SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 27,1994
FORD MOTOR COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-3950 38-0549190
(Commission File Number) (IRS Employer Identification No.)
The American Road, Dearborn, Michigan 48121
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
<PAGE>
Item 5. Other Events.
News release dated July 27, 1994, filed as Exhibit 20 to this Current
Report on Form 8-K, is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
EXHIBITS
Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 20 News release dated Filed with this Report
July 27, 1994.
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 thereunto duly authorized on the date indicated.
FORD MOTOR COMPANY
(Registrant)
Date: July 27, 1994 By:T. J. DeZure
T. J. DeZure
Assistant Secretary
<PAGE>
EXHIBIT INDEX
DESIGNATION DESCRIPTION PAGE
Exhibit 20 News release dated
July 26, 1994.
july.nws
Corporte News Public Affairs
Ford Motor Company
The American Road
Room 904
Dearborn, Michigan 48121
Telephone:(313)322-9600
Fax:(313)845-0570
IMMEDIATE RELEASE
Contact: For media inquiries: For broadcast media:
Kathryn Blackwell or Lin Cummins
Judith Muhlberg (313) 322-9600
(313) 322-9600
Stockholder inquiries:
(313) 845-8540
FORD'S EARNINGS CONTINUE IMPROVEMENT
DEARBORN, Mich., July 27 -- Substantial gains in both
financial services and automotive operations led to continued
earnings improvement for Ford Motor Company in the second quarter
of 1994.
The company earned $1.63 per share of common and Class B
stock, compared with $.72 per share in the second quarter of last
year. Earnings per share data have been adjusted to reflect the
company's 2-for-1 stock split in the form of a 100 percent stock
dividend which was effective June 6, 1994.
The second quarter results marked the sixth straight quarterly
earnings improvement for Ford Motor Company. Total earnings were
a record $1.711 billion. Earnings in the second quarter of 1993
were $775 million.
"We feel good about these improvements, but we are by no means
satisfied," said Alex Trotman, chairman and chief executive
officer. "Our goals are ambitious and to achieve them we must
remain focused on improving our automotive return on sales. We
will continue to remake ourselves -- to be leaner and even more
efficient."
<PAGE>
-2-
Summary of Second Quarter 1994 Results
- --------------------------------------
A summary of the 1994 second quarter results compared with
1993 second quarter results follows:
- - Net income from worldwide automotive operations was $1.183
billion, compared with $395 million in the second quarter of
1993.
- - Worldwide automotive after-tax return on sales was 4.2
percent,compared with 1.7 percent last year.
- - Net income from U.S. automotive operations was $907 million,
compared with $367 million.
- - Automotive operations outside the U.S. earned $276 million,
compared with $28 million.
- - The Financial Services Group earned $528 million, compared with
$380 million.
- - Worldwide sales and revenues were $33.8 billion, compared with
$29.4 billion.
- - Factory unit sales were 1,811,000, compared with 1,675,000.
- - Combined car and truck market share in the U.S. was 25 percent,
the same as last year.
- - European car and truck share was 11.8 percent, compared with 11.4
percent.
- - Stockholders' equity was $18.4 billion, compared with $15.7
billion.
- - Automotive cash and marketable securities were $13.7 billion,
compared with $9.3 billion.
- - Automotive debt was $7.3 billion, compared with $7.9 billion.
- - Capital spending was $1.9 billion, compared with $1.7 billion.
Automotive Operations
- ---------------------
Ford's net income from worldwide automotive operations
improved $788 million, compared with the second quarter of 1993.
The after-tax return on sales was 4.2 percent, up 2.5 percentage
points from last year. U.S. automotive operations showed continued
strength with a $540 million improvement over the prior year.
Continued recovery in the U.S. automotive industry resulted in
higher Ford volume and an improved mix of retail sales. Ford
continues to project U.S. industry sales of about 15.5 million cars
and trucks for 1994, compared with 14.2 million units in 1993.
