December 16, 2005
Dec. 16, 2005-Terex Corporation (NYSE:TEX) announced today that it has received an extension for continued listing and trading on the New York Stock Exchange for three months, through March 31, 2006, to complete and file its Annual Report on Form 10-K for the year ended December 31, 2004 with the Securities and Exchange Commission. The extension is subject to review by the NYSE on an ongoing basis. Terex expects to complete and file its Annual Report on Form 10-K for 2004 with the SEC within such time period; however, there can be no assurance that Terex will be able to file its Annual Report on Form 10-K for 2004 within such time period. In the event that Terex does not file its Annual Report on Form 10-K for 2004 with the SEC by March 31, 2006, the NYSE will move forward with the initiation of suspension procedures. Safe Harbor Statement The press release contains forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and
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December 06, 2005
Dec. 6, 2005-Terex Corporation (NYSE: TEX) today announced that it will participate in the Bear Stearns Commodities and Capital Goods Conference at the Bear Stearns World Headquarters located on 383 Madison Avenue at 47th Street in New York, New York on Thursday, December 8, 2005. The meeting will include a presentation by Ronald DeFeo, Chairman and Chief Executive Officer. A live webcast of this presentation can be accessed on Thursday, December 8, 2005 at 12:35 PM (EST) on the Terex Corporation website, www.terex.com, under the Investor Relations section. Additionally, a slide presentation from the conference will be available beginning on Thursday, December 8, 2005 on the Terex website under the Investor Relations section. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available for 90 days by accessing the above address. There is no
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November 03, 2005
Nov. 3, 2005-Terex Corporation (NYSE: TEX) has announced the promotion of Colin Robertson to the position of Terex Corporation Executive Vice President - Operations, effective January 1, 2006. In this new critical and strategic role, Mr. Robertson will report directly to Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer, and will be headquartered in Terex's corporate offices in Westport, CT. In this assignment, Mr. Robertson will be responsible for developing and implementing world-class capability in supply chain management, logistics and global purchasing, as well as for improving manufacturing facility utilization around the world. He also will play a key role in Terex's China initiatives and the implementation of an Oracle enterprise computer system throughout the Company. Commenting on Mr. Robertson's promotion, Mr. DeFeo stated, "Terex currently has 48 manufacturing locations worldwide and spends roughly $4 billion annually on material purchases from our suppliers
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November 03, 2005
WESTPORT, CT, November 3, 2005 – Terex Corporation (NYSE: TEX) today announced that it will participate in the Robert W. Baird Industrial Conference at the Four Seasons Hotel located in Chicago, Illinois on Wednesday, November 9, 2005. The meeting will include a presentation by Phil Widman, Terex's Senior Vice President and Chief Financial Officer, and Tom Gelston, Director of Investor Relations. A live webcast of this presentation can be accessed on Wednesday, November 9, 2005 at 11:15 AM (CST) on the Terex Corporation website, www.terex.com, under the Investor Relations section. Additionally, a slide presentation from the conference will be available beginning on Wednesday, November 9, 2005 on the Terex website under the Investor Relations section. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available for 90 days by accessing the above
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October 31, 2005
Oct. 31, 2005-Terex Corporation (NYSE: TEX) today announced that it will participate in the Goldman Sachs Global Capital Goods Conference at the Grand Hyatt Hotel New York located on Park Avenue at Grand Central Station in New York, New York on Tuesday, November 1, 2005. The meeting will include a presentation by Ronald DeFeo, Terex's Chairman and Chief Executive Officer, and Tom Gelston, Director of Investor Relations. A live webcast of this presentation can be accessed on Tuesday, November 1, 2005 at 11:25 AM (EST) on the Terex Corporation website, www.terex.com, under the Investors section. Additionally, a slide presentation from the conference will be available beginning on Monday, October 31, 2005 on the Terex website under the Investors section. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available for 90 days by accessing the above
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October 27, 2005
Oct. 27, 2005-Terex Corporation (NYSE: TEX) today announced net income for the third quarter of 2005 of $54.4 million, or $1.06 per share, compared to net income of $46.0 million, or $0.89 per share, for the third quarter of 2004. Excluding the impact of special items, net income for the third quarter of 2005 was $56.1 million, or $1.10 per share, compared to net income of $47.8 million, or $0.93 per share, for the third quarter of 2004. Special items for the third quarter of 2005 included charges for investigation costs associated with the Company's internal review and restatement of its financial statements for the fiscal years 2000, 2001, 2002, and 2003 and the first and second quarters of 2004, charges relating to previously announced restructuring programs, an asset impairment charge for the Company's American Truck Company joint venture, and the gain on the sale of a facility in the Czech Republic. Special items for the third quarter of 2004 primarily included costs associated
