SOUTH MILWAUKEE, Wisc., Oct. 22, 2009 (GLOBE NEWSWIRE) -- Bucyrus International, Inc. (Nasdaq:BUCY), a leading designer, manufacturer and marketer of high productivity mining equipment, announced today its summary unaudited financial results for the quarter and nine months ended September 30, 2009.
Operating Results
Consolidated Condensed Statements of Earnings (Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
(Dollars in thousands, except per share amounts)
Sales $675,767 $646,002 $2,005,947 $1,783,991
Cost of products
sold 451,924 463,671 1,406,657 1,285,979
----------- ----------- ----------- -----------
Gross profit 223,843 182,331 599,290 498,012
Selling, general
and administrative
expenses 71,405 66,285 195,473 185,149
Research and
development
expenses 11,279 8,910 29,855 27,420
Amortization of
intangible assets 4,593 4,183 14,198 15,214
----------- ----------- ----------- -----------
Operating earnings 136,566 102,953 359,764 270,229
Interest income (1,109) (1,475) (3,539) (5,605)
Interest expense 6,802 7,897 20,328 24,524
Other expense 56 768 5,699 2,304
----------- ----------- ----------- ----------
Earnings before
income taxes 130,817 95,763 337,276 249,006
Income tax expense 38,750 31,596 106,028 81,441
----------- ----------- ----------- -----------
Net earnings $92,067 $64,167 $231,248 $167,565
=========== =========== =========== ===========
Net earnings per
share data
----------------
Basic:
Net earnings
per share $1.24 $0.86 $3.11 $2.25
Weighted average
shares 74,459,337 74,339,888 74,454,844 74,335,712
Diluted:
Net earnings
per share $1.21 $0.85 $3.05 $2.23
Weighted average
shares 76,191,084 75,266,063 75,724,333 75,248,961
Other Financial
Data:
EBITDA (1) $152,129 $115,778 $400,298 $312,738
=========== =========== =========== ===========
Non-cash stock
compensation
expense (2) $2,608 $1,082 $7,598 $5,061
Severance
expenses (3) 1,582 (306) 5,263 884
Loss on disposal
of fixed
assets (4) 3,315 194 3,691 759
Inventory fair
value adjustment
charged to cost of
products sold (5) -- -- -- 12,088
----------- ----------- ----------- -----------
$7,505 $970 $16,552 $18,792
=========== =========== =========== ===========
----------------------
(1) EBITDA is defined as net earnings before interest income,
interest expense, income tax expense, depreciation and
amortization. EBITDA is presented because (i) management uses
EBITDA to measure Bucyrus' liquidity and financial performance
and (ii) management believes EBITDA is frequently used by
securities analysts, investors and other interested parties in
evaluating the performance and enterprise value of companies in
general, and in evaluating the liquidity of companies with
significant debt service obligations and their ability to
service their indebtedness. The EBITDA calculation is not an
alternative to operating earnings under accounting principles
generally accepted in the United States of America ("GAAP") as
an indicator of operating performance or of cash flows as a
measure of liquidity. Additionally, EBITDA is not intended to
be a measure of free cash flow for management's discretionary
use, as it does not consider certain cash requirements such as
interest payments, tax payments and debt service requirements.
Because not all companies use identical calculations, this
presentation of EBITDA may not be comparable to other similarly
titled measures of other companies. The following table
reconciles net earnings to EBITDA and EBITDA to net cash
provided by operating activities.
(2) Reflects non-cash stock compensation expense related to equity
incentive plans.
(3) Reflects severance and early retirement expenses for personnel
changes in the ordinary course.
(4) Reflects losses on the disposal of fixed assets in the ordinary
course and a $3.3 million loss in the quarter ended September 30,
2009 related to the sale of certain assets in Poland.
(5) In connection with the acquisition of DBT GmbH in 2007,
inventories purchased were adjusted to estimated fair value.
This adjustment was charged to cost of products sold as the
inventory was sold.
