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JLG INDUSTRIES REPORTS IMPROVED THIRD QUARTER AND NINE MONTHS RESULTS

 JLG INDUSTRIES REPORTS IMPROVED
 THIRD QUARTER AND NINE MONTHS RESULTS
 McCONNELLSBURG, Pa., May 21 /PRNewswire/ -- JLG Industries, Inc. (NASDAQ-NMS: JLGI) today reported a 53 percent increase in net sales and a significant reduction in its net loss for the three months ended April 30, 1992, compared to the same quarter of fiscal 1991.
 Net sales for the quarter were $31 million compared to net sales of $20.3 million for the previous year's third quarter. The net loss for the period was reduced from $1.9 million, or 54 cents per share, to $385,000, or 11 cents per share.
 For the nine months ended April 30, 1992, the company reported net sales of $79.8 million, an 18 percent increase over the first nine months of the 1991 fiscal year, when sales of $67.7 million were reported. The net loss for the nine-month period ended April 30, 1992, was $1.9 million, or 52 cents per share, compared to a net loss of $2.8 million, or 79 cents per share, for the year-ago nine months.
 John L. Grove, chairman of the board, commented, "The significant improvement in sales for the latest quarter was largely attributable to our North American operations which benefited from the usual spring buying season, new product introductions and strength in certain regions and industry segments of our business. Notwithstanding this sales improvement, competitive pricing pressures continue to affect adversely our profit margins."
 "This condition has masked the profitability improvements we have achieved through reducing manufacturing throughput times and lowering material costs. For example, we have reduced assembly times on certain products by up to 35 percent by implementing cellular manufacturing techniques and other productivity improvement measures. We have spent considerable effort in reducing the total cost of materials, and we have identified and implemented cost reductions valued at over $1 million on an annualized basis," Grove said.
 "Our European operation reported a loss for the third quarter after a profitable first six months," Grove continued. "Continental Europe is now showing signs of economic weakness similar to what we experienced in the U.S. beginning in the summer of 1990 -- softening demand and severe pricing pressure. We are hopeful that these conditions will be short- lived, but it is impossible for us to predict the length and depth of the downturn at this time."
 Turning to Australia, Grove said, "That operation again reported a loss for the quarter. Because that country has been in a severe recession for the last two years, we have been downsizing our operations, and now are discontinuing all manufacturing operations in Australia. We wish to emphasize that we remain committed to the Australian market and will continue to sell and service a complete range of products manufactured in the U.S. to Australian specifications."
 "We continued to improve our balance sheet during the quarter," Grove continued. "We reduced inventories by $5.8 million, or 17 percent, compared to the prior fiscal quarter ended January 31 and by $8.2 million, or 22 percent, compared to the balance at August 1, 1991, the beginning of this fiscal year. Cash balances totalled $3.3 million at April 30, 1992, and we reduced our total debt by $2.6 million during the quarter, which now stands at 30 percent of total capitalization. In spite of our losses, we continue to generate positive cash flow, and with the large reduction in inventories, we realized net cash from operations of over $5 million for the fiscal 1992 nine-month period."
 "In summary, we are encouraged by our improved sales performance and the smaller loss for the quarter. Additionally, we are hopeful that the end to the recession is near, as many economists claim. We remain cautiously optimistic, keeping in mind that a recovery in our industry traditionally follows a general recovery by about six months. Our caution is based, in large part, upon the still lagging performance of the commercial construction industry, which is a large user of our products, and concerns about the limited availability of third party financing to enable our customers to purchase our products," Grove concluded.
 JLG Industries, Inc. is an international manufacturer and 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.; Medley, Fla.; and Cumbernauld, Scotland.
 JLG INDUSTRIES INC. AND SUBSIDIARIES
 (In thousands, except per share data)
 (Unaudited)
 Periods ended Three Months Nine Months
 April 30 1992 1991 1992 1991
 Net sales $30,976 $20,294 $79,806 $67,724
 Loss before income taxes (403) (2,158) (2,298) (3,423)
 Income tax benefit (18) (271) (439) (641)
 Net loss (385) (1,887) (1,859) (2,782)
 Net loss per share $(.11) $(.54) $(.52) $(.79)
 Dividends per share --- .O625 .O625 .1875
 Weighted average shares
 outstanding 3,608 3,565 3,584 3,539
 /delval/
 -0- 5/21/92
 /CONTACT: Charles H. Diller Jr., executive vp and cfo of JLG Industries, 717-485-5161/
 (JLGI) CO: JLG Industries, Inc. ST: Pennsylvania IN: MAC SU: ERN


LJ-EF -- PH049 -- 3064 05/21/92 16:55 EDT
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Date:May 21, 1992
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