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October 24, 2005
Oct. 24, 2005-You are invited by Terex Corporation (NYSE: TEX) to participate in a conference call to review its third quarter 2005 financial results. The live call will begin on Friday, October 28, 2005 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO, will host the call. To access the call, call (877) 726-6603 on Friday, October 28, 2005 at least 10 minutes before the call is scheduled to begin. To accommodate our audiences in earlier time zones or anyone unable to listen, there will be a replay of the teleconference. The replay will be available shortly after the conclusion of the call and can be accessed until Friday, November 4, 2005 at 5:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #1733253. International participants should call (706) 634-5517 at least 15 minutes before the start of the conference call. To access the replay, please call (706) 645-9291 and enter conference id #1733253. Terex Corporation will be
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October 17, 2005
WESTPORT, Conn., Oct 17, 2005 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has obtained a waiver from its senior bank lending group that allows the Company until February 15, 2006 to provide its lenders with its financial information for the year ended December 31, 2004, as well as the quarters ended March 31, 2005, June 30, 2005 and September 30, 2005. In addition, the Waiver and Amendment allows Terex the flexibility to expend up to an additional $235,000,000 to repurchase, redeem, prepay or otherwise acquire for value indebtedness incurred by Terex other than through the Facility. This is in addition to other existing provisions in the Facility that allow Terex to repurchase or otherwise acquire indebtedness outside of the Facility, including a provision allowing Terex to repurchase up to $200,000,000 of its 10 3/8% senior subordinated notes on or after April 1, 2006. This additional amount will be available if, at such time, and after giving effect to
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September 27, 2005
WESTPORT, Conn., Sep 27, 2005 (BUSINESS WIRE) - TEREX Corporation (NYSE: TEX) today announced that it will participate in the Credit Suisse First Boston Global Mining Equipment Conference at the CSFB Conference Center Auditorium located at One Madison Avenue in New York, New York on Thursday, September 29, 2005. The meeting will include a presentation by Ronald DeFeo, TEREX's Chairman and Chief Executive Officer, and Rick Nichols, President - TEREX Materials Processing & Mining. A live webcast of this presentation can be accessed on Thursday, September 29, 2005 at 1:15 PM (EDT) on the TEREX Corporation website, www.terex.com, under the Investors section. Additionally, a slide presentation from the conference will be available beginning on September 29, 2005 on the TEREX website under the Investors section. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a
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September 22, 2005
WESTPORT, Conn., Sep 22, 2005 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) announced today that it will require additional time to complete the filing of its financial statements for the year ended December 31, 2004 and prior periods with the Securities and Exchange Commission ("SEC"). Terex had previously reported on September 15, 2005, that it would be filing the documents in the next several business days. However, Terex has now determined that additional items in its historical financial statements should be reviewed for completeness and accuracy. Terex has previously updated, in the press release dated September 9, 2005, management's expectations relative to the overall financial impact of the restatement on Terex. Based on management's current expectations and knowledge and consistent with this prior disclosure, the balance for stockholders' equity as of December 31, 2004 was approximately $1.1 billion. Additionally, Terex's management confirms that the restatement process and
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September 15, 2005
WESTPORT, Conn., Sep 15, 2005 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) continues to work diligently to complete the filing of the Company's financial statements for the year ended December 31, 2004 and prior periods with the Securities and Exchange Commission ("SEC"). The Company is in the final stages of internal and external review of its financial statements for 2004 and prior periods, and will file the appropriate documents in the next several business days. The Company's Quarterly Reports on Form 10-Q for the first and second quarters of 2005 will be filed as soon as practicable thereafter. Terex therefore has obtained a waiver from its senior bank lending group that allows the Company until October 15, 2005 to provide its lenders with its financial information for the year ended December 31, 2004, as well as for the quarters ended March 31, 2005 and June 30, 2005. Management anticipates having all applicable financial information completed and provided to the senior bank
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September 09, 2005
