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 January 26, 2000
----------------
(Date of earliest event reported)
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>
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Item 5. Other Events.
- ---------------------
News release dated January 26, 2000, filed as Exhibit 20 to this Current
Report on Form 8-K, is incorporated by reference herein.
RISK FACTORS
Statements included or incorporated by reference herein may constitute
"forward looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements involve a number of risks,
uncertainties, and other factors that could cause actual results to differ
materially from those stated, including, without limitation: greater price
competition in the U.S. and Europe resulting from currency fluctuations,
industry overcapacity or other factors; a significant decline in industry
sales, particularly in the U.S. or Europe, resulting from slowing economic
growth; currency fluctuations; further economic difficulties in South America
or Asia; a market shift from truck sales in the U.S.; lower-than-anticipated
residual values for leased vehicles; labor or other constraints on our ability
to restructure our business; increased safety or emissions regulation resulting
in higher costs and/or sales restrictions; work stoppages at key Ford or
supplier facilities; and the discovery of defects in vehicles resulting in
recall campaigns, increased warranty costs or litigation.
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
January 26, 2000
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: January 26, 2000 By:/s/Peter Sherry, Jr.
-------------------
Peter Sherry, Jr.
Assistant Secretary
<PAGE>
EXHIBIT INDEX
DESIGNATION DESCRIPTION
- ----------- -----------
Exhibit 20 News release dated January 14, 2000
NEWS RELEASE
Media Information Center, 14441 Rotunda Drive, Suite 185, Dearborn, MI 48120
Telephone: 800-665-1515; Fax: 313-845-7512
E-Mail: [email protected]; Internet: http://media.ford.com
Contact: Media Inquiries Securities Analysts Shareholder Inquiries
Jim Cain Mike Holland (800)555-5259 or
313-322-3428 313-322-8221 (313)845-8540
FORD MOTOR COMPANY REPORTS INDUSTRY-RECORD OPERATING INCOME OF $7.2 BILLION IN
1999 AND RECORD FOURTH QUARTER EARNINGS OF $1.8 BILLION
DEARBORN, January 26, 2000 - Ford Motor Company [NYSE: F] earned $7.2 billion
in 1999, more than any other automotive company in history, and also
established a new company record for annual revenue, which was $163 billion, up
13 percent.
"Ford had an outstanding year in 1999 by most measures and we achieved
industry-record earnings, but what truly set the company apart was our
consumer-focused business strategy," said President and CEO Jac Nasser. "We
made tremendous progress toward strengthening our brands and transforming the
way all the people of Ford connect with consumers. This holistic approach is
improving our core automotive business and enhancing shareholder value."
Ford reported full-year earnings of $7,237 million or $5.86 per diluted share
of common and Class B stock. In 1998, Ford reported earnings of $22,071 million
or $17.76 per share, including a non-cash gain of $15,955 million that resulted
from Ford's spin-off of Associates First Capital [NYSE: AFS].
Fourth-quarter 1999 earnings were $1,806 million or $1.47 per share on revenue
of $44 billion. In the fourth quarter of 1998, Ford earned $1,043 million or
84 cents per share on revenue of $38 billion. The fourth quarter of 1998
included a charge of $631 million or 51 cents per share primarily for employee
separation programs in North America, Europe and South America.
As highlights of 1999, Nasser pointed to:
o Ford's acquisition of Volvo Car and the creation of the Premier Automotive
Group, which is comprised of Volvo, Jaguar, Lincoln and Aston Martin, to
drive growth in higher margin vehicle segments.
o The acquisitions of Kwik-Fit, Automobile Protection Corporation (APCO) and
other businesses to accelerate Ford's growth in automotive consumer
services.
<PAGE>
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o The development of e-business partnerships with Microsoft's CarPoint,
Oracle, TeleTech, Yahoo! (announced in January 2000)and others to better
connect with consumers and drive operating efficiencies at Ford, among its
dealers and with supplier companies.
