John Hanson Mining Quotations

We believe this capital cycle in mining equipment is different from those in the past two decades, specifically in length and strength,

Conditions in our end markets continue to point to an extended, strong global mining cycle. We face the challenge of increasing capacity to meet demand, while managing a tight supply chain.

The capacity expansion project for P&H Mining which was approved by our board in May will not be completed until the end of fiscal 2006. The only other new capacity that will be coming on line in the next 12 months is the shuttle car and motor centers of excellence for Joy Mining in Lebanon, Kentucky, though, for the most part, Joy Mining is constrained by supply chain limits rather than internal capacity. Therefore, it is imperative that our critical suppliers support us as we strive for increased revenues. Assuming that progress can be made in this area, we now believe that total revenues in the coming 12 months will be in the range of $2.15 to $2.35 billion.