WESTPORT, Conn.--(BUSINESS WIRE)--July 26, 2001--
Terex Corporation (NYSE: TEX) today reported second quarter net
income before non-recurring items of $14.2 million, or $0.51 per
share, in line the Company's previously stated expectations of $0.50
to $0.55 per share before non-recurring items for the second quarter
of 2001. The second quarter results exclude an after-tax $2.2 million,
or a $0.08 per share, one-time charge for the cost associated with the
return of five trucks by a mining customer. Net sales for the second
quarter were $439.3 million.
A financial summary is shown below:
Second Quarter
--------------------------------------------
(dollars in millions, except per share amounts)
2001 2000
--------------------------------------------
% of % of
sales sales
---------- ----------
Net sales (1).................$ 439.3 --- $ 593.5 ---
============ ============
Gross profit (1)..............$ 80.2 18.3% $ 106.6 18.0%
SG&A.......................... 41.0 9.3% 43.1 7.3%
------------ ------------
Operating profit(1)........... 39.2 8.9% 63.5 10.7%
Interest...................... (21.4) 4.9% (24.3) 4.1%4
Other......................... (0.1) --- (1.0) 0.2%
Income taxes.................. (5.7) 1.3% (12.2) 2.1%
------------ ------------
Net income (1)................$ 12.0 2.7% $ 26.0 4.4%
============ ============
Earnings per share............$ 0.43 $ 0.93
EPS excluding non-recurring
items(2)......................$ 0.51 $ 0.93
Backlog.......................$ 190.8 $ 313.5
EBITDA(1).....................$ 47.7 10.9% $ 72.7 12.2%
Shares outstanding............ 27.8 28.1
Year-to-Date
--------------------------------------------
(dollars in millions, except per share amounts)
2001 2000
--------------------------------------------
% of % of
sales sales
--------- ----------
Net sales (1).................$ 916.7 --- $ 1,147.0 ---
=========== =============
Gross profit (1)..............$ 158.8 17.3% $ 203.3 17.7%
SG&A.......................... 81.6 8.9% 84.8 7.4%
----------- -------------
Operating profit(1)........... 77.2 8.4% 118.5 10.3%
Interest...................... 4 (40.4) 4.4% (49.2) 4.3%
Other......................... (3.2) 0.3% (1.6) 0.1%
Income taxes.................. (11.5) 1.3% (21.6) 1.9%
----------- -------------
Net income (1)................$ 22.1 2.4% $ 46.1 4.0%
=========== =============
Earnings per share............$ 0.80 $ 1.63
EPS excluding non-recurring
items(2)......................$ 0.968 $ 1.63
Backlog.......................$ 190.8 $ 313.5
EBITDA(1).....................$ 94.9 10.3% $ 138.0 12.0%
Shares outstanding............ 27.6 28.3
(1) The three and six months ended June 30, 2001 includes the
impact of the one-time charge related to mining for $11.8 million of
revenues, $3.2 million of gross profit and operating profit and $2.2
million of net income.
(2) Excludes the impact of non-recurring items of $0.08 per share
in Q1 related to the write-off of unamortized debt issuance costs and
$0.08 per share in Q2 related to (1) above.
Second Quarter 2001 and Year-To-Date
"We remain encouraged with Terex's performance during the first
half of 2001 in the midst of a very challenging environment," said
Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "We
continue to benefit from the strong performance of Powerscreen and
from some of our diversified lifting products. Our variable cost model
and low SG&A levels provide us with a greater ability to react as
markets change and have helped us maintain solid margins.
Nevertheless, like the rest of the industry, we have been affected by
weak machinery markets, especially in North America. Despite volume
declines in the 20% to 25% range in several of our product lines, we
remain solidly profitable. We expect to take advantage of an eventual
economic recovery, in large part due to the leverage created by our
favorable cost structure."
