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 McCONNELLSBURG, Pa., Sept. 9 /PRNewswire/ -- JLG Industries, Inc. (NASDAQ-NMS: JLGI) today reported a continuation of the positive trend in sales and earnings it has experienced for the last four consecutive quarters.
 Sales for the fourth quarter ended July 31, 1993, were $38 million, a 24 percent increase over fourth quarter 1992 sales of $30.7 million. The company reported net income for the quarter of $1.5 million or $.41 per share, compared to a net loss of $1.2 million or $.33 per share in the previous year's fourth quarter.
 Sales for the fiscal year ended July 31, 1993, increased 11 percent over last year's sales -- rising to $123 million from $110.5 million. Net income rose to $3.2 million or $.89 per share, compared to a loss of more than $3 million or $.85 per share, for the fiscal year ended July 31, 1992.
 The 1992 annual and fourth quarter results included restructuring charges net of income tax benefits of $2 million and $1.3 million, respectively, relating to the cessation of manufacturing in Europe and Australia.
 Having returned to consistent profitability, the company's board of directors voted today to resume the payment of quarterly dividends by declaring a cash dividend of $.025 per share. The dividend will be payable on Oct. 1, 1993, to shareholders of record on Sept. 15.
 "This is our best quarter in terms of both sales and profits since the 1990 record fourth quarter," commented L. David Black, president and chief executive officer. "Our ongoing strategy to strengthen the company and position it for future growth by reducing our manufacturing costs through shortened cycle times and lowered purchased material costs, converting inventories to cash, reducing debt and introducing new products is continuing to achieve concrete results. As we forecasted in our May 19, 1993, letter to shareholders, fourth quarter results showed a marked improvement over our solid third quarter, with a 15 percent increase in sales and a 35 percent increase in net income.
 "Turning to the year as a whole," Black continued, "the company's gross profit increased from $22.5 million (20 percent of sales) to $28.2 million (23 percent of sales), while operating income rose to $4.9 million (4 percent of sales) from $518,000 (.5 percent of sales) in 1992 before deducting restructuring charges. Savings achieved from our cost reduction efforts, including the discontinuation of overseas manufacturing, domestic cost improvements and lower interest costs contributed to the marked turnaround in the company's bottom line.
 "Pricing pressures continue to intensify. However, their negative impact on sales was more than offset by new product introductions, which have opened up additional markets for our products. New products introduced during the last two fiscal years contributed approximately $22 million, or 18 percent to
fiscal 1993 sales. It is for this reason that, even during difficult times, JLG has dedicated a substantial portion of its available funds to introducing new and improved products."
 "JLG's balance sheet has continued to strengthen," said Charles H. Diller Jr., executive vice president and chief financial officer. "Working capital at the close of the fiscal year exceeded $25 million, including cash on hand of $4.8 million despite repaying $8 million of debt during the year. Total debt now stands at $4.5 million, a 64 percent decrease over the year-ago level. This lower debt level reduced interest expense to $458,000 for fiscal 1993 from $1.2 million the prior year. Debt as a percent of total capitalization was 10 percent at year-end compared to 25 percent a year ago. During fiscal 1993, the management of assets and return to profitability enabled the company to finance $4.9 million in capital expenditures and $8 million in debt reductions entirely from cash flow. Inventories declined 25 percent during the year, despite the 11 percent increase in sales."
 "The dramatic improvement in JLG's profit and financial condition has not gone unnoticed in the financial community," Black concluded. "Shareholder value, as measured by market capitalization, was approximately $56 million on July 31, 1993, compared to $35 million on July 31, 1992, a 60 percent increase. As we continue to implement our business strategy in fiscal 1994, we are optimistic that it will provide further opportunities for increased shareholder value."
 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.
 Operating Results
 (In thousands, except per-share data)
 Periods ended Three months Fiscal year
 July 31 1993 1992 1993 1992
 Net sales $37,988 $30,673 $123,034 $110,479
 Income (loss) from operations 2,181 (3,255) 4,917 (4,404)
 Income (loss) before taxes 1,991 (3,474) 4,639 (5,771)
 Income tax provision (benefit) 510 (2,294) 1,410 (2,733)
 Net income (loss) 1,481 (1,180) 3,229 (3,038)
 Net income (loss) per share $.41 ($.33) $.89 ($.85)
 Dividends per share --- --- --- .0625
 Weighted average
 shares outstanding 3,656 3,608 3,636 3,590
 Included in the loss from operations in the prior year were restructuring costs of $4,071 and $4,922 in the three months and the fiscal year ended July 31, 1992.
 -0- 9/9/93
 /CONTACT: Charles H. Diller Jr., executive vp and cfo of JLG Industries, 717-485-5161/

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

MK-JM -- PH022 -- 0411 09/09/93 14:57 EDT
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Publication:PR Newswire
Date:Sep 9, 1993

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