SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File Number 333-18957
CLARK Material Handling Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 61-1312827
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
172 Trade Street, Lexington, Kentucky 40511
(Address of Principal Executive Offices) (Zip Code)
(606) 288-1200
(Registrant's Telephone Number, Including Area Code)
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 ( )
As of June 30, 1999, there were 1,000 shares of the registrant's common stock,
par value $1.00 per share, outstanding, all of which were owned by an affiliate
of the registrant.
<PAGE>
CLARK MATERIAL HANDLING COMPANY
INDEX
Page No.
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Consolidated Balance Sheet -
June 30, 1999 and December 31, 1998 2
Consolidated Statement of Operations -
Three Months ended June 30, 1999 and 1998 3
Consolidated Statement of Operations -
Six Months ended June 30, 1999 and 1998 4
Consolidated Statement of Cash Flows -
Six Months ended June 30, 1999 and 1998 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
Item 3. Quantitative and Qualitative Disclosures about Market Risks 12
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 2. Changes in Securities 13
Item 3. Defaults Upon Senior Securities 13
Item 4. Submission of Matters to a Vote of Security Holders 13
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES 14
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
CLARK Material Handling Company
Consolidated Balance Sheet
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
----------- -----------
Current assets
<S> <C> <C>
Cash and cash equivalents $ 7,524 $ 9,661
Restricted cash 180 197
Net trade receivables 83,363 68,903
Net inventories (Note 2) 105,748 102,399
Other current assets 8,535 9,609
----------- -----------
Total current assets 205,350 190,769
Long-term assets
Property, plant and equipment-net 66,900 69,877
Goodwill, net of accumulated amortization of $7,556
at June 30, 1999 and $6,069 at December 31, 1998 110,506 112,781
Other assets 23,318 24,631
Total assets $ 406,074 $ 398,058
=========== ===========
Current liabilities
Notes payable $ 50,284 $ 28,922
Current portion of capital lease obligations 3,035 3,313
Trade accounts payable 78,105 75,378
Accrued compensation and benefits 5,237 5,551
Accrued warranties and product liability 15,262 17,384
Other current liabilities 18,041 17,526
----------- -----------
Total current liabilities 169,964 148,074
Non-current liabilities
Senior notes payable 150,000 150,000
Capital lease obligations, less current portion 4,021 4,480
Accrued warranties and product liability 33,975 35,537
Other non-current liabilities 17,246 17,469
----------- -----------
Total liabilities 375,206 355,560
----------- -----------
Commitments and contingencies - -
Redeemable preferred stock 22,613 21,202
----------- -----------
Stockholder's equity
Common stock, par value $1 per share,
1,000 shares authorized, issued and outstanding 1 1
Paid-in-capital 23,940 23,948
Retained earnings (deficit) (10,020) 987
Accumulated other comprehensive income (5,666) (3,640)
----------- -----------
Total stockholder's equity 8,255 21,296
----------- -----------
Total liabilities and stockholder's equity $ 406,074 $ 398,058
=========== ===========
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
CLARK Material Handling Company
Consolidated Statement of Operations
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
June 30, June 30,
1999 1998
----------- -----------
<S> <C> <C>
Net sales $ 139,422 $ 139,350
Cost of goods sold 120,394 120,609
----------- -----------
Gross profit 19,028 18,741
Engineering, selling and administrative expenses 17,094 12,332
----------- -----------
Income from operations 1,934 6,409
Other income (expense):
Interest income 231 75
Interest expense (5,140) (4,384)
Foreign exchange gain (loss) 332 (541)
Other income (expense) net (206) 3
----------- -----------
Income (loss) before income taxes (2,849) 1,562
Provision for income taxes 531 341
----------- -----------
Net income (loss) $ (3,380) $ 1,221
=========== ===========
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
CLARK Material Handling Company
Consolidated Statement of Operations
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Six Months Six Months
Ended Ended
