JLG INDUSTRIES REPORTS SECOND QUARTER RESULTS
JLG INDUSTRIES REPORTS SECOND QUARTER RESULTS MCCONNELLSBURG, Pa., Feb. 27 /PRNewswire/ -- JLG Industries, Inc.
(NASDAQ-NMS: JLGI) today reported sales for the second quarter ended Jan. 31, 1992, of $23.8 million compared to sales of $21.8 million in the second quarter of fiscal 1991, a 9 percent increase.
The company incurred a net loss of $948,000, or 26 cents per share, in the second quarter compared to a net loss of $1.3 million, or 35 cents per share, in the second quarter of fiscal 1991. Sales for the six-month period ended Jan. 31, 1992, were $48.8 million compared to sales of $47.4 million reported for the first half of fiscal 1991. The net loss for the six-month period was $1.5 million, or 41 cents per share, compared to a net loss of $894,000, or 25 cents per share, incurred in the same period of the previous fiscal year. John L. Grove, chairman of the board, commented, "As we reviewed at length in our remarks at the annual shareholders' meeting in November and in our first quarter press release, JLG's operations continue to reflect the adverse business conditions in the U.S. and many other world economies. This reduction in demand has resulted in excess manufacturing capacity throughout our industry, which has produced severe price competition and forced reductions in the company's gross profit margins. "I am happy to report that our European operation -- JLG (Europe) -- again reported an operating profit for the quarter, continuing that unit's performance improvement that began last year," Grove continued. "Unfortunately, the picture in Australia is not as pleasant due to the continuing deep recession in that country. Despite a further reduction in employment levels and other cost-cutting measures, that operation again generated a loss for the quarter." Turning to the balance sheet, Grove said, "Our financial position remains strong. Our ratio of current assets to current liabilities improved during the quarter and our level of working capital is strong. Despite our losses for the first six months of this fiscal year, we were able to generate positive cash from operations. This achievement reflects our successful efforts to maintain financial strength and liquidity during these difficult economic times. "We are particularly excited about our new products introduced during the second quarter, that are tailored for use primarily in industrial applications. As you may recall, adding industrial-type products is part of JLG's ongoing strategy to diversify its customer base. These new products include an addition to the popular Commander Series of scissor lifts and an articulating electric boom lift which compliments our existing line of versatile articulating machines. We believe that these two machines offer the best value in the industry in terms of price and performance." Grove continued, "In January, we introduced two new lines of push around lift products. Our new AccessMaster(TM) line of personnel lifts include five one-man models with platform heights from 19 to 36 feet and three two-man twin mast models with heights up to 36 feet. The new LiftMaster line of material lifts includes two models that elevate loads of up to 800 pounds to heights up to 22 feet. These new lines reflect re-engineering by JLG of certain product designs purchased in December." Turning to the outlook for the balance of the fiscal year, Grove concluded, "We expect a much stronger performance compared to the first half of the year. Based on our current backlog of orders and aided by the new product introductions, we expect to report increased sales and to be operating near break-even for the third fiscal quarter. Also, in this election year, we are hopeful that the economy will respond to initiatives from Washington and thereby allow us to report further improvement in our results for the fourth quarter." With facilities on three continents, JLG Industries, Inc. is the world's leading 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.; Cumbernauld, Scotland; and Port Macquarie, Australia. JLG INDUSTRIES, INC. AND SUBSIDIARIES Operating Results (Unaudited; in thousands, except per-share data) Periods ended Three months Six months Jan. 31 1992 1991 1992 1991 Net sales $23,753 $21,842 $48,830 $47,429 Loss before income taxes (1,300) (1,824) (1,895) (1,264) Income tax benefit (352) (573) (421) (370) Net loss (948) (1,251) (1,474) (894) Net loss per share ($.26) ($.35) ($.41) ($.25) Dividends per share --- $.0625 $.0625 $.125 Weighted average shares outstanding 3,579 3,537 3,572 3,526 /delval/ -0- 2/27/92 /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: MAC SU: ERN
JS-CC -- PH024 -- 3400 02/27/92 15:57 EST
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|Date:||Feb 27, 1992|
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