Thanks Lady Lee! Who knew that TIME documented their history so well!
I found another gem where they interviewed Franz and asked him about the failed 1975 date:
Asked about 1975, Franz now says that the 6,000-year chronology is correct, but the seventh day of Creation did not begin until Eve was created. Thus the date for the End has to be extended by the amount of time between the advent of Adam and of Eve—an interval not yet revealed (previous Witness publications had stated that Adam and Eve were created in the same year).
It's amazing how he spun that one. Here is the link: http://www.time.com/time/magazine/article/0,9171,919076,00.html