# FORM 10-QUNITED STATES 
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

|[X] | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934
|--- | --------------------------------------------------------------------------------------

# For the Quarterly Period
Ended March 31, 2007

# OR

|[   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934
|----- | ---------------------------------------------------------------------------------------

# For the transition
period from ..................... to ....................

Commission file number
0-18110

Gehl Company(Exact name of registrant as specified in its charter)

|                                              |                                     
|--------------------------------------------- | ------------------------------------
|Wisconsin                                     | 39-0300430                          
|(State or other jurisdiction of incorporation | (I.R.S. Employer Identification No.)
|or organization)                              |                                     
|143 Water Street, West Bend, WI               | 53095                               
|(Address of principal executive office)       | (Zip code)                          

(262) 334-9461(Registrant's telephone number, including area code)

Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period
that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes X    No

Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.
See definition of accelerated filer and large accelerated filer in Rule 12b-2
of the Exchange Act.

Large accelerated filer ____   
      
Accelerated filer X       
  Non-accelerated filer ____

Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes     No X

Indicate the number of shares
outstanding of each of the issuers classes of common stock, as of the latest
practicable date.

|                             |                              
|---------------------------- | -----------------------------
|Class                        | Outstanding at March 31, 2007
|Common Stock, $.10 Par Value | 12,222,155                   

---

# Gehl Company

# FORM 10-Q

# March 31, 2007

# Report Index

|              |                                                                     | Page No.
|------------- | ------------------------------------------------------------------- | --------
|PART I.    -  | Financial Information                                               |         
|Item 1.       | Financial Statements                                                |         
|              | Condensed Consolidated Statements of Operations for the Three-Month |         
|              | Periods Ended March 31, 2007 and 2006                               | 3       
|              | Condensed Consolidated Balance Sheets at March 31, 2007,            |         
|              | December 31, 2006, and March 31, 2006                               | 4       
|              | Condensed Consolidated Statements of Cash Flows for the Three-Month |         
|              | Periods Ended March 31, 2007 and 2006                               | 5       
|              | Notes to Condensed Consolidated Financial Statements                | 6       
|Item 2.       | Management's Discussion and Analysis of Financial Condition and     |         
|              | Results of Operations                                               | 15      
|Item 3.       | Quantitative and Qualitative Disclosures about Market Risk          | 20      
|Item 4.       | Controls and Procedures                                             | 21      
|PART II.    - | Other Information                                                   |         
|Item 1A.      | Risk Factors                                                        | 22      
|Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds         | 22      
|Item 6.       | Exhibits                                                            | 22      
|Signatures    |                                                                     | 23      

-2-

---

# PART I  Financial
Information

# Item 1. Financial
Statements

# Gehl Company and
Subsidiaries Condensed Consolidated
Statements of Operations (unaudited and in
thousands, except per share data)

|                                                        | Three Months Ended
|------------------------------------------------------- | ------------------
|                                                        | March 31, 2007    
|Net sales                                               |                   
|Cost of goods sold                                      |                   
|                                                        |                   
|Gross profit                                            |                   
|Selling, general and administrative expenses            |                   
|                                                        |                   
|Income from operations                                  |                   
|Interest expense                                        |                   
|Interest income                                         |                   
|Other expense, net                                      |                   
|                                                        |                   
|Income from continuing operations before income taxes   |                   
|Provision for income taxes                              |                   
|                                                        |                   
|Income from continuing operations                       |                   
|Loss from discontinued operations, net of tax           |                   
|Loss on disposal of discontinued operations, net of tax |                   
|                                                        |                   
|Net income (loss)                                       |                   
|                                                        |                   
|Diluted net income (loss) per share:                    |                   
|Continuing operations                                   |                   
|Discontinued operations                                 |                   
|                                                        |                   
|Total diluted net income (loss) per share               |                   
|                                                        |                   
|Basic net income (loss) per share:                      |                   
|Continuing operations                                   |                   
|Discontinued operations                                 |                   
|                                                        |                   
|Total basic net income (loss) per share                 |                   
|                                                        |                   

The accompanying notes
are an integral part of the financial statements.

-3-

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# Gehl Company and
Subsidiaries Condensed Consolidated
Balance Sheets (unaudited and in
thousands, except share data)

|                                                       | March 31, 2007 | December 31, 2006 | March 31, 2006
|------------------------------------------------------ | -------------- | ----------------- | --------------
|Assets                                                 |                |                   |               
|Cash                                                   |                |                   | $             
|Accounts receivable - net                              |                |                   |               
|Finance contracts receivable - net                     |                |                   |               
|Inventories                                            |                |                   |               
|Assets of discontinued operations - net (Note 3)       |                |                   |               
|Retained interest in sold finance contracts receivable |                |                   |               
|Deferred income tax assets                             |                |                   |               
|Prepaid expenses and other current assets              |                |                   |               
|                                                       |                |                   |               
|Total current assets                                   |                |                   |               
|                                                       |                |                   |               
|Property, plant and equipment - net                    |                |                   |               
|Goodwill                                               |                |                   |               
|Other assets                                           |                |                   |               
|                                                       |                |                   |               
|Total assets                                           |                |                   | $             
|                                                       |                |                   |               
|Liabilities and Shareholders' Equity                   |                |                  
|Current portion of long-term debt obligations          |                |                   | $             
|Short-term debt obligations                            |                |                   |               
|Accounts payable                                       |                |                   |               
|Liabilities of discontinued operations (Note 3)        |                |                   |               
|Accrued and other current liabilities                  |                |                   |               
|                                                       |                |                   |               
|Total current liabilities                              |                |                   |               
|                                                       |                |                   |               
|Long-term debt obligations                             |                |                   |               
|Deferred income tax liabilities                        |                |                   |               
|Other long-term liabilities                            |                |                   |               
|                                                       |                |                   |               
|Total long-term liabilities                            |                |                   |               
|                                                       |                |                   |               
|Common stock, $.10 par value, 25,000,000 shares        |                |                  
|authorized, 12,222,155, 12,197,037 and 12,041,535      |                |                  
|shares outstanding, respectively                       |                |                   |               
|Preferred stock, $.10 par value, 2,000,000 shares      |                |                  
|authorized, 250,000 shares designated as Series A      |                |                  
|preferred stock, no shares issued                      |                |                   |               
|Capital in excess of par                               |                |                   |               
|Retained earnings                                      |                |                   |               
|Accumulated other comprehensive loss                   |                |                   |               
|                                                       |                |                   |               
|Total shareholders' equity                             |                |                   |               
|                                                       |                |                   |               
|Total liabilities and shareholders' equity             |                |                   | $             
|                                                       |                |                   |               

The accompanying notes
are an integral part of the financial statements.

-4-

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# Gehl Company and
Subsidiaries Condensed Consolidated
Statements of Cash Flows (unaudited and in
thousands)

|                                                         | Three Months Ended
|-------------------------------------------------------- | ------------------
|                                                         | March 31, 2007    
|Cash Flows from Operating Activities                     |                   
|Net income (loss)                                        |                   
|Adjustments to reconcile net income (loss) to net cash   |                   
|(used for) provided by operating activities:             |                   
|Loss on discontinued operations (non-cash), net of taxes |                   
|Depreciation and amortization                            |                   
|Compensation expense for share-based payments            |                   
|Cost of sales of finance contracts                       |                   
|Proceeds from sales of finance contracts                 |                   
|Increase in finance contracts receivable                 |                   
|Increase in retained interest in sold finance contracts, |                   
|non-current                                              |                   
|Increase (decrease) in cash due to changes in:           |                   
|Accounts receivable - net                                |                   
|Inventories                                              |                   
|Accounts payable                                         |                   
|Remaining working capital items                          |                   
|                                                         |                   
|Net cash (used for) provided by operating activities     |                   
|                                                         |                   
|Cash Flows from Investing Activities                     |                   
|Property, plant and equipment additions                  |                   
|Proceeds from the sale of property, plant and equipment  |                   
|Increase in other assets                                 |                   
|                                                         |                   
|Net cash used for investing activities                   |                   
|                                                         |                   
|Cash Flows from Financing Activities                     |                   
|Proceeds from (repayments on) revolving credit loans     |                   
|Repayments of short-term borrowings                      |                   
|Repayments of other borrowings                           |                   
|Proceeds from exercise of stock options including tax    |                   
|benefit of $0 and $58, respectively                      |                   
|                                                         |                   
|Net cash provided by (used for) financing activities     |                   
|                                                         |                   
|Net decrease in cash                                     |                   
|Cash, beginning of period                                |                   
|                                                         |                   
|Cash, end of period                                      |                   
|                                                         |                   
|Supplemental disclosure of cash flow information:        |                   
|Cash paid for the following:                             |                   
|Interest                                                 |                   
|Income taxes                                             |                   

The accompanying notes
are an integral part of the financial statements.

-5-

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Gehl Company and
SubsidiariesNotes to Condensed
Consolidated Financial Statements March 31, 2007,(Unaudited)

# Note 1  Basis of
Presentation

The
condensed consolidated financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting principles generally accepted
in the United States of America have been condensed or omitted pursuant to such rules and
regulations, although management believes that the disclosures are adequate to make the
information presented not misleading.

In
the opinion of management, the information furnished for the three-month periods ended
March 31, 2007 and 2006 includes all adjustments, consisting only of normal recurring
accruals, necessary for a fair presentation of the results of operations and financial
position of the Company. Certain prior year amounts have been reclassified to conform to
the current year presentation. Such reclassifications had no impact on previously reported
net income. Due, in part, to the seasonal nature of the Companys business, the
results of operations for the three-month period ended March 31, 2007 are not necessarily
indicative of the results to be expected for the entire year.

It
is suggested that these interim financial statements be read in conjunction with the
financial statements and notes thereto included in the Companys Annual Report on
Form 10-K for the year ended December 31, 2006 as filed with the Securities and Exchange
Commission.

# Note 2 
Significant Accounting Policies

Accounting
Pronouncements: In July 2006, Financial Accounting Standards Board (FASB)
Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an
interpretation of FASB Statement No. 109, (FIN 48) was issued, which
prescribes a recognition threshold and measurement process for recording, in the financial
statements, uncertain tax positions taken or expected to be taken in a tax return. In
addition, FIN 48 provides guidance on the recognition, classification, accounting in
interim periods and disclosure requirements for uncertain tax positions. The Company
adopted FIN 48 effective January 1, 2007. The impact of the adoption on the Condensed
Consolidated Financial Statements as of January 1, 2007, was an increase in total assets
of $0.4 million, an increase in total liabilities of $.9 million and a decrease in
shareholders equity of $0.5 million.

In
September 2006, the FASB issued SFAS No. 158, Employers Accounting for Defined
Benefit Plans and Other Postretirement Plansan amendment of FASB Statements No. 87,
88, 106, and 132(R), (SFAS No. 158) which requires employers to fully
recognize the obligations associated with single-employer defined benefit pension, retiree
healthcare and other postretirement plans in their financial statements.  In
addition, SFAS No. 158 requires companies to measure plan assets and liabilities as of the
end of a fiscal year rather than a date within 90 days of the end of the fiscal year.
 The Company adopted SFAS No. 158 effective December 31, 2006, except for the change
in measurement date provisions which are not effective until 2008. The impact of the
adoption at December 31, 2006, was a decrease in total assets of $0.4 million, an increase
in total liabilities of $5.3 million and a decrease in shareholders equity, net of
tax, of $3.7 million.

-6-

---

# Note 3 
Discontinued Operations

During
March 2006, the Company decided to discontinue the manufacturing and distribution of
agricultural implement products. The agricultural implement business included one
manufacturing facility and related manufacturing machinery and equipment. The reduction in
headcount totaled 140 employees, which included both manufacturing and administrative
positions related to the agricultural implement product line. As a result of this action,
the Condensed Consolidated Financial Statements and related notes have been restated to
present the results of the agricultural implement business as discontinued operations.

The
discontinuation of the agricultural implement business resulted in an after-tax charge to
the Companys earnings for the three months ended March 31, 2006 of $8.9 million, or
$0.72 per diluted share. The first quarter 2006 after-tax charge was comprised of a $7.6
million non-cash asset impairment charge, related to agricultural implement field and
factory inventory and certain property, plant and equipment, and a $1.3 million cash
charge related to severance and other employee termination costs. There was no charge to
the Companys earnings for the three months ended March 31, 2007.

