Menu
RSS

Franklin News

FPD Partners Up for Click It or Ticket

The City of Franklin Police say they will be partnering to participate in a national "Click It or Ticket" Seat Belt Enforcement initiative from May 15, through June 4, 2017.

The effort will focus largely on nighttime enforcement between 9 pm and 4 a.m. using Traffic Enforcement Zones and Roving Patrols.  Police will also use Traffic Enforcement Zones combining stationary enforcement and checkpoints along roadways with high numbers of unbuckled crashes.  Citations will be issued to motorists who are found unbuckled or transporting unrestrained children. 

Citing PennDOT data, the police say there were over thirteen thousand unrestrained crashes resulting in over 400 fatalities in 2015. 

Drivers should know Pennsylvania's primary seat-belt law requires drivers and passengers under the age of 18 to buckle up, and children under the age of four must be properly restrained in an approved child safety seat. 

Children ages four to eight must be restrained in an appropriate booster seat.  A new law, effective in August 2016 requires a child under the age of two be securely fastened in a rear facing child passenger restraint system, which is to be used until the child outgrows the maximum weight and limits designated by the manufacturer.  Additionally, children ages 8 to 18 must be wearing a seat belt when riding anywhere in the vehicle. 

Also, drivers and front seat passengers 18 years old or older are required to buckle up.  If motorists are stopped for a traffaic violation and are not wearing their seat belt, they can receive a second ticket and second fine.

The effort which includes 315 Pennsylvania municipal agencies supplements the national "Click it or Ticket" Mobilization which runs through June 4.  As part of the initiative, Penn DOT distributes federal enforcement funding from the National Highway Traffic Safety Administration. 

 

For more information on seat belt safety, visit www.penndot.gov/safety.

Read more...

PBLCE Cites Taylor's Pub, Franklin

The Pennsylvania Bureau of Liquor Control Enforcement Erie District 8 Office is citing Taylor's Pub Inc at 701 Grant Street in Franklin, Venango County  for failing to clean malt or brewed beverage dispensing system at least once every seven days from February 22, 2016 to January 27, 2017.  the citation was issued earlier this month on April 7. 

 

The charges will be brought before an Administrative Law Judge who has the authority to impose penalties ranging from $50 to $1000 for minor offences and up to $5000 for more serious offenses.  In addition, the ALJ can also impose a license suspension or revocation of the license based on the severity of the charge brought.  The ALJ can also mandate training for the licensee in an effort to educate them on the requirements of being a licensee.  

Read more...

Franklin PD Nab OC Man Scrapping Stolen Copper Wire

A 52 year old Oil City man, accused of stealing copper wire for scrap is free on $10,000 unsecured bond  as he awaits an April 15th preliminary hearing.  The Franklin City Police report on Tuesday this week, officers responded to a business on Howard Street in Franklin for a report of stolen copper wire.  The investigation revealed Jeffrey Marshall allegedly stole approximately 45 feet of copper wire from the building and then scrapped the wire for money last Saturday.  Marshall was arrested the same day and arraigned before Magisterial District Judge Matthew Kirtland.

Read more...

Franklin PD: 2 Charged w/ Open Lewdness

Two people are facing charges in connection with a St. Patrick's Day incident in Franklin  in which the Franklin City police were called at about 3:15 pm  to the parking lot of the Franklin VFW on 9th Street.  Police say they found Carrie Sayers, 43, of Oil City and Eric Cavaliero of Cranberry Township engaging in sexual activities in a pickup truck within view of children.  Officers report when they arrived on scene they found the pair naked in the back seat of the truck.  Both were questioned at the scene and both are being charged with Indecent Exposure, Open Lewdness and Disorderly Conduct.  Online court records on Friday were not yet available indicating neither Sayers nor Cavaleiro were yet arraigned.  

Read more...

Franklin Woman Charged in Alleged Auto Theft

A 28 year old Franklin woman, accused of auto theft, is free on $5000 unsecured bail awaiting a preliminary hearing.  The Franklin City Police  report  shortly after 1 pm Sunday afternoon, they took a call for the report of a stolen 1993 dark green  Dodge sedan.  The police say the car was last parked and seen on the 200 Block of Grant Street Saturday night about 11 pm.  The car was discovered on  Sunday shortly after 2:15 pm on 200 block 12th Street.  As the result of the police investigation Brittany Iren Patterson was arrested and arraigned before Magisterial District Court Judge Patrick E. Lowrey.  Patterson's preliminary hearing date is March 29 in Venango Central Court.

According to the news release from the Franklin City Police and online court records, Patterson is charged with  Felony 3 Theft By Unlawful Taking-Movable Property,  M2 Unauthorized Use of a  Motor and/or Other Vehicles  and Summary Driving While Operating Privileges are  Suspended  Or Revoked.

 

Patterson is net represented by an attorney.  

Read more...

