----JLG
Industries, Inc.
Excluding integration costs , second quarter operating income was $18. increased by
44 percent, while international sales grew 65 percent year over year,
and the order book increased 44 percent sequentially to $290 million.

The favorable impact of continuing strong demand, productivity
improvements and cost savings were more than offset by higher costs of
raw materials, and manufacturing inefficiencies related to component
shortages. Despite the challenges of significantly increased commodity
costs, this range of earnings would represent a substantial
improvement over the previous year.0% 8.6% 8.4% 4.01 $.01 - 0.4 106.6% 1.8%
Restructuring
charges - - 27
--------- --------- -----------
Income (loss) from
operations 17,607 (8,335) 75,906
Operating profit
(loss) margin 5.62
========= ========= ===========

Earnings (loss) per
common share -
assuming dilution $.2% 1. 26, July 31,
2003 2003
--------- ---------
ASSETS
-----------------
Current assets
Cash and cash
equivalents $11,288 $132,809
Trade accounts
and finance
receivables,
net 331,682 302,021
Inventories 153,200 122,675
Other current
assets 54,252 46,474
--------- ---------
Total current
assets 550,422 603,979
Property, plant
and equipment,
net 92,525 79 ,699
Equipment held
for rental, net 18,236 19,651
Finance
receivables,
less current
portion 30,484 31,156
Pledged finance
receivables,
less current
portion 114,382 119,073
Goodwill 66,450 29,509
Intangible
assets, net 34,448 -
Other assets 66,002 53,135
--------- ------ ---
$972,949 $936,202
========= =========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
-----------------
Current
liabilities
Short-term debt
and current
portion of
long-term debt $2,278 $1,472
Current portion
of limited
recourse debt
from finance
receivables
monetizations 40,153 45,279
Accounts payable 68,197 83,408
Accrued expenses 117,844 91,057
--------- - --------
Total current
liabilities 228,472 221,216
Long-term debt,
less current
portion 311,603 294,158
Limited recourse
debt from
finance
receivables
monetizations,
less current
portion 113,388 119,661
Accrued post-
retirement
benefits 27,199 26,179
Other long-term
liabilities 29,790 15,160
Provisions for
contingencies 13,586 12,114
Shareholders'
equity
Capital stock:
Authorized
shares:
100,000 at
$.0% 8. EBITDA
reflects our earnings (loss) before interest, taxes and depreciation
and amortization.
NET DEBT
(in thousands)

Jan. 25, Oct. We utilize
free cash flow to explain the change in our net debt position from
the prior period. Financial Solutions
and Consolidated on the Equity
Subsidiaries Basis
------------------- - -------------------
Six Months Ended Six Months Ended
Jan.

* The coincident index, a measure of current economic activity , also
increased slightly in July.6 percent annual rate in the first quarter and the 3.

festo purchaser

0 million in the second quarter compared to the $26."

YEAR TO DATE RESULTS

For the first half of fiscal 2005, consolidated revenues are $660
million, a 47 percent increase from the prior year period .15
range.8% 20.20 $.06) (0.6 3. The steel price increases are
netted against steel surcharges and base price increases invoiced
to our customers. 26, July 31,
2004 2004 2004 2003 2003
---------- -- ------- --------- --------- ---------
Revenues
Net sales $418,605 $312,650 $230,539 $208,392 $724,819
Financial products 4,172 3,913 3,442 3,676 19,184
Rentals 2,383 2,124 2,549 1,517 7,125
--------------- -------------- --------- ---------
425,160 318,687 236,530 213,585 751 ,128
Cost of sales 345,110 255,050 193,083 175,319 616,686
--------------------------------------- ---------
Gross profit 80,050 63,637 43 ,447 38,266 134,442
Gross profit
margin 18.29
======================================= =========

Cash Dividends per
share $. 30, Oct. 26, July 31,
2004 2003 2003
--------- --------- ---------
Revolving credit facilities $ - $ - $ -
$15 million cash management facility - 567 -
$125 million senior notes 125,000 125,000 125,000
$175 million senior subordinated notes 175,000 175,000 175,000
Miscellaneous debt 15,465 15,554 1,983
Fair value of interest rate swaps (6,795) (8,065) (12,347)
Gain on terminated interest rate swap 5,656 5,825 5,994
--------- --------- ---------
Bank debt and notes 314,326 313,881 295,630
Limited recourse debt from finance
receivables monetizations (a) 150,283 153,541 164,940
--------- --------- ---------
Total balance sheet debt 464,609 467,422 460,570
--------- --------- ---------
Net present value of off-balance sheet
rental fleet lease 2,026 2,341 2,341
Net present value of off-balance sheet
production equipment leases 5,181 5,564 5,941
--------- --------- ---------
Total off-balance sheet financing 7,207 7,905 8,282
--------- --------- ---------
Total balance sheet debt and off-
balance sheet financing 471,816 475,327 468,852
Less: cash 18,125 11,288 132,809
Less: limited recourse debt from
finance receivables monetizations 150,283 153,541 164,940
--------- --------- ---------
Net debt $303,408 $310,498 $171 ,103
========= ========= =========

Shareholders' Equity $252,252 $248,911 $247,714
========= ========= =========

Net Debt-to-Net Debt plus
Shareholders' Equity 55% 56% 41%
========= ========= =========

Total Balance Sheet Debt-to-Total
Balance Sheet Debt plus Shareholders'
Equity 65% 65% 65%
========= ========= =========

(a) Maximum loss exposure from finance
receivables monetizations $24,460 $23,380 $21,708
========= ========= =========

We monitor our net debt, which is a supplemental measure to GAAP that
provides additional information concerning our leverage position and
our historical ability to meet debt service and capital expenditure
and working capital requirements. 30, Jan.

COINCIDENT INDICATORS .

Leading Index 145.5 +0.a.

crimpers grinder

Net unrecovered steel costs
represent increases in steel and related commodity costs against
fiscal 2004 baselines offset in part by increased customer pricing.00 to $1. The Company's diverse product
portfolio encompasses leading brands such as JLG (R) aerial work
platforms; JLG, SkyTrak(R), Lull(R) and Gradall(R) telehandlers;
Gradall excavators; and an array of complementary accessories that
increase the versatility and efficiency of these products for end
users.61

IMPACT OF SELECTED
ITEMS ON: (1)
income (expense)
PRE-TAX INCOME
Integration
expenses -
OmniQuip (in both
Cost of sales
(COS), Selling +
administrative
and product
development
(SA+PD)) $(1,093) $(1,896 ) $(15,975)
Restructuring and
repositioning
charges (in both
COS, Restructuring ) - - (119)
Currency effects
(in Miscellaneous-
net) 3,087 2,281 (2,309)
Bad debt charges
(in SA+PD) (1,948) (1,132) (11,560)
Inventory charges
(in COS) (308) (1,592) (4,519)
Early vesting
incentives (in
both COS, SA+PD) (436) (995) (1,771)
Other Incentive
pay (in both COS,
SA+PD) - - (16,923)
Restatement
expenses (in SA+PD) - - (1,264)
Estimated net
unrecovered steel
cost (in COS) (2) (20,980) (26,764) (4,695)

NET INCOME
Integration
expenses -
OmniQuip (in both
COS, SA+PD) (710) (1,232) (10,247)
Restructuring and
repositioning
charges (in both
COS, Restructuring) - - (75 )
Currency effects
(in Miscellaneous-
net) 2,007 1,483 (1,519 )
Bad debt charges
(in SA+PD) (1,266) (736) (7,396)
Inventory charges
(in COS) (200) (1,035) (2,885)
Benefit from
change in
effective income
tax rate - - -
Early vesting
incentives (in
both COS, SA+PD) (283) (647) (1,121)
Other Incentive
pay (in both COS ,
SA+PD) - - (11,000)
Restatement
expenses (in SA+PD) - - (822)
Estimated net
unrecovered steel
cost (in COS) (2) (13 ,637) (17,397) (3,052)

EARNINGS PER SHARE
Integration
expenses -
OmniQuip (in both
COS, SA+PD) (0.4 5.06) (0.05
Early vesting
incentives (in
both COS, SA+PD) - (0.6 54. EPS is
calculated by dividing the Net Income (Loss) amounts by the
respective diluted shares for each period.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share data)
(Quarterly data is unaudited)

Quarter Ended Fiscal Year
Ended
Jan.1% -2.17 $( .20) $.8%
Other income
(deductions):
Interest expense (9,274) (9,400) (9,548 ) (9,876) (27,985)
Miscellaneous,
net 1,414 (621) 2,340 940 6,691
------------------- --------- --------- ---------
Income (loss) before
taxes 24,019 13,577 3,455 830 15,027
Income tax provision
(benefit) 8,748 4,890 1,297 297 2,635
--------------------------------------- ---------
Net income (loss) $15,271 $8,687 $2,158 $533 $12,392
======================================= =========
Return on revenues 3.6% 2.020
======================================= =========

Average basic shares
outstanding 42,955 42,836 42,791 42,656 42,601
======================================= =========

Average diluted
shares outstanding 44,191 44,013 44,152 43,575 42,866
======================================= =========

JLG INDUSTRIES, INC. EBITDA
reflects our earnings (loss) before interest, taxes and depreciation
and amortization. We
define free cash flow as cash flow from operating activities,
investing activities, payment of dividends, exercise of stock
options, and the effect of exchange rate changes on cash less changes
in accounts receivable securitization , limited recourse debt from
finance receivables monetizations and off-balance sheet debt. with Access
JLG Industries, Inc. The coincident index has been on a steady
and moderately rising trend since mid-2003. The Conference Board now produces business cycle indexes for the
U.0 75. Not available p Preliminary r Revised
Indexes equal 100 in 1990 Source: The Conference Board

For more information visit our Website:
http://www.

