-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QEZeRbUkW9Nb+Vj4S8KY3eJLVzR74uqyx53W7RcR2kdkZUxmKIZfxuCG794Sbp5L
 T585udAw3YrGtf7CLuRxZw==

<SEC-DOCUMENT>0000097216-03-000106.txt : 20031023
<SEC-HEADER>0000097216-03-000106.hdr.sgml : 20031023
<ACCEPTANCE-DATETIME>20031023121032
ACCESSION NUMBER:		0000097216-03-000106
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031022
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEREX CORP
		CENTRAL INDEX KEY:			0000097216
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL TRUCKS TRACTORS TRAILERS & STACKERS [3537]
		IRS NUMBER:				341531521
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10702
		FILM NUMBER:		03953472

	BUSINESS ADDRESS:	
		STREET 1:		500 POST ROAD EAST
		STREET 2:		STE 320
		CITY:			WESTPORT
		STATE:			CT
		ZIP:			06880
		BUSINESS PHONE:		2032227170

	MAIL ADDRESS:	
		STREET 1:		500 POST ROAD EAST
		STREET 2:		STE 320
		CITY:			WESTPORT
		STATE:			CT
		ZIP:			06880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACK MAMMOTH CONSOLIDATED MINING CO
		DATE OF NAME CHANGE:	19671002
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>f8ka102303.txt
<DESCRIPTION>8-K/A 3RD QTR CORRECTED EARNINGS RELEASE
<TEXT>


================================================================================




                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                   FORM 8-K/A

                               AMENDMENT NO. 1 TO
                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of report (Date of earliest event reported) October 22, 2003
                                                         ----------------



                                TEREX CORPORATION
- --------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


            Delaware                     1-10702                 34-1531521
- --------------------------------------------------------------------------------
  (State or Other Jurisdiction         (Commission              (IRS Employer
        of Incorporation)             File Number)           Identification No.)



   500 Post Road East, Suite 320, Westport, Connecticut            06880
- --------------------------------------------------------------------------------
         (Address of Principal Executive Offices)               (Zip Code)


        Registrant's telephone number, including area code (203) 222-7170
                                                           --------------


                                 NOT APPLICABLE
- --------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)


================================================================================


<PAGE>


                                      - 1 -

Item 12.  Results of Operations and Financial Condition

         As previously reported on a Current Report on Form 8-K filed October
22, 2003, Terex Corporation (the "Company") issued a press release on October
22, 2003 releasing and reviewing the Company's financial results for its fiscal
quarter ended September 30, 2003. The press release included as Exhibit 99.1 to
that Form 8-K differed from the press release actually issued by the Company, as
the Exhibit contained incorrect information in the financial summary tables on
the third page with respect to the line item for the Company's EBITDA for the
three and nine month periods ended September 30, 2003. EBITDA for the three
months ended September 30, 2003 was $59.2 million (reported) and $61.2 million
(excluding special items), and EBITDA for the nine months ended September 30,
2003 was $100.1 million (reported) and $199.5 million (excluding special items).
A discussion of the use of EBITDA and non-GAAP financial measures is included in
the press release.

         Accordingly, the Company attaches the correct copy of its press
release, as actually issued by Company, as Exhibit 99.1 to this Form 8-K/A.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(c)      Exhibits

         99.1     Press release of Terex Corporation issued on October 22, 2003.

                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Date:  October 23, 2003


                                                    TEREX CORPORATION


                                                    By:  /s/ Eric I Cohen
                                                         Eric I Cohen
                                                         Senior Vice President


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exh991.txt
<DESCRIPTION>CORRECTED 3RD QTR EARNINGS PRESS RELEASE
<TEXT>
                               [Terex Letterhead]

                 NEWS RELEASE   NEWS RELEASE   NEWS RELEASE

For information contact: Kevin O'Reilly, Vice President Investor Relations (203)
222-5943

                       TEREX REPORTS THIRD QUARTER RESULTS


         WESTPORT, CT, October 22, 2003 -- Terex Corporation (NYSE: TEX) today
announced net income for the third quarter of 2003 of $14.5 million, or $0.29
per share, compared to net income of $9.8 million, or $0.22 per share, for the
third quarter of 2002. Excluding the impact of special items, net income for the
quarter was $16.5 million, or $0.33 per share, compared to $13.9 million, or
$0.31 per share, for the third quarter of 2002. Net sales for the third quarter
of 2003 were $872.3 million, an increase of 35% from net sales of $644.0 million
for the third quarter of 2002. Special items for the third quarter of 2003
primarily include the current period costs of previously announced restructuring
initiatives. Special items for the third quarter of 2002 primarily include a
loss on the early extinguishment of debt related to the refinancing of Terex's
bank credit facility; restructuring actions primarily related to the
consolidation of facilities within the light construction business; inventory
valuation adjustments related to the acquisitions of Demag and Genie; and a
foreign exchange loss related to a forward purchase of Euros to hedge the
acquisition of Demag. These items were partially offset by a favorable legal
settlement.

         Net sales for the nine months ended September 30, 2003 increased to
$2,759.0 million, an increase of 50% from net sales of $1,843.6 million for the
nine months ended September 30, 2002. Net loss for the first nine months of 2003
was $22.1 million, or $0.46 per share, compared to a net loss of $92.2 million,
or $2.17 per share, for the nine months ended September 30, 2002. Net income,
excluding special items, was $57.0 million, or $1.15 per share, for the first
nine months of 2003, compared to net income, excluding special items, of $41.4
million, or $0.97 per share, for the first nine months of 2002.

         Cash flow from operations was $216 million and net debt decreased by
$156 million in the nine months ended September 30, 2003.

         "We are pleased with our execution so far this year," commented Ronald
M. DeFeo, Terex's Chairman and Chief Executive Officer. "We began the year with
a lot of uncertainty. We recognized that an end market recovery was unlikely,
but at the same time we believed that Terex was in a good position to change and
improve. We have made progress and our internal focus has been paying dividends,
as we have generated over $278 million in cash from operations over the last
twelve months."

