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GENERAL MOTORS REPORTS EARNINGS

 DETROIT, Feb. 11 /PRNewswire/ -- General Motors Corporation (NYSE: GM) today reported 1992-fourth-quarter consolidated income of $273.3 million, or $0.10 per share of $1-2/3 par value common stock, excluding special factors. Calendar-year 1992 income excluding special items was $92.0 million, which after considering preferred and preference stock dividend payments and the apportionment of earnings attributable to GM Class E and Class H common stock, represents a loss of $0.97 per share of $1-2/3 par value common stock. Income improved $793.1 million and $3.5 billion over comparable figures for the 1991 fourth quarter and calendar year.
 After considering the previously announced charge at National Car Rental System Inc. ($744.1 million), the gain on the sale of GM's interest in Daewoo Motor Company Limited ($165.1 million) and the unfavorable ongoing effect of an accounting change related to retiree health-care benefits ($346.1 million), the consolidated fourth-quarter net loss was $651.8 million, or $1.25 per share of $1-2/3 par value common stock.
 The 1992 calendar-year net loss, which also included the unfavorable effects of adopting the retiree health-care accounting change -- Statement of Financial Accounting Standards (SFAS) No. 106 -- (a $20.8 billion transition obligation plus a $1.4 billion ongoing impact for 1992), and a restructuring charge and accounting change at GM Hughes Electronics Corporation ($789.4 million), was $23.5 billion, or $38.28 per share of $1-2/3 par value common stock.
 In 1991, including special charges, GM reported consolidated net losses of $2.5 billion, or $4.25 per share of $1-2/3 par value common stock, in the fourth quarter, and $4.5 billion, or $7.97 per share of $1-2/3 par value common stock, for calendar-year 1991.
 "General Motors remains committed to accelerate the company's return to profitability, and our aggressive plans for accomplishing that goal are showing encouraging operating results, as demonstrated by the fourth-quarter results," Chief Executive Officer and President John F. Smith, Jr., said. "We have addressed head-on the problems in our North American Operations (NAO) that contributed to our unprofitable performance in 1991 and 1992," Mr. Smith said, adding that, "The bold plan of action we've put in place to improve the performance of NAO will move us in the right direction to achieve the results that we previously recorded in this key market. We're encouraged by the trends we've seen in NAO operating results," he said.
 "We had a strong positive cash flow in the fourth quarter and that was particularly significant and a sign of the corporation's focused efforts to strengthen its financial position," Mr. Smith said. He added, "We continue to target the aggressive but achievable objective of a NAO break-even in 1993 before interest, taxes and ongoing incremental SFAS No. 106 expense."
 The impact of the SFAS No. 106 accounting change, Mr. Smith explained, "does not affect GM's cash flow. However, it does demonstrate the major challenges we face in further reducing the escalation of GM's health-care costs."
 GM's sales and revenues totaled $132.4 billion in 1992, an increase of 7.6 percent compared with the previous year. Gross profit margin excluding special items -- with GMAC on an equity basis -- was 12.9 percent, compared with 10.5 percent in 1991.
 During the year, GM dealers sold 7,452,000 cars and trucks worldwide for a 16.9 percent worldwide market share in 1992.
 In 1992, worldwide factory sales of vehicles totaled 7,146,000 units, 1.9 percent more than the 1991 level of 7,015,000 units, primarily reflecting an increase in U.S. truck sales. During the fourth quarter of 1992, worldwide factory sales totaled 1,850,000 units -- 1.5 percent lower than 1991, when worldwide factory sales totaled 1,878,000 units.
 GM's major subsidiary operations -- General Motors Acceptance Corporation (GMAC), GM Hughes Electronics Corporation (GMHE) and Electronic Data Systems Corporation (EDS) -- reported strong operating results excluding special items. GM's international operations posted significant profits again in 1992.
 Following is a breakdown of 1992 financial performance (see attached tables -- "Financial Summary" and "Special Items By Segment" for additional details):
 NORTH AMERICAN OPERATIONS (NAO)
 In 1992, the loss attributable to GM's North American Operations (including GM's Mexican operations) before interest, taxes and special items narrowed to $4.5 billion -- a $3.4 billion improvement from 1991. The results demonstrate the impact of programs focused on reducing costs and improving productivity.
