JLG Announces Promotion, Q3 Results, Cat Telehandler Shipments

May 30, 2006 — JLG Industries, McConnellsburg, Pa., recently released several noteworthy news items to the press, including a personnel announcement, and financial declarations regarding stock prices and third quarter earnings, and the announcement of the first shipments of the Caterpillar-branded telehandlers.

 

New senior vice president named

Israel Celli was recently promoted to senior vice president, international market development and sales. His appointment is effective June 1, 2006.

 

"The promotion of Israel to this senior officer position continues to support JLG's global status and will continue to strengthen the focus and coordination of resources required in meeting our international goals," said Bill Lasky, chairman of the board, president and chief executive officer. "In his position as vice president, international sales and marketing, Israel and his team have been responsible for doubling JLG's international revenue as well as creating a sales and service team designed to respond to the voice of the customer. He commands a critically important knowledge of his field, and we are fortunate to have such a talent as a key member of our management team."

 

As a senior officer of the company, Celli continues to be responsible for all international sales, sales support, marketing and service operations for Europe, Asia/Pacific, Latin America, and developing markets. Celli joined JLG in 2000 as general manager of Latin America and was subsequently named vice president of international sales in 2001. Prior to joining JLG, Celli acquired industry related experience as marketing director/Latin America for CNH Global. In addition, he previously worked for Clark Ltda. as national manager of marketing, sales and distribution. Celli also has 20 years of global assignment experience with IBM where he progressed to business manager and later operations and marketing manager. Celli holds a degree in business administration from Pontiff Catholic University in Campinas, Brazil as well as specialized degrees in foreign trade and marketing administration from Fundacao Getulio University.

  

Quarterly cash dividend declared, record Q3 revenues revealed

JLG's board of directors recently declared a regular quarterly cash dividend of $.005 per common share. The dividend is payable on June 19, 2006 to shareholders of record June 5, 2006. In related news, the company also announced consolidated revenues of $630 million and earnings per diluted share of $.43 for its fiscal third quarter ended April 30, 2006.

 

Compared to the prior year period, revenue in the third fiscal quarter increased 25 percent, led by a 38 percent increase internationally and a 20 percent increase in the United States. Excluding revenues from the recently divested excavator business, third quarter revenues increased 30 percent from the prior year. The company reported net income of $46.2 million compared with net income of $22.7 million, or $0.24 per diluted share, in the prior year. These results include a one time pre-tax gain of $14.6 million ($8.8 million net of tax), or $.08 per diluted share, from the sale of the excavator business during the quarter. The prior year results include $6.3 million ($3.8 million net of tax) or $.04 per share of charges associated with the early extinguishment of debt.

 

"Quarterly revenues reached a new record, and we produced solid earnings improvement during a period of major manufacturing realignment and capacity expansion," said Bill Lasky, chairman of the board, president and chief executive officer. "Despite the record level of shipments, incoming orders remained very strong, and the open order board at the end of the quarter was $927 million, a significant increase from last year's level of $665 million. This continues to reflect strong market demand for JLG access products. Our supply chain is responding positively to the increased orders, and we are on track to complete our manufacturing realignment and capacity expansion in the fourth quarter."

Lasky also noted when JLG plans to start shipping the Caterpillar telehandlers. "We plan to begin shipments of Caterpillar-branded telehandlers to European dealers in August and to North American dealers in November under our exclusive 20-year private label alliance agreement. In addition to supporting the alliance agreement, the manufacturing realignment and capacity expansion also provides the additional capacity and flexibility required to better satisfy overall demand for JLG access equipment, as well as ongoing productivity improvement."