http://www.businesswire.com/news/home/20091103005849/en
Reports Fourth Quarter EPS1 From Continuing Operations of $0.63
Reports Fiscal 2009 Debt Reduction of $735.8 Million
OSHKOSH, Wis.--(Business Wire)--
Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles
and vehicle bodies, today reported fiscal 2009 fourth quarter net sales of $1.49
billion and income from continuing operations of $52.4 million, or $0.63 per
share, compared with net sales of $1.85 billion and income from continuing
operations of $62.4 million, or $0.84 per share, in the prior year`s fourth
quarter. Results from continuing operations for the fourth quarter of fiscal
2009 included a tax benefit of $0.18 per share related to tax strategies in
connection with investments in the Company`s foreign subsidiaries and LIFO
inventory benefits2 of $0.18 per share. All results exclude the operations of
Geesink Group B.V., Geesink Norba Limited and Norba A. B. (collectively, the
Geesink Norba Group), which have been reclassified to discontinued operations
due to the Company`s sale of these businesses on July 1, 2009.
Excluding non-cash intangible asset impairment charges3, for the fiscal year
ended September 30, 2009, the Company reported income from continuing operations
of $3.8 million, or $0.05 per share, on sales of $5.30 billion compared with
income from continuing operations for fiscal 2008 of $287.5 million, or $3.84
per share, on sales of $6.94 billion. Including impairment charges, the Company
recorded a loss from continuing operations of $1.17 billion, or $15.33 per
share, for fiscal 2009. The lower results were due to a decrease in sales at the
Company`s access equipment and commercial segments due to the global recession
and credit crisis, offset in part by strong demand for defense vehicles and
armor kits.
"Our positive results for the quarter were led by strength in our defense
business," said Robert G. Bohn, Oshkosh Corporation chairman and chief executive
officer. "In addition to our strong legacy medium- and heavy-payload tactical
wheeled vehicle programs, we have been aggressively ramping up our factories to
achieve our December 2009 production target of 1,000 M-ATVs per month to support
our warfighters in Afghanistan. Dedicated employees from our defense and access
equipment segments have been working tirelessly with our suppliers and our
customer to deliver these vehicles as quickly as possible, as we know they
greatly improve the protection and mobility of our American men and women in the
military who are sacrificing to help the people of Afghanistan and to make the
world a safer place.
"At this time next year, we expect to be serving our men and women in the U.S.
Army by delivering FMTVs to our soldiers. Although the losing bidders have
protested the Army`s source selection decision, we believe that the source
selection was performed fairly and objectively. We expect that U.S. taxpayers
will receive improved value and that U.S. soldiers will benefit from Oshkosh`s
expertise as a producer of high quality, high performance tactical wheeled
vehicles.
"We significantly enhanced our balance sheet with debt reduction of $736 million
during the year, supported by our successful equity offering in August 2009 and
strong cash flows from operations. We enter fiscal 2010 with a strong focus on
lean implementation, operations improvement and cash generation that we expect
to lead to further debt reduction," added Bohn.
Bohn further commented, "We expect to be solidly profitable in fiscal 2010, led
by significant revenue growth in our defense business, which should more than
offset anticipated low demand at our construction-related businesses. And, we
continue to make investments to position the Company to perform well when the
global economy rebounds."
The Company reported that consolidated net sales in the fourth quarter of fiscal
2009 decreased 19.8 percent compared with the prior year`s fourth quarter.
Significantly higher defense segment sales were not sufficient to overcome a
decrease in sales in the Company`s other segments.
Operating income from continuing operations decreased 10.8 percent to $118.1
million, or 7.9 percent of sales, for the fourth quarter of fiscal 2009 compared
with operating income from continuing operations of $132.4 million, or 7.1
percent of sales, in the prior year fourth quarter. Significantly improved
performance in the defense segment as a result of higher unit volume, improved
manufacturing efficiencies and consolidated LIFO inventory benefits of
approximately $24 million were not sufficient to offset the effects of
substantially lower volume in the Company`s other segments.