 "The improved performance in our North American Operations in the fourth quarter shows that our plans to rebuild the foundation for the corporation's future profitability are firmly on track," Mr. Smith said.
 "NAO's 1992 financial performance was heavily influenced by continued low industry sales, excess capacity and competitive pressures, which resulted in a persistent high level of sales incentives," Mr. Smith said.
 GM's share of the total U.S. vehicle market was 33.9 percent, compared with 34.8 percent in 1991. GM's share of total U.S. car deliveries was 34.9 percent, compared with 35.9 percent the previous year. GM's share of light-duty truck deliveries in 1992 was 32.2 percent, compared with 32.9 percent in 1991. The figures reflect the continued shift of focus toward more profitable retail deliveries with a reduced emphasis on fleet sales.
 INTERNATIONAL AUTOMOTIVE OPERATIONS
 While below 1991's strong levels, GM's international automotive operations remained solidly profitable during 1992. Earnings, excluding the gain on the sale of Daewoo, totaled $1.2 billion in 1992, compared with $1.5 billion in 1991. Fourth-quarter earnings were $218.4 million in 1992 versus $286.2 million in the fourth quarter of 1991.
 In Western Europe, GM's passenger-car market share increased to 12.5 percent, compared with 12.2 percent in 1991, despite an overall downturn in the retail market. This improved market penetration moved GM into second place among European manufacturers in passenger-car sales.
 GENERAL MOTORS ACCEPTANCE CORPORATION (GMAC)
 Excluding special items, GMAC's earnings in 1992 were $1.24 billion, up from $1.21 billion in 1991, and fourth-quarter earnings totaled $294.9 million, compared with $273.5 million in the fourth quarter of 1991.
 Taking into account special items, including a $300.7 million unfavorable impact related to SFAS No. 106, 1992 earnings were $936.1 million, compared with $1.4 billion in 1991, while fourth-quarter earnings in 1992 totaled $290.3 million, compared with $102.6 million in the same quarter of 1991.
 GMAC's 1992 financial performance reflects strong earnings from its insurance, international and mortgage operations.
 GM HUGHES ELECTRONICS CORPORATION (GMHE)
 Excluding one-time charges and the effect of SFAS No. 106, GMHE earned $246.9 million in the fourth quarter and $748.1 million in calendar-year 1992. Including the ongoing effect of SFAS No. 106, fourth-quarter net earnings were $234.8 million. In calendar-year 1992, GMHE reported a net loss of $921.6 million, which includes the effect of a restructuring charge and accounting changes -- primarily SFAS No. 106. Including special items in 1991, GMHE reported calendar year earnings of $559.4 million, and fourth-quarter earnings of $255.7 million.
 The improvement in operating results during the year was due mainly to cost reductions, increased electronic content in vehicles, and the earnings from the acquisition of General Dynamics' missile business. GMHE revenues increased to $12.3 billion in 1992, an increase of 6.6 percent over 1991.
 The loss attributable to GM Class H common stock amounted to $2.29 per share in 1992, compared with earnings of $1.39 per share in 1991.
 ELECTRONIC DATA SYSTEMS CORPORATION (EDS)
 EDS reported record earnings for the seventh consecutive year, reflecting continued strong performance in its existing businesses as well as growth in new markets, as revenue from sources outside GM and its affiliates rose 31.3 percent to $4.9 billion, comprising 59.3 percent of total EDS revenue.
 In 1992, EDS earnings totaled $635.5 million, up 16.1 percent over 1991 earnings of $547.5 million. Fourth-quarter earnings in 1992 were $178.0 million, compared with $155.9 million in the same period in 1991.
 Earnings per share in 1992 attributable to GM Class E common stock were $1.33, up from $1.14 in 1991.
 SPECIAL ITEMS
 Effective Jan. 1, 1992, GM adopted SFAS No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions." As a result, GM booked a one-time, non-cash expense totaling $20.8 billion, or $33.38 per share of $1-2/3 par value common stock and $2.08 per share of GM Class H common stock, which is a catch-up adjustment to recognize the total cumulative expense of retiree benefits already earned by active and retired employes. Additionally, the ongoing incremental costs associated with the accounting change were $1.4 billion, or $2.05 per share of $1-2/3 par value common stock and $0.11 per share of GM Class H common stock.
 In the fourth quarter of 1992, GM recorded a charge of $744.1 million after tax, or $1.11 per share of $1-2/3 par value common stock, related to GM's majority ownership of National Car Rental System Inc. (NCRS). The write-off was part of an aggressive effort to restructure NCRS and return it to profitability. Partially offsetting this charge, GM sold its interest in Daewoo Motor Company Limited in the fourth quarter at a gain of $165.1 million after tax, or $0.25 per share of $1-2/3 par value common stock.
 GM's 1992 loss also includes a one-time special restructuring charge of $749.4 million after taxes, or $0.97 per share of $1-2/3 par value common stock, and $1.87 per share of GM Class H common stock, primarily attributable to redundant facilities and related employment costs at GMHE's Hughes Aircraft Company. In addition, the 1992 results reflect a change in the revenue recognition policy for certain commercial businesses at Hughes which unfavorably impacted net income by $40.0 million after tax, or $0.05 per share of $1-2/3 par value common stock and $0.10 per share of GM Class H common stock.
 GENERAL MOTORS CORPORATION
 FINANCIAL SUMMARY
 (Dollars in Millions 12 Months
 Except Per Share and Fourth Quarter Ended Dec. 31,
 and Hourly Amounts) 1992 1991 1992 1991
 Sales and Revenues
 GM sales $31,898.1 $30,430.9 $118,571.6 $109,156.9
 GMAC financing
 revenues 2,484.5 2,730.6 10,402.1 11,153.5
 Other income 1,780.6 900.9 5,078.1 4,779.4
 Intersegment
 transactions (400.1) (458.0) (1,622.4) (2,033.8)
 Total Net Sales
 and Revenues $35,763.1 $33,604.4 $132,429.4 $123,056.0
 Income (Loss)
 Excluding
 Special
 Items $273.3 ($519.8) $92.0 ($3,446.8)
 Loss Before
 Cumulative
 effect of
 accounting
 changes ($651.8) ($2,467.8) ($2,620.6) ($4,992.0)
 Net Loss ($651.8) ($2,467.8) ($23,498.3)(1) ($4,452.8)(2)
 Earnings (Loss)
 Attributable to
 Common Stocks
 $1-2/3 par
 value ($868.4) ($2,603.6) ($23,940.7)(1) ($4,851.4)(2)
 Class E $83.4 $64.3 $278.4 $223.6 (2)
 Class H $54.5 $45.8 ($142.3)(1) $104.6 (2)
 Earnings (Loss)
 Per Share
 Attributable
 to Common
 Stocks
 $1-2/3 par
 value ($1.25) ($4.25) ($38.28)(1) ($7.97)(2)
 Class E $0.37 $0.33 $1.33 $1.14 (2)
 Class H $0.59 $0.64 ($2.29)(1) $1.39 (2)
 Cash Dividends Per
 Share of Common
 Stocks
 $1-2/3 par
 value $0.20 $0.40 $1.40 $1.60
 Class E $0.09 $0.08 $0.36 $0.32
 Class H $0.18 $0.18 $0.72 $0.72
 Average Worldwide
 Employment (in 000s)
 GM (excluding units
 listed below) 587 599 571 578
 GMAC 19 19 19 19
 EDS 71 71 71 66
 GMHE 90 91 89 93
 Average Number of
 Employes 767 780 750 756
 Worldwide
 Payrolls $7,829.8 $7,784.7 $30,340.5 $29,641.1
 Average Labor Cost
 Per Active Hour Worked-
 U.S. Hourly (Excludes
 EDS, Hughes and
 Saturn) --- --- $42.21 $36.85
 Worldwide Factory Sales
 Manufactured In (Units in 000s)
 United States
 Cars 645 691 2,503 2,470
 Trucks 370 342 1,359 1,225
 Total United
 States 1,015 1,033 3,862 3,695
 Other North
 America(3) 387 430 994 1,044
 Total North
 America 1,402 1,463 4,856 4,739
 Overseas(3)(4) 448 415 2,290 2,276
 Total All Sources 1,850 1,878 7,146 7,015
 (Dollars in Millions
 Except Per Share Dec. 31, Dec. 31, Dec. 31,
 Amounts) 1992 1991 1990
 Cash and Marketable
 Securities $15,275.2 $10,192.4 $7,821.4
 Book Value Per Share
 of Common Stocks
 $1-2/3 par value $1.98 $37.18 $45.17
 Class E $0.25 $4.76 $5.79
 Class H $0.99 $18.61 $22.61
 Certain 1991 amounts were reclassified to conform with 1992 classifications.
