Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CASCADE CORP | d8k.htm |
 Cascade
Corporation Leading the world in quality
attachments for industrial vehicles
Exhibit 99.1 |
 2
Products: Lift truck attachments for lift trucks and
construction vehicles
Headquarters: Fairview, Oregon
Employees: 1,800
Revenue (TTM): $410 million
Gross Profit (TTM): $123 million (30%)
Operating Income (TTM): $42 million (10%)
Net Income: $21 million
Debt to Equity (as of 01/31/11): 0.17
Cascade Corporation (NYSE: CASC)
Headquarters in Fairview, Oregon
Note: Financial data is for trailing twelve months ended January 31,
2011. |
 3
Global Locations
North America
–
Fairview, Oregon
–
Springfield, Ohio
–
Findlay, Ohio
–
Warner Robins, Georgia
–
Woodinville, Washington
–
San Juan Capistrano, California
–
Guelph, Canada
–
Mississauga, Canada
Europe
–
Epignay, France
–
Almere, The Netherlands
–
Vaggeryd, Sweden
–
Vantaa, Finland
–
Hagen, Germany
–
Barcelona, Spain
–
Verona, Italy
–
Brescia, Italy
–
Manchester, England
Asia Pacific
–
Inchon, Korea
–
Osaka, Japan
–
Brisbane, Australia
–
Auckland, New Zealand
–
Johannesburg, South Africa
–
Mumbai, India
China
–
Hebei, China
–
Xiamen, China
Manufacturing locations in bold. |
 Products
– Specialized Material Handling Attachments
Paper Roll Clamps
Sliding Arm Clamps
Multiple Load Handlers
4 |
 5
Primary Channel of Distribution: Original Equipment Dealers
(OED)
Average Price Point: $8,000 -
$12,000
Customer
Concentration:
Low
–
thousands
with
dealers
and
customers purchasing low numbers of units each
End Markets: Paper, Grocery, Consumer Dry Goods, Appliances,
Consumer Electronics, General Distribution and Warehousing
Degree
of
Customer
Modification:
High
–
Ranges
from
40
to
60%
General Financial Characteristics: Higher Gross Margin; Higher
SG&A to Support
Products –
Specialized Material Handling Attachments |
 6
Products –
OEM (Original Equipment Manufacturer)
Forks
Sideshifters |
 7
Primary Channel of Distribution: 75% to OEM’s for “first fit”
application
and ‘after market’
sales; 25% sold through OED’s for dealer installation
Average Price Point: $200 -
$600
Customer Concentration: High –
High percentage of sales go to a few
dozen OEM’s
End Markets: Lift truck and light duty construction vehicle manufacturers
Degree of Customer Modification: Low -
Large number of product
variations offered as standard, but low degree of specific modification
General Financial Characteristics: Lower Gross Margin. Lower SG & A
support required
Products –
Original Equipment |
 8
World Lift Truck Shipments & Cascade Revenue
533,000
391,000
602,000
675,000
673,000
487,000
535,000
395,000
420,000
$314,353
$409,858
$478,850
$558,073
$534,172
$385,719
$258,329
$297,756
$450,503
2003
2004
2005
2006
2007
2008
2009
2010
2011
World Lift Truck Shipments (units)
Revenue ($thousands) |
 9
Lift Truck Products Market Share -
World
Cascade 50%
Other 18%
Vetter (Germany) 4%
MSI (UK) 4%
Bolzoni / Auramo / Meyer (Italy) 16%
Kaup (Germany) 8% |
 10
Lift Truck Market
China -
37%
Asia Pacific -
25%
North America -
15%
Europe -
23% |
 11
Attachment/Fork Market
China -
12%
Asia Pacific -
15%
North America -
34%
Europe -
39% |
 12
Revenue and Operating Income
50%
21%
14%
15%
52%
3%
(17%)
62%
-25%
0%
25%
50%
75%
100%
Revenue
Operating Income
North America
Europe
Asia Pacific
China |
 13
Cascade Operating Income (Loss)
2003
2004
2005
2006
2007
2008
2009
2011
$42.3
$11.5
$95.6
$68.4
$63.9
$47.8
$32.0
$32.8
$(31.5)
$(40.0)
$(20.0)
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
2010 |
 14
Quarterly Results*
Q1
Q2 Q3 Q4
Q1
Q2 Q3 Q4
Q1
Q2 Q3 Q4
2009
2010
2011
$150.0
$150.0
$139.0
$95.0
$76.0
$77.0
$81.0
$81.0
$94.0
$98.0
$107.0
$110.0
$17.7
$18.5
$17.8
$6.3
($4.2)
$1.0
$0.6
$0.6
$9.5
$10.4
$15.4
$8.1
-$20.0
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
Net sales
Operating income (loss)
*Excluding impairment charge and restructuring costs. |
 15
Cascade Net Income (Loss) & Free Cash Flow
(Free Cash Flow = Cash from Operations –
Maintenance CAPEX)
2009 net income excludes asset impairment charge ($31,576)
2010 net income excludes European restructuring charge ($29,519)
$32,843
$39,031
$18,506
$17,707
$28,490
$42,051
$45,481
$60,147
($9,130)
$21,406
$39,845
$14,838
$13,276
$24,227
$30,518
$24,377
$39,479
$21,731
2003
2004
2005
2006
2007
2008
2009
2010
2011
Net Income (Loss) ($000)
Free Cash Flow ($000) |
 16
Europe Revenue and Operating Income (Loss) by Quarter*
29,538
17,218
17,013
15,726
-5,611
-174
-2,017
-5,611
-3,051
-4,684
-4,590
-1,826
-1,015
-586
-910
16,477
14,434
12,810
14,907
16,060
21,488
30,985
32,115
1,212
-10,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Revenue
Operating income (loss), net
Q1
Q2 Q3 Q4
Q1 Q2 Q3
Q4 Q1 Q2 Q3 Q4
2009
2010
2011
*Net of restructuring costs. |
 17
Global Lift Truck Order Trends
North America
Europe
Asia
China |