Factors affecting fourth quarter results for the Company`s business segments
included:
Defense - Defense segment sales increased 54.6 percent to $855.4 million for the
fourth quarter of fiscal 2009 compared with the prior year fourth quarter. The
increase was due to an increase in sales of new and remanufactured Family of
Heavy Tactical Vehicles (FHTV), the start of MRAP-All Terrain Vehicle (M-ATV)
production and higher parts & service sales, offset in part by lower
medium-payload tactical vehicle sales. Defense parts & service sales during the
fourth quarter of fiscal 2009 benefited from the sale of TAK-4® independent
suspension systems for Mine Resistant Ambush Protected (MRAP) vehicles. M-ATV
sales were approximately $100 million in the fourth quarter of fiscal 2009.
Operating income in the fourth quarter more than doubled to $161.7 million, or
18.9 percent of sales, compared with prior year fourth quarter operating income
of $75.1 million, or 13.6 percent of sales. The increase in operating income as
a percent of sales reflected a combination of substantially improved
manufacturing efficiencies, a LIFO inventory benefit of $12.0 million and lower
material costs.
Access Equipment - Access equipment segment sales decreased 58.2 percent to
$310.5 million for the fourth quarter of fiscal 2009 compared with the prior
year quarter. Sales reflected substantially lower global demand arising from
recessionary economies and tight credit markets. Fourth quarter fiscal 2009
sales included $87 million of intercompany M-ATV-related sales to the defense
segment. Sales of new access equipment in North American and European, African
and Middle Eastern regions each declined about 80 percent compared with the
prior year quarter.
The access equipment segment incurred an operating loss of $45.8 million, or
14.7 percent of sales, for the fourth quarter of fiscal 2009 compared with
operating income of $50.2 million, or 6.8 percent of sales, in the prior year
quarter. The decrease in operating results was primarily due to lower sales
volume and related underabsorption of fixed costs and product rationalization
costs, offset in part by lower operating expenses as a result of cost reduction
initiatives. Operating results also benefitted from the recognition of
intercompany M-ATV sales at mid-single digit margins.
Fire & Emergency - Fire & emergency segment sales for the fourth quarter of
fiscal 2009 decreased 16.7 percent to $305.2 million compared with the prior
year quarter. The sales decrease reflected lower sales at the Company`s European
fire apparatus and mobile medical businesses as a result of large multiple-unit
sales deliveries in the fourth quarter of fiscal 2008 and weaker sales of towing
& recovery equipment in the fourth quarter of fiscal 2009. The towing & recovery
business continues to be impacted by low levels of consumer spending and
limitations on available financing for its customers as a result of the tight
credit markets.
Operating income decreased 4.7 percent in the fourth quarter of fiscal 2009 to
$31.7 million, or 10.4 percent of sales, compared with the prior year quarter
operating income of $33.2 million, or 9.1 percent of sales. The increase in
operating income as a percent of sales during the fourth quarter was primarily
the result of improved product mix and LIFO inventory benefits of $3.7 million.
Commercial - Commercial segment sales decreased 40.4 percent to $130.4 million
in the fourth quarter of fiscal 2009 compared with the prior year quarter. The
sales decrease was largely due to a 69 percent decline in sales of concrete
placement products as a result of lower construction activity in North America
and a 31 percent decrease in domestic refuse collection vehicle sales. The prior
year`s fourth quarter refuse collection vehicle sales were unusually high.
Operating income increased 13.5 percent in the fourth quarter to $3.8 million,
or 2.9 percent of sales, compared with operating income of $3.4 million, or 1.5
percent of sales, in the prior year quarter. The increase in operating income
primarily reflected LIFO inventory benefits of $8.5 million and lower operating
expenses as a result of cost reduction initiatives, offset in large part by the
effect of the further decline in sales in the fourth quarter of fiscal 2009.
Corporate and other - Corporate operating expenses and inter-segment profit
elimination increased $3.8 million to $33.3 million for the fourth quarter of
fiscal 2009 compared with the prior year quarter. The increase was the result of
higher intersegment profit eliminations related to M-ATV production, higher
stock-based compensation expense and the reinstatement of previous compensation
levels.
