WESTPORT, Conn.--(BUSINESS WIRE)--Feb. 20, 2001--
-
Earnings per share in 2000, excluding special items, were $2.82
-
Earnings per share in the fourth quarter, excluding special
items, reached $0.55
-
Net debt reduced by 30%, or $300 million
-
Cash flow from operations increased to a record high $200
million in 2000
Terex Corporation (NYSE: TEX) today reported full year 2000 net
income of $95.1 million, or $3.41 per share, compared to 1999 net
income of $172.9 million, or $6.75 per share. Results for 2000 include
special items that in the aggregate amounted to a net of $0.59 per
share, and results for 1999 include special items that in the
aggregate amounted to a net of $2.59 per share. Net sales in 2000
reached a record $2,068.7 million, up $212.1 million or 11.4% over
1999. On a comparable tax basis with 2000 and excluding special items,
earnings per share in 2000 were $2.82, compared to earnings per share
in 1999 of $3.15. Excluding special items, Terex reported earnings per
share of $4.16 in 1999.
Fourth quarter reported net loss was ($0.7) million, or ($0.03)
per share. Excluding the impact of special items, fourth quarter net
income reached $15.1 million, or $0.55 per share. Net sales for the
fourth quarter were $446.6 million, compared to $489.6 million in last
year's fourth quarter.
"We continue to deliver solid performance in the midst of a
challenging business environment," said Ronald M. DeFeo, Terex's
Chairman and CEO. "Terex's product and geographic diversity has helped
us deliver better results overall and partially offset the soft global
mining business and the weakness in the North American hydraulic crane
business. The performance of Powerscreen has been outstanding and the
restructuring actions at Cedarapids started to deliver results during
the second half of 2000. We grew our net sales by 11% during 2000
driven by the impact of our acquisitions, penetration of new markets,
and market share gains in some of our product lines. However, our
performance was negatively affected by continued weak order levels in
the mining business and a reduced level of purchases by our customers
in the lifting business."
Mr. DeFeo continued, "We delivered on our commitment to improve
our capital structure by generating $200 million of cash flow from
operations in 2000 and by reducing our net debt by $302 million. Our
net debt to book capital ratio was 61.5% at the end of 2000, compared
to 70.3% at the end of 1999. We purchased in excess of 1.3 million
shares of our stock during the year under the 2 million-share
repurchase program that was announced in March of last year. With our
new EarthKing subsidiary, we have also delivered on our commitment to
create an independent e-commerce company that will provide new tools
for equipment owners and operators to maximize their return on
investment. In addition, we have increased our efforts to reduce costs
company-wide and we are making a concerted effort to find new
customers in order to address the current hesitancy from the industry
to commit capital for new equipment."
A financial summary is shown below:
Terex Corporation
Three Months Ended
2000 1999
(dollars in millions, except per share amounts)
% of % of
Sales Sales
Earthmoving $226.9 $279.4
Lifting 208.8 194.4
Corporate/Other 10.9 12.2
Special items(1)(2) -- 3.6
------ -----
446.6 489.6
Gross Profit
Earthmoving 44.9 19.8% 51.1 18.3%
Lifting 34.3 16.4% 39.5 20.3%
Corporate/Other 1.1 10.1% 2.9 23.8%
Special items(1)(2) (6.7) (12.9)
-------------- ---------------
73.6 16.5% 80.6 16.5%
SG&A
Earthmoving 21.4 9.4% 24.2 8.7%
Lifting 14.0 6.7% 14.7 7.6%
Corporate/Other 2.2 20.2% 1.3 10.7%
Special items(1)(2) 3.6 (0.6)
---------------- ---------------
41.2 9.2% 39.6 8.1%
Operating Profit
Earthmoving 23.5 10.4% 26.9 9.6%
Lifting 20.3 9.7% 24.8 12.8%
Corporate/Other (1.1) (10.1)% 1.6 13.1%
Special items (1)(2) (10.3) (12.3)
---------------- ------------
32.4 7.3% 41.0 8.4%
Twelve Months Ended
2000 1999
(dollars in millions, except per share amounts)
% of % of
Sales Sales
Net Sales
Earthmoving $1,099.5 $878.9
Lifting 924.0 941.3
Corporate/Other 45.2 32.8
Special items(1)(2) -- 3.6
