<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 2000
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 000-00822
----------------------------------------------------
THE OILGEAR COMPANY
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S><C>
Wisconsin 39-0514580
--------------------------------------------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2300 South 51st Street, Milwaukee, Wisconsin 53219
--------------------------------------------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (414) 327-1700
--------------------------------------------------------------------------------------------------------------------
</TABLE>
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
------ -----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding June 30, 2000
--------------------------------------------------------------------------------
Common Stock, $1.00 Par Value 1,990,783
<PAGE> 2
PAGE 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS JUNE 30, 2000 December 31, 1999
=============================================================================================================================
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 6,011,565 6,698,452
Trade accounts receivable, less allowance for doubtful
receivables of $268,000 in both 2000 and 1999 19,701,636 17,563,376
Costs and estimated earnings in excess of billings on uncompleted contracts 3,981,489 511,564
Inventories 22,484,386 23,232,920
Prepaid expenses 823,602 378,680
Other current assets 912,618 976,355
-----------------------------------------------------------------------------------------------------------------------------
Total current assets 53,915,296 49,361,347
-----------------------------------------------------------------------------------------------------------------------------
Property, plant and equipment, at cost
Land 951,176 1,010,165
Buildings 11,503,058 11,196,541
Machinery and equipment 47,718,410 47,233,691
Drawings, patterns and patents 4,432,169 4,249,083
-----------------------------------------------------------------------------------------------------------------------------
64,604,813 63,689,480
Less accumulated depreciation and amortization 38,704,497 37,103,920
-----------------------------------------------------------------------------------------------------------------------------
Net property, plant and equipment 25,900,316 26,585,560
Intangible pension asset 240,000 240,000
Other assets 4,738,681 5,178,340
-----------------------------------------------------------------------------------------------------------------------------
$ 84,794,293 81,365,247
-----------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
=============================================================================================================================
Current liabilities:
Short-term borrowings $ 146,613 158,244
Current installments of long-term debt 1,916,455 2,014,355
Accounts payable 7,375,718 6,219,199
Billings in excess of costs and estimated earnings on uncompleted contracts 758,081 726,671
Customer deposits 2,220,727 523,717
Accrued compensation and employee benefits 2,557,849 2,612,856
Other accrued expenses and income taxes 3,461,410 3,605,491
-----------------------------------------------------------------------------------------------------------------------------
Total current liabilities 18,436,853 15,860,533
-----------------------------------------------------------------------------------------------------------------------------
Long-term debt, less current installments 20,053,124 18,546,233
Unfunded employee retirement plan costs 790,000 790,000
Unfunded post-retirement health care costs 10,809,000 10,809,000
Other noncurrent liabilities 1,635,397 1,483,998
-----------------------------------------------------------------------------------------------------------------------------
Total liabilities 51,724,374 47,489,764
-----------------------------------------------------------------------------------------------------------------------------
Minority interest in consolidated subsidiaries 866,827 797,472
Shareholders' equity:
Common stock, par value $1 per share, authorized 4,000,000 shares;
issued 1,990,783 shares in 2000 and 1999, respectively 1,990,783 1,990,783
Capital in excess of par value 9,497,906 9,497,906
Retained earnings 24,346,945 23,794,315
-----------------------------------------------------------------------------------------------------------------------------
35,835,634 35,283,004
Deduct:
Treasury stock, 10,821 and 800 shares in 2000 and 1999, respectively, at cost (90,683) (8,800)
Notes receivable from employees for purchase of Company
common stock (215,437) (223,819)
Accumulated other comprehensive income:
Foreign currency translation adjustment (3,256,422) (1,902,374)
Minimum pension liablility adjustment (70,000) (70,000)
-----------------------------------------------------------------------------------------------------------------------------
(3,326,422) (1,972,374)
-----------------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 32,203,092 33,078,011
-----------------------------------------------------------------------------------------------------------------------------
$ 84,794,293 81,365,247
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 3
PAGE 3
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net sales $22,096,692 22,357,482 $46,561,459 45,567,365
Cost of sales 15,858,116 16,136,138 33,616,834 32,726,987
------------------------------------------------------------------------------------------------------------------------------
Gross profit 6,238,576 6,221,344 12,944,625 12,840,378
Selling, general and
administrative expenses 5,585,856 5,453,132 11,196,880 11,056,052
------------------------------------------------------------------------------------------------------------------------------
