Chrysler says it had positive income in first half - DodgeIntrepid.Net Forums - Dodge Intrepid, Concorde, 300m and Eagle Vision chat
 
LinkBack Thread Tools Rate Thread Display Modes
post #1 of 2 (permalink) Old 08-01-2008, 10:17 PM Thread Starter
Intrepid Pro
 
Join Date: Jun 2001
Location: Catonsville, Md.
Posts: 3,652
Feedback: 0 / 0%
                     
Chrysler says it had positive income in first half

From Automotive News:

Chrysler says it had positive income in first half
Bradford Wernle
Automotive News
August 1, 2008 - 4:58 pm ET
UPDATED: 8/1/08 5:31 p.m. EDT


DETROIT -- To calm fears about its financial health in a shaky credit market, Chrysler LLC announced operating income of $1.1 billion for the first half of 2008.

Chrysler, which is privately owned by Cerberus Capital Management LP, had never before divulged financial figures.

Jim Press, Chrysler co-president, said the $1.1 billion was Chrysler's earnings before interest, taxes, depreciation and amortization. Chrysler also had $11.7 billion "in cash and marketable securities," he said.

Because Chrysler is privately owned, details of how the company came to the $1.1 billion figure are not subject to public scrutiny.

The announcement came a week after Chrysler said it would pull out of leasing because its finance arm was losing so much on declining residual values for pickups and SUVs.

Ron Kolka, Chrysler CFO, told journalists Chrysler "remains ahead" of its targets through its aggressive restructuring plan, which included layoffs of 22,000 hourly, 4,000 salaried and 3,000 supplemental workers.

He said the $11.7 billion included $2.3 billion in "restricted cash" and excluded $2.3 billion in Voluntary Employee Benefits Association assets.

Chrysler announced the financial figures at the same time it was announcing another big monthly sales drop: off 28.8 percent for July.

Under the sales agreement that transferred 80.1 ownership of Chrysler to Cerberus Capital Management LP Aug. 3, 2007, Chrysler's former parent Daimler AG accepted liability for the residual value of all vehicles leased before that date. Chrysler LLC is on the hook for all vehicles leased from Aug. 3, 2007 until July 31, 2008.

Separately, Chrysler Financial was scheduled to announce the renewal of its $30 billion credit line this afternoon.

Kolka would not comment on that announcement. But he did predict the cost of funds will be going up "because of the credit environment."
moparman is offline  
Sponsored Links
Advertisement
 
post #2 of 2 (permalink) Old 08-02-2008, 11:41 PM
Intrepid Modder
 
Starnerf's Avatar
 
Join Date: Feb 2005
Location: Rochester, NY
Posts: 636
Feedback: 2 / 100%
                     
Quote:
Originally Posted by moparman View Post
Because Chrysler is privately owned, details of how the company came to the $1.1 billion figure are not subject to public scrutiny.
Drugs?
Starnerf is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the DodgeIntrepid.Net Forums - Dodge Intrepid, Concorde, 300m and Eagle Vision chat forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

Member names may only be composed of alpha-numeric characters. (A-Z and 0-9)

!!ATTENTION ADVERTISERS!! If you intend on advertising anything on this forum, whatsoever, you are required to first contact us here . Additionaly, we do NOT allow BUSINESS NAMES unless you are an Authorized Vendor. If you own a business, and want to do sales on this site via posting or private message, you will need to follow the rules. Shops, Stores, Distributors, Group Buys without being authorized will see your account terminated.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome