GM revises 2005 loss to $10.6 bln after charges

[NFS4]

Oops.

DETROIT, March 16 (Reuters) - General Motors Corp.(GM.N: Quote, Profile, Research) on Thursday revised its loss for 2005 to $10.6 billion, $2 billion more than initially reported, due to charges associated with its restructuring, the bankruptcy of its former subsidiary Delphi Corp. and its finance arm GMAC.

The company said in a statement that on a per-share basis its 2005 loss had been $18.69 when fully accounting for those charges, up from a previously reported per-share loss of $15.13.

GM also said that it would delay filing its annual report with securities regulators because it had mistakenly accounted for cash flows from a mortgage subsidiary of GMAC called ResCap.

The company said that the accounting problem would not change its reported net income or the presentation of its balance sheet, but could change its statement of cash flows at ResCap, GMAC and the parent company.

 

[mb]

It's a good thing they made a new Tahoe.

/flamebait for both sides

 

[Syringer]

They got plenty going for them these days..Tahoe, Vette, Sky/Solstice..

 

[NFS4]

Originally posted by: Syringer
They got plenty going for them these days..Tahoe, Vette, Sky/Solstice..

Of those mentioned, only the Tahoe really means $$$ to their bottom line

 

[BigJ]

Bah. I bet the people selling short on GM have made a killing with the company.

 

[Finality]

Kurt Kerkorian keeps getting fuxored by this company.

 

[SampSon]

Originally posted by: supafly
It's a good thing they made a new Tahoe.

/flamebait for both sides

bahahah

Tahoe + Z06 = GM world domination.

 

[Fenixgoon]

Originally posted by: Syringer
They got plenty going for them these days..Tahoe, Vette, Sky/Solstice..

that isn't enough to get them back on track

 

[Sluggo]

Must have had H&R Block doing their returns

 

[DaWhim]

time for chapter 11?

 

[Syringer]

Originally posted by: Fenixgoon

Originally posted by: Syringer
They got plenty going for them these days..Tahoe, Vette, Sky/Solstice..

that isn't enough to get them back on track

It's a start.

 

[Zee]

Originally posted by: DaWhim
time for chapter 11?

i think they need the whole book dude

 

[Finality]

Originally posted by: DaWhim
time for chapter 11?

They have too much cash on hand. At the rate they are burning through it though should happen in the next 2-3 years.

Unfortunately for them the laws regarding bankruptcy fillings changed or they could have used it to break the back of the UAW.

 

[maddogchen]

Originally posted by: BigJ
Bah. I bet the people selling short on GM have made a killing with the company.

doesn't look like it, unless you've been at it the last 2 years.

 

[Aimster]

How did GM get so much cash on hand?

 

[Finality]

Originally posted by: Aimster
How did GM get so much cash on hand?

Not exactly sure as of today but about 6 months ago they had ~$30 Billion on hand. Worst case they still have about $25 Billion today. Its a blessing and a curse..... They avoid bankruptcy today but they could have broken all the whacky union contracts that are in place.

They might also spin off GMAC to get it out of the Junk rating status which should easily net them $10 Billion. GMAC is the only profitable part of GM.

 

[Jetpuff]

Originally posted by: SampSon

Originally posted by: supafly
It's a good thing they made a new Tahoe.

/flamebait for both sides

bahahah

Tahoe + Z06 = GM world domination.

Dont you mean US domination at the very most? Who buys a Tahoe outside the US? Even 'vettes are rare as anything outside the US, hell, even in the US how many do they sell?

GMs big problem is they need to entice people from other brands, especially non domestic ones. Thier compact to midsize car line is terrible, the solstice is overweight and crappy quality and huge SUVs have their days numbered.

 

[archcommus]

Originally posted by: Jetpuff

Originally posted by: SampSon

Originally posted by: supafly
It's a good thing they made a new Tahoe.

/flamebait for both sides

bahahah

Tahoe + Z06 = GM world domination.

Dont you mean US domination at the very most? Who buys a Tahoe outside the US? Even 'vettes are rare as anything outside the US, hell, even in the US how many do they sell?

GMs big problem is they need to entice people from other brands, especially non domestic ones. Thier compact to midsize car line is terrible, the solstice is overweight and crappy quality and huge SUVs have their days numbered.

The Solstice is a POS, huh? :roll: