-----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, ASINTfqGEvX/q4iOh0JLtHV8ztouCDIUD9ps9APf6fY5l3uD4G2dtlork/wnK4qZ jIAI+26Oh9efMuydwvJJeQ== 0000040730-97-000011.txt : 19970313 0000040730-97-000011.hdr.sgml : 19970313 ACCESSION NUMBER: 0000040730-97-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970312 ITEM INFORMATION: Other events FILED AS OF DATE: 19970312 SROS: CSE SROS: NYSE SROS: PHLX SROS: PSE 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: 97554890 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10153-0075 BUSINESS PHONE: 3135565000 8-K 1 L:\secfiles\8-k\1997\delphi\marpress.doc 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) March 12, 1997 ---------------- 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 (a) On March 12, 1997, General Motors Corporation (GM or General Motors) issued a news release on the subject of separate summary financial information for its North American Automotive Operations and Delphi Automotive Systems. The content of the news release was as follows: GM RELEASES FINANCIAL-PERFORMANCE DATA FOR GM-NAO AND DELPHI BUSINESS SECTORS DETROIT - General Motors Corp. today released financial information on the separate financial performance of its North American Operations (GM-NAO) and Delphi Automotive Systems (Delphi) business sectors - on a quarterly basis for 1994 through 1996, and on an annual basis for 1991 through 1996. GM previously reported combined results for the two sectors. The corporation's consolidated earnings for the 1996 fourth quarter and calendar year, including the combined GM-NAO/Delphi results, were reported on Jan. 28, 1997. "With the additional financial data we're releasing today, and which will be provided on a quarterly basis going forward, stockholders and potential investors will be able to better understand GM-NAO and Delphi, and see the progress we've made - and expect to continue to make - in strengthening two of our core business sectors," GM Chairman and Chief Executive Officer John F. Smith, Jr., said. "When looking at the results for the last six years," Smith said, "it's significant that both of these important business sectors were profitable on an annual basis in each of the last three years." # # # GM-NAO AND DELPHI HIGHLIGHTS ATTACHED - 2 - General Motors North American Operations and Delphi Automotive Systems Income Statement Summary Data (Unaudited) Year Ended December 31, 1994(1) 1995(1) 1996(1) ------ ------ ------ ($ in Millions) GM North American Operations (GM-NAO) Net sales $91,768 $95,936 $93,381 ------ ------ ------ Income before income taxes $644 $2,071 $608 US, foreign and other income taxes (benefit) (34) 569 (85) Equity in earnings of affiliates 28 22 37 Cumulative effect of accounting changes (7,8) (482) (52) - ------ ------ ------ Net income (5) $224 $1,472 $730 ====== ====== ====== Net profit margin 0.2% 1.5% 0.8% Delphi Automotive Systems (Delphi) Net sales $26,097 $26,426 $26,002 ------ ------ ------ Income before income taxes $961 $1,251 $613 US, foreign and other income taxes 308 377 134 Equity in earnings of affiliates 33 42 47 Cumulative effect of accounting change (7) (223) - - ------ ------ ------ Net income (5) $463 $916 $526 ====== ====== ====== Net profit margin 1.8% 3.5% 2.0% GM-NAO/Delphi Combined (2) Net sales $98,133 $103,253 $101,002 ------ ------- ------- Income before income taxes $1,589 $3,346 $1,206 US, foreign and other income taxes 268 962 44 Equity in earnings of affiliates 61 64 84 Cumulative effect of accounting changes (7,8) (705) (52) - ------ ------ ------ Net income (5) $677 $2,396 $1,246 ====== ======= ======= Net profit margin 0.7% 2.3% 1.2% See