<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 Section 21E of the Securities Exchange Act of 1934, as amended (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 freezers, 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,
         Australia, and China and joint venture interests in the United Kingdom.
         International operations generally are subject to various political and
         other risks that are not present in the 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
         affiliated


<PAGE>   2



         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 results of operations can 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. In
         addition, the consequences of the Company's significant suppliers,
         customers or service providers not executing a plan to address the Year
         2000 readiness of computer programs and systems within their
         organizations, or among third parties they rely on, could also have a
         material adverse impact on the Company's results of operations. Some of
         the possible consequences of non-compliance by the Company or
         significant third parties include, among other things, temporary plant
         closings, delays in the receipt and delivery of raw materials and
         products, invoice and collection errors, and obsolescence of inventory.