---------------- -----------------
2,068.7 1,856.6
Gross Profit
Earthmoving 211.0 19.2% 164.0 18.7%
Lifting 155.2 16.8% 158.9 16.9%
Corporate/Other 7.3 16.2% 6.7 20.4%
Special items(1)(2) (9.9) (12.9)
----------------- -----------------
363.6 17.6% 316.7 17.1%
SG&A
Earthmoving 95.7 8.7% 74.5 8.5%
Lifting 60.4 6.5% 58.8 6.2%
Corporate/Other 5.8 12.8% 5.7 17.4%
Special items(1)(2) 3.4 (0.6)
------------------ ----------------
165.3 8.0% 138.4 7.5%
Operating Profit
Earthmoving 115.3 10.5% 89.5 10.2%
Lifting 94.8 10.3% 100.1 10.6%
Corporate/Other 1.5 3.3% 1.0 3.0%
Special items(1)(2) (13.3) (12.3)
--------------- ---------------
198.3 9.6% 178.3 9.6%
Three Months Ended Twelve Months Ended
2000 1999 2000 1999
(dollars in millions, except per share amounts)
Operating profit $32.4 $41.0 $198.3 $178.3
Net interest expense(3) (20.7) (32.3) (94.3) (77.5)
Gain on sale of
businesses -- -- 57.2 --
Other 0.2 0.8 (1.6) (2.4)
Income before income
taxes and 11.9 9.5 159.6 98.4
extraordinary items
Provision for income
taxes(4) (3.8) 77.1 (55.7) 74.5
Income before extraordinary
items 8.1 86.6 103.9 172.9
Loss from discontinued
operations (7.3) -- (7.3) --
Extraordinary loss on
retirement of debt (1.5) -- (1.5) --
Net Income (0.7) 86.6 95.1 172.9
Earnings per share (0.03) 3.04 3.41 6.75
Earnings per share
excluding special
items(5) 0.55 2.82 0.70 4.16
Earnings per share
excluding special
items and tax
effected(6) 0.55 2.82 0.70 3.15
Fully diluted Average
Shares 27.3 28.5 27.9 25.6
EBITDA 41.7 52.4 236.5 207.9
EBITDA excluding special
items 52.0 64.7 249.8 220.2
(1) Special items in the fourth quarter of 2000 related to the
closing of the Terex distribution facility in the United Kingdom, an
aggregates customer filing bankruptcy, and due diligence costs
associated with a large potential acquisition which did not come to
fruition. The full year 2000 also includes restructuring charges
related to Terex Mining and a one-time gain related to pension
curtailment.
(2) Special items in 1999 includes the operations of the Milwaukee
facility for the fourth quarter of 1999, head count reductions at O&K
Germany, offset by a favorable legal settlement.
(3) Net interest expense in the fourth quarter and full year 1999
includes $7.7 million related to the IRS settlement.
(4) Provision for income taxes in the fourth quarter and full
year1999 includes a benefit from the capitalization of certain
deferred tax assets of $86.5 million.
(5) EPS calculated excluding special items noted in (1), (2), (3)
and (4) above and gain on sale of business.
(6) EPS calculated consistent with (5) above, in addition the 1999
full year earnings were tax effected at 32% for comparability.
Fourth quarter and full year 2000
Net sales for the fourth quarter were $446.6 million, compared
with $489.6 million during last year's fourth quarter which included
approximately $50 million of shipments to Coal India. The lower
results for the quarter were led by a $57 million decline in mining
revenues, a $10 million reduction in aerial work platform sales,
primarily due to the closing of the Milwaukee aerial work platform
facility plant, and the impact of the sale of the truck-mounted
forklift businesses at the end of the third quarter of 2000. Operating
profit for the fourth quarter, excluding special items in both years,
was $42.7 million in 2000, compared to $53.3 million in 1999. The
reported fourth quarter operating profit of $32.4 million includes
charges of $10.3 million, or $0.25 per share, related primarily to the
closing of the Terex distribution facility in the United Kingdom, the
impact of an aggregates customer that filed for bankruptcy and a
onetime charge related to due diligence costs associated with a large
potential acquisition which did not come to fruition. Net interest
expense fell to $20.7 million from $24.4 million in the third quarter
of 2000 as a result of $125 million of debt paydown at the beginning
of October 2000. The financial impact on the income statement of
retiring the $125 million of debt includes a $1.5 million, or a $0.06
per share, after-tax write-off for unamortized debt issuance costs.