notes to income statement summary data. - 3 - General Motors North American Operations and Delphi Automotive Systems Income Statement Summary Data (Unaudited) Year Ended December 31, 1991(1) 1992(1) 1993(1) ------ ------ ------ ($ in Millions) GM-NAO Net sales (3) $70,030 $75,447 $80,553 ------ ------- ------- Net (loss)(3,5) $(7,620) $(18,891) $(1,717) ====== ======= ======= Net (loss) margin (3) (10.9)% (25.0)% (2.1)% Delphi Net sales (3) $21,781 $23,625 $25,090 ------ ------- ------- Net income (loss)(3,5) $(462) $(5,621) $ 717 ====== ======= ======= Net profit (loss) margin (3) (2.1)% (23.8)% 2.9% GM-NAO/Delphi Combined (2) Net sales (3) $74,992 $80,863 $85,965 ------ ------- ------- Net (loss)(3,5) $(8,092) $(24,522) $(1,012) ====== ======= ======= Net (loss) margin (3) (10.8)% (30.3)% (1.2)% See notes to income statement summary data. - 4 - General Motors North American Operations and Delphi Automotive Systems Income Statement Summary Data - 1996 (Unaudited) Q1(1) Q2(1) Q3(1) Q4(1) ------ ------ ------ ------ ($ in Millions) GM-NAO Net sales $21,683 $26,928 $22,267 $22,503 ------ ------ ------ ------ Income (loss) before income taxes $(517) $1,074 $238 $(187) US, foreign and other income taxes (benefit) (222) 387 (35) (215) Equity in earnings (loss)of affiliates 16 18 4 (1) ------ ------ ------ ------ Net income (loss)(6) $(279) $705 $277 $27 ====== ====== ====== ====== Net profit (loss) margin (1.3)% 2.6% 1.2% 0.1% Delphi Net sales $ 6,189 $ 7,307 $ 6,370 $ 6,136 ------ ------ ------ ------ Income (loss) before income taxes $122 $523 $191 $(223) US, foreign and other income taxes (benefit) 47 184 (35) (62) Equity in earnings of affiliates 4 16 12 15 ------ ------ ------ ------ Net income (loss)(6) $79 $355 $238 $(146) ====== ====== ====== ====== Net profit (loss) margin 1.3% 4.9% 3.7% (2.4)% GM-NAO/Delphi Combined (4) Net sales $23,565 $28,949 $24,101 $24,387 ------ ------ ------ ------ Income (loss) before income taxes $(387) $1,581 $430 $(418) US, foreign and other income taxes (benefit) (172) 565 (69) (280) Equity in earnings of affiliates 20 34 16 14 ------ ------ ------ ------ Net income (loss)(6) $(195) $1,050 $515 $(124) ====== ====== ====== ====== Net profit (loss) margin (0.8)% 3.6% 2.1% (0.5)% See notes to income statement summary data. - 5 - General Motors North American Operations and Delphi Automotive Systems Income Statement Summary Data - 1995 (Unaudited) Q1(1) Q2(1) Q3(1) Q4(1) ------ ------ ------ ------ ($ in Millions) GM-NAO Net sales $25,574 $25,300 $20,753 $24,309 ------ ------ ------ ------ Income (loss) before income taxes $1,182 $688 $(227) $428 US, foreign and other income taxes (benefit) 452 207 (114) 24 Equity in earnings (loss) of affiliates 21 (4) (5) 10 Cumulative effect of accounting change(8) (52) - - - ------ ------ ------ ------ Net income (loss)(6) $699 $477 $(118) $414 ====== ====== ====== ====== Net profit (loss) margin 2.7% 1.9% (0.6)% 1.7% Delphi Net sales $7,154 $7,055 $5,734 $6,483 ------ ------ ------ ------ Income before income taxes $423 $566 $40 $222 US, foreign and other income taxes 117 190 22 48 Equity in earnings of affiliates 11 8 5 18 ------ ------ ------ ------ Net income (6) $317 $384 $23 $192 ====== ====== ====== ====== Net profit margin 4.4% 5.4% 0.4% 3.0% GM-NAO/Delphi Combined (4) Net sales $27,450 $27,262 $22,322 $26,219 ------ ------ ------ ------ Income (loss) before income taxes $1,589 $1,286 $(185) $656 US, foreign and other income taxes (benefit) 563 410 (92) 81 Equity in earnings of affiliates 32 4 - 28 Cumulative effect of accounting change(8) (52) - - - ------ ------ ------ ------ Net income (loss)(6) $1,006 $880 $(93) $603 ====== ====== ====== ====== Net profit (loss) margin 3.7% 3.2% (0.4)% 2.3% See notes to income statement summary data. - 6 - General Motors North American Operations and Delphi Automotive Systems Income Statement Summary Data - 1994 (Unaudited) Q1(1) Q2(1) Q3(1) Q4(1) ------ ------ ------ ------ ($ in Millions) GM-NAO Net sales $23,097 $24,591 $19,071 $25,009 ------ ------ ------ ------ Income (loss) before income taxes $485 $593 $(892) $458 US, foreign and other income taxes (benefit) 187 259 (504) 24 Equity in earnings (loss) of affiliates 16 18 9 (15) Cumulative effect of accounting change(7) (482) - - - ------ ------ ------ ------ Net income (loss)(6) $(168) $352 $(379) $419 ====== ====== ====== ====== Net profit (loss) margin (0.7)% 1.4% (2.0)% 1.7% Delphi Net sales $6,928 $6,835 $5,479 $6,855 ------ ------ ------ ------ Income (loss) before income taxes $305 $457 $(96) $295 US, foreign and other income taxes (benefit) 108 149 (72) 123 Equity in earnings of affiliates 6 10 13 4 Cumulative effect of accounting change(7) (223) - - - ------ ------ ------ ------ Net income (loss)(6) $(20) $318 $(11) $176 ====== ====== ====== ====== Net profit (loss) margin (0.3)% 4.7% (0.2)% 2.6% GM-NAO/Delphi Combined (4) Net sales $24,490 $26,277 $20,539 $26,827 ------ ------ ------ ------ Income (loss) before income taxes $772 $1,039 $(982) $760 US, foreign and other income taxes (benefit) 288 433 (604) 151 Equity in earnings (loss) of affiliates 22 35 15 (11) Cumulative effect of accounting change(7) (705) - - - ------ ------ ------ ------ Net income (loss)(6) $(199) $641 $(363) $598 ====== ====== ====== ====== Net profit (loss) margin (0.8)% 2.4% (1.8)% 2.2% See notes to income statement summary data. - 7 - General Motors North American Operations and Delphi Automotive Systems Notes to Income Statement Summary Data (Unaudited) (1) These disaggregated financial results have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates the Corporation's financial information for the purposes of assisting in making internal operating decisions. It is being released to allow interested parties to view the performance of the sectors in the same manner as management. This information is not prepared in accordance with generally accepted accounting principles (GAAP). Certain common expenses are allocated among sectors less precisely than would be required for standalone financial information prepared in accordance with GAAP. Additionally, certain expenses (primarily certain U.S. taxes related to non-U.S. operations) are included in GM's "Other" sector and not in either GM-NAO or Delphi. This data represents the historical information used by management for internal decision making purposes and, accordingly, other data prepared to represent the way in which the business will operate in the future, or data prepared on a GAAP basis may be materially different. (2) Excludes cross-sector sales and other transactions as follows: 1994 1995 1996 ------ ------ ------ ($ in Millions) Net sales $19,732 $19,109 $18,381 Net income (loss) $(10) $8 $(10) 1991 1992 1993 ------ ------ ------ ($ in Millions) Net sales $16,819 $18,209 $19,678 Net (loss) $(10) $(10) $(12) (3) Net sales, net income (loss), and net profit (loss) margins for 1991, 1992 and 1993 are for periods prior to when the Corporation prepared sector financial results and are prepared on a less precise basis than the 1994, 1995 and 1996 financial information. Financial information for 1991, 1992 and 1993 is presented to give a directional indicator of the improvement in earnings during the periods. (4) Excludes cross-sector sales and other transactions as follows: Q1 Q2 Q3 Q4 ------ ------ ------ ------ ($ in Millions) 1996 Net sales $4,307 $5,286 $4,536 $4,252 Net income (loss) $5 $(10) $- $(5) 1995 Net sales $5,278 $5,093 $4,165 $4,573 Net income (loss) $(10) $19 $2 $(3) 1994 Net sales $5,535 $5,149 $4,011 $5,037 Net income (loss) $(11) $(29) $27 $3 - 8 - General Motors North American Operations and Delphi Automotive Systems Notes to Income Statement Summary Data (Unaudited) (5) Special Items Analysis Year Ended December 31, 1994 1995 1996 ------ ------ ------ ($ in Millions) GM-NAO Net income $224 $1,472 $730 Special items Plant closings reserve adjustments - - 450 Sale of preferred stock interest - - 65 Retiree lump sum payments - - (114) Sale of facilities - - (4) Cumulative effect of accounting changes (7,8) (482) (52) - ----- ----- ----- Total special items (482) (52) 397 ----- ----- ----- Net income - excluding special items $706 $1,524 $333 ===== ===== ===== Net profit margin - excluding special items 0.8% 1.6% 0.4% Delphi Net income $463 $916 $526 Special items Retiree lump sum payments - - (49) Sale of facilities - - (153) Cumulative effect of accounting change (7) (223) - - ----- ----- ----- Total special items (223) - (202) ----- ----- ----- Net income - excluding special items $686 $916 $728 ===== ===== ===== Net profit margin - excluding special items 2.6% 3.5% 2.8% GM-NAO/Delphi Combined (2) Net income $677 $2,396 $1,246 Special items Plant closings reserve adjustments - - 450 Sale of preferred stock interest - - 65 Retiree lump sum payments - - (163) Sale of facilities - - (157) Cumulative effect of accounting changes (7,8) (705) (52) - ----- ----- ----- Total special items (705) (52) 195 ----- ----- ----- Net income - excluding special items $1,382 $2,448 $1,051 ===== ===== ===== Net profit margin - excluding special items 1.4% 2.4% 1.0% - 9 - General Motors North American Operations and Delphi Automotive Systems Notes to Income Statement Summary Data (Unaudited) (5) Special Items Analysis (concluded) Year Ended December 31, 1991(3) 1992(3) 1993(3) ------ ------ ------ ($ in Millions) GM-NAO Net(loss) $(7,620) $(18,891) $(1,717) Total special items (1,263) (13,926)* (414) Pro forma OPEB charge ** 881 - - ----- ----- ----- Adjusted net(loss) - excluding special items $(7,238) $ (4,965) $(1,303) ===== ===== ===== Adjusted net(loss) margin - excluding special items (10.3)% (6.6)% (1.6)% Delphi Net income (loss) $(462) $(5,621) $717 Total special items 7 (5,752)* 138 Pro forma OPEB charge ** 384 - - ----- ----- ----- Adjusted net income (loss) - excluding special items $(853) $131 $579 ===== ===== ===== Adjusted net profit (loss) margin - excluding special items (3.9)% 0.6% 2.3% GM-NAO/Delphi Combined (2) Net (loss) $(8,092) $(24,522) $(1,012) Total special items (1,256) (19,678)* (276) Pro forma OPEB charge ** 1,265 - - ----- ----- ----- Adjusted net (loss) - excluding special items $(8,101) $(4,844) $ (736) ===== ===== ===== Adjusted net(loss) margin - excluding special items (10.8)% (6.0)% (0.9)% * - The largest component of the 1992 special items was the cumulative effect of adopting SFAS No. 106, which for GM-NAO/Delphi combined was approximately $18.9 billion. ** - Estimated charge as though SFAS No. 106 had been in effect in 1991 is included for consistency purposes. - 10 - General Motors North American Operations and Delphi Automotive Systems Notes to Income Statement Summary Data (Unaudited) (6) 1996 Special Items Analysis Q1(1) Q2(1) Q3(1) Q4(1) ------ ------ ------ ------ ($ in Millions) GM-NAO Net income (loss) $(279) $705 $277 $27 Special items Plant closings reserve adjustments - - 253 197 Sale of preferred stock interest - - - 65 Retiree lump sum payments - - - (114) Sale of facilities - - - (4) ------ ------ ------ ------ Total special items - - 253 144 ------ ------ ------ ------ Net income (loss) - excluding special items $(279) $705 $24 $(117) ====== ====== ====== ====== Delphi Net income (loss) $79 $355 $238 $(146) Special items Retiree lump sum payments - - - (49) Sale of facilities - - - (153) ------ ------ ------ ------ Total special items - - - (202) ------ ------ ------ ------ Net income - excluding special items $79 $355 $238 $56 ====== ====== ====== ====== GM-NAO/Delphi Combined(2) Net income (loss) $(195) $1,050 $515 $(124) Special items Plant closings reserve adjustments - - 253 197 Sale of preferred stock interest - - - 65 Retiree lump sum payments - - - (163) Sale of facilities - - - (157) ------ ------ ------ ------ Total special items - - 253 (58) ------ ------ ------ ------ Net income (loss) - excluding special items $(195) $1,050 $262 $(66) ====== ====== ====== ====== - 11 - General Motors North American Operations and Delphi Automotive Systems Notes to Income Statement Summary Data (Unaudited) (6) 1995 Special Items Analysis (continued) Q1(1) Q2(1) Q3(1) Q4(1) ------ ------ ------ ------ ($ in Millions) GM-NAO Net income (loss) $699 $477 $(118) $414 Special items Cumulative effect of accounting change(8) (52) - - - ------ ------ ------ ------ Total special items (52) - - - ------ ------ ------ ------ Net income (loss) - excluding special items $751 $477 $(118) $414 ====== ====== ====== ====== Delphi Net income $317 $384 $23 $192 Total special items - - - - ------ ------ ------ ------ Net income - excluding special items $317 $384 $23 $192 ====== ====== ====== ====== GM-NAO/Delphi Combined(2) Net income (loss) $1,006 $880 $(93) $603 Special items Cumulative effect of accounting change(8) (52) - - - ------ ------ ------ ------ Total special items (52) - - - ------ ------ ------ ------ Net income (loss) - excluding special items $1,058 $880 $(93) $603 ====== ====== ====== ====== - 12 - General Motors North American Operations and Delphi Automotive Systems Notes to Income Statement Summary Data (Unaudited) (6) 1994 Special Items Analysis (concluded) Q1(1) Q2(1) Q3(1) Q4(1) ------ ------ ------ ------ ($ in Millions) GM-NAO Net income (loss) $(168) $352 $(379) $419 Special items Cumulative effect of accounting change(7) (482) - - - ------ ------ ------ ------ Total special items (482) - - - ------ ------ ------ ------ Net income (loss) - excluding special items $314 $352 $(379) $419 ====== ====== ====== ====== Delphi Net income (loss) $(20) $318 $(11) $176 Special items Cumulative effect of accounting change(7) (223) - - - ------ ------ ------ ------ Total special items (223) - - - ------ ------ ------ ------ Net income (loss) - excluding special items $203 $318 $(11) $176 ====== ====== ====== ====== GM-NAO/Delphi Combined(2) Net income (loss) $(199) $641 $(363) $598 Special items Cumulative effect of accounting change(7) (705) - - - ------ ------ ------ ------ Total special items (705) - - - ------ ------ ------ ------ Net income (loss) - excluding special items $506 $641 $(363) $598 ====== ====== ====== ====== (7) Effective January 1, 1994, SFAS No. 112, Employers' Accounting for Postemployment Benefits, was adopted. (8) Effective January 1, 1995, EITF Issue No. 95-1, Revenue Recognition on Sales with a Guaranteed Minimum Resale Value, was adopted. - 13 - 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 -------------------------- March 12, 1997 ----------------- By s/Wallace W. Creek ------------------------------- (Wallace W. Creek, Comptroller) - 14 - -----END PRIVACY-ENHANCED MESSAGE-----