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Joy Global Inc. Announces Fourth Quarter And Fiscal 2012 Year-End Operating Results

Cash provided by continuing operations was $211 million in the fourth quarter, compared to cash provided by continuing operations of $154 million a year ago. The increase in cash provided by continuing operations during the fourth quarter was due to higher earnings and a reduction in inventory. These benefits were partially offset by increases in accounts receivable primarily due to the late timing of sales and by a reduction in advance payments resulting from a decline in new original equipment order activity.

Capital expenditures were $72 million in the fourth quarter of fiscal 2012, compared to $35 million in the prior year fourth quarter. The expenditures resulted from the investments in manufacturing capacity in emerging markets and aftermarket service infrastructure.

Full Year Fiscal 2012 Operating Results

Fiscal 2012 full year results include IMM operating results for the 43-week period from December 29, 2011 through the end of the fiscal year. Fiscal 2011 full year results include LeTourneau operating results for the 19-week period from June 22, 2011 through the end of the fiscal year.

Bookings - (in millions)      
Year Ended
October 26, October 28, %
2012 2011 Change
Underground Mining Machinery $ 2,563.2 $ 3,102.3 (17.4 )%
Surface Mining Equipment 2,126.8 2,517.5 (15.5 )%
Eliminations   (331.4 )   (167.8 )  
Legacy Business 4,358.6 5,452.0 (20.1 )%
LeTourneau 495.1 139.4
IMM   217.6     -    
Total Bookings $ 5,071.3   $ 5,591.4   (9.3 )%

Bookings decreased 9 percent to $5.1 billion from the prior year, with year over year order declines in our legacy business partially offset by $356 million of incremental bookings from LeTourneau and $218 million of bookings from IMM. Orders for the legacy underground and surface businesses decreased 20 percent compared to last year. Aftermarket orders were flat while original equipment orders were down 40 percent over last year. The stronger U.S. dollar reduced bookings by $97 million for the year.

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