SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
_________________

	Date of Report	 	
	(Date of earliest		
	event reported):	October 31, 2006	

Oshkosh Truck Corporation
	
(Exact name of registrant as specified in its charter)	

Wisconsin
	1-31371
	39-0520270
	
(State or other	(Commission File	(IRS Employer	
jurisdiction of	Number)	Identification No.)	
incorporation)		

P.O. Box 2566, Oshkosh, Wisconsin 54903
	
(Address of principal executive offices, including zip code)	

(920) 235-9151
	
(Registrant's telephone number)	

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
[X]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
[   ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
[   ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)	

Item 2.02 .	Results of Operations and Financial Condition .	

        On October 31, 2006, Oshkosh Truck Corporation (the “Company”) issued a press release (the “Press Release”) announcing its earnings for the fourth quarter and fiscal year ended September 30, 2006 and its outlook for fiscal 2007. A copy of such press release is furnished as Exhibit 99.1 and is incorporated by reference herein.
        On October 31, 2006, the Company held a conference call in connection with the Company’s announcement of its earnings for the fourth quarter and fiscal year ended September 30, 2006 and its outlook for fiscal 2007. A copy of the script (the “Script”) for such conference call is furnished as Exhibit 99.2 and is incorporated by reference herein. An audio replay of such conference call and the related question and answer session will be available for at least twelve months on the Company’s web site at www.oshkoshtruckcorporation.com .
        The information, including without limitation all forward-looking statements, contained in the Press Release, the Script and related slide presentation on the Company’s web site (the “Slide Presentation”) or provided in the conference call and related question and answer session speaks only as of October 31, 2006. The Company has adopted a policy that if the Company makes a determination that it expects the Company’s earnings per share for future periods for which projections are contained in the Press Release, the Script and the Slide Presentation or provided in the conference call and related question and answer session to be lower than those projections, then the Company will publicly disseminate that fact. The Company’s policy also provides that if the Company makes a determination that it expects the Company’s earnings per share for future periods to be at or above the projections contained in the Press Release, the Script and the Slide Presentation or provided in the conference call and related question and answer session, then the Company does not intend to publicly disseminate that fact. Except as set forth above, the Company assumes no obligation, and disclaims any obligation, to update information contained in the Press Release, the Script and the Slide Presentation or provided in the conference call and related question and answer session. Investors should be aware that the Company may not update such information until the Company’s next quarterly conference call, if at all.
        The Press Release, the Script and the Slide Presentation contain, and representatives of the Company made, during the conference call and the related question and answer session, 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 included in the Press Release, the Script and the Slide Presentation or made during the conference call and related question and answer session, 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. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should” or “plan,” or the negative thereof or variations thereon or similar terminology. The Company cannot provide any assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, without limitation, those set forth under the captions “Accuracy of Assumptions” and “Risk Factors” below. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission.
        In this Current Report on Form 8-K, “we,” “us,” “our” or “ours” refers to Oshkosh Truck Corporation.
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ACCURACY OF ASSUMPTIONS
        The expectations reflected in the forward-looking statements, in particular those with respect to projected sales, costs, earnings, capital expenditures, debt levels and cash flows, are based in part on certain assumptions we make, some of which are referred to in, or as part of, the forward-looking statements. Such assumptions include, without limitation, those relating to our ability to close and integrate JLG Industries, Inc. (“JLG”) as well as integrate AK Specialty Vehicles (“AK”) and Iowa Mold Tooling Co., Inc. (“IMT”) and achieve targeted synergies for each acquisition; our ability to turnaround the Geesink Norba Group business sufficiently to support our current valuation resulting in no non-cash impairment charge for Geesink Norba Group goodwill; our ability to grow our operating income despite anticipated lower industry demand resulting from changes to diesel engine emissions standards effective January 1, 2007; our estimates for the level of concrete placement activity, housing starts, non-residential construction spending and mortgage rates; the performance of the U.S. and European economies generally; our expectations as to timing of receipt of sales orders and payments and execution and funding of defense contracts; our ability to achieve cost reductions and operating efficiencies, in particular at JLG, McNeilus Companies, Inc. and the Geesink Norba Group; the anticipated level of production and margins associated with the Family of Heavy Tactical Vehicles contract, the Indefinite Demand/Indefinite Quantity truck remanufacturing contract, the Medium Tactical Vehicle Replacement follow-on contract, the Logistics Vehicle System Replacement contract and international defense truck contracts; the expected level and timing of U.S. Department of Defense procurement of replacement parts and services and funding thereof; our estimates for capital expenditures of rental companies for JLG’s products, of municipalities for fire and emergency and refuse products, of airports for aircraft rescue and snow removal products and of large commercial waste haulers generally and with us; federal funding levels for U.S. Department of Homeland Security and spending by governmental entities on homeland security apparatus; the availability of chassis components including engines and commercial chassis generally; our planned spending on product development and bid and proposal activities with respect to defense truck procurement competitions and the outcome of such competitions; the expected level of commercial “package” body and purchased chassis sales compared to “body only” sales; our estimates of the impact of changing fuel prices and credit availability on capital spending of towing operators; anticipated levels of capital expenditures; our estimates for costs relating to litigation, product warranty, product liability, insurance, stock options and restricted stock awards, personnel and raw materials; our estimates for debt levels, interest rates, working capital needs and effective tax rates; and that we do not complete any further acquisitions other than JLG. We cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to have been correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on our ability to achieve the results that the forward-looking statements contemplate.
RISK FACTORS
Our markets are highly cyclical and a decline in these markets could have a material adverse effect on our operating performance.
        A decline in overall customer demand in our cyclical commercial and fire and emergency markets could have a material adverse effect on our operating performance. The ready-mix concrete market that we serve is highly cyclical and impacted by the strength of the economy generally, by prevailing mortgage and other interest rates, by the number of housing starts and by other factors that may have an effect on the level of concrete placement activity, either regionally or nationally. Domestic and European refuse markets are also highly cyclical and impacted by the strength of the economy generally and municipal tax receipts. Fire and emergency markets are modestly cyclical and are impacted by the economy generally and municipal tax receipts. If these markets face downturns, then there could be a material adverse effect on our net sales, financial condition, profitability and/or cash flows. Furthermore, our commercial business saw an increase in orders in fiscal 2006 as customers pre-purchased truck chassis in anticipation of changes in diesel engine emissions standards effective January 1, 2007, which we believe is likely to result in a reduction in sales in 2007.
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        Additionally, the recent surge in our defense business is due in significant part to demand for defense trucks, replacement parts and services and truck remanufacturing arising from the conflict in Iraq. Events such as this are unplanned, and we cannot predict how long this conflict will last or the demand for our products that will arise out of such an event. Accordingly, we cannot provide any assurance that the increased defense business as a result of this conflict will continue.
        Finally, JLG operates in a highly cyclical market impacted by the strength of the economy generally, by prevailing mortgage and other interest rates, by non-residential construction spending and by other factors. In addition, JLG’s business is highly seasonal with the majority of its sales occurring in the spring and summer months, which constitute the traditional construction season. If we complete the acquisition of JLG as anticipated in December 2006 or January 2007, then we will be subject to the risk of a downturn in JLG’s cyclical market.
We may not be able to complete or successfully integrate the acquisition of JLG, which may have a material adverse impact on our future growth and operating performance.
        Although we anticipate closing the acquisition of JLG in December 2006 or January 2007, the merger agreement is subject to standard closing conditions and terminations provisions. We may not be able to complete the acquisition of JLG, which could adversely affect our future growth. If we complete the acquisition of JLG, realization of the benefits and synergies of the acquisition will require integration of JLG’s sales and marketing, distribution, manufacturing, engineering and administrative organizations. The successful integration of JLG will require substantial attention from our management team. The diversion of management attention, as well as any other difficulties we may encounter in the integration process, could have a material adverse effect on our net sales, financial condition, profitability and/or cash flows. We cannot provide any assurance that we will be able to integrate the operations of JLG successfully, that we will be able to realize anticipated synergies from the acquisition or that we will be able to operate the JLG business as profitably as anticipated after the acquisition.
Our high leverage and debt service obligations could increase our vulnerability to general adverse economic and industry conditions and limit our ability to obtain future financing.
        As a result of financing the JLG acquisition, we will be highly leveraged, which will cause us to incur additional interest expense. After the completion of the acquisition of JLG, we expect to have approximately $3.3 billion of debt outstanding, and we may increase debt in the future to fund operations. Our ability to make required payments of principal and interest on our debt will depend on our future performance, which, to a certain extent, is subject to general economic, financial, competitive and other factors that are beyond our control. Based upon our current level of operations, we believe that cash flow from operations, available cash and available borrowings under the new credit facilities we plan to enter into in connection with the acquisition of JLG will be adequate to meet our future liquidity needs. However, we cannot provide any assurance that our business will generate sufficient cash flow from operations or that future borrowings will be available under our credit facilities in an amount sufficient to enable us to service our indebtedness or to fund our other liquidity needs. In addition, our new credit facilities will contain financial and restrictive covenants that may limit our ability to, among other things, borrow additional funds or take advantage of business opportunities. Our failure to comply with such covenants could result in an event of default that, if not cured or waived, could have a material adverse effect on our financial condition, results of operations and debt service capability.
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        Our high level of debt and the covenants contained in our credit facilities could have important consequences for our operations, including:

