OSHKOSH, WIS. (April 17, 2003) — Oshkosh Truck Corporation [NYSE: OSK] announced today that the U.S. Army has awarded the production contract for the Family of Medium Tactical Vehicles (FMTV) A1 Competitive Rebuy to the company’s competitor, Stewart & Stevenson of Sealy, Tex. Stewart & Stevenson is the incumbent manufacturer of the FMTV line.
The FMTV Competitive Rebuy program involves a five-year contract covering the production of 7,063 new trucks and 3,826 trailers as well as options for additional equipment and system technical support falling into fiscal years 2005 through 2009.
“This has been a long and hard-fought competition with significant investment and noteworthy effort on the part of both competitors. Oshkosh employees should take great pride in their work in pursuing this program. We submitted a superior technical and pricing package and believe we offered the U.S. Army a substantial initial procurement cost savings and huge reductions in life cycle costs. Oshkosh will evaluate its legal options after it has been thoroughly debriefed by the Army,” said Robert G. Bohn, Oshkosh’s chairman, president and chief executive officer.
“We are certainly disappointed, but this program was one of many opportunities for Oshkosh to serve its customers and grow its business. We are focused on continuing to provide the best equipment and service to our military and commercial customers worldwide and will continue to aggressively develop other business opportunities. These include the recent U.K. Wheeled Tanker program, the U.K. Cargo Support Vehicle program, the ongoing rollout of the Revolution™ composite concrete mixer drum and strategic acquisitions,” continued Bohn.
Robert Bohn, together with Oshkosh’s executive vice president and chief financial officer, Charlie Szews, will conduct a live conference call for security analysts and institutional investors at 11:00 a.m. EDT on Thursday, April 24, in conjunction with the Company’s earnings announcement for the second quarter of its 2003 fiscal year. Oshkosh management will answer no questions regarding this contract until that time. The conference call will be available simultaneously to the public, in a listen-only format, via webcast. To access the webcast, people should go to www.oshkoshtruck.com at least 15 minutes prior to the event. A replay of the call will be available on the company’s web site for 30 days.
Oshkosh Truck Corporation [NYSE: OSK] is a leading manufacturer of specialty trucks and truck bodies for the fire and emergency, defense, concrete placement and refuse hauling markets. Products are marketed under the Oshkosh®, Pierce®, McNeilus®, Geesink, Norba and Medtec® brand names. The company is headquartered in Oshkosh, Wis., and had annual sales of $1.74 billion in fiscal 2002.
For more information about Oshkosh Truck Corporation, log onto the company web site at www.oshkoshtruck.com.
Forward-Looking Statements
Certain statements contained in this press release are “forward-looking statements” that Oshkosh believes are within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different. Those risks include, without limitation, matters described in Oshkosh’s Form 8-K filed with the Securities and Exchange Commission (SEC) on January 23, 2003 and other filings with the SEC. Oshkosh disclaims any obligation to update these expectations except as described in the Form 8-K. # # #