Ford also launched several highly successful products, including the Ford
Focus, Mercury Sable and Ford Taurus in North America, as well as the Volvo
S40/V40, Lincoln LS, Jaguar S-TYPE and Ford Excursion. In India, Ford launched
the new IKON.
The Focus was the first vehicle to be named Car of the Year by journalists in
both North America and Europe, and the Lincoln LS was named Motor Trend's Car
of the Year.
AUTOMOTIVE OPERATIONS
Full-year 1999 earnings from automotive operations were a record $5,721 million
on record revenue of $137 billion; after-tax return on sales (ROS) was 4.2
percent. In 1998, earnings from automotive operations were $4,752 million on
revenue of $119 billion; ROS was 4.0 percent.
Worldwide factory unit sales of 7.2 million vehicles in 1999 exceeded the
previous record of 7.0 million established in 1997. Ford also reduced its total
costs in 1999 by $1 billion at constant volume and mix, bringing total cost
reductions to more than $6 billion since 1996.
Net income from automotive operations in the fourth quarter of 1999 was a
record $1,449 million on revenue of $38 billion, compared with fourth-quarter
1998 earnings of $820 million on revenue of $32 billion.
Up-front lump-sum payments of $103 million or eight cents per share associated
with the ratification of the company's new contracts with the United Auto
Workers (UAW) and Canadian Auto Workers (CAW) unions are included in automotive
results in the North America region for the quarter.
"In North America, our momentum is very strong and our results in the region
show the fundamental strength of our brands when the products are right and the
cost is right," Nasser said. "Our results in Europe and South America are
unacceptable, but we are making product investments that will deliver more hits
such as the Ford Focus. At the same time, we are rigorously addressing costs."
<PAGE>
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North America: Full-year 1999 earnings in North America were a record $6,137
million on record revenue of $100 billion; ROS was 6.2 percent. Full-year 1998
earnings in North America were $4,612 million on revenue of $87 billion; ROS
was 5.3 percent.
Fourth-quarter 1999 earnings in North America were a record $1,576 million on
record revenue of $27 billion. Fourth-quarter 1998 earnings were $1,047 million
on revenue of $24 billion. Compared with 1998, Ford's fourth-quarter 1999
earnings reflect the non-recurrence of the charge for employee separation
costs, lower costs, higher volume and a more favorable vehicle mix.
Europe: Full-year 1999 earnings in Europe were $28 million on revenue of $30
billion. Full-year 1998 earnings in Europe were $193 million on revenue of $24
billion.
Fourth-quarter 1999 results in Europe improved to a loss of $55 million on
revenue of $9 billion. Fourth-quarter 1998 results were a loss of $74 million
on revenue of $7 billion. Compared with 1998, Ford's fourth-quarter 1999
results reflect the non-recurrence of the charge for employee separation costs,
the addition of Volvo Car and lower taxes, offset by lower volumes and market
share of Ford-brand vehicles, primarily the Ka, Fiesta and Mondeo.
South America: Full-year 1999 results in South America were a loss of $452
million on revenue of $2 billion. In 1998, Ford lost $226 million in South
America on revenue of $4 billion.
Fourth-quarter 1999 results in South America improved to a loss of $95 million
on revenue of $547 million. Fourth-quarter 1998 results were a loss of $151
million on revenue of $725 million. Compared with 1998, Ford's fourth-quarter
1999 results primarily reflect lower costs and the non-recurrence of the charge
for employee separation costs, partially offset by lower revenue.
Other Markets
Full-year 1999 earnings in Ford's other markets, which include Australia,
Japan, Thailand, India and other Asia-Pacific countries, were $133 million on
revenue of $5 billion. In 1998, Ford earned $173 million in the region on
revenue of $4 billion.
Fourth-quarter 1999 earnings in the region were $23 million on revenue of $1
billion. In the same period in 1998, Ford lost $2 million on revenue of $815
million. These results reflect primarily Ford's share of the profit improvement
at Mazda Motor Corp.