EBITDA Reconciliation (Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
(Dollars in thousands)
Net earnings $92,067 $64,167 $231,248 $167,565
Interest income (1,109) (1,475) (3,539) (5,605)
Interest expense 6,802 7,897 20,328 24,524
Income tax expense 38,750 31,596 106,028 81,441
Depreciation 10,241 8,642 29,434 27,295
Amortization 5,378 4,951 16,799 17,518
-------- -------- -------- --------
EBITDA 152,129 115,778 400,298 312,738
Changes in assets
and liabilities 14,117 (141,714) (154,827) (134,136)
Non-cash stock compensation
expense 2,608 1,082 7,598 5,061
Loss on disposal of fixed
assets 3,315 194 3,691 759
Interest income 1,109 1,475 3,539 5,605
Interest expense (6,802) (7,897) (20,328) (24,524)
Income tax expense (38,750) (31,596) (106,028) (81,441)
-------- -------- -------- --------
Net cash provided by (used in)
operating activities $127,726 ($62,678) $133,943 $84,062
======== ======== ======== ========
Consolidated Condensed Balance Sheets (Unaudited)
Sept. 30, Dec. 31,
2009 2008
---------- ----------
(Dollars in thousands)
Assets
------
Cash and cash equivalents $143,497 $102,396
Receivables - net 645,227 636,486
Inventories 667,151 616,710
Deferred income taxes 40,772 53,133
Prepaid expenses and other 27,631 26,045
---------- ----------
Total current assets 1,524,278 1,434,770
---------- ----------
Goodwill 344,236 330,211
Intangible assets - net 227,180 230,451
Other assets 68,364 68,823
---------- ----------
Total other assets 639,780 629,485
Property, plant and equipment - net 505,563 488,396
---------- ----------
Total assets $2,669,621 $2,552,651
========== ==========
Liabilities and Common Stockholders' Investment
-----------------------------------------------
Accounts payable and accrued expenses $351,487 $438,626
Liabilities to customers on uncompleted
contracts and warranties 172,852 252,304
Income taxes 82,553 70,091
Current maturities of long-term debt and
short-term obligations 12,802 69,291
---------- ----------
Total current liabilities 619,694 830,312
---------- ----------
Deferred income taxes 68,307 52,895
Pension, postretirement benefits and other 213,797 218,181
---------- ----------
Total long-term liabilities 282,104 271,076
Long-term debt, less current maturities 503,048 501,755
Common stockholders' investment 1,264,775 949,508
---------- ----------
Total liabilities and common stockholders'
investment $2,669,621 $2,552,651
========== ==========
Segment Information (Unaudited)
Quarter Ended September 30, 2009
--------------------------------------------------
Deprec
-iation Capital
Operating and Amorti Expend Total
Sales Earnings -zation -itures Assets
-------- -------- -------- -------- ----------
(Dollars in thousands)
Surface mining $312,893 $78,180 $6,054 $7,353 $1,058,074
Underground mining 362,874 72,597 8,781 2,853 1,611,547
-------- -------- -------- -------- ---------
Total operations 675,767 150,777 14,835 10,206 2,669,621
Corporate -- (14,211) -- -- --
-------- -------- -------- -------- ----------
Consolidated
total $675,767 136,566 14,835 $10,206 $2,669,621
======== ======= ==========
Interest income (1,109) --
Interest expense 6,802 --
Other expense 56 784
-------- --------
Earnings before
income taxes $130,817 $15,619
======== ========
Quarter Ended September 30, 2008
--------------------------------------------------
Deprec
-iation Capital
Operating and Amorti Expend Total
Sales Earnings -zation -itures Assets
-------- -------- -------- -------- ----------
(Dollars in thousands)
Surface mining $337,148 $72,269 $4,733 $12,346 $1,010,100
Underground mining 308,854 39,874 8,092 5,551 1,354,032
-------- -------- -------- -------- ----------
Total operations 646,002 112,143 12,825 17,897 2,364,132
Corporate -- (9,190) -- -- --
-------- -------- -------- -------- ----------
Consolidated
total $646,002 102,953 12,825 $17,897 $2,364,132
======== ======== ==========
Interest income (1,475) --
Interest expense 7,897 --
Other expense 768 768
-------- --------
Earnings before
income taxes $95,763 $13,593
======== ========
Nine Months Ended September 30, 2009
----------------------------------------------------
Deprec
