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To: Real Man who wrote (337386)	6/26/2007 2:17:55 PM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 436258

nasty Truck sales cut by a third at Navistar; restatements on track Marketwatch - June 26, 2007 1:13 PM ET SAN FRANCISCO (MarketWatch) -- Navistar International Corp. said Tuesday that a tough economic climate led to 31% plunge in second-quarter truck sales, but the company forecast that the remainder of the year, boosted by so-called expansion markets, should improve. Global shipments of school buses, trucks and other vehicles came to 26,200 units through April, down from 38,100 a year earlier, the Warrenville, Ill.-based the truck and engine maker (NAVZ) said. So-called expansion market sales, which include military vehicles, exports, small buses and stripped chassis for motor home markets, provided a silver lining, rising 33% to 9,500 units in the second quarter. For the broader industry, Navistar said it expects volume to come in at 300,000 units for the year -- the low end of its previously forecast range. "If the economy does not pick up, industry volume could go down a bit further," the company said in a release. Navistar explained that its customers stocked up on trucks in 2006 ahead of the regulatory changes that required cleaner-burning diesels engines by 2007. The new rules, which prompted truck buyers to worry about higher costs and reliability issues, led to boom times for the overall sector last year but set the stage for a slump so far this year. Navistar didn't report specific financial results for the most recent quarter as it continues to work through an audit covering years of accounting. The company said it expects to file its 2005 report, which will include restatements dating back to 2003, by the end of September. Once that is completed, Navistar said it expects to file results for fiscal years 2006 and 2007 by the end of March 2008. "What I can tell you is that the financial statement implications are highly concentrated in a few of the items and they relate to interpretations and complex issues such as pension liability and warranty and asbestos reserves," CFO Bill Caton said in a conference call. Navistar shares, which have tripled in the past year even though they were delisted from the New York Stock Exchange in February, were up another 2.1% at $61.43 in pink sheet trades.