GM Reports First Quarter Financial Results



    
    First quarter reported net loss of $6.0 billion

    
    Results reflect continuation of global economic downturn and lower
industry-wide sales volume

    Losses partially offset by strong structural cost reduction due to
aggressive restructuring efforts


    
                                            First  Quarter
                                             2009    2008          O/(U) 2008
    

    
    Revenue (bils.):                        $22.4   $42.4            $(20.0)
    Reported automotive EBIT (bils.):       $(5.2)   $0.5             $(5.7)
    Adjusted automotive EBIT (bils.):       $(3.9)   $0.8             $(4.7)
    Reported net income (bils.):            $(6.0)  $(3.3)            $(2.7)
    Adjusted net income (bils.):            $(5.9)  $(0.4)            $(5.5)
    Reported earnings per share (dollars): $(9.78) $(5.80)           $(3.98)
    Adjusted operating cash flow (bils.):  $(10.2)  $(3.1)            $(7.1)

    
    DETROIT, May 7 /PRNewswire/ -- General Motors (NYSE:   GM) today announced
its financial results for the first quarter of 2009, which predominantly
reflect the effects of continued global economic pressures and low auto
industry volumes worldwide.  Industry sales volume was down 21 percent
globally in the first quarter versus the year-ago period, leading to
significantly reduced volume and revenue for GM.

    "Our first quarter results underscore the importance of executing GM's
revised Viability Plan, which goes further and faster to lower our break-even
point," said Fritz Henderson, president and chief executive officer.  "Our
Plan is designed to fix the fundamentals of our business by restructuring and
deleveraging our balance sheet, enhancing our revenue capability and
dramatically reducing costs.  It's focused on taking care of customers every
single day, winning with four core brands, and investing in new products and
technology, while at the same time accelerating actions to lower our cost
structure to return GM to profitability quickly."

    GM posted a reported net loss of $6.0 billion, including special items,
or $9.78 per share in the first quarter of 2009.  This compares with a
reported net loss of $3.3 billion, or $5.80 per share, in the year-ago
quarter.  Excluding special items, the company reported an adjusted net loss
of $5.9 billion, or $9.66 per share, in the first quarter of 2009 compared to
an adjusted net loss of $381 million, or $0.67 per share, in the first quarter
of 2008.

    The reported results for the first quarter of 2009 include special items
and charges netting to a loss of $73 million.  The special items include GM's
$906 million gain on debt extinguishment and $385 million related to GM's
portion of GMAC Financial Services' (GMAC) gain associated with the accounting
on its debt extinguishment.  These items were offset by charges of $116
million for restructuring, a charge of $822 million related to Saab filing for
reorganization, and a charge of $291 million in GM North America (GMNA)
related to asset impairments.  Charges of $135 million were recorded for
advances made under the Delphi Advance Agreement.   A reserve was recorded to
write-off the receivable as it is deemed uncollectable.

    GM's revenue for the first quarter of 2009 was $22.4 billion, down 47
percent from $42.4 billion in the year-ago quarter.  The drop in revenue was
primarily due to GM's production volume decline of 903,000 units, or
approximately 40 percent, on a global basis year-over-year.

    Beginning in the first quarter of 2009 and reflected in this release, GM
will report its automotive operations and regional results on an
earnings-before-interest-and-taxes (EBIT) basis, with interest expense and
income tax reported in the corporate sector.
    
    GM Automotive Operations

    
    GM recorded an adjusted automotive EBIT loss of $3.9 billion ($5.2
billion reported EBIT loss) in the first quarter 2009.  The loss compares with
adjusted automotive EBIT income of $808 million in the first quarter of 2008
(reported EBIT income of $484 million).

    GM's automotive results in the first quarter of 2009 were driven by a
revenue decline in all regions, due in part to a depressed global industry. 
In addition, GM's results were impacted by unfavorable foreign currency
exchange and mark-to-market commodity hedging versus the year-ago quarter. 
However, these losses were partially offset by a significant structural cost
improvement of $3.1 billion when compared to the first quarter of 2008.