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Business Editors

MCCONNELLSBURG, Pa. (NYSE:JLG) announced today consolidated revenues of
$353 million for the second quarter ended January 30, 2005, a 49
percent increase from the prior year.S.7 from 115.17 $(.02) - (0. EBITDA as presented differs from measures of EBITDA
calculated for purposes of financial covenants in our note indentures
and senior credit facilities.
FREE CASH FLOW
(in thousands)

Fiscal
Year
Quarter Ended Ended
Jan. Our
measure of free cash flow may not be comparable to similarly titled
measures being disclosed by other companies and is not a measure of
financial performance that is in accordance with GAAP.

JLG INDUSTRIES , INC. 3,081 31,398
Accrued post-retirement
benefits - -
Other long-term liabilities - -
Provisions for
contingencies 66 12
Shareholders' equity
Capital stock:
Authorized shares:
100,000 at $.20 par
value
Issued and outstanding
shares: 44,700 shares;
fiscal 2004 - 43,903
shares 30,000 30,000
Additional paid-in
capital - -
Retained earnings 8,316 7,771
Unearned compensation - -
Accumulated other
comprehensive loss - -
------- -- ---------
Total shareholders'
equity 38,316 37,771
--------- ---------
$119,226 $191,183
========= =========

JLG INDUSTRIES, INC. 25,
2005 2004 2005 2004
--------- --------- --------- ---------
Operations
Net (loss) income $(1,245) $2,691 $(1,245) $2,691
Adjustments to reconcile net
(loss) income to cash flow
from operating activities:
(Gain) loss on sale of
property, plant and
equipment 142 53 142 50
(Gain) loss on sale of
equipment held for
rental (6,634) 1,364 (6,634) 1,364
Non-cash charges and
credits:
Depreciation and
amortization 14,046 13,252 13,648 13,098
Other 6,714 12,202 7,115 11,702
Changes in selected
working capital items:
Accounts receivable 32,558 (26,803) 4 ,124 (31,840)
Inventories (28,126) 10,181 (28,126) 10,181
Accounts payable (279) (10,203) (279) (10,203)
Other operating assets
and liabilities (14,900) (4,245) (14,854) (4,229)
Changes in finance
receivables (1,526) 2,825 - -
Changes in pledged
finance receivables 474 (16,627) - -
Changes in other assets
and liabilities (14,067) (4,761) (14,564) (4,005)
--------- --------- --------- ---------
Cash flow from operating
activities (12,843) (20 ,071) (40,673) (11,191)

Investments
Purchases of property, plant
and equipment (4,967) (6,430) (4,967) (6,430)
Proceeds from the sale of
property, plant and
equipment 162 90 162 90
Purchases of equipment held
for rental (18,940) (11,952) (18,876) (11,691)
Proceeds from the sale of
equipment held for rental 20,187 4,698 20,187 4,698
Cash portion of acquisitions (105) (95,371) (105) (95,371)
Investment in income of
Access Financial Solutions - - (545) (7)
Other (102) (147 ) (102) (147)
--------- --------- --------- ---------
Cash flow from investing
activities (3,765) (109,112) (4,246) (108,858 )

Financing
Net increase in short-term
debt 2,013 58 2,013 58
Issuance of long-term debt 130,054 99,000 130,054 99,000
Repayment of long-term debt (130,232) (99,205) (130,232) (99,205)
Issuance of limited recourse
debt - 13,979 - -
Repayment of limited
recourse debt - (253) - -
Change in receivable from
Access Financial Solutions - - 28,317 4,592
Change in payable to JLG
Industries , Inc. Letter of credit arrivals and the (inverted)
yield of government public bonds declined in July. During the six-month span through
July, the leading index increased 1. During the six-month span through
July, the coincident index increased 2.conference-board.

joma handset

The Company reported net income
of $7.2 million, or $0.11 in the prior year.com
NOTE: Information contained on our website is not incorporated by
reference into this press release.02) (0.01) (0.4
Days payables
outstanding 46. 25, Oct.06) -
Restructuring and
repositioning
charges (in both
COS, Restructuring) - - - - (0.01) (0.4 106.9%
Selling and
administrative
expenses 30,810 28,122 128,465
Selling +
administrative % 8.7% 9.9% 1. 31, July 31, April 25, Jan .
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(in thousands )
(Quarterly data is unaudited)

Quarter Ended Fiscal Year
January 30, October 31, Ended
2005 2004 July 31, 2004
----------- ----------- -------------

OPERATIONS
Net income (loss) $ 7,484 $ (8,729) $ 26,649
Adjustments to reconcile net
income (loss) to cash flow
from operating activities:
(Gain) loss on sale of
property, plant and
equipment (19) 161 319
(Gain) loss on sale of
equipment held for rental (5,334) (1,300) (12,451)
Non-cash charges and
credits:
Depreciation and
amortization 6,958 7,088 25,681
Other 3,965 2,749 17,006
Changes in selected working
capital items:
Accounts receivable (29,659) 62,217 (66,296)
Inventories (11,758) (16,368) 9,188
Accounts payable (10,833) 10,554 33,207
Other operating assets and
liabilities (2,340) (12,560) 13,506
Changes in finance
receivables 6,970 (8,496) (6,112)
Changes in pledged finance
receivables (917) 1,391 (14,866)
Changes in other assets and
liabilities (12,920) (1,147) (11,090)
--------- -- ----------- -------------
Cash flow from operating
activities (48,403) 35,560 14,741

INVESTMENTS
Purchases of property, plant
and equipment (2,072) (2,895) (12,387)
Proceeds from sale of
property, plant and equipment 81 81 90
Purchases of equipment held
for rental (8,851) (10,089) (26,689)
Proceeds from sale of
equipment held for rental 16,037 4,150 33,269
Cash portion of acquisitions (105) - (109,557)
Other (56) (46) 333
----------- ----------- -------------
Cash flow from investing
activities 5,034 (8,799) (114,941)

FINANCING
Net issuance (repayment) of
short-term debt 1,955 58 27
Issuance of long-term debt 45,038 85,016 351,999
Repayment of long-term debt (45,140) (85,092) (362,506)
Issuance of limited recourse
debt - - 13,979
Repayment of limited recourse
debt - - (253)
Payment of dividends (224) (220) (871)
Exercise of stock options 1,276 5,086 2 ,414
----------- ----------- -------------
Cash flow from financing
activities 2,905 4,848 4,789

CURRENCY ADJUSTMENTS
Effect of exchange rate
changes on cash (1,729) (2,767) 258

CASH AND CASH EQUIVALENTS
Net change in cash and cash
equivalents (42,193) 28,842 (95,153)
Beginning balance 66,498 37,656 132,809
----------- ----------- -------------

Ending balance $ 24,305 $ 66,498 $ 37,656
=========== =========== =============

Fiscal
Quarter Ended Year
July April January October Ended
31, 25, 25, 26, July 31,
2004 2004 2004 2003 2003
--------- -------- -------- --------- ---------