         "Our integration of Demag and Genie has met or exceeded our
expectations. From an operational perspective, Demag has transformed Terex
Cranes into a truly global company, solidifying our manufacturing footprint in
Europe and providing the international diversification that has allowed us to
withstand the depressed market conditions that we are facing in North America.
From a financial perspective, Demag has generated significant free cash flow
during its first year of Terex ownership." Mr. DeFeo continued, "Genie has
posted exceptional financial results in a difficult market through its first
year of Terex ownership and provided many intangible benefits along the way.
Genie's lean manufacturing and continuous improvement has provided some best
practices that are being shared within the company today. In addition, we are
leveraging the strength of the Genie sales and customer service team to cross
sell other Terex products, primarily our compact equipment line. This has
clearly been an acquisition where both parties have learned from each other and
where we are leveraging each other's strengths to create a stronger overall
company."

<PAGE>

         "Our restructuring initiatives in other businesses have also gone
according to plan. Our facility consolidation in the U.K. construction business
was completed early in the third quarter and we will see the benefits from this
throughout the remainder of 2003 and into 2004. Initiatives implemented towards
the end of 2002 and early 2003 in the Cranes, Mining and Roadbuilding businesses
are also yielding results."

         Mr. DeFeo added, "Even with all of our accomplishments, there is still
a tremendous amount of opportunity in front of us. We have grown in size to
become the number three construction equipment company in the world, with one of
the broadest product offerings in the industry. We are in the process of
building a strong brand and our next step is to leverage our size and diversity
and mature as a company. This is a journey we have begun and are committed to as
a management team, but one that will take time. In the near term, our visibility
remains limited and, although we see some signs in the market place indicating
that we are closer to a recovery, it is difficult to predict the precise timing.
We remain committed to executing our plan, generating cash flow and reducing
debt."

         In this press release Terex refers to various non-GAAP (generally
accepted accounting principles) financial measures. These measures may not be
comparable to similarly titled measures being disclosed by other companies. The
table below and the tables included elsewhere in this press release provide a
reconciliation of the reported GAAP numbers for the third quarter and nine
months year to date of 2003 and 2002, the reported numbers excluding special
items, and the reported numbers excluding acquisitions (specifically Demag,
Genie, Pacific Utility, Telelect Southeast, Advance Mixer, Crane & Machinery,
Commercial Body, Combatel and Tatra) and special items. Terex believes that this
information is useful to understanding its operating results, the ongoing
performance of its underlying businesses without the impact of special items,
and the impact that acquisitions have had on its financial performance. Terex
also discloses EBITDA and net debt, as they are commonly referred to financial
metrics used in the investing community. Terex believes that disclosure of
EBITDA and net debt will be helpful to those reviewing its performance and that
of other comparable companies, as EBITDA and net debt provide information on
Terex's leverage position, ability to meet debt service and capital expenditure
and working capital requirements, and EBITDA is also an indicator of
profitability.

                                       2
<PAGE>

A financial summary is shown below:

<TABLE>
<CAPTION>


                                                              Three months ended September 30,
                           --------------------------------------------------------------------------------------------------------
                                                  2003                                                 2002
                           ---------------------------------------------------- ---------------------------------------------------
                                                           (in millions, except per share amounts)

                                                                    Excluding                                            Excluding
                                                                   Acquisitions                                         Acquisitions
                                           Special     Excluding    & Special                 Special      Excluding     & Special
                              Reported    Items (2)     Special     Items (4)     Reported    Items (3)     Special      Items (4)
                                                         Items                                               Items
                            --------------------------------------------------------------------------------------------------------
<S>                        <C>          <C>          <C>          <C>          <C>           <C>         <C>           <C>
 Net sales................ $     872.3  $   ---      $     872.3  $     542.4  $    644.0    $   ---     $    644.0    $    525.2
                            =========== ============ ============ ============ ============  =========== ============  =============
 Gross profit ............ $     128.8  $     1.3    $     130.1  $      74.5  $     87.2    $     7.3   $     94.5    $     77.9
 SG&A.....................        86.5       (0.7)          85.8         55.2        51.5         (1.2)        50.3          42.2
                            ----------- ------------ ------------ ------------ ------------  ----------- ------------  -------------
 Income from operations ..        42.3        2.0           44.3  $      19.3        35.7          8.5         44.2    $     35.7
                                                                  ============                                         =============
 Other income (expense)...       (23.3)       0.8          (22.5)                   (19.3)        (2.6)       (21.9)
 Provision for income
  taxes...................        (5.3)      (0.8)          (6.1)                    (5.1)        (1.8)        (6.9)
 Income (loss) from
  discontinued operations.         0.8      ---              0.8                     (1.5)       ---           (1.5)
 Cumulative effect of
  change in accounting
  principles..............       ---        ---            ---                      ---          ---          ---
                            ----------- ------------ ------------                ----------  ----------- ------------
 Net income (loss)........ $      14.5  $     2.0    $      16.5               $      9.8    $     4.1   $     13.9
                            =========== ============ ============               ===========  =========== ============
 Earnings per share....... $       0.29              $       0.33              $      0.22               $      0.31
 EBITDA (1)............... $      59.2  $     2.0    $      61.2               $     43.4    $     8.5   $     51.9
 Backlog ................. $     382.7               $     382.7               $    378.3                $    378.3

 Average diluted shares
     Outstanding..........        49.7                      49.7                     45.2                      45.2
</TABLE>
(1)  EBITDA is  calculated  as income  from  operations  plus  depreciation  and
     amortization included in income from operations.
(2)  Special  items,  net of tax,  relate to  previously  announced  restructure
     initiatives  ($0.7  million) and  businesses  held for sale or to be closed
     ($1.3 million).
(3)  Special  items,  net of tax,  relate to the  restructuring  charge for debt
     extinguishment ($1.6 million), restructuring in light construction, CMI and
     Terex Cranes ($2.4 million),  foreign exchange loss on Euros held for Demag
     acquisition ($0.9 million), equity loss on minority interest in Tatra ($1.2
     million),  Genie and Demag fair value accounting  treatment ($2.5 million),
     and businesses  held for sale or to be closed ($0.9  million),  offset by a
     favorable ruling on a legal claim ($5.4 million).
(4)  Acquisitions   excluded  are  Demag,  Genie,   Pacific  Utility,   Telelect
     Southeast, Advance Mixer, Crane & Machinery,  Commercial Body, Combatel and
     Tatra.