    Demonstrating its commitment to product and technology excellence, GM
launched several new vehicles in the first quarter, including the
fuel-efficient Chevrolet Cruze in China.  In North America, GM began
production of the reinvented Chevrolet Camaro, which offers 29
miles-per-gallon fuel economy on the highway.  The company also launched the
Chevrolet Captiva Sport with its new 2.4L engine in Brazil, and introduced the
Cadillac CTS-V to the Middle East.  The 2009 European Car of the Year, the
Opel/Vauxhall Insignia, continued to ramp-up production and in its first full
quarter of sales, and surpassed all competitors in the mid-size sedan segment
in Europe.


    GMNA

    
                                First Quarter
                               2009      2008      '09 O/(U) '08
    Revenue (bils.)           $12.3     $24.5         $(12.2)
    Reported EBIT (bils.)     $(3.2)     $(.4)         $(2.8)
    Adjusted EBIT (bils.)     $(2.8)     $(.2)         $(2.6)
    GMNA Market Share          17.9%     21.7%          (3.8) p.p.

    
    GMNA revenue for the first quarter 2009 was $12.3 billion, down 50
percent compared to $24.5 billion in the year-ago period, mainly attributable
to the impact of the U.S. recession on consumer spending.  Earnings were
affected by substantially lower production volume, down 58 percent
year-over-year, due to the depressed industry, lower market share and
adjustments to U.S. dealer inventory.  GMNA managed its business in-line with
lower industry demand by reducing U.S. dealer inventories by 105,000 units
within the first quarter of 2009, from 872,000 units down to 767,000 units. 
GMNA's losses were partially offset by a reduction in the accrual for residual
support programs for leased vehicles, primarily due to the improvement in
residual values.   In addition, GMNA significantly reduced engineering and
manufacturing cost in the first quarter.


    GME

    
                               First Quarter
                               2009     2008       '09 O/(U) '08
    Revenue (bils.)            $5.3     $9.9         $(4.6)
    Reported EBIT (bils.)     $(2.0)    $0.1         $(2.1)
    Adjusted EBIT (bils.)     $(1.2)    $0.2         $(1.4)
    GME Market Share            8.9%     9.6%         (0.7) p.p

    
    GM Europe (GME) sales volume was up in Germany, as were industry sales,
which were aided by aggressive government stimulus for the automotive sector. 
However, due to sales declines in other countries, GME experienced a 46
percent decline in production volume versus the year-ago quarter, which
largely impacted regional earnings.  In addition, GME experienced unfavorable
foreign currency exchange, driven mainly by the weakening of the British
Pound, and unfavorable mark-to-market commodity hedging.  Results were
partially offset by favorable mix and pricing, due in part to the success of
the Opel/Vauxhall Insignia, and improved structural cost performance across
the region.


    GMAP

    
                              First Quarter
                             2009       2008       '09 O/(U) '08
    Revenue (bils.)          $2.4       $5.3         $(2.9)
    Reported EBIT (mils.)    $(21)      $310         $(331)
    Adjusted EBIT (mils.)    $(21)      $310         $(331)
    GMAP Market Share         8.0%       6.9%          1.1 p.p.

    
    GM sales in China were up 17 percent, driven by strong SAIC-GM-Wuling
performance and aggressive government stimulus.  This helped fuel overall
regional sales and market share increases.  However, sales decreased in most
countries across the region excluding China, driving down production volumes,
which impacted GMAP revenue.  In addition, GM Daewoo revenue dropped as export
volumes declined significantly across its major export markets.


    GMLAAM

    
                              First Quarter
                             2009       2008       '09 O/(U) '08
    Revenue (bils.)          $3.4       $4.8          $(1.4)
    Reported EBIT (mils.)     $16       $500          $(484)
    Adjusted EBIT (mils.)     $42       $500          $(458)
    GMLAAM Market Share      16.9%      17.6%          (0.7) p.p.

    
    GM Latin America, Africa and Middle East (GMLAAM) experienced sales
increases in Ecuador and Peru in the first quarter, where it set new sales
records.  At the same time, GMLAAM saw market share increases in Colombia,
Ecuador, Chile, Peru, Venezuela, Egypt, Kenya and North Africa.   However,
consistent with the industry's downward trend in the region, GMLAAM production
volume dropped 24 percent versus the year-ago quarter, which impacted revenue.
 The region also experienced unfavorable foreign currency exchange primarily
related to the depreciation of the Brazilian Real.  In addition, special
charges related to restructuring were incurred in several countries.
    

