-----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, QfYofVTQKujbKNaWyQwGyliiedC+IXOQvjwCq6gpVRmk1hR0c8ciHiY1jJ7iIVqW fif0w5aVU0qwQtBOMOfRGQ== 0000040730-98-000076.txt : 19981102 0000040730-98-000076.hdr.sgml : 19981102 ACCESSION NUMBER: 0000040730-98-000076 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981030 ITEM INFORMATION: FILED AS OF DATE: 19981030 SROS: CSE SROS: CSX SROS: NASD SROS: NYSE SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00143 FILM NUMBER: 98734507 BUSINESS ADDRESS: STREET 1: 100 RENAISSANCE CTR CITY: DETROIT STATE: MI ZIP: 48243-7301 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 3044 W GRAND BOULEVARD CITY: DETROIT STATE: MI ZIP: 48202-3091 8-K 1 FINANCIAL REORGANIZATION OF INTERNATIONAL SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549-1004 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) October 6, 1998 ---------------- GENERAL MOTORS CORPORATION ----------------------------------------------------- (Exact name of registrant as specified in its charter) STATE OF DELAWARE 1-143 38-0572515 - ---------------------------- ----------------------- ------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 100 Renaissance Center, Detroit, Michigan 48243-7301 3044 West Grand Boulevard, Detroit, Michigan 48202-3091 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (313)-556-5000 -------------- - 1 - ITEM 5. OTHER EVENTS General Motors Corporation (GM or General Motors) today released financial information on the separate financial performance of its GM Europe (GME), GM Latin American/Africa/Mid-East (GMLAAM), and GM Asia/Pacific (GMAP) businesses which were formerly included in General Motors International Operations (GMIO) - -- on a quarterly basis for 1996 through the 2nd Quarter of 1998. On October 6, 1998, GM filed an 8-K regarding the formation of the new GM Automotive Operations sector which includes GM North America (GMNA), GME, GMLAAM, and GMAP. The following financial information has been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates the Corporation's financial information for the purpose of assisting in making internal operating decisions. It is being released to allow interested parties to view the performance of the GME, GMLAAM, and GMAP businesses in the same manner as management. This information is not prepared in accordance with generally accepted accounting principles (GAAP). Certain common expenses are allocated among sectors less precisely than would be required for standalone financial information prepared in accordance with GAAP. Additionally, certain expenses (primarily certain U.S. taxes related to non-U.S. operations) are included in GM's "Other" sector. This data represents historical information used by management for internal decision making purposes and, accordingly, other data prepared to represent the way in which the business may operate in the future, or data prepared on a GAAP basis may be materially different. - 2 - General Motors Corporation Income Statement Summary Data (Unaudited) 1998 - Q1 GME GMLAAM GMAP - --------- --- ------ ---- Revenues $5,397 $2,025 $728 Income (loss) before income taxes 203 17 (7) US, foreign and other income taxes (benefit) 91 (19) 0 Equity in (losses) earnings of affiliates (13) 19 14 Minority interest 0 (1) 0 -- -- - Net income $99 $54 $7 == == = Net profit margin 1.8% 2.7% 1.0% 1998 - Q2 (1) - ------------- Revenues $6,227 $2,193 $756 Income before income taxes 244 16 5 US, foreign and other income taxes (benefit) 129 (10) 4 Equity in earnings (losses) of affiliates 1 29 (36) Minority interest 8 (7) 0 --- -- -- Net income (loss) $124 $48 $(35) === == == Net profit (loss) margin 2.0% 2.2% (4.6%) 1997 - Q1 (2) - ------------- Revenues $5,697 $1,886 $700 Income before income taxes 351 114 8 US, foreign and other income taxes 148 14 2 Equity in (losses) earnings of affiliates (55) 29 31 Minority interest 1 0 2 --- --- -- Net income $149 $129 $39 === === == Net profit margin 2.6% 6.8% 5.6% See footnotes on page 7 for special items. - 3 - General Motors Corporation Income Statement Summary Data (Unaudited) 1997 - Q2 (3) GME GMLAAM GMAP - ------------- --- ------ ---- Revenues $6,620 $2,329 $762 Income before income taxes 513 200 14 US, foreign and other income taxes (benefit) 186 48 (1) Equity in (losses) earnings of affiliates (17) 27 (23) Minority interest 2 2 3 --- --- - Net income (loss) $312 $181 $(5) === === = Net profit (loss) margin 