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 July 1, 1995
or
( ) Transaction Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
for the Transition period from to
Commission File Number 0-13886
Oshkosh Truck Corporation
[Exact name of registrant as specified in its charter]
Wisconsin 39-0520270
[State of other jurisdiction of [I.R.S. Employer
incorporation or organization] Identification No.]
2307 Oregon Street, P.O. Box 2566, Oshkosh, Wisconsin 54903
[Address of principal executive offices] [Zip Code]
Registrant's telephone number, including area code (414) 235-9151
None
[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) or 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 A Common Stock Outstanding as of July 1, 1995: 449,370
Class B Common Stock Outstanding as of July 1, 1995: 8,612,595
<PAGE>
OSHKOSH TRUCK CORPORATION
FORM 10-Q INDEX
FOR QUARTER ENDED 07/01/95
Page
PART I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheet . . . . . . . . 3
Consolidated Statement of Operations . . . 4
Consolidated Statement of Changes in
Shareholder's Equity . . . . . . . . . . . 5
Condensed Consolidated Statement of
Cash Flows . . . . . . . . . . . . . . . . 6
Notes to Consolidated Financial Statements. 7, 8, 9
Item 2. Management's Discussion and Analysis of
Results of Operations and Financial
Condition. . . . . . . . . . . . . . 10, 11, 12, 13
PART II. Other Information. . . . . . . . . . . . . 14
Signatures. . . . . . . . . . . . . . . . . . . . . . . . 14
<PAGE>
OSHKOSH TRUCK CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands except share and per share amounts)
07/01/95 09/30/94
ASSETS (unaudited)
Current assets:
Cash $ 14,397 $ 15,836
Receivables 69,074 57,745
Inventories (Note 2) 55,436 45,743
Prepaid expenses 4,028 6,309
Refundable income taxes -- 801
Deferred income taxes 7,071 8,156
Net current assets of discontinued
operations (Note 5) 6,432 7,905
-------- --------
Total current assets 156,438 142,495
Deferred charges 2,607 2,884
Deferred income taxes 382 626
Other assets 13,815 10,551
Property, plant, & equipment, at cost:
Land & improvements 5,521 5,495
Buildings 29,348 28,982
Machinery & equipment 68,203 64,807
-------- --------
103,072 99,284
Less accumulated depreciation 62,951 57,501
-------- --------
Net property, plant & equipment 40,121 41,783
Net noncurrent assets of discontinued
operations (Note 5) -- 339
-------- --------
Total assets $213,363 $198,678
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 31,875 $ 32,580
Federal excise taxes 1,743 1,550
Payroll-related obligations 6,507 5,808
Accrued warranty 3,243 3,820
Income taxes 423 --
Other liabilities 16,998 16,727
-------- --------
Total current liabilities 60,789 60,485
Long-term debt -- 37
Postretirement benefit obligations 8,669 8,144
Other long-term liabilities 7,232 8,454
Net long-term liabilities of
discontinued operations (Note 5) 3,727 --
Shareholders' equity (Note 6):
Preferred stock, par value $.01 per
share, authorized 2,000,000 shares,
none issued -- --
Common stock, par value $.01 per share:
Class A, authorized 1,000,000 shares,
issued & outstanding 449,370 shares 4 4
Class B, authorized 18,000,000
shares, issued 8,908,795 shares 89 86
Additional paid-in capital 16,323 7,623
Retained earnings 119,540 116,890
-------- --------
135,956 124,603
Less: Cost of Class B common stock
in treasury; 296,200 and 300,367
shares at 07/01/95 and 9/30/94,
respectively 2,556 2,591
Pension liability adjustment 454 454
-------- --------
Total shareholders' equity 132,946 121,558
-------- --------
Total liabilities and shareholders'
equity $213,363 $198,678
======== ========
<PAGE>
OSHKOSH TRUCK CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited/In thousands except per share amounts)
Three months ended Nine months ended
07/01/95 06/25/94 07/01/95 06/25/94
Net shipments $126,400 $155,938 $329,257 $451,147
Cost of goods sold 109,200 136,978 285,209 397,810
-------- -------- -------- --------
Gross profit 17,200 18,960 44,048 53,337
Operating expenses:
Selling, general &
administrative 9,199 10,480 25,319 31,719
Engineering, research &
development 1,226 1,596 4,354 4,982
-------- -------- -------- --------
Total operating expenses 10,425 12,076 29,673 36,701
-------- -------- -------- --------
Income from operations 6,775 6,884 14,375 16,636
Other income (expense):
Interest expense (212) (199) (491) (718)