    GMAC

    
    On a standalone basis, GMAC reported a net loss of $675 million for the
first quarter 2009, down $86 million from the year-ago quarter.  GM realized a
reported loss of $500 million for the quarter as a result of its equity
interest in GMAC.  Excluding the impact of the $385 million gain related to
GM's portion of GMAC's gain associated with the accounting on its debt
extinguishment, GM realized an adjusted net loss of $885 million.

    GMAC's results were primarily attributable to continued pressure in
mortgage operations, weaker credit performance on both auto and mortgage
assets, mark-to-market adjustments, and an original issue discount related to
its fourth quarter debt exchange. The losses were partially offset by
profitable performance in its insurance business and gains on debt
extinguishment transactions.
    

    Cash and Liquidity

    
    Cash and marketable securities totaled $11.6 billion on March 31, 2009,
down from $14.2 billion on December 31, 2008.

    The change in liquidity reflects negative adjusted operating cash flow of
$10.2 billion in the first quarter of 2009, which was partially offset by U.S.
TARP funding.  Further detail on GM's current liquidity position and outlook
will be disclosed in a Form 10-Q filing with the Securities and Exchange in
the coming days.
    

    Reinventing GM

    
    On April 27, 2009, GM announced its revised Viability Plan, which is
expected to result in sustainable cash flow and profitability, as well as a
stronger balance sheet.  The Plan includes faster and deeper acceleration of
operational actions, encompassing further rationalization of its U.S. brands
and nameplates, dealer consolidation, manufacturing capacity, and hourly
employee and labor-cost reductions.  GM also expects to implement additional
salaried employee and executive reductions.  These actions are designed to
enable the company to dramatically reduce its U.S. breakeven volume, enabling
GM to be profitable at below-trend industry sales volumes.

    In addition, GM announced a number of initiatives to restructure and
deleverage its balance sheet as an important part of the revised Viability
Plan, including an exchange offer to its bondholders aimed at reducing its
unsecured debt by at least $24 billion, conditioned upon exchanging at least
half of its VEBA obligations (about $10 billion) to GM common stock and the
conversion of at least half of GM's U.S. government debt to GM common stock. 
GM has not reached agreement with the UAW on the VEBA trust or with the U.S.
Treasury on these conditions yet.

    "This is a defining moment in the history of General Motors, and we are
committed to our Plan, which we believe will lead to a stable and sustainable
operating structure with a strong balance sheet," said Henderson.  "Our goal
is to fix this business once and for all to position ourselves to win in the
long-term.  That will be achieved by putting the customer first in all we do,
focusing on fewer, stronger brands and developing great products that lead in
design, technology, quality and fuel efficiency."
    

    About GM
    
    General Motors Corp. (NYSE:   GM), one of the world's largest automakers,
was founded in 1908, and today manufactures cars and trucks in 34 countries. 
With its global headquarters in Detroit, GM employs 235,000 people in every
major region of the world, and sells and services vehicles in some 140
countries.  In 2008, GM sold 8.35 million cars and trucks globally under the
following brands:  Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer,
Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's largest national
market is the U.S., followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader in vehicle
safety, security and information services.  More information on GM can be
found at www.gm.com.
    

    Forward-Looking Statements
    
    This document contains "forward-looking statements." Such statements are
based on the current expectations and assumptions of GM management, and as
such involve a number of risks, uncertainties and other factors that could
cause actual results to differ materially from those now anticipated - both in
connection with the proposed exchange offers and consent solicitations, and
GM's business and financial prospects -- including (without limitation) those
set forth in the Prospectus Documents filed with the SEC as part of GM's
Registration Statement on Form S-4 (as amended and supplemented). To better
understand these risks and uncertainties, holders of notes and other readers
are encouraged to read carefully the Prospectus Documents (as amended or
supplemented), GM's Annual Report on Form 10-K for the fiscal year ended
December 31, 2008 which was filed March 5, 2009, and other SEC filings, all of
which can be accessed free of charge at the websites of the SEC (www.sec.gov)
and GM (at http://www.gm.com/corporate/investor_information).
    


