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Straight. Forward STRAIGHT. FORWARD. OSHKOSH TRUCK CORPORATION 2003 ANNUAL REPORT P.O. Box 2566 Oshkosh, WI USA 54903-2566 920.235.9150 OSHKOSH TRUCK CORPORATION www.oshkoshtruckcorporation.com 03/AR Robert G. Bohn Chairman, President and Chief Executive Officer Oshkosh Truck Corporation NET SALES OPERATING INCOME AND PERCENT GROWTH AND PERCENT GROWTH (DOLLARS IN MILLIONS) (DOLLARS IN MILLIONS) $129.2 $1,926.0 (16%) 2003 (10%) $111.1 2003 (13%) 2002 $1,743.6 $98.3 (0%) (21%) 2001 2002 $1,445.3 EPS (9%) AND PERCENT GROWTH 2001 $2.16 (26%) 2003 $1.72 (15%) 2002 $1.49 (3%*) 2001 *Before discontinued operations SUMMARY FINANCIAL HIGHLIGHTS(1) OSHKOSH TRUCK CORPORATION SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA. FISCAL YEARS ENDED SEPTEMBER 30 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2001 2002(4) 2003(5) NET SALES $1,445,293 $1,743,592 $1,926,010 OPERATING INCOME 98,296 111,118 129,199 NET INCOME (2) (3) 50,864 59,598 75,620 This is a company built on character and content. We’re a PER SHARE ASSUMING DILUTION (2) (3) 1.49 1.72 2.16 straightforward team, and we manage this company TOTAL ASSETS (6) (7) 1,089,268 1,024,329 1,083,132 conservatively. We tell it like it is. No holds barred. NET WORKING CAPITAL (DEFICIT) (6) (7) 123,949 33,964 (1,436) No punches pulled. Frankly, we wouldn’t have it any other LONG-TERM DEBT (INCLUDING CURRENT MATURITIES) (6) 294,080 149,958 1,735 way. And when you look at our performance over the past SHAREHOLDERS’ EQUITY 347,026 409,760 518,863 five years – a record of sales, EPS and shareholder value BOOK VALUE PER SHARE 10.38 12.06 14.88 gains few industrial companies can match – it’s easy to BACKLOG 799,000 908,000 1,205,000 see why we maintain this approach to business. (1) All references to per share amounts have been restated to reflect the two-for-one split of the Company's Common Stock in the form Our results have been strong in a down market. of a 100 percent stock dividend effected on August 13, 2003. (2) Fiscal 2003 includes a $3,945 after-tax charge ($0.11 per share) related to the early retirement of debt and includes a $3,400 reduction ($0.10 per share) STRAIGHT. TALK. Our principles have kept us on a straight course, moving in income tax expense and corresponding increase in net income related to the settlement of certain income tax audits. (3) Fiscal 2001 includes a $1,727 one-time foreign currency transaction gain ($0.05 per share) in connection with euros acquired prior to the purchase of the forward throughout fiscal 2003. Geesink Norba Group and includes a $1,400 reduction ($0.04 per share) in income tax expense related to the settlement of certain income tax audits. (4) Fiscal 2002 includes a $1,658 cumulative catch-up adjustment ($1,044 net of tax or $0.03 per share) to increase the overall margin percentage on the Medium Tactical Vehicle Replacement ("MTVR") contract relating to prior year revenues. (5) Fiscal 2003 includes a $5,717 cumulative catch-up adjustment ($3,602 net of tax or $0.10 per share) to increase the overall margin percentage on the MTVR contract. (6) On September 19, 2003, the Company prepaid $100,000 of term debt from borrowings under its bank facility and from available cash. In 2002, the Company prepaid $132,250 of term debt from cash generated from operating activities, including a $86,300 performance-based payment received on September 30, 2002 under one of the Company's defense contracts. (7) On October 30, 2000, the Company acquired for cash all of the issued and outstanding capital stock of Medtec Ambulance Corporation. On March 6, 2001, the Company purchased certain assets from TEMCO. On July 25, 2001, the Company acquired for cash all of the issued and outstanding capital stock of the Geesink Norba Group. The acquisitions were financed from available cash or borrowings under the Company's bank facility. See Note 4 to Notes to Consolidated Financial Statements. BUSINESS OVERVIEW DEFENSE FIRE AND EMERGENCY COMMERCIAL REFUSE HAULING COMMERCIAL CONCRETE PLACEMENT Heavy Expanded Mobility Tactical Trucks (“HEMTT”); HEMTT- Custom chassis: Contender®, Saber®, Enforcer®, Dash®, Lance®, Quantum® and Refuse collection vehicle bodies: rear loaders–standard heavy-duty, Streetforce,™ Metro-Pak®, Standard rear-discharge mixers: Bridgemaster® rear-discharge mixers; Load Handling System (“LHS”); Palletized Load System Arrow XT™; custom pumpers; commercial pumpers; aerials–75' ladder, 105' ladder, XC and tag axle; front loaders–Atlantic™ and Pacific® Series; side loaders–Streetforce™ Revolution™ mixer drum; sliding mixer systems; S-Series front-discharge (“PLS”) trucks and trailers; Logistic Vehicle Systems (“LVS”); 85' platform, 100' platform, 95' mid-mount platform, 95' mid-mount ladder; Sky Boom® manual-automated, automated and automated