OPERATIONS
Net income (loss) $ 15,271 $ 8,687 $ 2,158 $ 533 $ 12,392
Adjustments to
reconcile net
income (loss) to
cash flow from
operating
activities:
(Gain) loss on
sale of property,
plant and
equipment 52 214 (240) 293 266
(Gain) loss on
sale of equipment
held for rental (12,568) (1,247) 44 1,320 (6,794)
Non-cash charges
and credits:
Depreciation and
amortization 5,070 7,359 6,766 6,486 19,937
Other (1 ,173) 5,977 8,548 3,654 7,869
Changes in
selected working
capital items:
Accounts
receivable 18,059 (57,552) (27,823) 1,020 (35,324)
Inventories 13,060 (14,053) 3,296 6,885 43,137
Accounts payable 11 ,982 31,428 24,751 (34,954) (46,026)
Other operating
assets and
liabilities 21,266 (3,515) (4,289) 44 (12,706)
Changes in finance
receivables (6,756) (2,181) 1,770 1,055 40,487
Changes in pledged
finance
receivables 224 1,537 (1,175) (15,452) (114,271)
Changes in other
assets and
liabilities (4,408) (1,921) (862) (3,899) (3,295)
--------- -------- -------- --------- ---------
Cash flow from
operating
activities 60,079 (25,267) 12,944 (33,015) (94,328)

INVESTMENTS
Purchases of
property, plant and
equipment (3,522) (2,435) (2,619) (3,811) (10,806 )
Proceeds from sale
of property, plant
and equipment (127) 127 1 89 216
Purchases of
equipment held for
rental (10,246 ) (4,491) (9,743) (2,209) (16,342)
Proceeds from sale
of equipment held
for rental 20,563 8,008 3,557 1,141 19,063
Cash portion of
acquisitions (14,186) - - (95,371) -
Other (27) 507 (101 ) (46) (689)
--------- -------- -------- --------- ---------
Cash flow from
investing
activities (7,545) 1,716 (8,905) (100,207) (8 ,558)

FINANCING
Net issuance
(repayment) of
short-term debt (13,115) 13 ,084 (536) 594 (13,497)
Issuance of long-
term debt 181,999 71,000 77,000 22,000 404,283
Repayment of long-
term debt (196,202) (67,099) (77 ,119) (22,086) (279,647)
Issuance of limited
recourse debt - - 3,108 10,871 117,383
Repayment of limited
recourse debt - - - (253) (118)
Payment of dividends (219) (218) (218) (216) (859)
Exercise of stock
options 276 1,242 746 150 93
--------- -------- -------- --------- ---------
Cash flow from
financing
activities (27,261) 18,009 2,981 11,060 227,638

CURRENCY ADJUSTMENTS
Effect of exchange
rate changes on
cash (562) 362 (183) 641 1,852

CASH AND CASH
EQUIVALENTS
Net change in cash
and cash
equivalents 24,711 (5,180) 6,837 (121,521) 126,604
Beginning balance 12,945 18,125 11,288 132,809 6,205
--------- -------- -------- --------- ---------

Ending balance $ 37,656 $12,945 $18,125 $ 11,288 $132,809
========= ======== ======== ========= =========

JLG INDUSTRIES, INC.8% 8.
and Consolidated
Subsidiaries
-----------------------
Six Months Ended
January 30, January 25,
2005 2004
----------- -----------
Revenues
Net sales $ 650,078 $ 438,931
Financial products 5,716 7,118
Rentals 4,301 4,066
----------- -----------
660,095 450,115
Cost of sales 580,428 368,402
----------- -----------
Gross profit 79,667 81,713
Selling and administrative
expenses 58,932 52,065
Product development expenses 11,463 9,208
Restructuring charges - 11
----------- -----------
Income from operations 9,272 20,429
Other income (deductions):
Interest expense (17,318) (19,424)
Miscellaneous, net 5,978 3,280
----------- -----------
(Loss) income before taxes (2,068) 4,285
Income tax (benefit) provision (823) 1,594
Equity in income of Access
Financial Solutions - -
----------- ---------- -
Net (loss) income $ (1,245) $ 2,691
=========== ===========

(Loss) earnings per common
share $ (. Earnings is a better coincident indicator.3 percent). Two of the four components that make up the
coincident index increased in June. Jul.9 146.0 60.

They differ, at least to some degree, from the sites indexed in the Auctions_and_Internet_Trading category in which the emphasis is on the bidding method of disposal.

nevio joma

17 per diluted share, compared with net income
of $2.8 million or 6. Including
the impact of continued OmniQuip integration costs, results were a
loss of $0.
The Company also continued to improve key operating metrics, and
to reduce trade receivable days sales outstanding to 83.4 from
4.23)
Restructuring and
repositioning
charges (in both
COS, Restructuring ) - - -
Currency effects
(in Miscellaneous-
net) 0.8%
Net income (loss)
margin 3.05 $.0 115. Repositioning charges are reported in COS.

(3) Net debt reflects total balance sheet debt plus off-balance sheet
financing, less cash and limited recourse debt from finance
receivables monetizations.0% 7.
The components of the leading index are also revised. The Conference Board has
become a global leader in helping executives build strong professional
relationships, expand their business knowledge and find solutions to a wide
range of business challenges. Jan.M.

Note: When used and surplus inventory is confined to one specific industry or machine type, with almost no applications outside it, a source is more likely to be found in the related category rather than in this more general one.

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"Sales in the U.4
in the year-ago quarter, while improving inventory turns to 6. JLG markets its products and services through a multi-channel
approach that includes a highly trained sales force and utilizes a
broad range of marketing techniques, integrated supply programs and a
network of distributors in the industrial, commercial, institutional
and construction markets.04)
Bad debt charges
(in SA+PD) (0.02) (0.9% 0.02) - - -
Estimated net
unrecovered steel
cost (in COS) (2) (0.4% 4.9% 0.01 $ . 25, Jan . 30, July 31,
2005 2004
--------- ---------
ASSETS
-------------------------- -
Current assets
Cash and cash equivalents $- $-
Trade accounts and
finance receivables -
net 30 ,205 68,443
Inventories - -
Other current assets - -
--------- ---------
Total current assets 30,205 68,443
Property, plant and
equipment - net - -
Equipment held for rental -
net 1,452 1,786
Finance receivables, less
current portion 36,992 33,747
Pledged receivables, less
current portion 50,372 86,559
Goodwill - -
Intangible assets - net - -
Investment in Access
Financial Solutions - -
Receivable from Access
Financial Solutions - -
Other assets 205 648
--------- ---------
$119,226 $191,183
========= =========

LIABILITIES AND
SHAREHOLDERS' EQUITY
---------------------------
Current liabilities
Short-term debt and
current portion of long-
term debt $- $-
Current portion of limited
recourse debt from finance
receivables monetizations 26,660 32,585
Accounts payable - -
Accrued expenses 162 208
--------- --- ------
Total current
liabilities 26,822 32,793
Long-term debt, less
current portion - -
Limited recourse debt from
finance receivables
monetizations, less
current portion 50,941 89,209
Payable to JLG Industries,
Inc.6 (1990=100).1 +1.

equipnet purchaser

"With continuing strong demand, stabilizing commodity prices and
improved supplier deliveries , we have revised our projections for full
year revenue growth to 30 to 35 percent over fiscal 2004 versus our
previous guidance of 10 to 25 percent. In addition, JLG offers world-class
after-sales service and support for its customers. JLG's manufacturing
facilities are located in the United States , Belgium, and France, with
sales and service operations on six continents.25)
Restatement
expenses (in SA+PD) - - (0.30) (0.0% -2.36 $.05 $.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share data )
(Quarterly data is unaudited)

Jan.06
=========== ===========

(Loss) earnings per common
share - assuming dilution $ (. The unemployment rate (UR) is removed and real gross cash
earnings (seasonally adjusted , deflated by consumer price index) is used as a
component of the coincident index instead. This is an
improvement from small declines in mid-2004, but it is still below the
7.1 percent in July, the coincident index now stands
at 159.4 percent in May. (KOR)

Examples of this difference in indexing can be found in such categories as Cleaning_Equipment and Machine_Tools /Used.

purchaser negotiated

8
million reported in the first quarter."

DIVIDEND

The Board of Directors of JLG today declared its regular,
quarterly cash dividend of $.

CONFERENCE CALL

Management 's complete analysis of the Company's quarterly results
will be provided during a conference call on Friday, February 25th at
9:00 a.
Forward-looking statements are not guarantees of future performance ,
and involve a number of risks and uncertainties that could cause
actual results to differ materially from those indicated by the
forward-looking statements.3% 8.02)
Estimated net
unrecovered steel
cost (in COS) (2) (0.0% 18.9%
EBITDA 38,363 30,336 19,769 17,192 62,949
--------------------
Trailing twelve
month EBITDA 105,660 86 ,678 71,220 68,885 62,949
--------------------
Trailing twelve
month EBITDA margin 8.6%

Reported earnings
(loss) per diluted
share $.35 $.07 ) (0.1 4.4% 18.5%
Product development
expenses 5,807 5,987 4,435 4,773 16,142
Product
development % 1.005 $. 30, Oct.
BALANCE SHEETS
(in thousands, except per share data)
(unaudited)

CONSOLIDATED EQUIPMENT OPERATIONS
JLG Industries,
Inc. The Conference Board monitors the behavior and performance of
the composite indexes and their components and periodically makes changes to
keep the indexes timely and accurate. Real GDP growth picked up
to a 5.6 percent
average growth over the previous four quarters.0 percent).S. Department of
Commerce.

