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Non-Tech : Gehl Company
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To: Douglas Perkins who wrote (33)3/30/1998 12:08:00 AM
From: Marz  Read Replies (1) of 97
 
Just received the annual report in the mail this weekend. Of course everything sounds very upbeat...but thats what an annual report is suppose to do.

Some quick impressions:

Report mentions several new product lines which they say have been well received so far and should help continue their growth pattern of the past year. One in particular will beging shipping in the spring of 1998 and they say orders have already significantly exceed original expectations.

Major change in servicing of construction equipment this year. Dealers of Gehl's contruction equipment will now also be authorized to provide service on the engines which in the past was done by the engine manufactures. This should provide more incentive for customers since servicing will be more convenient.

Report did mention that margins at the end of 1997 were negatively impacted by some "inefficiencies in the production" of one of the new products which began shipping at the end of 1997. This was about the only negative I could find and will need to be monitored when the 1st Q results come out.

Also the tax loss carryforwards were fully utilized in 1996. Therefore the effective tax rate during 1997 was pretty close to the full statutory rate vs. a reduced rate in 1996. Therefore net income comparisions and earnings per share comparisons will be more "apples to apples" in 1998 which should make the EPS rate appear to grow at a faster rate in 1998 then in 1997 all things being equal.

As 1st Quarter earnings get closer, it will be interesting to watch the price and volumn on this one. My guess is the earnings will again significantly beat the current estimates which have not changed much since before the 1st Q was announced with a big upside surprise.

The big question is: what will John Gehl, Jame Dahl, Fidelity and Heartland be doing with their big blocks of stock. If they remain long term investors this baby will show some real growth IMO.
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