-iation Capital
Operating and Amorti Expend Total
Sales Earnings -zation -itures Assets
---------- -------- -------- -------- ----------
(Dollars in thousands)
Surface mining $979,938 $224,417 $17,314 $25,626 $1,058,074
Underground
mining 1,026,009 165,113 26,319 8,917 1,611,547
---------- -------- -------- -------- ---------
Total operations 2,005,947 389,530 43,633 34,543 2,669,621
Corporate -- (29,766) -- -- --
---------- -------- -------- -------- ----------
Consolidated
total $2,005,947 359,764 43,633 $34,543 $2,669,621
========== ======= ==========
Interest income (3,539) --
Interest expense 20,328 --
Other expense 5,699 2,600
-------- --------
Earnings before
income taxes $337,276 $46,233
======== ========
Nine Months Ended September 30, 2008
----------------------------------------------------
Deprec
-iation Capital
Operating and Amorti Expend Total
Sales Earnings -zation -itures Assets
---------- -------- -------- -------- ----------
(Dollars in thousands)
Surface mining $922,985 $190,872 $14,813 $46,589 $1,010,100
Underground
mining 861,006 103,421 27,696 15,634 1,354,032
---------- -------- -------- -------- ----------
Total operations 1,783,991 294,293 42,509 62,223 2,364,132
Corporate -- (24,064) -- -- --
---------- -------- -------- -------- ----------
Consolidated
total $1,783,991 270,229 42,509 $62,223 $2,364,132
========== ======== ==========
Interest income (5,605) --
Interest expense 24,524 --
Other expense 2,304 2,304
-------- --------
Earnings before
income taxes $249,006 $44,813
======== ========
Sales consisted of the following:
Quarter Ended Nine Months Ended
September 30, September 30,
------------------------- -----------------------------
% %
2009 2008 Change 2009 2008 Change
-------- -------- ----- ---------- ---------- -----
(Dollars in thousands)
Surface
mining:
Original
equipment $119,800 $155,554 (23.0%) $417,103 $437,631 (4.7%)
Aftermarket
parts and
service 193,093 181,594 6.3% 562,835 485,354 16.0%
-------- -------- ---------- ----------
312,893 337,148 (7.2%) 979,938 922,985 6.2%
-------- -------- ---------- ----------
Underground
mining:
Original
equipment 215,758 186,037 16.0% 613,348 512,653 19.6%
Aftermarket
parts and
service 147,116 122,817 19.8% 412,661 348,353 18.5%
-------- -------- ---------- ----------
362,874 308,854 17.5% 1,026,009 861,006 19.2%
-------- -------- ---------- ----------
Total:
Original
equipment 335,558 341,591 (1.8%) 1,030,451 950,284 8.4%
Aftermarket
parts and
service 340,209 304,411 11.8% 975,496 833,707 17.0%
-------- -------- ---------- ----------
$675,767 $646,002 4.6% $2,005,947 $1,783,991 12.4%
======== ======== ========== ==========
The decrease in surface mining original equipment sales for the quarter and nine months ended September 30, 2009 compared to the same periods for 2008 was primarily due to decreased electric mining shovel sales, which was partially offset by increased percentage of completion revenue recognized from the manufacture and assembly of walking draglines in Australia and Canada.
The increase in surface mining aftermarket parts and service sales for the quarter ended September 30, 2009 compared to the same period for 2008 was primarily in the Chilean market with moderate increases in the Canadian and Chinese markets, offset by a decline in the Australian and Peruvian markets. The increase in surface mining aftermarket parts and service for the nine months ended September 30, 2009 compared to the same period for 2008 was primarily in the Chilean, United States, Chinese and Australian markets with a moderate increase in the Canadian market, offset by a moderate decline in the Peruvian market. Surface mining sales for the quarter and nine months ended September 30, 2009 were negatively impacted by approximately $6.2 million and $34.9 million, respectively, due to the effect of the stronger U.S. dollar on sales denominated in foreign currencies compared to the same periods for 2008.
The increase in underground mining original equipment sales for the quarter and nine months ended September 30, 2009 compared to the same periods for 2008 was the result of increases in all product lines.