Summary Table of Composite Indexes

2005 6-month
May Jun.0 62.

joma waldrich

0 percent of
revenues versus 4.4 million reported in the first quarter of the current
fiscal year.
The favorable trend from the first quarter reflects previously
announced product price increases effective in January , the third
month of JLG's fiscal second quarter. From international locations, call
(617) 786 -2963, using the same access code.8%
--------------------
Operating income
(loss) 17,607 (8,335) 75,906
Operating profit
(loss) margin 5.0% -2.5 54. 26, July 31,
2004 2004 2004 2003 2003
--------- --------- --------- --------- ---------
REVENUES AND
PROFITABILITY
Revenues $425,160 $318,687 $236,530 $213,585 $751,128
Gross profit margin 18.03) 0. 31, July 31,
2005 2004 2004
--------- --------- -----------
Revenues
Net sales $347,947 $302,131 $1,170 ,186
Financial products 3,056 2,660 15,203
Rentals 2,431 1,870 8,573
--------- --------- -----------
353,434 306,661 1,193,962
Cost of sales 299,462 280,966 968,562
--------- --------- -----------
Gross profit 53,972 25,695 225,400
Gross profit
margin 15. 25, Oct.9%
Selling and
administrative
expenses 42,348 34,052 28,349 23,716 79,225
Selling +
administrative % 10.7 % 12.01 $.005 $. 31, July 31, April 25, Jan. 25,
2005 2004 2004 2004 2004
-------- -------- -------- -------- - -------
Net income (loss) $7,484 ($8,729) $15,271 $8,687 $2,158
Interest expense 8,322 8,996 9,274 9,400 9,548
Income tax provision
(benefit) 4,347 (5,170) 8,748 4,890 1,297
Depreciation and
amortization 6,958 7,088 5,070 7,359 6,766
-------- -------- -------- -------- --------
EBITDA $27,111 $2,185 $38,363 $30,336 $19,769
======== ======== ======== ======== ========

Oct. 26, July 31,
2003 2003
-------- --------
Net income (loss) $533 $5,672
Interest expense 9,876 9,645
Income tax provision (benefit) 297 (527)
Depreciation and amortization 6,486 4,591
-------- --------
EBITDA $17,192 $19,381
======== ========

We monitor our EBITDA, which is a supplemental measure to GAAP that
provides additional information concerning our leverage position and
our historical ability to meet debt service and capital expenditure
and working capital requirements.

JLG INDUSTRIES, INC. - - - -
Accrued post-retirement
benefits 30,423 29,666 30,423 29,666
Other long-term liabilities 23,536 20,542 23,536 20,542
Provisions for
contingencies 19,298 13,582 19,232 13,570
Shareholders' equity
Capital stock:
Authorized shares:
100 ,000 at $. with Access
JLG Industries, Inc.Korea Leading Economic Indicators and Related Composite Indexes for July 2005

NEW YORK, This release of The Conference Board 's
Korea Leading Economic Indicators incorporates benchmark revisions to the
composite indexes .0-8. The positive contributors -- from the
larger positive contributor to the smaller -- were industrial production and
monthly cash earnings.9
Percent Change +0.0 50.org/economics/bci /

The next release is scheduled for October 11, 2005 at 9:00 P.

jax roadbuilding

5 percent in the comparable year-ago period. I'm very pleased with
the performance of the JLG team in responding to these challenges
while meeting the increased demand from our customers.03 per share year-to-date versus income of $0. "Our
supply chain continues to improve and has supported a significant
increase in production from last year. Additionally, we continue to
successfully focus on cost reduction initiatives, a key element of
which is our deployment of the Six Sigma process. Within North
America, access to the call is available by dialing (800) 901-5241,
participant access code 70128335.
Adjustments to reported GAAP earnings, AFS operations as if
accounted for under the equity method, as well as our disclosures of
free cash flow, EBITDA and net debt are useful in analyzing operating
performance , but should be used only in conjunction with financial
performance reported in accordance with generally accepted accounting
principles.7% 0.02) (0.07) - - - -

BALANCE SHEET +
LIQUIDITY MEASURES
Cash + cash
equivalents $37,656 $12,945 $18,125 $11,288 $132,809
Trade accounts and
finance
receivables, net 400,597 413 ,000 365,745 331,682 302,021
Inventories 154,405 164,160 150,074 153,200 122 ,675
Total balance sheet
debt 423,534 465,094 464,609 467,422 460,570
Limited recourse
debt from finance
receivables
monetizations 121,794 135,453 150,283 153,541 164,940
Net debt (3) 269,553 323,186 303,408 310,498 171,103
--------------------
Net debt (3) to
total capitalization 49% 55% 55% 56% 41%
---------------------
Maximum loss
exposure from
finance receivables
monetizations 25,161 23,757 24,460 23,380 21,708
Equity 281 ,270 264,018 252,252 248,911 247,714
Working capital 340,552 353,696 336,107 321 ,950 382,763
Depreciation and
amortization 5,070 7,359 6,766 6,486 19,937
Capital
expenditures, net
of retirements 3,597 2,094 2,858 3,429 10,324
Free cash flow (4) 53,633 (19,778) 7,090 (139,395) 27,781
------------- -------

FINANCIAL RATIOS
Days sales outstanding 78.2% 2. We define net debt as the sum of
total balance sheet debt and other off-balance sheet financing, minus
cash and limited recourse debt arising from our monetizations of
customer finance receivables.06
=========== ===========

Cash dividends per share $ . 25, Jan. This is a maintenance
procedure typically done once a year, which usually does not change the
cyclical properties of the indexes and has, as expected, very small effects. Monthly working
hours is removed and the authorized building permits component is replaced
with real construction orders from the private sector.

* Based on the benchmarked figures announced today, the leading index
increased slightly in July, following two consecutive increases. The positive contributors -- from the largest
positive contributor to the smallest -- were stock prices, real exports FOB,
the (inverted ) index of inventories to shipment, private construction orders,
and value of machinery orders.0

n.

waldrich hbm

19 versus
$0.3
percent for the year-ago period, and was significantly improved from
the loss of $6.com.06)
Benefit from
change in
effective income
tax rate - - -
Early vesting
incentives (in
both COS, SA+PD) (0 .6 57.02) (0.4% 17.35 $. EBITDA also is an indicator of
profitability, particularly in our capital-intensive industry. 25, Oct.03) $ . 30, Jan. 25,
2005 2004 2005 2004
---------- ---------- -------- --------
Revenues
Net sales $ 650,078 $ 438,931 $ - $ -
Financial products - - 5,716 7,118
Rentals 4,094 3,930 207 136
---------- ------ ---- -------- --------
654,172 442,861 5,923 7,254
Cost of sales 580,030 368,240 398 162
---------- ---------- -------- --------
Gross profit 74,142 74,621 5,525 7,092
Selling and administrative
expenses 58,058 50,572 874 1,493
Product development expenses 11,463 9,208 - -
Restructuring charges - 11 - -
---------- ------ ---- -------- --------
Income from operations 4,621 14,830 4,651 5,599
Other income (deductions):
Interest expense (13,573) (13,836) (3,745) (5,588)
Miscellaneous, net 5,978 3,280 - -
---------- ---------- -------- --------
(Loss) income before taxes (2,974) 4,274 906 11
Income tax (benefit) provision (1,184) 1,590 361 4
Equity in income of Access
Financial Solutions 545 7 - -
---------- ---------- -------- --------
Net (loss) income $ (1,245) $ 2,691 $ 545 $ 7
========== ========== ======== ========

JLG INDUSTRIES, INC. - - - -
Payment of dividends (444) (434) (444) (434)
Exercise of stock options 6,362 896 6,362 896
--------- --------- --------- ------ ---
Cash flow from financing
activities 7,753 14,041 36,070 4,907

Currency Adjustments
Effect of exchange rate
changes on cash (4,496) 458 (4,502) 458
--------- --------- -------- - ---------

Cash and Cash Equivalents
Net change in cash and cash
equivalents (13,351) (114,684) (13,351) (114,684)
Beginning balance 37,656 132,809 37,656 132,809
--------- --------- --------- ---------
Ending balance $24,305 $18,125 $24,305 $18,125
========= ========= ========= =========

FINANCIAL SERVICES

Access Financial
Solutions
-----------------
Six Months Ended
Jan.
Also, beginning with this release, the composition of the coincident index
is revised.