"Our products offer exceptional customer value," Trotman
said. "The introduction of the Mercury Mystique and Ford Contour
this fall will strengthen our product line in an important segment
of the market. We believe these products will exceed buyer
expectations and provide outstanding owner satisfaction, as is the
case in Europe with the Ford Mondeo."
<PAGE>
-3-
Automotive operations outside the U.S. improved $248
million. Ford's European automotive operations (excluding Jaguar)
earned $244 million, compared with a loss of $66 million a year
ago.
"We're encouraged by Europe's cost reduction
achievements," Trotman said. "As the European economies recover,
the progress we've made there will be even more evident."
European industry sales for 1994 are projected to be
about 13.3 million units, compared with 12.5 million units in 1993.
In the second quarter, industry volumes were up in most major
markets.
The Financial Services Group
- ----------------------------
The Financial Services Group earned a record $528 million
in the second quarter of 1994. The Group's profit was up $148
million, compared with the $380 million earned during the same
period last year.
"The Financial Services Group, one of the most profitable
financial services companies in the world, has proved, once again,
its value to Ford's bottom line," Trotman said. "And looking
ahead, Ford Credit, The Associates and USL Capital are well-
positioned for continued growth."
The Group's performance was led by Ford Credit, which
earned $368 million, compared with $306 million in the second
quarter of 1993. The Associates and USL Capital also posted
significant improvements over 1993.
Other 1994 Highlights
- ---------------------
- - In the U.S., Ford's truck sales were the highest ever in the
first half of 1994, setting records for any month in March, May
and June.
- - Through June, Ford was the leading exporter from the U.S. and
Canada, with a record 57,200 units, up 75 percent from last year.
- - In Europe year-to-date, car volume was up 9 percent from 1993
levels, and the Fiesta and Mondeo were segment leaders.
- - In China, agreements on joint ventures with two Chinese
automotive suppliers established Ford's first manufacturing
presence there.
- - In Japan, Ford strengthened its product line with the
introduction of the Mustang and right-hand-drive versions of the
Probe, Mondeo and Laser. For the first half of the year, sales
of Ford imports in Japan were almost three times higher than last
year.
<PAGE>
-4-
Outlook -- Ford Prepares for Future
- -----------------------------------
"I'm very pleased with the reaction of our people to the
global realignment known as 'Ford 2000'," Trotman said. "The
enthusiasm and dedication of Ford employees around the world make
me confident that we'll have a smooth, successful transition.
Ford 2000 will pave the way for future growth and strengthen our
worldwide competitiveness."
# # #
7/27/94
<PAGE>
Ford Motor Company and Subsidiaries
HIGHLIGHTS
----------
<TABLE>
<CAPTION>
Second Quarter First Half
---------------------- -----------------------
1994 1993 1994 1993
------ ------ ------ ------
<S> <C> <C> <C> <C>
Worldwide factory sales of cars
and trucks (in thousands)
- - United States 1,125 1,102 2,209 2,024
- - Outside United States 686 573 1,274 1,182
----- ----- ----- -----
Total 1,811 1,675 3,483 3,206
===== ===== ===== =====
Sales and revenues (in millions)
- - Automotive $28,375 $25,264 $54,445 $47,950
- - Financial Services 5,397 4,155 9,729 8,232
------- ------- ------- -------
Total $33,772 $29,419 $64,174 $56,182
======= ======= ======= =======
Net income (in millions)
- - Automotive $ 1,183 $ 395 $ 2,138 $ 571
- - Financial Services 528 380 477* 776
------- ------- ------- -------
Total $ 1,711 $ 775 $ 2,615 $ 1,347
======= ======= ======= =======
Capital expenditures (in millions)
- - Automotive $ 1,839 $ 1,634 $ 3,480 $ 2,904