The increase in underground mining aftermarket parts and service sales for the quarter and nine months ended September 30, 2009 compared to the same periods for 2008 was primarily due to increased longwall replacement projects in the United States market as well as increased sales in the Czech Republic market, offset by a decline in the South African market due to a large longwall extension in 2008. Sales for the third quarter of 2009 also increased in the Australian market as a result of large rebuild orders from customers to extend the lives of their existing Bucyrus mining equipment. Underground mining sales for the quarter and nine months ended September 30, 2009 were negatively impacted by approximately $11.6 million and $65.9 million, respectively, due to the effect of the stronger U.S. dollar on sales denominated in foreign currencies compared to the same periods for 2008.
Gross profit and gross margin were as follows:
Quarter Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
% %
2009 2008 Change 2009 2008 Change
-------- -------- ----- -------- -------- -----
(Dollars in thousands)
Gross profit $223,843 $182,331 22.8% $599,290 $498,012 20.3%
Gross margin 33.1% 28.2% N/A 29.9% 27.9% N/A
Gross profit was affected by purchase accounting adjustments as a result of the acquisition of DBT GmbH ("DBT") in 2007 as follows:
Quarter Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
2009 2008 2009 2008
-------- -------- -------- -------
(Dollars in thousands)
(Increase) decrease due to
purchase accounting adjustments ($483) ($629) ($1,432) $11,262
Gross margin increase (reduction) -- 0.1 0.1 (0.6)
The increase in gross profit for the quarter ended September 30, 2009 compared to the same period for 2008 was primarily due to the mix of original equipment sales in both the surface and underground mining segments and increased underground mining segment sales. The increase in year-to-date 2009 gross profit was primarily due to increased sales in both the surface and underground mining segments and the mix of original equipment sales in the surface mining segment. Excluding the effect of the DBT purchase accounting adjustments, gross profit was 33.1% of sales for the third quarter of 2009 compared to 28.1% of sales for the third quarter of 2008 and was 29.8% of sales for the nine months ended September 30, 2009 compared to 28.5% of sales for the nine months ended September 30, 2008.
Operating earnings were as follows:
Quarter Ended Nine Months Ended
September 30, September 30,
--------------------------- ---------------------------
2009 2008 % Change 2009 2008 % Change
-------- -------- ------- -------- -------- -------
(Dollars in thousands)
Surface
mining $78,180 $72,269 8.2% $224,417 $190,872 17.6%
Underground
mining 72,597 39,874 82.1% 165,113 103,421 59.7%
-------- -------- -------- --------
Total
operations 150,777 112,143 34.5% 389,530 294,293 32.4%
Corporate (14,211) (9,190) (54.6%) (29,766) (24,064) (23.7%)
-------- -------- -------- --------
Consolidated
total $136,566 $102,953 32.6% $359,764 $270,229 33.1%
======== ======== ======== ========
Operating earnings for the underground mining segment were reduced by amortization of purchase accounting adjustments related to the acquisition of DBT of $3.5 million and $11.0 million for the quarter and nine months ended September 30, 2009, respectively, compared to $3.1 million and $24.8 million for the quarter and nine months ended September 30, 2008, respectively.
Other expense for the quarter and nine months ended September 30, 2009 was $0.1 million and $5.7 million, respectively, compared to $0.8 million and $2.3 million for the quarter and nine months ended September 30, 2008, respectively. The increase for the nine months ended September 30, 2009 compared to the same period for 2008 was primarily due to $3.1 million of losses that were reclassified from accumulated other comprehensive income into earnings due to the discontinuance of cash flow hedges. The cash flow hedges were concurrently settled and extended because an original forecasted transaction did not occur within the original specified time period as a result of customer requested delays of two orders in the underground mining segment. It is anticipated that the losses will be recovered in 2010 when the hedges come due.