Interest income 73 23 456 143
Miscellaneous, net 28 159 (486) 280
-------- -------- -------- --------
(111) (17) (521) (295)
-------- -------- -------- --------
Income from continuing
operations before income
taxes 6,664 6,867 13,854 16,341
Provision for income taxes 2,566 2,592 5,495 6,287
-------- -------- -------- --------
Income from continuing
operations 4,098 4,275 8,359 10,054
Discontinued operations (Note 5):
Loss from discontinued
operations net of income
tax benefit (1,245) (601) (2,656) (158)
Gain on disposal of operations
net of income taxes 235 -- 235 --
-------- ------- -------- --------
Net income $ 3,088 $ 3,674 $ 5,938 $ 9,896
======== ======== ======== ========
Net earnings per common share:
From continuing operations $ 0.46 $ 0.49 $ 0.96 $ 1.16
Discontinued operations (0.11) (0.07) (0.28) (0.02)
-------- -------- -------- --------
Net earnings per common share $ 0.35 $ 0.42 $ 0.68 $ 1.14
======== ======== ======== =========
Cash dividends per common share:
Class A $0.10875 $0.10875 $0.32625 $0.32625
Class B $0.12500 $0.12500 $0.37500 $0.37500
<PAGE>
<TABLE>
OSHKOSH TRUCK CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
JULY 1, 1995
<CAPTION>
Cost of
Additional Common Pension
Common Stock Paid-in Retained Stock in Liability
Class A Class B Capital Earnings Treasury Adjustment Total
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at 9/30/94 $4 $86 $7,623 $116,890 $(2,591) $(454) $121,558
Issuance of 350,000 shares
of common stock 3 5,247 5,250
Issuance of 1,250,000
stock warrants 4,187 4,187
Capitalization costs and
stock restriction fees (863) (863)
Exercise of stock options 1 35 36
Unearned compensation 128 128
Net income 5,938 5,938
Cash dividends (3,288) (3,288)
----- ----- -------- -------- --------- ------ ---------
Balance at 7/1/95 $4 $89 $16,323 $119,540 $(2,556) $(454) $32,946
===== ===== ======= ======== ======== ====== ========
</TABLE>
<PAGE>
OSHKOSH TRUCK CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited/In thousands)
Nine months ended
07/01/95 06/25/94
Operating activities:
Net income $ 8,359 $10,054
Adjustments to reconcile net income
to net cash provided (used) by
operating activities:
Depreciation and amortization 6,225 6,601
Deferred income taxes 1,329 (3,222)
Other 26 185
Changes in operating assets and
liabilities (25,771) 34,001
------- --------
Total adjustments (18,191) 37,565
------- --------
Net cash provided (used) by operating
activities (9,832) 47,619
------- --------
Net cash from discontinued operations 7,680 (3,745)
Investing activities:
Additions to property, plant &
equipment (3,818) (3,474)
Increase in other assets (797) (607)
------- --------
Net cash used by investing activities (4,615) (4,081)
Financing activities:
Net payments on lines of credit (37) (37,010)
Issuance of common stock and common stock
warrants, net of capitalization costs 9,074 --
Stock restriction agreement (500) --
Sale of common stock from treasury 36 197
Dividends paid (3,245) (3,236)
------- --------
Net cash provided (used) by
financing activities 5,328 (40,049)
------- --------
Decrease in cash and cash equivalents (1,439) (256)
Cash at beginning of period 15,836 592
------- --------
Cash at end of period $14,397 $ 336
======= ========
Supplementary disclosures:
Cash paid for interest:
Continuing operations $ 585 $ 790
Discontinued operations $ 709 $ 780
Cash paid for income taxes $ 961 $ 9,383
<PAGE>
OSHKOSH TRUCK CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands except share amounts)
NOTE 1 BASIS OF PRESENTATION
The consolidated financial statements included herein have been prepared
by the company without audit. However, the foregoing statements contain
all adjustments (consisting only of normal recurring adjustments) which
are, in the opinion of company management, necessary to present fairly the
financial position as of July 1, 1995 and September 30, 1994, the results
of operations for the three and nine month periods ended July 1, 1995 and
June 25, 1994, and cash flows for the nine month periods ended July 1,
1995 and June 25, 1994.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to the rules
and regulations of the Securities and Exchange Commission. It is
suggested that these consolidated financial statements be read in
conjunction with the financial statements and notes thereto included in
the company's 1994 annual report to shareholders.
