Joy Global Inc.
Dec 15, 2010

Joy Global Inc. Announces Fourth Quarter and Fiscal 2010 Year-End Operating Results

MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NASDAQ: JOYG), a worldwide leader in high-productivity mining solutions, today reported fourth quarter and full year fiscal 2010 results. Bookings in the fourth quarter increased by 48 percent to $1.0 billion compared to $705 million in the fourth quarter last year. Net sales for the current quarter increased by 9 percent to $1.0 billion compared to $964 million in the fourth quarter of fiscal 2009. Operating income totaled $227 million, a record margin for a quarter of 21.6 percent of sales, versus $184 million or 19.1 percent of sales, in the prior year quarter. Net income in the current quarter was $146 million, or $1.39 per fully diluted share, compared to $124 million, or $1.20 per fully diluted share, in the prior year fourth quarter.

"We were extremely pleased with our results for the fourth quarter," said Mike Sutherlin, president and chief executive officer. "The improving bookings rate supports our view that our mining customers will continue to increase their capital expenditure plans in response to strong industry fundamentals. We continue to ramp up our production to meet this expected growth in demand and, as a result, this is the first quarter in which both orders and shipments have exceeded the $1 billion threshold for us. We also continue to improve the efficiency of our operations, and we were able to deliver operating margins at record levels for both the quarter and the year. Our Operational Excellence efforts are impacting asset utilization as well as profitability, and we were able to reduce our trade working capital as we increased shipments during the year. As a result, we finished the year with increasing order rates and improving operational and financial results, and this will provide momentum into 2011."

Fourth Quarter Operating Results

Fourth quarter bookings were $1.0 billion, up 48 percent from $705 million in the fourth quarter of 2009. Original equipment orders more than doubled, while aftermarket orders increased by 21 percent.

Underground original equipment orders were up $121 million, led by increased orders for longwall and room and pillar equipment in the United States and Australia. Original equipment orders in the surface business increased by $115 million, with orders for electric mining shovels received from North American copper and iron ore customers and a Russian coal customer.

Aftermarket orders in the underground equipment business were up 16 percent, led by demand for machine rebuilds and parts in the United States and South Africa as previously delayed maintenance resumes. Surface business aftermarket orders increased by 27 percent and were up across most regions, but most significantly in Canada.

Backlog increased to $1.8 billion at the end of the fourth quarter from $1.5 billion as of October 30, 2009 primarily due to strong fiscal 2010 bookings reported for both divisions as the global demand for commodities continues to intensify.

Net sales in the fourth quarter were $1.05 billion, an increase of $85 million from the fourth quarter 2009, primarily due to greater aftermarket sales across both divisions.

Surface equipment sales increased 10 percent, with aftermarket sales up 12 percent and original equipment sales up 6 percent over the prior year fourth quarter. The increase in aftermarket sales was attributable to increased shipments in North America while the increase in original equipment sales was primarily due to increased alliance product sales.

Underground equipment sales were up 8 percent, with aftermarket sales increasing by 21 percent over the prior year fourth quarter, primarily due to increased parts sales and machine rebuilds across all regions. Original equipment sales were down 3 percent in the quarter as decreased longwall equipment shipments in South Africa were partially offset by increased longwall and room and pillar equipment shipments in China.

Operating income was $227 million in the fourth quarter of 2010 compared to $184 million last year. Operating income as a percentage of net sales was a record 21.6 percent this quarter, up from 19.1 percent in the comparable prior year quarter. Operating income margins were up primarily due to a more favorable mix of aftermarket sales, lower material input costs, and pricing realization. The fourth quarter of fiscal 2009 was adversely impacted by $11 million of severance and other related costs which were not repeated in 2010.

The weaker U.S. dollar in the fourth quarter of 2010 as compared to the prior year fourth quarter provided a benefit to orders, net sales and operating profit of $45 million, $18 million and $2 million, respectively.

The prior year fourth quarter included a $6 million gain from the settlement of items related to the company's prior reorganization.

The effective tax rate in the current quarter was 34.1 percent as compared to 32.7 percent in the prior year comparable quarter. The increase in the effective rate was attributable to $7 million in net discrete tax charges in the fourth quarter of 2010.

Net income in the fourth quarter was $146 million, $1.39 per fully diluted share, compared to $124 million, $1.20 per fully diluted share in the fourth quarter last year.