The
following table summarizes the pre-tax charge associated with the discontinued operations
(in thousands):

|                             | Employee Severance
and Related Benefits | Asset
Impairment | Total |       
|---------------------------- | --------------------------------------- | ---------------- | ----- | ------
|Pre-tax charge               |                                         |                  | $     | 2,051 
|Non-cash adjustments         |                                         |                  |       | (680  
|Cash payments                |                                         |                  |       | --    
|                            
|Balance at March 31, 2006    |                                         |                  |       | 1,371 
|                            
|Pre-tax charge               |                                         |                  |       | 843   
|Non-cash adjustments         |                                         |                  |       | --    
|Cash payments                |                                         |                  |       | (1,827
|                            
|Balance at December 31, 2006 |                                         |                  |       | 387   
|                            
|Pre-tax charge               |                                         |                  |       | --    
|Non-cash adjustments         |                                         |                  |       | --    
|Cash payments                |                                         |                  |       | (65   
|                            
|Balance at March 31, 2007    |                                         |                  | $     | 322   
|                            

-7-

---

The
Company has reflected the results of its agricultural implements business as discontinued
operations in the Condensed Consolidated Statements of Operations. Summary results of
operations for the agricultural implements business were as follows (in thousands):

|                                                   |  | 
|-------------------------------------------------- |  | 
|For the three months ended                         |  | 
|                                                  
|Net sales                                          |  | 
|Pretax loss from discontinued operations           |  | 
|Pretax loss on disposal of discontinued operations |  | 
|Income tax benefit                                 |  | 
|                                                  
|Net loss from discontinued operations              |  | 
|                                                  

The
assets of the agricultural implements product line are reflected as net assets of
discontinued operations in the Condensed Consolidated Balance Sheets and were as follows
(in thousands):

|                                       |  |  |  
|-------------------------------------- |  |  | -
|                                       |  |  |  
|                                      
|Accounts receivable, net               |  |  | $
|Inventories                            |  |  |  
|Property, plant and equipment, net     |  |  |  
|                                      
|Assets of discontinued operations, net |  |  | $
|                                      

# Note 4  Income
Taxes

The
income tax provision is determined by applying an estimated annual effective income tax
rate to income before income taxes. The estimated annual effective income tax rate is
based on the most recent annualized forecast of pretax income, permanent book/tax
differences and tax credits.

The
Company and its subsidiaries file income tax returns in the U.S. Federal jurisdiction, and
various state and foreign jurisdictions. Effective January 1, 2007, the Company adopted
FIN 48. In accordance with FIN 48, the Company recognized a cumulative-effect adjustment
of $0.5 million, increasing its liability for unrecognized tax benefits along with related
interest and penalties, and reducing the January 1, 2007 balance of retained earnings.

At
January 1, 2007, the Company had $2.5 million in unrecognized tax benefits, the
recognition of which would have an effect of $2.5 million on the effective tax rate. At
March 31, 2007, the Company had unrecognized tax benefits of $2.7 million. The Company
does not believe it is reasonably possible that its unrecognized tax benefits will
significantly change within the next twelve months.

The
Company recognizes accrued interest and penalties related to unrecognized tax benefits in
income tax expense. At January 1, 2007 and March 31, 2007, the Company had accrued $0.2
million for the potential payment of interest and $0.5 million for the potential payment
of penalties.

-8-

---

As
of January 1, 2007, the Company was subject to U.S. Federal income tax examinations for
the tax years 2005 through 2006, and to non-U.S. income tax examinations for the tax years
2004 through 2006. In addition, the Company is subject to state and local income tax
examinations for the tax years 2001 through 2006.

# Note 5  Finance
Contracts Receivable Financing

In
March 2006, the Company entered into an asset securitization facility (the
Securitization Facility) with a financial institution (the Purchaser)
whereby the Company can sell, through a revolving securitization facility, up to $300
million of retail and fleet installment sale contracts (installment sale
contracts or finance contracts receivable). The Securitization Facility
has a final maturity date in March 2009, subject to annual renewal by the Purchaser. Under
the Securitization Facility, the Company sells portfolios of its finance contracts
receivable to a wholly-owned, bankruptcy-remote special purpose subsidiary
(SPE) which, in turn, sells each such portfolio to a wholly-owned
bankruptcy-remote special purpose subsidiary of the SPE. The wholly-owned
bankruptcy-remote special purpose subsidiary of the SPE sells a participating interest in
each such portfolio of finance contracts receivable to the Purchaser (maximum 90% of the
discounted value of the finance contract receivable portfolio). The Purchaser has no
recourse against the Company for uncollectible finance contracts receivable, if any;
however, the Companys retained interest in the portfolio of finance contracts
receivable is subordinate to the Purchasers interest. The Company has retained
collection and administrative responsibilities for each sold portfolio of finance
contracts receivable. The Company incurred one-time transaction costs of $0.7 million in
the three months ended March 31, 2006, which are included in other expense in the
accompanying Condensed Consolidated Statement of Operations, related to the implementation
of the Securitization Facility.

The
Securitization Facility replaced the previous $150 million revolving securitization
facility the Company terminated in February 2006. The participating interest in finance
contracts receivable that had been sold under the previous securitization facility was
purchased by the Purchaser in March 2006.

The
following summarizes the Companys sales of retail finance contracts receivable
through asset securitization facilities during the three months ended March 31, 2007 and
2006 (in thousands):

|                                    | March 31, 2007 | March 31, 2006
|----------------------------------- | -------------- | --------------
|                                   
|Value of contracts sold             |                |               
|Cash received on sales of contracts |                |               
|                                   
|Retained interest in contracts sold |                |               
|                                   
|Cost of sales of finance contracts  |                |               
|                                   

The
Companys retained interest is recorded at fair value, which is calculated based on
the present value of estimated future cash flows and reflects prepayment and loss
assumptions, which are based on historical results. At March 31, 2007, the fair value of
the retained interest was calculated using an interpolated risk-free rate of return of
4.58% based on U.S. Treasury rates, an approximate 17 month weighted-average prepayable
portfolio life and an approximate 1.0% annual loss rate. Changes in any of these
assumptions could affect the calculated value of the retained interest. A 10% increase in
the discount rate would decrease the fair value of the retained interest by $0.3 million.
A 10% increase in the annual loss rate would decrease the fair value of the retained
interest by $0.9 million. Retained interest of $28.4 million was included in other current
assets and $17.4 million was included in other assets in the accompanying Condensed
Consolidated Balance Sheet at March 31, 2007.

