Financial Results Prove Positive

April 3, 2006 — Lifting equipment and component manufacturers and rental companies are displaying strong financial results in 2006, and many are updating their yearly projections to be more inline with current growth. The following are some of the latest financial highlights in the lifting equipment industry.

Gehl Co.

Following this week's announcement that it is discontinuing its agricultural products, Gehl Co., West Bend, Wis., now expects its 2006 net sales from continuing operations to range from $485 million to $495 million and earnings per fully diluted share from continuing operations of $2.20 to $2.30. Expected earnings per fully diluted share include an estimated $.06 per share of compensation expense related to the Company's adoption, in the first quarter of 2006, of Statement of Financial Accounting Standards No.123R, which requires companies to recognize compensation expense for all stock-based awards.

Beginning in the first quarter of 2006, the results of operations relating to the agricultural implement product lines will be accounted for as discontinued operations. Gehl anticipates incurring an approximate $1.0 million after-tax loss, or $.08 per fully diluted share, from results of discontinued operations in 2006. In addition, the discontinued operations will include the after-tax charge of $9.5 million, or $0.76 per fully diluted share, related to asset impairment, severance and other employee costs.

The Haulotte Group

The Haulotte Group, Baltimore, Md., posted a 415% increase in 2005 net profit and forecasts further growth in 2006. Net profit reached $54.97 million in 2005, compared to $10.79 million in 2004, while operating income more than tripled at 66.6 million and sales were up 45% to $387.8 million. Haulotte said this made for an operating margin of 17.2% and a net margin of 11.8%.

The company confirmed its target for revenue growth between 20 and 25% in 2006. Earlier in the year, the Haulotte Group also projected a one point hike in its net margin in 2006, based on the continuation of the market turnaround, the implementation of its global presence strategy with recent openings in Poland and China, the expansion of its product and service range, and a 75% rise in order intakes in 2005.

Terex Corp.

Due to its improved performance in the first quarter of 2006, Terex Corp., Westport, Conn., announces it expects its first quarter earnings, excluding special items, to be in excess of its previously indicated guidance with the results expected to exceed $1.20 per share, assuming an effective tax rate of 35%. Terex also is increasing its fiscal year 2006 earnings per share guidance range to $5.85-$6.35 per share, excluding special items and assuming an effective tax rate of 35%, from the $5.50-$6.00 per share range, excluding special items, announced earlier this year.

Terex's timing for earnings will now be more in-line with the previous year, with
approximately 50% of earnings being delivered in the first half of the
year and 50% in the second half of the year.

“We continue to see strong performance in our Terex Aerial Work Platforms and Materials Processing & Mining segments, and we are encouraged by the strength of the performance so far this year of our Terex Cranes businesses,” commented Ronald M. DeFeo, Terex's chairman and chief executive officer. “Importantly, this positive performance includes solid results from our improving North American crane
business. A major contributor to our solid performance has been the acceleration of production rates beyond what was previously anticipated for the first quarter, helping to deliver quickly on our historically high levels of backlog.”

NationsRent

Last week's fourth quarter and year-end financial results for 2005 and general business conditions report from NationsRent, Fort Lauderdale, Fla., concluded that the company's EBITDA for 2005 resulted in an increase of $35 million, from $156.1 million in 2004 to $191.4 million in 2005. This includes a net income increased to $18.4 million in 2005 compared to a $600,000 loss in 2004.

In 2006, NationsRent projects a 6% to 8% growth in equipment rental revenue with a 2% to 3% increase in the cost of equipment rentals. The company also foresees an 18% to 20% growth in the sales of new equipment, merchandise, service, parts, and supplies with a 20% to 22% reduction in the sale of rental equipment. NationsRent expects to spend approximately $100 million for rental equipment in 2006, as well as $15 million on non-rental assets.

Manitowoc

The Manitowoc Co., Manitowoc, Wis., announced that it expects first-quarter 2006 earnings per share to be at least $0.20 in excess of Wall Street average estimates. Because of this first-quarter performance and its outlook for the remainder of the year, the company is also increasing its annual GAAP earnings per share guidance range to $3.75 - $4.00 from the $3.30 - $3.60 per share range. The GAAP earnings will include the change in accounting for stock option expense which is estimated to be $0.15, net of tax.

“The crane business has continued to outperform even our own high expectations,” said Terry Growcock, chairman and chief executive officer. “The very strong cyclical upswing in our crane market appears to have offset much of the seasonal softness we would typically see in the first quarter of the year.”

The Manitowoc Company will provide a formal press release of its first-quarter 2006 earnings on April 25, 2006.