<TABLE>
<CAPTION>


                                                               Nine months ended September 30,
                           --------------------------------------------------------------------------------------------------------
                                                  2003                                                 2002
                           ---------------------------------------------------- ---------------------------------------------------
                                                           (in millions, except per share amounts)

                                                                    Excluding                                            Excluding
                                                                   Acquisitions                                         Acquisitions
                                           Special     Excluding    & Special                 Special      Excluding     & Special
                              Reported    Items (2)     Special     Items (4)     Reported    Items (3)     Special      Items (4)
                                                         Items                                               Items
                            --------------------------------------------------------------------------------------------------------
<S>                        <C>          <C>          <C>          <C>          <C>           <C>         <C>           <C>
 Net sales................ $   2,759.0  $   ---      $   2,759.0  $   1,721.5  $  1,843.6    $   ---     $  1,843.6    $  1,676.3
                            =========== ============ ============ ============ ============  =========== ============  =============
 Gross profit ............ $     365.8  $    44.8    $     410.4  $     244.6  $    293.4    $    16.7   $    310.1    $    286.4
 SG&A.....................       264.1       (3.3)         260.6        171.9       177.6         (1.8)       175.8         162.9
 Goodwill Impairment......        51.3      (51.3)         ---          ---         ---          ---          ---           ---
                            ----------- ------------ ------------ ------------ ------------  ----------- ------------  -------------
 Income from operations ..        50.4       99.4          149.8  $      72.7       115.8         18.5        134.3    $    123.5
                                                                  ============                                         =============
 Other income (expense)...       (76.1)       2.2          (73.9)                   (72.4)         6.9        (65.5)
 Provision for income
  taxes...................         1.5      (22.7)         (21.2)                   (13.8)        (8.1)       (21.9)
 Income (loss) from
  discontinued operations.         2.1        0.2            2.3                     (8.4)         2.9         (5.5)
 Cumulative effect of
  change in accounting
  principles.............        ---        ---            ---                     (113.4)       113.4        ---
                            ----------- ------------ ------------              ------------  ----------- ------------
 Net income (loss)........ $     (22.1) $    79.1    $      57.0               $    (92.2)   $   133.6   $     41.4
                            =========== ============ ============              ============  =========== ============
 Earnings per share....... $      (0.45)             $       1.16              $     (2.17)              $      0.97
 EBITDA (1)............... $     100.1  $    99.4    $     199.5               $    130.0    $    22.7   $    152.7
 Backlog ................. $     382.7               $     382.7               $    378.3                $    378.3

 Average diluted shares
 Outstanding..............        48.1        1.3           49.4                     42.5                      42.5
</TABLE>
(1)  EBITDA is  calculated  as income  from  operations  plus  depreciation  and
     amortization included in income from operations.
(2)  Special  items,  net  of  tax,  relate  to  goodwill   impairment  for  the
     Roadbuilding group ($42.5 million),  exiting certain businesses and product
     rationalization    within   the   Roadbuilding   group   ($22.0   million),
     restructuring  activities ($9.0 million),  loss on retirement of debt ($1.4
     million),  write-off of remaining  investment  in SDC  International  ($0.8
     million),  write-down of certain assets within the EarthKing business ($1.7
     million),  Genie and Demag inventory fair value accounting  treatment ($2.1
     million)  and  businesses  held for sale or to be  closed  ($1.3  million),
     offset partially by a favorable ruling on a legal claim ($1.7 million).
(3)  Special  items,  net of tax,  relate to the  restructuring  charge  for the
     closure of the Tulsa,  Oklahoma  facility  ($2.8  million),  closure of the
     Standard Havens facility ($0.8 million), headcount reductions at Cedarapids
     ($0.6 million),  restructuring in light construction,  CMI and Terex Cranes
     ($2.4  million),  loss on debt  ($1.6  million),  equity  loss on  minority
     interest in Tatra  ($1.2  million),  Genie and Demag fair value  accounting
     treatment  ($2.5  million),  businesses held for sale or to be closed ($0.9
     million),  the write down of certain  assets within the light  construction
     group,  European lifting group and EarthKing subsidiary ($15.6 million) and
     the cumulative effect of change in accounting  principles ($113.4 million),
     offset  partially  by a foreign  exchange  rate gain  related  to the Demag
     acquisition  ($2.8  million) and a favorable  ruling on a legal claim ($5.4
     million).
(4)  Acquisitions   excluded  are  Demag,  Genie,   Pacific  Utility,   Telelect
     Southeast, Advance Mixer, Crane & Machinery,  Commercial Body, Combatel and
     Tatra.


                                       3
<PAGE>


Segment Performance

         The comparative segment performance below excludes special items. See
Table I included later in this press release for the reconciliation to the
reported GAAP numbers.

Terex Construction
<TABLE>
<CAPTION>

                                             Third Quarter                                Year-to-Date
                              -------------------------------------------- -------------------------------------------
                                                               (dollars in millions)
                                      2003                  2002                   2003                  2002
                              --------------------- ---------------------- --------------------- ---------------------
                                            % of                  % of                   % of                  % of
                                            sales                 sales                 sales                 sales
                                          ---------            -----------             ---------             ---------
<S>                            <C>          <C>      <C>         <C>       <C>         <C>       <C>          <C>
Net sales..................... $   304.5             $   302.6             $1,005.4              $   896.8
                              ============          ============           ===========           ===========
Gross profit ................. $    39.7    13.0%    $    34.6    11.4%    $  136.8     13.6%    $   134.9    15.0%
SG&A .........................      24.6     8.1%         19.8     6.5%        86.3      8.6%         75.9     8.5%
                              ------------          ------------           -----------           -----------
Operating profit.............. $    15.1     5.0%    $    14.8     4.9%    $   50.5      5.0%    $    59.0     6.6%
                              ============          ============           ===========           ===========
Backlog....................... $    89.4             $    88.5             $   89.4              $    88.5

</TABLE>

         Net sales in the Terex Construction group for the third quarter of 2003
increased $1.9 million to $304.5 million from $302.6 million in the third
quarter of 2002. The increase in sales was driven primarily by the foreign
exchange movements among the Euro, British Pound and U.S. dollar. Excluding the
translation impact of foreign exchange movements, sales for the Terex
Construction group were slightly down. SG&A expenses for the third quarter of
2003 were $24.6 million compared to $19.8 million for the third quarter of 2002,
primarily reflecting the impact of currency fluctuations, as a large portion of
expenses are in British Pounds and Euro. Income from operations for the quarter
was $15.1 million, or 5.0% of sales, compared to $14.8 million, or 4.9% of
sales, for the third quarter of 2002.