-9-

---

The
total credit capacity under the 2006 Securitization Facility is $300 million, with an
outstanding note balance of $200.7 million at March 31, 2007. Finance contracts receivable
sold and being serviced by the Company totaling $248.3 million at March 31, 2007. Of the
$248.3 million in sold contracts receivable, $12.7 million were greater than 60 days past
due at March 31, 2007. There were no credit losses on contracts sold through the program
during the three months ended March 31, 2007 and 2006. The Company received $0.6 and $0.3
million in service fee income during the three months ended March 31, 2007 and 2006,
respectively.

In
addition to the sale of finance contracts receivable through the asset securitization
program, the Company sold finance contracts through limited recourse arrangements during
2007 and 2006. Based on the terms of these sales, recourse to the Company is limited to 5%
of the sold portfolio of finance contracts receivable. Amounts to cover potential losses
on these sold finance contracts receivable are included in the allowance for doubtful
accounts. The following table summarizes the Companys sales of finance contracts
receivable through these arrangements for the three months ended March 31, 2007, and 2006
(in thousands):

|                                    | 2007 | 2006
|----------------------------------- | ---- | ----
|                                   
|Value of contracts sold             |      |     
|Cash received on sales of contracts |      |     
|                                   
|Cost of sales of finance contracts  |      |     
|                                   

At
March 31, 2007, the Company serviced $374.2 million of finance contracts receivable of
which $248.3 million, $80.1 million and $24.8 million were sold through the Securitization
Facility, limited recourse arrangements and full recourse arrangements, respectively.

The
finance contracts require periodic installments of principal and interest over periods of
up to 66 months, with interest rates based on market conditions. The Company has retained
the servicing of substantially all of these contracts which generally have maturities of
12 to 60 months.

The
sales of finance contracts receivable were accounted for as a sale in accordance with SFAS
No. 140 Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilitiesa Replacement of FASB Statement No. 125. Sales of
finance contracts receivable are reflected as a reduction of finance contracts receivable
in the accompanying Condensed Consolidated Balance Sheets and the proceeds received are
included in cash flows from operating activities in the accompanying Condensed
Consolidated Statements of Cash Flows.

-10-

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# Note 6  Inventories

If
all of the Companys inventories had been valued on a current cost basis, which
approximated FIFO value, estimated inventories by major classification would have been as
follows (in thousands):

|                            | March 31, 2007 | December 31, 2006 | March 31, 2006
|--------------------------- | -------------- | ----------------- | --------------
|                           
|Raw materials and supplies  |                |                   | $             
|Work-in-process             |                |                   |               
|Finished machines and parts |                |                   |               
|                           
|Total current cost value    |                |                   |               
|Adjustment to LIFO basis    |                |                   |               
|                           
|                            |                |                   | $             
|                           

# Note 7  Product
Warranties and Other Guarantees

In
general, the Company provides warranty coverage on equipment for a period of up to twelve
months. The Companys reserve for warranty claims is established based on the best
estimate of the amounts necessary to settle future and existing claims on products sold as
of the balance sheet date. The Company records warranty expense as a component of selling,
general and administrative expense. While the Companys warranty costs have
historically been within its calculated estimates, it is possible that future warranty
costs could differ from those estimates. The changes in the carrying amount of the
Companys total product warranty liability for the three months ended March 31, 2007
and 2006 were as follows (in thousands):

|Three months ended                                      | March 31, 2007 | March 31, 2006
|------------------------------------------------------- | -------------- | --------------
|                                                       
|Beginning balance                                       |                |               
|Accruals for warranties issued during the period        |                |               
|Accruals related to pre-existing warranties             |                |               
|(including changes in estimates)                        |                |               
|Settlements made (in cash or in kind) during the period |                |               
|                                                       
|Ending balance                                          |                |               
|                                                       

# Note 8  Employee
Retirement Plans

The
Company sponsors two qualified defined benefit pension plans (pension plans)
for certain of its employees. The following table provides disclosure of the net periodic
benefit cost (in thousands):

|For the three months ended:        | March 31, 2007 | March 31, 2006
|---------------------------------- | -------------- | --------------
|                                  
|Service cost                       |                |               
|Interest cost                      |                |               
|Expected return on plan assets     |                |               
|Amortization of prior service cost |                |               
|Amortization of net loss           |                |               
|                                  
|Net periodic benefit cost          |                |               
|                                  

-11-

---

The
Company recorded a $0.7 million pension curtailment loss related to discontinued
operations during the three months ended March 31, 2006 (see Note 3, Discontinued
Operations). The Company anticipates making $0.1 million of contributions to the
pension plans during 2007. No contributions were made during the three-month period ended
March 31, 2007.

The
Company maintains an unfunded non-qualified supplemental retirement benefit plan for
certain management employees. The following table provides disclosure of the net periodic
benefit cost (in thousands):

|                                   |  | 
|---------------------------------- |  | 
|For the three months ended:        |  | 
|                                  
|Service cost                       |  | 
|Interest cost                      |  | 
|Amortization of prior service cost |  | 
|Amortization of net loss           |  | 
|                                  
|Net periodic benefit cost          |  | 
|                                  

The
Company provides postemployment benefits to certain retirees, which includes subsidized
health insurance benefits for early retirees prior to their attaining age 65. The
following table provides disclosure of the net periodic benefit cost (in thousands):

|                                      |  | 
|------------------------------------- |  | 
|For the three months ended:           |  | 
|                                     
|Service cost                          |  | 
|Interest cost                         |  | 
|Amortization of transition obligation |  | 
|Amortization of net loss              |  | 
|                                     
|Net periodic benefit cost             |  | 
|                                     

# Note 9 
Shareholders Equity

The
Company maintains equity incentive plans for certain of its directors, officers and key
employees. The Company currently has three primary equity incentive plans: the 2004 Equity
Incentive Plan, the 2000 Equity Incentive Plan and the 1995 Stock Option Plan. The 2004
Equity Incentive Plan, which was adopted in April 2004 and amended in April 2006,
authorizes the granting of awards with respect to up to 737,500 shares of the
Companys common stock. During April 2000, the 2000 Equity Incentive Plan was
adopted, which authorizes the granting of awards with respect to up to 812,771 shares of
the Companys common stock. An award is defined within the 2004 and 2000 Equity
Incentive Plan as a stock option, a stock appreciation right, restricted stock or a
performance share. In April 1996, the 1995 Stock Option Plan was adopted, which authorizes
the granting of options to purchase up to 726,627 shares of the Companys common
stock. These plans provide that options be granted at an exercise price not less than fair
market value on the date the options are granted and that the options generally vest
ratably over a period not exceeding three years after the grant date. The option period
may not be more than ten years after the grant date.

In
the three months ended March 31, 2007 there were no stock options awarded, and in the
three months ended March 31, 2006, the Company awarded 108,284 stock options to purchase
common stock to certain key employees. Awards of stock options under the plans are subject
to certain vesting requirements. In the three months ended March 31, 2007, the Company
awarded 132,087 stock appreciation rights to certain key employees at the fair market
value on the grant date. There were no stock appreciation rights issued in the three
months ended March 31, 2006. The stock appreciation rights can only be cash-settled and
are subject to certain vesting requirements.

-12-

---

In
2007 and 2006, the Company awarded restricted shares under the 2004 Equity Incentive Plan
to certain key employees. Awards of restricted stock under the plan are subject to certain
vesting requirements. There were 25,118 and 26,257 restricted shares awarded in the three
months ended March 31, 2007 and 2006, respectively, with an average fair market value of
$28.68 and $34.04 per share. Compensation expense related to restricted stock awards is
based upon the market price at the date of award and is charged to earnings over the
vesting period.

# Note 10  Net
Income Per Share and Comprehensive Income

Basic
net income per common share is computed by dividing net income by the weighted- average
number of common shares outstanding for the period. Diluted net income per common share is
computed by dividing net income by the weighted-average number of common shares and, if
applicable, common stock equivalents that would arise from the exercise of stock options
and vesting of restricted stock. A reconciliation of the shares used in the computation of
earnings per share follows (in thousands):

|                               | March 31, 2007 | March 31, 2006
|------------------------------ | -------------- | --------------
|                              
|Basic shares                   |                |               
|Effect of options and unvested |                |               
|restricted stock               |                |               
|                              
|Diluted shares                 |                |               
|                              

For
the three months ended March 31, 2007, 125,284 options to purchase common shares were
antidilutive and, accordingly, excluded from the effect of options and unvested restricted
stock in the calculation of diluted earnings per share.

The components of comprehensive
income (loss) are as follows (in thousands):

|                             | Three Months Ended
|---------------------------- | ------------------
|                             | March 31, 2007    
|                            
|Net income (loss)            |                   
|Foreign currency translation |                   
|adjustments                  |                   
|Unrealized (losses) gains    |                   
|                            
|Other comprehensive income   |                   
|                            
|Comprehensive income (loss)  |                   
|                            

# Note 11  Business
Segments

SFAS
No. 131, Disclosures about Segments of an Enterprise and Related Information,
establishes the standards for reporting information about operating segments in financial
statements.  Historically the Company had two operating and reportable segments,
construction equipment and agricultural equipment.  The products in the historical
agricultural equipment segment included material handling equipment (skid loaders,
telescopic handlers, compact excavators, compact track loaders and all-wheel-loaders) and
agricultural implement products for haymaking, forage harvesting, feedmaking and manure
handling.  In the first quarter of 2006, the Company re-evaluated its operating and
reportable segments in connection with the discontinuation of the manufacturing and
distribution of its agricultural implement business and determined that it now has only
one operating and reportable segment.  Sales of material handling equipment that were
previously included in the agricultural equipment segment and sales that were previously
included in the construction equipment segment are now combined for both internal and
external reporting purposes.

-13-

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# Note 12  Financial
Instruments

The
Company selectively uses interest rate swaps and foreign currency forward contracts to
reduce market risk associated with changes in interest rates and the value of the U.S
Dollar versus the Euro. The use of derivatives is restricted to those intended for hedging
purposes.

In
2005, the Company entered into an interest rate swap agreement with a third party
financial institution to exchange variable rate interest obligations for fixed rate
obligations without the exchange of the underlying principal amounts. Effective January
2006, under this agreement, the Companys variable to fixed rate obligations are an
aggregate swapped notional amount of $40 million through January 2008. The aggregate
notional amount of the swap decreases to $30 million effective January 2008, $20 million
effective January 2009, $10 million effective January 2010 and expires in January 2011.
The Company pays a 4.89% fixed interest rate under the swap agreement and receives a 30
day LIBOR variable rate. The referenced 30 day LIBOR rate was 5.32% at March 31, 2007. The
variable to fixed interest rate swap is an effective cash-flow hedge. The fair value of
the swap totaled $11,000 at March 31, 2007 and was recorded on the Condensed Consolidated
Balance Sheets, with changes in fair value included in other comprehensive income.

# Note 13 
Subsequent Event

During
the fourth quarter of 2006, the Company began to issue commercial paper through a
placement agent to fund a portion of its short term working capital needs. The Company had
the ability to sell up to $25 million in commercial paper under this arrangement at March
31, 2007. In April 2007, this arrangement was expanded to give the Company the ability to
sell up to $50 million in commercial paper. The Companys commercial paper program is
backed up by the credit commitment under the Companys revolving credit facility.

-14-

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# Item 2.  Managements Discussion and Analysis of Financial Condition and Results of
Operations

# Results of Operations

# Three Months Ended March
31, 2007 Compared to Three Months Ended March 31, 2006

# Net Sales

Net
sales in the three months ended March 31, 2007 (2007 first quarter) were
$115.2 million compared to $122.1 million in the three months ended March 31, 2006
(2006 first quarter), a decrease of $6.9 million, or 6%.  Net
sales remained solid, impacted by increased international sales and telescopic handler
market share gains. International shipments of the Companys skid loaders, including
shipments of skid loaders by the Companys European subsidiary, Gehl Europe,
increased 36% from the 2006 first quarter. Shipments of all products from the
Companys European subsidiary, Gehl Europe, increased 45% in the first quarter of
2007. Along with the increase in shipments noted above, net sales were impacted by
approximately 4 percentage points due to price increases during 2006 and 2007. These
increases in shipments and pricing were offset by a 27% and 19% reduction in shipments of
compact track loaders and North American skid loaders, respectively, during the 2007 first
quarter.