 	•	Increase our vulnerability to general adverse economic and industry conditions and detract from our ability to withstand successfully a downturn in our markets or the economy generally;	

 	•	Require us to dedicate a substantial portion of our cash flow from operations to required payments on debt, thereby reducing the availability of such cash flow to fund working capital, capital expenditures, research and development and other general corporate activities;	

 	•	Limit our ability to obtain additional financing in the future to fund working capital, capital expenditures and other general corporate requirements;	

 	•	Limit our flexibility in planning for, or reacting to, changes in our business and the markets we serve;	

 	•	Place us at a competitive disadvantage compared to less leveraged competitors; and	

 	•	Make us vulnerable to increases in interest rates because debt under our credit facilities may be at variable rates.	

Our dependency on contracts with U.S. and foreign government agencies subjects us to a variety of risks that could materially reduce our revenues or profits.
        We are dependent on U.S. and foreign government contracts for a substantial portion of our business. That business is subject to the following risks, among others, that could have a material adverse effect on our operating performance:

 	•	Our business is susceptible to changes in the U.S. defense budget, which may reduce revenues that we expect from our defense business.	

 	•	The U.S. government may not appropriate funding that we expect for our U.S. government contracts, which may prevent us from realizing revenues under current contracts or receiving additional orders that we anticipate we will receive.	

 	•	Most of our government contracts are fixed-price contracts, and our actual costs may exceed our projected costs, which could result in lower profits or net losses under these contracts.	

 	•	We are required to spend significant sums on product development and testing, bid and proposal activities and pre-contract engineering, tooling and design activities in competitions to have the opportunity to be awarded these contracts.	

 	•	Competitions for the award of defense truck contracts are intense, and we cannot provide any assurance that we will be successful in the defense truck procurement competitions in which we participate.	

 	•	Certain of our government contracts could be suspended or terminated and all such contracts expire in the future and may not be replaced, which could reduce expected revenues from these contracts.	

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 	•	Our defense products undergo rigorous testing by the customer and are subject to highly technical requirements. Any failure to pass these tests or to comply with these requirements could result in unanticipated retrofit costs, delayed acceptance of trucks or late or no payments under such contracts.	

 	•	Our government contracts are subject to audit, which could result in adjustments of our costs and prices under these contracts.	

 	•	Our defense truck contracts are large in size and require significant personnel and production resources, and when such contracts end, we must make adjustments to personnel and production resources.	

 	•	We are also currently experiencing difficulties with sourcing sufficient vehicle carcasses to maintain our defense truck remanufacturing schedule, which creates uncertainty for this area of our business in the short-term.	

If we are unable to successfully turnaround the profitability of our Geesink Norba Group, then we may be required to record a non-cash impairment charge for Geesink Norba Group goodwill.
        During fiscal 2004 and 2005, the Geesink Norba Group operated at a loss due to the weak European economy, declines in selling prices in its markets, operational inefficiencies and increased material, labor and warranty costs related to the launch of a new Geesink-branded rear loader. Although the Geesink Norba Group operated at a profit in fiscal 2006 and we have taken steps to turn around the business of the Geesink Norba Group, including reducing its work force, installing new executive leadership, implementing lean manufacturing practices, introducing new products and outsourcing components to lower cost manufacturing sites, we cannot provide any assurance that the Geesink Norba Group will continue to operate profitably or that such activities will be successful. In fiscal 2007, we anticipate that slowing demand in the United Kingdom and chassis supply issues in France will delay the Geesink Norba Group turnaround. In addition, we may incur costs to continue to implement any such turnaround beyond our current expectations for such costs. Further, if we are unable to continue to turnaround the business of the Geesink Norba Group, then we may be required to record a non-cash impairment charge for Geesink Norba Group goodwill, and there could be other material adverse effects on our net sales, financial condition, profitability and/or cash flows.
If we are unable to successfully introduce or produce the Revolution® composite concrete mixer drum, then the revenues and earnings of our commercial segment may be adversely impacted.
        We have made and will continue to make significant investments in technology and manufacturing facilities relating to the Revolution composite concrete mixer drum product, and we anticipate that this product will contribute to growth in revenues and earnings of our commercial segment. However, we cannot provide any assurance that such growth will result. Without limitation:

 	•	The Revolution drum is a new product in the concrete placement market that uses new technology, and we cannot provide any assurance that the concrete placement market will broadly accept this product.	

 	•	Even if market demand for the Revolution drum meets our expectations, we may not be able to sustain high volume production of this product at projected costs and on projected delivery schedules, which could result in lower profits or net losses relating to this product.	

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 	•	Our plans include taking additional actions and making additional investments to introduce different versions of the Revolution drum and to introduce the product in markets outside the United States, and there will be additional risks associated with these efforts.	

 	•	We cannot provide any assurance that competitors will not offer products in the future that compete with the Revolution drum, which would impact our ability to sell this product at targeted prices.	

 	•	Because the Revolution drum is a new product, we have experienced and may continue to experience higher costs for warranty and other product related claims.	

