JLG Revenues Up 55 Percent, Kempton Retires from Board

June 2, 2004 - Third quarter consolidated revenues for JLG Industries, McConnellsburg , Pa. , were up 55 percent over the same period last year. Revenues for the quarter, which ended April 30, were $318.7 million, including revenues from OmniQuip products of $67.1 million. Revenues from traditional JLG products increased $45.9 million or 22 percent.

Excluding OmniQuip integration costs, gross profit margin improved to 20.4 percent in the third quarter compared with 16.8 percent in the same period last year, and operating income improved to $26.5 million or 8.3 percent versus $8.6 million or 4.2 percent for the year-ago period.

"Order patterns continued to strengthen during the third quarter reflecting increased fleet refreshment and customer confidence," stated Bill Lasky, chairman of the board, president, and chief executive officer. "Our consolidated order backlog is strong and rising. Steel shortages have impacted our production lines resulting in disruptions to our production schedules and higher work-in-process inventory."

The company continues to focus on core access products, expanding products and distribution with the recently announced acquisition of Delta Manlift in France and the SAME Deutz-Fahr Group for agricultural telehandlers in Europe .

In other news, the company announces that George Kempton has retired from its board of directors. Kempton was named a director in 1993 and during that time has served on JLG's audit, compensation, and corporate governance committees.

"For more than a decade, George has been a very active member of our board of directors, served on several committees and has supported our company's growth from $123 million to $1 billion in annual revenues, further solidifying our position as a global leader in the access equipment industry," said Lasky.