4.7% 7.8% (0.7%) 1997 - Q3 - --------- Revenues $5,686 $2,273 $682 Income (loss) before income taxes 87 154 (73) US, foreign and other income taxes (benefit) 48 14 (15) Equity in (losses) earnings of affiliates (70) 25 43 Minority interest 10 0 8 -- --- - Net (loss) income $(21) $165 $(7) == === = Net (loss) profit margin (0.4%) 7.3% (1.0%) 1997 - Q4 (4) - ------------- Revenues $6,103 $2,085 $836 (Loss) income before income taxes (695) 68 (180) US, foreign and other income taxes (benefit) (261) (33) (14) Equity in (losses) earnings of affiliates (29) 92 (40) Minority interest 6 (1) 10 --- --- --- Net (loss) income $(457) $192 $(196) === === === Net(loss) profit margin (7.5%) 9.2% (23.4%) See footnotes on page 7 for special items. - 4 - General Motors Corporation Income Statement Summary Data (Unaudited) 1997 - Calendar Year GME GMLAAM GMAP - -------------------- --- ------ ---- Revenues $24,106 $8,573 $2,980 Income (loss) before income taxes 256 536 (231) US, foreign and other income taxes (benefit) 121 43 (28) Equity in (losses) earnings of affiliates (171) 173 11 Minority interest 19 1 23 -- --- --- Net (loss) income $(17) $667 $(169) == === === Net (loss) profit margin (0.1%) 7.8% (5.7%) 1996 - Q1 - --------- Revenues $6,728 $1,497 $772 Income before income taxes 433 132 15 US, foreign and other income taxes 118 34 18 Equity in (losses) earnings of affiliates (24) 24 25 Minority interest (6) 0 3 --- --- -- Net income $285 $122 $25 === === == Net profit margin 4.2% 8.1% 3.2% 1996 - Q2 - --------- Revenues $6,645 $1,627 $829 Income before income taxes 497 85 47 US, foreign and other income taxes 146 38 25 Equity in (losses) earnings of affiliates (31) 17 21 Minority interest (1) (4) 2 --- -- -- Net income $319 $60 $45 === == == Net profit margin 4.8% 3.7% 5.4% See footnotes on page 7 for special items. - 5 - General Motors Corporation Income Statement Summary Data (Unaudited) 1996 - Q3 GME GMLAAM GMAP - --------- --- ------ ---- Revenues $5,744 $1,825 $691 Income before income taxes 6 203 59 US, foreign and other income taxes (benefit) (95) 56 4 Equity in (losses) earnings of affiliates (25) 21 27 Minority interest (1) (3) 1 -- --- -- Net income $75 $165 $83 == === == Net profit margin 1.3% 9.0% 12.0% 1996 - Q4 - --------- Revenues $6,411 $1,773 $709 Income (loss) before income taxes 117 247 (55) US, foreign and other income taxes (benefit) (1) (22) (14) Equity in (losses) earnings of affiliates (17) 17 (3) Minority interest (2) 9 3 -- --- -- Net income (loss) $99 $295 $(41) == === == Net profit (loss) margin 1.5% 16.6% (5.8%) 1996 -Calendar Year - ------------------- Revenues $25,528 $6,722 $3,001 Income before income taxes 1,053 667 66 US, foreign and other income taxes 168 106 33 Equity in (losses) earnings of affiliates (97) 79 70 Minority interest (10) 2 9 --- -- --- Net income $778 $642 $112 === === === Net profit margin 3.0% 9.6% 3.7% See footnotes on page 7 for special items. - 6 - General Motors Corporation Income Statement Summary Data (Unaudited) FN - Special Items (1) The second quarter 1998 results for GME included a pre-tax charge of $74 million ($44 million after-tax), related to work schedule modifications at Opel Belgium. (2) The first-quarter 1997 results for GME included a pre-tax gain of $88 million ($55 million after taxes), that resulted from an agreement with Volkswagen A.G. (VW) settling a civil lawsuit which GM brought against VW. (3) Second quarter 1997 results for GME included a pre-tax gain of $128 million ($103 million after taxes), related to the sale of GM Europe's equity interest in Avis Europe. (4) During December 1997, GM substantially completed studies concerning the long-term competitiveness of all facets of its businesses (Competit- iveness Studies). These studies were performed in conjunction with GM's current business planning cycle. Based on the results of these Competitiveness Studies, in the fourth quarter of 1997, GME recorded pre-tax charges against income totaling $848 million ($488 million after-tax )and GMAP recorded pre-tax charges against income totaling $174 million ($170 million after-tax). * * * - 7 - 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 hereunto duly authorized. GENERAL MOTORS CORPORATION -------------------------- (Registrant) Date October 30, 1998 ----------------- By s/Peter R. Bible ------------------------------- (Peter R. Bible, Chief Accounting Officer) - 8 - -----END PRIVACY-ENHANCED MESSAGE-----