full-eject, and AutoReach® automated; roll-offs; mixers; central-mix, mobile and portable concrete batch plants; Highland® PRODUCTS Heavy Equipment Transporters (“HET”); Medium Tactical telescoping waterway; Sky-Arm® articulating ladder platform; heavy, medium and mobile and stationary compactors; demountable containers and container handling equipment; all-wheel-drive trucks; all-make parts; financing; aftermarket service; training Vehicle Replacements (“MTVR”); Wheeled Tankers, Euro-tanker light-duty rescues; ENCORE® rescues; Contender® Rescues; Hawk Extreme™ waste transfer stations; financing; aftermarket service; all-make parts; training and cargo vehicles; HEMTT remanufacturing; worldwide integrated wildland vehicles; mobile command posts, bomb response vehicles, HAZ MAT logistics support, including service, parts, training and manuals response vehicles; elliptical tankers; pumper tankers; specialty fire apparatus; Type I, II, III and Additional Duty ambulances; T-Series and Striker® Aircraft Rescue and Fire Fighting (“ARFF”) vehicles; HB-Series snow blowers; P-Series plow trucks; MPT-Series municipal plow trucks; financing; aftermarket service; training BRANDS •Comprehensive product line including air transportable models •Single-source designer, manufacturer and financier of fire apparatus and ambulances •Global leader in refuse collection bodies •Leading brands with reputation for reliability and longevity •Strong brand recognized for superior performance, •Industry leading brand recognized for quality, safety and innovation •Comprehensive product line offers low maintenance costs and high productivity •Revolution™ composite mixer drum offers unique profitability benefits particularly in off-road environments •Leading technologies, including Side Roll Protection™ system, Hercules™ •Extensive domestic and international direct sales and service network to concrete producers ® COMPETITIVE •Leading truck technologies, including TAK-4™ independent and Husky foam systems, Command Zone™ electronics, TAK-4™ independent •Shared technologies enhance opportunities in both domestic and international markets •Single-source designer, manufacturer and financier of concrete mixers, batch ADVANTAGES suspension, Command Zone™ electronics and diagnostics, suspension, ALL STEER® all-wheel steering plants and all-make parts ® •Proprietary and all-make parts availability allows customers to service all-make fleets ProPulse diesel-electric drive •Industry leading distribution and service network •Large installed base for ongoing parts and service business •Worldwide, integrated logistics support •Comprehensive product line for homeland security applications •Nationwide service and distribution network •Extensive remanufacturing capabilities •Conflicts in Iraq and Afghanistan increase U.S. military •State and municipal budget crises continue to constrain municipal •State and municipal budget crises continue to constrain municipal funding for refuse collection •Total housing starts are expected to remain strong at 1.7 million units – requirements for parts, service and remanufacturing funding for fire apparatus •Per capita waste continues to rise on a global basis off only 5% from 2003’s surging pace 1 •Nature of modern conflict driving requirements for •2004 federal funding through Firefighters Assistance Grant Program •Privatization of waste collection is on the rise in the U.S. and Europe •By the end of 2004, nonresidential construction spending is expected rapid deployability and off-road mobility approved at $750 million to become the growth leader2 •Automated refuse collection bodies are fastest growing market segment INDUSTRY •Emerging interest in diesel-electric drive technology for •Emerging homeland security market with significant federal funding •Total U.S. construction spending expected to top $941 billion, up 4.3% over 2003 •Limited landfill space creates greater distances for refuse to be hauled OUTLOOK improving fuel economy and reducing logistics footprint for states and municipalities •Stronger emissions regulations are spurring interest in alternative fuel and •U.K. Ministry of Defence is in the midst of major fleet •Increasing integration of foam systems and electronics on apparatus hybrid-electric drive vehicles replacement initiative •Economic conditions are driving consolidation among refuse collection companies •U.S. Army pursuing evolution of existing truck platform and prompting haulers to maximize route efficiency •Oshkosh named to Forbes’ Platinum 400 List of Best Big Companies in America for third consecutive year •Oshkosh splits stock 2-for-1 and increases cash dividend rate by 33-1/3% YEAR IN REVIEW •The company retires $100 million in Senior Subordinated Notes early, reducing debt-to-capital ratio and enhancing •Oshkosh
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