- - Financial Services 62 23 121 42
------- ------- ------- -------
Total $ 1,901 $ 1,657 $ 3,601 $ 2,946
======= ======= ======= =======
Stockholders' equity at June 30
- - Total (in millions) $18,422 $15,683 $18,422 $15,683
- - After-tax return on Common and
Class B stockholders' equity 46.6% 23.4% 37.0% 20.4%
Automotive cash, cash equivalents,
and marketable securities at
June 30 (in millions) $13,665 $ 9,319 $13,665 $ 9,319
Automotive debt at June 30
(in millions) $ 7,263 $ 7,880 $ 7,263 $ 7,880
Automotive after-tax return on sales 4.2% 1.7% 4.0% 1.3%
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 1,005 982 1,002 982
- - Number outstanding at June 30 1,009 984 1,009 984
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK AFTER PREFERRED
STOCK DIVIDENDS
Income
- - Automotive $ 1.10 $ 0.33 $ 1.99 $ 0.44
- - Financial Services 0.53 0.39 0.48 0.79
------- ------- ------- -------
Total $ 1.63 $ 0.72 $ 2.47 $ 1.23
======= ======= ======= =======
Income assuming full dilution $ 1.44 $ 0.65 $ 2.20 $ 1.13
Cash dividends per share of Common
and Class B Stock $ 0.225 $ 0.20 $ 0.425 $ 0.40
</TABLE>
- - - - - -
*Includes a loss of $440 million related to the disposition of First
Nationwide Financial Corporation.
Share data have been restated to reflect the 2-for-1 stock split that became
effective June 6, 1994.
-1-
<PAGE>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
For the Periods Ended June 30, 1994 and 1993
(in millions)
<TABLE>
<CAPTION>
Second Quarter First Half
------------------------ -----------------------
1994 1993 1994 1993
------ ------- ------ ------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
AUTOMOTIVE
Sales $28,375 $25,264 $54,445 $47,950
Costs and expenses (Note 2)
Costs of sales 24,997 23,179 48,349 44,263
Selling, administrative, and
other expenses 1,412 1,298 2,571 2,395
------- ------- ------- -------
Total costs and expenses 26,409 24,477 50,920 46,658
Operating income 1,966 787 3,525 1,292
Interest income 163 155 291 286
Interest expense 163 202 339 436
------- ------- ------- -------
Net interest expense 0 (47) (48) (150)
Equity in net income of
affiliated companies 42 10 109 11
Net expense from transactions with
Financial Services 11 10 19 17
------- ------- ------- -------
Income before income taxes - Automotive 1,997 740 3,567 1,136
FINANCIAL SERVICES
Revenues 5,397 4,155 9,729 8,232
Costs and expenses
Interest expense 1,668 1,611 3,266 3,233
Operating and other expenses 1,223 811 2,047 1,535
Provision for credit and insurance losses 409 383 753 777
Depreciation 1,197 706 2,100 1,380
Loss on disposition of First Nationwide
Financial Corp. (Note 4) - - 475 -
------- ------- ------- -------
Total costs and expenses 4,497 3,511 8,641 6,925
Net revenue from transactions
with Automotive 11 10 19 17
------- ------- ------- -------
Income before income taxes
- Financial Services 911 654 1,107 1,324
------- ------- ------- -------
TOTAL COMPANY
Income before income taxes 2,908 1,394 4,674 2,460
Provision for income taxes 1,161 570 1,986 1,038
------- ------- ------- -------
Income before minority interests 1,747 824 2,688 1,422
Minority interests in net
income of subsidiaries 36 49 73 75
------- ------- ------- -------
Net income 1,711 775 2,615 1,347
Preferred stock dividend requirements 72 72 144 144
------- ------- ------- -------
Income attributable to Common
and Class B Stock $ 1,639 $ 703 $ 2,471 $ 1,203
======= ======= ======= =======
Average number of shares of Common
and Class B Stock outstanding (Note 5) 1,005 982 1,002 982
AMOUNTS PER SHARE OF COMMON
STOCK AND CLASS B STOCK AFTER
PREFERRED STOCK DIVIDENDS
Income $ 1.63 $ 0.72 $ 2.47 $ 1.23
======= ======= ======= =======
Income assuming full dilution $ 1.44 $ 0.65 $ 2.20 $ 1.13
Cash dividends $ 0.225 $ 0.20 $ 0.425 $ 0.40
</TABLE>
- - - - - -
The accompanying notes are part of the financial statements.