In connection with Terex's sale of the Clark material handling
business to Clark Material Handling Company (CMHC) in November 1996,
CMHC assumed liabilities from Terex arising from product liability
claims dealing with Clark material handling products manufactured
prior to the date of the divestiture. In connection with CMHC's
voluntary filing for bankruptcy late last year, CMHC has defaulted on
its obligations to indemnify and defend the Company from such product
liability claims. As a result of this situation, Terex is taking an
after-tax charge of $7.3 million, or $0.27 per share, in discontinued
operations for liabilities expected to arise from these product
liability claims. Altogether, the reported fourth quarter EPS includes
$0.58 per share of special charges, leaving $0.55 per share after-tax
in operating earnings. Fully diluted shares for the fourth quarter
decreased to 27.3 million due primarily to the Company's stock
repurchase program. During the fourth quarter, Terex repurchased
474,000 shares of its common stock, bringing the total purchased
during 2000 to 1,341,400 shares.
Net sales in 2000 increased 11.4% to $2,068.7 million over last
year's $1,856.6 million. Operating profit, excluding special items,
increased 11.0% to $211.6 million, reflecting the impact of the
acquisitions of Powerscreen and Cedarapids and increased volumes and
manufacturing efficiencies in selected lifting and earthmoving
segments. Operating profit in 2000 was negatively affected by the
decline in the mining business and lower margin realization in the
North American hydraulic mobile crane business. Operating margin,
excluding special items, was essentially flat in 2000 at 10.2%.
Operating expenses as a percentage of net sales increased to 8.0% from
During the fourth quarter of 1999, as a result of a favorable
resolution of an IRS audit for the years 1987 through 1989, the
Company was able to capitalize certain domestic deferred tax assets
that resulted in a change in the reported tax rate. However, as a
result of the continued availability of the deferred tax assets, cash
taxes were minimal in 2000 and are expected to remain that way during
2001.
Business Unit Operating Performance
Terex Earthmoving
Fourth Quarter
(dollars in millions)
2000 1999
% of % of
sales sales
Net sales $226.9 -- $279.4 --
Gross profit(1) 44.9 19.8% 51.1 18.3%
SG&A(1)(2) 21.4 9.4% 24.2 8.7%
Operating profit(1)(2) 23.5 10.4% 26.9 9.6%
Backlog 102.3 -- 158.3 --
Full Year
(dollars in millions)
2000 1999
% of % of
sales sales
Net sales $1,099.5 -- $878.9 --
Gross profit(1) 211.0 19.2% 164.0 18.7%
SG&A(1)(2) 95.7 8.7% 74.5 8.5%
Operating profit(1)(2) 115.3 10.5% 89.5 10.2%
Backlog 102.3 -- 158.3 --
(1) Excludes non-recurring charges in the fourth quarter of 2000
related to the closing of the Terex distribution facility in the
United Kingdom and an aggregates customer filing bankruptcy. The full
year 2000 also excludes restructuring charges related to Terex Mining
and a one-time gain related to pension curtailment.
(2) Excludes non-recurring charges related to headcount reductions
in the fourth quarter 1999.
Net sales in the Earthmoving segment reached a new record of
$1,099.5 million in 2000, a 25% increase over last year's $878.9
million. This strong performance was driven by the impact of the
Powerscreen and Cedarapids acquisitions, but was partially offset by a
30% decline in mining sales. Excluding the impact of the Coal India
order on the 1999 results, the mining segment posted an 8% increase in
sales in 2000. The construction business worldwide also delivered good
results, posting a 17% increase over last year's results, led by the
impact of the Benford acquisition in the summer of 1999 and a solid
improvement in Terex's truck business. The redesigned TEL product line
continued to experience very good reception worldwide and generated
additional market penetration for the second year in a row. Operating
profit for 2000, excluding special items, increased more than 28% to
$115.3 million, led primarily by the impact of acquisitions.