June 30, June 30,
1999 1998
----------- -----------
<S> <C> <C>
Net sales $ 266,303 $ 268,823
Cost of goods sold 232,298 233,186
----------- -----------
Gross profit 34,005 35,637
Engineering, selling and administrative expenses 34,195 24,918
----------- -----------
Income (loss) from operations (190) 10,719
Other income (expense):
Interest income 421 128
Interest expense (9,869) (7,931)
Foreign exchange gain (loss) 327 (541)
Other income (expense) net 366 (300)
----------- -----------
Income (loss) before income taxes (8,945) 2,075
Provision for income taxes 755 561
----------- -----------
Net income (loss) $ (9,700) $ 1,514
=========== ===========
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
CLARK Material Handling Company
Consolidated Statement of Cash Flows
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Six Months Six Months
June 30, June 30,
1999 1998
----------- -----------
Operating activities:
<S> <C> <C>
Net income(loss) $ (9,700) $ 1,514
Adjustments to reconcile net income (loss) to cash
(used in) operating activities:
Depreciation and amortization 9,444 6,892
Gain on sale of fixed assets 564 --
Changes in operating assets and liabilities:
Restricted cash (6) 136
Trade receivables (16,439) (186)
Net inventories (5,424) (5,891)
Trade accounts payable 4,352 (1,380)
Accrued compensation and benefits (94) 591
Accrued warranties and product liability (3,583) (952)
Other assets and liabilities, net (4,308) (2,539)
----------- -----------
Net cash used in operating activities (25,194) (1,815)
----------- -----------
Investing activities:
Capital expenditures (6,225) (5,639)
Proceeds from sale of fixed assets 358 --
----------- -----------
Net cash used in investing activities (5,867) (5,639)
----------- -----------
Financing activities:
Issuance (repayment of) notes payable, net 27,611 7,284
Issuance of other long term debt 1,581 842
----------- -----------
Net cash provided by financing activities 29,192 8,126
----------- -----------
Effect of exchange rate changes on cash and cash equivalents (268) (133)
----------- -----------
Net increase (decrease) in cash and cash equivalents (2,137) 539
Cash and cash equivalents at beginning of period 9,661 6,334
----------- -----------
Cash and cash equivalents at end of period $ 7,524 $ 6,873
=========== ===========
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
CLARK Material Handling Company
Notes to Unaudited Financial Statements (in thousands)
1. The accompanying unaudited interim consolidated financial statements have
been prepared in accordance with Rule 10-01 of SEC Regulation S-X.
Consequently, they do not include all the disclosures required under
generally accepted accounting principles for complete financial statements.
However, in the opinion of the management of CLARK Material Handling
Company (the "Company"), the consolidated financial statements presented
herein contain all adjustments (consisting only of normal recurring
adjustments) necessary to present fairly the financial position, results of
operations and cash flows of the Company and its consolidated subsidiaries.
For further information regarding the Company's accounting policies and the
basis of presentation of the financial statements, refer to the
consolidated financial statements and notes included in the Company's
Annual Report on Form 10-K for the year ended December 31, 1998.
2. Inventories consist of the following:
June 30, December 31,
1999 1998
Finished equipment $ 23,648 $ 22,104
Replacement parts 30,888 29,967
Work-in-process 9,434 9,482
Raw materials and supplies 41,778 40,846
--------- ---------
Net inventories $ 105,748 $ 102,399
========= =========
3. The Company had a total comprehensive income (loss) of ($2,523) and $2,067
for the three months ended June 30, 1999 and 1998, respectively. The
Company had a total comprehensive income (loss) of ($11,726) and $1,976 for
the periods ended June 30, 1999 and 1998, respectively. The difference
between the Company's net income and total comprehensive income (loss)
relates to the cumulative translation adjustment of its foreign
subsidiaries.
4. The tables below present information about reported segments for year to
date and the quarters ended and year to date June 30, 1999 and 1998.
Reported segments include both internal and external sales.
