-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LMVtTWm9Tff/ebWA0bnRFFSDOKn2fGNMWOVWx4SOFkpz2vp5MDjXGRXN0ZTCt9D5 dkADEijs66RoBaDZkJGlFQ== 0000950124-97-003787.txt : 19970718 0000950124-97-003787.hdr.sgml : 19970718 ACCESSION NUMBER: 0000950124-97-003787 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19970630 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970717 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD MOTOR CO CENTRAL INDEX KEY: 0000037996 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380549190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03950 FILM NUMBER: 97642056 BUSINESS ADDRESS: STREET 1: THE AMERICAN RD CITY: DEARBORN STATE: MI ZIP: 48121 BUSINESS PHONE: 3133223000 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report July 16, 1997 ------------- (Date of earliest event reported) FORD MOTOR COMPANY ------------------ (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 1-3950 38-0549190 ------ ---------- (Commission File Number) (IRS Employer Identification No.) The American Road, Dearborn, Michigan 48121 - --------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 313-322-3000 ------------ 2 -2- Item 5. Other Events. - --------------------- News release dated July 16, 1997, filed as Exhibit 20 to this Current Report on Form 8-K, is incorporated by reference herein. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. - --------------------------------------------------------------------------- EXHIBITS -------- Designation Description Method of Filing - ----------- ----------- ---------------- Exhibit 20 News release dated July 16, 1997 Filed with this Report Exhibit 27.1 Financial Data Schedule - Automotive Segment Filed with this Report Exhibit 27.2 Financial Data Schedule - Financial Services Segment Filed with this Report Exhibit 27.3 Financial Data Schedule - Conglomerate Total Filed with this Report SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the date indicated. FORD MOTOR COMPANY (Registrant) Date: July 17, 1997 By: /s/Peter Sherry, Jr. -------------------- Peter Sherry, Jr. Assistant Secretary 3 -3- EXHIBIT INDEX ------------- DESIGNATION DESCRIPTION PAGE - ----------- ----------- ---- Exhibit 20 News release dated July 16, 1997 Exhibit 27.1 Financial Data Schedule - Automotive Segment Exhibit 27.2 Financial Data Schedule - Financial Services Segment Exhibit 27.3 Financial Data Schedule - Conglomerate Total EX-20 2 EARNINGS RELEASE 1 [FORD LOGO] NEWS Contact: Media Inquiries Institutional Investors Stockholder Inquiries Christian Vinyard Mike Holland (800) 555-5259 or (313) 322-3428 (313) 323-8221 (313) 845-8540
FOR RELEASE AT 7 A.M. (EASTERN DAYLIGHT) FORD EARNS RECORD $2.5 BILLION IN SECOND QUARTER; FORD 2000 DRIVES FURTHER AUTOMOTIVE IMPROVEMENT DEARBORN, Mich., July 16, 1997 - Ford Motor Company's continuing drive to transform its worldwide automotive business has led to improved overall results and an all-time earnings record in the second quarter. Earnings for the second quarter of 1997 were $2.53 billion, or $2.06 per fully diluted share of common and Class B stock, up 33 percent from the $1.903 billion, or $1.56 a share, earned in the second quarter of 1996. "Today's results come from several years of very tough work. Thanks to great teamwork, our strategy is continuing to pay off," said Chairman and Chief Executive Officer Alex Trotman. "The entire Ford team - which includes our dealers and our suppliers - should be proud of what we're accomplishing. We're all encouraged, but we're not letting up one bit." Second-quarter results include a net one-time gain of $100 million, or eight cents a share. The net gain reflects a gain from the initial public offering of The Hertz Corporation that is offset partially by charges associated with realignments of manufacturing capacity and the sale of Ford's heavy truck business. 