WESTPORT, Conn.--(BUSINESS WIRE)--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 weeks thereafter.
Based on this, Terex has obtained a waiver from its senior bank
lending group that allows the Company until September 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 and June
30, 2005. Management anticipates having all applicable financial
information completed prior to that time.
Lastly, and consistent with the Company's prior disclosure, it is
still management's opinion that, although adjustments in any one
year's financial statements may be material, the cumulative
adjustments required to be made to shareholders' equity at December
31, 2003 resulting from all errors identified to date are not expected
to be material to total shareholders' equity.
Safe Harbor Statement
The press release 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: 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
construction, infrastructure and mining activity and products produced
for the military to interest rates and government spending; the
ability to successfully integrate acquired businesses; the retention
of key management personnel; Terex's businesses are very competitive
and may be affected by pricing, product initiatives and other actions
taken by competitors; the effects of changes in laws and regulations;
Terex's business is international in nature and is subject to changes
in exchange rates between currencies, as well as international
politics; Terex's continued access to capital and ability to obtain
parts and components from suppliers on a timely basis at competitive
prices; the financial condition of suppliers and customers, and their
continued access to capital; Terex's ability to timely manufacture and
deliver products to customers; Terex's significant amount of debt and
its need to comply with restrictive covenants contained in Terex's
debt agreements; Terex's ability to file its periodic reports with the
SEC on a timely basis; Terex's ability to ensure that all intercompany
transactions will be properly recorded; compliance with applicable
environmental laws and regulations; and other factors, risks,
uncertainties more specifically set forth in Terex's public filings
with the SEC. In addition, until the previously announced review by
Terex of its accounts is concluded, no assurance can be given with
respect to the financial statement adjustments, impacts and periods
resulting from such review, nor can there be assurance that additional
adjustments to the financial statements will not be identified. Actual
events or the actual future results of Terex may differ materially
from any forward looking statement due to those and other risks,
uncertainties and significant factors. The forward-looking statements
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 with 2004
net sales of approximately $5 billion. Terex operates in five business
segments: Terex Construction, Terex Cranes, Terex Aerial Work
Platforms, Terex Materials Processing & Mining, and Terex
Roadbuilding, Utility Products and Other. Terex manufactures a broad
range of equipment for use in various industries, including the
construction, infrastructure, quarrying, recycling, surface mining,
shipping, transportation, refining, utility and maintenance
industries. Terex offers a complete line of financial products and
services to assist in the acquisition of Terex equipment through Terex
Financial Services. More information on Terex can be found at
www.terex.com.
CONTACT: Terex Corporation
Investor Relations:
Tom Gelston, 203-222-5943
SOURCE: Terex Corporation