Net earnings were as follows:
Quarter Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
% %
2009 2008 Change 2009 2008 Change
-------- -------- ------- -------- -------- -------
(Dollars in thousands, except per share amounts)
Net earnings $92,067 $64,167 43.5% $231,248 $167,565 38.0%
Fully diluted
net earnings
per share $1.21 $0.85 42.4% $3.05 $2.23 36.8%
Net earnings were reduced (increased) by amortizations of purchase accounting adjustments related to the acquisition of DBT as follows:
Quarter Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
(Dollars in thousands)
Inventory fair value
adjustment charged to cost
of product sold $-- $-- $-- $12,088
Amortization of intangible
assets 4,183 3,796 12,927 14,054
Depreciation of fixed assets (654) (655) (1,936) (1,337)
-------- -------- -------- --------
Operating earnings 3,529 3,141 10,991 24,805
Income tax benefit 1,229 1,042 3,705 8,117
-------- -------- -------- --------
Total $2,300 $2,099 $7,286 $16,688
======== ======== ======== ========
EBITDA was as follows:
Nine Months Ended
Quarter Ended September 30, September 30,
--------------------------- ---------------------------
% %
2009 2008 Change 2009 2008 Change
-------- -------- ------- -------- -------- -------
(Dollars in thousands)
EBITDA $152,129 $115,778 31.4% $400,298 $312,738 28.0%
EBITDA as
a percent
of sales 22.5% 17.9% N/A 20.0% 17.5% N/A
EBITDA includes the impact of non-cash stock compensation expense, severance expenses, loss on disposal of fixed assets and the inventory fair value purchase accounting adjustment charged to cost of products sold as set forth in the Other Financial Data table presented beneath the Consolidated Condensed Statements of Earnings.
Capital expenditures for the nine months ended September 30, 2009 were $34.5 million, which included $9.6 million related to the expansion and additional renovation of Bucyrus' South Milwaukee facilities. Bucyrus' total capital expenditures for 2009 are expected to be approximately $55 million.
Backlog at September 30, 2009 and December 31, 2008, as well as the portion of backlog which is expected to be recognized within 12 months of these dates, was as follows:
September 30, December 31,
2009 2008 % Change
------------- ------------- -------------
(Dollars in thousands)
Surface Mining:
Total $1,127,219 $1,367,242 (17.6%)
Next 12 months $731,481 $906,884 (19.3%)
Underground Mining:
Total $809,465 $1,135,212 (28.7%)
Next 12 months $571,620 $806,074 (29.1%)
Total:
Total $1,936,684 $2,502,454 (22.6%)
Next 12 months $1,303,101 $1,712,958 (23.9%)
A portion of the surface mining backlog at September 30, 2009 and December 31, 2008 was related to multi-year contracts that will generate revenue in future years.
New orders were as follows:
Quarter Ended Nine Months
September 30, Ended September 30,
------------------------- -----------------------------
% %
2009 2008 Change 2009 2008 Change
-------- -------- ------ ---------- ---------- ------
(Dollars in thousands)
Surface
mining:
Original
equipment $107,495 $202,341 (46.9%) $235,668 $657,521 (64.2%)
Aftermarket
parts and
service 186,023 159,191 16.9% 504,188 778,980 (35.3%)
-------- -------- ---------- ----------
293,518 361,532 (18.8%) 739,856 1,436,501 (48.5%)
-------- -------- ---------- ----------
Underground
mining:
Original
equipment 207,931 467,092 (55.5%) 329,474 964,207 (65.8%)
Aftermarket
parts and
service 126,132 151,086 (16.5%) 370,847 448,541 (17.3%)
-------- -------- ---------- ----------
334,063 618,178 (46.0%) 700,321 1,412,748 (50.4%)
-------- -------- ---------- ----------
Total:
Original
equipment 315,426 669,433 (52.9%) 565,142 1,621,728 (65.2%)
Aftermarket
parts and
service 312,155 310,277 0.6% 875,035 1,227,521 (28.7%)
-------- -------- ---------- ----------
$627,581 $979,710 (35.9%) $1,440,177 $2,849,249 (49.5%)
======== ======== ========== ==========
The decrease in surface mining original equipment new orders for the quarter and nine months ended September 30, 2009 compared to the same periods for 2008 was primarily due to a decline in electric mining shovel and blasthole drill new orders, which was attributable to the reduced demand for the commodities mined by Bucyrus equipment as a result of current global economic conditions.