2 - 2 - AUTOMOTIVE OPERATIONS EARN A RECORD $1.7 BILLION Net income from worldwide automotive operations was a record $1.735 billion in the second quarter, up from $1.108 billion in the second quarter of 1996, and the fifth consecutive quarter of improved earnings, compared with the year-ago period. "An essential element of our balanced strategy is to reduce total automotive operating costs, while, at the same time, introducing new high-quality products," Trotman said. By the end of 1997, Ford will have introduced eight all-new or substantially redesigned cars and trucks, including ZX2, Contour SVT, Ranger and F-250/350 pick-ups, and the Lincoln Navigator, Town Car and Continental in North America and Puma in Europe. Automotive earnings include one-time charges of $169 million for manufacturing realignments and the sale of Ford's heavy truck business to Freightliner. "We're pleased to see automotive earnings continuing to improve," Trotman said. "Teamwork, popular products, and putting customers first are responsible for the progress we're making. Profits provide only one among many indicators that tell us how well we're doing. But the continuing gains in quality, product value and safety are what customers appreciate most." J. D. Power and Associates' 1997 Initial Quality Survey showed that Ford's U.S. quality rose 28 percent, the most for any manufacturer. J. D. Power also ranked the Atlanta Assembly Plant, which builds Taurus and Sable, as equal to the best in the world for initial quality. In frontal crash tests conducted by the National Highway Traffic Safety Administration, Ford earned more top safety ratings than all other manufacturers combined. 3 - 3 - In addition, the 1997 Harbour Report found that Ford leads in U.S. productivity in eight of 12 assembly plant segments and has two of the top ten car assembly plants and five of the top ten truck assembly plants. U.S. automotive operations earned a record $1.192 billion, up from $697 million a year ago, reflecting lower total costs adjusted for volume, improving quality, sales momentum of new products and a steady economy. Outside the U.S., automotive operations earned $543 million, compared with $411 million from a year ago. In Europe, Ford earned $157 million, down $39 million from a year ago. "We've worked hard to broaden our strong product line-up and reduce costs, but the market in Europe remains tough for everyone," Trotman said. "Assuming economic stability continues, we're on track to improve our results in Europe for the full year, but we know more actions will be needed to achieve our long-term objectives." In South America, Ford earned $25 million, compared with a loss of $69 million a year ago. "A strong automotive industry in Brazil and Argentina, growing customer demand for Ford products and cost efficiencies all are contributing to the improvement," Trotman said. "As we rebuild our business in the region, our focus on the fundamentals is resulting in faster progress than we first thought." In other markets, Ford earned $361 million, including strong results from Australia, Canada and Mexico. 4 - 4 - FINANCIAL SERVICES ADD $795 MILLION Ford's financial services businesses earned $795 million, equal to last year. Both periods included non-recurring items; excluding these, results were down $37 million. "Overall, our financial services businesses continue to provide strong and consistent profits to our bottom line, including record earnings from both The Associates and Hertz," Trotman noted. This year, results include a one-time gain of $269 million related to the initial public offering (IPO) of 19.1 percent of Hertz. In 1996, results included a net one-time gain of $232 million, reflecting gains from the IPO of The Associates and the sale of some assets of USL Capital that were offset partially by a write-down of debt and preferred shares of Budget Rent a Car. Last year's results also included record earnings of $41 million from USL Capital; essentially, the remainder of USL Capital's assets were sold later in 1996. Ford Credit earned $279 million, down from $376 million a year ago. The decline stems from increased credit losses and higher depreciation expenses on leased vehicles, reflecting industry trends. The Associates set a quarterly record of $245 million, compared with $200 million last year. Ford's share of The Associates second-quarter 1997 earnings was $197 million. Hertz reported record second-quarter earnings of $54 million, compared with $40 million in the second quarter of 1996. Ford's share of Hertz' second-quarter earnings was $45 million. # # # 5 - 5 - SUMMARY OF SECOND QUARTER 1997 COMPARED WITH 1996 OVERVIEW - - Total earnings were $2.5 billion, compared with $1.9 billion in the second quarter of 1996. The results include a net one-time gain of $100 million consisting of a gain from the initial public offering of The Hertz Corporation that was offset partially by charges for realignments of manufacturing capacity and the sale of Ford's heavy truck business. - - Fully diluted earnings per share were $2.06, compared with $1.56. - - Worldwide sales and revenues were $40.3 billion, compared with $39 billion. - - Stockholders' equity was $29.1 billion, compared with $25.8 billion. AUTOMOTIVE - - Net income from worldwide automotive operations was $1.7 billion, compared with $1.1 billion. - - Net income from U.S. automotive operations was $1.2 billion, compared with $697 million. - - Net income from automotive operations outside the U.S. was $543 million, compared with $411 million. - - Worldwide return on sales was 5.3 percent. In the U.S., return on sales was 5.5 percent. - - Worldwide vehicle unit sales were 1,879,000, compared with 1,810,000. - - Combined car and truck share in the U.S. was 25.6 percent, compared with 24.8 percent. - - Combined car and truck share in Europe was 11.6 percent, compared with 12 percent. FINANCIAL SERVICES - - Financial services earned $795 million, equal to last year. - - Ford Credit earned $279 million, compared with $376 million. - - The Associates earned a record $245 million, compared with $200 million. - - Hertz earned a record $54 million, compared with $40 million. AUTOMOTIVE BALANCE SHEET - - Net cash was $9.9 billion, compared with $8.4 billion. - - Cash and marketable securities were $18.2 billion, compared with $15.2 billion. - - Debt was $8.3 billion, compared with $6.8 billion. - - Capital spending was $1.9 billion, compared with $1.8 billion. 6 Ford Motor Company and Subsidiaries HIGHLIGHTS
Second Quarter First Half --------------------- ------------------- 1997 1996 1997 1996 --------- --------- -------- -------- (unaudited) (unaudited) Worldwide vehicle unit sales of cars and trucks (in thousands) - - United States 1,110 1,067 2,089 2,007 - - Outside United States 769 743 1,471 1,441 ------- ------- ------- ------- Total 1,879 1,810 3,560 3,448 ======= ======= ======= ======= Sales and revenues (in millions) - - Automotive $32,805 $31,762 $61,730 $60,059 - - Financial Services 7,460 7,211 14,737 14,139 ------- ------- ------- ------- Total $40,265 $38,973 $76,467 $74,198 ======= ======= ======= ======= Net income (in millions) - - Automotive $ 1,735 $ 1,108 $ 2,739 $ 1,250 - - Financial Services 795 795 1,260 1,306 ------- ------- ------- ------- Total $ 2,530 $ 1,903 $ 3,999 $ 2,556 ======= ======= ======= ======= Capital expenditures (in millions) - - Automotive $ 1,872 $ 1,779 $ 3,485 $ 3,568 - - Financial Services 140 87 266 200 ------- ------- ------- ------- Total $ 2,012 $ 1,866 $ 3,751 $ 3,768 ======= ======= ======= ======= Automotive capital expenditures as a percentage of sales 5.7% 5.6% 5.6% 5.9% Stockholders' equity at June 30 - - Total (in millions) $29,113 $25,840 $29,113 $25,840 - - After-tax return on Common and Class B stockholders' equity 36.5% 30.9% 29.5% 21.0% Automotive cash and marketable securities at June 30 (in millions) $18,184 $15,240 $18,184 $15,240 Automotive debt at June 30 (in millions) $ 8,319 $ 6,828 $ 8,319 $ 6,828 After-tax return on sales - - U.S. Automotive 5.5% 3.5% 5.1% 2.0% - - Total Automotive 5.3 3.5 4.5 2.1 Shares of Common and Class B Stock (in millions) - - Average number outstanding 1,193 1,178 1,191 1,173 - - Number outstanding at June 30 1,194 1,182 1,194 1,182 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK AFTER PREFERRED STOCK DIVIDENDS Income assuming full dilution - - Automotive $ 1.41 $ 0.91 $ 2.22 $ 1.02 - - Financial Services 0.65 0.65 1.03 1.08 ------- ------- ------- ------- Total $ 2.06 $ 1.56 $ 3.25 $ 2.10 ======= ======= ======= ======= Cash dividends $ 0.42 $ 0.35 $ 0.805 $ 0.70
FS-1 7 Ford Motor Company and Subsidiaries VEHICLE UNIT SALES For the Periods Ended June 30, 1997 and 1996 (in thousands)