Interest expense net of interest income increased $13.5 million to $61.1 million
in the fourth quarter of fiscal 2009 compared with the prior year quarter
largely as a result of higher interest rates associated with the March 2009
amendment of the Company`s credit agreement. The amendment increased the spread
on LIBOR loans to 600 basis points compared with 175 basis points in the fourth
quarter of fiscal 2008. The Company completed a common stock offering early in
the fourth quarter which resulted in $358 million of net proceeds, and when
combined with cash flow generation, resulted in total debt reduction of $412.8
million during the fourth quarter of fiscal 2009.
During the fourth quarter, the Company entered into an agreement for
performance-based payments on the M-ATV program. This resulted in a significant
cash payment to the Company near the end of the fiscal year which contributed to
cash on hand of $530.4 million at September 30, 2009. Much of the cash at
September 30, 2009 was paid to suppliers starting in October as production of
M-ATVs ramped up.
The Company recorded a tax provision in the fourth quarter of $8.0 million on
pre-tax income from continuing operations of $61.2 million, resulting in an
effective tax rate of 13.1 percent. The current year rate was positively
impacted by a $15.0 million tax benefit related to investments in the Company`s
foreign subsidiaries, offset in part by the reversal of a portion of a European
tax incentive and foreign net operating losses, which were not benefitted.
Full-Year Results
Excluding non-cash intangible asset impairment charges, the Company reported
income from continuing operations of $3.8 million, or $0.05 per share, for
fiscal 2009 on sales of $5.30 billion compared with income from continuing
operations of $287.5 million, or $3.84 per share, for fiscal 2008 on sales of
$6.94 billion. Including impairment charges, the Company recorded a loss from
continuing operations of $1.17 billion, or $15.33 per share, for fiscal 2009.
The lower results were due to significantly lower sales at the Company`s access
equipment and commercial segments due to the global recession and credit crisis,
offset in part by strong demand for defense vehicles, armor kits and TAK-4
independent suspensions.
Excluding impairment charges, operating income from continuing operations
decreased 66.3 percent to $207.8 million, or 3.9 percent of sales, in fiscal
2009 compared with $616.0 million, or 8.9 percent of sales, in fiscal 2008. An
operating loss in the access equipment segment more than offset higher operating
income in the defense and fire & emergency segments and lower corporate
expenses. Including impairment charges, the Company recorded an operating loss
from continuing operations of $992.0 million for fiscal 2009.
Discontinued Operations
On April 30, 2009, the Company entered into an agreement to sell its ownership
in the Geesink Norba Group. The Geesink Norba Group, the Company`s European
refuse collection vehicle manufacturer, was included in the Company`s commercial
operating segment. The historical results of operations of these businesses have
been presented as discontinued operations, net of tax, in the Condensed
Consolidated Statements of Operations for all periods.
The transaction closed on July 1, 2009. Although the selling price was nominal,
the Company reported a non-cash pre-tax gain of approximately $34 million on the
sale of these businesses in the fourth quarter of fiscal 2009 as a result of the
reversal of cumulative translation adjustments from equity into earnings. In
addition, the Company restructured the former holding company parent of the
Geesink Norba Group, which resulted in the Company recording a tax benefit of
$54.0 million in discontinued operations in the fourth quarter of fiscal 2009.
1 Shares of common stock outstanding used in the earnings per share calculation
in fiscal 2009 increased as a result of the Company`s issuance of shares in its
equity offering completed on August 12, 2009.
2 LIFO inventory benefits represent both deflationary prices in the current year
and LIFO decrement benefits. A significant portion of the Company`s inventory is
valued using the last-in, first-out (LIFO) method. With this method, the cost of
inventory is comprised of "layers" at cost levels for years when inventory
increases occurred. A LIFO decrement occurs when inventory decreases, depleting
layers added in earlier, generally lower cost, years. A LIFO decrement benefit
represents the impact on profit of charging cost of goods sold with prior year
cost levels rather than current period costs.
3 Further information regarding operating results including impairment charges
and related reconciliations of these non-GAAP financial measures to the most
comparable GAAP measures can be found under the caption "Non-GAAP Financial
Measures" in this press release, which should be thoroughly reviewed.