Cash from operations in the fourth quarter was $211 million, as compared to $239 million in the fourth quarter of 2009. The decrease from last year was due to an increase in accounts receivables and a smaller decline in inventory during this year's fourth quarter. The increase in receivables was attributable to increased fourth quarter sales. Inventory levels in the fourth quarter declined less than the prior year fourth quarter due to a projected increase in 2011 shipments. These reductions in cash from operations were partially offset by increased income and increased payables and advanced payments compared to the fourth quarter of 2009. Capital expenditures of $22 million were down $6 million compared to the prior year quarter.

Full Year Fiscal 2010 Operating Results

For the 2010 fiscal year, bookings were $3.9 billion, an increase of 39 percent from the $2.8 billion of bookings, excluding $314 million of cancellations, in the prior year. This increase in bookings was led by a complete longwall system order from China, strong growth in North and South American copper and coal markets, and aftermarket growth in most regions.

Net sales were $3.5 billion compared to $3.6 billion in fiscal 2009, a decrease of 2 percent. In 2009, shipments increased on declining order rates as the Company reduced backlog while meeting scheduled delivery dates. In 2010, net sales for the underground mining machinery segment decreased by 7 percent, primarily the result of decreased original equipment shipments to underground coal markets globally, with the exception of China. The surface business experienced a 4 percent increase in sales, primarily due to increased demand for aftermarket products globally.

Operating income for the 2010 fiscal year was $697 million, or 19.8 percent of sales, compared to $702 million, or 19.5 percent of sales, in fiscal 2009. The decline in operating income was attributable to lower sales volume. In addition, increased retiree benefit plan expenses of $36 million were more than offset by higher price realization and lower material input costs. The 2009 fiscal year also included $9 million of cancellation income and $14 million of severance and related charges.

The overall weaker U.S. dollar in fiscal 2010 as compared to the prior year provided a benefit to fiscal year orders, net sales and operating profit of $109 million, $138 million and $21 million, respectively.

Net interest expense in 2010 was $17 million as compared to $25 million in 2009, a decrease of $8 million, attributable to interest earned on higher cash balances. The effective tax rate was 32.0% in 2010 compared to 33.4% in 2009. The lower rate was primarily attributable to a favorable geographic mix of earnings.

Net income in 2010 was $461 million compared to $455 million in 2009. Diluted earnings per share for fiscal 2010 were $4.40, compared to diluted earnings per share of $4.41 in fiscal 2009.

Cash generated from operations in 2010 was $583 million, an increase of $131 million from cash generated from operations in 2009. The increase in cash from operations was largely due to increases in customer advance payments and accounts payable, partially offset by increases in accounts receivable. The increase in advance payments was due to original equipment bookings exceeding shipments during 2010, while the increase in accounts payable results from an increase in material purchases and improvement in supply chain management. Accounts receivable increased at the end of 2010 compared to a year ago due to the increase in fourth quarter sales. Cash from operations in 2010 was also reduced by increased retiree benefit plan contributions of $87 million. Capital expenditures were $73 million in 2010 compared to $94 million in 2009, a $21 million decrease due to the delay in restarting capital projects which were put on hold during the 2009 fiscal year.

Market Outlook

The commodity end-markets have strong fundamentals and a positive outlook despite slow economic recovery in the industrialized countries and slower growth in the emerging markets, particularly China, which results from efforts to balance economic growth while containing inflation.

After recovering beginning in the second half of 2009 and continuing into 2010, copper demand hit an all-time high in June of 2010 and continues to run well above its prior five year range. This was not driven by China alone, and in fact, China demand has leveled from 2009 while demand from the rest of the world has increased significantly since the beginning of 2010. Copper prices have moved steadily up during 2010 in response to both increasing demand and limited capacity to expand mine production in the near term. The longer term outlook is further impacted by the continued trend of declining ore grades.

The seaborne demand for both thermal and metallurgical coal continues to be driven by China, India and the other emerging markets. China continues to import coal at an annualized rate of more than 140 million metric tons, up from imports of 104 million metric tons last year. India also continues to import more coal, with its imports expected to triple during the next five years. In addition to emerging market demand, coal burn has been increasing in Europe and stockpiles there have been drawn down. Seaborne thermal coal prices have been increasing on the projection that continued demand growth from the emerging markets will keep supply under pressure.

U. S. coal production year to date is flat with last year, but with an improving trend in more recent months. Based on the recent trend, coal demand is on pace to recover 60 to 80 million tons from last year. In addition, the favorable U.S. dollar exchange rate is increasing export opportunities for both thermal and metallurgical coal. U.S. coal production has been restricted by safety and permitting issues and is mostly flat while demand continues to improve. This has resulted in increasing prices across all regions since the first of this year.

