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JLG reports 4Q, year-end results, announces dividend
 
McConnellsburg, Pa.-based JLG Industries, Inc., reported results for its fiscal fourth quarter ended July 31, 2002, with revenues of $249 million, down 12 percent from revenues for the fourth quarter of 2001of $282 million. Net income before the cumulative effect of change in accounting principle was $8.3 million, or 19 cents per diluted share, compared to $5.6 million, or 13 cents per diluted share for the prior year period. Excluding restructuring and repositioning charges, net income for the quarter was $8.4 million, or 19 cents per diluted share before the cumulative effect of change in accounting principle, compared to $15.6 million, or 37 cents per diluted share for the prior year period. During the quarter, JLG completed its review of goodwill for impairment in accordance with the requirements of SFAS No. 142, “Goodwill and Other Intangible Assets,” which discontinues amortization of acquired goodwill and instead requires annual impairment testing. As a result, JLG recorded a transitional impairment loss of $114 million, or $2.60 per diluted share, for the fourth quarter ($2.65 per diluted share for the year), primarily associated with the Gradall acquisition in 1999. This non-cash write-off was reported as a cumulative effect of change in accounting principle in JLG’s Consolidated Statements of Income. Full fiscal year revenues were $770 million, down 20 percent compared with $964 million last year. Net income for the year before the cumulative effect of change in accounting principle and excluding restructuring and associated charges in both periods was $17.4 million, or 40 cents per diluted share, compared to $44.2 million, or $1.04 per diluted share, in the prior year. Bill Laskey, chairman of the board, president and chief executive officer said, “During the fiscal year 2002, we enhanced our competitive position and strengthened our balance sheet. There were numerous economic events this year, such as terrorist attacks, high profile bankruptcies and accounting scandals, all of which contributed to mixed economic signals and a resulting conservative approach by our major customers to fleet expansion or replacement. We continued to focus on what is within our control in the short-term, while keeping an eye on the future. Despite a 20 percent reduction in revenues, we generated significant free cash flow and recapitalized our balance sheet to accommodate future growth.” On Sept. 23 the board of directors of JLG declared its regular, quarterly cash dividend of $.005 per common share, payable Oct. 11 to shareholders of record Sept. 27.
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