EXHIBIT 99
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                Cautionary Statements Pursuant to the Securities
                          Litigation Reform Act of 1995


The Company wishes to inform its investors of the following important factors
that in some cases have affected, and in the future could affect, the Company's
results of operations and that could cause such future results of operations to
differ materially from those expressed in any forward looking statements made by
or on behalf of the Company. Disclosure of these factors is intended to permit
the Company to take advantage of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Many of these factors have been
discussed in prior SEC filings by the Company. Though the Company has attempted
to list comprehensively these important cautionary factors, the Company wishes
to caution investors that other factors may in the future prove to be important
in affecting the Company's results of operations.

Cyclical Demand -- Demand for new equipment manufactured by the Company tends to
be cyclical, responding historically to varying levels of construction and
industrial activity, principally in the United States and, to a lesser extent,
in other industrialized nations. Other factors affecting demand include the
availability and cost of financing for equipment purchases and the market
availability of used equipment. Company management regularly monitors these and
other factors that affect demand for the Company's equipment. However,
predicting levels of demand beyond a short term is necessarily imprecise and
demand may at times change dramatically.

Consolidating Customers Base; Rental Companies -- The principal customers for
the Company's new equipment are over 110 independent equipment rental companies
that rent the Company's products and provide service support to equipment users.
In recent years, growth in sales to equipment rental companies has outpaced
growth in direct sales to end users, resulting in equipment rental companies
comprising a larger share of total sales. At the same time there has been
substantial consolidation in ownership among rental companies, resulting in a
more limited number of major customers comprising a substantial portion of total
sales. A change in purchasing decisions by any of these major customers could
materially affect overall demand for the Company's products and the Company's
financial performance. More generally, during recessionary conditions, demand
for equipment by equipment rental companies typically declines more sharply than
demand for equipment purchased by end-users.

Manufacturing Capacity - Given the cyclical nature of demand, the Company must
periodically expand and contract its manufacturing facilities. Capital
investments to acquire additional manufacturing facilities involves significant
risks. Excess manufacturing capacity adversely affects profitability because
higher fixed costs are spread over a lower sales volume. Insufficient capacity
adversely affects profitability as long lead-times required to fill customer
orders may impair the Company's ability to compete for new business and
subcontracting costs incurred to increase capacity affect profitability.

Product Liability -- Use of the Company's products involves risks of personal
injury and property damage and liability exposure for the Company. The Company
insures against this liability through a combination of a self-insurance
retention and catastrophic coverage in excess of the retention. The Company
monitors all incidents of which it becomes aware involving the use of its
products that result in personal injury or property damage and establishes
accrued liability reserves on its financial statements based on liability
estimates with respect to claims arising from such incidents. Future or
unreported incidents involving personal injury or property damage or
unanticipated variances between actual liabilities for known incidents and
Company estimates may adversely affect the Company's financial performance.

Availability of Product Components -- The Company obtains raw materials and
certain manufactured components from third-party suppliers. To reduce materials
costs and inventories, the Company relies on supplier partnership arrangements
with preferred vendors as a sole source for "just-in-time" delivery of many raw
materials and manufactured components. Because the Company maintains limited raw
material inventories, even brief unanticipated delays in delivery by suppliers,
including due to labor disputes, impaired financial condition of suppliers,
weather emergencies or other natural disasters, may adversely affect the
Company's ability to satisfy its customers on a timely basis and thereby affect
the Company's financial performance.


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Foreign Sales -- A growing component of the Company's business has been export
sales to Europe, Latin America and Asia. Maintenance and continued growth of
this segment of the Company's business may be affected by changes in trade,
monetary and fiscal policies, laws and regulations of the United States and
other trading nations and by foreign currency exchange rate fluctuations and the
ability or inability of the Company to hedge against exchange rate risks.

Competition; Continued Innovation -- The Company faces substantial competition
in the market for its products and some of the Company's competitors are, or in
the future may be, owned by larger enterprises that may have greater financial
resources and offer wider product lines than the Company. Product line expansion
by existing competitors and potential entry by new competitors also may affect
the Company's market position. Throughout its history, the Company has devoted
substantial resources to product development and has generally succeeded in
being a market leader in introducing new high-reach products or incorporating
new features and functions into existing products. Sales from new and redesigned
products introduced over the past two years represented 46% of total revenues
for the year ended July 31, 1997. The Company also holds certain patents which
it believes are valuable. Successful product innovation by competitors that
reach the market prior to comparable innovation by the Company or that are
amenable to patent protection may adversely affect the Company's financial
performance.

Unanticipated Litigation -- The Company occasionally has faced unanticipated
intellectual property and shareholder litigation which has involved significant,
unbudgeted expenditures. The costs and other effects of any future,
unanticipated legal or administrative proceedings may be significant.

Dependence Upon Key Personnel -- The Company believes that it has developed a
strong management team which intends to continue the Company's growth and
profitability. However, the loss or unavailability of certain key management
personnel, principally L. David Black, the Company's Chairman of the Board,
President and Chief Executive Officer, could adversely affect the Company's
business and prospects.

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