Similar to copper, global demand in 2010 for iron ore and metallurgical coal has come mostly from increases in steel production outside of China. Prices for both metallurgical coal and iron ore have been rising in recent months and should see continued upward pressure as demand growth resumes from the emerging markets. China has started to relax power rationing in the major steel-making province of Hebei, and this resulted in steel production increases in October. In addition, India's imports of metallurgical and thermal coal are expected to rebound after weather related slowing.

Inventories in the industrial sector of the developed countries were substantially reduced during 2009 as companies adjusted to lower demand volumes, and the replenishment of those inventories will add further upside to commodity demand as economic recovery continues. In addition, China and India have included significant infrastructure programs in their next five year plans. India plans to spend $350 billion over the next three years for infrastructure projects. A major focus will be on power generation, with capacity additions expected to double by 2012. China's plan focuses on the development of the western provinces and on second and third tier cities. Fixed asset investment is targeted to grow at 20 percent per year and includes the build out of the electricity grid in the western provinces, which alone could add a million tons to annual copper demand.

Based on this outlook, mining companies are realizing strong demand and prices, with the expectation of significant increases in demand during the next 3 to 5 years. As a result, they are making major increases in their capital expenditures for mine expansions. Mining companies have announced capital expenditures that are up 30 to 35 percent this year, and are approaching the levels of 2008. In addition, announced capital expenditures for 2011 are expected to rise another 15 to 20 percent.

Company Outlook

The outlook for the Company is defined by increases in mine production rates as the end use demand for commodities continues to improve and by significant increases in mining company capital budgets as they begin expansion programs to meet higher levels of future demand. The Company's order rates for original equipment are correlated with the growth in mining company capital expenditures, and therefore the increase in mining company capital budgets provides a strong outlook for mining equipment. Mining companies are transitioning their focus from expanding existing mine capacity to adding major new mines, or from brown field to green field projects, as a major part of their increased capital expenditures. The green field projects are generally larger, and often involve multiple machines, and this is increasing the list of qualified machine prospects that the Company tracks. This list has been increasing during the year, and continued the upward trend in the fourth quarter. Green field projects have longer lead times, and are unlikely to start reaching equipment decisions until later in 2011. The transition from brown field to green field projects could constrain order rate growth over the next couple of quarters.

"We are increasing our production schedules to keep pace with growing customer demand," continued Sutherlin. "Based on both market fundamentals and the discussions directly with our customers, we are confident that this is the early stage of another multi-year expansion of the mining industry. Therefore, we are also stepping up our own capital spending to ensure we will have the machines that our customers will need in their expansion programs. More importantly, we want to get this capacity in as early as possible to enable its utilization as industry growth unfolds. As a result, we are budgeting $150 million in capital expenditure for 2011, with the amount focused on both additional manufacturing capacity in China and on field service center upgrades and additions in most major regions.

"We expect fiscal 2011 to be a year of increasing order rates and improving financial results. Increased production schedules should translate into top line growth. In addition, we will carry forward the momentum of our Operational Excellence programs that are improving our manufacturing and service efficiencies, and this will translate into continued improvement in profitability and asset velocity. As a result, we expect our revenues for fiscal 2011 to be between $3.9 and $4.1 billion and our earnings per fully diluted share to be between $5.00 and $5.30.

Quarterly Conference Call

Management will host a quarterly conference call to discuss the Company's fourth quarter and full-year results to be held at 11:00 a.m. EST on December 15, 2010. Interested parties can listen to the call by dialing 888-504-7966 in the United States or 719-325-2437 outside of the United States, access code #7285398, at least 15 minutes prior to the 11:00 a.m. EST start time of the call. A rebroadcast of the call will be available until the close of business on January 7, 2011 by dialing 888-203-1112 or 719-457-0820, access code #7285398.

Alternatively, interested parties can listen to a live webcast of the call on the Joy Global Inc. website at http://investors.joyglobal.com/events.cfm. To listen, please register and download audio software on the site at least 15 minutes prior to the start of the call. A replay of the webcast will be available until the close of business on January 29, 2011.

About Joy Global Inc.

Joy Global Inc. is a worldwide leader in manufacturing, distributing and servicing equipment for surface mining, through its P&H Mining Equipment division; underground mining, through its Joy Mining Machinery division; and bulk material conveyor systems, through its Continental Crushing & Conveying division.

