Founded in 1969, we are the world’s leading producer of access equipment (which we define as
aerial work platforms and telehandlers) and highway-speed telescopic hydraulic excavators
(excavators) based on gross revenues. Our aerial work platform and telehandler products are used in
a wide variety of construction, industrial, institutional and general maintenance applications to
position workers and materials at heights. Our access equipment customers include equipment rental
companies, construction contractors, manufacturing companies, home improvement centers and the U.S.
military. Our excavator products are used primarily by state and local municipalities in
earthmoving applications. We sell our products globally under some of the most well established
and widely recognized brand names in the access equipment industry, including JLG®, SkyTrak®,
Lull®, Toucan® Manlift® and Gradall®. We have manufacturing facilities in the United States,
Belgium and France, as well as sales and service operations on six continents. We operate on a
5-4-4 week quarter with our fiscal year and fourth quarter ending on July 31. Our first quarter
ends on the Sunday closest to October 31 that either coincides with or precedes that date. Our
second and third quarters end 13 and 26 weeks, respectively, following the end of the first
quarter.
Building on our European presence while remaining focused on the access industry, on April 30,
2004, we completed our purchase of Delta Manlift SAS (“Delta”), a subsidiary of The Manitowoc
Company (“Manitowoc”). Headquartered in Tonneins, France, Delta has two facilities that manufacture
the Toucan Manlift brand of vertical mast lifts, a line of aerial work platforms distributed
throughout Europe for use principally in industrial and maintenance operations. In addition, we
purchased certain intellectual property and related assets of Manitowoc’s discontinued product
lines, which will permit us to re-launch selected models of the Liftlux brand scissor lifts. The
Liftlux brand of scissor lifts, primarily known for large capacity and height, is popular with
specialty re-rental companies in Europe and North America and complements the upper end of our
scissor lift line. For additional information relative to our Delta acquisition, see Note 2 of the
Notes to Consolidated Financial Statements, Item 8 of Part II of this report.
On August 1, 2003, we completed our acquisition of the OmniQuip® business unit (“OmniQuip”) of
Textron Inc., which includes all operations relating to the SkyTrak and Lull brand telehandler
products. OmniQuip manufactures and markets telehandlers and is North America’s leading producer of
telehandlers used in numerous applications by commercial and residential building contractors, as
well as by customers in other construction, military and agricultural markets. OmniQuip is also a
key supplier of telehandlers to the U.S. military. For additional information relative to our
OmniQuip acquisition, see Note 2 of the Notes to Consolidated Financial Statements, Item 8 of Part
II of this report.
Products and Services
We operate through three business segments: Machinery, Equipment Services, and Access
Financial Solutions.
Machinery
Our Machinery segment designs, manufactures and sells aerial work platforms, telehandlers,
telescoping hydraulic excavators and trailers, as well as an array of complementary accessories
that increase the versatility and efficiency of these products for end-users.
Our JLG, Toucan and Manlift brand aerial work platforms are designed to permit workers to
position themselves, their tools and materials efficiently and safely in elevated work areas that
otherwise might have to be reached by scaffolding, ladders or other devices. We produce three basic
types of aerial work platforms under the JLG brand: boom lifts, scissor lifts, and vertical
personnel lifts, which include our stock pickers. Aerial work platforms consist of a platform
mounted at the end of telescoping and/or articulating booms or on top of scissor-type or other
vertical lifting mechanisms, which, in turn, are mounted on mobile chassis. A variety of standard
accessories for specified end-user applications also may be incorporated into certain aerial work
platform models. Our aerial work platforms are primarily used in construction, industrial and
commercial applications and are designed for stable operation in elevated positions.
Our boom lifts are especially useful for reaching over machinery and equipment mounted on
floors and for reaching other elevated positions not effectively approached by other vertical
lifting devices. They are also ideal for applications where the chassis cannot be positioned
directly beneath the intended work area. We produce boom lift models of various sizes with platform
heights of up to 150 feet. The boom may be rotated up to 360 degrees in either direction, raised or
lowered from vertical to below horizontal, and extended while the work platform remains horizontal
and stable. These machines can be maneuvered forward or backward and steered in any direction by
the operator from the work platform, even while the boom is extended or raised. Boom-type models
have work platforms, which vary in size from 30 inches by 48 inches to 36 inches by 96 inches, with
the rated lift capacities ranging from 500 to 1,000 pounds.
Our scissor lifts are designed to provide access from directly below or adjacent to a work
area. In general, scissor lifts have larger work areas and allow for heavier loads than boom lifts.
Compact electric models can maneuver in restricted areas, and many are designed to fit through
standard doorways. Larger models, usually with internal combustion engines, are used in outdoor
environments and generally provide higher capacities and larger work areas than indoor models.
Scissor lifts may be maneuvered in a manner similar to boom lifts, but the platforms may be
extended only vertically, except for a standard feature that extends the deck horizontally up to
six feet. Scissor lifts are available in various models, with maximum platform heights of up to 80
feet and various platform sizes of up to seven feet wide and up to 14 feet long. The rated lift
capacities range from 500 to 2,500 pounds.
Our vertical mast lifts consist of a work platform attached to an aluminum or steel mast that
extends vertically, which, in turn, is mounted on either a push-around or self-propelled base.
Available in various models, these machines in their retracted position can fit through standard
door openings, yet reach platform heights of up to 41 feet when fully extended, and have rated lift
capacities ranging between 300 and 500 pounds. In addition, our stock picker models can reach up to
21 feet and have a rated lift capacity of up to 500 pounds.
During the fourth quarter of fiscal 2005, we announced an expanded focus on commercial and
industrial market channels for access products, such as our vertical mast lifts and trailers,
through the formation of the Commercial Solutions Group. The
Commercial Solutions Group is an element in our strategy to diversify our revenue base and expand our
market penetration of non-rental company channels for access equipment. The
requirements of these direct-to-customer channels for product design and customer service will be the focus of
the Commercial Solutions Group.
Our SkyTrak, Lull, Gradall and JLG brand telehandlers are typically used by residential,
non-residential and institutional building contractors and agricultural workers for lifting,
transporting and placing a wide variety of materials at their point of use or storage. We are North
America’s leading manufacturer and marketer of telehandlers. Our telehandlers have rated lift
capacities ranging from 6,600 to 12,000 pounds and maximum lifting heights ranging from 23 to 55
feet and can be fitted with a variety of material handling attachments. In addition to our
commercial lines, we also manufacture the All-Terrain Lifter, Army System (“ATLAS”) under a sole
source contract with the U.S. Army. We also have a contract to provide the Millennia Military
Vehicle (“MMV”) to the U.S. Marine Corps. The ATLAS and MMV are specifically designed for military
applications.
We are a growing player in the European telehandler market and our European-design
telehandlers leverage our traditional aerial work platform product line and our existing
European-based manufacturing, sales and service operations. As a result of two separate asset
acquisitions, we offer a line of European-style telehandlers designed for construction and
industrial use, as well as a line specifically designed for agricultural applications, which
comprise a significant portion of the European telehandler market. To better access the
agricultural segment of the European telehandler market, in April 2005, we entered into an
agreement with SAME Deutz-Fahr Group (“SDFG”) whereby SDFG is now marketing certain of our compact
telehandlers in the European agricultural segment through its distributor network. This
relationship strengthens our efforts to market telehandlers to the agricultural market and helps
diversify our end-use customers, which historically have been found in construction, general
industry and maintenance markets. All European-style telehandlers are produced in our Maasmechelen,
Belgium facility.
Our Gradall brand excavators are typically used by contractors and government agencies for
ditching, sloping, finish grading and general maintenance and infrastructure projects. Our
excavators are distinguished from other types of excavators by their telescoping, rotating booms
and low overhead clearance requirements. Unlike the
articulated booms on traditional excavators,
the Gradall boom’s “arm-like” motion increases the
machine’s versatility, optimizing the potential to use a wide variety of attachments. We manufacture and
market a variety of track-mounted and wheel-mounted excavators, including specialized models used
in mining, steel production and hazardous waste removal applications, and we are the leading
supplier of highway-speed wheel-mounted excavators in North America.
In North America, we also manufacture a line of Triple-L™ drop-deck trailers with load
capacities ranging from 2,000 to 10,000 pounds. These load trailers are primarily sold to big box
retailers and large national rental companies to provide their equipment rental customers with the
capability to transport our equipment. Additionally, we assemble and market portable light towers
in Australia.
