Gehl Company Reports Record Sales

Gehl Company, a distributor and manufacturer of compact construction equipment and agricultural equipment, recently reported record net sales of $95.5 million in the quarter ended June 26, 2004, an increase of $26.9 million, or 39 percent, from second quarter 2003 net sales of $68.6 million. Significantly higher net income for the second quarter ended June 26, 2004, of $3.9 million, or $.69 per diluted share, compared to net income of $2.2 million or $.42 per diluted share, in the second quarter of 2003, an increase of 75 percent.

For the first six months of 2004, Gehl reported net sales of $180.2 million, compared to $127.1 million in the first half of 2003, an increase of $53.1 million, or 42 percent. Net income of $6.8 million, or $1.22 per diluted share, in the first six months of 2004 compared to net income of $2.7 million, or $.51 per diluted share, in the first half of 2003, an increase of 148 percent.

Construction equipment net sales in the second quarter of 2004 were $61.6 million, a 40 percent increase from second quarter 2003 net sales of $44.1 million. Shipments of skid loaders in the second quarter of 2004 were up significantly from 2003ís comparable period due to demand for new Gehl skid loader models introduced in January 2004, as well as increased demand for Mustang brand skid loaders. Telescopic handler shipments increased over 80 percent during the quarter as demand from larger rental customers continued in the second quarter. Demand for compact track loaders, a product introduced in mid-2002, continued to grow and resulted in 2004 second quarter shipments which were up over 30 percent from the 2003 level.

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