Gehl Company (NASDAQ GSM:GEHL) today reported second quarter income
from continuing operations of $5.2 million, or $0.43 per diluted
share, for the quarter ended June 30, 2008, compared with income
from continuing operations of $8.8 million, or $0.71 per diluted
share, for the second quarter of 2007. Net sales for the second
quarter of 2008 were $111.1 million compared to net sales of $135.3
million in the second quarter of 2007. Continued market share
gains, along with the strength of the Company�s international and
agricultural markets, in the second quarter, partially offset the
impact of the continued softness in the North American housing
market and reductions in capital investments by equipment rental
companies. Sales outside of North America remained solid,
representing 30% of total sales, an increase from 26% in the same
period one year ago. Market share gains continued in the Company�s
two primary product categories, skid loaders and telehandlers. The
Company�s North American retail skid loader volume decreased 1%
during the second quarter of 2008 versus the same period of 2007,
while the overall industry retail numbers decreased nearly 10% for
the quarter. The Company�s telehandler retail demand declined 14%
in the second quarter in an industry-wide market that declined over
23%. Gross margin was 20.5% in the second quarter of 2008 compared
to 21.8% in the second quarter of 2007. Tight cost control and cost
savings resulting from investments in state-of-the-art
manufacturing equipment partially offset the impact of lower
volumes and significantly higher steel and component costs.
Selling, general and administrative expenses declined to $14.7
million during the 2008 second quarter compared to $15.7 million in
the second quarter of 2007 as the Company continues its focus on
driving out costs. As a percent of net sales, selling, general and
administrative expenses increased to 13.2% compared to 11.6% in the
prior year quarter, which primarily reflected lower sales volumes.
For the first six months of 2008, Gehl reported net sales from
continuing operations of $193.2 million compared to $250.6 million
in the first six months of 2007. Income from continuing operations
was $4.4 million, or $0.36 per diluted share, for the first six
months of 2008 compared to $15.3 million, or $1.23 per diluted
share, for the first six months of 2007. Results for the first half
of 2008 include an after-tax charge of $1.4 million, or $0.11 per
diluted share, for the adoption of Statement of Financial
Accounting Standards No. 157, �Fair Value Measurements,� which was
recorded in the first quarter. �While weakness in the U.S.
residential construction market provided headwinds to our business
in the first half of the year, the Company maintained positive
operating results, which reflects our diverse markets and effective
cost savings initiatives,� said William D. Gehl, Chairman and Chief
Executive Officer. �As we work through these near-term challenges,
the Company will continue to position itself for long-term growth
as evidenced by several efforts undertaken this year, including
expanding our presence in international markets, broadening our
product offering with the successful launch of new products and
continuing to drive our performance in the markets we serve.� 2008
Full Year Outlook Based on the Company�s first half results,
current backlog position, field inventory adjustments, and
management�s expectation that the North American housing market
will continue to experience weakness for the balance of 2008, the
Company adjusted its 2008 full year outlook. The Company expects
net sales from continuing operations in the range of $390 million
to $410 million and earnings per diluted share from continuing
operations of $0.85 to $1.05. Conference Call A conference call is
scheduled for 1:00 p.m. CDT Monday, July 28, 2008. The call will
review 2008 second quarter and first half earnings and discuss the
Company�s 2008 full year outlook. All interested parties are
invited to listen to the presentation. The conference call may be
accessed by dialing (877) 680-6178 up to 15 minutes before the call
begins. The passcode is 50910495. Access may also be gained through
the Company�s web site (www.gehl.com) by first clicking on the
Investor Relations tab, then clicking on Webcasts, and then
selecting the 2nd Quarter 2008 Financial Earnings Conference Call
Webcast. An archive of the presentation will be available for one
year after the call on the Company�s web site. A telephonic replay
of the conference call will be available beginning at 3:00 p.m. CDT
on July 28th and will be available for one week after the call by
dialing (800) 642-1687 or (706) 645-9291. The replay passcode is
50910495. Forward Looking Statements Gehl Company (the �Company� or
�Gehl�) intends that certain matters discussed in this release are
�forward-looking statements� intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact are forward-looking statements. When used in
this release, words such as the Company �believes,� �anticipates,�
�expects,� �estimates� or �projects� or words of similar meaning
are generally intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties,
assumptions and other factors, some of which are beyond the
Company�s control that could cause actual results to differ
materially from those anticipated as of the date of this release.
Factors that could cause such a variance include, but are not
limited to, those risk factors cited in the Company�s filings with
the Securities and Exchange Commission, any adverse change in
general economic conditions, unanticipated changes in capital
market conditions, the Company�s ability to implement successfully
its strategic initiatives (including cost reduction initiatives),
market acceptance of newly introduced products, unexpected issues
related to the pricing and availability of raw materials (including
steel and rubber) and component parts, unanticipated difficulties
in securing product from third party manufacturing sources, the
ability of the Company to increase its prices to reflect higher
prices for raw materials and component parts, the cyclical nature
of the Company�s business, the Company�s and its customers� access
to credit, competitive pricing, product initiatives and other
actions taken by competitors, disruptions in production capacity,
excess inventory levels, the effect of changes in laws and
regulations (including government subsidies and international trade
regulations), technological difficulties, changes in currency
exchange rates or interest rates, the Company�s ability to secure
sources of liquidity necessary to fund its operations, changes in
environmental laws, the impact of any strategic transactions
effected by the Company, and employee and labor relations.
