-----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, TyeZlvoWFdm74SqJmv8JEMwVNvaydNVmuusBJGlMzdVJuSQGqSYbPdQuAlBKDziI fxcd6P2t6a4JJ83ZZH1fsg== 0000040730-98-000054.txt : 19980710 0000040730-98-000054.hdr.sgml : 19980710 ACCESSION NUMBER: 0000040730-98-000054 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980709 ITEM INFORMATION: FILED AS OF DATE: 19980709 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: 98663527 BUSINESS ADDRESS: STREET 1: 100 RENAISSANCE CTR STREET 2: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48243-7301 BUSINESS PHONE: 3135565000 8-K 1 DELPHI-A.TXT 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) July 9, 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 financial performance of its Consolidated Operations with Financing and Insurance Operations on an Equity Basis (Traditional GM) and Delphi Automotive Systems (Delphi) -- on a quarterly basis for 1996 through 1997 - - adjusted for the effects of the Hughes Transactions, which took place in December of 1997. As part of the Hughes Transactions the defense electronics business of the Hughes Electronics Corporation (Hughes Defense) was spun off to holders of GM's $1-2/3 par value and Class H common stocks, immediately followed by the merger of Hughes Defense with the Raytheon Company. Concurrently, Delco Electronics, the automotive electronics subsidiary of Hughes, was transferred to GM's Delphi Automotive Systems. 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 purposes of assisting in making internal operating decisions. It is being released to allow interested parties to view the performance of the Delphi sector 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 Delphi. This data represents historical information adjusted for the Hughes Transactions 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. The Adjusted columns represent financial information adjusted as of January 1, 1996 for the impact of the Hughes Transactions, the primary effects being the spin-off of the Hughes Defense business from Traditional GM, and the transfer of Delco Electronics to Delphi. * * * * - 2 - General Motors Corporation Income Statement Summary Data (Unaudited) Traditional GM Delphi 1997 - Q1 Reported Adjusted Reported Adjusted - --------- -------- -------- -------- -------- Revenues $37,457 $35,840 $6,664 $7,995 Income before income taxes 2,110 1,946 237 371 US, foreign and other income taxes 730 668 72 123 Equity in earnings of affiliates 397 397 14 15 Minority interest 19 19 1 1 ------ ------ --- ----- Net income $1,796 $1,694 $180 $264 ===== ===== === === Net profit margin 4.8% 4.7% 2.7% 3.3% EPS - Basic 2.30 2.23 EPS - Diluted 2.28 2.21 1997 - Q2 Revenues $39,741 $37,883 $6,778 $8,190 Income before income taxes 2,646 2,523 468 620 US, foreign and other income taxes 909 904 170 228 Equity in earnings of affiliates 343 364 7 10 Minority interest 18 19 5 5 ------ ------ ---- ----- Net income $2,098 $2,002 $310 $407 ===== ===== === === Net profit margin 5.3% 5.3% 4.6% 5.0% EPS - Basic 2.68 2.62 EPS - Diluted 2.67 2.61 1997 - Q3 Revenues $37,125 $35,404 $6,044 $7,183 Income before income taxes 1,042 899 30 136 US, foreign and other income taxes (benefit) 289 253 (6) 35 Equity in earnings of affiliates 301 315 17 20 Minority interest 13 12 2 2 ------ ---- --- ---- Net income $1,067 $973 $55 $123 ===== === == === Net profit margin 2.9% 2.7% 0.9% 1.7% EPS - Basic 1.35 1.29 EPS - Diluted 1.34 1.27 - 3 - General Motors Corporation Income Statement Summary Data (Unaudited) Traditional GM Delphi 1997 - Q4 Reported Adjusted Reported Adjusted - --------- -------- -------- -------- -------- Revenues $39,458 $37,730 $6,830 $8,079 Income (loss) before income taxes (251) (417) (902) (748) US, foreign and other income taxes (benefit) (1,773) (1,809) (319) (257) Equity in earnings (losses) of affiliates 199 236 (23) (18) Minority interest 16 17 1 1 ------ ------ ----- ---- Net income (loss) $1,737 $1,645 $(605) $(508) ===== ===== === === Net profit (loss) margin 4.4% 4.4% (8.9%) (6.3%) EPS - Basic 2.36 2.29 EPS - Diluted 2.33 2.27 1997 - CY Revenues $153,781 $146,857 $26,316 $31,447 Income (loss) before income taxes 5,547 4,951 (167) 379 US, foreign and other income taxes (benefit) 155 16 (83) 129 Equity in earnings of affiliates 1,240 1,312 15 27 Minority interest 66 67 9 9 ------ ------ --- ----- Net income (loss) $6,698 $6,314 $(60) $286 ===== ===== == === Net profit (loss) margin 4.4% 4.3% (0.2%) 0.9% EPS - Basic 8.70 8.45 EPS - Diluted 8.62 8.37 - 4 - General Motors Corporation