Franklin Traffic Stop leads to Erie Man's Pot Bust

Franklin City Police report an Erie man is charged in connection with a traffic stop in which he was found have marijuana in his possession.  Franklin officers say while on patrol they pulled over a vehicle driven by Nathan Bowers of Erie for a traffic violation.  As they spoke with Bowers, the officers noticed an odor of marijuana from inside the vehicle.  They had Bowers get out of his vehicle and search of the vehicle was conducted.  While searching, a small amount of marijuana was and paraphernalia were discovered inside of the vehicle.  bowers was then arrested, transported to the Franklin City Police Station where he was processed and released.  Charges were filed through the offices of magisterial district court judge Matthew T. Kirtland.  

Read more...

Franklin Woman Cited for Bad Checks

Yet another report the Franklin City Police of fraudulent check activity at Fezell's Shop -N- Save on Buffalo Street.  The police report back on Monday February 3rd, following a report of a bad check received by Fezell's Shop -N- Save. Stephanie Sherman of 700 Mercer Road, Franklin, was cited for Bad Checks through the office of Magisterial District Court Judge Matthew T. Kirtland.  

Read more...

FPD Moneygram Scam Alert

The Franklin City Police are making area businesses aware of a fraudulent moneygram scam.  FPD says it was alerted by management at Fezell's Shop n Save Thursday morning about 8:30 that the store had received a letter asking for a moneygram to be sent to a location in Texas in the amount of $2.460.  The Franklin Police are requesting all Franklin businesses to be aware of a possible  fraudulent moneygram scam in the area.  

Read more...

Joy Global Announces Q1 FY' 17 Operating Results

Joy Global Inc. (NYSE: JOY) is reporting first quarter fiscal 2017 results.

First Quarter Summary

  • Bookings $615 million, up 12 percent from a year ago
  • Service bookings $524 million, increased 21 percent from a year ago
  • Net sales $498 million, down 5 percent from a year ago
  • Loss per diluted share $0.00, compared to $(0.41) a year ago
  • Adjusted loss per diluted share $(0.06), compared to $(0.23) a year ago
  • Cash from operations $41 million, down $67 million from a year ago

First Quarter Operating Results

"Over the last several months we have seen further evidence of commodity markets rebalancing, which has helped improve commodity pricing," said Ted Doheny, President and Chief Executive Officer. "These pricing improvements and increased production levels have strengthened cash flows for many mining companies. This has led to increased rebuild activity in what is typically a seasonally slower fiscal first quarter. While we are encouraged by recent market developments, the level of service bookings achieved in the first quarter is not expected to repeat over the remainder of the year. The mining industry remains cautious with overall capital expenditures still projected to decline in 2017."

Bookings - (in millions)

 

 

 

 

 

 
   

Quarter Ended

   
   

January 27,

 

January 29,

 

%

   

2017

 

2016

 

Change

Segment:

           

Underground

 

$

321

   

$

281

   

14

%

Surface

 

319

   

286

   

12

%

Eliminations

 

(25

)

 

(17

)

 

 

Total Bookings by Segment

 

$

615

 

 

$

550

 

 

12

%

           

 

Product:

           

Service

 

$

524

   

$

432

   

21

%

Original Equipment

 

91

 

 

118

 

 

(23

)%

Total Bookings by Product

 

$

615

 

 

$

550

 

 

12

%

Consolidated bookings in the first quarter totaled $615 million, an increase of 12 percent versus the first quarter of last year. Original equipment orders decreased 23 percent while service orders increased 21 percent compared to the prior year. Current quarter bookings included a $10 million favorable impact from foreign currency exchange movements versus the year ago period, a $3 million increase for original equipment and a $7 million increase for service bookings. After adjusting for foreign currency exchange, orders were up 10 percent compared to the first quarter of last year, with original equipment orders down 25 percent and service orders up 20 percent.

Bookings for underground mining machinery increased 14 percent in comparison to the first quarter of last year. Original equipment orders decreased 28 percent compared to the prior year, with declines in Eurasia, China and Africa partially offset by increases in North Americaand Australia. Service orders increased 29 percent compared to the prior year, with increases in all regions except China. Orders for underground mining machinery increased by $7 million from the impact of foreign currency exchange compared to the first quarter of last year primarily due to the strengthening of the Australian dollar and South African rand relative to the U.S. dollar.

Bookings for surface mining equipment increased 12 percent in comparison to the prior year first quarter. Original equipment orders increased 19 percent compared to the prior year with increases in North America, Eurasia and China partially offset by declines in Latin America and Australia. Service orders increased 10 percent compared to the prior year, with increases in Latin America, North America and Africa partially offset by declines in Eurasia, Australia and China. Orders for surface mining equipment increased by $3 million from the impact of foreign currency exchange compared to the first quarter of last year, primarily due to the strengthening of the Australian dollar and South African rand relative to the U.S. dollar.