Sept. 9, 2005-Terex Corporation (NYSE: TEX) has previously disclosed in Current Reports on Form 8-K furnished to the Securities and Exchange Commission that the Company concluded that the financial statements of Terex for the years ended December 31, 2000, 2001, 2002 and 2003 need to be restated to correct certain errors. As Terex is in the final stages of the restatement process and computing the tax implications thereof, Terex has re-evaluated its U.S. deferred tax asset to determine if the deferred tax asset would "more likely than not" be realized based on the restated results of Terex's U.S. operations for the three years ended December 31, 2003. This assessment is required to be made without current hindsight, which precluded the Company from considering the subsequent profitability of Terex's U.S. operations in 2004 and 2005. The results of the assessment indicated that a valuation allowance was required to reduce Terex's net U.S. deferred tax asset as of December 31, 2003,
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August 29, 2005
Aug. 29, 2005-Terex Corporation (NYSE: TEX) announced today that it has filed a Form 8-K with the Securities and Exchange Commission ("SEC") disclosing that Terex has been advised by the SEC that it is commencing an investigation of Terex. Terex understands that the investigation relates to the previously announced restatement of its financial statements for the years ended December 31, 2000, 2001, 2002 and 2003. The restatement principally pertains to errors identified by Terex in accounting for, and reconciliation of, certain intercompany imbalances, as well as in the failure to properly eliminate, in consolidation, all intercompany accounts in accordance with generally accepted accounting principles. While no formal order has yet been issued, Terex is cooperating fully and intends to voluntarily provide the SEC staff with information. Separately, Terex has received a subpoena from the SEC in a matter entitled "In the Matter of United Rentals, Inc." The subpoena principally requires
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August 15, 2005
Aug. 15, 2005-Terex Corporation (NYSE: TEX) previously indicated in its press release dated August 3, 2005 that, while no assurance could be made, it was management's expectation at that time that the Company's financial statements for the year ended December 31, 2004 and prior periods would be filed with the SEC on or before August 15, 2005. While the Company is in the final stages of internal and external review of its financial statements for 2004 and prior periods, completion of the audit documentation, tax calculations and review procedure has proven to be a more lengthy and time consuming process than anticipated, given the complexity of the issues and the number of periods covered by this review and restatement. Management currently anticipates filing financial statements for the year ended December 31, 2004 and prior periods with the SEC in the very near future, and that the Quarterly Reports on Form 10-Q for the first and second quarters of 2005 will be filed within a few
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August 03, 2005
WESTPORT, Conn., Aug 03, 2005 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced net income for the second quarter of 2005 of $78.8 million, or $1.54 per share, compared to net income of $59.1 million, or $1.17 per share, for the second quarter of 2004. Excluding the impact of special items for the second quarter of 2005, net income was $80.5 million, or $1.58 per share, compared to net income of $52.3 million, or $1.03 per share, for the second quarter of 2004. Special items for the second quarter of 2005 included charges for investigation costs associated with the Company's internal review and restatement of its financial statements for the fiscal years 2000, 2001, 2002, and 2003, and charges relating to general corporate restructuring. Special items for the second quarter of 2004 primarily included gains on the sale of real estate and the favorable settlement of litigation proceedings related to the Company's acquisition of the O&K mining business, partially offset
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July 28, 2005
Terex Corporation (NYSE: TEX) Conference Call Thursday, August 4, 2005 8:30 a.m. Eastern Time WESTPORT, Conn., Jul 28, 2005 (BUSINESS WIRE) - You are invited by Terex Corporation to participate in a conference call to review its second quarter 2005 financial results. The live call will begin on Thursday, August 4, 2005 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO, will host the call. To access the call, call (877) 726-6603 on Thursday, August 4, 2005 at least 10 minutes before the call is scheduled to begin. To accommodate our audiences in earlier time zones or anyone unable to listen, there will be a replay of the teleconference. The replay will be available shortly after the conclusion of the call and can be accessed until Thursday, August 11, 2005 at 5:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #8266315. International participants should call (706) 634-5517 at least 15 minutes before the start of the conference
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May 31, 2005
Terex Corporation (NYSE: TEX) today announced net income for the first quarter of 2005 of $30.3 million, or $0.59 per share, compared to net income of $17.0 million, or $0.34 per share, for the first quarter of 2004. Excluding the impact of special items for the first quarter of 2005, net income was $30.8 million, or $0.60 per share, while there were no special items during the first quarter of 2004. Special items for the first quarter of 2005 included charges for investigation costs associated with the Company's internal review and the restatement of its financial statements for the fiscal periods 2000, 2001, 2002, and 2003, and charges relating to the closure of certain Terex Utilities branches. As discussed in the "Capital Structure and Taxes" section of this release, for the period ended March 31, 2005, the Company is using an estimated tax rate of 35%, versus the 30.3% rate used for the first quarter of 2004. Net sales increased to $1,448.9 million in the first quarter of 2005,