Powerscreen's volumes and margins improved significantly and exceeded
expectations in 2000 with new product introductions and lower
manufacturing costs. Cedarapids operating results continued to improve
during the year as restructuring actions took hold. Operating margins
in the Earthmoving segment increased from 10.2% in 1999 to 10.5% in
2000 as the benefits from the above improvements more than offset the
margin decline in the mining operations due to lower absorption and
the introduction of new products. Operating expenses as a percent of
revenues increased slightly to 8.7% in 2000 from 8.5% in 1999 due to
the lower levels of revenues in the mining business.
Fourth quarter net sales fell to $226.9 million compared to $279.4
million in the same period of 1999. The $52 million decline was almost
entirely a result of the absence this year of the Coal India order,
which generated $50 million of revenues during the fourth quarter of
1999. Cedarapids continues to respond to the restructuring actions
implemented during the year and posted a 12% increase in fourth
quarter revenues versus last year. Operating profit in the fourth
quarter, excluding special items, declined to $23.5 million, but
operating margin increased to 10.4% from 9.6% in the fourth quarter of
1999 as the restructuring steps in the mining business implemented in
the third quarter of 2000 started to deliver results.
"We had good results in a very challenging year," said Ernie
Verebelyi, President of Terex Earthmoving. "We were successful during
2000 in securing over $100 million of new business in long-term
contracts with Rio Tinto. Despite continued weakness in the mining
industry, which affects both our hydraulic shovel and surface truck
businesses, we managed to post higher revenues, excluding the Coal
India order. The introduction of our new 360-ton MT5500 truck was a
major success as we obtained orders from new customers such as Grupo
Mexico and Codelco in Chile. The electric drive, lower maintenance
profile and a better value proposition are providing Terex with a
large competitive advantage in the industry. The redesigned
articulated and rigid off-highway product line made further inroads in
the marketplace and our volumes continued to increase during 2000. The
integration of Powerscreen generated excellent results with new
products, lower headcount and increased productivity. Cedarapids
continues to make progress with delivery performance up 50% and
lead-time down 22% in the fourth quarter compared to the previous
quarter."
Terex Lifting
Fourth Quarter
(dollars in millions)
2000 1999
% of % of
sales sales
Net sales(1) $208.8 -- $194.4 --
Gross profit(1) 34.3 16.4% 39.5 20.3%
SG&A(1) 14.0 6.7% 14.7 7.6%
Operating profit(1) 20.3 9.7% 24.8 12.8%
Backlog 111.7 -- 167.0 --
Full Year
(dollars in millions)
2000 1999
% of % of
sales sales
Net sales(1) $924.0 -- $941.3 --
Gross profit(1) 155.2 16.8% 158.9 16.9%
SG&A(1) 60.4 6.5% 58.8 6.2%
Operating profit(1) 94.8 10.3% 100.1 10.6%
Backlog 111.7 -- 167.0 --
(1) Excludes the operations of the Milwaukee facility for the
fourth quarter of 1999.
Net sales in the Lifting segment were $924.0 million in 2000,
compared to $941.3 million in 1999. This year's results were affected
by unfavorable foreign exchange comparisons, the continued softness in
the hydraulic mobile crane business and an approximate $57 million
decline in aerial work platform sales, a business Terex de-emphasized
in late-1999 with the closure of its Milwaukee facility. Excluding the
impact of foreign exchange, Lifting revenues would have been higher in
2000 than in 1999. Segments that posted strong performance in 2000
included utility aerial devices and tower cranes in North America,
tower cranes, container stackers and telescopic material handlers in
Europe, and utility cranes in Australia. Operating profit, excluding
the impact of the closing of the Milwaukee facility in last year's
results, declined from $100.1 million in 1999 to $94.8 million in
2000. The decrease was led mainly by declining volumes and lower
margin realization in the hydraulic crane segment, somewhat offset by
higher volumes, lower operating costs and improved margins in the
utility aerial device segment. Operating expenses as a percent of
revenues increased slightly from 6.3% in 1999 to 6.5% in 2000 as a
result of additional investment in sales and marketing support.
Fourth quarter net sales reached $208.8 million, compared to
$194.4 million in the same period of 1999. Excluding the impact of the
closing of the Milwaukee facility on 1999 results, sales for the
fourth quarter of 2000 increased approximately 7% over last year.
