FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
--------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from To
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Commission file number 001-12049
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Gradall Industries, Inc.
------------------------
(Exact name of registrant as specified in its charter)
Delaware 36-3381606
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
406 Mill Avenue S. W., New Philadelphia, OH 44663
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(Address of principal executive offices)
(330) 339-2211
---------------
(Registrant's telephone number, including area code)
Not applicable
--------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
---------- ----------
Number of shares outstanding at March 31, 1999
Common Stock, $.001 par value: 9,515,460
<PAGE>
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GRADALL INDUSTRIES, INC.
FORM 10-Q
QUARTER ENDED MARCH 31, 1999
Index
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Page
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PART I FINANCIAL INFORMATION
Item 1 -- Condensed Consolidated Financial Statements 1
Item 2 -- Management's Discussion and Analysis of Results
of Operations and Financial Condition 6
Item 3 -- Quantitative and Qualitative Disclosures About
Market Risk 11
PART II OTHER INFORMATION
Item 6 -- Exhibits and Reports on Form 8-K 12
Signatures 12
</TABLE>
PART I - FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
GRADALL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
Three Months Ended
-------------------
<S> <C> <C>
March 31, 1999 March 31, 1998
-------------- --------------
Net sales . . . . . . . . . . . . $ 50,532 $ 41,541
Cost of sales . . . . . . . . . . 38,617 31,990
-------------- --------------
Gross profit. . . . . . . . . . . 11,915 9,551
Operating expenses:
Research, development and
product engineering costs . . . 1,346 1,054
Selling, general and
administrative expenses . . . . 4,191 3,263
-------------- --------------
Operating income. . . . . . . . . 6,378 5,234
Interest, net . . . . . . . . . . 173 218
Other, net. . . . . . . . . . . . 34 5
-------------- --------------
Income before provision for taxes 6,171 5,011
Income tax provision. . . . . . . 2,410 1,957
-------------- --------------
Net income. . . . . . . . . . . . $ 3,761 $ 3,054
============== ==============
Earnings per common share:
Basic:
Weighted average
Shares outstanding . . . . . . 9,512,408 8,940,194
Earnings per common share:. . . . $ 0.40 $ 0.34
Diluted:
Weighted average
Shares outstanding . . . . . . 9,605,028 9,023,295
Earnings per common share:. . . . $ 0.39 $ 0.34
<FN>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
</TABLE>
1
<TABLE>
<CAPTION>
GRADALL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
<S> <C> <C>
UNAUDITED AUDITED
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MARCH 31, 1999 DECEMBER 31, 1998
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ASSETS
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Current assets:
Cash. . . . . . . . . . . . . . . . . $ 730 $ 2,457
Accounts receivable - trade, net of
allowance for Doubtful accounts. . 34,237 26,983
Inventories . . . . . . . . . . . . . 36,857 32,872
Prepaid expenses and deferred charges 1,834 2,510
Deferred income taxes . . . . . . . . 985 985
--------------- -----------------
Total current assets . . . . . . . 74,643 65,807
Deferred income taxes . . . . .. . . . 6,060 5,985
Property, plant and equipment, net. . . 25,925 25,838
Other assets. . . . . . . . . . . . . . 1,205 1,357
--------------- -----------------
Total assets . . . . . . . . . . . $ 107,833 $ 98,987
=============== =================
LIABILITIES & STOCKHOLDERS' EQUITY
- ------------------------------------
Current liabilities:
Current portion long term debt. . . . $ 11,034 $ 7,226
Accounts payable - trade. . . . . . . 17,569 16,288
Accrued other expenses. . . . . . . . 14,303 14,451
--------------- -----------------
Total current liabilities . . . . 42,906 37,965
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Long term obligations:
Long-term debt, net of current portion 332 405
Accrued post-retirement benefit cost. 16,748 16,554
Other long term liabilities . . . . . 1,688 1,688