Share data have been restated to reflect the 2-for-1 stock split
that became effective June 6, 1994.
-2-
<PAGE>
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
---------------------------
(in millions)
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
---------- --------------
ASSETS (unaudited)
<S> <C> <C>
Automotive
Cash and cash equivalents $ 8,414 $ 5,667
Marketable securities 5,251 4,085
-------- --------
Total cash, cash equivalents, and marketable securities 13,665 9,752
Receivables 2,373 2,302
Inventories (Note 3) 5,704 5,538
Deferred income taxes 2,880 2,830
Other current assets 1,604 1,226
Net current receivable from Financial Services 1,247 834
-------- --------
Total current assets 27,473 22,482
Equity in net assets of affiliated companies 3,058 3,002
Net property 24,678 23,059
Deferred income taxes 4,988 5,427
Other assets 7,772 7,691
Net noncurrent receivable from Financial Services 79 76
-------- --------
Total Automotive assets 68,048 61,737
Financial Services (Note 4)
Cash and cash equivalents 2,442 2,555
Investments in securities 5,763 8,219
Net receivables and lease investments 120,897 119,535
Other assets 12,929 6,892
-------- --------
Total Financial Services assets 142,031 137,201
-------- --------
Total assets $210,079 $198,938
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 10,373 $ 8,769
Other payables 2,503 1,976
Accrued liabilities 11,787 10,815
Income taxes payable 662 160
Debt payable within one year 156 932
-------- --------
Total current liabilities 25,481 22,652
Long-term debt 7,107 7,084
Other liabilities 27,065 25,911
Deferred income taxes 1,051 1,089
-------- --------
Total Automotive liabilities 60,704 56,736
Financial Services (Note 4)
Payables 2,259 1,881
Debt 116,312 103,960
Deposit accounts 0 10,549
Deferred income taxes 2,710 2,287
Other liabilities and deferred income 6,880 5,583
Net payable to Automotive 1,326 910
-------- --------
Total Financial Services liabilities 129,487 125,170
Preferred stockholders' equity in subsidiary companies 1,466 1,458
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate
liquidation preference of $3.4 billion) * *
Common Stock, par value $1.00 per share (938 and 464 million shares issued) 938 464
Class B Stock, par value $1.00 per share (71 and 35 million shares issued) 71 35
Capital in excess of par value of stock 4,867 5,082
Foreign currency translation adjustments and other (115) (678)
Minimum pension liability adjustment (456) (400)
Earnings retained for use in business 13,117 11,071
-------- --------
Total stockholders' equity 18,422 15,574
-------- --------
Total liabilities and stockholders' equity $210,079 $198,938
======== ========
</TABLE>
- - - - - -
*Less than $1 million
The accompanying notes are part of the financial statements.