Of
the Companys total net sales reported for the 2007 first quarter, $32.0 million were
made to customers residing outside of the United States compared with $23.6 million in the
2006 first quarter. The increase in export sales was primarily due to increased sales of
skid loaders by the Companys European subsidiary, Gehl Europe. Skid loader shipments
outside of North America increased to 45% of total Company skid loader sales versus 33% a
year earlier.

# Gross Profit

Gross
profit was $25.8 million in the 2007 first quarter compared to $26.3 million in the 2006
first quarter, a decrease of $0.5 million, or 2%. Gross profit as a percentage of net
sales (gross margin) was 22.4% in the 2007 first quarter compared to 21.5% in
the 2006 first quarter. The increase in gross profit as a percentage of sales was
primarily driven by favorable product mix, as well as the favorable impact the Company
continues to realize as a result of its added supply chain resources and investments in
state-of-the-art manufacturing equipment.

# Selling, General and
Administrative Expenses

Selling,
general and administrative expenses were $15.0 million in the 2007 and 2006 first quarter,
or 13.0% and 12.3% of net sales, respectively. The increase in selling, general and
administrative expenses as a percentage of net sales primarily reflects planned increased
investments in research and development and information technology projects.

# Income from Operations

Income
from operations in the 2007 first quarter was $10.8 million, or 9.4% of net sales,
compared to income from operations of $11.3 million, or 9.2% of net sales, in the 2006
first quarter, a decrease of $0.5 million, or 4%.

-15-

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# Interest Expense

Interest
expense was $0.9 million in the 2007 first quarter compared to $1.2 million in the 2006
first quarter, a decrease of $0.2 million. The decrease in interest expense was primarily
due to reduced borrowing costs associated with the new credit facilities put in place in
the fourth quarter of 2006.

# Interest Income

Interest
income was $1.0 million in the 2007 first quarter compared to $1.3 million in the 2006
first quarter, a decrease of $0.2 million. The decrease in interest income was primarily
due to the decrease in average finance contracts receivable in the 2007 first quarter
compared to the 2006 first quarter. During the first quarter of 2006, the Company was
restructuring its securitization facility and, as a result, held a higher volume of
contracts until the new facility was in place.

# Net Other Expense

The
Company recorded net other expense of $1.0 million and $1.5 million in the 2007 first
quarter and 2006 first quarter, respectively. The change in net other expense was
primarily due to $0.7 million in securitization facility structuring costs incurred during
the 2006 first quarter. In addition, the Company recognized approximately $0.1 million in
foreign currency losses in the 2007 first quarter compared to $0.3 million in foreign
currency gains in the 2006 first quarter.

# Income from Continuing
Operations

Income
from continuing operations in the 2007 first quarter was $6.5 million, or 5.6% of net
sales, compared to income from continuing operations of $6.4 million, or 5.2% of net
sales, in the 2006 first quarter, an increase of $0.1 million, or 1%.

# Loss from Discontinued
Operations, Net of Tax

The
Company recorded a loss from discontinued operations, net of tax of $160,000 in the 2007
first quarter, compared to a loss from discontinued operations, net of tax of $116,000 in
the 2006 first quarter.

# Loss on Disposal of
Discontinued Operations, Net of Tax

The
Company recorded a loss on disposal of discontinued operations, net of tax of $8.9 million
in the 2006 first quarter. Of the $8.9 million after-tax charge, $7.6 million related to
the impairment of assets related to the discontinued operations (field and factory
inventory and property, plant and equipment) and $1.3 million related to employee
termination costs. There was no loss on disposal of discontinued operations for the 2007
first quarter.

# Net Income (Loss)

The
Company recorded net income in the 2007 first quarter of $6.3 million compared to a net
loss of $2.7 million in the 2006 first quarter. The 2006 first quarter net loss included a
$9.0 million loss related to the discontinued operations noted above.

-16-

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# Financial Condition

# Working Capital

The
Companys working capital was $220.0 million at March 31, 2007 as compared to $201.5
million at December 31, 2006 and $196.7 million at March 31, 2006. The change in working
capital at March 31, 2007 from December 31, 2006 was primarily due to increases in
accounts receivable and finance contracts receivable, as well as the current portion of
retained interest from the sale of finance contracts. These increases in working capital
were partially offset by an increase in accounts payable. Accounts receivable increased
from December 31, 2006 due to increased shipments during the 2007 first quarter, which
were primarily driven by strong international demand for skid loaders and continued market
share gains in telehandlers. Finance contracts receivable increased from December 31, 2006
due to the timing of the sale of contracts through the Companys asset securitization
facility and other limited recourse arrangements. The current portion of retained interest
in sold finance contracts increased from December 31, 2006 due to an increase in the total
portfolio balance of contracts in the securitization facility. The increase in accounts
payable was due to increased production resulting from strong shipments.

The
change in working capital at March 31, 2007 from March 31, 2006 was primarily due to
increases in accounts receivable and the current portion of retained interest from the
sale of finance contracts. These increases were partially offset by a decrease in assets
of discontinued operations and an increase in short term debt obligations. Accounts
receivable increased from March 31, 2006 due to strong shipments of telescopic handlers
and skid loaders throughout 2006 and during the 2007 first quarter. The current portion of
retained interest from the sale of finance contracts increased from March 31, 2006 due to
an increase in the total portfolio balance of contracts in the securitization facility.
Assets of discontinued operations decreased from March 31, 2006 due to the continued
collection on accounts receivables and disposition of inventory and property, plant and
equipment related to the discontinued operations. Short term debt obligations increased
from March 31, 2006 as the Company began issuing commercial paper during the fourth
quarter of 2006. See Debt and Equity below for additional discussion.

# Capital Expenditures

Capital
expenditures for property, plant and equipment during the 2007 first quarter were
approximately $2.0 million. The Company plans to make up to $12.1 million of capital
expenditures in 2007, primarily to complete the Yankton, South Dakota manufacturing
facility expansion, enhance manufacturing and information technology capabilities and
maintain and upgrade machinery and equipment.

