were 12.4% lower after the company reported fourth-quarter results with revenue down 12% on the year.
The company's shares were down $1.07 at $7.53 in recent trading on the
New York Stock Exchange
The company reported revenue of $249 million, compared with last year's $282 million.
Before a change in accounting principles, the company earned $8.3 million, or 19 cents a share, compared with $5.6 million, or 13 cents a share, in the year-ago period. Before certain restructuring charges and the accounting change, JLG earned $8.4 million, or 19 cents a share, compared with $15.6 million, or 37 cents a share, a year ago. Analysts had predicted the company would earn 20 cents a share.
JLG recorded a transitional impairment loss of $114 million, or $2.60 per diluted share, for the fourth quarter, primarily associated with the Gradall acquisition in 1999.
McConnellsburg, Pa.-based JLG makes mobile aerial work platforms and telescopic hydraulic excavators.