September 27, 2005 — JLG Industries, Inc., McConnelsburg, Pa., recently announced record consolidated revenues for the fourth quarter ended July 31, 2005 of $570 million, a 34 percent increase over year-ago revenues of $425 million. Sales increased 33 percent in the U.S. and 36 percent internationally, year-on-year. Net income was $35.7 million, or $0.69 per diluted share, compared with net income of $15.3 million, or $0.35 per diluted share, in the prior year. Adjusted to eliminate the favorable impact of expenses associated with the OmniQuip integration, earnings for the fourth quarter were $0.72 per diluted share, versus $0.42 per diluted share in the prior year, a 71 percent increase. Net unrecovered steel costs were an estimated $9 million before-tax for the current quarter, relatively consistent with the third quarter and significantly reduced compared to the $48 million reported in the first half. Estimated net unrecovered steel costs represent the difference between estimated increases in steel and related commodity costs against fiscal 2004 baselines, offset in part by increased pricing.
"Reflecting strong customer demand in a robust market, our revenue grew significantly in each and every quarter of fiscal 2005. And, despite record quarterly shipments, our order book still increased to $631 million at year end, more than three times the $198 million at the end of 2004," said Bill Lasky, chairman of the board, president and CEO. "Operating efficiencies were enhanced by significant improvements in component availability from our supply chain. While the price of steel and other commodity inputs to our products remain high, with the exception of energy prices, they have stabilized, and as a result of our pricing actions and design and process improvements we have recovered much of the increased costs. With the most recent increase in our surcharges, announced in May, going forward into fiscal year 2006 we expect to substantially recover these higher raw material costs."
