Terex previously reported on September 15 that it would file the documents in the next several business days. However, the company now believes that additional items in its historical financial statements should be reviewed for completeness and accuracy.
The company said: “Based on management’s current expectations and knowledge and consistent with this prior disclosure, the balance for stockholders’ equity as of December 31, 2004 was approximately $1.1 billion.
“Additionally, Terex’s management confirms that the restatement process and additional review does not impact the company’s current cash position or the company’s view of its future operational possibilities, including net income expectations, cash flow forecasts, and overall improvements in the business fundamentals.”
Terex’s chairman and chief executive officer Ron DeFeo added: “We are disappointed with the delay, but given the prior disclosure and following a voluntary meeting held with the SEC, we have chosen to review some historical items not included in our prior scope of work. We will continue to work diligently to complete the restatement process as soon as practicable.”