<TABLE>
<CAPTION>
The
Quarter to date Americas Europe Asia Eliminations Total
- --------------- ------------ ------------ ------------ ------------ ------------
June 30, 1999
<S> <C> <C> <C> <C> <C>
Net sales $ 102,538 $ 32,939 $ 23,740 $ (19,795) $ 139,422
Income (loss) before
income taxes $ (4,347) $ 839 $ 923 $ (264) $ (2,849)
June 30, 1998
Net sales $ 107,501 $ 35,437 $ 420 $ (4,008) $ 139,350
Income (loss) before
income taxes $ 1,260 $ 575 $ (274) $ 1 $ 1,562
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
The
Year to date Americas Europe Asia Eliminations Total
- --------------- ------------ ------------ ------------ ------------ ------------
June 30, 1999
<S> <C> <C> <C> <C> <C>
Net sales $ 187,045 $ 63,342 $ 43,766 $ (27,850) $ 266,303
Income (loss) before
income taxes $ (10,213) $ 865 $ 1,635 $ (1,232) $ (8,945)
June 30, 1998
Net sales $ 208,342 $ 66,993 $ 747 $ (7,259) $ 268,823
Income (loss) before
income taxes $ 1,912 $ 571 $ (431) $ 23 $ 2,075
</TABLE>
5. Certain reclassifications of prior period amounts have been made to
conform with the current year presentation.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
General
The Company manufactures products in the U.S., Canada, Germany, and Korea and
sells products worldwide. Sales of products manufactured and sold by the Company
have historically been subject to cyclical variation due primarily to changes in
general economic conditions. Management believes that while there can be no
assurance as to the magnitude or timing of any economic downturn, the fact that
its products are sold on a global basis serves to mitigate the risks associated
with regional economic downturns. In addition, the Company further believes its
extensive number of installed units throughout the world will continue to
reflect itself in significant aftermarket parts sales which will also serve to
dampen the effect of regional cyclical economic downturns. During the first half
of 1999, 41.1% of the Company's gross margin (39.3% in 1998) resulted from
aftermarket parts sales.
The Company started implementation of a new Enterprise Resource Planning (ERP)
system in its North American operation in the fourth quarter of 1998. The
transition from that operation's legacy systems was difficult and adversely
impacted financial results beginning with 1998 fourth quarter continuing through
the second quarter of 1999. In November, 1998, the Company engaged a team of
consultants from the firm that developed the software used in the ERP system to
assist in restarting the system. The restart occurred in February, 1999.
Although considered a success, the restart resulted in a continuation of
problems but to a greatly reduced extent from those experienced prior to the
restart. The number and significance of problems continues to diminish. The team
of consultants was disengaged as of June 18, 1999, and the Company believes any
adverse financial impact of the ERP system beyond the second quarter will not be
material. In the six month period ending June 30, 1999, the Company spent
approximately $1.6 million for consultants providing assistance in start up and
problem resolution associated with the ERP system. In addition, inefficiencies
in manufacturing operations occurred and the economic impact of these
inefficiencies cannot be accurately determined.
The ERP system was successfully launched during the second quarter in the
Company's subsidiary in Europe. Installation in the Company's subsidiary in Asia
is anticipated before the end of the current year.
<PAGE>
Results of Operations
Three months ended June 30, 1999, compared to the three months ended June 30,
1998:
Net Sales
- ---------
Net sales were $139.4 million for the three months ended June 30, 1999, which
was approximately the same as the same period one year ago. Machine and other
sales decreased 2.0% while parts sales increased 9.5% from the same period one
year ago. Machine and other sales increased $10.8 million as a result of
including the effect of the purchase of the forklift division of Samsung Heavy
Industries ("SHI") which occurred on July 15, 1998. This increase was offset by
lower sales in the U.S. which reflects problems associated with the Company's
new ERP system, and Europe, which has experienced softening of order rates over
the past few months.
Gross Profit
- ------------
Gross profit increased $0.3 million to $19.0 million in the second quarter of
1999 compared to $18.7 million in the second quarter of 1998. The acquisition of
SHI's forklift division added $3.3 million of gross profit. Increased parts
sales further increased gross profit by $0.7 million. Offsetting these increases
were the unfavorable effect of reduced sales revenue in North America and
Europe.