Mr. DeFeo added, "We have several actions underway designed to
improve our competitive position in these challenging markets. Earlier
in the second quarter we announced a new organizational structure that
should allow us to be more responsive to our customers and reduce
duplicative cost structures that were created as a result of the many
acquisitions we made over the past several years. Late in the second
quarter, on the heels of the changes in the organizational structure,
we announced our intent to close four manufacturing facilities, two in
Europe and two in North America. This restructuring, which will
require a one-time charge of $15 to $20 million before year-end, will
allow us to reduce costs by approximately $10 to $15 million on an
annual basis and will provide us with the opportunity to improve the
manufacturing, capacity utilization, and cost efficiency of some of
our remaining facilities. I also know that we have more work to do."
Net sales for the second quarter were $451.1 million (excluding
the impact of the non-recurring item), compared to $569.3 million
during the second quarter of 2000 (excluding last year's second
quarter sales of $24.2 million from the truck-mounted forklift
operations that were divested at the end of the third quarter of
2000). Operating profit was $42.4 million in the second quarter
(excluding the impact of the non-recurring item), compared to $59.4
million in the second quarter of last year (excluding last year's
second quarter operating profit of $4.1 million from divested
operations), primarily due to the impact of the across-the-board
volume decline in most of Terex businesses in both North America and
Europe. This year's second quarter results include the impact of
EarthKing, which generated a net loss of $0.8 million, or $0.03 per
share. EarthKing has been a successful start-up and is already
generating revenues. Operating expenses fell from $43.1 million in the
second quarter of 2000 to $41.0 million this quarter. Operating
expenses as a percentage of sales increased from 7.3% to 9.3%,
reflecting the decline in overall sales. Net interest expense
decreased to $21.4 million as a result of lower debt levels and lower
interest rates. The effective tax rate for the second quarter of 2001
was 32%, equal to last year's second quarter rate. Fully diluted
outstanding shares for the second quarter declined to 27.8 million,
compared to last year's second quarter of 28.1 million, primarily as a
result of the share repurchase program initiated in early 2000.
Net sales for the first six months of 2001 were $916.7 million,
compared to last year's first half sales of $1,147.0 million.
Operating profit in the first half of 2001 was $80.4 million
(excluding the impact of the non-recurring item in the second quarter)
compared to $111.5 million in the first half of 2000 (excluding last
year's first half operating profit of $7.0 million from the divested
operations). During the first six months of 2001, despite sales
declines of approximately 20%, operating margins declined only to
Business Unit Operating Performance
Terex Americas and Mining
Second Quarter
----------------------------------------
(dollars in millions)
2001 2000
----------------------------------------
% of % of
sales sales
---------- ----------
Net sales.....................$ 266.2 --- $ 401.8 ---
Gross profit.................. 42.4 15.9% 58.7 14.6%
SG&A.......................... 25.5 9.6% 27.0 6.7%
Operating profit.............. 16.9 6.3% 31.7 7.9%
Backlog....................... 110.5 225.3
Year-to-Date
-------------------------------------------
(dollars in millions)
2001 2000
--------------------- ---------------------
% of % of
sales sales
--------- ---------
Net sales.....................$ 565.6 --- $ 782.8 ---
Gross profit.................. 89.5 15.8% 116.4 14.9%
SG&A.......................... 50.5 8.9% 51.7 6.6%
Operating profit.............. 39.0 6.9% 64.7 8.3%
Backlog....................... 110.5 225.3
Net sales in the Americas and Mining Group (A&M) were $278.0
million during the quarter (excluding the impact of the non-recurring
item) compared to $401.8 million in the second quarter of 2000. The
Americas and Mining segment was negatively affected by double-digit
revenue declines in the mining, paving and hot-mix asphalt plant,
construction truck and lifting businesses. The mining business was
also negatively affected by a $11.8 million revenue reversal as a
result of a mining customer returning five trucks that only delivered
97% of the committed performance in a very unusual high altitude
working environment in Chile. The A&M segment performance was somewhat
offset by the continued strong performance of the lattice boom cranes,
small hydraulic mobile cranes and boom trucks businesses, and the
positive impact of the Coleman Engineering and Jaques acquisitions
which took place during the fourth quarter of last year and early this
year, respectively.