Conference Call
The Company will comment on fourth quarter earnings during a conference call at
9:00 a.m. EST this morning. Viewer-controlled slides for the call will be
available on the Company`s website beginning at 8:00 a.m. EST this morning. The
call will be webcast simultaneously over the Internet. To access the webcast,
listeners can go to www.oshkoshcorporation.com at least 15 minutes prior to the
event and follow instructions for listening to the broadcast. An audio replay of
the call and related question and answer session will be available for 12 months
at this website.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad
range of specialty access equipment, commercial, fire & emergency and military
vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and
services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®,
Medtec®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline™, SMIT™, CON-E-CO®,
London® and IMT®. Oshkosh products are valued worldwide in businesses where high
quality, superior performance, rugged reliability and long-term value are
paramount. For more information, log on to www.oshkoshcorporation.com.
®, TM All brand names referred to in this news release are trademarks of Oshkosh
Corporation or its subsidiary companies.
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted
accounting principles (GAAP) in the United States of America. The Company is
presenting various operating results, such as operating income (loss), operating
income margin, income (loss) from continuing operations and earnings (loss) per
share from continuing operations on both a reported basis and on a basis
excluding impairment charges that affect comparability of operating results.
When the Company uses operating results, such as operating income (loss),
operating income margin, income (loss) from continuing operations and earnings
(loss) per share from continuing operations, excluding impairment charges, they
are considered non-GAAP financial measures. The Company believes excluding the
impact of non-cash intangible asset impairment charges is useful to investors to
allow a more accurate comparison of the Company`s operating performance.
Non-GAAP financial measures should be viewed in addition to, and not as an
alternative for, the Company`s results prepared in accordance with GAAP. The
table below presents a reconciliation of the Company`s presented non-GAAP
measures to the most directly comparable GAAP measures for the fiscal year ended
September 30 (in millions, except per share amounts):
2009 2008
Non-GAAP operating income $ 207.8 $ 616.0
Intangible asset impairment charges (1,199.8 ) (1.0 )
GAAP operating (loss) income $ (992.0 ) $ 615.0
Non-GAAP income from continuing operations $ 3.8 $ 287.5
Intangible asset impairment charges (1,199.8 ) (1.0 )
Income tax benefit associated with intangible
asset impairment charges 23.7 0.4
GAAP (loss) income from continuing operations, net $ (1,172.3 ) $ 286.9
Non-GAAP earnings per share from continuing operations $ 0.05 $ 3.84
Intangible asset impairment charges per share (15.38 ) (0.01 )
GAAP (loss) earnings per share from continuing operations $ (15.33 ) $ 3.83
Forward-Looking Statements
This press release contains statements that the Company believes to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. All statements other than statements of
historical fact, including, without limitation, statements regarding the
Company`s future financial position, business strategy, targets, projected
sales, costs, earnings, capital expenditures, debt levels and cash flows, and
plans and objectives of management for future operations, are forward-looking
statements. When used in this press release, words such as "may," "will,"
"expect," "intend," "estimate," "anticipate," "believe," "should," "project" or
"plan" or the negative thereof or variations thereon or similar terminology are
generally intended to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to risks,
uncertainties, assumptions and other factors, some of which are beyond the
Company`s control, which could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. These factors
include risks related to the required increase in the rate of production for the
M-ATV contract and the amount, if any, of additional orders for M-ATVs that the
Company may receive; the cyclical nature of the Company`s access equipment,
commercial and fire & emergency markets, especially during a global recession
and credit crisis; the duration of the global recession, which could lead to
additional impairment charges related to many of the Company`s intangible
assets; the expected level and timing of U.S. Department of Defense procurement
of products and services and funding thereof, including the outcome of the
formal protests of the Family of Medium Tactical Vehicles (FMTV) award to the
Company; risks related to reductions in government expenditures and the
uncertainty of government contracts; the consequences of financial leverage
associated with the JLG acquisition, which could limit the Company`s ability to
pursue various opportunities; risks related to the collectability of receivables
during a recession, particularly for those businesses with exposure to
construction markets; risks related to production delays as a result of the
economy`s impact on the Company`s suppliers; the potential for commodity costs
to rise sharply, including in a future economic recovery; risks associated with
international operations and sales, including foreign currency fluctuations; and
the potential for increased costs relating to compliance with changes in laws
and regulations. Additional information concerning these and other factors is
contained in the Company`s filings with the Securities and Exchange Commission,
including the Form 8-K filed today. All forward-looking statements speak only as
of the date of this press release. The Company assumes no obligation, and
disclaims any obligation, to update information contained in this press release.
