Printer Friendly


 McCONNELLSBURG, Pa., Nov. 22 /PRNewswire/ -- JLG Industries, Inc. (NASDAQ-NMS: JLGI) today reported sales for the first quarter ended Oct. 31, 1993, of $36.8 million, a 47 percent increase over sales of $25 million reported for the first quarter of the previous fiscal year.
 The company also announced net income for the quarter of $1.3 million, or 35 cents per share, a substantial increase over fiscal 1993's first quarter net income of $348,000, or 10 cents per share.
 Commenting on the results for the quarter, L. David Black, president and chief executive officer, said, "We are extremely pleased with our first quarter results. This is the company's fifth consecutive profitable quarter since emerging from the recession which began in 1990.
 "We are particularly encouraged with our strong performance, considering that the overall U.S. economy remains in a slow growth mode and our overseas markets continue to face recessionary conditions. Contributing to improved sales in the quarter were new and enhanced products and our increased penetration of new markets.
 "Our continuous improvement and cost-reduction efforts made a contribution to profitability for the quarter, but these positive effects were somewhat offset by prolonged competitive pricing pressures, costs associated with introducing new products, plant modernization expenses and costs of the secondary offering of shares completing the previously announced settlement with Mr. John Grove.
 "Our balance sheet remains strong, although the funding of capital expenditures and the purchase of nearly 206,000 shares of Mr. Grove's stock during the quarter reduced our cash position and increased our borrowings. As of October 31, 1993, working capital stood at $22.5 million, our current ratio was 1.9 to 1, and total debt was just under $8 million, which represents a low 18 percent of total capitalization. Our strong balance sheet gives us the flexibility to continue our aggressive plant modernization program and pursue other opportunities for growing the business," Black said.
 "The outlook for the balance of the fiscal year is very positive," Black concluded. "Our order picture remains strong, and our sales should continue above last year's pace as many of our distributors' rental fleets are aging and must be replaced. We are continuing with our aggressive product development program that will add to all product lines during the year, and we are expanding our sales coverage in domestic and overseas markets. In addition, we should receive positive contributions to profitability from the progress we are making in our cost reduction programs, and in the transformation of the McConnellsburg plant to a facility utilizing continuous flow manufacturing."
 JLG Industries, Inc. is a leading manufacturer, distributor and international marketer of aerial work platforms. The company also produces 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 locations in Scotland, France and Australia.
 Operating Results
 (Unaudited; in thousands, except per-share data)
 Three months ended Oct. 31 1993 1992
 Net sales $36,757 $24,989
 Income from operations 2,100 725
 Income before taxes 1,991 518
 Income tax provision 739 170
 Net income 1,252 348
 Net income per share $.35 $.10
 Dividends per share $.025 ---
 Weighted average shares outstanding 3,557 3,608
 -0- 11/22/93
 /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-LJ -- PH023 -- 6917 11/22/93 15:45 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 22, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters