-----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, PYXydPMO21+XzTeuZcLtIQ9WmXJelwbuj8S5eezI9W3xo3i4nPMGr4XvjWSLTSZF 1pyJAjh0R+4qwt1kMm/pvA== 0000040730-01-500152.txt : 20020410 0000040730-01-500152.hdr.sgml : 20020410 ACCESSION NUMBER: 0000040730-01-500152 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011114 ITEM INFORMATION: FILED AS OF DATE: 20011114 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: 1934 Act SEC FILE NUMBER: 001-00143 FILM NUMBER: 1789529 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 gmhecguide8k-111401.txt GM'S SUBSIDIARY HUGHES' 2002 FINANCIAL GUIDANCE 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) November 14, 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 On November 14, 2001, General Motors Corporation's (GM) subsidiary Hughes Electronics Corporation (Hughes) filed the following forward looking information on a Form 8-K. HUGHES ANNOUNCES 2002 FINANCIAL GUIDANCE, CONFIRMS 2001 GUIDANCE El Segundo, Calif., November 14, 2001 -- Hughes Electronics Corporation, the world's leading provider of digital television entertainment, broadband services, satellite-based private business networks, and global video and data broadcasting, today announced its 2002 financial guidance. "Our top priorities are to continue to improve our operating metrics and to meet or exceed our financial commitments, which will position us to create substantial shareholder value," said Jack A. Shaw, HUGHES' chief executive officer. "Along these lines, we are confirming our 2001 guidance and providing our financial targets for next year. In 2002, we expect HUGHES to generate over $9 billion in revenue and increase EBITDA1 by 50% to 90% to between $750 million and $850 million. Our DIRECTV business in the U.S. is projected to lead the way by generating over $6 billion in revenue and more than doubling its EBITDA to between $525 million and $575 million. Hughes Network Systems, DIRECTV Latin America and DIRECTV Broadband are also expected to improve their annual EBITDA performance in 2002. Additionally, PanAmSat is expected to increase its EBITDA margins to 70% or more." A table detailing all of HUGHES' guidance is included below. A live webcast of the conference call discussing HUGHES' 2002 financial guidance will be available on the company's website at www.hughes.com. The call will begin at 2:00 p.m. ET, today. The dial in number is 913-981-4900. A replay of the call will be available on the Investor Relations portion of the HUGHES website or via phone beginning Friday, November 16. The replay number is 888-203-1112, confirmation code: 689676. 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). - 2 - Hughes Financial Guidance Prior Full Revised Full Full Year Year 2001 Year 2001 2002 ----------- ------------- -------------- HUGHES Revenue ~$8.3B No Change $9.0 - 9.2B EBITDA $450-500M* No Change $750 - 850M Cash Requirements ~$2.5B ~$2.3B $1.5 - 1.7B DIRECTV U.S. Revenue $5.5 - 5.6B No Change $6.0 - 6.2B EBITDA $200 - 250M* No Change $525 - 575M Net Subscriber Adds 1.2 - 1.3M** No Change 1.0 - 1.2M DIRECTV Broadband Revenue N/A N/A ~$75M EBITDA $(100)M - (120)M No Change ~$(100)M Net Subscriber Adds 40 - 50K No Change ~100K DIRECTV Latin America Revenue ~$725M No Change $925 - 975M EBITDA ~$(100)M* No Change Break-even Net Subscriber Adds ~300K No Change ~250K Hughes Network Systems Revenue ~$1.3B No Change $1.3 - 1.4B EBITDA $(100)M - (115)M No Change ~$(50) - (75)M DIRECWAY Net Sub Adds 50 - 65K No Change 100 - 200K PanAmSat Revenue $860 - 870M No Change $790 - 825M New Outright Sales and Sales- Type Leases $45.5M No Change None EBITDA Margin Mid to high 60% range No Change 70% or higher * EBITDA guidance excludes the impact of the third quarter 2001 severance charges of $48M at DIRECTV US; $10M at DIRECTV Latin America; $7M at PanAmSat; and $65M total at HUGHES. ** Excludes the impact of the 143K-subscriber database adjustment in the third quarter of 2001. 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. EBITDA margin is calculated by dividing EBITDA by total revenues. # # # # # - 3 - 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 November 14, 2001 ----------------- By s/Peter R. Bible ------------------------------- (Peter R. Bible, Chief Accounting Officer) - 4 - -----END PRIVACY-ENHANCED MESSAGE-----