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) April 18, 2001
--------------
GENERAL MOTORS CORPORATION
-----------------------------------------------------
(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.)
300 Renaissance Center, Detroit, Michigan 48265-3000
-------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
--------------
- 1 -
ITEM 5. OTHER EVENTS
The following is a copy of a press release issued by General Motors
Corporation's (GM's) 49% affiliate Isuzu on April 18, 2001 regarding the
restructuring of Isuzu operations. In a conference call with securities analysts
and the media on April 18, 2001, John Devine, Vice Chairman and Chief Financial
Officer made the following observations with respect to Isuzu's press release.
On March 31, 2001 the book value of GM's investment in Isuzu was $167 million.
In accordance with accounting principles generally accepted in the United States
of America, GM is required to reduce the book value of the investment by GM's
share of Isuzu's losses until such investment is reduced to zero. Subsequently,
GM would not be required to provide for additional losses of Isuzu unless GM has
guaranteed obligations of Isuzu or otherwise committed to provide further
financial support. Although GM has not committed to provide further financial
support to Isuzu, GM continues to view Isuzu as a very important strategic
partner and will continue to provide management support.
TRANSLATION
Announcement on the Downward Revision of
Isuzu Consolidated/Non-consolidated Financial Performance Forecasts
for Fiscal Year Ending March 2001
April 18, 2001
Isuzu Motors Ltd.
In view of recent business performance, Isuzu Motors Limited wishes to announce
following adjustments and changes in the forecasts of consolidated and
non-consolidated financial performance for fiscal year ending March 2001:
1. Consolidated earnings:
(1) Adjustments and changes made in the financial performance forecasts for
fiscal year ending March 2001.
(Unit: Millions of Yen, or %)
------------------------------------------------------------------------
Non-consolidated Sales revenue Working profit Net Income
(loss) (loss)
------------------------------------------------------------------------
(A) Previous 1,530,000 (32,000) (19,000)
forecast
as of Nov.
2000
------------------------------------------------------------------------
(B) Adjusted/ 1,530,000 (50,000) (67,000)
changed as of
Apr. 18, 2001
------------------------------------------------------------------------
Changes (B - A) 0 (18,000) (48,000)
------------------------------------------------------------------------
Changes in % - - -
------------------------------------------------------------------------
Previous year's 1,506,642 (68,047) (104,186)
actual (ending
Mar. 2000)
------------------------------------------------------------------------
(2) Primary reasons of downward revision:
a) Due to downward revision in non-consolidated earnings forecast
b) Earnings shortfall due to intensifying sales competition in
domestic market, etc.
2. Non-consolidated earnings:
(1) Adjustments and changes made in the financial performance forecasts for
fiscal year ending March 2001.
(Unit: Millions of Yen, or %)
------------------------------------------------------------------------
Consolidated Sales revenue Working profit Net Income
(loss) (loss)
------------------------------------------------------------------------
(A) Previous 820,000 (5,000) (11,500)
forecast as of
Nov, 2000
------------------------------------------------------------------------
(B) Adjusted/ 830,000 (11,000) (58,000)
changed as of
Apr. 18, 2001
------------------------------------------------------------------------
Changes (B - A) 10,000 (6,000) (46,500)
------------------------------------------------------------------------
Changes in % 1.2 - -
------------------------------------------------------------------------
Previous year's 836,123 (55,412) (103,861)
actual (ending
Mar. 2000)
------------------------------------------------------------------------
- 2 -
(2) Primary reasons of downward revision:
a) On working profit basis, due to increase of sales incentives to cope
with intensifying competition in domestic market, etc.
b) On net income basis, due to evaluation losses related to the
promotion of structural reform of domestic dealerships. Due to
investment evaluation loss as a result of accounting change to the
mark-to-market method for the portfolio investments. Due to
evaluation loss on machine and equipment, in anticipation of
future realignment of some manufacturing operations.
3. Miscellaneous
Isuzu Motors is now developing a Mid-term Business Plan with an aim of
restructuring and ensuring stable growth in the future. Further details, as
well as the performance outlook, will be announced upon formal earnings
report for FY00 in late May.
* * * * * *
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
--------------------------
(Registrant)
Date April 20, 2001
--------------
By
s/Peter R. Bible
-------------------------------
(Peter R. Bible,
Chief Accounting Officer)
- 3 -