A wide range of complementary accessories is available across our product lines. These
accessories not only enhance the productivity of our equipment, but also help to optimize a given
piece of equipment to meet the demands of a specific application or task. For our telehandlers and
hydraulic excavators, the accessories are primarily boom-end attachments that alter the nature of
the machine, switching an excavator, for example, from ground-engaging, high-production digging mode to
a grading tool, able to perform final ground profiling and contouring prior to the re-seeding of a
jobsite. Our industry-leading Workstation in the Sky concept describes a series of packages and
attachments that enable operators of our aerial work platforms to perform certain tasks more
effectively and efficiently than through the use of conventional methods. For example, the
SkyWelder package that is available on many JLG boom lifts incorporates a complete welding system
within the boom lift itself. The system is comprised of a welding unit mounted in the boom lift’s
operator platform, with power supplied by an on-board generator, yielding increased autonomy and
eliminating the need to rent or purchase separate pieces of equipment. Other Workstation in the
Sky series packages and attachments offer similar efficiencies.
Equipment Services
Our Equipment Services segment provides after-sales service and support for our installed base
of equipment, including parts sales and equipment rentals, and sells used, remanufactured and
reconditioned equipment. We remanufacture, recondition (to certain specified standards, including
American National Standards Institute, or ANSI standards) and repair JLG used equipment and resell
the same. In addition, we repair and resell used equipment of competing manufacturers. We offer a
variety of service warranties on these machines. We are the only access equipment manufacturer with
dedicated remanufacturing facilities in both North America and Europe for remanufacturing and
remarketing previously owned equipment with like-new warranties.
In North America, we offer this capability primarily through our ServicePlus™ operations, which
offer preventive maintenance programs to general repairs to reconditioning and remanufacturing of
our equipment. We established ServicePlus in July 2004 with an initial location in Houston, Texas.
In June 2005, we expanded ServicePlus to include our 12-year old McConnellsburg, Pennsylvania
reconditioning and remanufacturing facility. We plan to expand ServicePlus beyond these two
regional facilities by establishing multiple sites throughout the United States.
For the European market, in 2004 we established an Equipment Services capability with the
purchase of a dedicated facility near our manufacturing operations in Tonneins, France
The North America operation in McConnellsburg, PA has been certified as meeting ISO 9002
standards relating to customer service quality. The European and the Houston, TX operations are
currently in the start-up phase.
We also distribute replacement parts for our and competing manufacturers’ equipment through
supplier-direct shipment programs and a system comprised of two parts depots in North America and
single parts depots in each of Europe and Australia. Sales of replacement parts have historically
been less cyclical and typically generate higher margins than sales of new equipment. To help
facilitate parts sales, we use Internet-based e-commerce in an effort to develop closer
relationships with our customers. For example, we handle virtually all of our warranty transactions
and approximately 70% of our parts orders via the Internet.
As of July 31, 2005, we had a rental fleet of approximately 210 units that we deploy in North
America to support our rental company customers’ demands for short-term rental contracts. Through a
joint venture, we maintain a similar rental fleet of approximately 1,280 units in Europe. The rental aspect of
our North American and European rental operations is designed to support, rather than compete with,
our rental company customers, offering added fleet management flexibility by making additional
machines available on short-term leases to meet peak demand needs of large projects. Also, in Great
Britain, we operate a small fleet of service vehicles.
We support the sales, service, and rental programs of our customers with product advertising,
cooperative promotional programs, major trade show participation, and training programs covering
service, products and safety. We supplement our domestic sales and service support to our
international customers through overseas facilities in Australia, Belgium, Brazil, France, Germany,
Hong Kong, Italy, New Zealand, Poland, South Africa, Spain, Sweden and the United Kingdom, and a
joint venture in the Netherlands.
Access Financial Solutions
Our Access Financial Solutions segment arranges equipment financing and leasing solutions for
our customers, primarily through “private-label” arrangements with third party financial
institutions, and provides credit support in connection with these financing and leasing
arrangements. Financing arrangements that we offer or arrange through this segment include
installment sale contracts, capital leases, operating leases and rental purchase guarantees. Terms
of these arrangements vary depending on the type of transaction, but typically range between 36 and
72 months and generally require the customer to be responsible for insurance, taxes and maintenance
of the equipment, and to bear the risk of damage to or loss of the equipment.