NOTE 2 INVENTORIES
Inventories consist of the following:
07/01/95 09/30/94
Finished products $ 5,520 $ 8,593
Products in process 12,900 9,191
Raw material 43,602 34,171
------- -------
62,022 51,955
Less:
Progress payments on U.S.
Government contracts 82 --
Allowance for reduction to
LIFO cost 6,504 6,212
------- -------
$55,436 $45,743
======= =======
Title to all inventories related to U.S. Government contracts which
provide for progress payments vests in the U.S. Government to the extent
of unliquidated progress payments.
NOTE 3 NET INCOME PER COMMON SHARE
Net income per common share is computed by dividing net income by the
weighted average number of shares outstanding. Average number of shares
outstanding was 8,827,350 and 8,706,298, respectively, for the three month
periods and was 8,749,133 and 8,687,213, respectively, for the nine month
periods ended July 1,1995 and June 25, 1994. Stock options are not
presently dilutive.
NOTE 4 RECLASSIFICATIONS
Certain reclassifications have been made to the 1994 condensed
consolidated financial statements to conform to the 1995 presentation.
The company reclassified its $7,800,000 short-term note receivable due
from its 45% owned joint venture in Mexico, previously reported as
"receivables", into "other assets" as advances and investment in the joint
venture. This non-cash transaction is not reflected in the consolidated
statement of cash flows for the nine month period ended July 1, 1995.
NOTE 5 DISCONTINUED OPERATIONS
On June 2, 1995, the company and Freightliner Corporation, a wholly-owned
subsidiary of Daimler-Benz and Freightliner Chassis Corporation, a wholly-
owned subsidiary of Freightliner Corporation, signed an agreement under
which Freightliner Chassis Corporation acquired certain assets from the
company that made up their motorhome, bus and van chassis business. The
consideration, determined on an arm's length basis, included cash and the
assumption by Freightliner Corporation of certain liabilities. The assets
consisted of the property, plant and equipment as well as related
goodwill, and did not include receivables. Inventories were purchased at
cost. The liabilities assumed were for warranty liabilities related to
previously produced chassis and industrial revenue bonds that were secured
by the land and buildings purchased.
The Consolidated Statement of Operations for the three and nine month
periods ended July 1, 1995 and June 25, 1994, present these operations as
discontinued. Net shipments of the discontinued operations were $17.1
million and $27.4 million, respectively, for the three month periods and
$55.8 million and $85.6 million, respectively, for the nine month periods
ended July 1, 1995 and June 25, 1994.
The disposition generated cash proceeds of $23.6 million less payments of
$10.9 million for liabilities assumed. An additional $1.3 million will be
received in fiscal year 1995 with additional payments of up to $4.8
million scheduled to be paid out in 1995 and future years. Net assets and
liabilities of the discontinued operations have been segregated on the
Consolidated Balance Sheets from their historic classifications to
separately identify them. Details of such amounts were as follows:
07/01/95 09/30/94
Receivables $ 8,112 $ 8,181
Inventories 1,598 9,166
Prepaid expenses -- 25
Accounts payable (1,326) (5,393)
Payroll-related obligations (33) (676)
Accrued warranty (1,055) (2,968)
Other liabilities (864) (430)
------- --------
Net current assets of
discontinued operations $ 6,432 $ 7,905
======= =======
Property, plant, and equipment-net $ -- $ 8,718
Other assets -- 336
Long-term debt -- (8,700)
Postretirement benefit obligations -- (15)
------- --------
Net noncurrent assets of
discontinued operations $ -- $ 339
======= =======
Accrued warranty $ 2,950 $ --
Other liabilities 777 --
------- --------
Net long-term liabilities of
discontinued operations $ 3,727 $ --
======= =======
NOTE 6 STOCK RESTRICTION AGREEMENT
On June 2, 1995, the company and Freightliner Corporation
("Freightliner"), a wholly-owned subsidiary of Daimler-Benz, entered into
a long-term strategic alliance. As a condition to entering into the
alliance agreement. Freightliner requested J. Peter Mosling, Jr. and
Stephen P. Mosling, as the two majority Class A Common Stock shareholders
of the company (the "Shareholders"), to execute a letter agreement under
which the Shareholders, subject to certain exceptions, would be restricted
during the term of the Alliance Agreement and thereafter while
Freightliner beneficially owns more than 5% of the Class B Common Stock
from transferring shares of Class A Common Stock that the Shareholders
