of the world continue to experience economic weakness.
 -- The near breakeven level achieved in the company's foreign operations despite lower sales. This compares to a loss of $224,000 from foreign operations in the first quarter of fiscal 1991, when the overseas manufacturing facilities were still in operation.
 -- Lower selling, general and administrative expenses, despite the added costs of the aluminum products division started in the second quarter of last year. Compared to the fourth quarter of fiscal 1992, SG&A expenses were more than $700,000 lower. These decreased spending levels are also a reflection of the company's cost reduction efforts over the past two years.
 -- Interest costs were lower by $138,000 compared to last year's first fiscal quarter, as the company continued to use funds made available through inventory reductions to reduce debt.
 "Recently introduced products are continuing to make a significant contribution to sales," Black continued, "and are a major factor in our market share increases. While not neglecting JLG's traditional customers, we are endeavoring to expand our customer base to include key maintenance markets such as shopping mall and office building operators, who use our small, lightweight, electrically powered machines. At the same time, we are targeting special niche markets such as sports centers, theme parks and the shipbuilding industry with our larger high- reach products."
 "I would like to stress once again that one of JLG's many strengths is its balance sheet, which continued to show improvement in the first quarter," Black said. "At the close of the quarter, our working capital was nearly $30 million, including $5 million in cash. Our current ratio was a strong 2.4 to 1, even after using $3.8 million of cash to prepay long-term debt during the quarter. Overall, total debt decreased by $4.4 million in the past three months and now stands at $8.1 million, or 18 percent of total capital. This is JLG's lowest percentage of debt to total capital in more than 10 years."
 Black concluded, "Our outlook for the remainder of this fiscal year is essentially unchanged from what we said three months ago. Our general optimism is somewhat tempered in the short term by the continued uncertainty as to the timing and strength of the economic recovery, particularly with respect to the construction industry, which is a major user of our products. However, with many cost improvements already in place and others planned for this year, we believe we can operate profitably for fiscal 1993 as a whole, even if there is little or no sales growth over last year."
 JLG Industries, Inc. is a manufacturer and international marketer of aerial work platforms and a leading producer of truck-mounted materials- handling equipment. Sales are made principally to independent distributors who sell and rent the company's products to a broad customer base which includes users in the industrial, commercial, institutional and construction markets.
 The company is headquartered in McConnellsburg, with additional manufacturing facilities in Fort Littleton, Bedford and York, Pa., and sales and service facilities in Scotland, France and Australia.
 JLG INDUSTRIES, INC. AND SUBSIDIARIES
 Operating Results
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months
 Oct. 31 1992 1991
 Net sales $24,989 $25,077
 Income (loss) from operations 725 (315)
 Income (loss) before taxes 518 (595)
 Income tax provision (benefit) 170 (69)
 Net income (loss) 348 (526)
 Net income (loss) per share $.10 ($.15)
 Dividends per share --- .0625
 Weighted average shares outstanding 3,608 3,565
 ~delval~
 -0- 11~23~92
 ~CONTACT: Charles H. Diller Jr., executive vice president and chief financial officer of JLG Industries, 717-485-5161~


CO: JLG Industries, Inc. ST: Pennsylvania IN: SU: ERN

CC-JR -- PH037 -- 0740 11~23~92 16:40 EST
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Date:Nov 23, 1992
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