Second Quarter First Half ---------------------- --------------------- 1997 1996 1997 1996 ---- ---- ---- ---- (unaudited) (unaudited) NORTH AMERICA United States Cars 439 463 806 841 Trucks 671 604 1,283 1,166 -------- --------- --------- --------- Total United States 1,110 1,067 2,089 2,007 Canada 86 72 155 122 Mexico 19 14 37 26 -------- --------- --------- --------- Total North America 1,215 1,153 2,281 2,155 EUROPE Britain 138 158 236 276 Germany 108 128 223 246 Italy 71 43 135 99 France 40 54 76 105 Spain 38 39 84 87 Other countries 85 85 182 169 -------- --------- --------- --------- Total Europe 480 507 936 982 OTHER INTERNATIONAL Brazil 77 46 130 93 Australia 36 35 66 67 Argentina 20 15 37 31 Taiwan 17 21 42 52 Japan 11 12 21 28 Other countries 23 21 47 40 -------- --------- --------- --------- Total other international 184 150 343 311 -------- --------- --------- --------- TOTAL WORLDWIDE VEHICLE UNIT SALES 1,879 1,810 3,560 3,448 ======== ========= ========= =========
Vehicle unit sales are reported worldwide on a "where sold" basis and include sales of all Ford-badged units, as well as units manufactured by Ford and sold to other manufacturers FS-2 8 Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME For the Periods Ended June 30, 1997 and 1996 (in millions)
Second Quarter First Half ----------------------- ----------------------------- 1997 1996 1997 1996 -------- -------- -------- --------- (unaudited) (unaudited) AUTOMOTIVE SALES $32,805 $ 31,762 $ 61,730 $60,059 COSTS AND EXPENSES (Note 2) Costs of sales 28,659 28,505 54,342 55,015 Selling, administrative and other expenses 1,702 1,633 3,240 3,105 ------- -------- -------- ------- Total costs and expenses 30,361 30,138 57,582 58,120 OPERATING INCOME 2,444 1,624 4,148 1,939 Interest income 300 217 549 401 Interest expense 206 210 400 382 ------- -------- -------- ------- Net interest income 94 7 149 19 Equity in net income/(loss) of affiliated companies 79 77 (65) 25 Net expense from transactions with Financial Services (34) (17) (53) (37) ------- -------- -------- ------- INCOME BEFORE INCOME TAXES - AUTOMOTIVE 2,583 1,691 4,179 1,946 FINANCIAL SERVICES REVENUES 7,460 7,211 14,737 14,139 COSTS AND EXPENSES Interest expense 2,422 2,439 4,778 4,860 Depreciation 1,774 1,675 3,539 3,366 Operating and other expenses 1,574 1,507 3,074 2,935 Provision for credit and insurance losses 794 610 1,639 1,186 Write-down of investment in Budget Rent a Car Corporation - 700 - 700 ------- -------- -------- ------- Total costs and expenses 6,564 6,931 13,030 13,047 Net revenue from transactions with Automotive 34 17 53 37 Gain on sale of Common Stock of a subsidiary (Note 3) 269 650 269 650 ------- -------- -------- ------- INCOME BEFORE INCOME TAXES - FINANCIAL SERVICES 1,199 947 2,029 1,779 ------- -------- -------- ------- TOTAL COMPANY INCOME BEFORE INCOME TAXES 3,782 2,638 6,208 3,725 Provision for income taxes 1,182 694 2,080 1,107 ------- -------- -------- ------- INCOME BEFORE MINORITY INTERESTS 2,600 1,944 4,128 2,618 Minority interests in net income of subsidiaries 70 41 129 62 ------- -------- -------- ------- NET INCOME $ 2,530 $ 1,903 $ 3,999 $ 2,556 ======= ======== ======= ======= Income attributable to Common and Class B Stock after preferred stock dividends $ 2,516 $ 1,887 $ 3,971 $ 2,521 Average number of shares of Common and Class B Stock outstanding 1,193 1,178 1,191 1,173 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK INCOME $ 2.11 $ 1.60 $ 3.33 $ 2.15 INCOME ASSUMING FULL DILUTION $ 2.06 $ 1.56 $ 3.25 $ 2.10 CASH DIVIDENDS $ 0.42 $ 0.35 $ 0.805 $ 0.70
The accompanying notes are part of the financial statements. FS-3 9 Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET (in millions)