hold unless such shares were first converted into shares of Class B Common
Stock (the "Freightliner Letter Agreement"). The company also sought the
commitment of the Shareholders to (i) take actions within their power as
shareholders of the company as are necessary to effect amendments to the
Restated Articles of Incorporation of the company to provide for the
mandatory conversion of Class A Common Stock into Class B Common Stock at
such time as the number of outstanding shares of Class A Common Stock
beneficially owned by the Shareholders in the aggregate is less than a
number to be agreed upon by the company and the Shareholders, which will
not be less than 150,000 shares, and (ii) enter into an agreement
confirming that, upon the death of the last survivor of the Shareholders,
all shares of Class A Common Stock beneficially owned by the Shareholders
will be converted into Class B Common Stock. To induce the Shareholders
to execute the Freightliner Letter Agreement and to make the other
commitments, the company has agreed to pay each of the Shareholders
$250,000. The company intends to seek shareholder approval of measures
relating to the Class A Common Stock as described above at the annual
meeting of shareholders to be held in January 1996. At such time as the
provisions are fully implemented, either before or at the deaths of both
of the Shareholders, the company will have a single class of common stock.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
____________________________________________________________________
Results of Operations
For the Three and Nine Month Periods Ended June 1995
Compared to the Three and Nine Month Periods Ended June 1994
The company had income from continuing operations for the third fiscal
quarter ended June 1995 of $4.1 million, or $.46 per share on sales of
$126.4 million. During the current quarter, the company sold its U.S. and
Mexican chassis businesses to Freightliner Corporation, its new strategic
partner. While the gain from the sale of its U.S. business was positive,
the results of discontinued operations for the quarter were a loss of $1.0
million. Net income including discontinued operations was $3.1 million,
or $.35 per share for the quarter. Income from continuing operations for
the third quarter of the previous year was $4.3 million, or $.49 per share
on sales of $155.9 million. Net income after a loss from discontinued
operations of $0.6 million was $3.7 million during the 1994 fiscal
quarter.
For the first nine months of the 1995 fiscal year the company had income
from continuing operations of $8.4 million, or $.96 per share on sales of
$329.3 million. The results of discontinued operations for the nine
months ended June 1995 were a loss of $2.4 million. Net income including
discontinued operations was $5.9 million, or $.68 per share for the fiscal
year to date. Income from continuing operations for the comparable period
of the previous year was $10.1 million, or $1.16 per share on sales of
$451.1 million. Net income after a loss from discontinued operations of
$0.2 million, was $9.9 million or $1.14 per share during the 1994 fiscal
year.
Net shipments declined for the quarter and year to date periods ended June
1995 due to anticipated unit volume decreases in defense products. The
company had completed the HET M1070 contract in September 1994 resulting
in decreased shipments for the quarter and year to date periods of $39.7
million and $122.7 million, respectively. Additionally, the PLS contract
production rate is lower in the 1995 fiscal year resulting in shipment
decreases of $17.4 million and $46.7 million for the quarter and year to
date, respectively. Offsetting these decreases was a resumption of HEMTT
production which had earlier concluded midway through the 1993 fiscal
year. HEMTT production added $23.1 million and $26.2 million to the
quarter and year to date periods ended June 1995.
Gross profits declined by $1.8 million and $9.3 million for the quarter
and year to date, respectively, reflecting decreased volumes. Gross
profit margins have improved to 13.6% and 13.4% during the fiscal 1995
quarter and year to date, respectively, compared to 12.2% and 11.8% in the
fiscal 1994 quarter and year to date, respectively. These improvements
are reflective of control over material costs and continuing efficiencies
in the manufacturing process.
Operating expenses decreased by $1.7 million and $7.0 million for the
fiscal 1995 quarter and year to date periods as compared to 1994. In
excess of $3 million of the year to date differences relates to reduction
in force costs recognized in the fiscal 1994 year. The remaining
decreases relate to improved efficiencies and decreased volumes.