Operating profit was $20.1 million in the quarter (excluding the
$3.2 million pre-tax charge that was taken during the second quarter
as a result of the return of the five mining trucks) led by lower
volumes in the mining, construction and road building businesses
during the quarter. Operating margin was negatively affected by the
above factors and declined to 7.2% this quarter from 7.9% for the
second quarter of 2000. Excluding the impact of EarthKing in the
second quarter, operating margin in the A&M Group was 7.7%. The
operating profit performance was somewhat offset by improved margin
contribution from the hydraulic shovels, hydraulic mobile cranes,
lattice boom cranes and boom truck operations. Operating margin in the
lifting business expanded 2.5 percentage points compared to last
year's second quarter performance. Operating expenses dropped
modestly, but as a percentage of revenues increased from 6.7% in the
second quarter of 2000 to 9.6% this quarter as a result of lower
revenues.
"Despite a difficult market environment in several of our
industries, we were able to deliver profitable performance and
maintain strong operating margins," said Ernie Verebelyi, Group
President of Terex Americas and Mining. "Our mining business was down
65% from the second quarter of last year and represented approximately
50% of the A&M segment decline during the second quarter. Despite
increased quoting, tender and contract activity, we were not able to
book any major mining order during the second quarter. We did however
start experiencing a pick-up in orders of hydraulic shovels going
mainly into coal mines in Europe, Indonesia and the United States. We
did obtain new orders for mining trucks during the month of July for
delivery in the third and fourth quarters of this year as we
maintained our share position in this segment. We continued during the
quarter to increase our market penetration in both hydraulic mobile
cranes and boom trucks. We are in the process of integrating our sales
and marketing functions across businesses in the Americas in order to
leverage our value proposition with major customers. We are also in
the process of consolidating some of our manufacturing facilities to
further reduce the cost structure within our Group."
Terex Europe
Second Quarter
----------------------------------------
(dollars in millions)
2001 2000
----------------------------------------
% of % of
sales sales
---------- ----------
Net sales.....................$ 231.0 --- $ 269.0 ---
Gross profit.................. 38.9 16.8% 47.7 17.7%
SG&A.......................... 15.7 6.8% 16.2 6.0%
Operating profit.............. 23.2 10.0% 31.5 11.7%
Backlog....................... 95.5 117.9
Terex Europe
Year-to-Date
----------------------------------------
(dollars in millions)
2001 2000
--------------------- ------------------
% of % of
sales sales
--------- ---------
Net sales.....................$ 454.9 --- $ 511.4 ---
Gross profit.................. 70.6 15.5% 86.1 16.8%
SG&A.......................... 31.4 6.9% 33.3 6.5%
Operating profit.............. 39.2 8.6% 52.8 10.3%
Backlog....................... 95.5 117.9
Net sales in the European segment reached $231.0 million during
the quarter, an 8.3% decline from last year's second quarter of $252.0
million (excluding last year's divestiture of the European portion of
the truck-mounted forklift business, which contributed approximately
$17 million to net sales). The European segment was negatively
affected by a double-digit decline in the lifting business. The
European performance was helped by the continued strong contribution
of Powerscreen, the acquisition of Fermec at the end of last year, as
well as the much-improved sales performance of the Italian operations.
The tower crane business continues to grow in Europe and North
America, in part due to strong construction activity at many airports.
Operating profit was $23.2 million during the second quarter due
primarily to lower volumes in both the lifting and construction
businesses, somewhat offset by the major margin improvement at both
Comedil (tower cranes) and Terex Italia (hydraulic rough terrain
cranes). Operating margins were at 10.0% this quarter compared to
-
11.7% in the second quarter of last year. Last year's second quarter
operating margin includes approximately $2.8 million of operating
profit from the divested truck-mounted forklift business. Operating
expenses fell from $16.2 million during the second quarter of 2000 to
$15.7 million this year, but as a percentage of revenues increased
from 6.0% during the second quarter of 2000 to 6.8% this quarter as a
result of lower revenues.
"Despite a material slowdown in the construction truck business,
we continue to post good performance in terms of operating profit and
operating margin," said Colin Robertson, President of Terex Europe.
