EX-99.3 5 k82214exv99w3.htm EX-99.3 CONSOLIDATED STATEMENT OF INCOME exv99w3
 

Exhibit 99.3

Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended December 31, 2003 and 2002
(in millions, except per share amounts)

                                     
        Fourth Quarter     Full Year  
       
   
 
        2003     2002     2003     2002  
       
   
   
   
 
        (unaudited)     (unaudited)          
Sales and revenues
                                
Automotive sales
   $ 39,849     $ 34,615     $ 138,442     $ 134,273  
Financial Services revenue
     6,159       6,859       25,754       27,983  
 
  
   
   
   
 
   
Total sales and revenues
     46,008       41,474       164,196       162,256  
Automotive interest income
     143       173       870       834  
Costs and expenses
                                
Cost of sales
     38,694       32,373       129,821       125,043  
Selling, administrative and other expenses
     6,052       6,447       23,902       24,894  
Interest expense
     1,981       2,057       7,690       8,836  
Provision for credit and insurance losses
     556       753       2,357       3,275  
 
  
   
   
   
 
   
Total costs and expenses
     47,283       41,630       163,770       162,048  
Automotive equity in net income/(loss) of affiliated companies
     26       6       74       (91 )
 
  
   
   
   
 
Income/(loss) before income taxes
     (1,106 )     23       1,370       951  
Provision for/(benefit from) income taxes
     (532 )     (47 )     135       301  
 
  
   
   
   
 
Income/(loss) before minority interests
     (574 )     70       1,235       650  
Minority interests in net income/(loss) of subsidiaries
     69       82       314       367  
 
  
   
   
   
 
Income/(loss) from continuing operations
     (643 )     (12 )     921       283  
Income/(loss) from discontinued/held-for-sale operations
     (1 )     (14 )     (8 )     (62 )
Loss on disposal of discontinued/held-for-sale operations
     (149 )     (104 )     (154 )     (199 )
Cumulative effect of change in accounting principle
     —       —       (264 )     (1,002 )
 
  
   
   
   
 
Net income/(loss)
   $ (793 )   $ (130 )   $ 495     $ (980 )
 
  
   
   
   
 
Income/(loss) attributable to Common and Class B Stock after Preferred Stock dividends
   $ (793 )   $ (134 )   $ 495     $ (995 )
Average number of shares of Common and Class B Stock outstanding
     1,833       1,833       1,832       1,819  
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
                                
Basic income/(loss)
                                
 
Income/(loss) from continuing operations
   $ (0.35 )   $ (0.01 )   $ 0.50     $ 0.15  
 
Income/(loss) from discontinued/held-for-sale operations
     —       (0.01 )     —       (0.04 )
 
Loss on disposal of discontinued/held-for-sale operations
     (0.08 )     (0.05 )     (0.09 )     (0.11 )
 
Cumulative effect of change in accounting principle
     —       —       (0.14 )     (0.55 )
 
  
   
   
   
 
 
Net income/(loss)
   $ (0.43 )   $ (0.07 )   $ 0.27     $ (0.55 )
 
  
   
   
   
 
Diluted income/(loss)
                                
 
Income/(loss) from continuing operations
   $ (0.35 )   $ (0.01 )   $ 0.50     $ 0.15  
 
Income/(loss) from discontinued/held-for-sale operations
     —       (0.01 )     —       (0.03 )
 
Loss on disposal of discontinued/held-for-sale operations
     (0.08 )     (0.05 )     (0.09 )     (0.11 )
 
Cumulative effect of change in accounting principle
     —       —       (0.14 )     (0.55 )
 
  
   
   
   
 
 
Net income/(loss)
   $ (0.43 )   $ (0.07 )   $ 0.27     $ (0.54 )
 
  
   
   
   
 
Cash dividends
   $ 0.10     $ 0.10     $ 0.40     $ 0.40