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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) April 29, 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.
The consolidated financial statements of Ford Motor Company and
subsidiaries for the quarter ended March 31, 1994 are filed as Exhibit 20
to this Current Report on Form 8-K and are incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
EXHIBITS
Designation Description Method of Filing
Exhibit 20 The consolidated financial Filed with this Report
statements of Ford Motor
Company and subsidiaries
for the quarter ended March
31, 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: April 29, 1994 By:/s/T. J. DeZure
T. J. DeZure
Assistant Secretary
<PAGE>
EXHIBIT INDEX
DESIGNATION DESCRIPTION PAGE
Exhibit 20 The consolidated financial
statements of Ford Motor
Company and subsidiaries
for the quarter ended March
31, 1994.
fin.8k
<TABLE>
Ford Motor Company and Subsidiaries
HIGHLIGHTS
-----------
<CAPTION>
First Quarter
-------------------------
1994 1993
-------- --------
<S> <C> <C>
Worldwide factory sales of cars
and trucks (in thousands)
- - United States 1,084 922
- - Outside United States 588 609
----- -----
Total 1,672 1,531
===== =====
Sales and revenues (in millions)
- - Automotive $26,070 $22,686
- - Financial Services 4,332 4,077
------- -------
Total $30,402 $26,763
======= =======
Net income/(loss) (in millions)
- - Automotive $ 955 $ 176
- - Financial Services (51)* 396
------- -------
Total $ 904 $ 572
======= =======
Capital expenditures (in millions)
- - Automotive $ 1,641 $ 1,270
- - Financial Services 59 19
------- -------
Total $ 1,700 $ 1,289
======= =======
Stockholders' equity at March 31
- - Total (in millions) $16,633 $15,258
- - After-tax return on Common and
Class B stockholders' equity 26.3% 17.3%
Automotive cash, cash equivalents,
and marketable securities at
March 31 (in millions) $11,573 $ 9,286
Automotive debt at March 31
(in millions) $ 7,919 $ 8,115
After-tax returns on sales
- - Automotive 3.7% 0.8%
- - Total Company 3.1% 2.2%
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 500 490
- - Number outstanding at March 31 501 491
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK AFTER PREFERRED
STOCK DIVIDENDS
Income/(loss)
- - Automotive $ 1.76 $ 0.21
- - Financial Services (0.10) 0.81
------- -------
Total $ 1.66 $ 1.02
======= =======
Income assuming full dilution $ 1.51 $ 0.95
Cash dividends per share of Common
and Class B Stock $ 0.40 $ 0.40
- - - - - -
*Includes a loss of $440 million related to the disposition of First Nationwide Financial Corporation
</TABLE>
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
VEHICLE FACTORY SALES
---------------------
For the Periods Ended March 31, 1994 and 1993
<CAPTION>
First Quarter
--------------------------
1994 1993
--------- ---------
<S> <C> <C>
North America
Cars - U.S. 521,808 486,257
- Canada 33,305 25,322
- Mexico 11,655 19,643
--------- ---------
Total cars 566,768 531,222
Trucks - U.S. 562,503 436,204
- Canada 30,044 24,458
- Mexico 8,171 12,200
--------- ---------
Total trucks 600,718 472,862
--------- ---------
Total North America 1,167,486 1,004,084
Outside North America
Germany 242,675 236,777
Britain 108,696 118,036
Spain 76,731 81,309
Taiwan 29,322 36,824
Australia 26,995 27,758
Japan 12,152 17,886
Other countries 8,375 8,737
--------- ---------
Total outside North America 504,946 527,327
--------- ---------
Total worldwide vehicle
factory sales 1,672,432 1,531,411
========= =========
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.
</TABLE>
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
---------------------------------
For the Periods Ended March 31, 1994 and 1993
(in millions)
<CAPTION>
First Quarter
-------------------------
1994 1993
-------- --------
(unaudited)
<S> <C> <C>
AUTOMOTIVE
Sales $26,070 $22,686
Costs and expenses (Note 1)
Costs of sales 23,352 21,084
Selling, administrative, and other expenses 1,159 1,097
------- -------
Total costs and expenses 24,511 22,181
Operating income 1,559 505
Interest income 128 131
Interest expense 176 234
------- -------
Net interest expense (48) (103)
Equity in net income of affiliated companies 67 1
Net expense from transactions with Financial Services (8) (7)
------- -------
Income before income taxes - Automotive 1,570 396
FINANCIAL SERVICES
Revenues 4,332 4,077
Costs and expenses
Interest expense 1,598 1,622
Operating and other expenses 824 724
Provision for credit and insurance losses 344 394
Depreciation 903 674
Loss on disposition of First Nationwide Financial Corp. (Note 3) 475 -
------- -------
Total costs and expenses 4,144 3,414
Net revenue from transactions with Automotive 8 7
------- -------
Income before income taxes - Financial Services 196 670
------- -------
TOTAL COMPANY
Income before income taxes 1,766 1,066
Provision for income taxes 825 468
------- -------
Income before minority interests 941 598
Minority interests in net income of subsidiaries 37 26
------- -------
Net income 904 572
Preferred stock dividend requirements 72 72
------- -------
Income attributable to Common and Class B Stock $ 832 $ 500
======= =======
Average number of shares of Common and Class B Stock outstanding 500 490
AMOUNTS PER SHARE OF COMMON STOCK AND CLASS B STOCK
AFTER PREFERRED STOCK DIVIDENDS
Income $ 1.66 $ 1.02
======= =======
Income assuming full dilution $ 1.51 $ 0.95
Cash dividends $ 0.40 $ 0.40
- - - - - -
The accompanying notes are part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
---------------------------
(in millions)
<CAPTION>
March 31, December 31,
1994 1993
------------ ------------
(unaudited)
<S> <C> <C>