Operating income 652,720 768,212 1,747,745 1,784,326
Interest expense 356,044 423,503 697,903 871,396
Other non-operating income,net 103,010 116,159 134,857 203,203
------------------------------------------------------------------------------------------------------------------------------
Earnings before income taxes 399,686 460,868 1,184,699 1,116,133
Income tax expense 85,914 104,734 275,760 257,281
------------------------------------------------------------------------------------------------------------------------------
Net earnings before minority interest 313,772 356,134 908,939 858,852
Minority interest in net earnings 25,583 14,957 81,878 35,563
------------------------------------------------------------------------------------------------------------------------------
Net earnings $ 288,189 341,177 $ 827,061 823,289
--------------------------------------------==================================================================================
Basic earnings per share of common stock $ 0.15 0.17 $ 0.42 0.42
--------------------------------------------==================================================================================
Diluted earnings per share of common stock $ 0.15 0.17 $ 0.42 0.42
--------------------------------------------==================================================================================
Dividends per share of common stock $ 0.07 0.07 $ 0.14 0.14
--------------------------------------------==================================================================================
Basic weighted-average outstanding shares 1,981,006 1,988,674 1,981,286 1,977,479
--------------------------------------------==================================================================================
Diluted weighted-average outstanding shares 1,986,306 1,988,674 1,986,115 1,977,479
--------------------------------------------==================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 4
PAGE 4
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR SIX MONTHS ENDED
JUNE 30,
2000 1999
=========================================================================================================================
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 827,061 823,289
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 1,991,177 1,955,546
Common and treasury stock issued in connection with:
Compensation element of sales to employees
and employee savings plan 22,323 69,857
Minority interest in consolidated subsidiaries 87,206 35,563
Change in assets and liabilities:
Trade accounts receivable (2,487,673) (868,861)
Inventories 281,335 2,438,272
Billings, costs and estimated earnings on uncompleted contracts (3,438,515) (478,607)
Prepaid expenses (471,229) (282,734)
Accounts payable 1,265,391 (1,793,228)
Customer deposits 1,710,309 (508,264)
Accrued compensation 9,064 804,600
Other, net 164,125 734,969
-------------------------------------------------------------------------------------------------------------------------
Net cash provided (used) by operating activities $ (39,426) 2,930,402
-------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities:
Additions to property, plant and equipment (1,573,446) (733,748)
-------------------------------------------------------------------------------------------------------------------------
Net cash (used) by investing activities $ (1,573,446) (733,748)
-------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
Net repayments under line of credit agreements (7,702) (35,312)
Repayment of long-term debt (1,043,718) (922,927)
Proceeds from issuance of long-term debt 2,500,989 -
Restricted cash used for capital expenditures 384,427 227,390
Dividends paid (277,280) (278,332)
Purchase of treasury stock (136,345) (18,769)
Proceeds from sale of treasury stock - 14,570
Proceeds from sale of common stock - 99,483
Payments received on notes receivable from employees 43,371 49,150
-------------------------------------------------------------------------------------------------------------------------
Net cash provided (used) by financing activities $ 1,463,742 (864,747)
-------------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash equivalents (537,757) (385,399)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents $ (686,887) 946,508
Cash and cash equivalents:
At beginning of period 6,698,452 4,058,530
-------------------------------------------------------------------------------------------------------------------------
At end of period 6,011,565 5,005,038
=========================================================================================================================
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 691,270 781,995
Income taxes $ 225,420 146,340
========================================
</TABLE>
THE OILGEAR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR SIX MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
====================================================================================================================================
<S> <C> <C> <C> <C>
Net earnings $ 288,189 341,177 $ 827,061 $ 823,289
Other comprehensive loss:
Foreign currency translation adjustment (778,466) (727,381) (1,354,048) (1,543,151)
------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive loss $ (490,227) (333,658) $ (526,987) (333,658)
====================================================================================================================================
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 5
PAGE 5
THE OILGEAR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Basis of Presentation
These interim financial statements reflect all adjustments which are, in the
opinion of management, necessary for a fair statement of the results for the
interim period. All such adjustments are of a normal recurring nature.