# Debt and Equity

The
Company maintains a $125 million unsecured revolving credit facility (the
Facility) with a syndicate of commercial bank lenders. The credit commitment
under the Facility is for a five-year period expiring October 17, 2011. At any time during
the term of the Facility, the Company has the option to request an increase in the credit
commitment under the Facility to $175 million from the current syndicate of commercial
bank lenders or any other commercial bank lender(s) selected by the Company. Under the
terms of the Facility, the Company has pledged the capital stock of certain wholly-owned
subsidiaries which are all co-borrowers. The Company may borrow up to $25 million under
the Facility in a currency other than the U.S. Dollar. The Company may elect to pay
interest on U.S. Dollar borrowings under the Facility at a rate of either (1) the London
Interbank Offered Rate (LIBOR) plus 0.625% to 1.3750% or (2) a base rate
defined as the prime commercial rate less 0.125% to 1.125%. The Companys actual
borrowing costs for LIBOR or base rate borrowings is determined by reference to a pricing
grid based on the Companys ratio of funded debt to total capitalization. Interest on
amounts borrowed under the Facility in currencies other than the U.S. Dollar will be
priced at a rate equal to LIBOR plus 0.625% to 1.375%. As of March 31, 2007, the weighted
average interest rate on Company borrowings outstanding under the Facility was 5.82%. The
Facility requires the Company to maintain compliance with certain financial covenants
related to total capitalization, interest expense coverage, tangible net worth, capital
expenditures and operating lease spending. The Company was in compliance with all
covenants as of March 31, 2007.

-17-

---

Borrowings
under the Facility and the previous secured debt facility were $38.9 million at March 31,
2007 as compared to $24.7 million at December 31, 2006 and $48.3 million at March 31,
2006. Available unused borrowings under the Facility and the previous secured debt
facility were $61.1 million at March 31, 2007 as compared to $75.1 million at December 31,
2006 and $76.7 million at March 31, 2006. Available borrowings at March 31, 2007 and
December 31, 2006 were reduced by $25.0 million of outstanding commercial paper.

During
the fourth quarter of 2006, the Company began to issue commercial paper through a
placement agent to fund a portion of its short term working capital needs. The Company has
the ability to sell up to $25 million in commercial paper under this arrangement. The
Companys commercial paper program is backed by the credit commitment under the
Companys revolving credit facility. At both March 31, 2007 and December 31, 2006,
the Company had $25.0 million of short term commercial paper outstanding. In April 2007,
this arrangement was expanded to give the Company the ability to sell up to $50 million in
commercial paper.

In
May 2006, the Company entered into a $10 million committed line of credit facility with a
commercial bank lender. Borrowings under this facility bear interest at 1.15% above LIBOR
for 30 day deposits reset monthly and are secured by a first priority lien on an assigned
pool of retail finance contracts receivable. This facility expired on April 30, 2007.
There were no borrowings outstanding under this facility at March 31, 2007 and December
31, 2006.

In
addition, the Company has access to a 2.5 million committed foreign short-term
credit facility. There were no borrowings outstanding under this facility at March 31,
2007.

The
Company believes it has adequate capital resources and borrowing capacity to meet its
projected capital requirements for the foreseeable future. Requirements for working
capital, capital expenditures, pension fund contributions and debt maturities in fiscal
2007 will continue to be funded by operations and the Companys borrowing
arrangements.

At
March 31, 2007, shareholders equity had increased $30.4 million to $237.1 million
from $206.7 million at March 31, 2006. This increase primarily reflects net income of
$28.5 million and $1.6 million related to the exercise of stock options.

In
September 2001, the Companys Board of Directors authorized a stock repurchase plan
providing for the repurchase of up to 500,000 shares of the Companys outstanding
common stock. No shares were repurchased under this authorization during the 2007 first
quarter or 2006 first quarter. As of March 31, 2007, the Company has repurchased an
aggregate of 227,850 shares under this authorization. All treasury stock acquired by the
Company has been cancelled and returned to the status of authorized but unissued shares.

-18-

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# Contractual Obligations

Other
than the changes in the outstanding borrowings, capital commitments and FIN 48
liabilities, as described above, there have been no material changes to the annual
maturities of debt obligations, future minimum, non-cancelable operating lease payments
and capital commitments as disclosed in Managements Discussion and Analysis of
Financial Condition and Results of Operations and Notes 8 and 15, respectively, of Notes
to Consolidated Financial Statements in the Companys Annual Report on Form 10-K for
the year ended December 31, 2006 as filed with the Securities and Exchange Commission.

# Off-Balance Sheet
Arrangements  Sales of Finance Contracts Receivable

The
sale of finance contracts is an important component of the Companys overall
liquidity. In March 2006, the Company entered into an asset securitization facility
(the Securitization Facility) with a financial institution (the
Purchaser) whereby the Company can sell, through a revolving securitization
facility, up to $300 million of retail and fleet installment sale contracts
(installment sale contracts or finance contracts receivable). The
Securitization Facility has a final maturity date in March 2009, subject to annual renewal
by the Purchaser. Under the Securitization Facility, the Company sells portfolios of its
finance contracts receivable to a wholly owned, bankruptcy-remote special purpose
subsidiary (SPE) which, in turn, sells each such portfolio to a wholly owned
bankruptcy-remote special purpose subsidiary of the SPE. The wholly-owned
bankruptcy-remote special purpose subsidiary of the SPE sells a participating interest in
each such portfolio of finance contracts receivable to the Purchaser (approximately 90% of
the discounted value of the finance contract receivable portfolio). The Purchaser has no
recourse against the Company for uncollectible finance contracts receivable, if any;
however, the Companys retained interest in the portfolio of finance contracts
receivable is subordinate to the Purchasers interest. The Securitization Facility
replaced the previous $150 million revolving securitization facility the Company
terminated in February 2006. The participating interest in finance contracts receivable
that had been sold under the previous securitization facility was purchased by Purchaser
in March 2006. At March 31, 2007, the Company had available unused capacity of $99.3
million under the Securitization Facility.

In
addition to the Securitization Facility, the Company has arrangements with multiple
financial institutions to sell its finance contracts receivable with 5% limited recourse
on the sold portfolio of retail finance contracts. The Company continues to service
substantially all contracts, whether or not sold. At March 31, 2007, the Company serviced
$374.2 million of finance contracts receivable of which $248.3 million, $80.1 million and
$24.8 million were sold through the Securitization Facility, limited recourse arrangements
and full recourse arrangements, respectively. It is the intention of the Company to
continue to sell substantially all of its existing as well as future finance contracts
through an asset securitization program or limited recourse arrangements. The Company
believes that it will be able to arrange sufficient capacity to sell its finance contracts
for the foreseeable future.