"While we are not satisfied with the current level of orders, we
continue to make progress on several fronts. Business activity in
France, Italy and Spain remains solid and we are starting to see
increased activity in the coal mining sector in both the United
Kingdom and the Far East. We are also in the process of integrating
several of our manufacturing facilities. We expect to close two
European facilities and move their respective production by year-end.
This integration of activities throughout Europe is expected to result
in strengthened sales and marketing capability and a lower operating
cost structure."
Capital Structure
Net debt at the end of the second quarter was $838.5 million, an
increase of $68.6 million versus the first quarter of 2001. The
increase was caused primarily by an increase in working capital of
about $30 million, in large part due to an increase in inventory, as
the impact of actions taken to reduce production schedules more in
line with demand expectations will not be reflected until the second
half of this year. Most of the increase in inventory was in the mining
truck business in preparation for the delivery of orders in the third
and fourth quarters. In addition, we had received payment on the five
Chilean mining trucks in late 2000, and repaid that money in the
second quarter in connection with the return of those five machines.
Recent Development
Terex announced on June 28, 2001 that it has signed a definitive
merger agreement with CMI Corporation. The merger agreement provides
for an exchange of all of the outstanding shares of CMI, at an
exchange rate of 0.16 shares of Terex common stock for each share of
CMI common stock, subject to a downward adjustment in the event the
consolidated net debt of CMI exceeds $75.25 million at closing. As a
result of this transaction, Terex is expected to issue approximately
-
3.5 million shares of its common stock to CMI shareholders. The
transaction, which is subject to customary closing conditions,
including CMI shareholder and regulatory approval, is expected to
close late in the third quarter or early in the fourth quarter of this
year.
CMI is a leading manufacturer of a broad range of leading-edge
automated machines for the construction and maintenance of highways,
city streets and county roads, parking lots and bridges, with 2000
revenues in excess of $225 million. Products include asphalt and
concrete mixing plants, road profiling and reclaiming equipment,
concrete paving systems and landfill compactors and grinders. CMI has
a strong competitive position with over 70 percent of its revenues
derived from products that have either the number one or number two
market share positions in their markets. The great majority of CMI
products are marketed to customers engaged in road and bridge building
and infrastructure development markets Terex already serves. In
addition, CMI is the leading domestic manufacturer of lightweight
concrete paving and maintenance equipment.
Outlook
"We expect the second half of this year to remain a challenging
one, requiring outstanding execution to achieve our objectives," said
Ron DeFeo. "The business environment, which started to deteriorate
during the second half of last year, remains difficult and is expected
to remain that way for the rest of 2001. We expect continuing soft
activity in both the North American and European construction markets
for the balance of 2001. We also expect the U.S. FY2002 transportation
appropriations bill to include investment levels that will exceed the
amounts guaranteed by TEA-21, which should help the infrastructure
businesses of Powerscreen, Cedarapids, and Jaques. Demand for coal,
crude oil, natural gas and electric power generation, especially in
the United States, is expected to remain strong, prompting significant
capital equipment spending in those areas. As a result, we remain
optimistic that our mining business will perform better during the
second half of 2001 than it has so far this year."
"We expect our earnings per share for the second half of 2001 to
be very similar to those of the first half of this year before
non-recurring items. We remain cautiously optimistic that our product
and geographic diversity combined with our favorable cost structure
should allow us to capitalize on any improvement in the business
environment."
Safe Harbor Statement
The above contains 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, the sensitivity of construction and mining activity to
interest rates, government spending and downward economic cycles 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, including
environmental laws and regulations; 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 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, infrastructure,
recycling and mining-related capital equipment under the brand names
of Terex, Unit Rig, Payhauler, O&K, Fermec, Benford, Powerscreen,
Finlay, B.L. Pegson, Simplicity, Cedarapids, Grayhound, Jaques,
Canica-Jaques, Lorain, PPM, P&H, Franna, Marklift, Koehring, Bendini,
RO, Telelect, Square Shooter, American, Italmacchine, Peiner, Comedil,
Matbro, Amida, Bartell, Coleman, Muller and Morrison. More information
on Terex can be found at www.terex.com.
