The company, Fulton County's largest employer with more than 2,500 workers, also closed a production facility in Fort Littleton, Pa., and relocated the manufacturing of all vertical lift products to the McConnellsburg, Pa., plant, which is also the company's headquarters.
In other cost-saving measures, the company also announced in a letter accompanying the report that it will discontinue the paper copy circulation of quarterly earnings releases to shareholders unless they request to be placed on a special direct mail list.
"As you are probably aware, the company announced a restructuring plan in July to resize operations due to softer order patterns and more competitive market conditions. As a result, JLG intends to reduce costs in all facets of business," the letter states.
JLG reported lower fourth-quarter results for fiscal year 1997, but posted an overall record performance, according to the company report.
For the fiscal year ending July 31, JLG reported a profit of $46.1 million on sales of $526.3 million. Last year, the manufacturer of aerial work platforms earned $42.1 million on sales of $413.4 million.
The results reflect the fourth consecutive record year for JLG, according to the report.
The report said that during the fourth quarter, the company earned $9.7 million on sales of $141.2 million.
Fourth-quarter 1997 earnings were 29 percent below the record $13.6 million in the same period a year ago, but sales were up 12 percent over the $125.9 million in sales made during the fourth quarter of fiscal 1996.
An unfavorable product mix to smaller, less profitable machines and increasingly competitive market conditions during the second half of the fiscal year are two factors being blamed on the company's lower fourth-quarter results, which have carried over into fiscal 1998, the report states.
The company's aerial work platforms are sold primarily to independent distributors who rent and sell the company's products to a broad customer base, including users in the industrial, commercial, institutional and construction markets.
In the report, Black said the company plans to focus on specific improvement goals during fiscal 1998, including improving manufacturing processes, reducing costs and accelerating new product development.
"We remain committed to growing the company, both internally and externally through acquisition, and are confident that the steps we are taking now will position us well to resume our long-term growth in sales and profitability, as well as our enhancement of shareholder value," Black said.
Shareholders who want to continue receiving company earnings releases should send a letter or postcard including name and complete mailing address to: JLG Industries Inc., Investor Relations - Direct Mail List, 1 JLG Drive, McConnellsburg, Pa. 17233-9533.
Company press releases can be accessed through PR Newswire's "Stock-on-Call" at 1-800-578-7888 or through its web site at http://www.pr newswire.com, posted under Today's News for up to 72 hours. On the Internet, the JLG web site can be accessed at http://www.jlg.com.