15.08.2005

Terex delays results again

Terex expected to finally produce its formal results for full year 2004 today, instead the company has announced a further delay and obtained its banks agreement to a delay of up until September 15th.

The statement made by the company is as follows:

“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.