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," "believe," "estimate," "expect," "indicate," "may be," "objective," "plan," "predict," "will," "will be," and the like are intended to identify forward-looking statements. The forward-looking statements in this press release are based on our current expectations and are made only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect new information. We cannot assure you the projected results or events will be achieved. Because forward-looking statements involve risks and uncertainties, they are subject to change at any time. Such risks and uncertainties, many of which are beyond our control, include, but are not limited to: (i) risks of international operations, including currency fluctuations, (ii) risks associated with acquisitions, (iii) risks associated with indebtedness, (iv) risks associated with the cyclical nature of our business, (v) risks associated with the international and U.S. coal and copper commodity markets, (vi) risks associated with access to major purchased items, such as steel, castings, forgings and bearings, and (vii) risks associated with labor markets and other risks, uncertainties and cautionary factors set forth in our public filings with the Securities and Exchange Commission.

-FINANCIAL TABLES FOLLOW-

JOYG-F

 
JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(In thousands except per share amounts)
                           
                           
        Quarter Ended     Year Ended
        October 29,     October 30,     October 29,     October 30,
        2010     2009     2010     2009
                           
Net sales   $ 1,048,888     $ 963,528     $ 3,524,334     $ 3,598,314  
Costs and expenses:                        
  Cost of sales     697,281       651,547       2,350,708       2,445,514  
  Product, selling and admin.expenses     126,089       129,645       480,636       454,522  
  Other income     (1,059 )     (1,766 )     (4,113 )     (4,034 )
Operating income     226,577       184,102       697,103       702,312  
                           
Interest expense, net     (3,904 )     (5,322 )     (16,769 )     (24,732 )
Reorganization items     (570 )     5,585       (1,310 )     5,060  
Income before income taxes     222,103       184,365       679,024       682,640  
                           
Provision for income taxes     75,765       60,340       217,525       227,990  
                           
Net income   $ 146,338     $ 124,025     $ 461,499     $ 454,650  
                           
Net Income per share:                        
  Basic   $ 1.41     $ 1.21     $ 4.47     $ 4.44  
                           
  Diluted   $ 1.39     $ 1.20     $ 4.40     $ 4.41  
                           
Dividends per share   $ 0.175     $ 0.175     $ 0.70     $ 0.70  
                           
Weighted average shares outstanding:                        
  Basic     103,531       102,501       103,196       102,450  
  Diluted     105,421       103,434       104,905       103,104  
                           
Note - for complete information, including footnote disclosures, please refer to the Company's Form 10-K filing with the SEC.
             
JOY GLOBAL INC.
SUMMARY CONSOLIDATED BALANCE SHEET
(In thousands)
                 
          October 29,     October 30,
          2010     2009
          (Unaudited)      
ASSETS            
Current assets:            
  Cash and cash equivalents   $ 815,581   $ 471,685
  Accounts receivable, net     674,135     580,629
  Inventories     764,945     769,783
  Other current assets     107,266     127,930
    Total current assets     2,361,927     1,950,027
                 
Property, plant and equipment, net     378,024     347,058
Other intangible assets, net     178,831     187,037
Goodwill     125,686     127,732
Deferred income taxes     162,682     332,474
Other assets     76,891     63,951
    Total assets   $ 3,284,041   $ 3,008,279
                 
LIABILITIES AND SHAREHOLDERS' EQUITY            
Current liabilities:            
  Short-term notes payable, including current portion            
    of long-term obligations   $ 1,550   $ 19,791
  Trade accounts payable     291,742     206,770
  Employee compensation and benefits     128,132     116,149
  Advance payments and progress billings     376,300     321,629
  Accrued warranties     62,351     58,947
  Other accrued liabilities     163,249     203,498
    Total current liabilities     1,023,324     926,784
                 
Long-term obligations     396,326     523,890
                 
Accrued pension costs     428,348     576,140
Other non-current liabilities     80,649     167,726
                 
Shareholders' equity     1,355,394     813,739
                 
    Total liabilities and shareholders' equity   $ 3,284,041   $ 3,008,279
                 

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

                         
JOY GLOBAL INC.
SUMMARY OF CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(In thousands)
                           
        Quarter Ended     Year Ended
        October 29,     October 30,     October 29,     October 30,
        2010     2009     2010     2009
                           