-19-

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# Critical Accounting
Policies and Estimates

There
are no material changes to the information provided in response to this item as set forth
in the Companys Annual Report on Form 10-K for the year ended December 31, 2006 as
filed with the Securities and Exchange Commission.

# Forward-Looking
Statements

Certain
statements included in this filing are forward-looking statements intended to
qualify for the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. All statements other than statements of historical fact are
forward-looking statements. When used in this filing, words such as the Company
believes, anticipates, expects, estimates
or projects or words of similar meaning are generally intended to identify
forward-looking statements. These forward-looking statements are not guarantees of future
performance and are subject to certain 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 anticipated as of the date of this filing. Factors
that could cause such a variance include, but are not limited to, those risk factors cited
in the Companys filings with the Securities and Exchange Commission, any adverse
change in general economic conditions, unanticipated changes in capital market conditions,
the Companys ability to implement successfully its strategic initiatives (including
cost reduction initiatives), unanticipated expenses associated with the discontinuance of
the Companys agricultural implement lines, market acceptance of newly introduced
products, unexpected issues related to the pricing and availability of raw materials
(including steel) and component parts, unanticipated difficulties in securing product from
third party manufacturing sources, the ability of the Company to increase its prices to
reflect higher prices for raw materials and component parts, the cyclical nature of the
Companys business, the Companys and its customers access to credit,
competitive pricing, product initiatives and other actions taken by competitors,
disruptions in production capacity, excess inventory levels, the effect of changes in laws
and regulations (including government subsidies and international trade regulations),
technological difficulties, changes in currency exchange rates or interest rates, the
Companys ability to secure sources of liquidity necessary to fund its operations,
changes in environmental laws, the impact of any strategic transactions effected by the
Company, and employee and labor relations. Shareholders, potential investors, and other
readers are urged to consider these factors in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such forward-looking statements. The
forward-looking statements included in this filing are only made as of the date of this
filing, and the Company undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances. In addition, the Companys
expectations for 2007 are based in part on certain assumptions made by the Company,
including those relating to commodities prices, which are strongly affected by weather and
other factors and can fluctuate significantly, housing starts and other construction
activities, which are sensitive to, among other things, interest rates and government
spending, and the performance of the U.S. economy generally. The accuracy of these or
other assumptions could have a material effect on the Companys ability to achieve
its expectations.

# Item 3.  Quantitative and
Qualitative Disclosures about Market Risk

There
are no material changes to the information provided in response to this item as set forth
in the Companys Annual Report on Form 10-K for the year ended December 31, 2006 as
filed with the Securities and Exchange Commission.

-20-

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# Item 4.  Controls and
Procedures

# Disclosure Controls and
Procedures

The
Companys management, with the participation of the Companys principal
executive officer and its principal financial officer, has evaluated the Companys
disclosure controls and procedures as of March 31, 2007. Based upon that evaluation, the
Companys principal executive officer and its principal financial officer have
concluded that the Companys disclosure controls and procedures were effective as of
March 31, 2007.

# Changes in Internal
Control Over Financial Reporting

There
was no change in the Companys internal control over financial reporting (as such
term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred
during the three months ended March 31, 2007, that has materially affected, or is
reasonably likely to materially affect, the Companys internal control over financial
reporting.

-21-

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# PART II  Other
Information

# Item 1A.  Risk Factors

There
has not been any material change in the risk factors previously disclosed in the
Companys 2006 Form 10-K for the fiscal year ended December 31, 2006.

# Item 2.  Unregistered
Sales of Equity Securities and Use of Proceeds

In
September 2001, the Companys Board of Directors authorized a stock repurchase plan
providing for the repurchase of up to 500,000 shares of the Companys outstanding
common stock in open market or privately negotiated transactions. The plan does not have
an expiration date. No shares were repurchased under the plan during the three-month
period ended March 31, 2007. As of March 31, 2007, the Company had authority to repurchase
272,150 shares under the plan.

# Item 6.  Exhibits

| | Exhibit No. | Document Description
| | ----------- | --------------------

| | 10.1 | Amendments
to Supplemental Retirement Benefit Agreement by and between William D. Gehl and Gehl
Company
| | ---- | -------------------------------------------------------------------------------------------------------

| | 10.2 | Supplemental
Retirement Benefit Agreement by and between Malcolm F. Moore and Gehl Company
| | ---- | ------------------------------------------------------------------------------------------

| | 10.3 | Form
of Supplemental  Retirement  Benefit Agreement  between Gehl Company and Messrs.  Keyes,
 Miller,  Monnat,             Mulcahy and Rettler
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------

| | 31.1 | Certification
of the Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
| | ---- | -------------------------------------------------------------------------------------------------------

| | 31.2 | Certification
of the Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
| | ---- | -------------------------------------------------------------------------------------------------------

| | 32.1 | Certification
of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer
pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

-22-

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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 thereunto duly authorized.

|                    |                            
|------------------- | ---------------------------
|                    | GEHL COMPANY               
|Date:  May 10, 2007 | By:   /s/ William D. Gehl  
|                    | William D. Gehl            
|                    | Chairman of the Board      
|                    | and Chief Executive Officer
|Date:  May 10, 2007 | By:   /s/ Thomas M. Rettler
|                    | Thomas M. Rettler          
|                    | Vice President and         
|                    | Chief Financial Officer    
|                    | (Principal Financial and   
|                    | Accounting Officer)        

-23-

---

# GEHL COMPANYINDEX TO
EXHIBITS

| | Exhibit No. | Document Description
| | ----------- | --------------------

| | 10.1 | Amendments
to  Supplemental  Retirement  Benefit  Agreement by and between William D. Gehl and Gehl
           Company
| | ---- | ----------------------------------------------------------------------------------------------------------------------

| | 10.2 | Supplemental
Retirement Benefit Agreement by and between Malcolm F. Moore and Gehl Company
| | ---- | ------------------------------------------------------------------------------------------

| | 10.3 | Form
of Supplemental  Retirement Benefit Agreement between Gehl Company and Messrs.  Keyes,
Miller,            Monnat, Mulcahy and Rettler
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------

| | 31.1 | Certification
of the Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of
           2002.
| | ---- | ------------------------------------------------------------------------------------------------------------------

| | 31.2 | Certification
of the Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of
           2002.
| | ---- | ------------------------------------------------------------------------------------------------------------------

| | 32.1 | Certification
of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer
pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

-24-