Operating profit during the fourth quarter of 2000 declined to $20.3
million from $24.8 million in the fourth quarter of 1999. The fourth
quarter of 1999 included approximately $2.5 million of operating
profit from the truck-mounted forklift business that was divested at
the end of the third quarter of 2000.
"We had a good year despite the fact that the business environment
became more challenging as the year progressed," said Fil Filipov,
President of Terex Lifting. "We found new ways to develop and grow our
business profitably and to improve our market penetration. Despite the
fact that several of our hydraulic crane customers were affected by a
lack of capital and substantially reduced their purchases, we
protected our market share. Our product and geographic diversity is
helping us to better navigate through different points of the business
cycle. We accelerated our product development program and introduced
over 35 new and upgraded products that positively impacted our
revenues by approximately $150 million. For the second year in a row,
we expanded our presence in the North American market for tower cranes
and helped grow the market and our share. Despite a slowdown in the
North American lifting business, we continued to deliver to our
customers the best value for their investment. Our increased size and
profitability has provided us with the ability to expand our service
and support programs, which should create a more satisfied customer
base going forward."
Capital Structure
"During 2000, we continued to reduce our leverage and strengthen
our capital structure," said Joseph F. Apuzzo, Chief Financial
Officer. "We reduced debt by $254 million during the year and have
reduced net debt by approximately $302 million. As a result, net debt
to book capital at the end of the year stood at 61.5%, down from 70.3%
at year-end 1999. We improved our asset utilization by reducing our
working capital and freeing in excess of $120 million of cash. We
generated $200 million of cash flow from operations during the year,
or $7.20 per share."
Recent Developments
During the fourth quarter of 2000, Terex acquired Coleman
Engineering, a manufacturer of portable light towers and generators
for the rental industry based just outside Memphis in Holly Springs,
Mississippi with annual revenues of approximately $15 million. This
transaction diversifies and strengthens Terex's position in the light
construction equipment area. Coleman is currently developing a new 500
to 1000 kilowatt large generator line for sale to utilities and
industrial customers, which Terex believes will be a growth area.
In late December 2000, Terex acquired Fermec, a European
manufacturer of loader backhoes based in Manchester, England with
annual revenues of approximately $80 million. This acquisition gives
Terex the opportunity to implement its low-cost operating model in a
new product line that increasingly sells through rental fleets, which
should benefit from a lower cost design. The Fermec brand provides an
excellent platform from which to develop a cost-effective loader
backhoe line under Terex ownership that should represent a compelling
value to customers.
In early January 2001, Terex acquired the Jaques crushing and
screening business based in Brisbane, Australia. With approximately
$20 million in annual revenues, Jaques brings to the Terex
infrastructure business a leading brand name and an installed base in
Australia and Southeast Asia, as well as two low-cost manufacturing
facilities in Malaysia and Thailand. This acquisition, which also has
a vertical shaft impact crushing facility in the U.S., will provide
the Terex screening, crushing and paving businesses with a platform to
expand in the Far East.
Outlook for 2001
"We expect to continue facing a challenging business environment
in 2001, especially in North America," said Ron DeFeo. "Higher
interest rates during all of 2000 and a declining confidence level in
the economy have contributed to an increasing hesitancy from our
customers to commit capital for new equipment purchases, as they wait
to see where interest rates settle. This environment, which
deteriorated during the fourth quarter of last year, is expected to
continue during the first half of 2001. We expect continuing soft
activity in the North American construction markets during 2001, which
should affect both our lifting and construction truck businesses.
Demand for infrastructure equipment in the U.S. should remain
relatively strong as state transportation departments receive more
federal money in fiscal year 2001 than the 1998 highway act promised,
due to the strong growth of gas tax revenues into the Highway Trust
Fund. We expect Cedarapids to show improved operating results in 2001
as we benefit from the full impact of the restructuring actions that
were implemented over the past 12 months. With higher coal and copper
prices expected for 2001 and an expected increase in capital
expenditures from some of our mining customers, we believe that our
mining business should improve from a difficult 2000. While we expect
a relatively flat European environment, demand for our products from
energy producing regions such as Canada and Central and South America
should be modestly up, driven by stronger construction activity
spurred by higher energy prices."
"Based on our current cautious outlook, and given the sale of the
truck-mounted business with approximately $75 million in revenues and
$11 million in operating profit in 2000, we expect both our revenues
and our fully diluted earnings per share to be down 5% to 10% in 2001.