Management assumes the reader will have access to the December 31, 1999 Annual
Report, a copy of which is available upon request. These notes should be read in
conjunction with the Consolidated Financial Statements and the related notes in
the 1999 Annual Report.
Business Description and Operations
The Company manages its operations in three reportable segments based upon
geographic area. Domestic includes the United States and Canada, European
includes Europe and International includes Asia, Latin America, Australia and
most of Africa.
The individual subsidiaries of the Company operate predominantly in the fluid
power industry. The Company provides advanced technology in the design and
production of unique fluid power components, systems and electronic controls.
Products include piston pumps, motors, valves, controls, manifolds,
electrohydraulic systems and components, cylinders, reservoirs, skids and
meters. Industries that use these products are primary metals, machine tool,
automobile, petroleum, construction equipment, chemical, plastic, glass, lumber,
rubber and food. The products are sold as individual components or integrated
into high performance systems.
Geographic segment information is as follows:
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR SIX MONTHS ENDED
SALES TO UNAFFILIATED CUSTOMERS JUNE 30, 2000 June 30, 1999 JUNE 30, 2000 June 30, 1999
==================================================================================================================================
<S> <C> <C> <C> <C>
Domestic $ 13,265,057 12,941,876 $ 27,977,415 25,979,546
European 5,755,506 7,271,022 12,305,559 14,917,675
International 3,076,129 2,144,584 6,278,485 4,670,144
----------------------------------------------------------------------------------------------------------------------------------
Total $ 22,096,692 22,357,482 $ 46,561,459 45,567,365
----------------------------------------------------------------------------------------------------------------------------------
INTERSEGMENT SALES
----------------------------------------------------------------------------------------------------------------------------------
Domestic $ 1,859,220 884,145 $ 3,882,233 2,894,032
European 800,269 358,447 1,038,562 984,379
OPERATING INCOME
----------------------------------------------------------------------------------------------------------------------------------
Domestic $ 1,048,774 778,477 $ 1,959,617 1,615,586
European 72,665 366,120 446,656 789,365
International 246,193 265,569 671,102 688,627
Corporate expenses, including R&D (714,912) (641,954) (1,329,630) (1,309,252)
----------------------------------------------------------------------------------------------------------------------------------
Total $ 652,720 768,212 $ 1,747,745 1,784,326
----------------------------------------------------------------------------------------------------------------------------------
IDENTIFIABLE ASSETS
----------------------------------------------------------------------------------------------------------------------------------
Domestic $ - - $ 51,030,370 54,907,489
European - - 25,408,410 25,638,223
International - - 6,772,494 4,378,207
Corporate - - 1,583,019 1,388,688
----------------------------------------------------------------------------------------------------------------------------------
Total $ - - $ 84,794,293 86,312,607
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
PAGE 6
Continuation of Notes to Consolidated Financial Statements
Inventories
Inventories at June 30, 2000 and December 31, 1999 consist of the following:
<TABLE>
<CAPTION>
JUNE 30, 2000 December 31, 1999
=============================================
<S> <C> <C>
Raw materials $ 2,463,471 2,447,402
Work in process 17,168,524 17,634,558
Finished goods 4,171,391 4,777,960
----------------------------------------------------------------------------------------------------------
23,803,386 24,859,920
LIFO reserve (1,319,000) (1,627,000)
----------------------------------------------------------------------------------------------------------
Total $ 22,484,386 23,232,920
==========================================================================================================
</TABLE>
Inventories stated on the last-in, first-out (LIFO) basis are valued at
$13,927,000 and $15,642,000 at June 30, 2000 and December 31, 1999,
respectively.
Earnings per share
The following table sets forth the computation of basic and diluted earnings per
common share:
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR SIX MONTHS ENDED
JUNE 30, 2000 June 30, 1999 JUNE 30, 2000 June 30, 1999
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net income for basic and diluted earnings per share $ 288,189 341,177 $ 827,061 823,289
Weighted average common shares outstanding 1,981,006 1,988,674 1,981,286 1,977,479
Dilutive stock options 5,300 - 4,829 -
Dilutive average common shares outstanding 1,986,306 1,988,674 1,986,115 1,977,479
Basic earnings per common share $ 0.15 0.17 $ 0.42 0.42
Diluted earnings per common share $ 0.15 0.17 $ 0.42 0.42
</TABLE>
Options to purchase 79,320 shares of common stock with a weighted average
exercise price of $10.57 per share were outstanding at June 30, 2000. Options to
purchase 61,742 shares of common stock with a weighted average exercise price of
$12.22 per share were outstanding at June 30, 1999.
