WESTPORT, Conn., Feb 16, 2006 (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 March 1, 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.
As previously announced, Terex is restating its financial results
for 2000, 2001, 2002 and 2003. Terex has completed its review of
additional items in its historical financial documents, and is working
with its auditors to complete their work on the Company's financial
statements. Upon final audit approval, the Company intends to file its
Annual Report on Form 10-K for the year ended December 31, 2004,
including the restatement impacts on financial results for 2000, 2001,
2002 and 2003, and its quarterly reports for the periods ending March
31, 2004, June 30, 2004 and September 30, 2004. Terex expects to make
these filings by the end of the day tomorrow.
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.
SOURCE: Terex Corporation
Terex Corporation
Investor Relations:
Tom Gelston, 203-222-5943