We incur contingent limited recourse liabilities with respect to our customer financing
activities in two ways. For additional information relative to guarantees, see Note 17 of the Notes
to Consolidated Financial Statements, Item 8 of Part II of this report. We provide limited
guarantees to support certain of our customers’ obligations in the event of default to third-party
financing companies that originate credit transactions that we help to arrange. We also monetize a
substantial portion of the finance receivables that we originate through our ongoing program of
syndications, limited recourse financings and other monetization transactions. In connection with
some of these monetization transactions, we have limited recourse obligations relating to possible
defaults by the obligors under the terms of the contracts which comprise the finance receivables.
For additional information relative to limited recourse obligations, see Note 3 of the Notes to
Consolidated Financial Statements, Item 8 of Part II of this report. During fiscal 2005, we
supported our customers in directly financing $3.7 million in sales and in arranging third-party
financing for an additional $211.2 million in sales.
Our staff in this segment is comprised of seasoned professionals who are experienced in credit
analysis and financial services support. We adhere to credit policies that require various levels
of credit approval depending on the transaction size and overall credit concentration with any
customer. For example, Chief Executive Officer or Chief Financial Officer credit approval is
required for any single customer credit including open account balance in excess of $10 million and
approval of the Finance Committee of the Board of Directors is required for any single customer
credit in excess of $25 million. Credit decisions to extend financing to customers are based on a
rigorous credit review process that incorporates both financial analysis as well as business
rationale to support a particular customer. Once identified as a key customer, we regularly review
the customer’s financial results and projections and its business and expansion plans and
continuously monitor our overall credit exposure to that customer.
Industry
We operate primarily in the access segment of the global construction, maintenance, and
industrial equipment industry. We define the access segment as aerial work platforms and
telehandlers. Demand for these products is greatest among industrialized economies where
productivity and safety are valued. Consequently, the largest markets for access equipment are
North America, Western Europe and the developed markets of Asia and the Pacific Rim. Manufacturers
sell access equipment to equipment rental companies and independent equipment distributors.
Equipment rental companies rent the equipment to a broad range of end-users and equipment
distributors resell the equipment to end-users and other customers. Aerial work platforms reach
end-users predominantly through the equipment rental channel. Telehandlers reach end-users through
both the equipment rental and equipment distribution channels. Additionally, home improvement
centers are a smaller, but growing
channel for specialized access equipment targeted at small
contractors and other home improvement professionals. Home improvement centers and other big box retailers also present significant opportunities
for “behind the wall” sales of access products for stock-picking and other in-store applications.
The North American equipment rental industry has been consolidating since the mid-1990s,
resulting in a number of larger national and regional companies. The consolidation in the
equipment rental industry has contributed to a significant reduction in the number of access
equipment manufacturers as the larger equipment rental companies have sought to reduce the number
of suppliers from which they purchase equipment. Since 1997, the number of significant North
American and European broad-line aerial work platform manufacturers has decreased from 11 to three,
and the number of significant North American and European telehandler manufacturers has decreased
from 13 to eight. We believe this consolidation has positioned us and the other remaining access
equipment manufacturers to generate improved returns from stronger market shares and the associated
purchasing and production economies.
Segment Financial Information
Financial information regarding each of our segments appears in Note 10 of the Notes to
Consolidated Financial Statements, Item 8 of Part II of this report.
Marketing and Distribution
Our products are marketed in over 3,500 locations worldwide through independent rental
companies and distributors that rent and sell our products and provide service support, as well as
through other sales and service branches or organizations in which we hold equity positions. North
American customers are located in all 50 states in the U.S., as well as in Canada and Mexico.
International customers are located in Europe, the Asia/ Pacific region, Australia, Japan, Africa,
the Middle East and Latin America, and our sales force is comprised of almost 180 employees
worldwide. In North America, teams of sales employees are dedicated to specific major customers,
channels or geographic regions. Our sales employees in Europe and the rest of the world are spread
among our 21 international sales and service offices.
Sales to one customer, United Rentals, Inc., accounted for 14%, 14% and 15% of our
consolidated revenues for the years ended July 31, 2005, 2004 and 2003, respectively. Sales to
another customer, Hertz Equipment Rental Corporation, accounted for 10% of our consolidated
revenues for the year ended July 31, 2005.