LEADING INDICATORS. Based on revised data, this index increased 0.

This category provides sources of used and reconditioned machinery for a variety of industrial and fabricating fields.

waldrich negotiated

"Although the price of steel and other commodities remains high,
the rate of change has slowed dramatically. Net debt was reduced by $17 million from the comparable period
last year. is the world's leading producer of access
equipment (aerial work platforms and telehandlers) and highway-speed
telescopic hydraulic excavators. Important factors that could cause actual
results to differ materially from those suggested by the
forward-looking statements include, but are not limited to, the
following: (i) general economic and market conditions , including
political and economic uncertainty in areas of the world where we do
business; (ii ) varying and seasonal levels of demand for our products
and services; (iii) limitations on customer access to credit for
purchases; (iv) credit risks from our financing of customer purchases;
(v ) interest and foreign currency exchange rates; and (vi) costs of
raw materials and energy, as well as other risks as detailed in the
Company's SEC reports, including the report on Form 10-Q for the
period ended October 31, 2004.7% 6.4%
Net income (loss)
margin 2 .1% -2.0 78.0 70.8
Inventory turnover
(annualized) 5.4

(1) Net of 35%, 35%, 35%, 35%, 38%, 36% and 32% effective income tax
rate for the second quarter of fiscal 2005, first quarter of
fiscal 2005, the fourth quarter of fiscal 2004, the third quarter
of fiscal 2004, the second quarter of fiscal 2004, the first
quarter of fiscal 2004 and fiscal 2003, respectively.

JLG INDUSTRIES, INC.2%

Earnings (loss) per
common share $.20) $.9% 1.6% 8. 31, July 31,
2005 2004 2004
--------- -------- ---------
Net income (loss) $7,484 ($8,729) $26,649
Adjustments to reconcile net income (loss)
to cash flow from operating activities:
Non -cash items 5,570 8,698 30,555
Accounts receivable (29,659) 62,217 (66,296)
Inventories (11,758) (16,368 ) 9,188
Other current assets 3,497 (2,817) 8,780
Accounts payable (10,833) 10,554 33,207
Accrued expenses (5,837) (9,743) 4,726
Finance receivables 6,970 (8,496) (6,112)
Other cash from operations (12,920) (1,147) (11,090)
Purchases of property, plant and equipment (2,072) (2,895) (12,387)
Proceeds from sale of property, plant and
equipment 81 81 90
Purchases of equipment held for rental (8,851) (10,089) (26,689)
Proceeds from sale of equipment held for
rental 16,037 4,150 33,269
Cash portion of acquisitions (105 ) - (109,557)
Other cash from investments (56) (46) 333
Payment of dividends (224) (220) (871)
Exercise of stock options 1,276 5,086 2,414
Effect of exchange rate changes on cash (1,729) (2,767) 258
Seller financing - - (10,000)
Capital lease assumed in OmniQuip
acquisition - - (3,630)
Debt assumed in Delta acquisition - - (103)
Other (1) (582) (297) (1,184)
--------- ---- ---- ---------
Free Cash Flow ($43,711) $27,172 ($98,450)
========= ======== =========

Fiscal
Year
Quarter Ended Ended
July 31, April 25, Jan.01
=========== ===========

Weighted average shares
outstanding 43,762 42,725
=========== ===========

Weighted average shares
outstanding - assuming
dilution 43,762 43,865
=========== ===========

EQUIPMENT OPERATIONS FINANCIAL
JLG Industries, Inc. The revision in the composite indexes
is consistent with long-standing TCB policy to make changes to the indexes
when research indicates that substantial improvements are possible. The
leading index has been growing at a 5.0 percent growth through the first quarter of 2005.S.0 33.

roadbuilding indicates

Adjusted to eliminate the impact of the OmniQuip integration expenses,
earnings per diluted share for the second quarter were $0.09
Bad debt charges
(in SA+PD) (0.07) - - (0.

(4) Free cash flow is defined as cash flow from operating activities,
investing activities, payment of dividends, exercise of stock
options and issuance of restricted awards, and the effect of
exchange rate changes on cash less changes in accounts receivable
securitization, limited recourse debt from finance receivables
monetizations and off-balance sheet debt.0% 18.7% 0.05 $.01 $.

JLG INDUSTRIES, INC.0% 8.6%
=========== =========== =========== ===========

January 25, October 26, July 31,
2004 2003 2003
----------- ----------- -----------
Net income $10,528 $12,596 $12,392
Interest expense 35,833 32,357 27,985
Income tax provision 2,085 2,777 2,635
Depreciation and amortization 22,774 21,155 19,937
----------- ----------- -----------
EBITDA $71,220 $68,885 $62,949
=========== =========== ===========

Revenues $889,443 $804 ,226 $751,128
=========== =========== ===========

EBITDA Margin 8.

The Conference Board(R) Korea Business Cycle Indicators(SM)

These revisions reduce
excessive volatility and improve the cyclical timing of the leading index .org/economics/bci. The growth in the
leading index in recent months suggests that this moderate economic
growth should continue in the near term. Five of the seven components that make up the leading
index increased in July. To
subscribe to any of these indexes, please contact Customer Service at
212-339-0345, or email indicators@conference-board.org.

handset roadbuilding

Strong Demand for Access Products Continues; JLG's Revenues up 49 percent - Full Year Forecast Strengthens

3 percent of revenues , versus $14.18 for the prior year
period.10 to $1.4% 18.20) $.03) (0.17)
Inventory charges
(in COS) - (0.01) (0.04)
Restatement
expenses (in SA +PD) - (0.8%
Product development
expenses 5,555 5,908 21,002
Product
development % 1.005 $.
EBITDA AND EBITDA MARGINS
TRAILING TWELVE MONTH PERIODS
(in thousands )

January 30, October 31, July 31, April 25,
2005 2004 2004 2004
----------- ----------- - ---------- -----------
Net income $22,713 $17,387 $26,649 $17,050
Interest expense 35,992 37,218 38,098 38,469
Income tax provision 12,815 9,765 15,232 5,957
Depreciation and
amortization 26,475 26,283 25,681 25,202
----------- ----------- ----------- -----------
EBITDA $97,995 $90,653 $105,660 $86,678
=========== =========== =========== ===========

Revenues $1,403,942 $1,287,038 $1,193 ,962 $1,002,360
=========== =========== =========== ===========

EBITDA Margin 7.

JLG INDUSTRIES, INC.0-6.
With the increase of 0.3

Coincident Index 158.

metalworking threaders

Our customer pricing actions,
improved component availability and resulting improved manufacturing
efficiencies, along with the impact of cost reduction initiatives, are
expected to result in full year earnings per diluted share in the
range of $1 .

ABOUT JLG

JLG Industries, Inc. 30, Oct.8% 8.5% 7.6% 4.8% 2.20 $.20 par
value
Issued and outstanding
shares: 44,700 shares;
fiscal 2004 - 43,903
shares 8,940 8,781 8,940 8,781
Additional paid-in
capital 37,087 29,571 37,087 29,571
Retained earnings 252,579 254,268 252,579 254,268
Unearned compensation (3,433) (5,333 ) (3,433) (5,333)
Accumulated other
comprehensive loss (10,427) (6,017) (10 ,427) (6,017)
--------- ----------- --------- ---------
Total shareholders'
equity 284,746 281,270 284,746 281,270
--------- ----------- --------- ---------
$979,074 $1,027,444 $901,245 $905,430
========= =========== ========= =========

FINANCIAL SERVICES

Access Financial
Solutions
-------------------
Jan. (28,317 ) (4,592)
Payment of dividends - -
Exercise of stock options - -
-------- --------
Cash flow from financing
activities (28,317) 9,134

Currency Adjustments
Effect of exchange rate
changes on cash 6 -
-------- --------

Cash and Cash Equivalents
Net change in cash and cash
equivalents - -
Beginning balance - -
-------- --------
Ending balance $- $-
======== ========

The Conference Board announced today that both the leading and the
coincident indexes for Korea increased 0.
With the 0. Founded in 1916, The Conference Board is the
premier business membership and research network. In 1995, The Conference Board assumed
responsibility for computing the composite indexes from the U.