We have expanding international operations, the conduct of which subject us to risks that may have a material adverse effect on our business .
        For the fiscal year ended September 30, 2006, approximately 17.7% of our net sales were attributable to products sold outside of the United States, and expanding international sales, including through the pending acquisition of JLG, which had $610.7 million of revenues from outside of the United States in its fiscal year ended July 31, 2006, is a part of our growth strategy. International operations and sales are subject to various risks, including political, religious and economic instability, local labor market conditions, the imposition of foreign tariffs and other trade barriers, the impact of foreign government regulations and the effects of income and withholding taxes, governmental expropriation and differences in business practices. We may incur increased costs and experience delays or disruptions in product deliveries and payments in connection with international manufacturing and sales that could cause loss of revenues and earnings. Unfavorable changes in the political, regulatory and business climate could have a material adverse effect on our net sales, financial condition, profitability and/or cash flows.
We are subject to fluctuations in exchange rates and other risks associated with our non-U.S. operations that could adversely affect our results of operations and may significantly affect the comparability of our results between financial periods.
        The results of operations and financial condition of our subsidiaries that conduct operations in foreign countries are reported in the relevant foreign currencies and then translated into U.S. dollars at the applicable exchange rates for inclusion in our consolidated financial statements, which are stated in U.S. dollars. In addition, we have certain firm orders in backlog that are denominated in U.K. Pounds Sterling and certain agreements with subcontractors denominated in U.K. Pounds Sterling and Euros, which will subject us to foreign currency transaction risk to the extent they are not hedged. The completion of our pending acquisition of JLG will increase our exposure to foreign currency transaction risk as JLG generates a portion of its revenues in foreign currencies, including Euros, U.K. Pounds Sterling and Australian Dollars. The exchange rates between many of these currencies and the U.S. dollar have fluctuated significantly in recent years and may fluctuate significantly in the future. Such fluctuations, in particular those with respect to the Euro and the U.K. Pound Sterling, may have a material effect on our net sales, financial condition, profitability and/or cash flows and may significantly affect the comparability of our results between financial periods.
Competition in our industries is intense and we may not be able to continue to compete successfully.
        We operate in highly competitive industries. Several of our competitors have greater financial, marketing, manufacturing and distribution resources than us and we are facing competitive pricing from new entrants in certain markets. Our products may not continue to compete successfully with the products of competitors, and we may not be able to retain or increase our customer base or to improve or maintain our profit margins on sales to our customers, all of which could adversely affect our net sales, financial condition, profitability and/or cash flows.
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A disruption or termination of the supply of parts, materials, components and final assemblies from third-party suppliers could delay sales of our vehicles and vehicle bodies.
        We have experienced, and may in the future experience, significant disruption or termination of the supply of some of our parts, materials, components and final assemblies that we obtain from sole source suppliers or subcontractors or incur a significant increase in the cost of these parts, materials, components or final assemblies. Such disruptions, terminations or cost increases could delay sales of our vehicles and vehicle bodies and could result in a material adverse effect on our net sales, financial condition, profitability and/or cash flows. A recent surge in over-the-road vehicle sales has created shortages of certain components we utilize. The shortages have also caused periodic delays or limitations on the receipt of chassis scheduled for mounting of our vehicle bodies across both our fire and emergency and commercial segments. It is likely that some or all of such shortages could diminish during fiscal 2007 due to new diesel engine emissions standards taking effect on January 1, 2007, but such conditions could re-occur later in fiscal 2007 or fiscal 2008 as customers resume their normal procurement patterns.
Additional Information and Where to Find It
This current report on Form 8-K may be deemed to be solicitation material in respect of the proposed acquisition of JLG Industries by Oshkosh Truck. In connection with the proposed acquisition, JLG Industries plans to file a proxy statement with the SEC. INVESTORS AND SECURITY HOLDERS OF JLG INDUSTRIES ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The final proxy statement will be mailed to shareholders of JLG Industries. Investors and security holders may obtain a free copy of the proxy statement when it becomes available, and other documents filed by JLG Industries with the SEC, at the SEC’s web site at http://www.sec.gov . Free copies of the proxy statement, when it becomes available, and JLG Industries’ other filings with the SEC may also be obtained from JLG Industries. Free copies of JLG Industries’filings may be obtained by directing a request to JLG Industries, Inc., 13224 Fountainhead Plaza, Hagerstown, Maryland 21742-2678, Attention: Investor Relations.
Oshkosh Truck, JLG Industries and their respective directors, executive officers and other members of their management and employees may be deemed to be soliciting proxies from JLG Industries’shareholders in favor of the proposed acquisition. Information regarding Oshkosh Truck’s directors and executive officers is available in Oshkosh Truck’s proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on December 20, 2005. Information regarding JLG Industries’ directors and executive officers is available in JLG Industries’ proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on October 2, 2006. Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with the SEC when they become available.

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Item 9.01 .	Financial Statements and Exhibits.	

 	(a)	Not applicable.	

 	(b)	Not applicable.	

 	(c)	Not applicable.	

 	(d)	Exhibits . The following exhibits are being furnished herewith:	

 	(99.1)	Oshkosh Truck Corporation Press Release dated October 31, 2006.	

 	(99.2)	Script for conference call held October 31, 2006.	

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SIGNATURES
        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	OSHKOSH TRUCK CORPORATION	

Date: October 31, 2006	By:   /s/ Charles L. Szews	
	        Charles L. Szews	
	        Executive Vice President and	
	        Chief Financial Officer	

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OSHKOSH TRUCK CORPORATION
Exhibit Index to Current Report on Form 8-K
Dated October 31, 2006
Exhibit
Number

(99.1)	Oshkosh Truck Corporation Press Release dated October 31, 2006.	

(99.2)	Script for conference call held October 31, 2006.	

FOR IMMEDIATE RELEASE

For more information contact:	Financial:	Patrick N. Davidson	
		Vice President, Investor Relations	
		(920) 966-5939	

 	Media:	Kirsten A. Skyba	
		Vice President, Communications	
		(920) 233-9621	
OSHKOSH TRUCK REPORTS RECORD FISCAL YEAR 2006 EPS UP 26.6 PERCENT TO $2.76 AND FOURTH QUARTER EPS UP 13.8 PERCENT TO $0.66; REAFFIRMS OSHKOSH TRUCK STAND-ALONE FISCAL 2007 EPS ESTIMATE RANGE OF $3.05 — $3.15
         OSHKOSH, WIS. (October 31, 2006) – Oshkosh Truck Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and bodies, today reported that, for the fiscal year ended September 30, 2006, earnings per share (“EPS”) increased 26.6 percent to $2.76 on sales of $3.43 billion and net income of $205.5 million. This compares with EPS of $2.18 on sales of $2.96 billion and net income of $160.2 million in fiscal 2005. These results exceeded Oshkosh’s most recent EPS estimate range for fiscal 2006 of $2.70 — $2.75 per share. Oshkosh also reaffirmed its estimated range for fiscal 2007 EPS of $3.05 to $3.15 on a stand-alone basis, excluding the effects of Oshkosh’s pending acquisition of JLG Industries, Inc. (“JLG”). Oshkosh expects the acquisition of JLG to be modestly accretive to its fiscal 2007 estimated EPS after giving effect to estimated non-cash charges relating to amortization of acquired intangibles and other transaction-related costs.
-Continued-

        Sales increased 9.8 percent in the fourth quarter of fiscal 2006 to $904.4 million. Operating income increased 3.5 percent to $76.6 million, or 8.5 percent of sales. Net income was up 15.1 percent to $49.2 million, or $0.66 per share, in the fourth quarter. The increase in earnings compared to the prior year quarter was primarily driven by an increase in commercial segment operating income of over 275 percent. These earnings for the commercial segment combined with strong earnings from the fire and emergency segment more than offset a decline in defense segment earnings compared to the prior year quarter due to a slow-down in sales of parts and services for the U.S. Department of Defense (“DoD”).
        Commenting on the results, Robert G. Bohn, chairman, president and chief executive officer, said, “Oshkosh delivered its most successful financial performance ever in fiscal 2006 and capped a decade-long record of significant shareholder value creation. I believe this continuous improvement of financial results reflects well on our business and on our consistent execution of our core growth strategies. We anticipate that the pending JLG Industries acquisition will help us build on this record.”
        Bohn continued, “I’m particularly pleased with the improved performance in our commercial segment throughout fiscal 2006 and with their strong finish in the second half of the year. Our recent acquisition of Iowa Mold Tooling provided higher than anticipated contribution in the quarter.
        “Our fire and emergency segment closed the year with a strong performance in the quarter although an inventory write-off and other charges at our ambulance facility held back overall segment earnings. Our airport and towing products sales were especially solid during the quarter,” added Bohn.
        “While our defense parts and service sales softened during the fourth quarter, we see the recently passed federal budget bill as favorable to Oshkosh’s defense business for fiscal 2007 and fiscal 2008. We expect that our defense business will gain momentum in our second quarter of fiscal 2007 and finish strong in the second half of the fiscal year,” continued Bohn.
-Continued-

        Bohn concluded, “Based on progress to date, we anticipate closing the JLG acquisition in December or January, following attainment of necessary JLG shareholder and regulatory approvals. I’m extremely pleased that JLG and their employees will be joining our corporation. JLG is an exceptional capital goods company that provides scale, solid market and synergy opportunities, and balance to Oshkosh’s business portfolio.”
        Factors affecting fourth quarter results for the Company’s business segments included:
         Fire and emergency —Fire and emergency segment sales increased 27.0 percent to $268.4 million for the quarter compared to the prior year quarter. Operating income was up 12.6 percent to $21.4 million, or 8.0 percent of sales, compared to 9.0 percent of sales in the prior year quarter. Results for the fourth quarter of fiscal 2006 included pre-tax charges totaling $4.0 million, or 1.5 percent of segment sales for the quarter, related to the write-off of inventory and other charges at Oshkosh’s ambulance facility. The acquisition of AK Specialty Vehicles (“AK”) contributed sales of $16.5 million in the fourth quarter and flat operating income due to the impact of purchase accounting adjustments. The higher sales level also reflected strong order flows for airport products, towing equipment and fire apparatus. The increase in operating income was primarily driven by the increase in airport product and towing equipment sales as well as an improved product mix.
         Defense —Defense segment sales decreased 7.4 percent to $328.6 million for the quarter compared to the prior year’s fourth quarter. The decrease in sales resulted from lower parts and service sales due to a slow-down in DoD spending prior to the end of its fiscal year, offset in part by higher sales of new trucks for international customers.
-Continued-