    Exhibit 1

    General Motors Corporation and Subsidiaries
    Use of Non-GAAP Financial Measures

    
    This press release, the accompanying tables and the charts for securities
analysts include the following financial measures, which are not prepared in
accordance with Accounting Principles Generally Accepted in the United States
of America (GAAP): (1) adjusted net income; (2) adjusted earnings before
interest and income tax; and (3) managerial cash flow. Each of these financial
measures is therefore considered a non-GAAP financial measure. This press
release and the charts for securities analysts also contain a reconciliation
of each non-GAAP financial measure to its most comparable GAAP financial
measure. Certain prior period amounts have been reclassified in the
consolidated statements of operations and related summaries to conform to the
current period presentation, primarily due to the adoption of SFAS No. 160,
"Noncontrolling Interests in Consolidated Financial Statements - an amendment
of ARB No. 51," which amends ARB No. 51, "Consolidated Financial Statements,"
and FSP No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be
Settled in Cash Upon Conversion (Including Partial Cash Settlement)," which
have retrospective application.

    In the three months ended March 31, 2009, GM's financial statements no
longer present FIO operations as a separate segment, which resulted in the
following changes to the condensed consolidated financial statements: (1)
Financial services and insurance revenue were reclassified to Other Revenue;
(2) Financial services and insurance expense was reclassified to Other
expenses; and (3) separate FIO balance sheet line items are no longer
presented. Certain reclassifications were made to the comparable 2008
financial statements to conform to the current period presentation.

    Management believes these non-GAAP financial measures provide meaningful
supplemental information regarding GM's operating results because they exclude
amounts that GM management does not consider part of operating results when
assessing and measuring the operational and financial performance of the
organization. In addition, GM has historically reported similar non-GAAP
financial measures and believes that inclusion of these non-GAAP financial
measures provides consistency and comparability with past earnings releases.
GM management believes these measures allow it to readily view operating
trends, perform analytical comparisons, benchmark performance among geographic
regions and assess whether GM's plan to return to profitability is on target.
Also, GM management uses adjusted net income and adjusted earnings before
interest and income taxes for forecasting purposes and in determining future
capital investment allocations. Accordingly, GM believes these non-GAAP
financial measures are useful to investors in allowing for greater
transparency of supplemental information used by management in its financial
and operational decision-making.

    While GM believes that these non-GAAP financial measures provide useful
supplemental information, there are limitations associated with the use of
these non-GAAP financial measures. These non-GAAP financial measures are not
prepared in accordance with GAAP, do not reflect a comprehensive system of
accounting and may not be comparable to similarly titled measures of other
companies due to potential differences in the method of calculation between
companies. Costs such as the special attrition programs and restructuring
charges that are excluded from GM's non-GAAP financial measures can have a
material effect on net earnings. As a result, these non-GAAP financial
measures have limitations and should not be considered in isolation from, or
as a substitute for, net earnings, cash flow from operations, or other
measures of performance or liquidity prepared in accordance with GAAP. GM
compensates for these limitations by using these non-GAAP financial measures
as supplements to GAAP financial measures and by providing the reconciliations
of the non-GAAP financial measures to their most comparable GAAP financial
measures. Investors are encouraged to review the reconciliations of these
non-GAAP financial measures to their most comparable GAAP financial measures
that are included elsewhere in this press release.
    


    General Motors Corporation and Subsidiaries
    Use of Non-GAAP Financial Measures

    Adjusted Net Income and Adjusted Earnings Before Interest and Income Taxes

    
    Adjusted net income excludes charges for certain tax related items, gains
and losses on the sale of business units and business interests, charges
associated with accounting changes, restructuring, plant closure and
impairment charges, charges associated with Delphi Corporation (Delphi),
special attrition program charges, and other gains and losses which management
excludes when assessing the internal performance of the organization.

    Adjusted earnings before interest and income taxes begins with adjusted
net income and is adjusted to remove any remaining interest and income tax
expense or benefit.
    