remanufacturer indicates

02 per diluted share versus $0.jlg.03) (0.04) (0.0 65.4%
Other income
(deductions):
Interest expense (8,322) (8,996) (38,098)
Miscellaneous,
net 2,546 3,432 4,073
--------- --------- -----------
Income (loss) before
taxes 11,831 (13,899) 41,881
Income tax provision
(benefit) 4,347 (5,170) 15,232
--------- --------- -----------
Net income (loss) $7,484 $(8,729) $26,649
========= ========= ===========
Return on revenues 2.1% 10.6% 1.1%
Restructuring
charges 16 - - 11 2,754
--------------- ------------------------ ---------
Income (loss) from
operations 31,879 23,598 10,663 9,766 36,321
Operating profit
(loss) margin 7.5% 4.
CONSOLIDATED SELECTED SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands )
(Quarterly data is unaudited)

Quarter Ended Fiscal Year
January 30, October 31, Ended
2005 2004 July 31, 2004
----------- ----------- -------------
SEGMENT INFORMATION
REVENUES:
Machinery $ 281,220 $ 252,532 $ 973,610
Equipment Services 69 ,070 51,350 204,454
Access Financial Solutions 3,144 2,779 15,898
----------- ----------- -------------
$ 353,434 $ 306,661 $ 1,193,962
=========== =========== =============

SEGMENT PROFIT (LOSS):
Machinery $ 9,533 $ (13,340 ) $ 70,844
Equipment services 19,711 15,767 59,760
Access Financial Solutions 712 194 1,695
General corporate expenses (13,801) (13,249) (67,308)
----------- ----------- -------------
Segment profit (loss) 16,155 (10,628) 64,991
Add: AFS' interest expense 1,452 2,293 10,915
----------- ---------- - -------------
Operating Income (Loss) $ 17,607 $ (8,335) $ 75,906
=========== =========== =============

PRODUCT GROUP REVENUES
Aerial work platforms $ 171,517 $ 124,523 $ 562,056
Telehandlers 92,490 119,668 358,865
Excavators 17,213 8,341 52,689
After-sales service and support,
including parts sales, and used
and reconditioned equipment
sales 66,727 49,599 196,576
Financial products 3,056 2,660 15,203
Rentals 2,431 1,870 8,573
----------- ----------- -------------
$ 353,434 $ 306,661 $ 1,193,962
=========== =========== =============

GEOGRAPHIC REVENUES
United States $ 256,027 $ 238,733 $ 923,696
Europe 56,819 36,863 178,392
Other international 40,588 31,065 91,874
----------- ----------- -------------
$ 353,434 $ 306,661 $ 1,193,962
=========== =========== =============

Fiscal
Quarter Ended Year
July April January October Ended
31, 25, 25, 26, July 31,
2004 2004 2004 2003 2003
--------- --------- --------- --------- ---------
SEGMENT INFORMATION
REVENUES:
Machinery $351,123 $261,263 $192,266 $168,958 $594,484
Equipment Services 69,559 53,258 40,822 40,815 136,737
Access Financial
Solutions 4,478 4,166 3,442 3 ,812 19,907
--------- --------- --------- --------- ---------
$425,160 $318,687 $236,530 $213,585 $751,128
========= ========= ========= ========= =========

SEGMENT PROFIT
(LOSS):
Machinery $ 27,520 $ 25,190 $ 11,541 $ 6,593 $ 25,513
Equipment services 20,725 15,158 12,809 11,068 27,119
Access Financial
Solutions 990 694 (273) 284 3 ,990
General corporate
expenses (19,898) (20,229) (16,088) (11,093) (32,001 )
--------- --------- --------- --------- ---------
Segment profit
(loss) 29,337 20,813 7,989 6,852 24,621
Add: AFS' interest
expense 2,542 2,785 2,674 2,914 11,700
--------- ------ --- --------- --------- ---------
Operating Income
(Loss) $ 31,879 $ 23,598 $ 10,663 $ 9,766 $ 36,321
========= ========= ========= ========= =========

PRODUCT GROUP
REVENUES
Aerial work
platforms $217,425 $146,017 $109,354 $ 89,260 $428,564
Telehandlers 117,510 99,439 69,908 72,008 117,475
Excavators 16,188 15,807 13,004 7,690 48,445
After-sales service
and support,
including parts
sales, and used and
reconditioned
equipment sales 67,482 51,387 38,273 39,434 130,335
Financial products 4,172 3,913 3,442 3,676 19,184
Rentals 2,383 2,124 2,549 1,517 7,125
-- ------- --------- --------- --------- ---------
$425,160 $318,687 $236,530 $213,585 $751,128
========= ========= ========= ========= =========

GEOGRAPHIC REVENUES
United States $327,498 $246,985 $177,542 $171,671 $546,494
Europe 66,076 48,079 40,286 23,951 145,038
Other international 31,586 23,623 18,702 17,963 59,596
--------- --------- --------- --------- ------- --
$425,160 $318,687 $236,530 $213,585 $751,128
========= ========= ========= ========= =========

JLG INDUSTRIES, INC. 30 , Oct. EBITDA as presented differs from measures of EBITDA
calculated for purposes of financial covenants in our note indentures
and senior credit facilities.

In addition to measuring our cash flow generation and usage based upon
the Statements of Cash Flows, we also measure our free cash flow .0 percent annual rate in
recent months.6 +0.

negotiated waldrich

Eastern Time accessible from www.

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
FINANCIAL DASHBOARD
(in thousands, except per share data and as otherwise identified)

Quarter Ended Fiscal Year
Ended
Jan.02) (0.0
Inventory turnover
(annualized) 6.9% 17.2% 1.02) (0.1 58.8 3.17 $(.020
========= ========= ===========

Average basic shares
outstanding 43,798 43,277 42,860
========= ========= ===========

Average diluted
shares outstanding 44,988 43,277 44,032
========= ========= ===========

Quarter Ended Fiscal
Year
Ended
July 31, April 25, Jan.0% 11.29
======================================= =========

Earnings (loss) per
common share -
assuming dilution $. 25,
2005 2004 2004 2004 2004
--------- --------- ----------- ----------- ---------
ASSETS
-----------------
Current assets
Cash and cash
equivalents $24,305 $66,498 $37,656 $12,945 $18,125
Trade accounts
and finance
receivables,
net 354,350 333,316 400,597 413,000 365,745
Inventories 182,606 170,731 154,405 164,160 150,074
Other current
assets 47,466 45,739 41 ,058 42,086 27,441
--------- --------- ----------- ----------- ---------
Total current
assets 608,727 616,284 633,716 632,191 561,385
Property , plant
and equipment,
net 82,387 89,443 91,504 88,277 90,862
Equipment held
for rental, net 23,163 26,842 21,190 18,687 22,903
Finance
receivables ,
less current
portion 36,992 39,002 33,747 28,797 22,882
Pledged finance
receivables,
less current
portion 50,372 56,413 86,559 95 ,851 105,915
Goodwill 63,165 63,017 62,885 66,501 66,501
Intangible
assets, net 33,848 34,590 35,240 32,979 33,709
Other assets 80,420 66,991 62,603 66,434 67,961
--------- --------- ----------- --- -------- ---------
$979,074 $992,582 $1,027,444 $1,029,717 $972,118
========= ========= =========== =========== =========
LIABILITIES AND
SHAREHOLDERS '
EQUITY
-----------------
Current
liabilities
Short-term debt
and current
portion of
long-term debt $3,744 $1,788 $1,729 $14,843 $1,758
Current portion
of limited
recourse debt
from finance
receivables
monetizations 26,660 26,725 32,585 37,086 40,824
Accounts
payable 139,742 150,600 139,990 123,984 92,762
Accrued
expenses 97,795 108,500 118,860 102 ,582 89,934
--------- --------- ----------- ----------- ---------
Total current
liabilities 267,941 287,613 293,164 278,495 225,278
Long-term debt,
less current
portion 302,189 302,088 300,011 314,798 312,568
Limited recourse
debt from
finance
receivables
monetizations,
less current
portion 50,941 59,008 89,209 98,367 109,459
Accrued post-
retirement
benefits 30,423 30,211 29,666 28,798 27,998
Other long-term
liabilities 23,536 21,362 20,542 30,501 30,487
Provisions for
contingencies 19,298 15,520 13,582 14,740 14,076
Shareholders'
equity
Capital stock:
Authorized
shares:
100,000 at
$.
EBITDA
QUARTERLY PERIODS
(in thousands)

