-----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, Ir9lsHuADpJwm5NC3YJDpZkmKrR8CJQQu664rEM7HZ3t5+ABOa5o8PV1hHKqQVmf 0EcxZDyAPh5fpCUaoUKEgQ== 0000040730-01-500094.txt : 20010612 0000040730-01-500094.hdr.sgml : 20010612 ACCESSION NUMBER: 0000040730-01-500094 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010611 ITEM INFORMATION: FILED AS OF DATE: 20010611 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: 1658627 BUSINESS ADDRESS: STREET 1: 300 RENAISSANCE CTR STREET 2: MAIL CODE: 482-C34-D71 CITY: DETROIT STATE: MI ZIP: 48265-3000 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 300 RENAISSANCE CTR STREET 2: MAIL CODE: 482-C34-D71 CITY: DETROIT STATE: MI ZIP: 48265-3000 8-K 1 gmhughesguide8k-061101.txt HUGHES PRESS RELEASE REGARDING GUIDANCE FOR 2001 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) June 11, 2001 ---------------- 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.) 300 Renaissance Center, Detroit, Michigan 48265-3000 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (313)-556-5000 -------------- - 1 - ITEM 9. Forward Looking Information Relating to Hughes General Motors Corporation's (GM) subsidiary Hughes Electronics Corporation (Hughes) filed the following forward looking information on Form 8-K. Hughes Announces Revised guidance for Second Quarter and Full-Year 2001 El Segundo, Calif., June 11, 2001 -- Hughes Electronics Corporation, a world-leading provider of digital television entertainment, broadband services, satellite-based private business networks, and global video and data broadcasting, announced today that it is issuing new guidance for the second quarter and full year of 2001. "Sales at our national consumer electronics retailers, which are our primary distribution outlets for DIRECTV Systems, have been slower than we expected, in large part due to the softening economy," explained Jack A. Shaw, HUGHES chief executive officer. "In addition, we are seeing continued slowing in the contribution of subscribers from the rural markets that are served by the National Rural Telecommunications Cooperative (NRTC). As a result, we expect that our DIRECTV business in the United States will add fewer net subscribers than we originally anticipated this quarter, and for the full year. "We are also increasing our DIRECTV U.S. EBITDA1 guidance for the quarter and the full year because the lowered subscriber projections result in lower subscriber marketing expenses." Shaw continued. "To combat the slower retail sales in the United States, we are taking aggressive steps to strengthen the performance of all of our distribution partners, who include independent retailers and direct sales, in addition to our national consumer electronics retailers and Blockbuster. We have implemented a variety of marketing tactics, including aggressively targeting cable customers who have experienced large rate increases or poor service. We are also shifting our advertising and marketing focus to the more than 60 million television households where DIRECTV offers local channels and is truly a replacement for cable. In addition, we're adding a lease program through our direct sales channel, as well as continuing our efforts to reduce churn," Shaw stated. "We also anticipate positive results from our traditional third quarter offering of NFL SUNDAY TICKET(TM), - one of our strongest acquisition tools - which we will begin promoting in early August." "In addition, we are adjusting our projections for DIRECTV Latin America as we place a greater emphasis on reducing churn and attracting long-term profitable subscribers. As a result, we will be more selective in our pursuit of new subscribers and have accordingly reduced our current quarter and full-year subscriber projections. We also expect lower EBITDA losses." HUGHES' revised guidance is shown below. No changes were made to the guidance for PanAmSat and Hughes Network Systems (HNS). HUGHES' complete guidance is contained on the HUGHES web site at www.hughes.com. - 2 -
- --------------------------------------------------------------------------------------------- Prior Revised Prior Revised Q2 2001 Q2 2001 Full Year 2001 Full Year 2001 - --------------------------------------------------------------------------------------------- HUGHES Revenues ~$2B ~$2B 20 - 25% Growth ~20% Growth EBITDA $80 - 100M $80 - 100M $550 - $650M $575M - $650M DIRECTV U.S. Revenues $1.35B - $1.4B $1.35B - $1.4B $5.6 - $5.8B $5.5 - $5.7B EBITDA $60 - 75M ~$75M $325M - $425M $350M - $425M Net Subscribers 275 - 350K ~175K 1.5 - 1.7M ~1.3M Cumulative Subscribers 10.1 - 10.2 ~10M 11 - 11.2M ~10.8M DIRECTV Latin America Revenues ~$180M ~$180M ~$800M ~$750M EBITDA ~$(35M) ~$(35M) $(90M) - (130M) ~$(100M) Net Subscribers ~100K ~25K ~500K ~350K Cumulative Subscribers ~1.5M ~1,430K ~1.8M ~1,655K - ---------------------------------------------------------------------------------------------
HUGHES will be conducting a conference call with analysts to discuss its new guidance at 5:15 p.m. ET today. The dial-in number is 913-981-5517. The confirmation code is 692005. HUGHES invites reporters to participate in a listen-only mode. The call will be simultaneously webcast via the HUGHES web site at www.hughes.com. Investors are advised to allow 15 minutes prior to the call to register and download any necessary software. Following the completion of the call, the webcast will be archived on the Investor Relations portion of the HUGHES web site. Hughes Electronics Corporation is a unit of General Motors Corporation. The earnings of Hughes Electronics are used to calculate the earnings attributable to the General Motors Class H common stock (NYSE:GMH). NOTE: Hughes Electronics Corporation believes that some of the foregoing statements may constitute forward-looking statements. When used in this report, the words "estimate," "plan," "project," "anticipate," "expect," "intend," "outlook," "believe," and other similar expressions are intended to identify such forward-looking statements and information. Important factors that may cause actual results of HUGHES to differ materially from the forward-looking statements in this report are set forth in the Form 10-Ks filed with the SEC by General Motors and HUGHES. - ---------------------- 1 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the sum of operating profit (loss) and depreciation and amortization. # # # # 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 June 11, 2001 ----------------- By s/Peter R. Bible ------------------------------- (Peter R. Bible, Chief Accounting Officer) - 3 - -----END PRIVACY-ENHANCED MESSAGE-----