-3-
<PAGE>
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
For the Periods Ended June 30, 1994 and 1993
(in millions)
<TABLE>
<CAPTION>
First Half 1994 First Half 1993
---------------------- ---------------------
Financial Financial
Automotive Services Automotive Services
---------- -------- ---------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Cash and cash equivalents at January 1 $ 5,667 $ 2,555 $ 3,504 $ 3,182
Cash flows from operating activities before securities trading 8,134 4,532 5,212 3,795
Net (purchases)/sales of trading securities (Note 6) (1,279) 180 - -
-------- -------- -------- --------
Net cash flows from operating activities 6,855 4,712 5,212 3,795
Cash flows from investing activities
Capital expenditures (3,480) (121) (2,904) (42)
Acquisitions of other companies 0 0 0 (86)
Acquisitions of receivables and lease investments - (98,778) - (81,062)
Collections of receivables and lease investments - 82,687 - 69,048
Acquisitions of daily rental vehicles, net of disposals - (1,134) - 0
Purchases of securities (Note 6) (113) (6,395) (39,781) (6,799)
Sales of securities (Note 6) 235 6,247 41,305 5,834
Proceeds from sales of receivables - 1,530 - 2,449
Loans originated net of principal payments - (204) - (489)
Investing activity with Financial Services 15 - (339) -
Other 228 (262) (160) 469
-------- -------- -------- --------
Net cash used in investing activities (3,115) (16,430) (1,879) (10,678)
Cash flows from financing activities
Cash dividends (569) - (545) -
Issuance of Common Stock 294 - 101 -
Changes in short-term debt (735) 7,010 (344) 1,866
Proceeds from issuance of other debt 128 11,234 322 12,114
Principal payments on other debt (41) (7,156) (277) (6,436)
Financing activity with Automotive - (15) - 339
Changes in customers' deposits, excluding
interest credited - (422) - (2,116)
Receipts from annuity contracts - 519 - 447
Redemption of Hertz common and preferred stock (Note 7) - (145) - -
Issuance of subsidiary company preferred stock - 1 - 174
Other 0 14 40 53
-------- -------- -------- --------
Net cash (used in)/provided by financing
activities (923) 11,040 (703) 6,441
Effect of exchange rate changes on cash 346 149 156 119
Net transactions with Automotive/
Financial Services (416) 416 (975) 975
-------- -------- -------- --------
Net increase/(decrease) in cash and cash
equivalents 2,747 (113) 1,811 652
-------- -------- -------- --------
Cash and cash equivalents at June 30 $ 8,414* $ 2,442 $ 5,315* $ 3,834
========= ======== ======== ========
<S> <C> <C>
Total cash and cash equivalents $10,856 $9,149
======= ======
</TABLE>
- - - - - -
*Automotive cash, cash equivalents, and marketable securities
at June 30 were as follows (in millions): 1994 - $13,665; 1993 - $9,319
The accompanying notes are part of the financial statements.
-4-
<PAGE>
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(unaudited)
1. Financial Statements - The financial data presented herein are unaudited,
but in the opinion of management reflect those adjustments necessary for a
fair presentation of such information. Results for interim periods
should not be considered indicative of results for a full year. Reference
should be made to the financial statements contained in the registrant's
Annual Report on Form 10-K (the "10-K Report") for the year ended
December 31, 1993. For purposes hereof, "Ford" or the "Company" means
Ford Motor Company and its majority-owned subsidiaries unless the
context requires otherwise.
2. Selected Automotive costs and expenses are summarized as
follows (in millions):
<TABLE>
<CAPTION>
Second Quarter First Half
--------------------- ------------------------
1994 1993 1994 1993
-------- -------- ------- -------
<S> <C> <C> <C> <C>
Depreciation $ 564 $ 607 $1,145 $1,217
Amortization 582 534 1,124 1,068
</TABLE>
3. Inventories are summarized as follows (in millions):
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
-------- ------------
<S> <C> <C>
Raw materials, work in process and supplies $2,710 $2,937
Finished products 2,994 2,601
------ ------
Inventories - Automotive $5,704 $5,538
====== ======
Inventories - U.S. Automotive $2,356 $2,575
</TABLE>
4. Sale of First Nationwide Bank
On April 14, 1994, an agreement was entered into between First
Nationwide Bank, a Federal Savings Bank (the "Bank") and First
Madison Bank, FSB ("First Madison") for the sale of substantially
all of the Bank's assets to, and the assumption of substantially
all of the Bank's liabilities by, First Madison. The Bank is a
wholly-owned subsidiary of First Nationwide Financial Corporation
("FNFC"), which in turn is a wholly-owned subsidiary of Ford.
The transaction, which is subject to federal regulatory
approvals, is expected to be completed in the fourth quarter of
1994.