Options to purchase 74,020 and 61,742 shares of common stock were not included
in the June 30, 2000 and 1999, respectively, computation of diluted earnings per
share because the options' exercise price was greater than the average market
price of common stock during the three month periods then ended.
<PAGE> 7
PAGE 7
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
The increase of systems work-in-process at June 30, 2000 compared to December
31, 1999 caused the increase in trade accounts receivable, costs and estimated
earnings in excess of billings on uncompleted contracts, accounts payable,
customer deposits and long-term debt. The weakening of the EURO and the UK pound
against the US dollar caused the loss in "Foreign currency translation
adjustment". The Company's management believes the Company has adequate means
for meeting future capital needs.
RESULTS OF OPERATIONS
Sales of approximately $22,097,000 for the second quarter of 2000 were down 1.2%
from sales of approximately $22,357,000 for the same period in 1999. Net
earnings were approximately $288,000 or $0.15 per share for the second quarter
of 2000, a 15.5% decrease from earnings of approximately $341,000 or $0.17 per
share in the second quarter of 1999. A 20.8% decrease in the second quarter of
2000 compared to the second quarter of 1999 in the net sales from the European
segment was the primary reason for the 15.5% decrease in consolidated net
earnings in the second quarter of 2000.
For the first six months of 2000, sales were approximately $46,561,000, compared
to sales of approximately $45,567,000 for the first six months of 1999. Net
earnings were approximately $827,000 or $.42 per share for the first six months
of 2000, compared to earnings of $823,000 or $.42 per share for the same period
in 1999.
The increase in sales during the first six months reflected strong systems sales
in the domestic segment and also in our international operations. Domestic sales
were up 7.7% with particular strength in electrohydraulic systems. Our
international segments sales were up 34.4% with very strong sales from the
Mexican market. A decrease in the European segment of 17.5% caused the
consolidated net sales and net earnings to be flat.
Our backlog currently stands at approximately $24,600,000, up 30% from year end.
Orders were up 4.8% in the second quarter of 2000 and up 12.3% for the six
months compared to the same periods in 1999. Our U.S. systems orders were
particularly strong during the second quarter, and piston pump orders were up as
well. Our international systems business continues at a strong level and our
European orders are up when stated in local currency, but down slightly when
translated into U.S. dollars.
Interest expense has decreased primarily because the days weighted average
amount of borrowings decreased.
Non-operating income consists of the following:
<TABLE>
<CAPTION>
FOR THREE MONTHS ENDED FOR SIX MONTHS ENDED
JUNE 30, 2000 June 30, 1999 JUNE 30, 2000 June 30, 1999
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest income $ 6,909 25,333 $ 83,898 85,925
Foreign currency exchange gain(loss) (6,957) 61,281 (89,914) 62,344
Miscellaneous, net 103,058 29,545 140,873 54,934
-------------------------------------------------------------------------------------------------------------------------
Non-operating income $ 103,010 116,159 $ 134,857 203,203
=========================================================================================================================
</TABLE>
Cautionary Factors
The discussions in this section and elsewhere contain various forward-looking
statements concerning the Company's prospects that are based on the current
expectations and beliefs of management. Forward-looking statements may also be
made by the Company from time to time in other reports and documents as well as
oral presentations. When used in written documents or oral statements, the words
"anticipate", "believe", "estimate", "expect", "objective", and similar
expressions are intended to identify forward-looking statements. The statements
contained herein and such future statements involve or may involve certain
assumptions, risks and uncertainties, many of which are beyond the Company's
control, that could cause the Company's actual results and performance to differ
materially from what is expected. In addition to the assumptions and other
factors referenced specifically in connection with such statements, the
following factors could impact the business and financial prospects of the
Company:
* Factors affecting the Company's international operations, including relevant
foreign currency exchange rates, which can affect the cost to produce the
Company's products or the ability to sell the Company's products in foreign
markets, and the value in United States dollars of sales made in foreign
currencies. Other factors include foreign trade, monetary and fiscal policies;
laws, regulations and other activities of foreign governments, agencies and
similar organizations; and risks associated with having major facilities located
in countries which have historically been less stable than the United States in
several respects, including fiscal and political stability.