Jan. 26, July 31,
2004 2004 2004 2003 2003
-------- --------- -------- ---------- --------
Net income (loss) $15,271 $8,687 $2,158 $533 $12,392
Adjustments to
reconcile net income
(loss ) to cash flow
from operating
activities:
Non-cash items (8,619) 12,303 15,118 11,753 21,278
Accounts receivable 18,059 (57,552) (27,823) 1,020 (35,324)
Inventories 13,060 (14,053) 3,296 6,885 43,137
Other current assets (158) (14,211 ) 26,225 (3,076) (15,960)
Accounts payable 11,982 31,428 24,751 (34,954) (46,026 )
Accrued expenses 21,424 10,696 (30,514) 3,120 3,254
Finance receivables (6,756) (2,181) 1,770 1,055 40,487
Other cash from
operations (4,408 ) (1,921) (862) (3,899) (3,295)
Purchases of property,
plant and equipment (3,522 ) (2,435) (2,619) (3,811) (10,806)
Proceeds from sale of
property, plant and
equipment (127) 127 1 89 216
Purchases of equipment
held for rental (10,246) (4,491) (9,743) (2,209) (16,342)
Proceeds from sale of
equipment held for
rental 20,563 8,008 3,557 1,141 19,063
Cash portion of
acquisitions (14,186) - - (95,371) -
Other cash from
investments (27) 507 (101) (46) (689)
Payment of dividends (219) (218) (218 ) (216) (859)
Exercise of stock
options 276 1,242 746 150 93
Effect of exchange rate
changes on cash (562) 362 (183) 641 1,852
Seller financing - - - (10,000) -
Capital lease assumed
in OmniQuip
acquisition - - - (3,630) -
Debt assumed in Delta
acquisition (103) - - - -
Other (1) 1,931 3,924 1,531 (8,570) 15,310
-------- - -------- -------- ---------- --------
Free Cash Flow $53,633 ($19,778) $7,090 ($139,395 ) $27,781
======== ========= ======== ========== ========

(1) Includes changes in other off-balance sheet debt. Financial Solutions
and Consolidated on the Equity
Subsidiaries Basis
--------------------- -------------------
Jan. 30, July 31, Jan. 30, Jan.2 percent, with two of the seven
components advancing (diffusion index , six-month span equals 33. Based on revised data, this index increased 0., Australia, France, Germany , Korea, Japan, Mexico, Spain and the U.8 146.M (ET)
In Korea -- October 12, 2005 at 10:00 A.

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5 million, or $0.
On a GAAP basis, the operating profit margin was 5. For more information , visit www.

(Tables follow)

JLG INDUSTRIES, INC.2%

Reported earnings
(loss) per diluted
share $.9 5.8

Quarter Ended Fiscal
Year
Ended
July 31, April 25, Jan.0 102. Individual quarterly
net income (loss ) per diluted share may not equal the fiscal year
EPS due to changes in the number of common shares outstanding
during the year.

(2) Net unrecovered steel cost is an estimate based upon a baseline
average of steel prices per ton for various types of steel at the
beginning of fiscal 2004 compared to the impact of steel prices
incurred for various types of steel.005 $.9% 17.6%

Earnings (loss) per
common share $.conference-board.1 percent increase in July, the leading index now stands at
146.

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Net unrecovered steel costs, before-tax, were an
estimated $21.jlg. Please dial into the
conference 10 minutes prior to the start.9%
EBITDA 27,111 2,185 105,660
--------------------
Trailing twelve
month EBITDA 97,995 90,653 105,660
--------------------
Trailing twelve
month EBITDA margin 7.40) (0.7 92.4% 17.61
========= ========= ===========

Cash Dividends per
share $.0% 10.9% 2.005 $.03) $ .
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

CONSOLIDATED EQUIPMENT OPERATIONS
JLG Industries,
Inc. 30, Jan.
The benchmark revisions bring the history of the composite indexes
up-to-date with data revisions in their existing components and update the
standardization factors used in their calculation.

ABOUT THE CONFERENCE BOARD.-Jul.7 +0.

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The increase in the base
prices of our machines and the steel surcharge, which we previously
announced, did not recover the increased costs in the first five
months of our fiscal year but come closer to neutralizing those
increased costs for the remainder of this year.
Adjusted to eliminate the impact of integration expense, year-to-date
earnings were $0. The dividend is
payable on March 31, 2005 to shareholders of record March 12, 2005.0% 7.8% 2.04 0.03)
Other Incentive
pay (in both COS,
SA+PD) - - (0.07)

BALANCE SHEET +
LIQUIDITY MEASURES
Cash + cash
equivalents $24,305 $66,498 $37,656
Trade accounts and
finance
receivables, net 354,350 333,316 400,597
Inventories 182,606 170,731 154,405
Total balance sheet
debt 383,534 389,609 423,534
Limited recourse
debt from finance
receivables
monetizations 77,601 85,733 121,794
Net debt (3) 286,092 242,381 269,553
---- ----------------
Net debt (3) to
total capitalization 50% 47% 49%
----- ----------------
Maximum loss
exposure from
finance receivables
monetizations 27,203 26,068 25,161
Equity 284,746 276,780 281,270
Working capital 340,786 328,671 340,552
Depreciation and
amortization 6,958 7,088 25,681
Capital
expenditures, net
of retirements 2,010 2,653 11,978
Free cash flow (4) (43,711) 27,172 (98,450)
--------------------

FINANCIAL RATIOS
Days sales outstanding 83.6% 2.7
Days payables
outstanding 57. These estimates include
assumptions regarding the steel content of and sources of our
products and their components. 30, Oct.5% 7.005 $.20 par
value
Issued
shares:
44,700;
fiscal 2004 -
43,903;
fiscal 2003 -
43,367 8,940 8,907 8,781 8,732 8,712
Additional
paid-in
capital 37,087 35,111 29,571 25,883 24,725
Retained
earnings 252,579 245,319 254,268 239,215 230,746
Unearned
compensation (3,433) (4,019) (5,333) (2,856) (3,796)
Accumulated
other
comprehensive
loss (10,427) (8,538) (6,017) (6,956) (8,135)
--------- --------- ----------- ----------- ---- -----
Total
shareholders'
equity 284,746 276,780 281,270 264,018 252,252
--------- --------- ----------- ----------- ---------
$979,074 $992,582 $1,027,444 $1,029,717 $972,118
========= ========= =========== =========== =========

Oct. 30, July 31,
2005 2004 2005 2004
--------- ----------- -------- - ---------
ASSETS
---------------------------
Current assets
Cash and cash equivalents $24,305 $37,656 $24,305 $37,656
Trade accounts and
finance receivables -
net 354,350 400,597 324,145 332,154
Inventories 182,606 154,405 182,606 154,405
Other current assets 47,466 41,058 47,466 41 ,058
--------- ----------- --------- ---------
Total current assets 608,727 633,716 578,522 565,273
Property, plant and
equipment - net 82,387 91,504 82,387 91,504
Equipment held for rental -
net 23,163 21,190 21,711 19,404
Finance receivables, less
current portion 36,992 33,747 - -
Pledged receivables, less
current portion 50,372 86,559 - -
Goodwill 63,165 62,885 63 ,165 62,885
Intangible assets - net 33,848 35,240 33,848 35,240
Investment in Access
Financial Solutions - - 38,316 37,771
Receivable from Access
Financial Solutions - - 3,081 31,398
Other assets 80,420 62,603 80,215 61,955
--------- ------- ---- --------- ---------
$979,074 $1,027,444 $901,245 $905,430
========= =========== ========= =========

LIABILITIES AND
SHAREHOLDERS ' EQUITY
---------------------------
Current liabilities
Short-term debt and
current portion of long-
term debt $3,744 $1,729 $3,744 $1,729
Current portion of limited
recourse debt from finance
receivables monetizations 26,660 32 ,585 - -
Accounts payable 139,742 139,990 139,742 139,990
Accrued expenses 97,795 118,860 97,633 118,652
--------- ----------- --------- ---------
Total current
liabilities 267,941 293,164 241,119 260,371
Long-term debt, less
current portion 302,189 300,011 302,189 300,011
Limited recourse debt from
finance receivables
monetizations , less
current portion 50,941 89,209 - -
Payable to JLG Industries ,
Inc.0 percent annual rate in the second quarter of 2005, up from the

1.6 percent in
June and increased 0.