Interest expense net of interest income totaled $139,000 in the fiscal
year 1995 third quarter compared to $176,000 in 1994. Interest expense
net of interest income totaled $35,000 in the fiscal 1995 year to date
result as compared to $575,000 in 1994. The improvement in the year to
date result is a result of reduced working capital through the first two
quarters of the 1995 fiscal year.
Other income(expense) declined by $131,000, and $766,000 for the quarter
and year to date periods, respectively, and is due to equity in the
results of operations of the company's investment in a Mexican bus
manufacturer.
The effective income tax rate for the 1995 quarter and year to date were
38.5% and 39.7%, respectively, compared to 37.7% and 38.5% in the 1994
periods.
During the current quarter the company sold its chassis manufacturing in
the U.S. and its interest in a joint venture in Mexico producing chassis
for the Mexican market. The results of these operations are reported as
discontinued operations and result in a charge in each period reported.
Liquidity and Capital Resources
Working capital increased to $95.6 million at the end of the 1995 fiscal
year third quarter compared to $82.0 million at September 30, 1994,
primarily due to seasonal increases in inventories and receivables.
As a result of the sale of the company's chassis operations to its
strategic alliance partner Freightliner Corporation, and the purchase of
stock and warrants by Freightliner Corporation, the company received cash
of $22.2 million and transferred long-term debt associated with the
chassis plant of $8.7 million to Freightliner Corporation.
The company will ultimately realize additional cash flows of approximately
$2.7 million as remaining assets and liabilities related to the chassis
businesses are settled.
The Board of Directors, at its regular meeting held on July 24, 1995,
approved a dividend of $0.10875 per share on Class A and $0.125 per share
on Class B shares, payable on August 14, 1995 to shareholders of record as
of August 7, 1995.
The board also authorized the buy back of up to one million shares of
Oshkosh Truck Class B common stock.
On June 5, 1995, the board announced an offer to holders of the company's
Class A common stock to convert to B shares one for one. The Class B
shares are traded on NASDAQ and enjoy a 15% higher dividend than the Class
A shares. Announced also on June 5, was an understanding reached with the
two majority Class A shareholders that will provide, in the long term, an
orderly transition in board control from Class A to B shareholders. As a
result of this understanding, Oshkosh Truck will eventually have a single
class of common stock.
On February 20, 1995 the company negotiated a new credit agreement with
its bank group reducing its credit facility from $85 million to $45
million. The facility allows the company to borrow at various rates
equivalent to, or less than, the current prime rate of Firstar Bank. The
agreement contains various restrictive covenants under which the company
must meet certain financial ratio tests and has some restrictions relative
to the payment of dividends, acquisitions and other indebtedness. The
company is in compliance with all restrictive covenants.
The company believes its internally generated cash flow, supplemented by
progress payments when applicable, and the existing credit facilities will
be adequate to meet working capital and other operating and capital
requirements in the foreseeable future.
Forward Looking Information
In January 1995 the company began production under a Heavy Expanded
Mobility Tactical Truck (HEMTT) contract award for 440 vehicles valued at
$86.1 million, and will complete HEMTT production in February 1996. The
company had produced HEMTTs continuously from 1982 through April 1993 and
in total has delivered over 14,000 of these eight wheel drive, 10 ton
capacity trucks. In spite of the HEMTT production the decline in defense
shipments will continue with expected future shipments in line with the
current quarter.
The company is dependent on its shipments of defense products to the U.S.
Government as evidenced by shipments of 62% and 66% of total shipments
during fiscal 1994 and 1993, respectively. Substantial decreases in the
company's level of defense business from the current level could have an
adverse effect on the company's profitability. The company is
anticipating a lower level of sales in the U.S. Government in fiscal 1995
due to the completion of the HET contract in September 1994. The PLS
contract will remain in production through August 1996 at the current
rate.
Additional orders could increase the rate of production or extend the
period of production. The company remains optimistic about its defense
business prospects, and its ability to sustain a reasonable level of
business into the future. The expected effect of the decline in defense
shipments on operations is that profitability could be negatively impacted
if the company does not take measures to decrease operating expenses. The
impact of a decline in defense shipments on the liquidity of the company
will be to improve liquidity due to the reduction of working capital
previously required for this business.