         "Terex Construction had a solid quarter," commented Colin Robertson,
President - Terex Construction. "We continue to focus on cost reductions and
manufacturing efficiencies. The consolidation of our U.K. facilities was
completed during the quarter and we are beginning to see the benefits of this
action. Our Atlas business also continued to make progress and has been a
consistent contributor during the year. Unfortunately, some of the benefits from
these actions have been affected by the reduction in volume and the negative
currency impact from selling our European-manufactured product into the United
States."

         Mr. Robertson added, "Our Powerscreen businesses remain strong, and we
are growing market share while at the same time improving the cost structure by
consolidating our Kilbeggan facility operations into our Dungannon location. Our
compact equipment product offering continues to penetrate new markets and we see
tremendous opportunity for growth in this business, particularly in the U.S.,
where we are using the Genie sales force to further penetrate the rental
channel."

         "As we finish 2003, we remain focused on the same initiatives with
which we began the year, namely leveraging the Terex portfolio to grow market
share, implementing cost reductions and driving working capital out of the
system to generate cash."


                                       4
<PAGE>

<TABLE>
<CAPTION>

Terex Cranes

                                             Third Quarter                                Year-to-Date
                              -------------------------------------------- -------------------------------------------
                                                               (dollars in millions)
                                      2003                  2002                   2003                  2002
                              --------------------- ---------------------- --------------------- ---------------------
                                            % of                  % of                   % of                  % of
                                            sales                 sales                 sales                 sales
                                          ---------             ----------             ---------             ---------
<S>                            <C>         <C>       <C>          <C>      <C>          <C>      <C>          <C>
Net sales..................... $   226.6             $   171.5             $  737.5              $   443.0
                              ============          ============           ===========           ===========
Gross profit ................. $    26.8    11.8%    $    23.3    13.6%    $   85.1     11.5%    $    61.8    14.0%
SG&A .........................      19.9     8.8%         11.5     6.7%        60.1      8.1%         30.4     6.9%
                              ------------          ------------           -----------           -----------
Operating profit.............. $     6.9     3.0%    $    11.8     6.9%    $   25.0      3.4%    $    31.4     7.1%
                              ============          ============           ===========           ===========
Backlog....................... $   125.6             $   186.4             $  125.6              $   186.4
</TABLE>


         Net sales in the Terex Cranes group for the third quarter of 2003
increased $55.1 million to $226.6 million from $171.5 million in the third
quarter of 2002, driven primarily by the inclusion of acquired companies (Demag
and Crane & Machinery). On a comparable basis, net sales in the base businesses
in the Terex Cranes group were down approximately 9%, as continued weakness in
the North American market was partially offset by growth in Europe, particularly
tower cranes and mobile telescopic cranes in Italy. SG&A expenses increased to
$19.9 million, or 8.8% of sales, in the third quarter of 2003 compared to $11.5
million, or 6.7% of sales, for the third quarter of 2002, reflecting the impact
of acquired companies. Income from operations for the quarter was $6.9 million,
or 3.0% of sales, compared to $11.8 million, or 6.9% of sales, in the third
quarter of 2002, as margins continue to be under pressure from competitive
pricing in the market place, sales volume reduction in North America and used
machine sales with very low margins.

         "The Demag acquisition has been successful on many fronts," said Fil
Filipov, President - Terex Cranes. "First of all are the financial returns.
Demag has generated significant cash flow from working capital reductions during
the first year of our ownership. Second, we have grown market share on the
strength of new product introductions. Third, Demag has allowed us to
strategically realign our crane group to manufacture and compete more
efficiently on a global scale."

         "The industry trends that we have witnessed during the first part of
the year have continued. The North American market remains depressed and is down
over 30% for the first nine months. We have been able to offset this to some
extent with growth in our Italian businesses, both in tower cranes and mobile
telescopic cranes."

         Mr. Filipov added, "In the short term we will continue to focus on cost
reductions and managing the business for cash, such as aggressively converting
used equipment into cash."

Terex Mining, Roadbuilding, Utility Products and Other
<TABLE>
<CAPTION>


                                             Third Quarter                                Year-to-Date
                              -------------------------------------------- ------------------------------------------
                                                               (dollars in millions)
                                      2003                  2002                   2003                  2002
                              --------------------- ---------------------- -------------------- ---------------------
                                            % of                  % of                   % of                  % of
                                            sales                 sales                 sales                 sales
                                          ---------            ----------             ---------             ---------
<S>                            <C>          <C>      <C>          <C>      <C>         <C>       <C>
Net sales..................... $   194.7             $   174.8             $  587.3              $   531.0
                              ============          ============           ===========           ===========
Gross profit ................. $    32.6    16.7%    $    32.8    18.8%    $   92.2     15.6%    $   107.8    20.3%
SG&A .........................      25.3    13.0%         19.6    11.2%        69.8     11.8%         65.1    12.3%
                              ------------          ------------           -----------           -----------
Operating profit.............. $     7.3     3.7%    $    13.2     7.6%    $   22.4      3.8%    $    42.7     8.0%
                              ============          ============           ===========           ===========
Backlog....................... $   155.1             $    95.4             $  155.1              $    95.4
</TABLE>


                                       5
<PAGE>

         On July 1, 2003, the Company announced that it reached an agreement in
principle to sell Terex's worldwide electric drive mining truck business to
Caterpillar Inc., and for Terex to acquire Caterpillar's mining shovel
intellectual property. As a result, the Company has accounted for the mining
truck business and wholly owned product support businesses as a discontinued
operation in accordance with SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets." This will require the Company to restate prior
year results to treat the mining truck business as a discontinued operation on
the consolidated statement of operations and to show the assets and liabilities
of the business as  single amounts in the consolidated balance sheet.
Due to the size of the remaining mining business, the Company has ceased
reporting Mining as a separate financial reporting segment.

         Net sales for the Terex Mining, Roadbuilding, Utility Products and
Other group for the third quarter of 2003 increased $19.9 million to $194.7
million, from $174.8 million for the third quarter of 2002. SG&A expenses for
the third quarter of 2003 were $25.3 million, or 13.0% of sales, compared to
$19.6 million, or 11.2% of sales, in the third quarter of 2002. Income from
operations decreased to $7.3 million, or 3.7% of sales, in the third quarter of
2003 from $13.2 million, or 7.6% of sales, in the third quarter of 2002.

