Full Throttle
FULL THROTTLE OSHKOSH TRUCK CORPORATION 2004 ANNUAL REPORT NET SALES OPERATING INCOME AND PERCENT GROWTH AND PERCENT GROWTH (DOLLARS IN MILLIONS) (DOLLARS IN MILLIONS) $2,262.3 $180.4 (17.5%) (39.6%) 2004 2004 $1,926.0 $129.2 (16.3%) 2003 (10.5%) 2003 $1,743.6 $111.1 (13.0%) 2002 (20.6%) 2002 $1,445.3 $98.3 2001 (8.7%) 2001 (0.2%) $1,329.5 $98.1 2000 (13.6%) 2000 (28.7%) SUMMARY FINANCIAL HIGHLIGHTS(1) OSHKOSH TRUCK CORPORATION SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA. FISCAL YEARS ENDED SEPTEMBER 30. (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2000(9)(10) 2001(10)(11) 2002(10)(12) 2003(12) 2004(7)(12) NET SALES $ 1,329,516 $ 1,445,293 $ 1,743,592 $ 1,926,010 $ 2,262,305 OPERATING INCOME 98,051 98,296 111,118 129,199 180,410 INCOME FROM CONTINUING OPERATIONS(2)(3) 48,508 50,864 59,598 75,620 112,806 PER SHARE ASSUMING DILUTION(2)(3) 1.47 1.49 1.72 2.16 3.13 INCOME FROM DISCONTINUED OPERATIONS(4) 2,015 - - - - PER SHARE ASSUMING DILUTION(4) 0.06 - - - - NET INCOME(2)(3)(4) 49,703 50,864 59,598 75,620 112,806 PER SHARE ASSUMING DILUTION(2)(3)(4) 1.51 1.49 1.72 2.16 3.13 TOTAL ASSETS 796,380 1,089,268 1,024,329 1,083,132 1,452,414 NET WORKING CAPITAL (DEFICIT)(5)(6)(7) 76,500 123,949 33,964 (1,436) 31,026 LONG-TERM DEBT (INCLUDING CURRENT MATURITIES)(5)(6)(7)(8) 162,782 294,080 149,958 1,735 3,851 SHAREHOLDERS’ EQUITY(8) 301,057 347,026 409,760 518,863 636,093 BOOK VALUE PER SHARE(8) 9.03 10.38 12.06 14.88 18.00 BACKLOG 608,000 799,000 908,000 1,205,000 1,551,000 EPS AND PERCENT GROWTH (DOLLARS IN MILLIONS) TABLE OF CONTENTS $3.13 (44.9%) 2004 LETTER TO SHAREHOLDERS 2 $2.16 POWER 8 (25.6%) BUSINESS OVERVIEW 10 2003 OVERDRIVE 12 $1.72 FUEL 18 (15.4%) 2002 DIRECTORS AND OFFICERS 20 $1.49 MANAGEMENT’S DISCUSSION & ANALYSIS 23 (1.4%) REPORT OF REGISTERED INDEPENDENT 2001 PUBLIC ACCOUNTING FIRM 44 $1.47 CONSOLIDATED FINANCIAL STATEMENTS 45 2000 (23.5%) SHAREHOLDERS’ INFORMATION 77 Please refer to the definition of "markets" and forward-looking statements on page 23.
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