        Operating income in the fourth quarter was down 13.2 percent to $54.8 million, or 16.7 percent of sales, compared to operating income in the prior year quarter of $63.2 million, or 17.8 percent of sales. The decrease in operating income for the fourth quarter was due to the decrease in parts and service sales.
         Commercial —Commercial segment sales increased 19.7 percent to $319.1 million for the quarter. Operating income increased 278.4 percent to $17.2 million, or 5.4 percent of sales, compared to $4.5 million, or 1.7 percent of sales, in the prior year quarter. The increase in sales for the segment was largely due to strong demand at the Company’s North American businesses in advance of diesel engine emissions standards changes effective January 1, 2007 and the inclusion of $15.9 million of sales from Iowa Mold Tooling Co., Inc. (“IMT”) since the date of acquisition, offset in part by lower unit sales at the Company’s European refuse business.
        The significant increase in the operating income margin in the fourth quarter of fiscal 2006 resulted from both higher price realization and cost reduction in North America, and the inclusion of $1.7 million of operating income from IMT, offset in part by a $0.9 million operating loss at the Company’s European refuse business. The loss at the Company’s European refuse business resulted from lower production volumes due to the consolidation of certain large customers in the United Kingdom and chassis supply issues in France.
         Corporate and other —Operating expenses and inter-segment profit elimination increased $4.1 million to $16.8 million. The increase in the fourth quarter was largely due to an additional $2.5 million of stock option expense due to the adoption of Statement of Financial Accounting Standards No. 123(R), “Share Based Payments,” and $0.8 million of expenses related to the Company’s new office in China. Interest expense net of interest income in the fourth quarter was $1.0 million, compared to $0.3 million in the prior year quarter. Higher interest costs were largely due to increased borrowings to fund the acquisitions of AK and IMT.
-Continued-

        The provision for income taxes in the fourth quarter decreased to 35.7 percent of pre-tax income, compared to 41.4 percent of pre-tax income in the prior year quarter. The lower rate reflected the favorable settlement of a state income tax audit and lower unbenefitted foreign losses than anticipated.
        The Company’s cash balances declined $199.7 million during the fourth quarter to $22.0 million at September 30, 2006, and its total debt rose $61.1 million during the quarter to $89.7 million at September 30, 2006 due primarily to cash payments to fund the acquisitions of AK and IMT.
Full-Year Results
        The Company reported that EPS increased 26.6 percent to $2.76 per share for fiscal 2006 on sales of $3.43 billion and net income of $205.5 million compared to $2.18 per share for fiscal 2005 on sales of $2.96 billion and net income of $160.2 million. Results for fiscal 2005 included Medium Tactical Vehicle Replacement (“MTVR”) base contract life-to-date margin adjustments totaling $24.7 million. This contract was accounted for under the percentage of completion method. The MTVR base contract was completed in June 2005.
        Operating income increased 22.0 percent to $325.9 million, or 9.5 percent of sales, in fiscal 2006 compared to $267.2 million, or 9.0 percent of sales, in fiscal 2005.
-Continued-

Dividend Announcement
        Oshkosh Truck Corporation’s Board of Directors declared a quarterly dividend of $0.10 per share of Common Stock. The dividend, unchanged from the immediately preceding quarter, will be payable November 22, 2006 to shareholders of record as of November 14, 2006.
        The Company will comment on fourth quarter and fiscal year 2006 earnings and expectations for fiscal 2007 during a conference call at 9:00 a.m. Eastern Standard Time this morning. Viewer-controlled slides for the call will be available on the Company’s website beginning at 8:00 a.m. Eastern Standard Time this morning. The call will be webcast simultaneously over the Internet as a service to investors. To access the webcast, investors should go to www.oshkoshtruckcorporation.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 twelve months at this website.
        Oshkosh Truck Corporation is a leading designer, manufacturer and marketer of a broad range of specialty commercial, fire and emergency and military vehicles and bodies. Oshkosh’s products are valued worldwide by fire and emergency units, defense forces, municipal and airport support services, and concrete placement and refuse businesses where high quality, superior performance, rugged reliability and long-term value are paramount.
-Continued-

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, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the Company’s ability to complete the JLG acquisition and the consequences of financial leverage associated therewith; the challenges of integrating acquired businesses including JLG, AK and IMT; the Company’s ability to turnaround its Geesink Norba Group business; the cyclical nature of the Company’s commercial and fire and emergency markets; risks related to reductions in government expenditures and the uncertainty of government contracts; the availability of defense truck carcasses for remanufacturing; risks associated with the implementation of an enterprise resource planning system at McNeilus ® ; the success of the Revolution ® composite concrete mixer drum; the availability of commercial chassis and certain chassis components including engines; and risks associated with international operations and sales, including foreign currency fluctuations. In addition, the Company’s expectations for fiscal 2007 are based in part on certain assumptions made by the Company, including without limitation those relating to the Company’s ability to close and integrate JLG as well as integrate AK and IMT and achieve targeted synergies for each acquisition; the Company’s ability to turnaround the Geesink Norba Group business sufficiently to support its current valuation resulting in no non-cash impairment charge for Geesink
-Continued-
Norba Group goodwill; the Company’s ability to grow its operating income despite anticipated lower industry demand resulting from changes to diesel engine emissions standards effective January 1, 2007; the Company’s estimates for the level of concrete placement activity, housing starts, non-residential construction spending and mortgage rates; the performance of the U.S. and European economies generally; the Company’s expectations as to timing of receipt of sales orders and payments and execution and funding of defense contracts; the Company’s ability to achieve cost reductions and operating efficiencies, in particular at JLG, McNeilus and the Geesink Norba Group; the anticipated level of production and margins associated with the Family of Heavy Tactical Vehicles contract, the Indefinite Demand/Indefinite Quantity truck remanufacturing contract, the MTVR follow-on contract, the LVSR contract and international defense truck contracts; the expected level and timing of U.S. Department of Defense procurement of replacement parts and services and funding thereof; the Company’s estimates for capital expenditures of rental companies for JLG’s products, of municipalities for fire and emergency and refuse products, of airports for aircraft rescue and snow removal products and of large commercial waste haulers generally and with the Company; federal funding levels for U.S. Department of Homeland Security and spending by governmental entities on homeland security apparatus; the availability of chassis components including engines and commercial chassis generally; the Company’s planned spending on product development and bid and proposal activities with respect to defense truck procurement competitions and the outcome of such competitions; the expected level of commercial “package” body and purchased chassis sales compared to “body only” sales; the Company’s estimates of the impact of changing fuel prices and credit availability on capital spending of towing operators; anticipated levels of capital expenditures; the Company’s estimates for costs relating to litigation, product warranty, product liability, insurance, stock options and restricted stock awards, personnel and raw materials; the Company’s estimates for debt levels, interest rates, working capital needs and effective tax rates; and that the Company does not complete any further acquisitions other than JLG. 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.
-Continued-

        This press release may be deemed to be solicitation material in respect of the proposed acquisition of JLG Industries by Oshkosh Truck. In connection with the proposed acquisition, JLG Industries plans to file a proxy statement with the SEC. INVESTORS AND SECURITY HOLDERS OF JLG INDUSTRIES ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The final proxy statement will be mailed to shareholders of JLG Industries. Investors and security holders may obtain a free copy of the proxy statement when it becomes available, and other documents filed by JLG Industries with the SEC, at the SEC’s web site at http://www.sec.gov. Free copies of the proxy statement, when it becomes available, and JLG Industries’ other filings with the SEC may also be obtained from JLG Industries. Free copies of JLG Industries’ filings may be obtained by directing a request to JLG Industries, Inc., 13224 Fountainhead Plaza, Hagerstown, Maryland 21742-2678, Attention: Investor Relations.
        Oshkosh Truck, JLG Industries and their respective directors, executive officers and other members of their management and employees may be deemed to be soliciting proxies from JLG Industries’ shareholders in favor of the proposed acquisition. Information regarding Oshkosh Truck’s directors and executive officers is available in Oshkosh Truck’s proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on December 20, 2005. Information regarding JLG Industries’ directors and executive officers is available in JLG Industries’ proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on October 2, 2006. Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with the SEC when they become available.

-Continued-

OSHKOSH TRUCK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended
September 30,
	Year Ended
September 30,
	
	2006
	2005
	2006
	2005
	
	(In thousands, except per share amounts)	

Net sales	 	 	$	904,353	 	$	823,716	 	$	3,427,388	 	$	2,959,900	 	
Cost of sales	 	 	 	749,650	 	 	688,274	 	 	2,819,107	 	 	2,465,130	 	
									
Gross income	 	 	 	154,703	 	 	135,442	 	 	608,281	 	 	494,770	 	

Operating expenses:	 	 		
    Selling, general and administrative	 	 	 	75,371	 	 	59,543	 	 	273,988	 	 	219,875	 	
    Amortization of purchased intangibles	 	 	 	2,748	 	 	1,925	 	 	8,365	 	 	7,693	 	
									
Total operating expenses	 	 	 	78,119	 	 	61,468	 	 	282,353	 	 	227,568	 	

Operating income	 	 	 	76,584	 	 	73,974	 	 	325,928	 	 	267,202	 	

Other income (expense):	 	 		
    Interest expense	 	 	 	(3,142	)	 	(1,865	)	 	(7,354	)	 	(8,235	)	
    Interest income	 	 	 	2,150	 	 	1,553	 	 	6,607	 	 	3,052	 	
    Miscellaneous, net	 	 	 	466	 	 	(1,061	)	 	(243	)	 	(1,898	)	
									
 	 	 	 	(526	)	 	(1,373	)	 	(990	)	 	(7,081	)	

Income before provision for income taxes,	 	 		
    equity in earnings of unconsolidated	 	 		
    affiliates and minority interest	 	 	 	76,058	 	 	72,601	 	 	324,938	 	 	260,121	 	

Provision for income taxes	 	 	 	27,133	 	 	30,072	 	 	121,194	 	 	102,267	 	

Income before equity in earnings of	 	 		
    unconsolidated affiliates and	 	 		
    minority interest	 	 	 	48,925	 	 	42,529	 	 	203,744	 	 	157,854	 	

Equity in earnings of unconsolidated	 	 		
    affiliates, net of income taxes	 	 	 	406	 	 	603	 	 	2,284	 	 	2,920	 	

Minority interest, net of income taxes	 	 	 	(121	)	 	(380	)	 	(499	)	 	(569	)	

Net income	 	 	$	49,210	 	$	42,752	 	$	205,529	 	$	160,205	 	

Earnings per share:	 	 		
    Basic	 	 	$	0.67	 	$	0.59	 	$	2.81	 	$	2.22	 	
    Diluted	 	 	 	0.66	 	 	0.58	 	 	2.76	 	 	2.18	 	

Basic weighted average shares outstanding	 	 	 	73,236	 	 	72,915	 	 	73,160	 	 	71,294	 	
Effect of dilutive securities:	 	 		
   Class A Common Stock	 	 	 	--	 	 	--	 	 	--	 	 	944	 	
   Stock options and incentiv e	 	 		
     compensation awards	 	 	 	1,235	 	 	1,195	 	 	1,240	 	 	1,384	 	
									
Diluted weighted average shares outstanding	 	 	 	74,471	 	 	74,110	 	 	74,400	 	 	73,622	 	
									
-Continued-

OSHKOSH TRUCK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,	
	2006
	2005
	
	(Unaudited)		
ASSETS	(In thousands)	
Current assets:	 	 	 		 	 		 	
    Cash and cash equivalents	 	 	$	22,012	 	$	127,507	 	
    Receivables, net	 	 	 	317,920	 	 	280,247	 	
    Inventories, net	 	 	 	589,770	 	 	489,997	 	
    Deferred income taxes	 	 	 	53,183	 	 	36,618	 	
    Other current assets	 	 	 	20,509	 	 	20,015	 	
					
          Total current assets	 	 	 	1,003,394	 	 	954,384	 	
Investment in unconsolidated affiliates	 	 	 	19,273	 	 	20,280	 	
Property, plant and equipment	 	 	 	416,803	 	 	355,341	 	
Less accumulated depreciation	 	 	 	(184,908	)	 	(162,315	)	
					
    Property, plant and equipment, net	 	 	 	231,895	 	 	193,026	 	
Goodwill, net	 	 	 	558,724	 	 	399,875	 	
Purchased intangible assets, net	 	 	 	219,239	 	 	128,525	 	
Other long-term assets	 	 	 	78,383	 	 	22,213	 	
					
Total assets	 	 	$	2,110,908	 	$	1,718,303	 	

LIABILITIES AND SHAREHOLDERS’ EQUITY		
Current liabilities:	 	 		
    Accounts payable	 	 	$	236,455	 	$	226,768	 	
    Revolving credit facility and current maturities	 	 		
       of long-term debt	 	 	 	87,516	 	 	21,521	 	
    Customer advances	 	 	 	266,705	 	 	303,090	 	
    Floor plan notes payable	 	 	 	48,441	 	 	21,332	 	
    Payroll-related obligations	 	 	 	59,386	 	 	47,460	 	
    Income taxes payable	 	 	 	12,849	 	 	11,571	 	
    Accrued warranty	 	 	 	56,929	 	 	39,546	 	
    Deferred revenue	 	 	 	35,355	 	 	25,457	 	
    Other current liabilities	 	 	 	78,438	 	 	78,794	 	
					
          Total current liabilities	 	 	 	882,074	 	 	775,539	 	
Long-term debt	 	 	 	2,176	 	 	2,589	 	
Deferred income taxes	 	 	 	100,032	 	 	55,443	 	
Other long-term liabilities	 	 	 	60,963	 	 	62,917	 	
Commitments and contingencies	 	 		
Minority interest	 	 	 	3,758	 	 	3,145	 	
Shareholders’ equity	 	 	 	1,061,905	 	 	818,670	 	
					
Total liabilities and shareholders’ equity	 	 	$	2,110,908	 	$	1,718,303	 	

-Continued-

OSHKOSH TRUCK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Year Ended
September 30,
	
	2006
	2005
	
	(In thousands)	
Operating activities:	 	 	 		 	 		 	
    Net income	 	 	$	205,529	 	$	160,205	 	
    Non-cash and other adjustments	 	 	 	28,449	 	 	36,564	 	
    Changes in operating assets and liabilities	 	 	 	(56,571	)	 	15,542	 	
					
       Net cash provided by operating activities	 	 	 	177,407	 	 	212,311	 	

Investing activities:	 	 		
    Acquisition of businesses, net of cash acquired	 	 	 	(272,842	)	 	(31,286	)	
    Additions to property, plant and equipment	 	 	 	(56,020	)	 	(43,174	)	
    Proceeds from sales of assets	 	 	 	798	 	 	204	 	
    Distribution of capital from unconsolidated affiliates	 	 	 	1,601	 	 	--	 	
    (Increase) decrease in other long-term assets	 	 	 	(867	)	 	5,747	 	
					
       Net cash used by investing activities	 	 	 	(327,330	)	 	(68,509	)	

Financing activities:	 	 		
    Net borrowings (repayments) under revolving credit facility	 	 	 	64,434	 	 	(51,613	)	
    Proceeds from exercise of stock options	 	 	 	3,462	 	 	24,257	 	
    Purchase of Common Stock	 	 	 	(1,030	)	 	(612	)	
    Repayment of long-term debt	 	 	 	(586	)	 	(656	)	
    Excess tax benefits from stock-based compensation	 	 	 	4,096	 	 	--	 	
    Dividends paid	 	 	 	(27,122	)	 	(16,022	)	
					
       Net cash provided (used) by financing activities	 	 	 	43,254	 	 	(44,646	)	

Effect of exchange rate changes on cash	 	 	 	1,174	 	 	(1,730	)	

(Decrease) increase in cash and cash equivalents	 	 	 	(105,495	)	 	97,426	 	

Cash and cash equivalents at beginning of period	 	 	 	127,507	 	 	30,081	 	

Cash and cash equivalents at end of period	 	 	$	22,012	 	$	127,507	 	

Supplementary disclosure:	 	 		
    Depreciation and amortization	 	 	$	37,467	 	$	31,712	 	

-Continued-

OSHKOSH TRUCK CORPORATION
SEGMENT INFORMATION
(Unaudited)