         "The Mining, Roadbuilding, Utility Products and Other group continues
to have its near-term challenges," commented Mr. DeFeo. "Our CMI business,
although profitable in the quarter, continues to be impacted by lower levels of
highway spending at the federal, state and local level. We do not see any
catalyst for this business until the federal highway bill is reauthorized (which
we do not anticipate will happen until February 2004) and there is some clarity
to state budget issues."

         "Our utility business continues to post solid results and our
investments in the utility distribution channel have led to some real
opportunities. Our "Utility Depot" marketing strategy has allowed us to leverage
the Terex product offering and penetrate some large investor owned utilities and
municipalities. We believe the electric utility distribution system
infrastructure will become a higher priority due to the impact of the
blackout in the northeast United States this summer, but this is going to be a
multi-year, long-term program and it is difficult to assess its financial impact
at this time."


         "From a mining perspective, we continue to move to divest the surface
mining truck business to Caterpillar. Due to the complexity of the deal and the
number of parties involved, it will take a number of months before the
transaction can be completed. The due diligence phase is almost complete and the
initial market feedback and dealer feedback has been as expected."

Terex Aerial Work Platforms
<TABLE>
<CAPTION>

                                             Third Quarter                                Year-to-Date
                              -------------------------------------------- ------------------------------------------
                                                               (dollars in millions)
                                      2003                  2002                   2003                  2002
                              --------------------- ---------------------- --------------------- --------------------
                                            % of                  % of                   % of                  % of
                                            sales                 sales                 sales                 sales
                                          ---------             ----------             ---------             --------
<S>                            <C>          <C>      <C>          <C>      <C>          <C>      <C>          <C>
Net sales..................... $   136.3             $    30.5             $  451.3              $    47.6
                              ============          ============           ===========           ===========
Gross profit ................. $    31.0    22.7%    $     4.4    14.4%    $   96.7     21.4%    $     6.0    12.6%
SG&A .........................      14.5    10.6%          2.0     6.6%        42.2      9.4%          3.2     6.7%
                              ------------          ------------           -----------           -----------
Operating profit.............. $    16.5    12.1%    $     2.4     7.9%    $   54.5     12.1%    $     2.8     5.9%
                              ============          ============           ===========           ===========
Backlog.......................      16.6             $     8.0             $   16.6              $     8.0
</TABLE>

                                       6
<PAGE>


         The Terex Aerial Work Platforms group represents the results of Genie
Holdings, Inc. and its subsidiaries since their acquisition by Terex on
September 18, 2002. In addition, beginning April 1, 2003, the Aerial Work
Platform group became responsible for the manufacturing, sales and service of
the Terex telehandlers business in North America, and prior year amounts have
been restated for consistency.

         Net sales for the Terex Aerial Work Platforms group for the third
quarter of 2003 were $136.3 million. SG&A expenses were $14.5 million, or 10.6%
of sales, for the third quarter of 2003 and income from operations was $16.5
million, or 12.1% of sales.

         "Although our journey with Terex has just begun, we are already seeing
the positive results of integrating the two companies," commented Bob Wilkerson,
President - Terex Aerial Work Platforms. "While third quarter sales were flat to
slightly up compared to prior year trends, our margins have improved
considerably. This is a direct result of cost savings attained during
integration, as well as some favorable currency movements. As we look forward,
we expect the end markets to remain challenging, but we remain confident that
with current fleet aging in the industry and increasing utilization rates, we
should begin to see a replacement cycle in 2004."

         Mr. Wilkerson added, "Although we have had excellent financial returns
during our first year with Terex, the long-term value and synergies of the
acquisition are just being unlocked. We are aggressively sharing knowledge and
best practices with many Terex companies. We are looking to leverage the buying
power and financial discipline of Terex while we share the knowledge and best
practices we have learned over the years in lean manufacturing, sales and
customer service. Together, I believe the sum will be greater than the
individual parts."

Capital Structure

         "Cash flow from operations for the third quarter of 2003 was $31
million, bringing the total for the first nine months of 2003 to approximately
$216 million,"commented Phil Widman, Senior Vice President and Chief Financial
Officer. "In the quarter we generated an additional $39 million in cash from
reductions in working capital (defined as the sum of accounts receivable plus
inventory less accounts payable), making for a total of $167 million generated
for the first nine months of 2003, well on the way to our annual goal of $200
million. Our working capital as a percent of trailing three month annualized
sales decreased to 26% at the end of the third quarter of 2003 compared to 36%
at the end of the third quarter of 2002."

         "Net debt (defined as total debt less cash) at the end of the third
quarter of 2003 decreased $155.8 million to $1,053.2 million from $1,209.0
million at the end of 2002, in spite of the fact that we consolidated an
additional $33 million in debt related to acquiring a majority interest in
Tatra during the quarter, which is non-recourse to Terex. Net debt to book
capitalization at the end of the third quarter of 2003 was 56.6%, compared to
61.1% at the end of 2002." Mr. Widman added, "We remain committed to a minimum
reduction in total debt of $200 million in 2003, of which approximately $124
million was achieved during the first nine months."

Outlook

         "Although there are positive signs in the market, there remain just as
many questions and uncertainties," commented Mr. DeFeo. "We do not see any help
from the end markets in the fourth quarter and anticipate the markets will move
sideways in the short term. We do believe that the worst is behind us, but we
recognize that some markets, such as North American cranes and roadbuilding,
continue to remain challenging. We are committed to achieve the lower end of our
annual guidance, and to meet or exceed our working capital and debt reduction
targets of $200 million, respectively. We have made some significant strides
during the year, but realize that we have to stay focused on our goals and the
execution of our plan."


