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Oshkosh Corporation Reports Fourth Fiscal Quarter And Fiscal 2012 Results

Shareholders will be able to obtain, free of charge, copies of the 2013 Proxy Statement and any other documents (including the WHITE proxy card) filed by the Company with the SEC in connection with the 2013 Annual Meeting at the SEC’s website ( http://www.sec.gov), at the Company’s website ( http://www.oshkoshcorporation.com) or by writing to Ms. Margaret Wacholtz, Oshkosh Corporation, P.O. Box 2566, Oshkosh, Wisconsin, 54903-2566. In addition, copies of the proxy materials, when available, may be requested from the Company’s proxy solicitor, Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022 or toll-free at (877) 750-9499.

About Oshkosh Corporation

Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh ®, JLG ®, Pierce ®, McNeilus ®, Medtec ®, Jerr-Dan ®, Oshkosh Specialty Vehicles, Frontline , CON-E-CO ®, London ® and IMT ®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to www.oshkoshcorporation.com.

®, TM All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.

 
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; in millions, except per share amounts)
 
    Three Months Ended   Fiscal Year Ended
September 30, September 30,
2012   2011 2012   2011
 
Net sales $ 2,061.8 $ 2,110.0 $ 8,180.9 $ 7,567.5
Cost of sales   1,803.8     1,892.6     7,189.9     6,489.2  
Gross income 258.0 217.4 991.0 1,078.3
 
Operating expenses:
Selling, general and administrative 147.5 123.4 560.3 509.0
Amortization of purchased intangibles 14.3 14.9 57.7 59.3
Intangible asset impairment charges   -     2.0     -     2.0  
Total operating expenses   161.8     140.3     618.0     570.3  
Operating income 96.2 77.1 373.0 508.0
 
Other income (expense):
Interest expense (18.7 ) (21.3 ) (76.0 ) (90.7 )
Interest income 0.3 2.1 1.9 4.7
Miscellaneous, net   (0.1 )   2.0     (5.2 )   1.6  
Income from continuing operations before
income taxes and equity in earnings
of unconsolidated affiliates 77.7 59.9 293.7 423.6
Provision for income taxes   0.5     19.3     64.4     145.1  
Income from continuing operations before
equity in earnings of unconsolidated affiliates 77.2 40.6 229.3 278.5
Equity in earnings of unconsolidated affiliates   0.4     0.2     2.3     0.5  
Income from continuing operations, net of tax 77.6 40.8 231.6 279.0
Income (loss) on discontinued operations, net of tax   1.3     (2.8 )   0.3     (5.6 )
Net income 78.9 38.0 231.9 273.4
Net income attributable to the noncontrolling
interest   -     (0.5 )   (1.1 )   -  
Net income attributable to Oshkosh Corporation $ 78.9   $ 37.5   $ 230.8   $ 273.4  
 
OSHKOSH CORPORATION
EARNINGS (LOSS) PER SHARE
(Unaudited)
 
    Three Months Ended   Fiscal Year Ended
September 30, September 30,
2012   2011 2012   2011
 
Amounts attributable to Oshkosh Corporation
common shareholders, net of tax (in millions):
Income from continuing operations $ 77.6 $ 40.3 $ 230.5 $ 279.0
Income (loss) on discontinued operations   1.3   (2.8 )   0.3   (5.6 )
$ 78.9 $ 37.5   $ 230.8 $ 273.4  
 
Earnings (loss) per share attributable to Oshkosh
Corporation common shareholders-basic
Continuing operations $ 0.85 $ 0.44 $ 2.53 $ 3.07
Discontinued operations   0.01   (0.03 )   -   (0.06 )
$ 0.86 $ 0.41   $ 2.53 $ 3.01  
 
Earnings (loss) per share attributable to Oshkosh
Corporation common shareholders-diluted
Continuing operations $ 0.85 $ 0.44 $ 2.51 $ 3.05
Discontinued operations   0.01   (0.03 )   -   (0.06 )
$ 0.86 $ 0.41   $ 2.51 $ 2.99  
 
Basic weighted average shares outstanding 91,280,380 91,087,624 91,330,635 90,888,253
Effect of dilutive stock options and other
equity-based compensation awards   693,068   553,333     613,739   685,107  
Diluted weighted average shares outstanding   91,973,448   91,640,957     91,944,374   91,573,360  
 

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
 
    September 30,
2012     2011
ASSETS
Current assets:
Cash and cash equivalents $ 540.7 $ 428.5
Receivables, net 1,018.6 1,089.1
Inventories, net 937.5 786.8
Deferred income taxes 69.9 72.9
Refundable income taxes 91.7 48.9
Other current assets   29.8     28.4  
Total current assets 2,688.2 2,454.6
Investment in unconsolidated affiliates 18.8 31.8
Property, plant and equipment:
Property, plant and equipment 856.5 834.5
Accumulated depreciation   (486.6 )   (445.8 )
Property, plant and equipment, net 369.9 388.7
Goodwill 1,033.8 1,041.5
Purchased intangible assets, net 775.4 838.7
Other long-term assets   55.4     71.6  
Total assets $ 4,941.5   $ 4,826.9  
 
LIABILITIES AND EQUITY
Current liabilities:
Revolving credit facility and current maturities
of long-term debt $ - $ 40.1
Accounts payable 683.3 768.9
Customer advances 510.4 468.6
Payroll-related obligations 130.1 110.7
Accrued warranty 95.0 75.0
Deferred revenue 113.0 38.4
Other current liabilities   172.7     190.1  
Total current liabilities 1,704.5 1,691.8
Long-term debt, less current maturities 955.0 1,020.0
Deferred income taxes 129.6 171.3
Other long-term liabilities 305.2 347.2
Commitments and contingencies
Equity:
Oshkosh Corporation shareholders' equity 1,847.2 1,596.5
Noncontrolling interest   -     0.1  
Total equity   1,847.2     1,596.6  
Total liabilities and equity $ 4,941.5   $ 4,826.9  
 