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Total long term obligations . . . . 18,768 18,647
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Total liabilities . . . . . . . . . 61,674 56,612
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Stockholders' equity:
Common stock, $.001 par value;
18,000,000 shares.authorized;
9,515,460 and 9,508,231 issued
and outstanding on March 31, 1999
and December 31, 1998, respectively 10 10
Additional paid-in capital. . . . . . 45,828 45,805
Retained earnings (accumulated deficit) 1,028 (2,733)
Accumulated other comprehensive loss. (707) (707)
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Total stockholders' equity. . . . . 46,159 42,375
--------------- ----------------
Total liabilities and stockholders'
Equity. . . . . . . . . . . . . . $ 107,833 $ 98,987
=============== =================
<FN>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
</TABLE>
2
<TABLE>
<CAPTION>
GRADALL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Dollars in Thousands)
Three Months Ended
------------------
March 31, 1999 March 31, 1998
-------------- --------------
<S> <C> <C>
Operating Activities:
Net income. . . . . . . . . . . . . . . . . . $ 3,761 $ 3,054
Adjustments to reconcile net income to
net cash (used in) provided by operating
activities:
Post-retirement benefit transition
obligation. . . . . . . . . . . . . . . . 194 350
Depreciation and amortization . . . . . . . 1,000 575
Deferred income taxes . . . . . . . . . . . (75) (137)
Gain on sale of property, plant & equipment - (26)
Increase in accounts receivable . . . . . . (7,254) (1,000)
Increase in inventories . . . . . . . . . . (3,985) (270)
Decrease in prepaid expenses. . . . . . . . 676 1,161
Increase (decrease) in accounts payable and
accrued expenses. . . . . . . . . . . . . 1,133 (3,482)
-------------- --------------
Net cash (used in) provided by operating
Activities. . . . . . . . . . . . . . . (4,550) 225
-------------- --------------
Investing Activities:
Proceeds from sale of property, plant &
Equipment . . . . . . . . . . . . . . . . - 66
Purchase of property, plant and equipment . (935) (985)
-------------- --------------
Net cash used in investing activities . . . (935) (919)
-------------- --------------
Financing Activities:
Issuance of 7,229 shares common stock . . . 23 -
Net borrowing under lines of credit . . . . 3,839 1,261
Repayments on capital leases. . . . . . . . (104) (68)
-------------- --------------
Net cash provided by financing activities 3,758 1,193
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Net (decrease) increase in cash . . . . . (1,727) 499
-------------- --------------
Cash at beginning of year . . . . . . . . . . . 2,457 1,605
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Cash at end of period . . . . . . . . . . . . . $ 730 $ 2,104
============== ==============
<FN>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
</TABLE>
3
<PAGE>
GRADALL INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION:
The unaudited interim financial information as of March 31, 1999 and for the
three months ended March 31, 1999 and 1998 has been prepared on the same basis
as the audited financial statements. In the opinion of management such
unaudited information includes all adjustments (consisting only of normal
recurring adjustments) necessary for a fair presentation of the interim
information. Operating results for the three months ended March 31, 1999 are
not necessarily indicative of the results that may be expected for the entire
year ending December 31, 1999.
These financial statements and the notes thereto should be read in conjunction
with the Company's audited financial statements included in its Annual Report or
Form 10-K for the fiscal year ended December 31, 1998.
2. OTHER COMPREHENSIVE INCOME:
The Company has no significant items of other comprehensive income.
3. NEW ACCOUNTING STANDARDS:
In March 1998 the Accounting Standards Executive Committee issued Statement of
Position ("SOP") 98-1, "Accounting for the Costs of Computer Software Developed
or Obtained for Internal Use," which is effective for financial years beginning
after December 15, 1998. The Company adopted the provisions of this SOP
beginning January 1, 1999, which had no significant effect on the Company's
consolidated financial statements.