<PAGE>
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VISTEON AUTOMOTIVE SYSTEMS
The earnings of Visteon Automotive Systems are included in the company's
automotive results. In 1999, Visteon earned $735 million, compared with $703
million in 1998.
In the fourth quarter of 1999, Visteon earned $95 million, compared with $129
million in fourth quarter of 1998. Compared with 1998, the decline in
fourth-quarter 1999 earnings reflected the impact of negotiated price
reductions, the labor agreement in North America and currency-related costs,
offset partially by cost efficiencies and improved volume.
Ford and Visteon are close to completing a market-pricing review begun in 1999
of various carry-over components and systems Ford purchases from Visteon. When
the review is completed and both parties agree to a final pricing level, it is
expected that Visteon will reduce prices to Ford.
FORD CREDIT
Full-year 1999 earnings at Ford Credit were $1,261 million up 16 percent
compared with 1998 earnings of $1,084 million. Return on equity was 11.5
percent, up 0.9 points.
In the fourth quarter of 1999, Ford Credit earned $309 million compared with
earnings of $234 million in the fourth-quarter of 1998. Compared with 1998, the
increase in fourth-quarter 1999 earnings reflects improved credit loss
performance and a higher level of finance receivables, offset partially by
higher operating costs.
HERTZ
The Hertz Corporation [NYSE: HRZ] reported its sixth consecutive year of record
earnings in 1999, and eighth consecutive year of increased earnings. Full-year
net income was $336 million, up 21 percent compared with earnings of $277
million in 1998. Ford's share of Hertz' 1999 earnings was $273 million.
In the fourth quarter of 1999, Hertz earned a record $60 million, up 26 percent
compared with earnings of $48 million in the same period a year ago. Ford's
share of Hertz' fourth-quarter 1999 earnings was $50 million.
2000 OUTLOOK AND MILESTONES
Earlier in January, Ford established financial milestones for 2000 to deliver
record earnings in North America, improve results in Europe, South America and
the rest of the world, grow total company revenue by $5 billion and reduce
total costs by $1 billion. Ford Credit's milestone is
<PAGE>
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to grow earnings by 10 percent while improving returns. The milestone for Hertz
is to achieve record earnings (ninth year of increased earnings). The milestone
for Visteon Automotive Systems is to achieve independence.
"We have great brands, innovative products in the market and in the pipeline,
growing financial and consumer services businesses and an e-commerce strategy
that will be a real competitive advantage. These are powerful platforms for
growth," Nasser said. "I'm proud of what the Ford team accomplished in 1999,
and our people are energized to deliver even greater value to consumers and
shareholders in 2000."
# # #
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
HIGHLIGHTS
----------
Fourth Quarter Full Year
---------------------------- ---------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
(unaudited)
<S> <C> <C> <C> <C>
Worldwide vehicle unit sales of
cars and trucks (in thousands)
- - North America 1,280 1,197 4,787 4,370
- - Outside North America 639 617 2,433 2,453
----- ----- ----- -----
Total 1,919 1,814 7,220 6,823
----- ----- ----- -----
----- ----- ----- -----
Sales and revenues (in millions)
- - Automotive $ 37,781 $ 32,204 $ 136,973 $ 119,083
- - Financial Services 6,637 5,699 25,585 25,333
--------- --------- --------- ---------
Total $ 44,418 $ 37,903 $ 162,558 $ 144,416