    Managerial Cash Flow

    
    GM reports non-GAAP managerial operating cash flow in its earnings
releases and charts for securities analysts. Management believes that
providing managerial operating cash flow furnishes it and investors with
useful information by representing the cash flow generated or consumed by its
operations, including cash consumed by capital expenditures and equity
investments in companies related to GM's core business and cash generated by
sales of operating assets and equity investments in companies related to GM's
core business, before funding non-operating-related obligations including debt
maturities, dividends and other non-operating items. Management uses this
non-GAAP financial measure to assess its cash flow when evaluating the
performance of GM, its business units and its management teams and when making
decisions to allocate resources among GM's business units.


    
                   General Motors Corporation and Subsidiaries
                               List of Special Items
    

    
                 (Dollars in millions, except per share amounts)
                                   (Unaudited)
    

    
                                                       Three Months Ended
                                                         March 31, 2009
                                                         --------------
                                                      Earnings         EPS
     REPORTED
     --------
     Net loss attributable to GM Common
      Stockholders - basic and diluted (*)             $(5,975)        $(9.78)
    

    
     ADJUSTMENTS
     -----------
     Pre-Tax Adjustments:
       Gain on extinguishment of debt (a)              $(906)
       Saab related (b)                                  822
       GMAC related (c)                                 (385)
       Impairments (d)                                   291
       Restructuring/Special attrition program (e)       116
       Delphi (f)                                        135
                                                         ---
     Total Adjustments                                   $73           0.12
                                                         ===           ====
    

    
     ADJUSTED
     --------
     Adjusted loss attributable to GM Common
      Stockholders - basic and diluted (*)             $(5,902)        $(9.66)
                                                 ===========  =============

    (*)  See average shares outstanding .

    

    
    (a)  On March 4, 2009 GM entered into an agreement to amend a $1.5
         billion  U.S. term loan, which expires November 2013. Because the
         terms of the amended U.S. term loan were substantially different
         than the original terms, primarily due to the revised borrowing
         rate, the amendment was accounted for as a debt extinguishment. As a
         result, GM recorded the amended U.S. term loan at fair value and
         recorded a gain of $906 million for the extinguishment of the
         original loan facility.
    

    
    (b)  On February 20, 2009, Saab Automobile AB (Saab) filed for
         Reorganization under a self-managed Swedish court process, which is
         similar to U.S. Chapter 11 bankruptcy protection. The reorganization
         filing resulted in the loss of control necessary for consolidation
         and therefore GM deconsolidated Saab on February 20, 2009. Charges of
         $822 million were recorded related to GM's net investment in, and
         advances to, Saab and other commitments and obligations, including a
         commitment to provide up to $150 million of debtor-in-possession
         financing.
    

    
    (c)  Income of $385 million representing our proportionate share of
         GMAC's debt extinguishment.
    

    
    (d)  Charges of $291 million were recorded for impairments as follows:
         GMNA recorded $263 million charges related to long-lived asset
         impairments and $28 million related to GM's equity investment in
         CAMI Automotive Inc.


    General Motors Corporation and Subsidiaries
    List of Special Items

    (Dollars in millions, except per share amounts)
    (Unaudited)

    


    
    (e)  Net charges of $116 million were recorded for various restructuring
         initiatives and the 2009 special attrition program. Charges and gains
         recorded by region are as follows:
    

    
         GMNA: Charges of $315 million were recorded for the 2009 Special
         Attrition Program. At March 31, 2009, 7,000 hourly employees
         participated in the program.
    

    
         Gains of $411 million were recorded for adjustments to the closed
         plant reserve for the suspension of the Job Opportunity Bank and
         reductions to accrued wages and benefits due to 7,000 employees
         participating in the 2009 Special Attrition Program.
    

    
         Charges of $169 million were recorded for separation programs
         affecting salaried employees and additional planned capacity
         actions affecting hourly employees in the United States and Canada.
    

    
         GME: Charges of $17 million were recorded for separation programs,
         primarily in Germany.
    

    
         GMLAAM: Charges of $26 million were recorded for voluntary and
         involuntary separation programs affecting salaried and hourly
         employees, primarily in South America and South Africa.
    