Backlog at the end of the first quarter was $936 million, up from $819 million at the beginning of the fiscal year.

Net Sales - (in millions)

 

 

 

 

 

 
   

Quarter Ended

   
   

January 27,

 

January 29,

 

%

   

2017

 

2016

 

Change

Segment:

           

Underground

 

$

252

   

$

274

   

(8

)%

Surface

 

267

   

277

   

(4

)%

Eliminations

 

(21

)

 

(25

)

 

 

Total Net Sales by Segment

 

$

498

 

 

$

526

 

 

(5

)%

           

 

Product:

           

Service

 

$

432

   

$

410

   

5

%

Original equipment

 

66

 

 

116

 

 

(43

)%

Total Net Sales by Product

 

$

498

 

 

$

526

 

 

(5

)%

Consolidated net sales totaled $498 million, a 5 percent decrease versus the first quarter of last year. Original equipment sales decreased 43 percent and service sales increased 5 percent compared to the prior year. Current quarter net sales included a $3 million favorable impact from foreign currency exchange movements versus the year ago period for service sales. When adjusting for foreign currency exchange, sales were down 6 percent compared to the first quarter of last year with original equipment sales down 43 percent and service sales up 4 percent.

Net sales for underground mining machinery decreased 8 percent in comparison to the first quarter of last year. Original equipment sales decreased 40 percent compared to the prior year, with decreases in all regions except Africa. Service sales increased 2 percent compared to the prior year, with increases in Africa, Eurasia and China partially offset by declines in North America and Australia. Compared to the prior year first quarter, the impact of foreign currency exchange on underground mining machinery net sales was not meaningful.

Net sales for surface mining equipment decreased 4 percent in comparison to the first quarter of last year. Original equipment sales decreased 30 percent compared to the prior year, with decreases in all regions except China. Service sales increased 3 percent compared to the prior year, with increases in all regions except Africa and Australia. Net sales for surface mining equipment increased by $3 millionfrom the impact of foreign currency exchange compared to the first quarter of last year, primarily due to the strengthening of the Australian dollar and Chilean peso relative to the U.S. dollar.

Reconciliation of Operating Income (Loss) to Adjusted Operating Income

(Loss)

(in millions)

 

Quarter Ended

 

 

 

 
   

January 27,
2017

 

January 29,
2016

 

Return on Sales

       

2017

 

2016

Underground

 

$

(5.8

)

 

$

(38.5

)

 

(2.3

)%

 

(14.0

)%

Surface

 

20.7

   

7.8

   

7.7

   

2.8

 

Corporate Expenses

 

(12.2

)

 

(7.5

)

       

Eliminations

 

(4.4

)

 

(6.9

)

 

 

 

 

Operating Loss

 

(1.7

)

 

(45.1

)

 

(0.3

)%

 

(8.6

)%

Restructuring and related charges

 

4.0

   

26.7

   

0.8

   

5.1

 

Merger costs

 

2.5

 

 

 

 

0.5

 

 

 

Adjusted Operating Income (Loss)

 

$

4.8

 

 

$

(18.4

)

 

1.0

%

 

(3.5

)%

Operating loss for the first quarter of fiscal 2017 totaled $2 million, compared to $45 million in the first quarter of fiscal 2016. The $43 million year-over-year decrease in operating loss in the quarter was due to lower restructuring and related charges, lower manufacturing spending costs net of absorption, increased service volumes, favorable product mix and savings from the company's cost reduction programs. These items were partially offset by lower original equipment volumes, merger costs, and reduced other income. The first quarter of fiscal 2017 included an aggregate negative impact of $7 million from restructuring and related charges and merger costs compared to a net $27 million negative impact in the first quarter of fiscal 2016 for restructuring and related charges.

During the first quarter of fiscal 2017, we continued restructuring activities to align the company's workforce and overall cost structure with current and anticipated levels of demand. The restructuring activities in the first quarter of fiscal 2017 were $4 million, inclusive of $3 million of non-cash inventory charges directly related to facility closures, primarily in China. Additional restructuring and related charges of approximately $10 million, with estimated cash costs of $6 million, are expected in the remainder of fiscal 2017 as the company continues to optimize its global manufacturing footprint.

Reconciliation of Net Loss and Loss per Share to Adjusted Net

 

 

 

 

 

 

 

 

Loss and Adjusted Loss per Share

               
   

Quarter Ended

   

January 27, 2017

 

January 29, 2016

   

Dollars

 

Fully

 

Dollars

 

Fully

   

in millions

 

Diluted EPS

 

in millions

 

Diluted EPS

Operating loss

 

$

(1.7

)

     

$

(45.1

)

   

Interest expense, net

 

11.0

       

12.1

     

Income tax benefit

 

(12.5

)

     

(17.0

)

   

Net loss and loss per share

 

(0.2

)

 

$

0.00

   

(40.2

)

 

$

(0.41

)

Restructuring and related charges

 