Cash flows from operating activities:                        
  Net income   $ 146,338     $ 124,025     $ 461,499     $ 454,650  
  Depreciation and amortization     14,879       17,353       59,749       58,570  
  Other, net     (28,665 )     (21,113 )     (54,542 )     (9,650 )
                           
Changes in working capital:                        
  Change in accounts receivable, net     (59,016 )     41,871       (66,247 )     108,859  
  Change in inventories     15,413       120,666       (6,059 )     77,872  
  Change in trade accounts payable     32,656       (18,457 )     83,368       (101,455 )
  Change in adv payments and progress billings     16,221       (126,596 )     46,530       (210,276 )
  Change in other working capital items     72,734       100,828       59,191       73,391  
  Net cash provided by operating activities     210,560       238,577       583,489       451,961  
                           
Cash flows from investing activities:                        
  Acquisition of business, net of cash acquired     -       -       -       (11,184 )
  Property, plant, and equipment acquired     (22,149 )     (28,026 )     (73,474 )     (94,128 )
  Other - net     173       359       (1,441 )     1,298  
  Net cash provided (used) by investing activities     (21,976 )     (27,667 )     (74,915 )     (104,014 )
                           
Cash flows from financing activities:                        
  Share-based payment awards     12,232       2,070       36,419       3,953  
  Dividends paid     (18,085 )     (17,906 )     (72,088 )     (71,596 )
  Purchases of treasury stock     -       -       -       (13,706 )
  Financing fees     (3,211 )     -       (3,211 )     -  
  Debt repayments     (133,091 )     (4,470 )     (146,176 )     (26,212 )
  Net cash used by financing activities     (142,155 )     (20,306 )     (185,056 )     (107,561 )
                           
Effect of Exchange Rate Changes on Cash     20,510       14,512       20,378       29,724  
                           
Increase in Cash     66,939       205,116       343,896       270,110  
                           
Cash at the Beginning of the Period     748,642       266,569       471,685       201,575  
                           
Cash at the End of the Period   $ 815,581     $ 471,685     $ 815,581     $ 471,685  
                           
Supplemental cash flow information:                        
  Interest paid   $ 1,220       1,328     $ 28,732     $ 31,233  
  Income taxes paid     30,763       49,124       147,954       194,341  
                           
Depreciation and amortization by segment:                        
  Underground Mining Machinery   $ 9,803     $ 12,292     $ 39,142     $ 39,689  
  Surface Mining Equipment     5,033       5,053       20,472       18,846  
  Corporate     43       8       135       35  
  Total depreciation and amortization   $ 14,879     $ 17,353     $ 59,749     $ 58,570  
                           

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

                           
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
                           
                           
                           
          Quarter Ended          
          October 29,     October 30,          
          2010     2009     Change
    Net Sales By Segment:                      
    Underground Mining Machinery   $ 647,953     $ 598,388     $ 49,565     8.3 %
    Surface Mining Equipment     434,050       395,303       38,747     9.8 %
    Eliminations     (33,115 )     (30,163 )     (2,952 )   -  
    Total Sales By Operation   $ 1,048,888     $ 963,528     $ 85,360     8.9 %
                           
    Net Sales By Product Stream:                      
    Aftermarket Revenues   $ 616,631     $ 531,015     $ 85,616     16.1 %
    Original Equipment Revenues     432,257       432,513       (256 )   -0.1 %
    Total Sales By Product Stream   $ 1,048,888     $ 963,528     $ 85,360     8.9 %
                           
    Net Sales By Geography:                      
    United States   $ 410,830     $ 405,633     $ 5,197     1.3 %
    Rest of World     638,058       557,895       80,163     14.4 %
    Total Sales By Geography   $ 1,048,888     $ 963,528     $ 85,360     8.9 %
                           
                           
                           
    Operating Income By Segment:                 % of Net Sales
    Underground Mining Machinery   $ 149,331     $ 122,844       23.0 %   20.5 %
    Surface Mining Equipment     95,988       85,361       22.1 %   21.6 %
    Corporate     (10,449 )     (14,866 )     -     -  
    Eliminations     (8,293 )     (9,237 )     -     -  
    Total Operating Income   $ 226,577     $ 184,102       21.6 %   19.1 %
                           
Note - for complete information, including footnote disclosures, please refer to the Company's Form 10-K filing with the SEC.
                           