    
    (f)  Charges of $135 million were recorded for advances made under the
         Delphi Advance Agreement. A reserve was recorded to write-off the
         advance as it was deemed uncollectable. No advances were outstanding
         at December 31, 2008.



    

    
                     General Motors Corporation and Subsidiaries
                               List of Special Items
    

    
                    (Dollars in millions, except per share amounts)
                                    (Unaudited)
                                                     Three Months Ended
                                                       March 31, 2008
                                                       --------------
                                                    Earnings        EPS
     REPORTED
     --------
     Net loss attributable to GM Common
      Stockholders - basic and diluted (*)            $(3,282)       $(5.80)
    

    
     ADJUSTMENTS
     -----------
     Pre-Tax Adjustments:
       Impairment charges related to investment in
        GMAC LLC (a)                                 $1,452
       Delphi (b)                                       731
       Restructuring/Special attrition program (c)      324
                                                        ---
                                                      2,507
                                                      -----
     Tax Related Adjustments:
       Valuation allowances on deferred tax assets
        (d)                                             394
                                                        ---
    

    
     Total Adjustments                               $2,901         $5.13
                                                     ======         =====
    

    
     ADJUSTED
     --------
     Adjusted loss attributable to GM Common
      Stockholders - basic and diluted (*)              $(381)       $(0.67)
                                                 ==========  ============

    (*)  See average shares outstanding.

    

    
    (a)  Charges to record impairments of GM's investments in Common and
         Preferred Membership Interests of GMAC LLC. During the period, GM
         determined that these investments were impaired and that such
         impairment was not temporary in nature. Due to the uncertainty
         regarding the timing of a recovery, if any, in valuation, GM reduced
         the carrying value of these investments to estimated fair value.
    

    
    (b)  Charge primarily related to updated estimates reflecting the
         uncertainty around the nature, value and timing of GM's recoveries
         upon Delphi's emergence from bankruptcy.
    

    
    (c)  Relates to various restructuring initiatives and the 2008 Special
         Attrition Program. Charges recorded by region are as follows:
    

    
        GMNA: Charges of $201 million for retirement pension and benefit
        incentives, pre-retirement incentives and cash buyouts related to
        the 2008 Special Attrition Program.
    

    
        GME: Charges of $123 million were recognized for separation programs
        primarily in Belgium, Germany and Sweden.
    

    
    (d)  Charges of $394 million for valuation allowances on GM's net
         deferred tax assets in Spain and the United Kingdom.


    

    
                       General Motors Corporation and Subsidiaries
                           Summary Corporate Financial Results
    

    
                    (Dollars in millions, except per share amounts)
                                       (Unaudited)
    

    
                                                          Three Months Ended
                                                               March 31,
                                                               ---------
                                                           2009        2008
                                                           ----        ----
    

    
     REPORTED
     --------
     Total net sales and revenue                           $22,431  $42,383
     Net loss attributable to GM Common Stockholders       $(5,975) $(3,282)
     Net margin (a)                                         (26.6)%   (7.7)%
     Loss per share, basic and diluted, attributable to GM
      Common Stockholders                                   $(9.78)  $(5.80)
    

    
     ADJUSTED
     --------
     Total net sales and revenue                           $22,431  $42,383
     Net loss attributable to GM Common Stockholders       $(5,902)   $(381)
     Net margin (a)                                         (26.3)%   (0.9)%
     Loss per share, basic and diluted, attributable to GM
      Common Stockholders                                   $(9.66)  $(0.67)

    See reconciliation of adjusted financial results.

    

    
    (a)  Calculated as Net loss attributable to GM Common Stockholders/Total
         net sales and revenue.


