TROY, Mich., July 11 /PRNewswire-FirstCall/ -- Delphi Corp. (Pink
Sheets: DPHIQ) today announced its fourth quarter and calendar year 2005
financial results and filed its 2005 Annual Report on Form 10-K.
Fourth Quarter 2005 Financial Results
* Revenue of $6.8 billion, down from $7.0 billion in Q4 2004.
* Non-GM revenue for the quarter was $3.7 billion, up 7 percent from
$3.4 billion in Q4 2004 (up 9 percent excluding the effects of foreign
exchange rates), representing 54 percent of Q4 revenues. Non-GM growth was
again offset by a 14 percent year-over-year decline in GM revenues.
* GAAP net loss of $828 million, compared to Q4 2004 net loss of $4.9
billion(1). Included in the Q4 2005 net loss was $589 million of non-cash
impairment charges related to long-lived assets, goodwill and intangible
assets.
* GAAP cash flow from operations was $763 million, up 9 percent from
$698 million in Q4 2004. Cash used in operations was positively impacted by
pre-petition supplier payments being stayed.
Calendar Year 2005 Financial Results
* Revenue of $26.9 billion, down from $28.6 billion in 2004.
* Non-GM revenue of $14.1 billion, up 7 percent from $13.2 billion in
CY 2004 (up 6 percent excluding the effects of foreign exchange rates). For
the year, 52 percent of revenues came from customers other than GM. In
2005, GM revenues declined $2.6 billion or 17 percent year-over-year.
* GAAP net loss for the year of $2.4 billion, compared to 2004 CY net
loss of $4.8 billion(1). Included in the CY 2005 net loss was $629 million
of non-cash impairment charges related to long-lived assets, goodwill and
intangible assets. Delphi's net loss reflects revenue decreases and related
pricing pressures stemming from a substantial reduction in GM's North
American vehicle production, coupled with continued increased commodity
costs.
* GAAP cash flow from operations was $154 million, down from $1.5
billion in CY 2004. The lower cash flow from operations resulted from the
significantly increased losses from U.S. operations, excluding non-cash
charges.
* In 2005, Delphi contributed $635 million to its U.S. pension plans.
The company's 2005 return on pension fund investments was 13 percent, or
$1.1 billion. Delphi's U.S. under-funded pension plan status as of Dec. 31,
2005 was $4.1 billion as compared to $4.3 billion at Dec. 31, 2004.
* Delphi's year-end 2005 OPEB obligation was $9.6 billion, the same as
at Dec. 31, 2004, as increases in the OPEB liability resulting from lower
interest rates and health care inflation were offset by reductions
resulting from an amendment to the salaried OPEB plan to limit benefits
payable to participants eligible for Medicare.
The above performance information is summary in nature and should be
read in conjunction with the complete financial statements and the related
notes together with management's discussion and analysis contained in the
company's Annual Report on Form 10-K as filed today with the U.S.
Securities and Exchange Commission. Delphi's Form 10-K can be found on the
company's website at http://www.delphi.com under the Investor section.
(1) Includes the impact of the restatement related to income tax
accounting which increased Q4 2004 and CY 2004 net loss by $65 million. See
Delphi's Annual Report on Form 10-K as filed today with the U.S. Securities
and Exchange Commission.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO )
SOURCE Delphi Corporation
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Related links:
http://www.delphi.com/media
http://www.delphi.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO
PRN Photo Desk photodesk@prnewswire.com
http://www.prnewswire.com/comp/076666.html/
CONTACT:
Media contact: Claudia Piccinin,
+1-248-813-2942, Investor contact: Joe Vitale, +1-248-813-2498,
both of Delphi Corporation
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