	Three Months Ended
September 30,
	Year Ended
September 30,
	
	2006
	2005
	2006
	2005
	
	(In thousands)	
Net sales to unaffiliated customers:	 	 	 		 	 		 	 		 	 		 	
    Fire and emergency	 	 	$	268,417	 	$	211,414	 	$	961,467	 	$	841,465	 	
    Defense	 	 	 	328,573	 	 	354,969	 	 	1,317,237	 	 	1,061,064	 	
    Commercial	 	 	 	319,092	 	 	266,514	 	 	1,190,323	 	 	1,085,700	 	
    Intersegment eliminations	 	 	 	(11,729	)	 	(9,181	)	 	(41,639	)	 	(28,329	)	
									
       Consolidated	 	 	$	904,353	 	$	823,716	 	$	3,427,388	 	$	2,959,900	 	

Operating income (expense):	 	 		
    Fire and emergency	 	 	$	21,437	 	$	19,039	 	$	89,999	 	$	79,619	 	
    Defense(1)	 	 	 	54,841	 	 	63,195	 	 	242,271	 	 	210,232	 	
    Commercial	 	 	 	17,155	 	 	4,534	 	 	66,179	 	 	23,829	 	
    Corporate and other	 	 	 	(16,849	)	 	(12,794	)	 	(72,521	)	 	(46,478	)	
									
       Consolidated	 	 	$	76,584	 	$	73,974	 	$	325,928	 	$	267,202	 	

Period-end backlog:	 	 		
    Fire and emergency	 	 	 		 	 		 	$	643,026	 	$	526,200	 	
    Defense	 	 	 		 	 		 	 	852,369	 	 	1,199,924	 	
    Commercial	 	 	 		 	 		 	 	418,898	 	 	217,935	 	
									
       Consolidated	 	 	 		 	 		 	$	1,914,293	 	$	1,944,059	 	

(1)	Includes the following cumulative life-to-date adjustments to operating income due to an increase in margins on the Company's MTVR base contract.	

	Three Months Ended
September 30,
	Year Ended
September 30,
	
	2006
	2005
	2006
	2005
	
	(In thousands, except percentages)	
Increase in operating income	 	 	$	--	 	$	--	 	$	--	 	$	24,700	 	
Increase in margin percentage	 	 	 	--	 	 	--	 	 	--	 	 	2.5	%	
Margin percentage at period-end	 	 	 			 			 	--	 	 	10.1	%	
###
  
Fourth Quarter 2006 Earnings
Conference Call
October 31, 2006
Pat Davidson
Thank you and good morning. Earlier today we published our fourth quarter and full year results for fiscal 2006. If you do not have a copy of the release, it is available on our website at www.oshkoshtruckcorporation.com . Today’s call is being broadcast live via the Internet at our website and is being accompanied by a slide presentation also available on our website. Later today, an audio replay of this call will be posted to our website. The replay and slide presentation will be available on our website for approximately 12 months. Please now refer to slide 2 of that slide presentation and read it at your convenience.
Our remarks that follow, including answers to your questions, include statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters that we have described in our Form 8-K filed with the SEC this morning and other filings we make with the SEC. Except as described in the Form 8-K, we disclaim any obligation to update these forward looking statements, which may not be updated until our next quarterly earnings conference call, if at all.
Occasionally today, we will refer to “previous estimates.” We made such estimates during our third quarter earnings conference call on August 1, 2006.
Presenting today are Bob Bohn, Chairman, President and Chief Executive Officer and Charlie Szews, Executive Vice President and Chief Financial Officer.
Bob, please lead off and investors, please turn to slide 3.
1

Bob Bohn
Oshkosh Fiscal 2006 Highlights
Thank you, Pat. Good morning everyone and thank you for joining us.
This year has been another year of records for us at Oshkosh Truck and it really is the start of a whole new era for our company as we transform the business with our recently announced plans to acquire JLG Industries. I will talk a little bit about that later, however, as I would like to focus not only on the great year we just posted, but also the solid quarter we announced.
Fiscal 2006 was a record year, but it has significance beyond this year’s specific results in that it reflects on our ability to deliver results not just for a quarter, not just for a year, but for the long term. Fiscal 2006 was our 10 th , our 10 th consecutive year of improving financial performance. Since 1997, our compound annual growth rates for revenues and operating income have been approximately 20% and 30%, respectively. Our core growth strategies of leading in new product development, seeking operational excellence through lean initiatives and the pursuit of strategic acquisitions have served us well. And, we’re sticking with them.
Now, let me go over the specifics. For the year, revenues were up 15.8% to $3.43 billion. Operating income reached $325.9 million, up 22%. We’ve continued to improve our operating income margins as we strive to achieve our goal of 10%. We realized 50 basis points of improvement to our margins in fiscal 2006 to 9.5%. Finally, EPS grew to $2.76, up 26.6%, higher than our most recent guidance of $2.70 — $2.75.
We also closed on two acquisitions, Iowa Mold Tooling and AK Specialty Vehicles. We expect these two new businesses to add nearly a quarter of a billion dollars to our top line. We expect both of them to grow as strong members of the Oshkosh family.
2

Please turn to slide 4
Oshkosh Fiscal 2006 Highlights (cont.)
We are also pleased to announce strength across the board with double digit or higher gains in operating income in every segment in fiscal 2006. Our Commercial segment, consisting primarily of concrete placement and refuse products, continued to improve its performance with an operating income percentage that was significantly higher than in fiscal 2005. Last year, we had an operating income percentage of 2.2%. That has grown to 5.6% this year as a result of our pricing initiatives. We expect this trend to continue. We are also enjoying the return to full year profitability by the Geesink Norba Group in Europe.
Our corporate Lean Initiative continues to generate success in the areas of throughput, cost reduction and waste elimination. Our chartered cost reduction teams are really impacting our business and we have seen success in a number of areas, and here are a few examples: We’ve reduced the cycle times and work in process inventories for our concrete mixer drum manufacturing. The material handling time at our Pierce Appleton facilities has been cut in half. And, we’ve used lean principles to organize our defense remanufacturing activities. There are many other examples that are too numerous to mention, but we appreciate all the hard work of our people to deliver these results. We know there is no single answer to everything, but we do believe that if we add up all the many, many projects that have started or will start, they can become a tidal wave of improvement that significantly influences our performance.
We continue to lead our industries in product development and innovation. We are proud that our new product development methodology is generating market-leading products. In September, over 1,700 invited guests were on hand for the debut of Pierce Manufacturing’s newest fire truck, the Velocity™, at the 2006 Fire and Rescue International show and convention in Dallas. In addition, over 5,000 more people watched the unveiling on a live webcast of the event. The industry’s response, in terms of inquiries and orders, continues to advance Pierce’s market leading position.
3

The U.S. Marine Corps awarded our defense group the production contract for its new Logistics Vehicle System Replacement (or LVSR) truck and associated manuals, vehicle kits, test support and training. The firm-fixed-price, indefinite-delivery / indefinite-quantity contract has an estimated value of $740 million based on a production quantity of 1,592 units. The Corps can purchase up to 1,900 cargo, wrecker and fifth-wheel LVSR variants over the next six years under this contract.
Pierce extended its line of homeland security apparatus with the new Contender ® Special Services Vehicle, or SSV. It provides law enforcement and homeland security markets with a customizable, rugged vehicle that can be optimized for specific applications at a value price point. The SSV can be configured for mobile command and communications, incident command, special weapons and tactics (SWAT), explosive ordinance disposal, bomb response and mobile laboratory applications.
Please turn to slide 5
Recent Oshkosh Highlights
Of course, our most recent highlight is our announcement about two weeks ago of our agreement to acquire JLG.
We are all truly excited to add JLG as a fourth business segment. With our outstanding track record of buying and integrating market leading companies and creating significant shareholder value, we are confident that our offer to purchase JLG in an all cash deal will be another positive milestone in our Company’s rich history. JLG’s global leadership and the respect they receive in the marketplace are indicative of a company that is vibrant and pointed to continue growing. This acquisition makes a lot of sense for us on many fronts and fits with our long standing business objectives of:

 	•	Growing sales and earnings at a rate greater than 15% annually.	
 	•	Diversifying and complementing our growing defense business, and	
 	•	Seeking to acquire market leaders with significant growth opportunities to provide solid returns for our shareholders.	

