Bucyrus International, Inc. (BUCY)

[eastunder]

7-22-10 Bucyrus International, Inc. Announces Summary Financial Results for the Quarter and Six Months Ended June 30, 2010

Thursday , July 22, 2010 18:45ET

SOUTH MILWAUKEE, Wis., July 22, 2010 (GLOBE NEWSWIRE) -- Bucyrus International, Inc. (Nasdaq:BUCY), a leading designer, manufacturer and marketer of high productivity mining equipment for surface and underground mining, announced today its summary unaudited financial results for the quarter and six months ended June 30, 2010.

Operating Results

On February 19, 2010, Bucyrus completed its previously announced acquisition of Terex Corporation's mining equipment business ("Terex Mining") for $1.0 billion in cash and 5,809,731 shares of Bucyrus' common stock, subject to certain post-closing net assets, net debt and other adjustments. Also on February 19, 2010, Bucyrus entered into an amendment to its existing credit agreement to provide for an additional new secured term loan of $1.0 billion and $167.5 million of additional revolving credit facilities. The term loan was used to fund the cash portion of the purchase price for Terex Mining and the revolving credit facility will be used to support Bucyrus' future working capital needs and its capital expenditure plan.

The financial results for the quarter and six months ended June 30, 2010 include the net assets and results of operations of Terex Mining since the February 19, 2010 date of acquisition as well as the preliminary acquisition accounting adjustments and acquisition costs related to the Terex Mining acquisition. As a result, the financial results for the quarter and six months ended June 30, 2010 are not necessarily comparative to the results for the quarter and six months ended June 30, 2009 or as of December 31, 2009 and may not be indicative of future results. Terex Mining has been integrated into the surface mining segment. For this quarter, Bucyrus has disclosed certain financial information for Terex Mining.

Consolidated Condensed Statements of Earnings (Unaudited)

http://www.knobias.com/story.htm?eid=3.1.d850a5f9ac8ab2e20f46facb7dcec5f771d3286dbb0e679204eae8c02f176cea