Engineering, Selling and Administrative Expense
- -----------------------------------------------
Engineering, selling and administrative expense increased $4.8 million to $17.1
million for the three months ended June 30, 1999 from $12.3 million during the
same period of 1998. Included in this increase is $2.5 million for CLARK Asia
which reflected the SHI acquisition which occurred during the 3rd quarter of
1998. Also included in these costs is $0.6 million of consulting cost related to
our ERP implementation. As a percent of sales, engineering, selling, and
administrative expense was 12.3% and 8.8% for the same period in 1999 and 1998
respectively.
Income (Loss) from Operations
- -----------------------------
Income from operations was $1.9 million for the three months ended June 30, 1999
compared to income of $6.4 million for the same period in 1998 due to the
reasons discussed above.
Interest and Other Expense
- --------------------------
Net interest expense of the Company was $4.9 million for the three months ended
June 30, 1999 compared to $4.3 million during the three months ended June 30,
1998. The increase reflects higher average debt for the period.
Changes in foreign exchange rates resulted in $.3 million income for the three
months ended June 30, 1999 compared to expense of ($0.5) million for the same
period one year ago.
Income Taxes
- ------------
The provision for income taxes was $0.5 million during the three months ended
June 30, 1999 compared to $0.3 million during the three months ended June 30,
1998.
<PAGE>
Net Income (Loss)
- ----------------
The Company reported a net loss of ($3.4) million during the three months ended
June 30, 1999 compared to net income of $1.2 million for the same period in
1998.
Results of Operations
- ---------------------
Six months ended June 30, 1999, compared to the six months ended June 30, 1998:
Net Sales
- ---------
Net sales were $266.3 million for the six months ended June 30, 1999, a decrease
of $2.5 million or 1.0% from $268.8 million for the same period in 1998. Machine
and other sales decreased 3.4%. While machine and other sales increased as a
result of including CLARK Asia sales for the business acquired from SHI for the
entire period ending June 30, 1999, this increase was offset by reduced sales of
North American manufactured products. Parts sales increased 10.4% over the same
period last year.
Gross Profit
- ------------
Gross profit decreased 4.5% or $1.6 million to $34.0 million in the first six
months of 1999 compared to $35.6 million in the first six months of 1998. The
inclusion for the entire six month period of business acquired from SHI
contributed increased gross margin which was offset as a result of decreased
sales in the U.S. and Europe. As a percentage of sales, gross profits were 12.8%
for the six months ended June 30, 1999 compared to 13.3% for the same period in
the prior year.
Engineering, Selling and Administrative Expense
- -----------------------------------------------
Engineering, selling and administrative expense increased $9.3 million to $34.2
million for the six months ended June 30, 1999 from $24.9 million during the
same period of 1998. As a percent of sales, engineering, selling and
administrative expense was 12.8% and 9.3% for the same period in 1999 and 1998
respectively. The acquisition of SHI's forklift business accounted for $5.3
million of the increase and the acquisition of three Company owned dealerships
accounted for an additional $2.8 million. Costs associated with introduction of
the ERP system accounted for most of the remaining increase.
Income from Operations
- ----------------------
Income from operations decreased $10.9 million to ($0.2) million for the six
months ended June 30, 1999 compared to $10.7 million for the same period in 1998
due to the reasons discussed above.
Interest and Other Expense
- --------------------------
Net interest expense of the Company was $9.4 million for the six months ended
June 30, 1999 compared to $7.8 million for the same period one year ago. The
increase reflects higher average debt for the period.
Changes in foreign exchange rates resulted in $.3 million income for the three
months ended June 30, 1999 compared to expense of ($.5) million for the six
month period ending June 30, 1998.
<PAGE>
Income Taxes
- ------------
The provision for income taxes was $0.8 million during the six months ended June
30, 1999 compared to $0.6 million during the six months ended June 30, 1998.
Net Income
- ----------
The Company reported a net loss of ($9.7) million during the six months ended
June 30, 1999 compared to net income of $1.5 million for the same period in
1998.
Backlog
The Company's backlog of orders at June 30, 1999 was $89.9 million, down 16.8%
from June 30, 1998, when the backlog of orders was $108.0 million. The backlog
includes $5.2 million for CLARK Asia which primarily reflects backlog associated
with SHI's forklift division which was acquired in July, 1998.