June 30, December 31, 1997 1996 ----------- ------------ (unaudited) ASSETS AUTOMOTIVE Cash and cash equivalents $ 3,206 $ 3,578 Marketable securities 14,978 11,836 ---------- ----------- Total cash and marketable securities 18,184 15,414 Receivables 3,364 3,133 Inventories (Note 5) 6,136 6,656 Deferred income taxes 3,182 3,296 Other current assets 3,610 3,193 Net current receivable from Financial Services 190 0 ---------- ----------- Total current assets 34,666 31,692 Equity in net assets of affiliated companies 2,283 2,483 Net property 33,491 33,527 Deferred income taxes 4,267 4,429 Other assets 8,621 7,527 ---------- ----------- Total Automotive assets 83,328 79,658 FINANCIAL SERVICES Cash and cash equivalents 1,859 3,689 Investments in securities 2,719 2,307 Net receivables and lease investments 168,319 161,906 Other assets 15,191 14,834 Net receivable from Automotive 0 473 ---------- ----------- Total Financial Services assets 188,088 183,209 ---------- ----------- TOTAL ASSETS $ 271,416 $ 262,867 ========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY AUTOMOTIVE Trade payables $ 11,521 $ 11,735 Other payables 2,435 2,206 Accrued liabilities 17,387 16,587 Income taxes payable 1,213 508 Debt payable within one year 1,624 1,661 Net current payable to Financial Services 0 473 ---------- ----------- Total current liabilities 34,180 33,170 Long-term debt 6,695 6,495 Other liabilities 27,960 26,793 Deferred income taxes 1,162 1,225 ---------- ----------- Total Automotive liabilities 69,997 67,683 FINANCIAL SERVICES Payables 4,258 4,695 Debt 155,531 150,205 Deferred income taxes 3,912 4,338 Other liabilities and deferred income 7,736 8,504 Net payable to Automotive 190 0 ---------- ----------- Total Financial Services liabilities 171,627 167,742 Company-obligated mandatorily redeemable preferred securities of a subsidiary trust holding solely junior subordinated debentures of the Company (Note 6) 679 680 STOCKHOLDERS' EQUITY Capital stock Preferred Stock, par value $1.00 per share (aggregate liquidation preference of $655 million and $694 million) * * Common Stock, par value $1.00 per share (1,125 and 1,118 million shares issued) 1,125 1,118 Class B Stock, par value $1.00 per share (71 million shares issued) 71 71 Capital in excess of par value of stock 5,339 5,268 Foreign currency translation adjustments and other (768) (29) Earnings retained for use in business 23,346 20,334 ---------- ----------- Total stockholders' equity 29,113 26,762 ---------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 271,416 $ 262,867 ========== ===========
- ------------ *Less than $1 million The accompanying notes are part of the financial statements. FS-4 10 Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Periods Ended June 30, 1997 and 1996 (in millions)
First Half 1997 First Half 1996 -------------------------- --------------------------- Financial Financial Automotive Services Automotive Services ---------- -------- ---------- -------- (unaudited) (unaudited) CASH AND CASH EQUIVALENTS AT JANUARY 1 $ 3,578 $ 3,689 $ 5,750 $ 2,690 Cash flows from operating activities before securities trading 7,675 5,559 8,497 6,236 Net (purchases)/sales of trading securities (3,142) (309) (2,085) (242) --------- -------- --------- -------- Net cash flows from operating activities 4,533 5,250 6,412 5,994 Cash flows from investing activities Capital expenditures (3,485) (266) (3,568) (200) Acquisitions of receivables and lease investments - (58,064) - (57,024) Collections of receivables and lease investments - 43,026 - 39,628 Net acquisitions of daily rental vehicles - (1,329) - (1,946) Purchases of securities 0 (1,783) (6) (4,757) Sales and maturities of securities 0 2,167 7 4,327 Proceeds from sales of receivables and lease investments - 1,547 - 2,764 Net investing activity with Financial Services 7 - 9 - Other 35 (95) (557) 96 --------- -------- --------- -------- Net cash used in investing activities (3,443) (14,797) (4,115) (17,112) Cash flows from financing activities Cash dividends (987) - (857) - Issuance of Common Stock 77 - 116 - Issuance of Common Stock of a subsidiary (Note 3) - 453 - 1,897 Changes in short-term debt (380) 2,406 176 4,890 Proceeds from issuance of other debt 1,150 12,313 0 11,239 Principal payments on other debt (606) (8,042) (651) (7,051) Net financing activity with Automotive - (7) - (9) Other 0 (10) (13) 29 --------- -------- --------- -------- Net cash (used in)/provided by financing activities (746) 7,113 (1,229) 10,995 Effect of exchange rate changes on cash (53) (59) (64) (168) Net transactions with Automotive/Financial Services (663) 663 (255) 255 --------- -------- --------- -------- Net (decrease)/increase in cash and cash equivalents (372) (1,830) 749 (36) --------- -------- --------- -------- CASH AND CASH EQUIVALENTS AT JUNE 30 $ 3,206 $ 1,859 $ 6,499 $ 2,654 ========= ======== ========= ========
