Delphi Reports First Quarter 2007 Financial Results
TROY, Mich. — Delphi Corp. today reported first quarter 2007 financial results with revenues of $6.7 billion, and a net loss of $533 million. Non-GM revenues were $3.9 billion, representing 58 percent of global revenues.
“While Delphi’s financial performance continues to reflect its uncompetitive U.S. cost structure, we are aggressively working on two fronts to improve the business — first, customer diversification by expanding our non-GM sales; and second, cost reductions through SG&A restructuring and operational excellence,” said Rodney O’Neal, Delphi CEO and president. “Our people are focused on exceeding our customers’ expectations — evidenced by a solid portfolio of new business bookings and excellent operating metrics — and our leadership is addressing transformation issues aimed at reaching consensual agreements with our stakeholders. Together, these actions should enable Delphi to emerge from Chapter 11 as a technology leader with a competitive cost structure later this year.”
First Quarter 2007 Financial Results
* Global Revenue: Revenue of $6.7 billion, down from $7.0 billion in Q1 2006.
* Non-GM Revenue: Non-GM revenue for the quarter was $3.9 billion, up from $3.8 billion in Q1 2006. Non-GM business represented 58 percent of Q1 revenues, compared to year-ago levels of 54 percent, primarily due to a 13 percent year-over-year decline in GM revenues. Excluding the favorable impact of foreign currency exchange, non-GM growth for the first quarter was essentially flat.
* Cash Flow: Cash flow used in operating activities was $411 million, as compared to $93 million used in operating activities for Q1 2006. Cash used in operations was negatively impacted by U.S. special attrition program cash payments of $217 million.
* Net Loss: Net loss of $533 million or a loss of $0.95 per share compared to Q1 2006 net loss of $363 million or a loss of $0.65 per share. Included in the Q1 2007 net loss are $160 million of long-lived asset impairment charges and an increase in employee termination benefits and other exit costs of $73 million. In addition, Delphi’s net loss was further impacted by lower GMNA production volumes, commodity price increases, and U.S. legacy liabilities.
* Liquidity: Delphi continues to have sufficient liquidity available in the U.S. and globally to finance our global operations. As of March 31, 2007, Delphi had $1.5 billion of cash and cash equivalents and $1.2 billion of debt capacity under the refinanced DIP credit facility.
Additional information concerning Delphi’s first quarter 2007 results is available through the Investor Relations page of Delphi’s website at www.delphi.com and in Delphi’s first quarter Form 10-Q, scheduled to be filed with the Securities and Exchange Commission later today.
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