4. INVENTORIES:
Inventories were comprised of:
<TABLE>
<CAPTION>
<S> <C> <C>
Mar. 31, 1999 Dec. 31, 1998
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Raw materials . . $ 1,292 $ 1,401
Work in process . 24,475 24,501
Finished goods. . 17,178 13,058
--------------- ---------------
42,945 38,960
LIFO reserve. . . (6,088) (6,088)
Total inventories $ 36,857 $ 32,872
=============== ===============
</TABLE>
4
<PAGE>
GRADALL INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(CONTINUED)
5. EARNINGS PER COMMON SHARE:
The computation of the earnings per common share are as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
March 31, 1999 March 31, 1998
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Common shares:
Weighted average common shares
outstanding - Basic . . . . . . 9,512,408 8,940,194
Additional common shares issuable
for stock options . . . . . . . 92,620 83,101
-------------- --------------
Common shares - Diluted . . . . . 9,605,028 9,023,295
============== ==============
</TABLE>
6. FINANCING:
In January 1999 the Company's Loan and Security Agreement with Heller
Financial, Inc. was paid in full and terminated. A new revolving line of credit
for $17 million was established with KeyBank National Association (the "Lender")
with an unsecured demand promissory note. At March 31, 1999, borrowing under
the new revolving credit facility totaled $10.8 million, and $4.2 million was
available under the facility. On April 21, 1999 the revolving line of credit
with KeyBank was increased to $22 million,. The note bears interest at either
LIBOR plus .80% or prime minus 1.40%. The note renews annually and terminates
at the earlier of the Lender's demand or the Company's decision to terminate by
written or oral communication to the Lender.
7. CONTINGENCIES:
The Company is involved in certain claims and litigation related to its
operations. Based upon the facts known at this time, management is of the
opinion that the ultimate outcome of all such claims and litigation will not
have a material adverse effect on the financial condition, results of operations
or cash flows of the Company.
8. NEW COMPANY:
On October 13, 1998, a new company, The Gradall Orrville Company, was formed as
a wholly owned subsidiary of Gradall Industries, Inc., to purchase a new
production plant at Orrville, Ohio. The new facility, formerly the Volvo Truck
Assembly plant, contains 330,000 square feet and will provide additional
production space for the material handler product.
5
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
GENERAL
Gradall Industries, Inc. ("the Company" or "Gradall") is a leading manufacturer
of wheeled hydraulic excavators and rough-terrain variable reach material
handlers as well as related service parts. The Company's products are marketed
under the widely respected Gradall trademark and are distinguished by their
telescopic boom technology, versatility, productivity and reliability. Gradall
products serve many markets within the construction and mining industries as
well as special applications. Gradall excavators are typically used by general
contractors and government agencies for ditching, sloping, finish grading,
general maintenance and infrastructure projects. Gradall rough-terrain variable
reach material handlers are typically used by residential, non-residential and
institutional building contractors for lifting, transporting and placing a wide
variety of materials at their point of use or storage. The Company's products
and service parts are sold through independent distributors and national rental
companies.
Excavator contractor sales activity increased in the latter part of the first
quarter of 1999 as contractors continued to experience a supportive economy and
as a result of the passage of the Transportation Equity Act (TEA-21). This
federal highway bill guarantees a minimum of $175 billion in spending for the
highway program for fiscal years 1998-2003 and represents a 40% increase over
the 1991 federal highway bill. Municipal bidding and demonstration activity
also increased in the first quarter as a significant number of states prepare to
receive new annual budget funds. Future Gradall excavator revenues will benefit
from TEA-21 as more federal and state construction contracts are awarded.
Commencement of XL2300 shipments in the second quarter of 1999 and future
shipments of the XL3200 introduced at the Las Vegas March 1999 ConAg-ConExpo
will also contribute to the 1999 excavator revenues.
Strength in the Company's material handler sales for the first quarter of 1999
was the direct result of stronger than expected activity in the industrial
sector and in residential and non-residential construction. Rental fleets
continued to grow in size and continue near full utilization while rental rates
remained constant. Favorable interest rates, low inflation and high employment
levels along with continued growth and consolidation of national rental
companies contributed to significant year over year first quarter growth in
material handler revenue.