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
                           
                           
                           
          Year Ended          
          October 29,     October 30,          
          2010     2009     Change
    Net Sales By Segment:                      
    Underground Mining Machinery   $ 2,126,788     $ 2,278,691     $ (151,903 )   -6.7 %
    Surface Mining Equipment     1,518,605       1,460,445       58,160     4.0 %
    Eliminations     (121,059 )     (140,822 )     19,763     -  
    Total Sales By Operation   $ 3,524,334     $ 3,598,314     $ (73,980 )   -2.1 %
                           
    Net Sales By Product Stream:                      
    Aftermarket Revenues   $ 2,097,590     $ 1,969,939     $ 127,651     6.5 %
    Original Equipment Revenues     1,426,744       1,628,375       (201,631 )   -12.4 %
    Total Sales By Product Stream   $ 3,524,334     $ 3,598,314     $ (73,980 )   -2.1 %
                           
    Net Sales By Geography:                      
    United States   $ 1,533,557     $ 1,783,549     $ (249,992 )   -14.0 %
    Rest of World     1,990,777       1,814,765       176,012     9.7 %
    Total Sales By Geography   $ 3,524,334     $ 3,598,314     $ (73,980 )   -2.1 %
                           
                           
                           
    Operating Income By Segment:                 % of Net Sales
    Underground Mining Machinery   $ 433,902     $ 461,019       20.4 %   20.2 %
    Surface Mining Equipment     336,236       322,170       22.1 %   22.1 %
    Corporate     (43,126 )     (41,759 )     -     -  
    Eliminations     (29,909 )     (39,118 )     -     -  
    Total Operating Income   $ 697,103     $ 702,312       19.8 %   19.5 %
                           
Note - for complete information, including footnote disclosures, please refer to the Company's Form 10-K filing with the SEC.
                             
JOY GLOBAL INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)
                             
                             
          Quarter Ended            
          October 29,     October 30,            
          2010     2009     Change
    Bookings By Segment:                        
    Underground Mining Machinery   $ 617,268     $ 430,569     $ 186,699       43.4 %
    Surface Mining Equipment     456,484       276,727       179,757       65.0 %
    Eliminations     (29,119 )     (24,574 )     (4,545 )     -  
    Total Bookings By Operation   $ 1,044,633     $ 682,722     $ 361,911       53.0 %
                             
    Bookings By Product Stream:                        
    Aftermarket Bookings   $ 614,222       502,144     $ 112,078       22.3 %
    Original Equipment Bookings     430,411       180,578       249,833       138.4 %
    Total Bookings By Product Stream   $ 1,044,633     $ 682,722     $ 361,911       53.0 %
                             
                             
          Year Ended            
          October 29,     October 30,            
          2010     2009     Change
    Bookings By Segment:                        
    Underground Mining Machinery   $ 2,408,250     $ 1,676,744     $ 731,506       43.6 %
    Surface Mining Equipment     1,580,463       934,177       646,286       69.2 %
    Eliminations     (114,999 )     (110,590 )     (4,409 )     -  
    Total Bookings By Operation   $ 3,873,714     $ 2,500,331     $ 1,373,383       54.9 %
                             
    Bookings By Product Stream:                        
    Aftermarket Bookings   $ 2,283,393     $ 1,869,525     $ 413,868       22.1 %
    Original Equipment Bookings     1,590,321       630,806       959,515       152.1 %
    Total Bookings By Product Stream   $ 3,873,714     $ 2,500,331     $ 1,373,383       54.9 %
                             
                             
          Amounts as of:
          October 29,     July 30,     April 30,     January 29,
          2010     2010     2010     2010
    Backlog By Segment:                        
    Underground Mining Machinery   $ 1,208,181     $ 1,238,866     $ 1,115,218     $ 976,963  
    Surface Mining Equipment     637,050       614,616       617,650       602,975  
    Eliminations     (24,973 )     (28,968 )     (31,537 )     (30,218 )
    Total Backlog By Operation   $ 1,820,258     $ 1,824,514     $ 1,701,331     $ 1,549,720  
                             
                             
    Backlog By Product Stream:                        
    Aftermarket Backlog   $ 624,951     $ 627,361     $ 589,360     $ 507,467  
    Original Equipment Backlog     1,195,307       1,197,153       1,111,971       1,042,253  
    Total Backlog By Product Stream   $ 1,820,258     $ 1,824,514     $ 1,701,331     $ 1,549,720  
                             
Note - for complete information, including footnote disclosures, please refer to the Company's Form 10-K filing with the SEC.

 

Joy Global Inc.
Michael S. Olsen
Executive Vice President,
Chief Financial Officer
414-319-8507

Source: Joy Global Inc.

 

 

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