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May 27, 2005
Terex Corporation (NYSE: TEX) Conference Call Wednesday, June 1, 2005 8:30 a.m. Eastern Time May 27, 2005- You are invited by Terex Corporation to participate in a conference call to review its first quarter 2005 financial results. The live call will begin on Wednesday, June 1, 2005 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO, will host the call. To access the call, call (877) 726-6603 on Wednesday, June 1, 2005 at least 10 minutes before the call is scheduled to begin. To accommodate our audiences in earlier time zones or anyone unable to listen, there will be a replay of the teleconference. The replay will be available shortly after the conclusion of the call and can be accessed until Wednesday, June 8, 2005 at 5:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #6718652. International participants should call (706) 634-5517 at least 15 minutes before the start of the conference call. To access the replay, please call
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May 10, 2005
May 10, 2005-Terex Corporation (NYSE: TEX) today announced it expects total revenues for the quarter ended March 31, 2005 to be in the range of $1.40-$1.45 billion, an increase of over 35% versus the first quarter of 2004. Additionally, at this time, Terex anticipates fully diluted earnings per share, before special items, for the quarter ended March 31, 2005 to be in the range of $0.50 to $0.55. Net debt (total debt less cash) increased approximately $100 million in the first quarter of 2005, slightly better than Terex's previous guidance of $125 million. The increase in the outstanding debt balances reflects an investment in working capital in anticipation of the seasonally strong second quarter selling activities. Terex will be releasing its first quarter 2005 financial results before the end of May 2005, and intends on hosting a conference call to review its first quarter performance shortly thereafter. No update on earnings guidance will be provided prior to the publication of
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March 16, 2005
WESTPORT, Conn., Mar 16, 2005 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today filed a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission, notifying the SEC that the Company is delaying filing of its Annual Report on Form 10-K for the period ended December 31, 2004, pending completion of its previously announced internal accounting review. Terex is continuing to work aggressively to complete its internal accounting review and the audit of its financial statements by its independent registered public accounting firm in order to file its Annual Report on Form 10-K for the year ended December 31, 2004. As announced previously, Terex is working to restate its financial statements for the years ended December 31, 2000, 2001, 2002 and 2003, and complete the audit of its financial statements for the year ended December 31, 2004. Terex has made significant progress on all these matters and believes that it is nearing conclusion of its internal review and
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March 14, 2005
March 14, 2005-TEREX Corporation (NYSE: TEX) today announced that it will participate in the AEM / Morgan Stanley Investors Conference at CONEXPO-CON/AGG 2005 at the Las Vegas Convention Center in Las Vegas, Nevada on Thursday, March 17, 2005. The meeting will include a presentation at 11:30 AM PST in room N 209 by Ronald DeFeo, Chairman and Chief Executive Officer. The slide presentation from the conference can be accessed beginning Thursday, March 17, 2005 on the TEREX Corporation website, www.terex.com under the Investors section. The presentation may contain forward-looking information based on TEREX's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond TEREX's control, include among others: TEREX's business is highly cyclical and weak general economic conditions may affect the sales of its products and its financial results; the sensitivity of
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March 07, 2005
March 7, 2005-TEREX Corporation (NYSE: TEX) today announced that it will participate in the Smith Barney Citigroup Global Industrial Manufacturing Conference at the Grand Hyatt at Grand Central in New York, New York on Tuesday, March 8, 2005. The meeting will include a presentation by Ronald DeFeo, Chairman and Chief Executive Officer. A live webcast of this presentation can be accessed on Tuesday, March 8, 2005 at 8:45 a.m. (EST) on the TEREX Corporation website, www.terex.com, under the Investors section. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available for 90 days by accessing the above address. There is no charge to access the event. The presentation and webcast may contain forward-looking information based on TEREX's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could
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March 03, 2005
WESTPORT, Conn., Mar 3, 2005 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX): - Full-Year 2004 Earnings to Meet or Exceed Prior Guidance - Net Debt at December 31, 2004 Decreased to Approximately $772 Million - Updates Status of Accounting Review; Announces Restatement of Financial Results for 2000 - Conference Call to Be Held to Discuss This Release on Friday, March 4, at 9:00 a.m. Terex Corporation (NYSE: TEX) today confirmed that net income for the full-year 2004 will meet or exceed the previously indicated range of $2.40 to $2.50 per share, excluding special items. Additionally, Terex expects to report 2004 total revenue of approximately $5 billion, an increase of over 28% from net sales of $3.9 billion for 2003. Terex will provide detailed financial results for its full-year 2004 upon the completion of its internal review and independent audit, the timing of which is discussed below. Furthermore, third quarter results of operations will exceed the preliminary operating