Certain of our operations have been certified as meeting ISO 9001 and ISO 9002 standards. We
believe that ISO certification is valuable because a number of customers require such certification
as a condition to doing business.
Product Development
We invest significantly in product development, diversification and improvement, including the
modification of existing products for special applications. Our product development staff is
comprised of over 150 employees. Product development expenditures totaled approximately $23.8
million, $20.2 million and $16.1 million for the fiscal years 2005, 2004 and 2003, respectively. In
those same years, sales of new or redesigned products introduced within the
preceding 24 months were $323.4 million, $291.8 million and
$216.0 million, or 19%, 24% and 29% of sales, respectively.
Intellectual Property
We have various registered trademarks and patents relating to our products and our business,
including registered trademarks for the JLG, Gradall, SkyTrak and Lull brand names. While we
consider this intellectual property to be beneficial in the operation of our business, we are not
dependent on any single patent or trademark or group of patents or trademarks.
Our business is seasonal with a substantial portion of our sales occurring in the spring and
summer months which constitute the traditional construction season. In addition, within any fiscal
quarter the majority of our sales occur within the final month of the quarter.
Competition
We operate in the global construction, maintenance, industrial and agricultural equipment
markets. Our competitors range from some of the world’s largest multi-national construction
equipment manufacturers to small single-product niche manufacturers. Within this global market, we
face competition principally from two significant aerial work platform manufacturers, approximately
24 smaller aerial work platform manufacturers, seven major telehandler manufacturers and
approximately 15 smaller telehandler manufacturers, as well as numerous manufacturers of other
niche products such as boom trucks, cherry pickers, mast climbers, straight mast and truck-mounted
fork-lifts, rough-terrain and all-terrain cranes, truck-mounted cranes, portable material lifts and
various types of material handling and earth moving equipment that offer similar or overlapping
functionality to our products. We believe we are the world’s leading manufacturer of aerial work
platforms and one of the world’s leading manufacturers of telehandlers. We are currently a niche
supplier of hydraulic excavators, but within the narrow category of highway-speed, wheeled-mounted
excavators, we are the leading supplier in North America.
Material and Supply Arrangements
We obtain raw materials, principally steel; other component parts, most notably engines, drive
motors, tires, bearings and hydraulic components; and supplies from third parties. We also
outsource certain assemblies and fabricated parts. We rely on preferred vendors as a sole source
for “just-in-time” delivery of many raw materials and manufactured components. We believe these
arrangements have resulted in reduced investment requirements, greater access to technology
developments and lower per-unit costs. Because we maintain limited raw material and component
inventories, even brief unanticipated delays in delivery by suppliers may adversely affect our
ability to satisfy our customers on a timely basis and thereby affect our financial performance. In
addition, market prices of some of the raw materials we use (such as steel) have recently increased
significantly. If we are not able to pass raw material or component price increases on to our
customers, our margins could be adversely affected.
Product Liability
We have rigorous product safety standards, and we continually work to improve the safety and
reliability of our products. We monitor accidents and possible claims and establish liability
estimates with respect to claims based on internal evaluations of the merits of individual claims
and the reserves assigned by our independent insurance claims adjustment firm. The methods of
making such estimates and establishing the resulting accrued liability are reviewed frequently, and
any adjustments resulting from such reviews are reflected in current earnings. Reserves are based
on actual incidents and do not necessarily directly relate to sales activity. Based upon our best
estimate of anticipated losses, product liability costs approximated 0.8%, 1.0% and 0.9% of our
consolidated revenues for the years ended July 31, 2005, 2004 and 2003, respectively.
For additional information relative to product liability insurance coverage and cost, see Note
17 of the Notes to Consolidated Financial Statements, Item 8 of Part II of this report.
Employees
We had 3,927 employees as of July 31, 2005. Approximately 8% of our employees are represented
by unions under contracts, which expire April 22, 2006 and November 1, 2006.
Environmental
Our operations are subject to various international, federal, state and local environmental
laws and regulations. These laws and regulations are administered by international, federal, state
and local agencies. Among other things, these laws and regulations regulate the discharge of
materials into the water, air and land, and govern
the use and disposal of hazardous and non-hazardous materials. We believe that our operations
are in substantial compliance with all applicable environmental laws and regulations, except for
violations that we believe would not have a material adverse effect on our business or financial
position.
