United Rentals Board Determines John Milne, President and CFO, Failed to Perform Duties; Company Provides Update on Accounting Matters; Company Affirms Full Year 2005 EPS Expectations of $1.60 to $1.70

• Published in: Business Wire p. 1
• Format: Newsletter
• Language: English
• Published: New York Business Wire 14.07.2005
• Subjects: Accounting; Alliances; Committees; Dilution; Earnings per share; Financial reporting; Financial restatements; Financial statements; Income taxes; Leasebacks; Rentals; GREENWICH, Conn

Certain statements made by the company are forward-looking in nature. These statements can be identified by the use of forward-looking terminology such as "believes," "expects," "plans," "intends," "projects," "forecasts," "may," "will," "should," "on track" or "anticipates" or the negative thereof or comparable terminology, or by discussions of strategy or outlook. The company's business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may materially differ from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to, the following: (1) unfavorable economic and industry conditions can reduce demand and prices for the company's products and services, (2) governmental funding for highway and other construction projects may not reach expected levels, (3) the company may not have access to capital that it may require, (4) any companies that United Rentals acquires could have undiscovered liabilities and may be difficult to integrate, (5) rates may increase less than anticipated or costs may increase more than anticipated, (6) the audit of the company's 2004 results has not yet been completed and, accordingly, previously announced data for 2004 are subject to change, (7) the evaluation and testing of the company's internal controls over financial reporting have not yet been completed and additional material weaknesses may be identified, (8) the company may incur significant expenses in connection with the SEC inquiry of the company and the class action lawsuits and derivative actions that were filed in light of the SEC inquiry, (9) there can be no assurance that the outcome of the SEC inquiry or internal review will not require changes in the company's accounting policies and practices, restatement of financial statements, revisions of preliminary results or guidance, and/or otherwise be adverse to the company, (10) the company may be unable to deliver financial statements or make SEC filings within the time-period required by its lenders, (11) security holders may elect to declare an event of default under various indentures based on the company's delay in filing SEC reports, (12) consents or waivers from lenders may not be obtained or may be costly to obtain and (13) the estimated impact of expected restatements is preliminary and may change based upon additional analysis by the company or its auditors. Certain of these risks and uncertainties, as well as others, are discussed in greater detail in the company's filings with the SEC. The company makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any statement is made.