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February 28, 2005
WESTPORT, Conn., Feb 28, 2005 (BUSINESS WIRE) - TEREX Corporation (NYSE: TEX) today announced that it will participate in the Credit Suisse First Boston Leveraged Finance Industrials Conference at the CSFB Conference Center at Eleven Madison Avenue in New York, New York on Tuesday, March 1, 2005. The meeting will include a presentation by Ronald DeFeo, Chairman and Chief Executive Officer and Tom Gelston, Director Investor Relations. A live webcast of this presentation can be accessed on Tuesday, March 1, 2005 at 11:35 a.m. (EST) on the TEREX Corporation website, www.terex.com, under the Investors section. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available for 90 days by accessing the above address. There is no charge to access the event. The presentation and webcast may contain forward-looking information based on TEREX's current
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February 03, 2005
Feb. 3, 2005-TEREX Corporation (NYSE: TEX), in response to market rumors concerning management's 2005 outlook for its businesses, today announced preliminary guidance as to its 2005 revenue and earnings per share. Terex management estimates that its 2005 revenues will be in the range of $5.4 to $5.6 billion, with earnings per share in the range of $3.40 to $3.60. Ronald M. DeFeo, Chairman and Chief Executive Officer, commented, "As previously reported, many of our businesses are experiencing increased demand and we expect that demand to continue in 2005. But as I have also previously stated, the challenges of supplier issues, particularly steel pricing, continue to have an effect on our business. However, we expect to see the positive impact of some of the already announced price increases in the near term, and between increased prices and better purchasing, we anticipate that 2005 will be a more normal year where volume leverage can be turned into margin improvements." A more
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January 28, 2005
WESTPORT, Conn., Jan 28, 2005 (BUSINESS WIRE) - TEREX Corporation (NYSE:TEX) today announced that it will participate in the following investor conferences in February 2005. JP Morgan High Yield Conference at the Loews Miami Beach Hotel in Miami Beach, Florida on Tuesday, February 1, 2005. The meeting will include a presentation at 9:40 AM by Chuck Snavely, Vice President Finance, and Tom Gelston, Director Investor Relations. Lehman Brothers Industrial Select Conference at the Ritz-Carlton, South Beach in Miami Beach, Florida on Wednesday, February 2, 2005. The meeting will include a presentation and live webcast at 2:05 PM by Ronald DeFeo, Chairman and Chief Executive Officer, and Tom Gelston, Director Investor Relations. The webcast of this presentation can be accessed on the TEREX Corporation website, www.terex.com, under the Investors section. Listeners should go to this site at least 15 minutes before the event to download and install any necessary audio software. For those
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January 13, 2005
Jan. 13, 2005-Terex Corporation announced today that it has filed a Form 8-K with the Securities and Exchange Commission disclosing that management of Terex and the Audit Committee of the Board of Directors of Terex have concluded that the financial statements of Terex for the years ended December 31, 2001, 2002 and 2003 need to be restated to correct certain errors and, accordingly, such financial statements should no longer be relied upon. As previously disclosed on October 28, 2004, Terex commenced a detailed internal examination of its intercompany transactions in an effort to reconcile imbalances in certain of Terex's accounts. Management of Terex has conducted this examination and kept the Board of Directors of Terex, the Audit Committee and PricewaterhouseCoopers, LLC, Terex's independent registered accounting firm, informed of the progress of this examination on a regular basis. In addition, as previously reported, the Audit Committee has retained independent counsel to advise
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January 03, 2005
WESTPORT, Conn., Jan 3, 2005 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has completed its previously announced acquisition of the Reedrill division from Metso Corporation. Reedrill, headquartered in Sherman, Texas, is a leading manufacturer of surface drilling equipment for use in the mining, construction and utility industries, with estimated 2004 revenues of approximately $80 million. This transaction was completed on December 31, 2004. "We are very excited about the opportunity in front of us," commented Rick Nichols, President - Terex Materials Processing and Mining. "We believe that the Reedrill product lines are a nice complement to our Terex Mining products, which include electric mining trucks and hydraulic mining shovels. This product extension helps us to better service our customers' needs and provides further penetration into the mining, construction and utility businesses." Mr. Nichols also stated, "We believe that there are cost saving
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