Warrenville, Illinois - September 21, 2007
Navistar International Corporation (Other OTC: NAVZ) plans to issue unaudited restated 2003-05 financial results as well as its third quarter fiscal 2007 operational metrics at an investor, analyst and media meeting in New York City on October 25.
Navistar executives will discuss the impact of the restatement on the company’s past financial statements and its implications for future results. “We believe we are well-positioned to achieve Navistar’s goals for growth and profitability,” said Dan Ustian, Navistar chairman, president and chief executive officer. “This has been a lengthy process and it is gratifying to reach this milestone toward getting our accounting issues resolved and in moving closer to becoming a current filer.”
“We are encouraged by the progress of our restatement work and remediation efforts, and we remain relentlessly committed to the accurate reporting of the company’s financial information,” said Bill Caton, executive vice president and chief financial officer. Caton also said that the company has made significant progress on the close of its 2006 accounting. “The review cycles of KPMG, our independent audit firm, follow closely behind our team’s work.”
“Navistar continues to conduct thorough assessments of its controls and accounting procedures to restore confidence in its reporting,” Caton said. A dedicated team has been assigned to identify and address the root cause of the accounting issues and to implement appropriate remediation.
Navistar International Corporation (Other OTC: NAVZ) is the parent company of International Truck and Engine Corporation. The company produces International® brand commercial trucks, MaxxForce brand diesel engines, IC brand school and commercial buses and Workhorse brand chassis for motor homes and step vans. It is also a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine parts and service. A wholly owned subsidiary offers financing services. Additional information is available at: www.navistar.com.
Forward Looking Statements
Information provided and statements contained in this news release that are not purely historical are forward -looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this news release and the company assumes no obligation to update the information included in the presentation. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “goal,” “estimate” or similar expressions. These statements are not guarantees of performance or results and they involve risks, uncertainties and assumptions , including the risk of continued delay in the completion of our financial statements and the consequences thereof, the availability of funds, either through cash on hand or the company’s other liquidity sources, to repay any amounts due should any of the company’s debt become accelerated, and decisions by suppliers and other vendors to restrict or eliminate customary trade and other credit terms for the company’s future orders and other services, which would require the company to pay cash and which could have a material adverse effect on the company’s liquidity position and financial condition. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. For a further description of these factors, see Exhibit 99.1 to our Form 8-K filed on April 12, 2006.
In addition, until the previously announced review by the company of its accounts is concluded, no assurance can be given with respect to the financial statement adjustments or impacts resulting from such review.