15.05.2005

Terex results delayed further

Terex Corp, the owner of Terex-Demag and Genie, has released a statement regarding its first quarter results. It expects total revenues for the quarter to the end of March 2005, to range between $1.40 billion and $1.45 billion, an increase of more than 35 percent compared to the first quarter 2004.

Terex has still to finalise its year end results for 2004 and is reviewing results for earlier years.
click here to See "Terex to restate prior earnings" Jan 14th

Click here to see "Terex issues outlook indications" Feb 3rd

Terex also anticipates fully diluted earnings per share, before special items, for the quarter to range between 50 cents and 55 cents.

Net debt increased by approximately $100 million in the quarter, slightly better than its forecast of $125 million. The increase debt reflects an investment in working capital in anticipation of the seasonally strong second quarter selling activities.

Terex now says that it will be releasing its final first quarter financial results before the end of May.

Terex has also 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.

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 Dec. 31, 2000, 2001, 2002 and 2003, and the completion of its audited financial statements for 2004.

Terex will delay the filing of its first quarter results until it completes this review, restatement and audit for the earlier periods, and files the appropriate documents with the SEC.