4.0

   

0.04

   

26.7

   

0.27

 

Tax benefit on restructuring charges

 

(0.2

)

 

   

(8.0

)

 

(0.08

)

Merger costs

 

2.5

   

0.03

   

   

 

Tax benefit on merger costs

 

(0.6

)

 

(0.01

)

 

   

 

Net discrete tax benefit

 

(11.6

)

 

(0.12

)

 

(0.9

)

 

(0.01

)

Adjusted net loss and adjusted loss per share

 

$

(6.1

)

 

$

(0.06

)

 

$

(22.4

)

 

$

(0.23

)

Fully diluted loss per share for the first quarter of fiscal 2017 totaled $0.00, compared to fully diluted loss per share of $0.41 in the first quarter of fiscal 2016. The first quarter of fiscal 2017 included a net positive impact of $0.06 per share for restructuring and related charges, merger costs and a net discrete tax benefit, compared to a net negative impact of $0.18 per share in the first quarter of fiscal 2016 from restructuring and related charges and a net discrete tax benefit.

The effective income tax rate was 98 percent for the first quarter of fiscal 2017, compared to 30 percent for the first quarter of fiscal 2016. Excluding restructuring charges, merger costs and a net discrete tax benefit in the first quarter of fiscal 2017, the effective income tax rate was 3 percent. In the first quarter of 2017 we recognized net discrete tax benefits of $12 million, which were primarily attributable to tax benefits resulting from the company's footprint rationalization activities. The adjusted effective income tax rate for the quarter was attributable to a less beneficial geographical mix of earnings.

Liquidity

Cash provided by continuing operations was $41 million for the first quarter of fiscal 2017, compared to $109 million provided by continuing operations in the first quarter of fiscal 2016. The decrease in cash provided by continuing operations during the first quarter versus the year ago period was primarily due to reduced cash from trade working capital.

Capital expenditures were $7 million in the first quarter of fiscal 2017, compared to $8 million in the first quarter of fiscal 2016. Non-core asset sales in the current quarter of $5 million included the sale of certain assets associated with one of our electrical facilities. This compared to non-core asset sales of $9 million in the first quarter of fiscal 2016 primarily related to the sale of certain assets within the underground segment.

As of the end of the fiscal first quarter 2017, we had $725 million available for borrowings under our credit agreement. In December 2015, the credit agreement was amended to increase the maximum consolidated leverage ratio starting in the second quarter of 2016 and continuing through to the first quarter of 2018, with a maximum ratio of 4.5x for the fourth quarter of 2016 through the second quarter of 2017. We were in compliance with all financial covenants under our credit agreement as of the end of the first quarter of 2017.

Market Outlook

The global economy has maintained the momentum that started during the calendar fourth quarter of 2016, as January macroeconomic indicators suggested growth nearing a two-year high. Improved economic sentiment, along with continued evidence of commodity markets rebalancing, have led to most commodity prices improving since early November. Across the markets served by the company, commodity prices have increased on average 7 percent since November, although seaborne coal markets have contracted from their November highs.

After seeing U.S. coal production decline 27 percent since 2014, production was up nearly 16 percent through the first six weeks of 2017 with total production for the year expected to reach 750 million tons, an increase of 3 percent from 2016. The primary drivers behind this production improvement were elevated natural gas prices, which are expected to average over $3.30/mmBtu this year, along with a U.S.coal industry that is leaner and more efficient.

In a similar manner, copper prices have increased nearly 22 percent since November as expectations of stronger global demand have driven prices higher. Recently, copper markets have also seen a number of supply disruptions that have contributed to the rise in copper prices. The combination of an increasingly optimistic demand outlook, along with potentially higher than normal supply disruptions are expected to result in copper prices averaging approximately $2.50 per pound over the course of 2017.

Seaborne metallurgical coal and thermal coal markets remain largely tied to Chinese domestic production policy. After peaking in November at over $300 per tonne, met coal prices have fallen towards $160 per tonne as the 276-day Chinese production policy, aimed at cutting domestic production by nearly 20 percent, was lifted over the last several months. At the same time, weaker seasonal demand contributed to falling prices. However, the beginning of construction season, various global infrastructure programs, and the potential for the reinstatement of the 276-day production limit in China is expected to stabilize the met coal market over the near term.

Although iron ore prices have averaged nearly $80 per tonne since November, they are expected to pull back over the course of 2017 averaging $58 per tonne for the year. While the demand profile looks stable given the global steel production outlook, new low-cost supply coming online over the course of the year will likely put downward pressure on prices. Given the concentration of global suppliers, the ability to manage new supply will be the key determinant of iron ore prices going forward.

Company Outlook

"As global economic activity continues to improve, there is increasing sentiment that the mining industry is nearing a bottom. While there is evidence the deferred maintenance cycle on installed equipment is coming to an end, investment in new capacity remains slow. Only projects that deliver a step change in productivity are proceeding," continued Doheny. "Despite this hurdle, our teams remain focused on advancing our strategic growth and operational excellence initiatives to position the company for success as the mining industry recovers.

