<PAGE>   1
                                                                      EXHIBIT 99
                           SCOTSMAN INDUSTRIES, INC.
                             CAUTIONARY STATEMENTS

Information provided by the Company from time to time, either orally or in      
writing, may contain certain "forward looking" information, as that term is
defined in the Private Securities Litigation Reform Act of 1995 (the "Act").
Consistent with the Act, such forward-looking information may include
information relating to such matters as sales, income, earnings per share,
return on equity, capital expenditures, dividends, capital structure, cash
flow, debt to capitalization ratios, internal growth rates, future economic
performance, management's plans and objectives for future operations, or the
assumptions relating to, or underlying, any such forward-looking information.
The cautionary statements set forth below are being made pursuant to the
provisions of the Act and with the intention of obtaining the benefits of the
"safe harbor" provisions of the Act. The Company cautions investors that any
forward-looking statements made by the Company are not guarantees of future
performance and that actual results may differ materially from those expressed
in, or implied by, the forward-looking statements as a result of various
factors, including but not limited to the following:

1.   The Company's performance should be expected to be affected by the 
     strength  or weakness of the various economies in which the Company
     markets its  products, primarily in the United States and Western Europe,
     but also in the Far East. The relative strength or weakness of these
     economies may affect  the rate at which new hotels, restaurants, fast food
     outlets, supermarkets  or other facilities with a need for the Company's
     products are built, and  the rate at which other potential commercial
     customers replace or upgrade ice machines, beverage dispensing systems, 
     food preparation and storage  equipment, refrigerated display cases, 
     walk-in coolers, and insulated panels already in use, thus affecting the 
     demand for the Company's products.

2.   Sales of a significant proportion of the Company's products can be
     negatively impacted by abnormal weather conditions during different
     seasons and quarters of the year.

3.   Underutilization of the Company's facilities may occur as a result of 
     failure to meet anticipated sales volumes. Such underutilization, which 
     results in excess capacity costs, may significantly affect the Company's   
     operating results.

4.   The Company's ability to realize operating profits is dependent on its 
     ability to timely manufacture, source and deliver products which may be
     sold for a profit. Labor difficulties, delays in delivery or increased 
     prices of raw materials and purchased components, scheduling and
     transportation difficulties, management dislocations and delays in
     development and manufacture of new products can negatively affect
     operating profits.

5.   The Company's results of operations can be negatively impacted by product  
     liability or other lawsuits and/or by warranty claims or other returns of
     goods.

6.   The Company sells products in over 100 countries and has manufacturing
     operations in the United States, the United Kingdom, Germany, Italy and 
     China and joint venture interests in Australia, the United Kingdom and
     Indonesia. International operations generally are subject to various
     political and other risks that are not present in U.S. operations,
     including, among other things, the risk of war or civil unrest,
     expropriation and nationalization. In addition, certain international
     jurisdictions restrict repatriation of the Company's non-U.S. earnings.
     Various international jurisdictions also have laws limiting the right and
     ability of non-U.S. entities to pay dividends and remit earnings to

<PAGE>   2




     affiliated companies unless specified conditions are met. In addition,
     sales in international jurisdictions typically are made in local
     currencies, which subjects the Company to risks associated with currency
     fluctuations.   Currency devaluations and unfavorable changes in
     international monetary and tax policies and other changes in the
     international regulatory climate could materially affect the Company's
     profitability or growth plans.

7.   Although no single customer accounts for more than 10% of the Company's
     consolidated net sales, the volume of sales of the Company's refrigerated 
     display cases, food preparation and storage equipment, walk-in coolers and 
     freezers and beverage systems may be affected, from time to time, by 
     changes in the buying patterns of certain large customers as a result of 
     internal cost-control measures adopted by such customers, changes in the 
     strategic plans of such customers, or other factors.

8.   The Company's products and manufacturing processes are subject to various
     environmental, health and safety regulations and standards. Such
     regulations and standards, from time to time, may require significant
     changes in products or manufacturing methods. The Company also is, or may
     be, subject  from time to time to claims and litigation arising under the  
     Comprehensive Environmental Response, Compensation and Liability Act and
     similar state statutes. The Company believes that environmental, health
     and safety matters will not have a material effect on its business or
     financial condition. However, legal and regulatory requirements in this
     area are increasing, and there can be no assurance that significant costs
     and liabilities will not be incurred as a result of currently unidentified
     or future problems or new regulatory developments.

9.   The acquisition of Kysor Industrial Corporation in March, 1997 (the "Kysor 
     Acquisition") significantly increased the Company's debt service 
     obligations. The Kysor Acquisition was financed through a loan facility
     established between the Company, the Company's wholly-owned subsidiary
     Scotsman Group Inc., and certain other subsidiaries and The First National
     Bank of Chicago as agent for the lenders (the "Credit Facility"). In
     December 1997, Scotsman Group Inc. issued $100 million of 8 5/8% Senior
     Subordinated Notes (the "Notes"). Although the Indenture for the Notes and
     the Credit Facility contain covenants that limit the incurrence by the
     Company, Scotsman Group and certain of the subsidiaries of additional
     indebtedness, such limitations are subject to a number of important
     qualifications and exceptions and the Company's indebtedness could increase
     if, among other reasons, future acquisitions are financed through 
     additional borrowings. The Company's ability to make scheduled payments of
     principal and interest or to refinance its indebtedness will depend on the
     Company's  operating performance and cash flows, which are affected by
     prevailing economic conditions and financial, competitive and other
     factors beyond the Company's control. If the Company is unable to generate
     sufficient cash flows to service its debt obligations, it will have to
     adopt one or more alternatives, such as reducing or delaying planned
     acquisitions, expansion and capital expenditures, selling assets,
     restructuring debt or obtaining additional equity capital. There can be no
     assurance that any of these alternatives could be effected on satisfactory
     terms.

10.  The Company's continued rapid growth can be expected to place a significant
     strain on its management, operations, employees, and other resources.
     There can be no assurance that the Company will be able to manage
     effectively its expanding operations or achieve planned growth on a        
     timely or profitable basis. If the Company is unable to manage growth
     effectively, its business, results of operations or financial condition
     could be materially adversely affected.

11.  The Company's success to date has depended in large part on the skills and
     efforts of Richard C. Osborne, Chairman of the Board, President and Chief 
     Executive Officer, Donald D. Holmes, Vice President-Finance and 
     Secretary, and the heads of each of the operating units of the Company.



<PAGE>   3



     While the Company has employment agreements with certain of its executive  
     officers, including Messrs. Osborne and Holmes, there can be no assurance
     that the Company will be able to retain the services of its officers and
     key employees. The loss of Messrs. Osborne, Holmes, or any of the heads of
     the Company's operating units could have a material adverse effect on the
     Company's business, results of operations or financial condition.

12.  The Company's business or results of operations could be negatively
     impacted if upgrades, modifications and conversions of its computer 
     software programs and operating systems to properly utilize dates
     beyond December 31, 1999 are not made, or are not made in a timely manner.
     The Company is currently communicating with its suppliers and customers
     regarding Year 2000 compliance within their organizations. In the event
     that any of the Company's significant suppliers or customers does not
     successfully and timely achieve Year 2000 compliance, the Company's
     business or results of operations could be adversely affected.