ASSETS
Automotive
Cash and cash equivalents $ 5,646 $ 5,667
Marketable securities 5,927 4,085
-------- --------
Total cash, cash equivalents, and marketable securities 11,573 9,752
Receivables 2,386 2,302
Inventories (Note 2) 5,976 5,538
Deferred income taxes 2,923 2,830
Other current assets 1,235 1,226
Net current receivable from Financial Services 1,039 834
-------- --------
Total current assets 25,132 22,482
Equity in net assets of affiliated companies 3,089 3,002
Net property 23,692 23,059
Deferred income taxes 5,120 5,427
Other assets 7,683 7,691
Net noncurrent receivable from Financial Services 78 76
-------- --------
Total Automotive assets 64,794 61,737
Financial Services (Note 3)
Cash and cash equivalents 1,617 2,555
Investments in securities 5,369 8,219
Net receivables and lease investments 118,493 119,535
Other assets 8,160 6,892
-------- --------
Total Financial Services assets 133,639 137,201
-------- --------
Total assets $198,433 $198,938
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 9,953 $ 8,769
Other payables 2,000 1,976
Accrued liabilities 10,894 10,815
Income taxes payable 510 160
Debt payable within one year 835 932
-------- --------
Total current liabilities 24,192 22,652
Long-term debt 7,084 7,084
Other liabilities 26,372 25,911
Deferred income taxes 974 1,089
-------- --------
Total Automotive liabilities 58,622 56,736
Financial Services (Note 3)
Payables 2,153 1,881
Debt 109,296 103,960
Deposit accounts 0 10,549
Deferred income taxes 2,599 2,287
Other liabilities and deferred income 6,451 5,583
Net payable to Automotive 1,117 910
-------- --------
Total Financial Services liabilities 121,616 125,170
Preferred stockholders' equity in subsidiary companies 1,562 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
(466 and 464 million shares issued) 466 464
Class B Stock, par value $1.00 per share
(35 million shares issued) 35 35
Capital in excess of par value of stock 5,165 5,082
Foreign currency translation adjustments and other (331) (678)
Minimum pension liability adjustment (406) (400)
Earnings retained for use in business 11,704 11,071
-------- --------
Total stockholders' equity 16,633 15,574
-------- --------
Total liabilities and stockholders' equity $198,433 $198,938
======== ========
- - - - - -
*Less than $1 million
The accompanying notes are part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
-------------------------------------
For the Periods Ended March 31, 1994 and 1993
(in millions)
<CAPTION>
First Quarter 1994 First Quarter 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 3,814 2,228 3,062 1,602
Net (purchases)/sales of trading securities (Note 4) (1,924) 39 - -
-------- -------- -------- --------
Net cash flows from operating activities 1,890 2,267 3,062 1,602
Cash flows from investing activities
Capital expenditures (1,641) (59) (1,270) (19)
Acquisitions of receivables and lease investments - (47,560) - (37,874)
Collections of receivables and lease investments - 39,806 - 32,744
Purchases of securities (Note 4) (112) (3,607) (21,233) (4,270)
Sales of securities (Note 4) 198 3,594 22,285 3,332
Proceeds from sales of receivables - 390 - 1,947
Loans originated net of principal payments - (204) - (174)
Other 162 (252) (45) 348
-------- -------- -------- --------
Net cash used in investing activities (1,393) (7,892) (263) (3,966)
Cash flows from financing activities
Cash dividends (272) - (276) -
Issuance of Common Stock 84 - 69 -
Changes in short-term debt (52) 2,373 (117) (575)
Proceeds from issuance of other debt 0 6,051 65 5,977
Principal payments on other debt 0 (3,826) (57) (2,738)
Changes in customers' deposits, excluding
interest credited - (422) - (979)
Receipts from annuity contracts - 185 - 221
Issuance of subsidiary company preferred stock - 0 - 173
Other 25 31 21 11
-------- -------- -------- --------
Net cash (used in)/provided by financing
activities (215) 4,392 (295) 2,090
Effect of exchange rate changes on cash (96) 88 (42) 62
Net transactions with Automotive/
Financial Services (207) 207 (1,158) 1,158
-------- -------- -------- --------
Net (decrease)/increase in cash and cash
equivalents (21) (938) 1,304 946
-------- -------- -------- --------
Cash and cash equivalents at March 31 $ 5,646* $ 1,617 $ 4,808* $ 4,128
======== ======== ======== ========
</TABLE>
<TABLE>
<S> <C> <C>
Total cash and cash equivalents $7,263 $8,936
====== ======
</TABLE>
- - - - - -
*Automotive cash, cash equivalents, and marketable securities at March 31 were
as follows (in millions): 1994 - $11,573; 1993 - $9,286
The accompanying notes are part of the financial statements.
<PAGE>
<TABLE>
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(unaudited)
1. Selected Automotive costs and expenses are summarized as follows (in millions):
--------------------------------------
<CAPTION>
First Quarter
-----------------------
1994 1993
------ ------
<S> <C> <C>
Depreciation $ 581 $ 610
Amortization 542 534
</TABLE>
<TABLE>
<CAPTION>
2.Inventories are summarized as follows (in millions):
-----------
March 31, December 31,
1994 1993
--------- ------------
<S> <C> <C>
Raw materials, work in process and supplies $3,082 $2,937
Finished products 2,894 2,601
------ ------
Inventories - Automotive $5,976 $5,538
====== ======
Inventories - U.S. Automotive $2,782 $2,575
</TABLE>
3. 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 about six months.
The company recognized in First Quarter 1994 earnings a pre-tax loss of $475
million and an after-tax loss 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.
4. 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.
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