The increase in surface mining aftermarket parts and service new orders for the quarter ended September 30, 2009 compared to the same period for 2008 was primarily in Australia. Surface mining aftermarket parts and service new orders for nine months ended September 30, 2009 have declined in most markets compared to the same period for 2008 as a result of current global economic conditions; however, new orders have increased in China and South Africa. Included in surface mining aftermarket parts and service new orders for the nine months ended September 30, 2009 was $23.4 million related to multi-year contracts that will generate revenue in future years, compared to $278.3 million in the first nine months of 2008. Multi-year contracts vary in size and are not typically received on a regular basis.
The decrease in underground mining original equipment new orders for the quarter ended September 30, 2009 compared to the same period for 2008 was primarily due to larger longwall new orders with customers in the United States, Germany and China during the third quarter of 2008 and reduced new orders in all product lines in 2009 as a result of current global economic conditions. The decrease in underground mining original equipment new orders for the nine months ended September 30, 2009 compared to the same period for 2008 was primarily due to the sale of five longwall systems to a customer in the Czech Republic in the first quarter of 2008 and large longwall orders in the United States in 2008. Longwall and room and pillar new orders have been negatively impacted in 2009 as a result of current global economic conditions.
The decrease in underground mining aftermarket parts and service new orders for the third quarter of 2009 compared to the same period for 2008 was primarily in the United States and the Czech Republic. The decrease in underground mining aftermarket parts and service new orders for the nine months ended September 30, 2009 compared to the same period for 2008 was in all markets, primarily a result of current global economic conditions.
Conference Call
Bucyrus will hold a telephone conference call pertaining to this news release at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) on Friday, October 23, 2009. Interested parties should call (888) 679-8034 ((617) 213-4847 for international callers), participant passcode 42819108. A replay of the call will be available until November 23, 2009 at (888) 286-8010 ((617) 801-6888 for international callers), participant passcode 61101184. The conference call will also be available as a web cast, which can be accessed through the link provided on the Investor Relations page of Bucyrus' website at www.bucyrus.com and will be available until November 23, 2009.
Special Note Regarding Online Availability of Bucyrus Releases and Filings
All Bucyrus financial news releases and SEC filings are posted to Bucyrus' website, www.bucyrus.com. Automatic email alerts for these postings, corporate and general releases as well as product information also are available at www.bucyrus.com.
FORWARD-LOOKING STATEMENTS AND CAUTIONARY FACTORS
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of predictive, future tense or forward-looking terminology, such as "believes," "anticipates," "expects," "estimates," "intends," "may," "will" or similar terms. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those contained in the forward-looking statements as a result of various factors, some of which are unknown. The factors that could cause actual results to differ materially from those anticipated in such forward-looking statements and could adversely affect Bucyrus' actual results of operations and financial condition include, without limitation:
* the cyclical nature of the sale of original equipment due to fluctuations in market prices for coal, copper, oil, iron ore and other minerals, changes in general economic conditions, changes in interest rates, changes in customers' replacement or repair cycles, consolidation in the mining industry and competitive pressures; * changes in global financial markets and global economic conditions; * our customers deferring, delaying or canceling capital investments due to volatility and tightening of credit markets, unprecedented financial market conditions and a global recession; * disruption of our plant operations due to equipment failures, natural disasters or other reasons; * our ability to attract and retain skilled labor; * our production capacity; * our ability to purchase component parts or raw materials from key suppliers at acceptable prices and/or on the required time schedule; * our dependence on the commodity price of coal and other conditions in the coal market; * our reliance on significant customers; * the loss of key customers or key members of management; * the risks and uncertainties of doing business in foreign countries, including emerging markets, and foreign currency risks; * the highly competitive nature of the mining industry; * our ability to continue to offer products containing innovative technology that meets the needs of our customers; * costs and risks associated with regulatory compliance and changing regulations affecting the mining industry and/or electric utilities; * product liability, environmental and other potential litigation; * work stoppages at our company, our customers, our suppliers or providers of transportation; * our ability to satisfy underfunded pension and postretirement obligations; * our ability to protect intellectual property; and * the availability of operating cash to service our indebtedness.
The foregoing factors do not constitute an exhaustive list of factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and should be read in conjunction with the other cautionary statements and risk factors included in Bucyrus' 2008 Form 10-K filed with the Securities and Exchange Commission on March 2, 2009. All forward-looking statements attributable to Bucyrus are expressly qualified in their entirety by the foregoing cautionary statements. Bucyrus undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.