4

Presently, we are on track to close the JLG acquisition in December or January, subject to receiving timely regulatory approvals and JLG shareholder approval.
Please turn to slide 6.
Oshkosh Fourth Quarter 2006 Highlights
Focusing specifically on the fourth quarter, sales increased nearly 10% compared to the same quarter a year ago. Operating income increased by only 3.5%, while EPS reached $0.66, up 13.8% quarter over quarter. This exceeds the guidance we provided during our August 1 st conference call.
As I mentioned earlier, we completed the acquisitions of both AK and IMT. We paid cash for both companies and this amounted to a $272.8 million outlay.
Looking forward to fiscal 2007, we believe we’re well positioned to deliver earnings improvement despite softening demand expected in two of our three existing segments. We are reaffirming our estimated range for fiscal 2007 earnings per share for Oshkosh on a stand-alone basis, excluding the effects of the anticipated JLG acquisition, of $3.05 to $3.15. We’re looking at potentially significant market volume declines in our commercial and fire and emergency segments as a result of the diesel engine emissions standards changes. Certain vocational truck markets could be down 20% to 40% in calendar 2007. Yet, we’re forecasting consolidated growth over that same period on the expected strength of our defense and fire and emergency businesses, as well as the benefits from the IMT and AK acquisitions. To sum things up, I’m optimistic about the initiatives we have to enhance results in fiscal 2007.
Let’s move to slide 7 so I can review our progress in each of our segments.
5

Fire and Emergency
We’ll start with the Fire and Emergency business.
Fire and emergency closed out the year on a solid note. Fourth quarter orders exceeded our expectations, thus providing a positive start as we kick off a new fiscal year.
As I mentioned earlier, during the quarter we announced our remarkable new custom fire chassis, the Velocity™, and its companion model, the Impel™. These chassis are exceptional not only because of their industry-leading safety and performance features, but also because they are reflective of our customer-driven, cross-functional new product development process. Literally thousands of fire fighters guided design of this chassis platform. The new chassis were met with huge applause and enthusiasm at the Fire Rescue International show in Dallas last month. If you have not seen the worldwide product launch, I urge you to check it out at www.piercemfg.com . Pierce has already received its first order, but deliveries of the first units probably won’t occur until the fourth quarter of fiscal 2007.
The integration of AK Specialty Vehicles has been fairly smooth and straightforward. We were always impressed with the team, and we were delighted that they recently earned a large order for mobile medical trailers in the United Kingdom.
We did have some disappointment in the fire and emergency segment. We wrote-off inventory and took other charges at our ambulance factory, where our Medtec™ vehicles are produced. Although the charges we are taking in the fourth quarter are not material, this was not anticipated and did affect our earnings in a negative way. Approximately $2.5 million of charges arose out of intentional misstatements of accounting records by a former employee of the Medtec business. We have performed extensive procedures at this business, including an additional comprehensive physical inventory, to assure ourselves that these charges resolve the full magnitude of the matter. We also engaged Ernst & Young LLP to investigate this matter and they have provided a report to the Audit Committee of our Board of Directors. We believe this was an isolated incident and will take appropriate actions to assure ourselves that this situation won’t arise again here or elsewhere in our Company.
6