Investors should be aware that the Company may not update such information until
the Company`s next quarterly earnings conference call, if at all.
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions)
Three Months Ended Year Ended
September 30, September 30,
2009 2008 2009 2008
Net sales $ 1,486.9 $ 1,854.1 $ 5,295.2 $ 6,936.4
Cost of sales 1,244.6 1,575.1 4,589.2 5,758.1
Gross income 242.3 279.0 706.0 1,178.3
Operating expenses:
Selling, general and administrative 106.7 130.1 435.8 493.5
Amortization of purchased intangibles 15.5 16.5 62.4 68.8
Intangible asset impairment charges 2.0 - 1,199.8 1.0
Total operating expenses 124.2 146.6 1,698.0 563.3
Operating income (loss) 118.1 132.4 (992.0 ) 615.0
Other income (expense):
Interest expense (63.4 ) (49.9 ) (212.8 ) (212.1 )
Interest income 2.3 2.3 4.8 7.1
Miscellaneous, net 4.2 (2.3 ) 8.5 (9.3 )
(56.9 ) (49.9 ) (199.5 ) (214.3 )
Income (loss) from continuing operations
before income taxes, equity in earnings of
unconsolidated affiliates and minority interest, net 61.2 82.5 (1,191.5 ) 400.7
Provision for (benefit from) income taxes 8.0 20.5 (19.7 ) 120.8
Income (loss) from continuing operations before
equity in earnings of unconsolidated affiliates
and minority interest, net 53.2 62.0 (1,171.8 ) 279.9
Equity in (losses) earnings of unconsolidated
affiliates, net of tax (1.0 ) 0.7 (1.4 ) 6.3
Minority interest, net of tax 0.2 (0.3 ) 0.9 0.7
Income (loss) from continuing operations 52.4 62.4 (1,172.3 ) 286.9
Income (loss) from discontinued operations, net of tax 87.9 (8.7 ) 73.5 (207.6 )
Net income (loss) $ 140.3 $ 53.7 $ (1,098.8 ) $ 79.3
OSHKOSH CORPORATION
EARNINGS PER SHARE
(Unaudited)
Three Months Ended Year Ended
September 30, September 30,
2009 2008 2009 2008
Earnings (loss) per share-basic:
From continuing operations $ 0.64 $ 0.84 $ (15.33 ) $ 3.88
From discontinued operations 1.06 (0.12 ) 0.96 (2.81 )
Earnings (loss) per share-basic $ 1.70 $ 0.72 $ (14.37 ) $ 1.07
Earnings (loss) per share-diluted:
From continuing operations $ 0.63 $ 0.84 $ (15.33 ) $ 3.83
From discontinued operations 1.05 (0.12 ) 0.96 (2.77 )
Earnings (loss) per share-diluted $ 1.68 $ 0.72 $ (14.37 ) $ 1.06
Basic weighted average shares outstanding 82,584,964 74,185,930 76,473,930 74,007,989
Effect of dilutive stock options and
incentive compensation awards 950,763 415,207 - 828,207
Diluted weighted average shares outstanding 83,535,727 74,601,137 76,473,930 74,836,196
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
September 30,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 530.4 $ 88.2
Receivables, net 563.8 997.8
Inventories, net 789.7 941.6
Deferred income taxes 75.5 66.6
Other current assets 183.8 58.2
Total current assets 2,143.2 2,152.4
Investment in unconsolidated affiliates 37.3 38.1
Property, plant and equipment 763.4 756.4
Less accumulated depreciation (353.2 ) (303.1 )
Property, plant and equipment, net 410.2 453.3
Goodwill 1,077.3 2,274.1
Purchased intangible assets, net 967.8 1,059.9
Other long-term assets 132.2 103.7
Total assets $ 4,768.0 $ 6,081.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Revolving credit facility and current maturities