 (1) Includes the unfavorable effect of accounting changes (primarily SFAS No. 106) of $20,877.7 million ($20,720.1 million, or $33.43 per share, applicable to $1-2/3 par value and $157.6 million, or $2.18 per share, applicable to Class H common stock). Also includes $1,384.2 million for the incremental ongoing effect of SFAS No. 106.
 (2) Includes the net favorable (unfavorable) effect of accounting changes of $539.2 million ($533.2 million, or $0.88 per share, applicable to $1-2/3 par value, ($6.1) million, or ($0.03) per share, applicable to Class E, and $12.1 million, or $0.13 per share, applicable to Class H common stock).
 (3) Other North America includes Canada and Mexico. Prior years' overseas data restated to exclude Mexico.
 (4) Includes units which are manufactured overseas by other companies and which are imported and sold by General Motors and affiliates.
 GENERAL MOTORS CORPORATION
 1992 SPECIAL ITEMS BY SEGMENT
 ($ Millions)
 Fourth Quarter Calendar Year
 1992 1991 1992 1991
 NAO
 Earnings before interest,
 taxes, & special items (966.0) (1,269.0) (4,518.0) (7,909.0)
 INTERNATIONAL AUTOMOTIVE
 Income
 - Excluding special items 218.4 286.2 1,244.1 1,468.7
 - Special items
 Sale of Daewoo 165.1 --- 165.1 ---
 SFAS No. 109 (accounting
 for income taxes) --- --- --- 50.5
 Total special items 165.1 0.0 165.1 50.5
 - Including special items 383.5 286.2 1,409.2 1,519.2
 GMAC
 Income
 - Excluding special items 294.9 273.5 1,236.8 1,209.1
 - Special items
 SFAS No. 106 (other post-
 retirement benefits)
 Transition obligation --- --- (282.6) ---
 Ongoing incremental
 expense (4.6) --- (18.1) ---
 SFAS No. 109 (accounting
 for income taxes) --- --- --- 331.5
 Wholesale loss --- (170.9) --- (170.9)
 Total special items (4.6) (170.9) (300.7) 160.6
 - Including special items 290.3 102.6 936.1 1,369.7
 GMHE
 Income
 - Excluding special items 246.9 255.7 748.1 505.0
 - Special items
 SFAS No. 106 (other post-
 retirement benefits)
 Transition obligation --- --- (832.1) ---
 Ongoing incremental
 expense (12.1) --- (48.2) ---
 SFAS No. 109 (accounting
 for income taxes) --- --- --- 37.4
 Inventory accounting
 change --- --- --- 17.0
 HAC restructuring
 charge --- --- (749.4) ---
 HAC accounting change --- --- (40.0) ---
 Total special items (12.1) 0.0 (1,669.7) 54.4
 - Including special items 234.8 255.7 (921.6) 559.4
 EDS
 Income
 - Excluding special item 178.0 155.9 635.5 563.0
 - Special item
 SFAS No. 109 (accounting
 for income taxes) --- --- --- (15.5)
 - Including special item 178.0 155.9 635.5 547.5
 -0- 2/11/93
 /CONTACT: Mark A. Tanner, 313-556-2019, or William B. Winters, 212-418-6380, both of General Motors Corporation/
 (GM)


CO: General Motors Corporation ST: Michigan IN: AUT SU: ERN

DH-ML -- DE003 -- 5522 02/11/93 08:36 EST
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