On June 2,1995 the company entered into a far reaching strategic alliance
with Freightliner Corporation. The company is optimistic that the
alliance between Oshkosh and Freightliner Corporation, a wholly-owned
subsidiary of Daimler-Benz (NYSE-DAI), will give a further boost to the
company's commercial and military businesses. The alliance agreement
calls for Oshkosh to market certain of its commercial products through
Freightliner's strong distribution system and for Oshkosh to build several
series of Freightliner's specialty trucks. As part of the agreement,
Freightliner will transfer its military heavy trucks to Oshkosh,
broadening Oshkosh's military product line and strengthening its worldwide
presence.
The company believes its defense business is stabilizing. Opportunities
obtained by winning competitive bids for military tactical trucks in the
early 1990's provide a base for continuing new orders based on these
products. While the average order is smaller, they are more frequent and
add up to an excellent continuing business. Our trucks are being bought
for a variety of applications ranging from tactical troop support to
medical and engineering applications. The addition of the Freightliner
military truck lines enhances the opportunity for all our defense trucks.
The company's 1995 U.S. defense sales are projected to be $240 million
compared to a high of $456 million in 1992. We believe sales near this
level are sustainable for the future. During the same period of time, our
shipments of commercial products rose by approximately 56% and now
comprise almost half of our business.
Inflation
The company believes that the risks of inflation are minimized by the
nature of its businesses. All revenue derived by the company from its
contracts with the U.S. Government were received under firm fixed-price
contracts. The company prices major government programs and contracts on
a current basis that takes into account cost increases expected to occur
during performance of the contract. Generally, major suppliers receive
terms from the company similar to what the company receives under its
contracts with the U.S. Government. Commercial business is performed on
the basis of pricing specific orders. Any impact from inflation will be
minimized by the company's ability to include inflationary cost increases
in prices.
Backlog
The company's backlog at June 30, 1995 was $359 million, compared to $512
million at September 30, 1994. The change in backlog represents delivery
of products on long-term contracts net of additional funding received.
Backlog on U.S. Government contracts comprises $336 million of the current
backlog with the remainder being commercial.
Environmental
The company continues to engage in environmental monitoring activities
that include both investigation and remediation. The company does not
anticipate that costs relating to environmental activities will have a
material adverse impact on the company's results of operations or
financial condition.
Quality
The company recently received the International ISO 9001 quality
certification. This recognition of our quality and productivity improves
our competitive position worldwide. We will continue improving quality
and productivity and introducing new products at an accelerating rate.
<PAGE>
OSHKOSH TRUCK CORPORATION
PART II - OTHER INFORMATION
FORM 10-Q
July 1, 1995
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K
The company filed a report on Form 8-K dated June 2, 1995.
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.
OSHKOSH TRUCK CORPORATION
DATE: August 14, 1995 /s/ R. Eugene Goodson
R. Eugene Goodson
Chairman and Chief Executive Officer
DATE: August 14, 1995 /s/ Peter F. Mueller
Peter F. Mueller
Corporate Controller
EXHIBIT INDEX
Exhibit No. Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF OSHKOSH TRUCK CORPORATION AS OF AND FOR THE
NINE MONTHS ENDED JULY 1, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> JUL-01-1995
<CASH> 14,397
<SECURITIES> 0
<RECEIVABLES> 69,576
<ALLOWANCES> 502
<INVENTORY> 55,436
<CURRENT-ASSETS> 156,438
<PP&E> 103,072
<DEPRECIATION> 62,951
<TOTAL-ASSETS> 213,363
<CURRENT-LIABILITIES> 60,789
<BONDS> 0
<COMMON> 93
0
0
<OTHER-SE> 132,853
<TOTAL-LIABILITY-AND-EQUITY> 213,363
<SALES> 329,257
<TOTAL-REVENUES> 329,257
<CGS> 285,209
<TOTAL-COSTS> 285,209
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 109
<INTEREST-EXPENSE> 491
<INCOME-PRETAX> 13,854
<INCOME-TAX> 5,495
<INCOME-CONTINUING> 8,359
<DISCONTINUED> (2,421)
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<CHANGES> 0
<NET-INCOME> 5,938
<EPS-PRIMARY> 0.68
<EPS-DILUTED> 0.68
</TABLE>