The total backlog of $89.9 million reflects a 2.7% decrease from March 31, 1999,
when the backlog of orders was $92.4 million. The current backlog does reflect
some softening of order rates for units which has occurred in the U.S. and
Europe over the first six months of this year. The current backlog is considered
at normal levels and is sufficient for operating the Company at current levels
of production. Substantially all of the Company's backlog of orders are expected
to be filled within one year, although there can be no assurance that all such
orders will be filled within that time period. The cancellation or delay of
certain orders could have a material adverse effect on the Company.
Capital Resources, Liquidity and Financial Conditions
The Company's overall financial condition was adversely effected during the
first six months as total stockholders' equity decreased from $21.3 million at
December 31, 1998 to $8.3 million at June 30, 1999. Working capital decreased
from $42.7 million at December 31, 1998 to $35.4 million at June 30, 1999. The
reduction in net worth is due primarily to net losses in the first six months of
1999 amounting to $9.7 million. Net interest expense accounted for $9.4 million
of the net loss. The working capital decrease was caused by an increase in notes
payable which was used to fund operating losses as well as increases to accounts
receivable and inventory which occurred as a result of problems encountered with
the new ERP system. The Company believes the problems discussed above are, for
the most part, resolved. Management believes operations have now stabilized, the
Company should be able to operate at near break even levels during the last six
months of 1999, and working capital should improve as the Company is better able
to manage inventory and accounts receivable now that ERP problems are largely
under control. Capital expenditures totaled $6.2 million for the six months
ended June 30, 1999. $2.8 million of these expenditure occurred in CLARK Asia
due to refurbishing an existing building and thereby provide a new manufacturing
facility for that business unit.
The Company had $7.5 million cash on hand as of June 30, 1999 as compared to
$9.7 million at December 31, 1998. At June 30, 1999, the Company had $9.7
million undrawn from its $30.0 million U.S. revolving credit facility. In
addition, CLARK Europe has a working capital credit line amounting to $10
million. To accommodate additional short-term financing needs and provide
further liquidity, the Company, in March 1999, secured a temporary increase of
its U.S. Revolving Credit Facility from $30 million to $35 million until June
30, 1999. In June, the Company elected not to renew the $5 million temporary
increase. At June 30, 1999 the Company had a combined borrowing availability of
<PAGE>
$0.7 million against its lines in Germany and Canada for a total borrowing
availability of $10.4 million. Management plans to restrict the use of cash for
capital expenditures during the final six months of 1999 and believes existing
cash levels and existing credit facilities will be sufficient to meet the
Company's ordinary operating needs for the next twelve months.
The Company's operating results are subject to fluctuations in foreign currency
exchange rates as well as the currency translation of its foreign operations
into U.S. dollars. The Company manufactures products in the U.S., Canada, Korea
and Germany and exports products to more than 80 countries worldwide. The
Company's foreign sales, the majority of which occur in Germany, are subject to
exchange rate volatility.
The Company has exposure to fluctuations in exchange rates primarily related to
the Canadian dollar, German Mark and Korean won. The Company hedges its exposure
to Korean won to the extent the exposure relates to the import to the U.S. of
finished units purchased from Korea. Historically, the Company has not otherwise
hedged its foreign currency risk.
Year 2000
The Company is aware of the issues associated with the programming code in
existing computer systems as the millennium approaches. The "year 2000" problem
is pervasive and complex as virtually every computer operation will be affected
in some way by the rollover of the two digit year value to 00. The issue is
whether computer systems will properly recognize date-sensitive information when
the year changes to 2000. Systems that do not recognize such information could
generate erroneous data or cause a system to fail.