Let’s turn to slide 8 and talk about our Defense business.
Defense
It should come as no surprise that the parts and service business for our defense business slowed quite a bit during the quarter. That was addressed during our third quarter earnings call. The U. S. Army simply curtailed their purchases to avoid overspending their budget. We do expect a recovery during the first half of fiscal 2007 as the armed forces budget is replenished and they work to repair and replace damaged and worn equipment that is in need of service.
We are confident in that recovery as the recently passed 2007 defense appropriations and Iraqi supplemental bill contained sums that we expect will allow the Army and Marines to procure the necessary vehicles, equipment, parts & service that they need to perform their duties. We see this budget as favorable to Oshkosh and it gives us confidence in 2007, but we anticipate that it will have even more of an impact on our business in 2008.
Various generals have made statements regarding their expectations for troop counts in Iraq over the next 12-18 months and even into 2010. These statements lead us to believe that we need to be ready to support our troops with trucks and other heavy equipment at a high level for several years to come.
Finally, we’ve talked at length about our armoring capability in theater and at our facilities. We have been installing armor on trucks in theater for some time now and expect to be augmenting that with factory installed armor in mid-calendar 2007.
The overall demand for improved safety and protection, which comes from the armor, is a key driver for us going forward. We expect to be bidding the Bushmaster™ armored personnel carrier on multiple opportunities over the next year. You’ll recall that we have a license from ADI of Australia to market and manufacture this armored vehicle for North America. It is a great truck that has performed extremely well in testing and we are very excited about this alliance.
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Let’s move to the next slide and discuss our Commercial business.
Commercial
The trends that we were seeing earlier in the year for recovery in our commercial segment continued in the fourth quarter. Significantly, we saw better margins in our McNeilus product lines with price increases that were successfully implemented in the field. This is important because we took the brunt of the steel price hikes over the last several years and did not raise prices in time to stop our margins from eroding. While we always seek to provide good value for our customers, we cannot run the business in a way that doesn’t allow us to earn a solid and fair margin.
Orders in this segment remained strong in North America through the fourth quarter, which supports our view of flat operating income in this segment in fiscal 2007 before taking into consideration the addition of IMT.
Our Geesink Norba Group business paused in its recovery in the fourth quarter. Demand in the U.K. slackened and a French chassis supplier experienced difficulty in converting its truck chassis to new engine standards. These issues may limit our recovery of that business in fiscal 2007, but we believe that our Romanian outsourcing strategy will bring a lift to this business as we move through fiscal 2007.
As we mentioned before, IMT is part of our commercial segment, which is overseen by Mike Wuest. We are very happy with the early returns and I might add, not surprised, because we knew we were buying a great business led by a great team. We believe the synergy opportunities are very strong and believe they will continue to unfold as we integrate IMT.
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Finally, we have the right resources in place at McNeilus and believe this is crucial as we begin the final phase of our ERP installation, which we expect to occur in the first quarter of fiscal 2007.
So, there is a review of some of the recent highlights of our current business mix. Let me now turn the call over to Charlie, and please turn to slide 10.
Charlie Szews
Let’s begin our financial review by looking at our consolidated results for the fourth quarter.
Consolidated Results
Earnings per share rose 13.8% to $0.66, exceeding our previous estimate for the quarter of $0.60 to $0.65 per share. Our commercial segment largely drove the improved results in the fourth quarter, while the fire and emergency segment also reported strong results. Defense vehicles were up strongly, but the defense parts and service business declined. Consolidated sales rose 9.8% to $904.4 million in the fourth quarter compared to last year’s quarter, with consolidated operating income up 3.5% to $76.6 million compared to last year. Certainly, the inventory write-off and other charges of $4.0 million at our ambulance facility affected fourth quarter results. That was disappointing, but it doesn’t significantly affect our view of results for that business in fiscal 2007.
Corporate operating expenses rose $4.1 million to $16.8 million in the fourth quarter compared to the prior year. The higher corporate costs included a $2.5 million increase related to the expensing of stock options and $0.8 million of spending related to the opening of the Company’s operations in China.
During the quarter, we reduced our fiscal 2006 annual estimated effective tax rate to 37.3% to reflect the favorable settlement of a state income tax audit and lower unbenefited foreign losses than anticipated.
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Lastly, our cash position decreased to $22 million from $221.7 million at the end of the third quarter and our debt rose from $28.6 million to $89.7 million. This was due to the cash payments we made to acquire AK and IMT.
Let’s look more closely into segment performance, beginning on slide 11.
Fire and Emergency
Fire and emergency sales rose 27.0% to $268.4 million in the fourth quarter while operating income increased at a rate of 12.6% to $21.4 million, or 8.0% of sales, in the fourth quarter. Operating income margins declined one percentage point during the quarter. The charges at our ambulance business represented a 1.5 percentage point impact on margins during the quarter.
This is the first quarter in which AK Specialty Vehicles has been part of our performance. It contributed $16.5 million of sales, but break even results due to the effects of purchase accounting. AK also represented $44.7 million of our backlog at September 30, 2006, which contributed to our 22.2% increase in backlog in the fourth quarter.
Turning to the defense segment next, please turn to slide 12.
Defense
Defense sales declined 7.4% to $328.6 million in the fourth quarter. This compares with a very strong fourth quarter in fiscal 2005 that was up nearly 60% from the prior year. This year’s decline was due to parts and service sales being lower than in last year’s fiscal fourth quarter, as DoD budget constraints led the U.S. Army to sharply curtail procurement of parts and services. Sales of remanufactured and new trucks were up in the quarter, but not enough to offset the reduced spending on parts and service.
Operating income in the fourth quarter declined 13.2% to $54.8 million, or 16.7% of sales, compared to prior year quarter operating income of $63.2 million, or 17.8% of sales. The decrease in operating income for the fourth quarter followed from the lower revenue figure that I just mentioned.
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As of September 30, 2006, our defense backlog was down 29% from the prior year level, but we believe this fact is not indicative of our fiscal 2007 defense business. At September 30, 2006, the favorable funding for Oshkosh in the 2007 defense appropriations and Iraqi supplemental bill was not yet under contract.
Please move to slide 13.
Commercial
Commercial sales were up 19.7% to $319.1 million in the fourth quarter and operating income was up 278.4% to $17.2 million. Operating income margins rose to 5.4% in the fourth quarter of fiscal 2006 compared to 1.7% in the prior year’s fourth quarter. The ability of our commercial business to institute price increases has been part of the story, in addition to the Lean activities that we continue to implement in the various facilities.
At McNeilus, concrete placement sales stayed strong in advance of diesel engine emissions standards changes effective January 1, 2007. Operating income margins rose at McNeilus during the fourth quarter of fiscal 2006 due to both higher price realization and cost reduction.
The Geesink Norba Group, our European refuse business, reported a $0.9 million operating loss in this year’s fourth quarter, largely due to lower demand in the U.K. and chassis supply issues in France. During our third quarter conference call, we indicated that we expected this business to have break-even results in the fourth quarter of fiscal 2006.
IMT contributed for the first time as we have been integrating this business into the commercial segment. IMT contributed sales of $15.9 million and operating income of $1.7 million to segment results for the quarter.
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Let me close out my review of the commercial segment by reviewing our backlogs in each product line. On September 30, 2006, rear-discharge unit backlog was up 108.2% compared to prior year quarter levels, while our front-discharge unit backlog was up 80.4%. Our domestic refuse unit backlog was up 165.8% compared to prior year quarter levels, while Geesink Norba Group unit backlog was down 25.0% compared to prior year quarter levels. Overall, commercial segment backlog was up 92.2% in dollars on September 30, 2006 compared to prior year fourth quarter levels. Concrete placement and domestic refuse backlogs were up due to the pre-buy. At the Geesink Norba Group, the lower backlog reflects lower orders in the fourth quarter of fiscal 2006 in the U.K. and France. And, IMT contributed $22.8 million to segment backlog at September 30, 2006.
Please turn to slide 14.
Oshkosh Stand-Alone Fiscal 2007 Estimates
Our estimates for fiscal 2007 are largely unchanged from our previous estimates, assuming stand-alone Oshkosh. What does this mean? We are not including the impact of our anticipated acquisition of JLG in these numbers.
We anticipate our consolidated sales to approximate $3.65 to $3.75 billion in fiscal 2007, up approximately 6.5% to 9.4%, respectively, over fiscal 2006 sales. We expect fire and emergency sales to grow in the mid-teens as a percentage. We expect that defense sales will rise by $125 to $175 million, a $25 million increase in the range from our previous estimates, and that commercial sales will decline slightly, as the demand that the entire industry has enjoyed ahead of the new emissions standards begins to subside.
Turning to slide 15, we expect our consolidated operating income to approximate $373 to $385 million in fiscal 2007, which is an increase of about 14% to 18% compared to fiscal 2006. Again, these estimates are unchanged from our previous estimates. With respect to margins, we believe that fire and emergency will increase slightly, by about 50 basis points. We expect margins in defense to be flat and we believe that commercial margins will increase by over 100 basis points, as price increases and Lean activities continue to aid performance.
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Slide 16 provides additional estimates of interest expense, taxes and other areas. We have made no adjustments to these items.
On slide 17, we provide our earnings per share estimates for fiscal 2007. Today, we are reaffirming our earnings per share estimate range at $3.05 to $3.15 per share, or up in a range of 11% to 14% compared to fiscal 2006.
Now, for Q1 in fiscal 2007, we said back on August 1, 2006 that we would be challenged in our defense business by a very tough comparison quarter in the first quarter of fiscal 2006 when new and remanufactured truck volume was very high. So, we now can confirm that our defense operating income will decline rather sharply in the first quarter of fiscal 2007 and offset expected strong performances in our fire and emergency and commercial segments. We expect this will lead to EPS of between $0.50 and $0.55 in the first quarter of fiscal 2007, or down 24% to 31%. We expect our defense business to pick up solidly in Q2 of fiscal 2007 and sales to exceed $400 million quarterly in the second half of fiscal 2007. We don’t like these quarterly swings, but that’s the way our defense contract volume falls in fiscal 2007.
We plan to spend approximately $65 million for capital items during the year.
Please turn to slide 18.
Impact of JLG Acquisition on Fiscal 2007 Estimates
Before Bob closes out our prepared remarks, I’d like to make a few additional comments on our impending acquisition of JLG. Many of you have asked questions regarding the closing date of the sale. We still expect to close in December or January. Both Oshkosh Truck and JLG have continued to make the necessary regulatory filings, which include Hart-Scott-Rodino and the preliminary proxy statement for JLG’s shareholder meeting. We still anticipate modest EPS accretion in 2007 and strong accretion in 2008. We will provide more details after the close of the JLG acquisition, most likely in February 2007 when we announce first quarter earnings.
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With that, I will turn the call back over to Bob.
Bob Bohn
Thank you, Charlie.
Oshkosh and its management team have developed together, consistently executing on our core growth strategies to deliver, in many cases, exceptional results. We’ve just reported our tenth consecutive year of improved earnings and revenues and we have every reason to believe that 2007 will be our eleventh straight year of growth. We have covered a lot of ground toward our objective of 10% consolidated operating income margins. And, our commercial segment has reinvented itself to become a driver of earnings this quarter. Within the next two years, I anticipate this segment will once again become a major contributor to this corporation’s growth.
I’m excited about the momentum we are building as we move into fiscal 2007. Yes, we do face a number of challenges, particularly in terms of potentially down end markets because of the engine emissions standards changes, and the integration of JLG will be challenging, but we believe that we will be successful. We’ve brought fourteen other businesses into the family in the last decade and we are excited to be taking on such a high quality company as JLG, which will significantly transform our company as we aim for revenues above $6 billion and operating income margins north of 10%. I’m comfortable with our ability to drive earnings growth, which led us to the fiscal 2007 earnings expectations that Charlie just shared with you. We have the right team in place and we have a will that will not be deterred as we work to achieve new records in the continuing story of Oshkosh Truck.
Operator, please begin the question and answer session of the call.
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This conference call script may be deemed to be solicitation material in respect of the proposed acquisition of JLG Industries by Oshkosh Truck. In connection with the proposed acquisition, JLG Industries plans to file a proxy statement with the SEC. INVESTORS AND SECURITY HOLDERS OF JLG INDUSTRIES ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. The final proxy statement will be mailed to shareholders of JLG Industries. Investors and security holders may obtain a free copy of the proxy statement when it becomes available, and other documents filed by JLG Industries with the SEC, at the SEC’s web site at http://www.sec.gov. Free copies of the proxy statement, when it becomes available, and JLG Industries’ other filings with the SEC may also be obtained from JLG Industries. Free copies of JLG Industries’ filings may be obtained by directing a request to JLG Industries, Inc., 13224 Fountainhead Plaza, Hagerstown, Maryland 21742-2678, Attention: Investor Relations.
Oshkosh Truck, JLG Industries and their respective directors, executive officers and other members of their management and employees may be deemed to be soliciting proxies from JLG Industries’ shareholders in favor of the proposed acquisition. Information regarding Oshkosh Truck’s directors and executive officers is available in Oshkosh Truck’s proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on December 20, 2005. Information regarding JLG Industries’ directors and executive officers is available in JLG Industries proxy statement for its 2006 annual meeting of shareholders, which was filed with the SEC on October 2, 2006. Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with the SEC when they become available.

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