Foreign Operations
We manufacture our products in the U.S., Belgium and France for sale throughout the world.
Revenues from customers outside of the U.S. were 24%, 23% and 27% of our consolidated revenues for
2005, 2004 and 2003, respectively. Revenues from European customers were 15%, 15% and 19% of our
consolidated revenues for 2005, 2004 and 2003, respectively. Additional financial information
regarding our foreign operations appears in Note 10 of the Notes to Consolidated Financial
Statements, Item 8 of Part II of this report.
Executive Officers of the Registrant
Our executive officers, their positions and ages as of October 3, 2005 and the years they
began their current principal positions are as follows:
Principal
Position
Name
Position
Age
Held Since
William M. Lasky
Chairman of the Board, President and Chief
Executive Officer
58
2001
James H. Woodward, Jr.
Executive Vice President and Chief Financial Officer
52
2002
Peter L. Bonafede, Jr.
Senior Vice President, Manufacturing and Supply
Chain Management
55
2005
Craig E. Paylor
Senior Vice President, North America Sales,
Marketing and Customer Support
49
2005
Wayne P. MacDonald
Senior Vice President, Engineering
52
2002
Philip H. Rehbein
Senior Vice President, Commercial Solutions Group
55
2005
Thomas D. Singer
Senior Vice President, General Counsel and Secretary
53
2001
Significant Employees
Israel Celli
Vice President, International Sales, Marketing and
Customer Support
52
2002
William M. Lasky
joined JLG in 1999. Mr. Lasky has served as Chairman of the Board, President
and Chief Executive Officer since 2001. Prior to 2001, he served as our President and Chief
Executive Officer, and prior to 2000, as our President and Chief Operating Officer.
James H. Woodward, Jr.
joined JLG in 2000. Mr. Woodward has served as our Executive Vice
President and Chief Financial Officer since 2002. Prior to 2002, he served as our Senior Vice
President and Chief Financial Officer. Prior to joining JLG in 2000, he served as Vice President
and Director E-Business of Dana Corporation, and prior to 2000, as Dana Corporation’s Vice
President and Corporate Controller.
Peter L. Bonafede
joined JLG in 1999. Mr. Bonafede has served as our Senior Vice President,
Manufacturing and Supply Chain Management since August 2005. Prior to August 2005, he served as
our Senior Vice President, Manufacturing.
Craig E. Paylor
joined JLG in 1983. Mr. Paylor has served as our Senior Vice President, North
America Sales, Marketing and Customer Support since August 2005. Prior to August 2005, he served
as our Senior Vice President, Sales, Marketing and Customer Support, and prior to 2002, he served
as our Senior Vice President, Sales and Market Development.
Wayne P. MacDonald
joined JLG in 1975. Mr. MacDonald has served as our Senior Vice President,
Engineering since 2002. Prior to 2002, he served as our Vice President, Engineering, and prior to
2000, as our Director, Advanced Technology Development and Applications Engineering.
Phillip H. Rehbein
joined JLG in 1997. Mr. Rehbein has served as our Senior Vice President,
Commercial Solutions Group since August 2005. Prior to August 2005, he served as our Senior Vice
President, Strategic Operations. From August 2002 until 2004, he served as our Senior Vice
President, Finance. From May 2002 to August 2002, he served as our Vice President, Finance. Prior
to May 2002, he served as Vice President and General Manager, Gradall, and prior to 2001, as our
Vice President, Finance.
Thomas D. Singer
joined JLG in 1984. Mr. Singer has served as our Senior Vice President,
General Counsel and Secretary since 2001. Prior to 2001, he served as our Vice President, General
Counsel and Assistant Secretary.
Israel Celli
joined JLG in 2000. Mr. Celli has served as our Vice President, International
Sales, Marketing and Customer Support since 2002. Prior to 2002, he served as our Vice President
of International Sales, and prior to 2001, as our General Manager of Latin America. Prior to
joining JLG in 2000, he served as Marketing Director for Latin America, Case Brasil and Cia (CNH
Global).