                                       7
<PAGE>

Safe Harbor Statement

         The above 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 continuing weak general economic
conditions may affect the sales of its products and its financial results;
construction and mining activity are affected by interest rates and government
spending; the ability to successfully integrate new businesses may affect
Terex's future performance; changes in Terex's 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; the ability of suppliers to timely supply Terex parts and components
at competitive prices; the financial condition of suppliers and customers, and
their continued access to capital; the dependence of some of Terex's customers
relying on third party financing to purchase its products; Terex's ability to
timely manufacture and deliver products to customers; Terex's substantial amount
of debt and its need to comply with restrictive covenants contained in Terex's
debt agreements; compliance with applicable environmental laws and regulations;
and other factors, risks, uncertainties more specifically set forth in Terex's
public filings with the Securities and Exchange Commission. 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 herein 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 based in
Westport, Connecticut, with 2002 revenues of $2.8 billion. Terex is involved in
a broad range of construction, infrastructure, recycling and mining-related
capital equipment under the brand names of Advance, American, Amida, American
Truck Company, Atlas, Bartell, Bendini, Benford, Bid-Well, B.L. Pegson, Canica,
Cedarapids, Cifali, CMI, Coleman Engineering, Comedil, CPV, Demag, Fermec,
Finlay, Franna, Fuchs, Genie, Grayhound, Hi-Ranger, Italmacchine, Jaques,
Johnson-Ross, Koehring, Lectra Haul, Load King, Lorain, Marklift, Matbro,
Morrison, Muller, O&K, Payhauler, Peiner, Powerscreen, PPM, Re-Tech, RO, Royer,
Schaeff, Simplicity, Square Shooter, Tatra, Telelect, Terex, and Unit Rig.
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.


















                                Terex Corporation
           500 Post Road East, Suite 320, Westport, Connecticut 06880
          Telephone: (203) 222-7170, Fax: (203) 222-7976, www.terex.com



                                       8
<PAGE>


                       TEREX CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                      (in millions, except per share data)
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                      Three Months                    Nine Months
                                                                   Ended September 30,            Ended September 30,
                                                               ------------------------------  -----------------------------
                                                                     2003            2002           2003            2002
                                                               --------------  --------------  --------------   ------------
<S>                                                            <C>             <C>             <C>              <C>
Net sales......................................................$     872.3     $     644.0     $  2,759.0       $  1,843.6
Cost of goods sold.............................................      743.5           556.8        2,393.2          1,550.2
                                                               --------------  --------------  --------------   ------------

     Gross profit..............................................      128.8            87.2          365.8            293.4
Selling, general and administrative expenses...................       86.5            51.5          264.1            177.6
Goodwill impairment............................................      ---             ---             51.3            ---
                                                               --------------  --------------  --------------   ------------

     Income from operations....................................       42.3            35.7           50.4            115.8

Other income (expense):
     Interest income...........................................        1.6             1.8            5.2              4.5
     Interest expense..........................................      (23.0)          (22.1)         (74.8)           (65.9)
     Loss on retirement of debt................................      ---              (2.4)          (1.9)            (2.4)
     Other income (expense) - net..............................       (1.9)            3.4           (4.6)            (8.6)
                                                               --------------  --------------  --------------   ------------


Income (loss) from continuing operations before income taxes
     and cumulative effect of change in accounting principle...       19.0            16.4          (25.7)            43.4
Benefit from (provision for) income taxes......................       (5.3)           (5.1)           1.5            (13.8)
                                                               --------------  --------------  --------------   ------------


Income (loss) from continuing operations before cumulative
      effect of change in accounting principle.................       13.7            11.3          (24.2)            29.6
Income (loss) from discontinued operations.....................        0.8            (1.5)           2.1             (8.4)
                                                               --------------  --------------  --------------   ------------
Income (loss) before cumulative effect of change in
        accounting principle...................................       14.5             9.8          (22.1)            21.2

Cumulative effect of change in accounting principle............      ---             ---            ---             (113.4)
                                                               --------------  --------------  --------------   ------------

Net income (loss)..............................................$      14.5     $       9.8    $     (22.1)      $    (92.2)
                                                               ==============  ==============  ==============   ============


EARNINGS PER SHARE: -
    Basic:
      Income (loss) from continuing operations.................$       0.28    $       0.25   $      (0.50)     $      0.71
      Income (loss) from discontinued operations...............        0.02           (0.03)          0.04            (0.20)
                                                               --------------  --------------  --------------   ------------
      Income (loss) before cumulative effect of change in                                                              0.51
         accounting principle..................................        0.30            0.22          (0.46)
      Cumulative effect of change in accounting principle......      ---             ---            ---               (2.71)
                                                               --------------   -------------  --------------   ------------
             Net income (loss).................................$       0.30    $       0.22   $      (0.46)     $     (2.20)
                                                               ==============  ==============  ==============   ============
    Diluted:
      Income (loss) from continuing operations.................$       0.27    $       0.25   $      (0.50)     $      0.70
      Income (loss) from discontinued operations...............        0.02           (0.03)          0.04            (0.20)
                                                               --------------  -------------- ---------------   ------------
      Income (loss) before cumulative effect of change in
         accounting principle..................................        0.29            0.22          (0.46)            0.50
     Cumulative effect of change in accounting principle.......      ---             ---            ---               (2.67)
                                                               --------------  --------------  --------------   ------------
            Net income (loss)..................................$       0.29    $       0.22    $     (0.46)     $     (2.17)
                                                               ==============  ==============  ==============   ============


Weighted average number of common and common equivalent shares outstanding in
     per share calculation:
        Basic..................................................       48.4            44.5           48.1             41.8
        Diluted................................................       49.7            45.2           48.1             42.5

</TABLE>



                                       9
<PAGE>



                                            TEREX CORPORATION AND SUBSIDIARIES
                                                CONSOLIDATED BALANCE SHEET
                                              (in millions, except par value)
                                                        (unaudited)
<TABLE>
<CAPTION>


                                                                                       September 30,          December 31,
                                                                                           2003                   2002
                                                                                     -------------------   -----------------

CURRENT ASSETS
<S>                                                                                  <C>                   <C>
   Cash and cash equivalents....................................................     $     430.9           $      352.2
   Trade receivables............................................................           528.9                  578.6
   Inventories..................................................................           963.9                1,106.3
   Other current assets.........................................................           301.9                  184.0
                                                                                     -------------------   -----------------
                      Total Current Assets......................................         2,225.6                2,221.1

LONG-TERM ASSETS
   Property, plant and equipment................................................           366.7                  309.4
   Goodwill.....................................................................           602.3                 622.9
   Other assets.................................................................           568.1                  472.3
                                                                                     -------------------   -----------------

TOTAL ASSETS....................................................................     $   3,762.7           $    3,625.7
                                                                                     ===================   =================