of long-term debt $ 15.0 $ 93.5
Accounts payable 555.8 639.9
Customer advances 731.9 296.8
Payroll-related obligations 74.5 104.8
Income taxes payable 3.1 11.1
Accrued warranty 72.8 88.3
Other current liabilities 205.5 228.8
Total current liabilities 1,658.6 1,463.2
Long-term debt, less current maturities 2,023.2 2,680.5
Deferred income taxes 239.6 308.9
Other long-term liabilities 330.3 237.0
Commitments and contingencies
Minority interest 2.2 3.3
Shareholders' equity 514.1 1,388.6
Total liabilities and shareholders' equity $ 4,768.0 $ 6,081.5
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Year Ended
September 30,
2009 2008
Operating activities:
Net (loss) income $ (1,098.8 ) $ 79.3
Non-cash asset impairment charges 1,199.8 175.2
Gain on sale of Geesink (33.8 ) -
Depreciation and amortization 152.0 152.9
Other non-cash adjustments (40.4 ) 4.3
Changes in operating assets and liabilities 720.1 (21.3 )
Net cash provided by operating activities 898.9 390.4
Investing activities:
Additions to property, plant and equipment (46.2 ) (75.8 )
Additions to equipment held for rental (15.4 ) (42.5 )
Proceeds from sale of property, plant and equipment 3.9 4.0
Proceeds from sale of equipment held for rental 6.1 13.0
Other (4.5 ) 1.1
Net cash used by investing activities (56.1 ) (100.2 )
Financing activities:
Repayment of long-term debt (682.2 ) (304.7 )
Net (repayments) borrowings under revolving credit facility (49.4 ) 54.7
Proceeds from Common Stock offering, net of expenses of $0.6 358.1 -
Debt amendment costs (20.1 ) -
Purchase of Common Stock (0.2 ) (1.4 )
Proceeds from exercise of stock options 0.6 4.5
Excess tax benefits from stock-based compensation - 3.1
Dividends paid (14.9 ) (29.8 )
Net cash used by financing activities (408.1 ) (273.6 )
Effect of exchange rate changes on cash 7.5 (3.6 )
Increase in cash and cash equivalents 442.2 13.0
Cash and cash equivalents at beginning of period 88.2 75.2
Cash and cash equivalents at end of period $ 530.4 $ 88.2
OSHKOSH CORPORATION
SEGMENT INFORMATION
(Unaudited; in millions)
Three Months Ended Year Ended
September 30, September 30,
2009 2008 2009 2008
Net sales:
Defense $ 855.4 $ 553.4 $ 2,594.8 $ 1,891.9
Access equipment 310.5 742.1 1,139.4 3,085.9
Fire & emergency 305.2 366.5 1,169.0 1,192.8
Commercial 130.4 218.8 590.0 835.1
Intersegment eliminations (114.6 ) (26.7 ) (198.0 ) (69.3 )
Consolidated $ 1,486.9 $ 1,854.1 $ 5,295.2 $ 6,936.4
Operating income (loss):
Defense $ 161.7 $ 75.1 $ 403.3 $ 265.2
Access equipment (45.8 ) 50.2 (1,105.6 ) 360.1
Fire & emergency 31.7 33.2 (14.7 ) 93.9
Commercial 3.8 3.4 (183.7 ) 4.7
Corporate and other (33.3 ) (29.5 ) (91.3 ) (108.9 )
Consolidated $ 118.1 $ 132.4 $ (992.0 ) $ 615.0
September 30,
2009 2008
Period-end backlog:
Defense $ 4,883.8 $ 1,199.2
Access equipment 98.3 330.0
Fire & emergency 558.7 633.2
Commercial 74.6 191.4
Consolidated $ 5,615.4 $ 2,353.8
Oshkosh Corporation
Financial: Patrick Davidson
Vice President, Investor Relations
920.966.5939
Media: Ann Stawski
Vice President, Marketing Communications
920.966.5959
Copyright Business Wire 2009