Shareholders, potential investors, and other readers are urged to
consider these factors in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this release are only made as of the date of this release, and
the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. In addition, the Company�s expectations for the
future, including those listed in the �2008 Full Year Outlook�
above, are based in part on certain assumptions made by the
Company, including those relating to commodities prices, which are
strongly affected by weather and other factors and can fluctuate
significantly, housing starts and other construction activities,
which are sensitive to, among other things, interest rates and
government spending, and the performance of the U.S. economy
generally. The accuracy of these or other assumptions could have a
material effect on the Company�s ability to achieve its
expectations. About Gehl Company Gehl Company (Nasdaq GSM:GEHL) is
a manufacturer of compact equipment used worldwide in construction
and agricultural markets. Founded in 1859, the Company is
headquartered in West Bend, Wisconsin. The Company markets its
products under the Gehl � and Mustang � brand names. Mustang
product information is available on the Mustang Manufacturing
website (www.mustangmfg.com). CE Attachments, Inc. information is
available at (www.ceattach.com). Gehl Company information is
available at (www.gehl.com) or contact: Gehl Company, 143 Water
Street, West Bend, WI 53095 (telephone: 262-334-9461). GEHL COMPANY
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in
thousands, except per share data) � � � � � � � For the
SecondQuarter Ended For the SixMonths Ended (unaudited) (unaudited)
� June 30, June 30, June 30, June 30, 2008 2007 2008 2007 � Net
sales $ 111,087 $ 135,347 $ 193,238 $ 250,561 Cost of goods sold
88,314 � 105,807 � 152,100 � 195,257 � � Gross profit 22,773 29,540
41,138 55,304 � Selling, general and administrative expenses 14,659
� 15,703 � 30,992 � 30,655 � � Income from operations 8,114 13,837
10,146 24,649 � Interest expense (880 ) (1,168 ) (1,914 ) (2,077 )
Interest income 697 1,098 1,401 2,106 Other expense, net (286 )
(302 ) (3,188 ) (1,346 ) � Income from continuing operations before
income taxes 7,645 13,465 6,445 23,332 � Provision for income taxes
2,408 � 4,646 � 2,030 � 8,050 � � Income from continuing operations
5,237 8,819 4,415 15,282 � Loss from discontinued operations, net
of tax - (108 ) - (268 ) � � � � Net income $ 5,237 � $ 8,711 � $
4,415 � $ 15,014 � � � Diluted net income (loss) per share: from
continuing operations $ 0.43 $ 0.71 $ 0.36 $ 1.23 from discontinued
operations - � (0.01 ) - � (0.02 ) Total diluted net income per
share $ 0.43 � $ 0.70 � $ 0.36 � $ 1.20 � � Weighted average number
of common shares and common stock equivalents 12,305 12,477 12,279
12,464 � Basic net income (loss) per share: from continuing
operations $ 0.43 $ 0.73 $ 0.37 $ 1.26 from discontinued operations
- � (0.01 ) - � (0.02 ) Total basic net income per share $ 0.43 � $
0.72 � $ 0.37 � $ 1.24 � � Weighted average number of common shares
12,061 12,132 12,039 12,121 GEHL COMPANY AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) � � � � �
� June 30,2008 December 31,2007 June 30,2007 � ASSETS Cash $ 4,984
$ 10,349 $ 5,039 Accounts receivable - net 190,642 190,439 233,498
Finance contracts receivable - net 6,094 4,675 10,034 Inventories
72,423 49,093 42,346 Retained interest in sold finance contracts
55,156 47,730 37,673 Deferred income taxes 9,653 8,849 9,688
Prepaid expenses and other current assets 3,230 4,985 7,264 Total
current assets 342,182 316,120 345,542 � Property, plant and
equipment - net 38,773 35,510 33,421 Goodwill 11,748 11,748 11,748
Other assets 37,290 44,584 32,568 � Total assets $ 429,993 $
407,962 $ 423,279 � � LIABILITIES AND SHAREHOLDERS' EQUITY Total
current liabilities $ 116,384 $ 108,559 $ 131,530 Long-term debt
obligations 28,503 21,425 23,863 Other long-term liabilities 17,503
16,948 20,398 Total shareholders' equity 267,603 261,030 247,488 �
Total liabilities and shareholders' equity $ 429,993 $ 407,962 $
423,279 GEHL COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited and in thousands) � � � � � � �
For the Six Months Ended � June 30,2008 June 30,2007 � CASH FLOWS
FROM OPERATING ACTIVITIES: Net income $ 4,415 $ 15,014 Adjustments
to reconcile net income tonet cash used for operating activities:
Depreciation and amortization 2,356 2,577 Compensation expense for
share based payments 729 948 Cost of sales of finance contracts
2,644 823 Proceeds from the sales of finance contracts 59,487
69,818 Increase in finance contracts receivable (62,253 ) (72,304 )
Increase in retained interest in sold finance contracts (3,378 )
(18,413 ) (Decrease) increase in cash due to changes in: Accounts
receivable - net 1,391 (43,975 ) Inventories (21,522 ) 6,790
Accounts payable 11,263 12,764 Remaining working capital items (277
) 3,604 � Net cash used for operating activities (5,145 ) (22,354 )
� CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and
equipment additions (6,395 ) (3,576 ) Proceeds from the sale of
property, plant and equipment 198 50 Other (28 ) (4 ) Net cash used
for investing activities (6,225 ) (3,530 ) � CASH FLOWS FROM
FINANCING ACTIVITIES: Proceeds from (repayments on) revolving
credit loans 7,126 (1,272 ) (Repayments on) proceeds from other
borrowings - net (908 ) 24,890 Proceeds from exercise of stock
options 280 413 Purchase of treasury shares (493 ) - � Net cash
provided by financing activities 6,005 24,031 � Net decrease in
cash (5,365 ) (1,853 ) Cash, beginning of period 10,349 � 6,892 �
Cash, end of period $ 4,984 � $ 5,039 �
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