"The Company currently expects the Komatsu transaction to close by mid-2017, or earlier, depending on the progress of the remaining regulatory clearances. We are confident that through this transaction our customers and other business partners will benefit from a broader offering of products, systems and solutions across a wider scope of mining and construction applications."

Non-GAAP Financial Measures

We include non-GAAP financial measures in this press release, including adjusted net sales, adjusted operating loss from continuing operations, adjusted net loss from continuing operations and adjusted diluted loss per share from continuing operations, adjusted loss from continuing operations before income taxes and adjusted effective income tax rate. These measures remove the effect of certain items and are provided to present consistency to aid investors in comparing our operating results across periods. These measures are not purported to be alternatives to net sales, operating income (loss) from continuing operations, net income (loss) from continuing operations, diluted (loss) earnings per share from continuing operations or effective income tax rate as presented in accordance with GAAP. Reconciliations of the non-GAAP financial measures to the Company's comparable GAAP financial measures for the periods presented are set forth in this press release.

Pending Merger with Komatsu America Corp.

On July 21, 2016, we entered into an Agreement and Plan of Merger with Komatsu America, Pine Solutions Inc. ("Merger Sub") and (solely for the purposes specified in the merger agreement) Komatsu Ltd., providing for the merger of Merger Sub with and into Joy Global, with Joy Global surviving the merger as a wholly owned subsidiary of Komatsu America (the "Merger"). At the effective time of the Merger, each outstanding share of our common stock (other than dissenting shares and shares owned by certain Merger parties) will be canceled and converted into the right to receive $28.30 per share in cash, without interest.

The consummation of the Merger is subject to satisfaction of customary closing conditions, including among other things, the receipt of stockholder approval and the expiration or termination of any waiting period applicable to the Merger under the Hart-Scott-Rodino Antitrust Improvements Acts of 1976 (the "HSR Act") and similar regulatory clearances in certain other jurisdictions. On October 12, 2016, the transaction received early termination of the waiting period under the HSR Act and on October 19, 2016, the company's stockholders approved the Merger.

The Company currently expects the transaction to close by mid-2017, or earlier, depending on the progress of the remaining regulatory clearances.

In light of the pending merger, the company will not hold a conference call following issuance of its fiscal 2017 first quarter earnings release. For more information related to the merger, please refer to the company's filings with the Securities and Exchange Commission.

About Joy Global

Joy Global Inc. is a worldwide leader in mining equipment and services for surface and underground mining.

Additional Information and Where to Find it

Joy Global previously filed with the Securities and Exchange Commission (SEC) a definitive proxy statement relating to the stockholders' meeting at which the Komatsu transaction was approved by the company's stockholders. Investors and security holders may obtain a free copy of the definitive proxy statement and other documents filed with the SEC at the SEC's website at www.sec.gov.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as "anticipate," "around," "believe," "could," "estimate," "expect," "forecast," "indicate," "intend," "may be," "objective," "plan," "potential," "predict," "project," "should," "will be," and similar expressions are intended to identify forward-looking statements. The forward-looking statements in this press release are based on our current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from any forward-looking statement. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update forward-looking statements to reflect new information. We cannot assure you the projected events will be achieved. Because forward-looking statements involve risks and uncertainties, they are subject to change at any time. Important factors that could cause our actual results to differ materially from the events anticipated by the forward-looking statements include risks and uncertainties associated with the satisfaction of the remaining conditions to closing with respect to our pending merger with Komatsu America as well as other uncertainties and cautionary statements set forth in our public filings with the SEC.

JOY-F

JOY GLOBAL INC.

SUMMARY OF CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

 
   

Quarter Ended

   

January 27,

 

January 29,

   

2017

 

2016

       

 

Net sales

 

$

497,769

   

$

526,300

 

Costs and expenses:

       

Cost of sales

 

389,108

   

438,256

 

Product development, selling and administrative expenses

 

111,111

   

110,413

 

Restructuring charges

 

772

   

26,659

 

Other income

 

(1,472

)

 

(3,941

)

Operating loss

 

(1,750

)

 

(45,087

)

       

 

Interest expense, net

 

11,022

 

 

12,116

 

Loss before income taxes

 

(12,772

)

 

(57,203

)

       

 

Benefit for income taxes

 

(12,495

)

 

(16,982

)

Net loss

 

$

(277

)

 

$

(40,221

)

       

 

Basic loss per share

 

$

0.00

 

 

$

(0.41

)

       

 

Diluted loss per share

 

$

0.00

 

 

$

(0.41

)

       

 

Dividends per share

 

$

0.01

 

 

$

0.01

 

       

 

Weighted average shares outstanding:

       

Basic

 

98,913

 

 

97,851

 

Diluted

 

98,913

 

 

97,851

 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.