The accompanying notes are part of the financial statements. FS-5 11 Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS (unaudited) 1. Financial Statements - The financial data presented herein are unaudited, but in the opinion of management reflect those adjustments necessary for a fair presentation of such information. Results for interim periods should not be considered indicative of results for a full year. Reference should be made to the financial statements contained in the registrant's Annual Report on Form 10-K (the "10-K Report") for the year ended December 31, 1996. For purposes hereof, "Ford" or the "Company" means Ford Motor Company and its majority owned subsidiaries unless the context requires otherwise. Certain amounts for prior periods have been reclassified to conform with 1997 presentations, including additional elimination of intercompany sales. 2. Selected Automotive costs and expenses are summarized as follows (in millions):
Second Quarter First Half ---------------- -------------- 1997 1996 1997 1996 ------- ------- ------ ------ Depreciation $667 $643 $1,350 $1,279 Amortization 719 686 1,506 1,450
3. Sale of The Hertz Corporation ("Hertz") Common Stock - During April 1997, Hertz completed an initial public offering ("IPO") of its common stock representing a 19.1% economic interest in Hertz. The Company recognized in second quarter earnings a non-operating gain of $269 million resulting from the IPO; the gain was not subject to income taxes. 4. Restructurings and Dispositions - The Company recorded a pre-tax charge in second quarter totaling $272 million ($169 million after taxes) reflecting actions that will be completed during 1997 and 1998. These include primarily the discontinuation of passenger car production at the Lorain Assembly Plant resulting in a write-down of surplus assets. The charge also included employee termination costs related to the elimination of a shift at the Halewood (England) Plant, and a loss on the sale of the Heavy Truck business. 5. Automotive inventories are summarized as follows (in millions):
June 30, December 31, 1997 1996 -------- ------------ Raw materials, work in process and supplies $2,986 $3,374 Finished products 3,150 3,282 ------- ------ Total inventories $6,136 $6,656 ======= ====== U.S. inventories $1,976 $2,280
6. Company-Obligated Mandatorily Redeemable Preferred Securities of a Subsidiary Trust - The sole asset of Ford Motor Company Capital Trust I (the "Trust"), which is the obligor on the Preferred Securities of such Trust, is $632 million principal amount of 9% Junior Subordinated Debentures due 2025 of Ford Motor Company. FS-6 EX-27.1 3 AUTOMOTIVE SEGMENT WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 AUTOMOTIVE SEGMENT - THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORD'S CURRENT REPORT ON FORM 8-K DATED JULY 16, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000037996 FORD MOTOR COMPANY 1,000,000 6-MOS DEC-31-1997 JUN-30-1997 3,206 14,978 3,364 111 6,136 34,666 74,146 40,654 83,328 34,180 6,695 0 0 0 0 0 32,805 32,805 28,659 30,361 0 0 206 2,583 0 0 0 0 0 0 0 0
EX-27.2 4 FINANCIAL SERVICES
5 FINANCIAL SERVICES SEGMENT - THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORD'S CURRENT REPORT ON FORM 8-K DATED JULY 16, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. THE ERROR MESSAGE INDICATED ON THIS FDS IS A RESULT OF THE EDGAR SYSTEM'S INABILITY TO ACCEPT MULTIPLE ARTICLE 5 FINANCIAL DATA SCHEDULES. ACCORDINGLY, THE ERROR MESSAGE SHOULD BE IGNORED. 0000037996 FORD MOTOR COMPANY 1,000,000 6-MOS DEC-31-1997 JUN-30-1997 1,859 2,719 168,319 0 0 0 0 0 188,088 0 155,531 0 0 0 0 0 7,460 7,460 0 6,564 0 794 2,422 1,199 0 0 0 0 0 0 0 0
EX-27.3 5 CONGLOMERATE TOTALS
CT CONGLOMERATE TOTALS - THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORD'S CURRENT REPORT ON FORM 8-K DATED JULY 16, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000037996 FORD MOTOR COMPANY 1,000,000 6-MOS DEC-31-1997 JUN-30-1997 271,416 1,196 0 0 27,917 271,416 40,265 1,182 2,530 0 0 0 2,530 2.11 2.06
-----END PRIVACY-ENHANCED MESSAGE-----