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
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GENERAL MOTORS CORPORATION
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(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
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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.
* * * *
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<PAGE>
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
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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
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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
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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
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<PAGE>
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
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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
===== =====
* * * * * *
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<PAGE>
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
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(Registrant)
Date July 9, 1998
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By
s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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