Service parts sales remained high throughout the first quarter of 1999 as
construction activity, supported by favorable weather conditions in many
geographic regions, continued strong. Service parts sales are expected to
benefit in the future from the product support reorganization which will provide
increased distributor product knowledge training and customer service, and from
the March 1999 introduction to the distribution network of the new Gradall Plus
CD-ROM system for improved dealer product inquiry information.
6
The significant sales growth of material handlers in recent years has created a
need to increase production capacity. The board of directors has approved a
capacity expansion program which will require a $30 to $50 million investment
over the next three to five years. An important step in this plan was the
purchase of an additional 330,000 sq. ft. facility in October 1998. Formerly
the Volvo Truck Assembly plant, the facility is located in Orrville, Ohio, and
will be used to produce material handler products. Start-up of this plant began
in March 1999.
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THREE MONTHS ENDED MARCH 31, 1998.
Net Sales. Net sales for the three months ended March 31, 1999, were $50.5
- ----------
million, an increase of $9.0 million or 21.6% compared to $41.5 million for the
three months ended March 31, 1998. The increase in net sales included a
significant increase in material handler unit volume and a small increase in
excavator units. High rental utilization and retail sales along with growth in
the rental fleets have driven the high material handler demand. Service parts
shipments were up slightly compared to the prior year quarter.
Gross Profit. Gross profit for the three months ended March 31, 1999, was $11.9
- ------------
million, an increase of $2.4 million or 24.8%, compared to $9.6 million for the
three months ended March 31, 1998. Gross profit as a percentage of net sales
increased to 23.6% for the three months ended March 31, 1999, from 23.0% for the
three months ended March 31, 1998, attributable to lower production costs from
raw material procurement.
Research, Development and Product Engineering Costs. Research, development and
- ----------------------------------------------------
product engineering costs for the three months ended March 31, 1999, was $1.3
million, an increase of $0.3 million or 27.7% compared to $1.1 million for the
three months ended March 31, 1998. Spending in the research and development
function was higher in the first quarter 1999 than the same quarter in the prior
year from additional design costs associated with the military project.
Selling, General and Administrative Expenses. Selling, general and
- ------------------------------------------------
administrative expense for the three months ended March 31, 1999 was $4.2
million, an increase of $0.9 million or 28.4 % compared to $3.3 million for the
three months ended March 31, 1998. The increase is attributable to the March
Las Vegas ConExpo trade show and the addition of field marketing personnel.
Interest, Net. Interest income for the three months ended March 31, 1999 was
- --------------
$0.2 million, unchanged from $0.2 million for the three months ended March 31,
1998. In actual dollars there was a slight decrease in interest expense from
lower borrowing rates with the new bank facility set up in January 1999.
Income Tax Provision. Income tax expense for the three months ended March 31,
- ----------------------
1999 was $2.4 million, an increase of $0.5 million or 23.1% compared to $2.0
million for the three months ended March 31, 1998 and represents an effective
tax rate for both periods of 39.1%.
7
<PAGE>
RESULTS OF OPERATIONS (CONTINUED)
Net Income. Net income for the three months ended March 31, 1999 was $3.8
- -----------
million, an increase of $0.7 million or 23.1%, compared to $3.1 million for the
three months ended March 31, 1998. This increase was primarily attributable to
the increased sales volume of the material handler product line.
Earnings Per Common Share. Basic earnings per common share for the three months
- -------------------------
ended March 31, 1999 were $0.40, an increase of $0.06 or 17.6% per basic share
from the three months ended March 31, 1998. Diluted earnings per common share
for the three months ended March 31, 1999 were $0.39, an increase of $0.05 or
14.7% per diluted share from the three months ended March 31, 1998.
LIQUIDITY AND CAPITAL RESOURCES
The Company used net cash from operating activities of $4.5 million during the
first three months of 1999. Use of net cash from operating activities resulted
from the sum of $3.8 million of net income, $1.0 million of depreciation and
amortization and $0.1 million from post-retirement benefit transition
obligation, net of deferred taxes, reduced by $9.4 million of net cash used by
changes in operating assets and liabilities, primarily an increase in accounts
receivable and inventory.