The Company is utilizing both internal and external resources with respect to
its year 2000 issues. With regard to its information technology ("IT") systems,
CLARK is in the process of installing new software to provide improved
operational and financial functionality at each of its worldwide locations. This
new software is year 2000 compliant and "Euro" compliant. The installation was
substantially completed in the North American manufacturing operation during the
first quarter of 1999, and in the European manufacturing operation during the
second quarter of 1999. The Company began installation of year 2000 compliant
software at CLARK Asia facilities in the second quarter of 1999 and installation
should be completed early in the fourth quarter of 1999. The installation of the
new software by CLARK is a result of a strategic plan to upgrade its
company-wide computer systems which pre-dated the Company's efforts to make its
IT systems year 2000 compliant. Therefore, the Company has not incurred and does
not anticipate incurring any material costs (currently estimated at less than
$0.4 million) specifically related to year 2000 issues that are in addition to
the costs associated with its overall computer system upgrade.
CLARK does not believe that it has any material year 2000 issues with regard to
its non-IT systems. The Company's products employ chips and microprocessors
which use interval timers as opposed to real-time clocks and therefore should
not be affected by the year 2000 rollover. In addition, CLARK does not utilize
computer controlled machines in its factory production, thereby minimizing
potential year 2000 problem relating to its manufacturing equipment.
The Company has ongoing business relationships with many suppliers, dealers, and
other parties, each of which may have their own year 2000 issues. CLARK is in
the process of making contact with these third parties with which it has a
material relationship in order to assess whether the Company faces risks
relating to third party year 2000 problems. The Company continues to assess its
exposure to third party risk. There can be no assurance at this time that these
third parties are taking appropriate actions to safeguard their computer
systems.
<PAGE>
Management can not at this time predict with any certainty CLARK's most likely
worst case scenario relating to the year 2000 problem. The Company intends to
perform test-runs at its facilities following installation of its new 2000
compliant software. If a year 2000 problem is identified during these test-runs,
the Company intends to immediately seek correction of the problem from its
software vendor at no cost to the Company and will develop other contingency
plans responsive to the facts and circumstances that exist at that time.
Euro Conversion
The Euro was introduced on January 1, 1999, at which time the eleven
participating European Monetary Union member countries established fixed
conversion rates between their existing currencies (legacy currencies) and the
Euro. During the three-and-a-half year transition period following its
introduction, countries will be allowed to transact business in the Euro and in
their own currencies. On July 1, 2002, the Euro will be the one and only
official currency in European Union countries that are participating in the
conversion.
The Company's European operations have established plans to address the issues
raised by the Euro currency conversion and are cognizant of the potential
business implications of the conversion. CLARK is in the process of installing
new software in each of its worldwide locations that will be able to process
Euro currency transactions. The Company does not expect the conversion costs to
be material. However, due to numerous uncertainties, the Company cannot
reasonably estimate the effect one common currency will have on pricing and the
resulting impact, if any, on its results of operations, financial condition or
cash flow.
Item 3. Quantitative and Qualitative Disclosures about Market Risks
There have been no material changes in this area during the quarter ending June
30, 1999.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Except for the legal proceedings reported in the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1998 for which there have since been
no material developments, the Company believes there is no outstanding
litigation which could have a material impact on its financial position or
results of operations.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit No. Description
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Company during the
quarter ended June 30, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CLARK MATERIAL HANDLING COMPANY
Date: 8/16/1999 By: /s/ Douglas P. Bennett
--------- --------------------------------------
Douglas P. Bennett
Vice President, Finance and CFO
(Principal Financial and Accounting Officer)
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
EXHIBIT INDEX
Exhibit No. Description
27 Financial Data Schedule
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 7,524
<SECURITIES> 0
<RECEIVABLES> 88,867
<ALLOWANCES> (5,504)
<INVENTORY> 105,748
<CURRENT-ASSETS> 205,350
<PP&E> 88,901
<DEPRECIATION> (22,001)
<TOTAL-ASSETS> 406,074
<CURRENT-LIABILITIES> 169,964
<BONDS> 157,056
0
0
<COMMON> 1
<OTHER-SE> 24,999
<TOTAL-LIABILITY-AND-EQUITY> 406,074
<SALES> 266,303
<TOTAL-REVENUES> 266,303
<CGS> 232,828
<TOTAL-COSTS> 232,828
<OTHER-EXPENSES> 34,195
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 9,869
<INCOME-PRETAX> (8,945)
<INCOME-TAX> 755
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,700)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