CURRENT LIABILITIES
   Notes payable and current portion of long-term debt..........................     $      95.1           $       74.1
   Trade accounts payable.......................................................           572.1                  542.9
   Accrued compensation and benefits............................................            84.7                   74.0
   Accrued warranties and product liability.....................................            86.8                   86.0
   Other current liabilities....................................................           359.4                  329.2
                                                                                     -------------------   -----------------
                     Total Current Liabilities..................................         1,198.1                1,106.2

NON CURRENT LIABILITIES
   Long-term debt, less current portion.........................................         1,389.0                1,487.1
   Other........................................................................           367.7                  263.2

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
   Common Stock, $0.01 par value --
      Authorized 150.0 shares; issued 49.8 and 48.6 shares at September 30, 2003
      and December 31, 2002, respectively.......................................             0.5                    0.5
   Additional paid-in capital...................................................           791.7                  772.7
   Retained earnings............................................................            45.3                   67.4
   Accumulated other comprehensive income (loss)................................           (11.8)                 (53.6)
   Less cost of shares of common stock in treasury (1.2 shares at September 30,
       2003 and December 31, 2002)..............................................           (17.8)                 (17.8)
                                                                                     -------------------   -----------------
   Total Stockholders' Equity...................................................           807.9                  769.2
                                                                                     -------------------   -----------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY......................................     $   3,762.7           $    3,625.7
                                                                                     ===================   =================
</TABLE>



                                       10
<PAGE>



                                            TEREX CORPORATION AND SUBSIDIARIES
                                           CONSOLIDATED STATEMENT OF CASH FLOWS
                                                       (in millions)
                                                        (unaudited)
<TABLE>
<CAPTION>

                                                                                                  Nine Months Ended
                                                                                                     September 30,
                                                                                            -------------------------------
                                                                                                  2003           2002
                                                                                            --------------- ---------------

OPERATING ACTIVITIES
<S>                                                                                         <C>             <C>
   Net income (loss)......................................................................  $   (22.1)      $   (92.2)
   Adjustments to reconcile net income (loss) to cash provided by (used in) operating
       activities:
     Depreciation ........................................................................       40.6            23.1
     Amortization.........................................................................        9.5             6.0
     Impairment charges and asset write downs.............................................       72.5           140.8
     Restructuring charges................................................................      ---               5.4
     Loss on retirement of debt...........................................................        1.4             1.6
     Gain on sale of fixed assets.........................................................       (2.4)           (0.3)
     Changes in operating assets and liabilities (net of effects of acquisitions):
       Trade receivables..................................................................       50.9           (45.8)
       Inventories........................................................................      112.1           (61.4)
       Trade accounts payable.............................................................        3.7            84.8
       Other, net.........................................................................      (50.7)          (53.7)
                                                                                            --------------- ---------------
          Net cash provided by operating activities.......................................      215.5             8.3
                                                                                            --------------- ---------------

INVESTING ACTIVITIES
   Acquisition of businesses, net of cash acquired........................................       (8.7)         (440.7)
   Capital expenditures...................................................................      (19.7)          (16.4)
   Proceeds from sale of assets...........................................................        4.5             3.6
                                                                                            --------------- ---------------
              Net cash used in investing activities.......................................      (23.9)         (453.5)
                                                                                            --------------- ---------------

FINANCING ACTIVITIES
   Principal borrowings of long-term debt.................................................      ---             572.0
   Principal repayments of long-term debt.................................................      (54.5)         (218.1)
   Net borrowings (repayments) under revolving line of credit agreements..................      (43.5)           60.4
   Issuance of common stock...............................................................      ---             113.3
     Payment of premium on early retirement of debt.......................................       (2.2)          ---
   Other..................................................................................      (26.0)           (1.3)
                                                                                            --------------- ---------------
         Net cash provided by (used in) financing activities..............................     (126.2)          526.3
                                                                                            --------------- ---------------

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS..............................       13.3             6.1
                                                                                            --------------- ---------------
NET INCREASE IN CASH AND CASH EQUIVALENTS.................................................       78.7            87.2
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD..........................................      352.2           250.4
                                                                                            --------------- ---------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD................................................  $   430.9       $   337.6
                                                                                            =============== ===============
</TABLE>



                                       11
<PAGE>

<TABLE>
<CAPTION>


                                                                                Table I
                                                                                -------

                                                                    TEREX CORPORATION AND SUBSIDIARIES
                                                                               (in millions)
                                                                                (unaudited)

                                                                       Three Months Ended September 30,
                                          ------------------------------------------------------------------------------------------
                                                             2003                                           2002
                                          --------------------------------------------   ------------------------------------------

                                                             Special        Excluding                     Special       Excluding
                                                  GAAP         Items    Special Items          GAAP         Items   Special Items
                                          --------------------------------------------   -----------------------------------------
Sales
<S>                                      <C>           <C>           <C>                <C>         <C>           <C>
   Construction (1)..................... $       307.2 $        ---  $         307.2    $    305.4  $        ---  $        305.4
   Cranes (2)...........................         234.1          ---            234.1         177.4           ---           177.4
   Mining, Roadbuilding & Utility (3)...         194.7          ---            194.7         174.8           ---           174.8
   Aerial Work Platforms (4)............         136.3          ---            136.3          30.5           ---            30.5
   Corp / Eliminations..................           ---          ---              ---         (44.1)          ---           (44.1)
                                          ------------- ------------- ----------------   ----------- ------------- ---------------
      Total............................. $       872.3 $        ---  $         872.3    $    644.0  $        ---  $        644.0
                                          ============= ============= ================   =========== ============= ===============

Gross Profit
   Construction (1)..................... $        39.7 $        ---  $          39.7    $     34.7  $       (0.1) $         34.6
   Cranes (2)...........................          25.5          1.3             26.8          20.5           2.8            23.3
   Mining, Roadbuilding & Utility (3)...          32.6          ---             32.6          29.5           ---            29.5
   Aerial Work Platforms (4)............          31.0          ---             31.0           3.1           1.3             4.4
   Corp / Eliminations..................           ---          ---              ---          (0.6)          ---            (0.6)
                                          ------------- ------------- ----------------   ----------- ------------- ---------------
      Total............................. $       128.8 $        1.3  $         130.1    $     87.2  $        7.3  $         94.5
                                          ============= ============= ================   =========== ============= ===============

