Posted on 04/08/2010 7:51:51 PM PDT by Lorianne
General Motors Co. said Wednesday it planned to pay off its government loans by June — five years ahead of schedule — and could report a profit as early as this year.
GM, steadily returning to health after its bankruptcy filing last year, said it lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion. But things are on the upswing, the company says.
Sales and production have increased, and GM has gained U.S. market share since the start of the year.
The company also reported several indicators of improving health: It took in $1 billion more than it spent in the period and began this year with $36 billion in cash and $60 billion in debt. At the start of 2009, it had $14 billion in cash and $104 billion in debt.
“General Motors should never again be in the financial position it found itself in last year,” GM Chief Financial Officer Chris Liddell said during a conference call.
[buried way at the bottom]
GM owes an additional $45.3 billion to the government. That will be repaid when GM makes a public stock offering.
(Excerpt) Read more at kansascity.com ...
Yeah... but can they find any customers?
And I’m waiting for Skittles to rain down from the skies...
NEVER GONNA HAPPEN!!! GM and Chrysler are dead union shops walking. Look at Toyota’s sales - up what, 30+% percent? People would rather take a chance in crashing and dying (an albeit small chance, and for the record I own a Toyota and love it) then to buy a GM.
Does that tell everyone what they need to know?
Wut????? I thought I just heard they lost LOTS????
And the economy is on the upswing too --- LOL!!!
GM is a Government run house of cards. $45.3 Billion stock offering? Good luck with that.
Last trade .75. Don’t companies get kicked to OTC when they turn penny stocks?
As soon as the Dems put the deal together to bailout the UAW, screw GM management, shareholders and bondholders - I knew both GM and Chrysler were dead.
The only way was a normal bankruptcy where the owners (bondholders) and management extract concessions through a bankruptcy court.
Profit via WAY underfunding their union pensions in 2009, so by cozy agreement the plan fails and the US Taxpayer is then on the hook for the union penions!
What’s a few trillion between friends.
Exactly right Frantzie! The whole thing is a payoff to the unions, WITH OUR MONEY. Makes me feel great...not!
I’d buy a Chinese car before GM or Chrysler, given those were my only choices. At least the Chinese junk ain’t UAW produced.
That’s great!
Odd. Yahoo says that the GM chart is “unavailable.” I’ve never seen that before.
The stock closed at 75 cents, but no chart.
http://finance.yahoo.com/q/bc?t=1d&l=on&z=m&q=l&p=&a=&c=&s=GM
What a con job! They float $45 BILLION in new common stock, which will dilute the value of the present holdings down to next to nothing.
CITICorp did something similar. They couldn't pay bonuses as long as they owed the Feds the $20 Billion they borrowed. So . . . they talked the govt into swapping their holdings of preferred shares for common stock, then sold $20 billion in new common stock, paid the govt back and started cranking out the bonuses, laughing all the way. The shareholders (you and me) now held stock that had just been diluted by 20% or so.
There was an article crowing that the govt still made $7 billion on the deal and planned to sell the stock "before the end of the year". Counting chickens before they hatch applies here.
Do they usually have a chart?
only until the last UNION scum purchases a GM car. When all of them have done so by force, there will be no more customers.
Gee, let my company do what GM got away with in “bankruptcy” and I’ll make out like a bandit.
“Lie” is too small a word for these guys.
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