SUMMARY CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 
   

January 27,

 

October 28,

   

2017

 

2016

       

(As adjusted)

   

(Unaudited)

 

(Audited)

ASSETS

       

Current assets:

       

Cash and cash equivalents

 

$

321,909

   

$

276,709

Accounts receivable, net

 

639,881

   

683,958

Inventories

 

836,465

   

814,821

Other current assets

 

133,005

   

113,434

Assets held for sale

 

330

 

 

3,703

Total current assets

 

1,931,590

   

1,892,625

       

 

Property, plant and equipment, net

 

642,882

   

656,245

Other intangible assets, net

 

217,081

   

223,411

Goodwill

 

350,762

   

350,843

Deferred income taxes

 

179,539

   

171,775

Other non-current assets

 

123,650

 

 

128,401

Total assets

 

$

3,445,504

 

 

$

3,423,300

       

 

LIABILITIES AND SHAREHOLDERS' EQUITY

       

Current liabilities:

       

Short-term borrowings, including current portion of long-term obligations

 

$

43,006

   

$

41,611

Trade accounts payable

 

219,502

   

236,787

Employee compensation and benefits

 

72,532

   

91,224

Advance payments and progress billings

 

242,450

   

173,121

Accrued warranties

 

40,775

   

40,787

Other accrued liabilities

 

167,657

 

 

188,591

Total current liabilities

 

785,922

   

772,121

       

 

Long-term obligations

 

953,241

   

962,291

       

 

Other liabilities:

       

Liability for postretirement benefits

 

14,249

   

14,260

Accrued pension costs

 

169,471

   

175,120

Other non-current liabilities

 

127,930

 

 

117,802

Total other liabilities

 

311,650

   

307,182

       

 

Shareholders' equity

 

1,394,691

 

 

1,381,706

       

 

Total liabilities and shareholders' equity

 

$

3,445,504

 

 

$

3,423,300

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.

SUMMARY OF CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 
   

Quarter Ended

   

January 27,

 

January 29,

   

2017

 

2016

Operating Activities:

       

Net loss

 

$

(277

)

 

$

(40,221

)

Depreciation and amortization

 

26,217

   

40,087

 

Other adjustments to continuing operations, net

 

7,426

   

18,646

 

Changes in working capital items:

       

Accounts receivable, net

 

44,290

   

146,678

 

Inventories

 

(19,623

)

 

26,917

 

Trade accounts payable

 

(18,598

)

 

(54,900

)

Advance payments and progress billings

 

66,907

   

8,957

 

Other working capital items

 

(64,869

)

 

(37,575

)

Net cash provided by operating activities

 

41,473

   

108,589

 
       

 

Investing Activities:

       

Property, plant, and equipment acquired

 

(6,611

)

 

(8,103

)

Proceeds from sale of property, plant and equipment

 

4,900

   

9,167

 

Other investing activities, net

 

 

 

122

 

Net cash (used) provided by investing activities

 

(1,711

)

 

1,186

 
       

 

Financing Activities:

       

Common stock issued

 

10,668

   

 

Dividends paid

 

(1,009

)

 

(997

)

Financing fees

 

   

(1,011

)

Payments on credit agreement

 

   

(58,600

)

Repayments of term loan

 

(9,375

)

 

(4,687

)

Other financing activities, net

 

5,284

 

 

(1,507

)

Net cash provided (used) by financing activities

 

5,568

   

(66,802

)

       

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(60

)

 

(5,925

)

       

 

Increase in cash, cash equivalents and restricted cash

 

45,270

   

37,048

 

Cash, cash equivalents and restricted cash at the beginning of period

 

278,219

 

 

102,885

 

Cash, cash equivalents and restricted cash at the end of period

 

$

323,489

 

 

$

139,933

 

       

 

Supplemental cash flow information:

       

Interest paid

 

$

8,113

   

$

8,421

 

Income taxes paid (refunded)

 

10,102

   

(8,108

)

Depreciation and amortization by segment:

       

Underground

 

$

13,041

   

$

22,420

 

Surface

 

12,460

   

16,741

 

Corporate

 

716

 

 

926

 

Total depreciation and amortization

 

$

26,217

 

 

$

40,087

 

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.