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
 
    Fiscal Year Ended
September 30,
2012     2011
Operating activities:
Net income $ 231.9 $ 273.4
Intangible asset impairment charges - 4.8
Loss on sale of discontinued operations, net of tax 4.4 -
Depreciation and amortization 130.9 144.4
Stock-based compensation expense 11.5 15.5
Deferred income taxes (59.6 ) 10.0
Dividends from equity method investees 6.5 -
Foreign currency transaction (gains) losses (1.2 ) 6.9
Other non-cash adjustments (3.8 ) (4.6 )
Changes in operating assets and liabilities   (52.3 )   (62.7 )
Net cash provided by operating activities 268.3 387.7
 
Investing activities:
Additions to property, plant and equipment (55.9 ) (82.3 )
Additions to equipment held for rental (8.4 ) (3.9 )
Proceeds from sale of property, plant and equipment 7.6 1.5
Proceeds from sale of equipment held for rental 3.7 20.2
Proceeds from sale of equity method investments 8.7 -
Other investing activities   2.5     (3.8 )
Net cash used by investing activities (41.8 ) (68.3 )
 
Financing activities:
Repayment of long-term debt (105.1 ) (91.4 )
Net repayments under revolving credit facility - (150.0 )
Repurchase of common stock

(13.3

) -
Proceeds from the exercise of stock options 3.6 8.0
Other financing activities  

(2.5

)   1.9  
Net cash used by financing activities (117.3 ) (231.5 )
 
Effect of exchange rate changes on cash   3.0     1.6  
Increase in cash and cash equivalents 112.2 89.5
Cash and cash equivalents at beginning of period   428.5     339.0  
Cash and cash equivalents at end of period $ 540.7   $ 428.5  
 
OSHKOSH CORPORATION
SEGMENT INFORMATION
(Unaudited; in millions)
 
  Three Months Ended   Three Months Ended
September 30, 2012 September 30, 2011
External   Inter-   Net External   Inter-   Net
Customers segment Sales Customers segment Sales
Access equipment
Aerial work platforms $ 330.4 $ - $ 330.4 $ 325.6 $ - $ 325.6
Telehandlers 248.9 - 248.9 169.1 - 169.1
Other   136.7   0.8     137.5     124.9   53.9     178.8  
Total access equipment 716.0 0.8 716.8 619.6 53.9 673.5
 
Defense 952.9 0.8 953.7 1,171.0 1.2 1,172.2
 
Fire & emergency 217.5 11.4 228.9 196.1 4.1 200.2
 
Commercial
Concrete placement 65.1 - 65.1 46.3 - 46.3
Refuse collection 84.3 - 84.3 55.4 - 55.4
Other   26.0   6.1     32.1     21.6   11.9     33.5  
Total commercial 175.4 6.1 181.5 123.3 11.9 135.2
Intersegment eliminations   -   (19.1 )   (19.1 )   -   (71.1 )   (71.1 )
Consolidated $ 2,061.8 $ -   $ 2,061.8   $ 2,110.0 $ -   $ 2,110.0  
 
Fiscal Year Ended Fiscal Year Ended
September 30, 2012 September 30, 2011
External Inter- Net External Inter- Net
Customers segment Sales Customers segment Sales
Access equipment
Aerial work platforms $ 1,390.2 $ - $ 1,390.2 $ 961.6 $ - $ 961.6
Telehandlers 892.3 - 892.3 527.9 - 527.9
Other   511.9   125.1     637.0     454.6   108.0     562.6  
Total access equipment 2,794.4 125.1 2,919.5 1,944.1 108.0 2,052.1
 
Defense 3,947.5 3.0 3,950.5 4,359.9 5.3 4,365.2
 
Fire & emergency 769.4 39.0 808.4 765.1 18.0 783.1
 
Commercial
Concrete placement 231.9 - 231.9 169.6 - 169.6
Refuse collection 336.8 - 336.8 249.6 - 249.6
Other   100.9   27.4     128.3     79.2   66.5     145.7  
Total commercial 669.6 27.4 697.0 498.4 66.5 564.9
Intersegment eliminations   -   (194.5 )   (194.5 )   -   (197.8 )   (197.8 )
Consolidated $ 8,180.9 $ -   $ 8,180.9   $ 7,567.5 $ -   $ 7,567.5  
 
OSHKOSH CORPORATION
SEGMENT INFORMATION
(Unaudited; in millions)
 
    Three Months Ended   Fiscal Year Ended
September 30, September 30,
2012   2011 2012   2011
Operating income (loss):
Access equipment $ 59.5 $ 34.8 $ 229.2 $ 65.3
Defense 62.0 71.0 236.5 543.0
Fire & emergency 0.9 (5.3 ) (12.9 ) (1.1 )
Commercial 9.2 2.6 32.1 3.9
Corporate (35.5 ) (25.9 ) (112.1 ) (107.1 )
Intersegment eliminations   0.1     (0.1 )   0.2     4.0  
Consolidated $ 96.2   $ 77.1   $ 373.0   $ 508.0  
 
September 30,
2012 2011
Period-end backlog:
Access equipment $ 361.1 $ 729.2
Defense 3,051.7 5,130.2
Fire & emergency 477.6 479.0
Commercial   155.8     140.0  
Consolidated $ 4,046.2   $ 6,478.4  
 

1 This press release refers to GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. Oshkosh Corporation believes that the non-GAAP numbers provide a more meaningful comparison of its underlying operating performance. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found under the caption “Non-GAAP Financial Measures” in this press release.

Copyright Business Wire 2010
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