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7
million or 5. Component deliveries continue
to improve and we are seeing the benefits of additional capacity
investments by many suppliers. 31, July 31,
2005 2004 2004
--------- --------- -----------
REVENUES AND
PROFITABILITY
Revenues $353,434 $306,661 $1,193,962
Gross profit margin 15.03 (0.4%
--------------------
Operating income
(loss) 31,879 23,598 10,663 9,766 36,321
Operating profit
(loss) margin 7.06) (0 .11)
Inventory charges
(in COS) (0.07)
Benefit from
change in
effective income
tax rate - - - - 0.18) (0.3 % 8.6% 4.4%
=========== =========== ===========

We monitor our EBITDA, which is a supplemental measure to GAAP that
provides additional information concerning our leverage position and
our historical ability to meet debt service and capital expenditure
and working capital requirements. 30, Jan. This is because UR tends to lead
at peaks and lag at troughs rather than have a really coincident cyclical
timing.
These changes are made possible because of new research at The Conference
Board (TCB).2 percent, with all four components
advancing (diffusion index, six-month span equals 100. The Board's Economics Program, under the
direction of Chief Economist Gail Fosler, is a recognized source of forecasts,
economic analysis and objective indicators such as the Leading Economic
Indicators and the Consumer Confidence Index.5 100 .

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"The record revenues in the second quarter, coming on the heels of
record sales in the first quarter, further confirm the strong demand
for our products," commented Bill Lasky, Chairman of the Board,
President and Chief Executive Officer.6.

OUTLOOK

"With half of our fiscal year already behind us, we are reasonably
confident that the level of end-user demand that we have seen both in
North America and in international regions will continue as customers
refresh their fleets and add a measure of expansion," stated Jim
Woodward, Executive Vice President and Chief Financial Officer.0% 8.29

IMPACT OF SELECTED
ITEMS ON: (1)
income (expense)
PRE-TAX INCOME
Integration
expenses -
OmniQuip (in both
Cost of sales
(COS), Selling +
administrative
and product
development
(SA+PD)) $(5,022) $(2,907 ) $(4,145) $(3,901) $-
Restructuring and
repositioning
charges (in both
COS, Restructuring) 3 (1) (58) (63) (4,040)
Currency effects
(in Miscellaneous-
net) (1,171) (1,938) 675 125 5,422
Bad debt charges
(in SA+PD) (3,819) (2,376) (4,273) (1,092) (7,024)
Inventory charges
(in COS) (1,374) (196) (1,622) (1,327) (4,463)
Early vesting
incentives (in
both COS, SA+PD) - (577) (1,194) - -
Other Incentive
pay (in both COS,
SA+PD) (12,065) (4,858) - - (2,605)
Restatement
expenses (in SA+PD) (206) (1,058) - - -
Estimated net
unrecovered steel
cost (in COS) (2) (4,695) - - - -

NET INCOME
Integration
expenses -
OmniQuip (in both
COS, SA+PD) (3,264) (1,890) (2,589) (2,504) -
Restructuring and
repositioning
charges (in both
COS , Restructuring) 2 (1) (36) (40) (2,747)
Currency effects
(in Miscellaneous -
net) (761) (1,260) 422 80 3,687
Bad debt charges
(in SA+PD) (2,482) (1,544) (2,669) (701) (4,776)
Inventory charges
(in COS) (893) (127) (1,013) (852) (3,035)
Benefit from
change in
effective income
tax rate - - - - 2,051
Early vesting
incentives (in
both COS, SA+PD) - (375) (746) - -
Other Incentive
pay (in both COS,
SA+PD) (7,842) (3,158) - - (1,771)
Restatement
expenses (in SA+PD) (134) (688) - - -
Estimated net
unrecovered steel
cost (in COS) (2) (3,052) - - - -

EARNINGS PER SHARE
Integration
expenses -
OmniQuip (in both
COS, SA+PD) (0.06)
Currency effects
(in Miscellaneous-
net) (0.02) - -
Other Incentive
pay (in both COS,
SA+PD) (0.8 5.2% 10.7% 6.8% 20. EBITDA also is an indicator of
profitability, particularly in our capital-intensive industry. 30, Oct. SERVICES
with Access
Financial Solutions Access Financial
on the Equity Basis Solutions
--------------------- -----------------
Six Months Ended Six Months Ended
Jan. 25,
2005 2004
- ------- --------
Operations
Net (loss) income $545 $7
Adjustments to reconcile net
(loss) income to cash flow
from operating activities:
(Gain) loss on sale of
property, plant and
equipment - 3
(Gain) loss on sale of
equipment held for
rental - -
Non-cash charges and
credits:
Depreciation and
amortization 398 154
Other (401) 500
Changes in selected
working capital items:
Accounts receivable 28,434 5,037
Inventories - -
Accounts payable - -
Other operating assets
and liabilities (46) (16)
Changes in finance
receivables (1,526) 2,825
Changes in pledged
finance receivables 474 (16,627)
Changes in other assets
and liabilities 497 (756)
-------- --------
Cash flow from operating
activities 28,375 (8,873)

Investments
Purchases of property, plant
and equipment - -
Proceeds from the sale of
property, plant and
equipment - -
Purchases of equipment held
for rental (64) (261)
Proceeds from the sale of
equipment held for rental - -
Cash portion of acquisitions - -
Investment in income of
Access Financial Solutions - -
Other - -
-------- --------
Cash flow from investing
activities (64) (261)

Financing
Net increase in short-term
debt - -
Issuance of long-term debt - -
Repayment of long-term debt - -
Issuance of limited recourse
debt - 13,979
Repayment of limited
recourse debt - (253)
Change in receivable from
Access Financial Solutions - -
Change in payable to JLG
Industries, Inc.
This role is part of a long tradition of research and education that
stretches back to the compilation of the first continuous measure of the cost
of living in the United States in 1919.2
Diffusion 80.6 159.4 159.4 +0.2 p
Diffusion 50.

indicates purchaser

05 per diluted share in the prior year.06 last year.20, versus the previously stated $1.005 per common share.m. A replay of the call will be
available on the website later the same day.6% 8.5% 4.04) (0.20 $.20 par
value
Issued
shares:
44,700;
fiscal 2004 -
43,903;
fiscal 2003 -
43,367 8,683 8,673
Additional paid-
in capital 23,789 23,597
Retained
earnings 228,806 228,490
Unearned
compensation (5,145) (5,428)
Accumulated
other
comprehensive
loss (7,222) (7,618)
------- -- ---------
Total
shareholders'
equity 248,911 247,714
--------- ---------
$972,949 $936,202
========= =========

JLG INDUSTRIES, INC.
For more information on these revisions , visit our web site at
http://www.1 percent in July. In addition, since the second quarter of 2005 the
strength among the leading indicators has been widespread.7 percent in May. The wholesale and retail sales component declined, and
total employment was unchanged in July.5 percent
in June and increased 0.K.1 p +2.

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02) (0. 31, July 31, April 25,
2005 2004 2004 2004
--------- --------- --------- - --------
Revolving credit facilities $ - $ - $ - $14,000
$15 million cash management
facility 1,944 - - 13,129
$125 million senior notes 125,000 125,000 125,000 125,000
$175 million senior
subordinated notes 175,000 175,000 175,000 175,000
Miscellaneous debt 5,128 5,219 5,236 5,321
Fair value of interest rate
swaps (6,120) (6,492) (8,814) (8,296)
Gain on terminated interest
rate swap 4,981 5,149 5,318 5,487
--------- --------- --------- ---------
Bank debt and notes 305,933 303,876 301,740 329,641
Limited recourse debt from
finance receivables
monetizations (a) 77,601 85,733 121,794 135,453
--------- --------- --------- ---------
Total balance sheet debt 383,534 389,609 423,534 465,094
--------- --------- --------- ------- --
Net present value of off-
balance sheet rental fleet
lease 755 1,012 1,070 1,524
Net present value of off-
balance sheet production
equipment leases 3,709 3,991 4,399 4,966
-------- - --------- --------- ---------
Total off-balance sheet
financing 4 ,464 5,003 5,469 6,490
--------- --------- --------- -- -------
Total balance sheet debt
and off-balance sheet
financing 387,998 394,612 429,003 471,584
Less: cash 24,305 66,498 37 ,656 12,945
Less: limited recourse debt
from finance receivables
monetizations 77,601 85,733 121,794 135,453
--------- --------- --------- ---------
Net debt $286,092 $242,381 $269,553 $323,186
========= ========= ========= =========

Shareholders' Equity $284,746 $276,780 $281,270 $264,018
========= ========= ========= =========

Net Debt-to-Net Debt plus
Shareholders' Equity 50% 47% 49% 55%
========= ========= ========= =========

Total Balance Sheet Debt-to-
Total Balance Sheet Debt
plus Shareholders' Equity 57% 58% 60% 64%
========= ========= ========= =========

(a) Maximum loss exposure
from finance receivables
monetizations $27,203 $26,068 $25,161 $23,757
========= ========= ========= =========

Jan.
STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

CONSOLIDATED
JLG Industries, Inc.9 (1990=100).6 p
Percent Change +0.