SUPPLEMENTAL FINANCIAL DATA

(Unaudited)

(In thousands)

 

 

 

 

 

 

 
   

Quarter Ended

       
   

January 27,

 

January 29,

   
   

2017

 

2016

 

Change

Net Sales By Segment:

               

Underground

 

$

252,336

   

$

274,494

   

$

(22,158

)

 

(8

)%

Surface

 

267,343

   

276,572

   

(9,229

)

 

(3

)%

Eliminations

 

(21,910

)

 

(24,766

)

 

2,856

 

   

Total Sales By Segment

 

$

497,769

 

 

$

526,300

 

 

$

(28,531

)

 

(5

)%

               

 

Net Sales By Product:

               

Service

 

$

431,899

   

$

410,620

   

$

21,279

   

5

%

Original Equipment

 

65,870

 

 

115,680

 

 

(49,810

)

 

(43

)%

Total Sales By Product

 

$

497,769

 

 

$

526,300

 

 

$

(28,531

)

 

(5

)%

               

 

Net Sales By Geography:

               

United States

 

$

146,457

   

$

139,022

   

$

7,435

   

5

%

Rest of World

 

351,312

 

 

387,278

 

 

(35,966

)

 

(9

)%

Total Sales By Geography

 

$

497,769

 

 

$

526,300

 

 

$

(28,531

)

 

(5

)%

               

 

Operating (Loss) Income By Segment:

         

% of Net Sales

Underground

 

$

(5,819

)

 

$

(38,450

)

 

(2.3

)%

 

(14.0

)%

Surface

 

20,672

   

7,788

   

7.7

%

 

2.8

%

Corporate

 

(12,193

)

 

(7,529

)

       

Eliminations

 

(4,410

)

 

(6,896

)

       

Total Operating Loss

 

$

(1,750

)

 

$

(45,087

)

 

(0.4

)%

 

(8.6

)%

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.

SUPPLEMENTAL FINANCIAL DATA

(Unaudited)

(In thousands)

 

 

 

 

 

 

 
   

Quarter Ended

       
   

January 27,

 

January 29,

   
   

2017

 

2016

 

Change

Bookings By Segment:

               

Underground

 

$

321,364

   

$

280,879

   

$

40,485

   

14

%

Surface

 

319,488

   

285,953

   

33,535

   

12

%

Eliminations

 

(25,311

)

 

(17,018

)

 

(8,293

)

   

Total Bookings By Segment

 

$

615,541

 

 

$

549,814

 

 

$

65,727

 

 

12

%

               

 

Bookings By Product:

               

Service

 

$

524,132

   

$

431,672

   

$

92,460

   

21

%

Original Equipment

 

91,409

 

 

118,142

 

 

(26,733

)

 

(23

)%

Total Bookings By Product

 

$

615,541

 

 

$

549,814

 

 

$

65,727

 

 

12

%

 

 

Amounts as of:

   

January 27,

 

October 28,

 

July 29,

 

April 29,

   

2017

 

2016

 

2016

 

2016

Backlog By Segment:

               

Underground

 

$

537,336

   

$

468,308

   

$

539,893

   

$

567,528

 

Surface

 

430,816

   

378,671

   

416,982

   

457,966

 

Eliminations

 

(31,801

)

 

(28,400

)

 

(41,155

)

 

(49,844

)

Total Backlog By Segment

 

$

936,351

 

 

$

818,579

 

 

$

915,720

 

 

$

975,650

 

               

 

Backlog By Product:

               

Service

 

$

532,173

   

$

439,940

   

$

470,834

   

$

465,424

 

Original Equipment

 

404,178

 

 

378,639

 

 

444,886

 

 

510,226

 

Total Backlog By Product

 

$

936,351

 

 

$

818,579

 

 

$

915,720

 

 

$

975,650

 

                                     

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.

SUPPLEMENTAL FINANCIAL DATA

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

Impact of Foreign Exchange on Bookings

               
 

 

 

 

                 
       

Quarter ended

   
       

January 29,

   
   

Quarter ended January 27, 2017

 

2016

 

% Change

       

Impact of

               
       

Foreign

               
   

As Reported

 

Exchange

 

Adjusted

 

As Reported

 

As Reported

 

Adjusted

Net Bookings by Segment:

                       

Underground

 

321,364

   

7,356

   

314,008

   

280,879

   

14

%

 

12

%

Surface

 

319,488

   

2,520

   

316,968

   

285,953

   

12

%

 

11

%

Eliminations

 

(25,311

)

 

 

 

(25,311

)

 

(17,018

)

       

Total Bookings by Segment

 

615,541

 

 

9,876

 

 

605,665

 

 

549,814

 

 

12

%

 

10

%

                       

 

Net Bookings by Product:

                       

Service

 

524,132

   

7,005

   

517,127

   

431,672

   

21

%

 

20

%

Original Equipment

 

91,409

 

 

2,871

 

 

88,538

 

 

118,142

 

 

(23

)%

 

(25

)%

Total Bookings by Product

 

615,541

 

 

9,876

 

 

605,665

 

 

549,814

 

 

12

%

 

10

%

RECONCILIATIONS ON NON-GAAP FINANCIAL MEASURES

 

 

 

 

 

 

 

 

 

Non-GAAP Reconciliation of Adjusted Sales

               
 

 

 

 

                 
       

Quarter ended

   
       

January 29,

   
   

Quarter ended January 27, 2017

 

2016

 

% Change

       

Impact of

               
       

Foreign

               
   

As Reported

 

