WESTPORT, Conn.--(BUSINESS WIRE)--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 the first quarter 2005 financial results.
Terex also announced today that it has filed a Form 12b-25
Notification of Late Filing with the Securities and Exchange
Commission, notifying the SEC that the Company is delaying the filing
of its Form 10-Q for the period ended March 31, 2005. As previously
announced, Terex has not yet finalized its third quarter 2004 and full
year 2004 results pending completion of its detailed internal
accounting review, the restatement of Terex's financial statements for
the years ended December 31, 2000, 2001, 2002 and 2003, and the
completion of its audited financial statements for 2004. Terex will
delay the filing of its Form 10-Q for the first quarter of 2005 until
it completes this review, restatement and audit for the earlier
periods and files the appropriate documents with the SEC. This delay
in filing the Form 10-Q for the first quarter of 2005 will extend
beyond the due date for the Form 10-Q, including the five-day
extension period. Terex continues to work diligently to complete its
restatement, audit and assessment of internal control over financial
reporting. Terex believes that it is nearing completion of this
process, and currently anticipates filing all appropriate documents,
including applicable financial statements, with the SEC in the near
future.
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