--------- --------- --------- ---------
--------- --------- --------- ---------
Net income (in millions)
- - Automotive $ 1,449 $ 820 $ 5,721 $ 4,752
- - Financial Services (excl. The Associates) 357 223 1,516 1,187
- - The Associates - - - 177
- - Gain on spin-off of The Associates - - - 15,955
--------- --------- --------- ---------
Total $ 1,806 $ 1,043 $ 7,237 $ 22,071
--------- --------- --------- ---------
--------- --------- --------- ---------
Capital expenditures (in millions)
- - Automotive $ 2,921 $ 2,445 $ 7,945 $ 8,113
- - Financial Services 155 106 590 504
--------- --------- --------- ---------
Total $ 3,076 $ 2,551 $ 8,535 $ 8,617
--------- --------- --------- ---------
--------- --------- --------- ---------
Automotive capital expenditures as a
percentage of sales 7.7% 7.6% 5.8% 6.8%
Stockholders' equity at December 31
- - Total (in millions) $ 27,537 $ 23,409 $ 27,537 $ 23,409
- - After-tax return on Common and
Class B stockholders' equity 26.6% 17.8% 28.1% 25.4%
Automotive net cash at December 31
(in millions)
- - Cash and marketable securities $ 23,585 $ 23,805 $ 23,585 $ 23,805
- - Debt 12,144 9,834 12,144 9,834
--------- --------- --------- ---------
Automotive net cash $ 11,441 $ 13,971 $ 11,441 $ 13,971
--------- --------- --------- ---------
--------- --------- --------- ---------
After-tax return on sales
- - North American Automotive 5.8% 4.5% 6.2% 5.3%
- - Total Automotive 3.9% 2.6% 4.2% 4.0%
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 1,207 1,210 1,210 1,211
- - Number outstanding at December 31 1,207 1,209 1,207 1,209
Common Stock price (per share)
(adjusted to reflect The Associates
spin-off)
- - High $54-7/8 $59-7/8 $67-7/8 $61-7/16
- - Low 48-1/2 38-13/16 46-1/4 28-15/32
AMOUNTS PER SHARE OF COMMON AND CLASS B
STOCK AFTER PREFERRED STOCK DIVIDENDS
Income assuming dilution
- - Automotive $ 1.18 $ 0.66 $ 4.63 $ 3.76
- - Financial Services (excl. The Associates) 0.29 0.18 1.23 0.96
- - The Associates - - - 0.14
- - Gain on spin-off of The Associates - - - 12.90
--------- --------- --------- ---------
Total $ 1.47 $ 0.84 $ 5.86 $ 17.76
--------- --------- --------- ---------
--------- --------- --------- ---------
Cash dividends $ 0.50 $ 0.46 $ 1.88 $ 1.72
</TABLE>
FS-1
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
VEHICLE UNIT SALES
------------------
For the Periods Ended December 31, 1999 and 1998
(in thousands)
Fourth Quarter Full Year
------------------------ --------------------------
1999 1998 1999 1998
-------- -------- -------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
North America
United States
Cars 497 428 1,725 1,563
Trucks 646 654 2,660 2,425
----- ----- ----- -----
Total United States 1,143 1,082 4,385 3,988
Canada 100 87 288 279
Mexico 37 28 114 103
----- ------ ----- -----
Total North America 1,280 1,197 4,787 4,370
Europe
Britain 122 102 518 498
Germany 80 143 353 444
Italy 59 56 209 205
Spain 45 46 180 155
France 44 54 172 171
Other countries 175 95 528 377
----- ----- ----- -----
Total Europe 525 496 1,960 1,850
Other international
Australia 30 35 125 133
Brazil 26 34 117 178
Argentina 16 16 60 97
Taiwan 11 12 56 77
Japan 8 5 32 25
Other countries 23 19 83 93
----- ----- ----- -----
Total other international 114 121 473 603
----- ----- ----- -----
Total worldwide vehicle unit sales 1,919 1,814 7,220 6,823
----- ----- ----- -----
----- ----- ----- -----
</TABLE>
Vehicle unit sales generally are reported worldwide on a "where sold" basis and
include sales of all Ford-badged units, as well as units manufactured by Ford
and sold to other manufacturers.
Prior periods were restated to correct reported unit sales.
