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GM REPORTS SECOND-QUARTER EARNINGS

 GM REPORTS SECOND-QUARTER EARNINGS
 DETROIT, Aug. 6 /PRNewswire/ -- General Motors (NYSE: GM) earnings


for the second quarter, excluding the special restructuring charge previously announced by GM's Hughes Aircraft Company (HAC) subsidiary, were $392 million -- or $0.31 per share of GM $1-2/3 par value common stock -- on sales and revenues totaling $35.2 billion. Chairman Robert C. Stempel described the results (excluding the restructuring charge) as "GM's best quarterly performance in the past two years ... about double the income reported in the first quarter of 1992, and nearly $1.2 billion above the comparable 1991 period."
 Consolidated results for the quarter, including the $749 million special charge HAC announced in June, amounted to a loss of $357 million, or $0.66 per share of GM $1-2/3 par value common stock.
 During the quarter, GM's North American Operations (NAO) benefitted from increased U.S. sales and greater manufacturing efficiencies. "The gradual recovery of the North American vehicle market is reflected in GM's second quarter improvement," Mr. Stempel said, "as are the performance improvement initiatives that began yielding positive results for NAO late last year. Going forward we will continue to be innovative and flexible, and aggressively attack costs, as we strive to enhance competitiveness and progress toward our goal of profitability in North America.
 "The 12 percent year-to-year increase in North American factory unit sales was a significant factor in our second quarter results. That improvement," he added, "combined with our continuing attention to cost control, led to an encouraging increase in GM's gross margin -- a key measure of our ability to keep costs in check -- during the quarter."
 Outside of North America, GM's international operations again displayed strong profitability during the period, although quarterly results continued to trail the high profit levels attained in 1991.
 Electronic Data Systems Corporation (EDS) reported a 12 percent increase in net income and a 20 percent rise in revenues in the second quarter. Net income totaled $157 million, a record $0.33 per share of Class E common stock, largely the result of EDS' continuing growth in new non-GM business.
 GM Hughes Electronics Corporation (GMHE) reported second quarter revenues of $3.0 billion and earnings of $164 million, excluding the restructuring charge at HAC. Including HAC's one-time special charge, GMHE lost $585 million in the period. The loss attributable to Class H common stock amounted to $1.46 per share.
 General Motors Acceptance Corporation (GMAC) and its subsidiaries reported quarterly earnings of $287 million, $3 million above the prior- year period.
 Worldwide factory sales of vehicles totaled 2,033,000 units, 129,000 units higher than second quarter levels in 1991.
 GM dealers in the U.S. sold 1,274,000 cars and trucks in the second quarter, an increase of 5 percent from the sales level of a year ago, sparked by the 15 all-new 1992 cars and trucks, whose sales are running 42 percent ahead of the vehicles they replaced.
 GM's share of the U.S. new car market rose to 36.9 percent during the second quarter, up from 35.9 percent in the first quarter. Truck sales by GM's U.S. dealers accounted for 32.5 percent of the U.S. market, up from 31.8 percent in the first quarter.
 During the 1992 second quarter, retail sales of GM vehicles overseas totaled 670,500 cars and trucks -- 3 percent below the strong levels of a year ago.
 Earnings for the first six months of 1992, excluding the previously- announced restructuring charge and accounting change at HAC, totaled $572 million. Consolidated results for the period (including the non- recurring items) amounted to a loss of $218 million.
 "The latter half of the year could be difficult in view of uncertainties related to the pace of economic recovery in North America and a slowdown in some major European markets," Mr. Stempel added. "But we will persist in aggressively attacking our costs, which should help us attain a significant improvement in financial results compared with the last six months of 1991. Sustaining the rate of progress we experienced in the first half of this year, however, appears extremely challenging."
 GENERAL MOTORS CORPORATION
 FINANCIAL SUMMARY
 (Dollars in millions except
 per-share amounts)
 Six Months Ended
 Second Quarter June 30,
 1992 1991 1992 1991
 Sales and revenues
 GM sales $31,980.9 $28,064.9 $60,768.3 $53,142.2
 GMAC financing
 revenues 2,548.9 2,788.2 5,101.6 5,633.4
 Other income 1,086.1 1,008.9 2,222.9 2,841.7
 Intersegment
 transactions (427.8) (533.4) (861.7) (1,101.7)
 Total net sales
 and revenues $35,188.1 $31,328.6 $67,231.1 $60,515.6
 Net loss ($357.1) ($784.5) ($217.8)(1) ($928.3)(2)
 Net loss as a
 percent of
 GM sales (1.1) (2.8) (0.4) (1.7)
 Earnings (loss)
 attributable to
 common stocks
 $1-2/3 par value ($408.0) ($873.1) ($416.0)(1) ($1,103.4)(2)
 Class E $67.2 $56.9 $122.7 $99.7(2)
 Class H ($93.5) $20.0 ($68.9)(1) $52.0(2)
 Earnings (loss) per share
 attributable to
 common stocks
 $1-2/3 par value ($0.66) ($1.44) ($0.69)(1) ($1.84)(2)
 Class E $0.33 $0.29 $0.61 $0.51(2)
 Class H ($1.46) $0.29 ($1.12)(1) $0.65(2)
 Cash dividends per
 share of common
 stocks
 $1-2/3 par value $0.40 $0.40 $0.80 $0.80
 Class E $0.09 $0.08 $0.18 $0.16
 Class H $0.18 $0.18 $0.36 $0.36
 Average worldwide employment (in 000s)
 GM (excluding units
 listed below) 587 578 579 572
 GMAC 19 19 19 19
 EDS 70 65 70 64
 GMHE 88 93 89 93
 Average no. of
 employes 764 755 757 748
 Worldwide
 payrolls $7,735.8 $7,395.8 $15,180.2 $14,458.8
 Worldwide factory sales (units in 000s)
 United States
 Cars 761 637 1,384 1,230
 Trucks 372 358 686 588
 Total United
 States 1,133 995 2,070 1,818
 Canada 255 247 454 431
 Overseas(3) 645 662 1,273 1,306
 Total factory sales -
 all sources 2,033 1,904 3,797 3,555
 (Dollars in millions except June 30, Dec. 31, June 30,
 per-share amounts) 1992 1991 1991
 Cash and marketable
 securities $10,867.9 $10,192.4 $7,158.9
 Book value per share of
 common stocks
 $1-2/3 par value $36.31 $37.18 $41.81
 Class E $4.64 $4.76 $5.36
 Class H $18.17 $18.61 $20.93
 (1) Includes the unfavorable effect of an accounting change of $40.0 million, of which $32.8 million, or $0.05 per share, was applicable to $1-2/3 par value and $7.2 million, or $0.10 per share, was applicable to Class H common stock.
 (2) Includes the favorable (unfavorable) effect of accounting changes of $539.2 million, of which $533.2 million, or $0.88 per share, was applicable to $1-2/3 par value, ($6.1) million or ($0.03) per share, was applicable to Class E, and $12.1 million, or $0.13 per share, was applicable to Class H common stock.
 (3) Includes units which are manufactured overseas by other companies and which are imported and sold by General Motors and affiliates.
 -0- 8/6/92
 /CONTACT: William B. Winters of General Motors, 313-556-2099/
 (GM) CO: General Motors Corporation ST: Michigan IN: AUT SU: ERN


ML-SM -- DE001 -- 7401 08/06/92 08:32 EDT
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Date:Aug 6, 1992
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