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
-------------- ------------- ------------ -------------
Net sales $ 439.3 $ 593.5 $ 916.7 $ 1,147.0
Cost of
goods sold 359.1 486.9 757.9 943.7
------------- ------------- ------------ -------------
Gross profit 80.2 106.6 158.8 203.3
Selling, general
and administrative
expenses 41.0 43.1 81.6 84.8
------------- ------------- ------------ ------------
Income from
operations 39.2 63.5 77.2 118.5
Other income
(expense):
Interest income 1.8 1.4 3.8 2.5
Interest expense (23.2) (25.7) (44.2) (51.7)
Other income
(expense) - net (0.1) (1.0) (0.9) (1.6)
---------- ------------- ------------- -------------
Income before
income taxes
and extraordinary
items 17.7 38.2 35.9 67.7
Provision for
income taxes (5.7) (12.2) (11.5) (21.6)
------------- ------------- ------------ -------------
Income before
extraordinary
items 12.0 26.0 24.4 46.1
Extraordinary
loss on retirement
of debt --- --- (2.3) ---
------------- ------------- ------------ -------------
Net income $ 12.0 $ 26.0 $ 22.1 $ 46.1
============= ============= ============ =============
EARNINGS PER SHARE:-
Basic:
Income before
extraordinary
items $ 0.45 $ 0.95 $ 0.91 $ 1.68
Extraordinary
loss on
retirement of
debt --- --- (0.09) ---
-------------- -------------- -------------- ----------
Net income $ 0.45 $ 0.95 $ 0.82 $ 1.68
============== ============== ============== ==========
Diluted:
Income before
extraordinary
items $ 0.43 $ 0.93 $ 0.88 $ 1.63
Extraordinary
loss
on retirement of
debt --- --- (0.08) ---
-------------- -------------- ------------ -------------
Net income $ 0.43 $ 0.93 $ 0.80 $ 1.63
============== ============== =========== =============
Weighted average
number of common
and common
equivalent shares
outstanding in
per share
calculation
Basic 26.9 27.4 26.8 27.5
Diluted 27.8 28.1 27.6 28.3
TEREX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions, except par value)
(unaudited)
June 30, December 31,
2001 2000
-------------------------------------
CURRENT ASSETS
Cash and cash equivalents $198.5 $ 181.4
Trade receivables 378.5 360.2
Inventories 653.8 598.1
Deferred taxes 51.5 51.0
Other current assets 56.3 51.7
Total Current Assets 1,338.6 1,242.4
------------ -------------
LONG-TERM ASSETS
Property, plant and equipment 136.8 153.9
Goodwill 472.6 491.4
Deferred taxes 17.7 21.2
Other assets 104.4 74.8
------------ -------------
TOTAL ASSETS $ 2,070.1 $ 1,983.7
============ ============
CURRENT LIABILITIES
Notes payable and current
portion of long-term debt $ 23.3 $ 20.5
Trade accounts payable 313.1 311.2
Accrued compensation and
benefits 26.9 25.9
Accrued warranties and
product liability 65.2 65.2
Other current liabilities 139.8 152.8
------------- -------------
Total Current Liabilities 568.3 575.6
NON CURRENT LIABILITIES
Long-term debt, less
current portion 1,013.7 882.0
Other 65.1 74.6
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Equity rights 0.7 0.7
Common Stock, $0.01 par value --
Authorized 150.0 shares;
issued 28.0 and 27.9 shares
at June 30, 2001 and
December 31, 2000, respectively 0.3 0.3
Additional paid-in capital 359.6 358.9
Retained earnings 209.2 187.1
Accumulated other comprehensive income (129.3) (78.5)
Less cost of shares of common
stock in treasury (1.1 and 1.1
shares at June 30,
2001 and December 31, 2000,
respectively) (17.5) (17.0)
------------- ---------------
Total Stockholders' Equity 423.0 451.5
------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,070.1 $ 1,983.7
============= ================
TEREX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(unaudited)
Six Months Ended
June 30,
-------------------------------
2001 2000