Exchange

 

Adjusted

 

As Reported

 

As Reported

 

Adjusted

Net Sales by Segment:

                       

Underground

 

252,336

   

405

   

251,931

   

274,494

   

(8

)%

 

(8

)%

Surface

 

267,343

   

2,861

   

264,482

   

276,572

   

(4

)%

 

(4

)%

Eliminations

 

(21,910

)

 

 

 

(21,910

)

 

(24,766

)

       

Total Sales by Segment

 

497,769

 

 

3,266

 

 

494,503

 

 

526,300

 

 

(5

)%

 

(6

)%

                       

 

Net Sales by Product:

                       

Service

 

431,899

   

3,047

   

428,852

   

410,620

   

5

%

 

4

%

Original Equipment

 

65,870

 

 

219

 

 

65,651

 

 

115,680

 

 

(43

)%

 

(43

)%

Total Sales by Product

 

497,769

 

 

3,266

 

 

494,503

 

 

526,300

 

 

(5

)%

 

(6

)%

                                                                   

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

JOY GLOBAL INC.

SUPPLEMENTAL FINANCIAL DATA

(Unaudited)

(In thousands)

 

 

 

Reconciliation of Operating (Loss) Income to Adjusted Operating (Loss) Income by Segment

   
 

 

 

 

 

 

 

 

     
   

Quarter ended January 27, 2017

   

Underground

 

Surface

 

Corporate

 

Eliminations

 

Total

                   

 

Operating (Loss) Income

 

$

(5,819

)

 

$

20,672

   

$

(12,193

)

 

$

(4,410

)

 

$

(1,750

)

Restructuring and related charges

 

3,766

   

269

   

   

   

4,035

 

Merger costs

 

 

 

 

 

2,527

 

 

 

 

2,527

 

Adjusted Operating (Loss) Income

 

$

(2,053

)

 

$

20,941

 

 

$

(9,666

)

 

$

(4,410

)

 

$

4,812

 

Reconciliation of Operating (Loss) Income to Adjusted Operating (Loss) Income by Segment

 

 
 

 

 

 

 

 

 

 

     
   

Quarter ended January 29, 2016

   

Underground

 

Surface

 

Corporate

 

Eliminations

 

Total

                   

 

Operating (Loss) Income

 

$

(38,450

)

 

$

7,788

   

$

(7,529

)

 

$

(6,896

)

 

$

(45,087

)

Restructuring and related charges

 

25,700

 

 

564

 

 

395

 

 

 

 

26,659

 

Adjusted Operating (Loss) Income

 

$

(12,750

)

 

$

8,352

 

 

$

(7,134

)

 

$

(6,896

)

 

$

(18,428

)

                                                             

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC

JOY GLOBAL INC.

SUPPLEMENTAL FINANCIAL DATA

(Unaudited)

(In thousands)

 

 

 

 

 

Non-GAAP Reconciliation of Effective Income Tax Rate (EITR)

       
 

Quarter ended January 27, 2017

 

(Loss) Income

 

(Benefit)

       
 

before Income

 

Provision for

       
 

Taxes

 

Income Taxes

 

EITR

 

Net (Loss) Income

             

 

As reported

(12,772

)

 

(12,495

)

 

97.8

%

 

(277

)

             

 

Restructuring and related charges

4,035

   

171

       

3,864

 

Merger costs

2,527

   

569

       

1,958

 

Net discrete benefit

 

 

11,582

 

     

(11,582

)

As adjusted

(6,210

)

 

(173

)

 

2.8

%

 

(6,037

)

Note - For complete information, including footnote disclosures, please refer to the Company's Form 10-Q filing with the SEC.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170302005223r1&sid=acqr7&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170302005223/en/

Joy Global Inc.
James M. Sullivan
Executive Vice President and Chief Financial Officer
+1 414-319-8509

Source: Joy Global Inc.

News Provided by Acquire Media

 

-0-

Joy Global Inc. Declares Quarterly Dividend of $0.01 Per Share

 

MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, announces that its board of directors has declared a quarterly dividend in the amount of $0.01 per share payable on March 31, 2017 to shareholders of record as of the close of business on March 17, 2017, provided that the company's proposed merger with Komatsu America Corp. does not close before the close of business on March 17, 2017.

Read more...

From the stupid criminal department.....

Franklin City Police Officers tell us on Wednesday last William Ziegler, 58, of Franklin, appeared at the Venango County Court House to testify as the victim of a crime.  Zeigler was placed in a private room with other witnesses.  He saw a man who he thought stole money from him and then hit the man several times with closed fists.  Police say the victim was unable to protect himself as Zeigler knocked him down and was sitting on top of him.  The victim was actually at the court house to testify on zeigler's behalf.  Zeigler was found to be under the influence of alcohol to the degree he was a danger to himself and others and has been charged with simple assault and public drunkeness.  

Read more...
Subscribe to this RSS feed