At the Company:
Donald C. Roof
Executive Vice President and
Chief Financial Officer and Treasurer
At Financial Relations Board
Milwaukee, WI – November 15, 2005 – Joy Global Inc. (NASDAQ: JOYG), a worldwide leader in high-productivity mining solutions, announced today that its board of directors has authorized a three-for-two split of the company’s common shares, payable on December 12, 2005 to shareholders of record on November 28, 2005.
The board of directors also declared a quarterly dividend in the amount of $0.1125 per share to be paid on December 29, 2005 to shareholders of record on December 15, 2005. This declaration, in tandem with the announced stock split, represents a 50% increase from the previous quarterly dividend.
“These actions are reflective of the continued strong financial performance and cash flow generation of the company,” said John Hanson, chairman, president and CEO. “The dividend has now been increased 50% on each of four different occasions over the past two years. When the current stock split is completed, the company will have in excess of 120 million shares outstanding. We are pleased with these decisions, which are indicative of the board’s focus on enhancing shareholder value and increasing shareholder returns.”
In connection with the stock split, each holder of Joy Global common stock will receive one share of Joy Global common stock for each two shares of such stock owned. Cash will be distributed in lieu of fractional shares. New shares will be issued by the company’s transfer agent, and will begin trading on the Nasdaq National Market on a split-adjusted basis on December 13, 2005.
About the Company
Joy Global Inc. is a worldwide leader in manufacturing, servicing and distributing equipment for surface mining through P&H Mining Equipment and underground mining through Joy Mining Machinery.