All executive officers listed above are elected to hold office for one year or until their
successors are elected and qualified, and have been employed in the capacities noted for more than
five years, except as indicated. No family relationship exists among the above-named executive
officers.
Available Information
We file annual, quarterly, and current reports, proxy statements, and other documents with the
Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934 (the “Exchange
Act”). The public may read and copy any materials that we file with the SEC at the SEC’s Public
Reference Room at 450 Fifth Street, NW, Washington, DC 20549. The public may obtain information on
the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Also, the SEC
maintains an Internet website that contains reports, proxy and information statements, and other
information regarding issuers, including us, that file electronically with the SEC. The public can
obtain any documents that we file with the SEC at www.sec.gov.
We maintain a website at www.jlg.com. We make available on our website under “Investor
Relations —SEC Documents,” free of charge, our annual reports on Form 10-K, quarterly reports on
Form 10-Q, current reports on Form 8-K, and, if applicable, amendments to those reports as soon as
reasonably practicable after we electronically file or furnish such material to the SEC.
Information contained on our website is not incorporated by reference into this report.
In
October 2004, we submitted to the New York Stock Exchange the CEO
certification required by Section 303A.12(a) of the New York Stock Exchange Listed Company Manual.
The following table lists the principal manufacturing and office facilities and principal
products manufactured at each of the facilities:
Location
Size
Owned/Leased
Products
New Equipment
McConnellsburg, Pennsylvania
515,000 sq. ft.
Owned
Boom lifts, Telehandlers
Shippensburg, Pennsylvania
320,000 sq. ft.
Owned
Boom lifts, Scissor lifts, Vertical Mast lifts
LaVerne, California
20,000 sq. ft.
Leased
Trailers
Maasmechelen, Belgium
80,000 sq. ft.
Leased
Boom lifts, Scissor lifts, Telehandlers
New Philadelphia, Ohio
430,000 sq. ft.
Owned
Excavators
Oakes, North Dakota
78,000 sq. ft.
Leased
Telehandlers
Tonneins, France
38,000 sq. ft.
Owned
Vertical Mast lifts
Tonneins, France
63,000 sq. ft.
Leased
Vertical Mast lifts
Used Equipment
McConnellsburg, Pennsylvania
45,000 sq. ft.
Owned
Equipment Services
McConnellsburg, Pennsylvania
27,000 sq. ft.
Leased
Equipment Services
Port Macquarie, Australia
25,000 sq. ft.
Owned
Equipment Services
Tonneins, France
29,000 sq. ft.
Leased
Equipment Services
Houston, Texas
72,000 sq. ft.
Leased
Equipment Services
We also lease executive offices in Hagerstown, Maryland and a 270,000-square-foot former
OmniQuip manufacturing location in Port Washington, Wisconsin, which is a temporary office location
for telehandler engineering and other support functions. In addition, we also lease a number of
small distribution, administration or service facilities throughout the world.
We own a 340,000-square-foot facility in Orrville, Ohio and a 75,000-square-foot facility in
Bedford, Pennsylvania that are no longer used for manufacturing and have been placed for sale, and
another 130,000-square-foot facility in Bedford, Pennsylvania, which we have temporarily idled. We
have begun negotiating with state and local authorities concerning the potential
re-opening of the 130,000-square-foot facility in Bedford, Pennsylvania, to accommodate the
manufacturing and engineering operations for our Commercial Solutions Group as well as to increase
our capacity.
Our McConnellsburg and Bedford, Pennsylvania facilities are encumbered as security for
long-term borrowings.
ITEM 3. LEGAL PROCEEDINGS
On February 27, 2004, we announced that the SEC had begun an informal inquiry relating to
accounting and financial reporting following our February 18, 2004 announcement that we would be
restating our audited financial statements for the fiscal year ended July 31, 2003 and for the
first fiscal quarter ended October 26, 2003. The notification advised that the existence of the
inquiry should not be construed as an expression or opinion of the SEC that any violation of law
has occurred, nor should it reflect adversely on the character or reliability of any person or
entity or on the merits of our securities. We continue to cooperate with any requests for
information from the SEC related to the informal inquiry.
We make provisions relating to probable product liability claims. For information relative to
product liability claims, see Note 17 of the Notes to Consolidated Financial Statements, Item 8 of
Part II and the discussion in Part I, Item 1 of this report.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Next Section
Previous Section