    

    
                      General Motors Corporation and Subsidiaries
                         Summary Corporate Financial Results
    

    (Unaudited)

    
                                                        Three Months Ended
                                                             March 31,
                                                            ---------
                                                         2009        2008
                                                         ----        ----
    

    
     Weighted average common shares outstanding:            (Millions)
     Reported (GAAP) and Adjusted (Non-GAAP):
       Basic and diluted shares                           611         566
    

    
     Cash dividends per share of common
      stock                                                $-       $0.25
    


    
     Cash & marketable securities and                      (Billions)
      readily-available assets in
     VEBA at March 31:
           Cash & marketable securities                 $11.6       $23.6
           Readily-available assets in VEBA                 -         0.7
                                                            -         ---
           Available Liquidity                          $11.6       $24.3
                                                        =====       =====
    


    
     Depreciation and amortization:                        (Millions)
           Depreciation                                $1,482      $1,437
           Amortization of special tools                1,036         772
           Amortization of intangible assets               22          20
                                                           --          --
           Total                                       $2,540      $2,229
                                                       ======      ======



    

    
                       General Motors Corporation and Subsidiaries
                          Summary Corporate Financial Results
    

    
                                 (Dollars in millions)
                                     (Unaudited)
    

    
                             Three Months Ended March 31,
                                     2009 and 2008
    

    
                            Reported         Special Items     Adjusted
                            --------         -------------     --------
                         2009     2008      2009      2008   2009    2008
                         ----     ----      ----      ----   ----    ----
    

    
    Net sales and
      revenue:
     GMNA              $12,319  $24,543       $-       $- $12,319  $24,543
     GME                 5,318    9,909        -        -   5,318    9,909
     GMLAAM              3,446    4,763        -        -   3,446    4,763
     GMAP                2,429    5,296        -        -   2,429    5,296
     Auto Eliminations
      (a)               (1,259)  (2,567)       -        -  (1,259)  (2,567)
                       -------  -------        -        - -------  -------
     Total GMA          22,253   41,944        -        -  22,253   41,944
     GMAC                    -        -        -        -       -        -
     Corporate and
      Other (a)            178      439        -        -     178      439
                           ---      ---        -        -     ---      ---
     Total             $22,431  $42,383       $-       $- $22,431  $42,383
                       =======  =======  ======= =======  =======  =======

    

    
    (a)  Auto Eliminations and Corporate and Other include inter-company
         eliminations.


    

    
                    General Motors Corporation and Subsidiaries
                        Summary Corporate Financial Results
    

    
                               (Dollars in millions)
                                    (Unaudited)
    

    
                            Three Months Ended March 31,
                                    2009 and 2008
    


    
                                    Reported    Special Items  Adjusted
                                    --------    -------------  --------
                                  2009    2008 2009     2008 2009   2008
                                  ----    ---- ----     ---- ----   ----
    

    
    Equity income (loss), net of tax:
     GMNA                        $(59)   $(20) $28       $- $(31) $(20)
     GME                           (2)     13    -        -   (2)   13
     GMLAAM                         2       5    -        -    2     5
     GMAP                         107     134    -        -  107   134
     Auto Eliminations
      (a)                           -       -    -        -    -     -
                                    -       -    -        -    -     -
     Total GMA                     48     132   28        -   76   132
     GMAC                           -       -    -        -    -     -
     Corporate and
      Other (a)                     -       -    -        -    -     -
                                    -       -    -        -    -     -
     Total                        $48    $132  $28       $-  $76  $132
                                  ===    ====  ===      ===  ===  ====
    Net income attributable to noncontrolling
     interests:
    

    
     GMNA               $(16)    $3         $-       $-  $(16)    $3
     GME                 (13)    (7)         -        -   (13)    (7)
     GMLAAM               (4)    (6)         -        -    (4)    (6)
     GMAP                (41)   (50)         -        -   (41)   (50)
     Auto Eliminations
      (a)                  -      -          -        -     -      -
                           -      -          -        -     -      -
     Total GMA           (74)   (60)         -        -   (74)   (60)
     GMAC                  -      -          -        -     -      -
     Corporate and
      Other (a)           (2)   (13)         -        -    (2)   (13)
                         ---   ----          -        -   ---   ----
     Total              $(76)  $(73)        $-       $-  $(76)  $(73)
                       =====  =====  =======       ==== =====  =====


    

    
    (a)  Auto Eliminations and Corporate and Other include inter-company
         eliminations.