SG&A
   Construction (1)..................... $        25.1 $       (0.5) $          24.6    $     20.4  $       (0.6) $         19.8
   Cranes (2)...........................          20.1         (0.2)            19.9          12.1          (0.6)           11.5
   Mining, Roadbuilding & Utility (3)...          25.3          ---             25.3          19.6           ---            19.6
   Aerial Work Platforms (4)............          14.5          ---             14.5           2.0           ---             2.0
   Corp / Eliminations..................           1.5          ---              1.5          (2.6)          ---            (2.6)
                                          ------------- ------------- ----------------   ----------- ------------- ---------------
      Total............................. $        86.5 $       (0.7) $          85.8    $     51.5  $       (1.2) $         50.3
                                          ============= ============= ================   =========== ============= ===============

Operating Income
   Construction (1)..................... $        14.6 $        0.5  $          15.1    $     14.3  $        0.5  $         14.8
   Cranes (2)...........................           5.4          1.5              6.9           8.4           3.4            11.8
   Mining, Roadbuilding & Utility (3)...           7.3          ---              7.3           9.9           ---             9.9
   Aerial Work Platforms (4)............          16.5          ---             16.5           1.1           1.3             2.4
   Corp / Eliminations..................          (1.5)         ---             (1.5)          2.0           ---             2.0
                                          ------------- ------------- ----------------   ----------- ------------- ---------------
      Total............................. $        42.3 $        2.0  $          44.3    $     35.7  $        8.5  $         44.2
                                          ============= ============= ================   =========== ============= ===============

(1)  Special  items relate  primarily to the closure of the  Kilbeggan  facility
     within the Powerscreen business.
(2)  Special items relate primarily to the closure of the Peiner facility within
     the Tower Crane group.
(3)  Special items relate primarily to exiting and rationalizing certain product
     categories within the Roadbuilding group.
(4)  Special items relate to the Genie inventory fair value accounting treatment

</TABLE>


                                       12
<PAGE>



<TABLE>
<CAPTION>


                                                      Table I (continued)
                                                      -------------------

                                            TEREX CORPORATION AND SUBSIDIARIES
                                                       (in millions)
                                                        (unaudited)

                                                                       Nine Months Ended September 30,
                                          ------------------------------------------------------------------------------------------
                                                             2003                                           2002
                                          -------------------------------------------   -------------------------------------------

                                                             Special       Excluding                       Special       Excluding
                                                 GAAP         Items    Special Items           GAAP          Items   Special Items
                                          ------------  ------------ ----------------   ------------  -------------  --------------
Sales
<S>                                      <C>           <C>           <C>               <C>           <C>            <C>
   Construction (1)..................... $    1,008.1  $        ---  $      1,008.1    $      899.6  $        ---   $       899.6
   Cranes (2)...........................        745.0           ---           745.0           448.9           ---           448.9
   Mining, Roadbuilding & Utility (3)...        587.3           ---           587.3           531.0           ---           531.0
   Aerial Work Platforms (4)............        451.3           ---           451.3            47.6           ---            47.6
   Corp / Eliminations..................        (32.7)          ---           (32.7)          (83.5)          ---           (83.5)
                                          ------------  ------------ ----------------   ------------  -------------  --------------
      Total............................. $    2,759.0  $        ---  $      2,759.0    $    1,843.6  $       (8.7)  $     1,843.6
                                          ============  ============ ================   ============  =============  ==============

Gross Profit
   Construction (1)..................... $      134.7  $        2.1  $        136.8    $      135.0  $       (0.1)  $       134.9
   Cranes (2)...........................         74.5          10.6            85.1            59.0           2.8            61.8
   Mining, Roadbuilding & Utility (3)...         60.9          31.3            92.2            95.1          12.7           107.8
   Aerial Work Platforms (4)............         95.9           0.8            96.7             4.7           1.3             6.0
   Corp / Eliminations..................         (0.2)          ---            (0.2)            (0.4)         ---            (0.4)
                                          ------------  ------------ ----------------   ------------  -------------  --------------
      Total............................. $      365.8  $       44.8  $        410.6    $      293.4  $       16.7   $       310.1
                                          ============  ============ ================   ============  =============  ==============

SG&A
   Construction (1)..................... $       86.9  $       (0.6) $         86.3    $       76.5  $       (0.6)  $        75.9
   Cranes (2)...........................         60.8          (0.7)           60.1            31.0          (0.6)           30.4
   Mining, Roadbuilding & Utility (3)...         71.8          (2.0)           69.8            65.7          (0.6)           65.1
   Aerial Work Platforms (4)............         42.2           ---            42.2             3.2           ---             3.2
   Corp / Eliminations..................          2.4           ---             2.4             1.2           ---             1.2
                                          ------------  ------------ ----------------   ------------  -------------  --------------
      Total............................. $      264.1  $       (3.3) $        260.8    $      177.6  $       (1.8)  $       175.8
                                          ============  ============ ================   ============  =============  ==============

Operating Income
   Construction (1)..................... $       47.8  $        2.7  $         50.5    $       58.5  $        0.5   $        59.0
   Cranes (2)...........................         13.7          11.3            25.0            28.0           3.4            31.4
   Mining, Roadbuilding & Utility (3)...        (10.9)         33.3            22.4            29.4          13.3            42.7
   Aerial Work Platforms (4)............         53.7           0.8            54.5             1.5           1.3             2.8
   Corp / Eliminations..................         (2.6)          ---            (2.6)           (1.6)          ---            (1.6)
                                          ------------  ------------ ----------------   ------------  -------------  --------------
      Total............................. $      101.7  $       48.1  $        149.8    $      115.8  $       18.5   $       134.3
                                          ============  ============ ================   ============  =============  ==============
</TABLE>

(1)  Special  items relate  primarily to the closure of the  Kilbeggan  facility
     within the Powerscreen business.
(2)  Special items relate to the closure of the Peiner facility within the tower
     crane group, closure of the RO boom truck facility, and the Demag inventory
     fair value accounting treatment.
(3)  Special items relate to restructuring actions,  exiting and rationalization
     certain product  categories with the  Roadbuilding  group and write-down of
     certain assets within the EarthKing business.
(4)  Special  items  relate  to  the  Genie  inventory  fair  value   accounting
     treatment.




                                                            ###


                                       13
<PAGE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
