Toro 2012 Annual Report Download - page 17
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Please find page 17 of the 2012 Toro annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Forward-Looking Statements
ITEM 1A.RISK FACTORS
This Annual Report on Form 10-K contains, or incorporates by
reference, not only historical information, but also forward-looking The following are significant factors known to us that could materi-
statements within the meaning of Section 27A of the Securities Act ally adversely affect our business, operating results, financial con-
of 1933, as amended (‘‘Securities Act’’), and Section 21E of the dition, or future financial performance.
Exchange Act, and that are subject to the safe harbor created by
If economic conditions and outlook in the United States
those sections. In addition, we or others on our behalf may make
and in other countries in which we conduct business do
forward-looking statements from time to time in oral presentations,
not improve or if they worsen, our net sales and
including telephone conferences and/or web casts open to the
earnings could be adversely affected.
public, in press releases or reports, on our web sites or otherwise.
Statements that are not historical are forward-looking and reflect Economic conditions and outlook in the U.S. and in other countries
expectations and assumptions. We try to identify forward-looking in which we conduct business can impact demand for our products
statements in this report and elsewhere by using words such as and, ultimately, our net sales. These include but are not limited to
‘‘expect,’’ ‘‘strive,’’ ‘‘looking ahead,’’ ‘‘outlook,’’ ‘‘forecast,’’ ‘‘goal,’’ recessionary conditions; slow or negative economic growth rates;
‘‘optimistic,’’ ‘‘anticipate,’’ ‘‘continue,’’ ‘‘plan,’’ ‘‘estimate,’’ ‘‘believe,’’ the impact of state debt and sovereign debt defaults and austerity
‘‘should,’’ ‘‘could,’’ ‘‘will,’’ ‘‘would,’’ ‘‘possible,’’ ‘‘may,’’ ‘‘likely,’’ measures by certain European countries; slow down or reductions
‘‘intend,’’ and similar expressions or future dates. Our forward-look- in levels of golf course development, renovation, and improvement;
ing statements generally relate to our future performance, including golf course closures; reduced levels of home ownership, construc-
our anticipated operating results, liquidity requirements, and finan- tion, and sales; home foreclosures; negative consumer confidence;
cial condition; our business strategies and goals; and the effect of reduced consumer spending levels resulting from tax increases or
laws, rules, regulations, new accounting pronouncements, and out- otherwise; prolonged high unemployment rates; higher commodity
standing litigation on our business and future performance. and components costs and fuel prices; inflationary or deflationary
Forward-looking statements involve risks and uncertainties. pressures; reduced credit availability or unfavorable credit terms for
These risks and uncertainties include factors that affect all busi- our distributors, dealers, and end-user customers; higher
nesses operating in a global market, as well as matters specific to short-term, mortgage, and other interest rates; and general eco-
our company. The most significant factors known to us that could nomic and political conditions and expectations. In the past, some
materially adversely affect our business, operations, industry, finan- of these factors have caused our distributors, dealers, and
cial position, or future financial performance are described below in end-user customers to reduce spending and delay or forego
Part I, Item 1A, ‘‘Risk Factors.’’ We wish to caution readers not to purchases of our products, which has had an adverse effect on our
place undue reliance on any forward-looking statement which net sales and earnings. If economic conditions and outlook in the
speaks only as of the date made and to recognize that forward- U.S., Europe, and in the other countries in which we conduct busi-
looking statements are predictions of future results, which may not ness do not further improve, or if they worsen, our net sales and
occur as anticipated. Actual results could differ materially from earnings could be adversely affected in the future.
those anticipated in the forward-looking statements and from his-
torical results, due to the risks and uncertainties described else- Weather conditions may reduce demand for some of our
where in this report, including in Part I, Item 1A, ‘‘Risk Factors,’’ as products and adversely affect our net sales or otherwise
well as others that we may consider immaterial or do not anticipate adversely affect our operating results.
at this time. The risks and uncertainties described in this report,
From time to time, weather conditions in a particular geographic
including in Part I, Item 1A, ‘‘Risk Factors,’’ are not exclusive and
region may adversely affect sales and field inventory levels of
further information concerning our company and our businesses,
some of our products. For example, in the past, drought conditions
including factors that potentially could materially affect our operat-
have had an adverse effect on sales of certain mowing equipment
ing results or financial condition, may emerge from time to time.
products, unusually rainy weather or severe drought conditions that
We assume no obligation to update forward-looking statements
result in watering bans have had an adverse effect on sales of our
to reflect actual results or changes in factors or assumptions
irrigation products, and lower snow fall accumulations in key mar-
affecting such forward-looking statements. We advise you, how-
kets have had an adverse effect on sales of our snow thrower
ever, to consult any further disclosures we make on related sub-
products. Similarly, adverse weather conditions in one season may
jects in our future Quarterly Reports on Form 10-Q and Current
adversely affect customer purchasing patterns and our net sales
Reports on Form 8-K that we file with or furnish to the SEC.
for some of our products in another season. For example, lower
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