FS-2
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
For the Years Ended December 31, 1999, 1998 and 1997
(in millions, except amounts per share)
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
AUTOMOTIVE
Sales $136,973 $119,083 $122,935
Costs and expenses:
Costs of sales 119,046 103,905 107,994
Selling, administrative and other expenses 9,548 8,493 7,995
-------- -------- --------
Total costs and expenses 128,594 112,398 115,989
Operating income 8,379 6,685 6,946
Interest income 1,428 1,331 1,116
Interest expense 1,397 829 788
-------- -------- --------
Net interest income 31 502 328
Equity in net income/(loss) of affiliated companies 82 (38) (88)
Net expense from transactions with
Financial Services (45) (191) (104)
-------- -------- --------
Income before income taxes - Automotive 8,447 6,958 7,082
FINANCIAL SERVICES
Revenues 25,585 25,333 30,692
Costs and expenses:
Interest expense 7,679 8,036 9,712
Depreciation 9,254 8,589 7,645
Operating and other expenses 4,653 4,618 6,621
Provision for credit and insurance losses 1,465 1,798 3,230
-------- -------- --------
Total costs and expenses 23,051 23,041 27,208
Net revenue from transactions with Automotive 45 191 104
Gain on spin-off of The Associates - 15,955 -
Gain on sale of Common Stock of a subsidiary - - 269
-------- -------- --------
Income before income taxes - Financial Services 2,579 18,438 3,857
-------- -------- --------
TOTAL COMPANY
Income before income taxes 11,026 25,396 10,939
Provision for income taxes 3,670 3,176 3,741
-------- -------- --------
Income before minority interests 7,356 22,220 7,198
Minority interests in net income of subsidiaries 119 149 278
-------- -------- --------
Net income $ 7,237 $ 22,071 $ 6,920
-------- -------- --------
-------- -------- --------
Income attributable to Common and Class B Stock
after preferred stock dividends $ 7,222 $ 21,964 $ 6,866
Average number of shares of Common and Class B
Stock outstanding 1,210 1,211 1,195
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic income $ 5.99 $ 18.17 $ 5.75
Diluted income $ 5.86 $ 17.76 $ 5.62
Cash dividends $ 1.88 $ 1.72 $ 1.645
</TABLE>
Prior period costs of sales and selling, administrative and other expenses were
reclassified.
FS-3
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
--------------------------
(in millions)
December 31, December 31,
1999 1998
-------------- ---------------
<S> <C> <C>
ASSETS
Automotive
Cash and cash equivalents $ 4,642 $ 3,685
Marketable securities 18,943 20,120
-------- --------
Total cash and marketable securities 23,585 23,805
Receivables 3,769 2,604
Inventories 6,435 5,656
Deferred income taxes 3,872 3,239
Other current assets 4,126 3,405
Current receivable from Financial Services 2,304 0
-------- --------
Total current assets 44,091 38,709
Equity in net assets of affiliated companies 2,744 2,401
Net property 42,317 37,320
Deferred income taxes 2,816 3,175
Other assets 13,213 7,139
-------- --------
Total Automotive assets 105,181 88,744
Financial Services
Cash and cash equivalents 1,588 1,151
Investments in securities 733 968
Finance receivables 113,298 97,176
Net investment in operating leases 42,471 41,173
Other assets 11,123 7,445
Receivable from Automotive 1,835 888
-------- --------
Total Financial Services assets 171,048 148,801
-------- --------
Total assets $276,229 $237,545
-------- --------
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 14,450 $ 13,368
Other payables 4,156 2,755
Accrued liabilities 19,321 16,925
Income taxes payable 1,862 1,404
Debt payable within one year 1,602 1,121
Current payable to Financial Services 0 70
-------- --------
Total current liabilities 41,391 35,643
Long-term debt 10,542 8,713
Other liabilities 33,247 30,133
Deferred income taxes 1,376 751
Payable to Financial Services 1,835 818
-------- --------
Total Automotive liabilities 88,391 76,058
Financial Services
Payables 3,550 3,555
Debt 139,919 122,324
Deferred income taxes 7,078 5,488