First quarter 2001 earnings per share are expected to be approximately
45 cents to 55 cents per share and the first half of 2001 should
continue to be impacted by a difficult business environment. The main
issue we are facing over the next few months is volume related, and as
such we are poised to capitalize on any improvement in the business
environment. We remain optimistic that our product and geographic
diversity and a proven operating model coupled with a gradual
improvement in the economy will help us generate a stronger second
half of 2001."
Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2000 revenues in excess of $2 billion.
Terex is involved in a broad range of construction, recycling,
infrastructure and mining-related capital equipment operating in two
segments -- Terex Earthmoving and Terex Lifting. Terex Earthmoving
manufactures and sells heavy-duty off-road trucks and high-capacity
surface mining trucks under the brand names of Terex, Unit Rig and
Payhauler, large hydraulic mining shovels under the brand name O&K,
and backhoe loaders under the brand name Fermec. Terex entered the
infrastructure building business in 1999 with the acquisitions of
Powerscreen and Cedarapids and the 2001 acquisition of Jaques. Terex
Lifting manufactures and sells telescopic mobile cranes, lattice boom
cranes, tower cranes, aerial work platforms, utility aerial devices,
telescopic material handlers, truck mounted cranes, and related
products, under the brand names Terex, Lorain, PPM, P&H, Franna,
Marklift, Koehring, Bendini, Simon, RO, Telelect, Square Shooter,
Holland Lift, American, Italmacchine, Peiner, Comedil and Matbro.
The above contains forward-looking information based on the
Company'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, the sensitivity of
construction and mining activity to interest rates, government
spending and general economic conditions; the success of the
integration of acquired businesses; the retention of key management;
foreign currency fluctuations; pricing, product initiatives, and other
actions taken by competitors; the effect of changes in laws and
regulations; and the continuing use of net operating loss carryovers;
the effect of debt and restrictive covenants; and other factors, risks
and uncertainties more specifically set forth in Terex's public
filings with the SEC. The forward-looking statements herein speak only
as of the date of this release. Terex expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statement included in this release to reflect
any changes in Terex's expectations with regard thereto or any changes
in events, conditions, or circumstances on which any such statement is
based.
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(unaudited)
For the Three Months For the Full Year
Ended December 31, Ended December 31,
-----------------------------------------------
2000 1999 2000 1999
-----------------------------------------------
Net sales $446.6 $489.6 $2,068.7 $1,856.6
Cost of goods sold 373.0 409.0 1,705.1 1,539.9
------ ------ -------- ---------
Gross profit 73.6 80.6 363.6 316.7
Selling, general and
administrative
expenses 41.2 39.6 165.3 138.4
------ ------ -------- ---------
Income from
operations 32.4 41.0 198.3 178.3
Other income (expense):
Interest income 1.4 1.6 5.5 5.3
Interest expense (22.1) (33.9) (99.8) (82.8)
Gain on sale of
businesses -- -- 57.2 --
Other income
(expense) - net 0.2 0.8 (1.6) (2.4)
Income from continuing
operations before
income taxes and
extraordinary items 11.9 9.5 159.6 98.4
Provision for
income taxes (3.8) 77.1 (55.7) 74.5
Income from continuing operations
before extraordinary
items 8.1 86.6 103.9 172.9
Loss from discontinued
operations (7.3) -- (7.3) --
Income before
extraordinary items 0.8 86.6 96.6 172.9
Extraordinary loss on
retirement of debt (1.5) -- (1.5) --
Net income (loss) $(0.7) $86.6 $95.1 $172.9
======= ======= ======= ========
EARNINGS PER SHARE:-
Basic:
Income from continuing
operations $0.30 $3.15 $3.82 $7.14
Loss from discontinued
operations (0.27) -- (0.27) --
Income before
extraordinary
items 0.03 3.15 3.55 7.14
Extraordinary loss on
retirement of debt (0.06) -- (0.05) --
Net income (loss) $(0.03) $3.15 $3.50 $7.14
======== ======== ====== ========
Diluted:
Income from
continuing
operations $0.30 $3.04 $3.72 $6.75