* Factors affecting the Company's ability to hire and retain competent
employees, including unionization of the Company's non-union employees and
changes in relationships with the Company's unionized employees.
* The risk of strikes or other labor disputes at those locations that are
unionized which could affect the Company's operations.
* Factors affecting the economy generally, including the financial and
business conditions of the Company's customers and the demand for customers'
products and services that utilize Company products.
* Factors the fair market value of the Company's common stock or other affecting
factors that would negatively impact the funding of the employee benefit plans.
<PAGE> 8
* Factors affecting the Company's financial performance or condition, including
tax legislation, unanticipated restrictions on the Company's ability to transfer
funds from its subsidiaries and changes in applicable accounting principles or
environmental laws and regulations.
* The cost and other effects of claims involving the Company's products and
other legal and administrative proceedings, including the expense of
investigating, litigating and settling any claims.
* Factors affecting the Company's ability to produce products on a competitive
basis, including the availability of raw materials at reasonable prices.
* Unanticipated technological developments that result in competitive
disadvantages and create the potential for impairment of existing assets.
<PAGE> 9
PAGE 9
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Companys' market risk exposure has not changed substantially from the year
ended December 31, 1999. See Item 7A Quantitative and Qualitative Disclosures
About Market Risk in the Company's annual report on Form 10-K for the year ended
December 31, 1999.
<PAGE> 10
PAGE 10
Part II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
At the annual meeting of shareholders on April 18, 2000 management's
nominees named below were elected as directors of the class whose term expires
in 2003 by the indicated votes cast for and withheld with respect to each
nominee. Of the 1,990,783 shares of Common Stock which were entitled to vote at
the meeting, 1,760,232 shares were represented in person or by proxy and
1,706,556 shares (97% of the shares represented) were voted for the election of
all of management's nominees. There were no abstentions or broker non-votes with
respect to the election of directors.
<TABLE>
<CAPTION>
Name of Nominee For Withheld
--------------- --- --------
<S> <C> <C>
Hubert Bursch 1,735,621 24,611
Roger H. Schroeder 1,735,636 24,596
David A. Zuege 1,706,556 53,676
</TABLE>
Further information concerning this matter, including the name of each
other director whose term of office as a director continued after the meeting,
is contained in the registrant's Proxy Statement dated March 30, 2000 with
respect to the registrant's 2000 annual meeting of shareholders.
Item 5. Other Information
Deadlines for Shareholder Proposals
Shareholder proposals must be received by the Secretary of Oilgear no later than
November 30, 2000 in order to be considered for inclusion in next year's annual
meeting proxy materials pursuant to Commission Rule 14a-8. Shareholders wishing
to propose any floor nominations for director or floor proposals at the 2001
annual meeting without inclusion of such proposals in Oilgear's proxy materials
must provide notice thereof to the Secretary of Oilgear no later than February
13, 2001 in order for such notice to be considered timely under the Commission's
proxy rules.
<PAGE> 11
PAGE 11
Part II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
See Exhibit Index following the last page of this Form 10-Q which
Exhibit Index is incorporated herein by reference.
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed during the quarter for
which this report is filed.
<PAGE> 12
PAGE 12
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.
August 14, 2000
THE OILGEAR COMPANY
Registrant
/S/ DAVID A. ZUEGE
-----------------------------
David A. Zuege
President and CEO
(Principal Executive Officer)
/S/ THOMAS J. PRICE
-----------------------------
Thomas J. Price
VP-CFO and Secretary
(Principal Financial and Chief Accounting Officer)
<PAGE> 13
PAGE 13
THE OILGEAR COMPANY
COMMISSION FILE NUMBER 000-00822
EXHIBIT INDEX
Quarterly Report on Form 10-Q
For the Quarter Ended June 30, 2000
Exhibit
Number
4 Amendment No. 8 to Loan Agreement between The Oilgear Company
and M&I Marshall & Ilsley Bank, as amended June 22, 2000.
27 The Oilgear Company Financial Data Schedule for the six months
ended June 30, 2000.