The Company recognized in First Quarter 1994 earnings a pre-tax
charge of $475 million and an after-tax charge of $440 million
related to the disposition of FNFC, reflecting the non-recovery
of goodwill and reserves for estimated losses on assets to be
retained or repurchased by FNFC. These assets will be liquidated
over time as market conditions permit. The tax effect of this
transaction takes into account differences between the book and
tax basis of certain assets for which deferred taxes were not
required to be provided under Statement of Financial Accounting
Standards ("SFAS") No. 109, "Accounting for Income Taxes". The
Company's income statement includes the results of operations of
FNFC through March 31, 1994. The net assets of FNFC at March 31,
1994 are included in the balance sheet under Financial Services -
Other Assets. Historically, FNFC (including the Bank) has not
had a significant effect on Ford's operating results.
-5-
<PAGE>
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(unaudited)
5. Stock Split
-----------
On April 14, 1994, the Company's Board of Directors declared a 2-
for-1 stock split in the form of a 100% stock dividend on the
Company's Common Stock and Class B Stock. The stock split became
effective June 6, 1994, and share data have been restated to
reflect the 2-for-1 stock split.
6. Consolidated Statement of Cash Flows
------------------------------------
Effective January 1, 1994, the Company adopted SFAS No. 115,
"Accounting for Certain Investments in Debt and Equity
Securities". Accordingly, the purchases and sales of trading
securities are included in cash flows from operating activities.
Financial statements for the prior period were not restated.
7. Acquisition of The Hertz Corporation
------------------------------------
On March 8, 1994, Ford purchased from Commerzbank
Aktiengesellschaft, a German bank, additional shares of common
stock of Hertz aggregating 5% of the total outstanding voting
stock, thereby bringing Ford's ownership of the total voting
stock of Hertz to 54% from 49%. On April 29, 1994, Ford acquired
20% of Hertz' common stock from Park Ridge Limited Partnership,
and Hertz redeemed the common stock (26%) and preferred stock of
Hertz owned by AB Volvo for $145 million; these transactions
resulted in Hertz becoming a wholly-owned subsidiary of Ford. In
addition, a $150 million subordinated promissory note of Hertz
held by Ford Credit was exchanged for $150 million of preferred
stock of Hertz.
-6-
<PAGE>
Ford Motor Company and Subsidiaries
VEHICLE FACTORY SALES
---------------------
For the Periods Ended June 30, 1994 and 1993
<TABLE>
<CAPTION>
Second Quarter First Half
------------------------- -------------------------
1994 1993 1994 1993
---------- --------- -------- ---------
<S> <C> <C> <C> <C>
North America
Cars - U.S. 538,823 566,164 1,060,631 1,052,421
- Canada 37,625 45,124 70,930 70,446
- Mexico 13,750 11,211 25,405 30,854
--------- -------- --------- ---------
Total cars 590,198 622,499 1,156,966 1,153,721
Trucks - U.S. 586,182 535,239 1,148,685 971,443
- Canada 48,058 34,421 78,102 58,879
- Mexico 11,315 8,365 19,486 20,565
--------- -------- --------- ---------
Total trucks 645,555 578,025 1,246,273 1,050,887
--------- ---------- --------- ---------
Total North America 1,235,753 1,200,524 2,403,239 2,204,608
Outside North America
Germany 279,341 219,185 522,016 455,962
Britain 130,958 117,405 239,654 235,441
Spain 86,971 57,000 163,702 138,309
Australia 33,606 31,402 60,601 59,160
Taiwan 22,100 31,518 51,422 68,342
Japan 10,686 11,284 22,838 29,170
Other countries 11,535 7,411 19,910 16,148
--------- --------- --------- ---------
Total outside North America 575,197 475,205 1,080,143 1,002,532
--------- --------- --------- ---------
Total worldwide vehicle
factory sales 1,810,950 1,675,729 3,483,382 3,207,140
========= ========= ========= =========
</TABLE>
Includes units manufactured by other companies and sold by Ford.
Factory sales are shown by source of manufacture, except within
North America. In North America, U.S. sales include exports from
Canada, Mexico, and Australia. Canadian sales include exports from
the U.S. and Mexico. Mexican sales include exports from the U.S.
and Canada.
-7-