Loss from
discontinued
operations (0.27) -- (0.26) --
Income before
extraordinary
items 0.03 3.04 3.46 6.75
Extraordinary loss on
retirement of
debt (0.06) -- (0.05) --
Net income (loss) $(0.03) $3.04 $3.41 $6.75
======= ===== ===== ======
Weighted average number of
common and common equivalent
shares outstanding
in per share
calculation
Basic 26.8 27.5 27.2 24.2
Diluted 27.3 28.5 27.9 25.6
TEREX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In millions, except par value)
(Unaudited)
December 31, December 31,
2000 1999
CURRENT ASSETS
Cash and cash equivalents $181.4 $133.3
Trade receivables-net 360.2 429.2
Net inventories 598.1 665.6
Deferred taxes 51.0 47.2
Other current assets 51.7 40.0
----------- -----------
Total Current Assets 1,242.4 1,315.3
LONG-TERM ASSETS
Property, plant and
equipment - net 153.9 172.8
Goodwill 491.4 554.7
Deferred taxes 21.2 55.3
Other assets 74.8 79.4
------------- ------------
TOTAL ASSETS $1,983.7 $2,177.5
============== ============
CURRENT LIABILITIES
Notes payable and current portion
of long-term debt $20.5 $57.6
Trade accounts payable 311.2 297.0
Accrued compensation and benefits 25.9 27.3
Accrued warranties and product liability 65.2 55.9
Other current liabilities 152.8 141.7
---------------- -----------
Total Current Liabilities 575.6 579.5
NON CURRENT LIABILITIES
Long-term debt, less
current portion 882.0 1,098.8
Other 74.6 66.4
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Warrants to purchase
common stock -- 0.8
Equity rights 0.7 0.8
Common Stock, $0.01 par
value --
Authorized 150.0 shares;
issued 27.9 and 27.5 shares
at December 31, 2000 and
1999, respectively 0.3 0.3
Additional paid-in capital 358.9 355.0
Retained earnings 187.1 92.0
Accumulated other comprehensive
income (78.5) (16.1)
Less cost of shares of common stock in
treasury (1.1 shares at December 31,
2000) (17.0) --
---------------- ----------
Total Stockholders' Equity 451.5 432.8
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $1,983.7 $2,177.5
=================== ==========
TEREX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(unaudited)
Year Ended
December 31,
-------------------------------
2000 1999
-------------------------------
OPERATING ACTIVITIES
Net income $95.1 $172.9
Adjustments to reconcile net
income to cash provided by operating
activities:
Depreciation 23.0 17.6
Amortization 18.5 14.6
Gain on sale of businesses (34.2) --
Deferred taxes 33.5 (82.8)
Extraordinary loss on retirement of
debt 1.5 --
Loss from discontinued operations 7.3 --
Gain on sale of fixed assets (0.6) (0.1)
Impairment charges and asset
writedowns -- 9.9
Changes in operating assets and liabilities
(net of effects of acquisitions):
Trade receivables 64.2 (79.4)
Net inventories 43.6 (48.1)
Trade accounts payable 12.8 7.1
Other, net (64.1) (6.7)
----------------- --------------
Net cash provided by operating
activities 200.6 5.0
----------------- --------------
INVESTING ACTIVITIES
Proceeds from sale of
businesses 144.3 --
Capital expenditures (24.2) (21.4)
Acquisition of businesses, net of
cash acquired (20.0) (535.6)
Proceeds from sale of assets 10.8 4.0
----------------- --------------
Net cash provided by (used in)
investing activities 110.9 (553.0)
------------------ -------------
FINANCING ACTIVITIES
Principal repayments of
long-term debt (183.1) (33.7)
Net repayments under revolving line
of credit agreements (53.6) (17.3)
Purchase of common stock held
in treasury (20.2) --
Proceeds from issuance of common
stock -- 162.8
Proceeds from issuance of long-term
debt, net of issuance costs -- 534.6
Other (4.3) 10.8
----------------- --------------
Net cash provided by (used in)
financing activities (261.2) 657.2
----------------- --------------
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS (2.2) (1.0)
NET INCREASE IN CASH AND CASH
EQUIVALENTS 48.1 108.2
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 133.3 25.1
----------------- --------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $181.4 $133.3
================= ==============
--30--eb/ny*
| CONTACT: |
Terex Corporation, Westport |
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| |
Jack Lascar, Vice President |
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(203) 222-5943 |
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