For the first three months of 1999 the Company's purchases of new equipment and
permanent tooling was $0.9 million. Management plans to invest approximately
$10.5 million in plant and equipment in 1999. On October 13, 1998 the Company
purchased a 330,000 sq. ft. facility in Orrville, Ohio to serve as additional
space for production. This acquisition is part of a board-approved five year
plan to invest $30 to $50 million to raise capacity and improve production
efficiencies.
For the first three months of 1999 net cash provided by financing activities was
$3.7 million, needed to fund the increases in accounts receivable and inventory.
Borrowing under the Company's line of credit was $3.8 million reduced by $0.1
million of capital lease payments.
A substantial amount of the Company's working capital consists of accounts
receivable and inventories. The Company periodically reviews accounts
receivable for noncollectibility and inventories for obsolescence and
establishes allowances it believes are appropriate.
8
<PAGE>
RESULTS OF OPERATIONS (CONTINUED)
In January 1999 the Company's Loan and Security Agreement with Heller Financial,
Inc. was paid in full and terminated. A new revolving line of credit for $17
million was established with KeyBank National Association (the "Lender") with an
unsecured demand promissory note. At March 31, 1999, borrowing under the new
revolving credit facility totaled $10.8 million, and $4.2 million was available
under the facility. On April 21, 1999 the revolving line of credit with KeyBank
was increased to $22 million,. The note bears interest at either LIBOR plus
.80% or prime minus 1.40%. The note renews annually and terminates at the
earlier of the Lender's demand or the Company's decision to terminate by written
or oral communication to the Lender.
The Company believes that cash flows from operations, excess cash and funds
available under its revolving credit facility are adequate to fund its working
capital and capital expenditure requirements for the foreseeable future.
IMPACT OF THE "YEAR 2000 ISSUE"
The year 2000 issue is the result of computer programs having been written using
two digits rather than four to define the applicable year. Any of the Company's
computers, computer programs, manufacturing and administration equipment or
products that have date-sensitive software may recognize a date using "00" as
the year 1900 rather than the year 2000. If any of the Company's systems or
equipment that have date-sensitive software use only two digits, system failures
or miscalculations may result causing disruptions of operations, including among
other things, a temporary inability to process transactions or send and receive
electronic data with third parties or engage in similar normal business
activities. Significant uncertainty exists concerning the scope and magnitude
of problems associated with the year 2000 change.
The Company recognizes the need to ensure its operations will not be adversely
impacted by year 2000 software failures and has established a project team to
address year 2000 risks. The project team has coordinated the identification of
and will coordinate the implementation of changes to computer hardware and
software applications that will attempt to ensure availability and integrity of
the Company's information systems and the reliability of its operational systems
and manufacturing processes.
The Company believes that it has identified substantially all of the major
computers, software applications and related equipment used in connection with
its internal operations that must be modified, upgraded or replaced to minimize
the possibility of a material disruption to its business. The Company has
commenced the process of modifying, upgrading and replacing major systems that
have been identified as adversely affected and expects to complete this process
by the end of September 1999. In addition to computers, photocopiers, telephone
switches, security systems and other common devices may be affected by the year
2000 problem.
9
<PAGE>
RESULTS OF OPERATIONS (CONTINUED)
The Company also faces risk to the extent that suppliers of products, services
and systems purchased by the Company and others with whom the Company transacts
business on a worldwide basis do not comply with year 2000 requirements. The
Company has initiated formal communications with significant suppliers and
customers to determine the extent to which the Company is vulnerable to the
failure of such third parties to remediate their own year 2000 issues. In the
event any such third parties cannot provide the Company with products, services
or systems that meet the year 2000 requirements on a timely basis or
in the event year 2000 issues prevent such third parties from timely delivery of
products or services required by the Company, the Company's results of
operations could be materially adversely affected. To the extent year 2000
issues cause significant delays in supplier shipments, the sourcing of
alternative suppliers or increasing inventory levels, the Company's business,
results of operations and financial position could be materially adversely
affected.
The Company's research and supplier response indicate that all of the Company's
products manufactured to date and all future designs are year 2000 compliant.