Income Statement Summary Data Segment Data (Unaudited) Net Income/(Loss) 1997 - Q1 Reported Adjusted - --------- -------- -------- NAO 764 764 Delphi 180 264 IO 317 317 GMAC 372 372 HEC 235 24 Other (72) (47) ------ ------ Total GM 1,796 1,694 ===== ===== 1997 - Q2 NAO 474 474 Delphi 310 407 IO 488 488 GMAC 338 338 HEC 542 324 Other (54) (29) ------ ------ Total GM 2,098 2,002 ===== ===== 1997 - Q3 NAO 423 423 Delphi 55 123 IO 137 137 GMAC 312 312 HEC 240 53 Other (100) (75) ------ ---- Total GM 1,067 973 ===== === 1997 - Q4 NAO (1,747) (1,747) Delphi (605) (508) IO (461) (461) GMAC 279 279 HEC 259 70 Other 4,012 4,012 ----- ----- Total GM 1,737 1,645 ===== ===== 1997 - CY NAO (86) (86) Delphi (60) 286 IO 481 481 GMAC 1,301 1,301 HEC 1,276 471 Other 3,786 3,861 ----- ----- Total GM 6,698 6,314 ===== ===== - 5 - General Motors Corporation Income Statement Summary Data (Unaudited) Traditional GM Delphi 1996 - Q1 Reported Adjusted Reported Adjusted - --------- -------- -------- -------- -------- Revenues $34,672 $32,961 $6,189 $7,383 Income before income taxes 686 502 121 286 US, foreign and other income taxes 235 160 47 110 Equity in earnings of affiliates 351 360 4 6 Minority interest (2) (3) 1 1 ----- ----- ---- ---- Net income from continuing operations $800 $699 $79 $183 === === == === Net profit margin from continuing operations 2.3% 2.1% 1.3% 2.5% EPS from continuing operations - Basic 0.93 0.87 EPS from continuing operations - Diluted 0.92 0.86 1996 - Q2 Revenues $40,182 $38,559 $7,307 $8,775 Income before income taxes 2,604 2,472 528 767 US, foreign and other income taxes 885 840 184 276 Equity in earnings of affiliates 385 398 16 19 Minority interest (8) (9) (5) (5) ------- ------- ----- ----- Net income from continuing operations $2,096 $2,021 $355 $505 ===== ===== === === Net profit margin from continuing operations 5.2% 5.2% 4.9% 5.8% EPS from continuing operations - Basic 2.65 2.63 EPS from continuing operations - Diluted 2.63 2.61 1996 - Q3 Revenues $34,607 $32,996 $6,370 $7,565 Income before income taxes 918 721 187 356 US, foreign and other income taxes (benefit) 27 (59) (35) 30 Equity in earnings of affiliates 349 352 12 14 Minority interest 31 31 4 4 ------ ------ ----- ----- Net income $1,271 $1,163 $238 $344 ===== ===== === === Net profit margin 3.7% 3.5% 3.7% 4.5% EPS - Basic 1.57 1.51 EPS - Diluted 1.56 1.49 - 6 - General Motors Corporation Income Statement Summary Data (Unaudited) Traditional GM Delphi 1996 - Q4 Reported Adjusted Reported Adjusted - --------- -------- -------- -------- -------- Revenues 35,966 $34,206 $6,136 $7,309 Income (loss) before income taxes 205 (7) (226) (132) US, foreign and other income taxes (benefit) (262) (301) (62) (26) Equity in earnings of affiliates 284 294 15 18 Minority interest 35 37 3 3 ------ ------ ---- --- Net income (loss) $786 $625 $(146) $(85) === === === == Net profit (loss) margin 2.2% 1.8% (2.4%) (1.2%) EPS - Basic 0.92 0.79 EPS - Diluted 0.91 0.78 1996 - CY Revenues $145,427 $138,722 $26,002 $31,032 Income before income taxes 4,413 3,688 610 1,277 US, foreign and other income taxes 885 640 134 390 Equity in earnings of affiliates 1,369 1,404 47 57 Minority interest 56 56 3 3 ------ ------ ---- ----- Net income from continuing operations $4,953 $4,508 $526 $947 ===== ===== === === Net profit margin from continuing operations 3.4% 3.2% 2.0% 3.1% EPS from continuing operations - Basic 6.07 5.80 EPS from continuing operations - Diluted 6.03 5.76 - 7 - General Motors Corporation Income Statement Summary Data Segment Data (Unaudited) Net Income/(Loss) from Continuing Operations 1996 - Q1 Reported Adjusted - --------- -------- -------- NAO (279) (279) Delphi 79 183 IO 432 432 GMAC 309 309 HEC 312 82 Other (53) (28) ---- ---- Total GM 800 699 === === 1996 - Q2 NAO 705 705 Delphi 355 505 IO 424 424 GMAC 350 350 HEC 306 56 Other (44) (19) ------ ------ Total GM 2,096 2,021 ===== ===== 1996 - Q3 NAO 277 277 Delphi 238 344 IO 323 323 GMAC 307 307 HEC 252 13 Other (126) (101) ------ ------ Total GM 1,271 1,163 ===== ===== 1996 - Q4 NAO 27 27 Delphi (146) (85) IO 353 353 GMAC 274 274 HEC 281 33 Other (3) 23 ---- ---- Total GM 786 625 === === 1996 - CY NAO 730 730 Delphi 526 947 IO 1,532 1,532 GMAC 1,240 1,240 HEC 1,151 184 Other (226) (125) ------ ------ Total GM 4,953 4,508 ===== ===== * * * * * * - 8 - 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 July 9, 1998 ------------ By s/Peter R. Bible ------------------------------- (Peter R. Bible, Chief Accounting Officer) - 9 - -----END PRIVACY-ENHANCED MESSAGE-----