Other liabilities and deferred income 6,775 6,034
Payable to Automotive 2,304 0
-------- -------
Total Financial Services liabilities 159,626 137,401
Company-obligated mandatorily redeemable preferred securities of a subsidiary
trust holding solely junior subordinated debentures of the Company 675 677
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate liquidation preference
of $177 million) * *
Common Stock, par value $1.00 per share (1,151 million shares issued) 1,151 1,151
Class B Stock, par value $1.00 per share (71 million shares issued) 71 71
Capital in excess of par value of stock 5,049 5,283
Accumulated other comprehensive income (1,923) (1,670)
ESOP loan and treasury stock (1,417) (1,085)
Earnings retained for use in business 24,606 19,659
-------- --------
Total stockholders' equity 27,537 23,409
-------- --------
Total liabilities and stockholders' equity $276,229 $237,545
-------- --------
-------- --------
- - - - -
*Less than $1 million
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
------------------------------------
For the Years Ended December 31, 1999, 1998 and 1997
(in millions)
1999 1998 1997
--------------------------- ---------------------------- ----------------------------
Financial Financial Financial
Automotive Services Automotive Services Automotive Services
------------- ------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Cash and cash equivalents at January 1 $ 3,685 $ 1,151 $ 6,316 $ 1,618 $ 3,578 $ 3,689
Cash flows from operating activities 16,500 12,540 9,622 13,478 13,984 13,650
Cash flows from investing activities
Capital expenditures (7,945) (590) (8,113) (504) (8,142) (575)
Purchase of leased assets - - (110) - (332) -
Acquisitions of other companies (6,342) (144) - (344) - (40)
Acquisitions of receivables and lease
investments - (80,422) - (78,863) - (117,895)
Collections of receivables and lease
investments
investments - 46,646 - 49,303 - 86,842
Net acquisitions of daily rental vehicles - (1,739) - (1,790) - (958)
Purchases of securities (2,838) (900) (758) (2,102) (43) (3,067)
Sales and maturities of securities 2,352 1,100 590 2,271 13 3,520
Proceeds from sales of receivables and
lease investments
lease investments - 9,931 - 8,413 - 5,197
Net investing activity with
Financial Services
Financial Services 1,329 - 642 - 258 -
Other (68) 119 (468) (463) (285) (569)
------- -------- ------- -------- ------- -------
Net cash used in investing activities (13,512) (25,999) (8,217) (24,079) (8,531) (27,545)
Cash flows from financing activities
Cash dividends
Cash dividends (2,290) - (5,348) - (2,020) -
Issuance of Common Stock 336 - 157 - 310 -
Issuance of Common Stock of a subsidiary - - - - - 453
Purchase of Ford Treasury Stock (707) - (669) - (15) -
Preferred stock - Series B repurchase,
Series A redemption - - (420) - - -
Changes in short-term debt 64 5,547 497 7,475 (430) 6,210
Proceeds from issuance of other debt 3,428 37,184 2,403 21,776 1,100 22,923
Principal payments on other debt (1,182) (28,672) (1,434) (16,797) (668) (18,215)
Net financing activity with Automotive - (1,329) - (642) - (258)
Spin-off of The Associates cash - - - (508) - -
Other (254) 88 (472) (12) 16 (206)
------- -------- ------- -------- ------- -------
Net cash (used in)/provided by
financing activities
financing activities (605) 12,818 (5,286) 11,292 (1,707) 10,907
Effect of exchange rate changes on cash (69) (279) (54) 146 (119) 28
Net transactions with Automotive/
Financial Services
Financial Services (1,357) 1,357 1,304 (1,304) (889) 889
------- -------- ------- -------- ------- -------
Net (decrease)/increase in cash and
cash
equivalents
cash equivalents 957 437 (2,631) (467) 2,738 (2,071)
------- -------- ------- -------- ------- --------
Cash and cash equivalents at December 31 $ 4,642 $ 1,588 $ 3,685 $ 1,151 $ 6,316 $ 1,618
------- -------- ------- -------- ------- --------
------- -------- ------- -------- ------- --------
</TABLE>
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