-------------------------------
OPERATING ACTIVITIES
Net income $ 22.1 $ 46.1
Adjustments to
reconcile net
income to cash
provided by
(used in) operating
activities:
Depreciation 11.0 11.3
Amortization 8.4 10.0
Extraordinary loss on
retirement of debt 2.3 ---
Gain on sale of fixed assets (0.7) (0.4)
Changes in operating assets
and liabilities
(net of effects of acquisitions):
Trade receivables (25.3) (29.5)
Inventories (69.9) 56.0
Trade accounts payable 4.5 63.0
Other, net (42.1) (28.0)
-------------- ---------------
Net cash provided by (used in)
operating activities (89.7) 128.5
-------------- ---------------
INVESTING ACTIVITIES
Acquisition of businesses,
net of cash acquired (7.7) (3.8)
Capital expenditures (7.3) (10.1)
Proceeds from sale of assets 3.4 8.2
--------------- ---------------
Net cash provided by
(used in) investing activities (11.6) (5.7)
--------------- ---------------
FINANCING ACTIVITIES
Proceeds from issuance
of long-term debt,
net of issuance costs 287.9 ---
Principal repayments of
long-term debt (194.2) (58.3)
Net repayments under revolving
line of credit agreements 27.8 (5.4)
Purchase of common stock
held in treasury --- (4.3)
Other (0.8) (0.8)
-------------- ---------------
Net cash provided by (used in)
financing activities 120.7 (68.8)
-------------- ---------------
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS
(2.3) (1.6)
-------------- ---------------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 17.1 52.4
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 181.4 133.3
-------------- ---------------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 198.5 $ 185.7
============== ===============
TEREX CORPORATION AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION
(in millions)
(unaudited)
Sales
Q2-01 Q1-01 Q4-00
--------------- ------------- -------------
Americas and Mining $ 266.2 $ 299.4 $ 319.1
Europe 231.0 223.9 178.4
Corporate/Other (57.9) (45.9) (50.9)
=============== ============= =============
Total $ 439.3 $ 477.4 $ 446.6
Income from Operations
Americas and Mining $ 16.9 $ 22.1 $ 25.2
Europe 23.2 16.0 9.1
Corporate/Other (0.9) (0.1) (1.9)
=============== ============= =============
Total $ 39.2 $ 38.0 $ 32.4
Depreciation and
Amortization
Americas and Mining $ 4.0 $ 5.0 $ 4.7
Europe 4.5 4.2 4.6
Corporate/Other 1.1 0.6 0.8
=============== ============= =============
Total $ 9.6 $ 9.8 $ 10.1
Capital Expenditures
Americas and Mining $ 1.6 $ 2.6 $ 3.1
Europe 2.1 1.0 3.4
Corporate/Other --- --- ---
=============== ============= =============
Total $ 3.7 $ 3.6 $ 6.5
Sales
Q3-00 Q2-00 Q1-00
-------------- -------------- ------------
Americas and Mining $ 312.8 $ 401.8 $ 381.0
Europe 205.3 269.0 242.4
Corporate/Other (43.0) (77.3) (69.9)
============== ============== ===========
Total $ 475.1 $ 593.5 $ 553.5
Income from Operations
Americas and Mining $ 24.4 $ 31.7 $ 33.0
Europe 21.2 31.5 21.3
Corporate/Other 1.8 0.3 0.7
============== ============== ===========
Total $ 47.4 $ 63.5 $ 55.0
Depreciation and
Amortization
Americas and Mining $ 5.1 $ 4.9 $ 5.1
Europe 4.1 4.3 5.2
Corporate/Other 0.9 0.9 0.9
============== ============== ===========
Total $ 10.1 $ 10.1 $ 11.2
Capital Expenditures
Americas and Mining $ 6.5 $ 2.2 $ 3.3
Europe 1.1 2.5 2.1
Corporate/Other --- --- --
============== ============== ===========
Total $ 7.6 $ 4.7 $ 5.4
| CONTACT: |
Terex Corporation, Westport |
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Kevin O'Reilly
Vice President, Investor Relations and Corporate Communications
Phone: (203) 222-5943
Fax: (203) 222-0130
Email: koreilly@terex.com |
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