April 29, 2005, Bellevue, Washington PACCAR Incs Board of Directors approved the repatriation, under the American Jobs Creation Act (the Act), of $1.5 billion of accumulated profits earned outside the United States. These repatriated funds will strengthen PACCARs superb technology investments and high-quality products and facilities, said Mark C. Pigott, chairman and chief executive officer. PACCAR has added 2,200 jobs in the United States since January 1, 2004, in research and development, financial services and manufacturing. The companys second quarter earnings will include an estimated $70 million ($.40 per share) one-time charge for income tax expense associated with the repatriation of funds.
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt, DAF and Foden nameplates. It also provides financial services and distributes truck parts related to its principal business. In addition, the Bellevue, Washington-based company manufactures industrial winches under the Braden, Gearmatic and Carco nameplates.
PACCAR shares are traded on the Nasdaq Stock Market, symbol PCAR, and its homepage can be found at www.paccar.com.