External and internal costs specifically associated with modifying internal use
software for year 2000 compliance are expensed as incurred. To date the Company
has spent an estimated $0.3 million on this project. Cost to be incurred in
1999 to fix year 2000 problems are estimated at approximately $0.5 million.
Such costs do not include normal system upgrades and replacements. The Company
does not expect the costs relating to year 2000 remediation to have a material
adverse effect on its results of operations, cash flows or financial condition.
As part of Gradall's contingency planning, the Company is developing business
continuity plans for those areas that are critical to Gradall's business. These
business continuity plans will be designed to mitigate serious disruptions to
the business flow beyond the end of 1999. Significant progress has been made in
developing contingency plans with the expectation that the Company will have
plans in place by the end of the second quarter of 1999.
The failure to correct a material year 2000 problem could result in an
interruption in or a failure of certain normal business activities or
operations. Such failures could materially and adversely affect the Company's
results of operations, liquidity and financial condition. Due to the general
uncertainty inherent in the year 2000 readiness of critical suppliers and
customers, the Company is unable to determine at this time whether the
consequences of year 2000 failures will have a material impact on the Company's
results of operations, liquidity or financial condition. The year 2000 project
is expected to significantly reduce the Company's level of uncertainty about the
year 2000 problem and in particular about the year 2000 compliance and readiness
of its critical suppliers and customers. The Company believes that, with the
implementation of new business systems and completion of the project scheduled,
the possibility of significant interruptions of normal operations should be
reduced.
10
<PAGE>
RESULTS OF OPERATIONS (CONTINUED)
The estimates and conclusions herein contain forward-looking statements and are
based on management's best estimates of future events. Risks to completing the
plan include the ability to retain human resources, our ability to discover and
correct the potential year 2000 sensitive problems which could have a serious
impact on operations, and the ability of suppliers and customers to bring their
systems into year 2000 compliance.
NEW ACCOUNTING STANDARDS
In March 1998 the Accounting Standards Executive Committee issued Statement of
Position ("SOP") 98-1, "Accounting for the Costs of Computer Software Developed
or Obtained for Internal Use," which is effective for financial years beginning
after December 15, 1998. The Company adopted the provisions of this SOP
beginning January 1, 1999, which had no significant effect on the Company's
consolidated financial statements.
CAUTIONARY STATEMENT
Statements included in this Form 10-Q which are not historical in nature are
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
regarding the Company's future performance and financial results are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those set forth in the forward-looking statements. The
Company's Quarterly Report on Form 10-Q contains certain detailed factors that
could cause the Company's actual results to materially differ from
forward-looking statements made by the Company.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company does not have any market risk sensitive instruments at
March 31, 1999.
11
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits: None
b) Reports on Form 8-K filed for the three months ended March 31, 1999:
None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Gradall Industries, Inc.
Date: April 30, 1999 By: /s/ Barry L. Phillips
------------------------
Barry L. Phillips
President and Chief Executive Officer
Date: April 30, 1999 By: /s/ Bruce A. Jonker
----------------------
Bruce A. Jonker
Chief Financial Officer
12
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CAPTION>
<S>
<C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 730
<SECURITIES> 0
<RECEIVABLES> 34,237
<ALLOWANCES> 0
<INVENTORY> 36,857
<CURRENT-ASSETS> 74,643
<PP&E> 25,925
<DEPRECIATION> 0
<TOTAL-ASSETS> 107,833
<CURRENT-LIABILITIES> 42,906
<BONDS> 0
0
0
<COMMON> 10
<OTHER-SE> 46,149
<TOTAL-LIABILITY-AND-EQUITY> 107,833
<SALES> 50,532
<TOTAL-REVENUES> 50,532
<CGS> 38,617
<TOTAL-COSTS> 38,617
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 173
<INCOME-PRETAX> 6,171
<INCOME-TAX> 2,410
<INCOME-CONTINUING> 3,761
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,761
<EPS-PRIMARY> .40
<EPS-DILUTED> .39
</TABLE>