    

    
                      General Motors Corporation and Subsidiaries
                          Summary Corporate Financial Results
     
                                 (Dollars in millions)
                                      (Unaudited)
    

    
                              Three Months Ended March 31,
                                     2009 and 2008
    

    
    Earnings (loss)
     Before              Reported           Special Items        Adjusted
     interest            --------           -------------        --------
    

    
     and taxes (a):  2009       2008       2009       2008    2009       2008
                     ----       ----       ----       ----    ----       ----
    

    
    GMNA           $(3,216)     $(449)      $452      $201  $(2,764)    $(248)
    GME             (1,989)       118        751       123   (1,238)      241
    GMLAAM              16        500         26         -       42       500
    GMAP               (21)       310          -         -      (21)      310
    Auto
     Eliminations (b)   54          5          -         -       54         5
    Total GMA EBIT  (5,156)       484      1,229       324   (3,927)      808
    

    
    GMAC              (500)    (1,612)      (385)    1,310     (885)     (302)
    Corporate &
     Other (c)        (433)    (1,501)      (771)      873   (1,204)     (628)
    Total EBT       (6,089)    (2,629)        73     2,507   (6,016)     (122)
    

    
    Income tax expense
    (benefit):        (114)       653          -      (394)    (114)      259
    Net loss
     attributable to
     GM Common
     Stockholders  $(5,975)   $(3,282)       $73    $2,901  $(5,902)    $(381)

    

    
    (a)  Defined here as Operating income (loss) before interest and income
         taxes and after equity income and net income attributable to
         noncontrolling interests.
    

    (b)  Auto Eliminations include inter-company eliminations.

    
    (c)  Corporate and Other include inter-company eliminations, total
         interest income and total interest expense.


    

    
                     General Motors Corporation and Subsidiaries
                         Summary Corporate Financial Results
    


    
                               (Dollars in billions)
                                    (Unaudited)
                                                        Three Months Ended
                                                             March 31,
                                                             ---------
                                                          2009        2008
                                                          ----        ----
    Adjusted Operating Cash Flow:
     Total pre-tax earnings (loss) (a)                   $(6.1)      $(2.6)
     Depreciation, amortization and impairments            2.5         2.2
     Capital expenditures                                 (1.6)       (1.9)
     Change in receivables, payables and inventory        (1.9)       (2.2)
     Pension and OPEB expense (net of payments)           (0.5)       (0.7)
     Accrued expenses and other                           (2.6)        2.1
                                                         -----         ---
      Total Adjusted Operating Cash Flow                $(10.2)      $(3.1)
                                                       =======      ======
    

    
    GAAP to Adjusted Operating Cash Flow:
     Net cash used in operating activities (GAAP) (b)    $(9.4)      $(1.6)
     Capital expenditures                                 (1.6)       (1.9)
     Restructuring costs                                   0.5         0.3
     Delphi restructuring costs                            0.3           -
     Other                                                   -         0.1
                                                             -         ---
      Total Adjusted Operating Cash Flow                $(10.2)      $(3.1)
                                                       =======      ======


    

    
    (a)  Defined here as Operating income (loss) before income taxes and
         after equity income and net income attributable to noncontrolling
         interests.
    

    
    (b)  Operating cash flow from operations.



    

    
                General Motors Corporation and Subsidiaries
                           Operating Statistics
    

    (Unaudited)

    
                                                Three Months Ended
                                                     March 31,
                                                     ---------
                                                 2009        2008
     Worldwide Production Volume:              (Units in thousands)
                                               --------------------
           GMNA - Cars                            116         360
           GMNA - Trucks                          255         525
                                                  ---         ---
           Total GMNA                             371         885
           GME                                    267         493
           GMLAAM                                 185         243
           GMAP (b)                               507         612
                                                  ---         ---
           Total Worldwide (a)                  1,330       2,233
                                                =====       =====
    

    
     Vehicle Unit Deliveries:
           Chevrolet - Cars                        93         181
           Chevrolet - Trucks                     154         299
           Pontiac                                 41          72
           GMC                                     54         104
           Buick                                   21          38
           Saturn                                  20          48
           Cadillac                                24          47
           Other                                    6          17
                                                    -          --
           Total United States                    413         806
           Canada, Mexico and Other                88         141
                                                   --         ---
           Total GMNA                             501         947
           GME                                    405         571
           GMLAAM                                 274         324
           GMAP (b)                               436         411
                                                  ---         ---
           Total Worldwide (a)                  1,616       2,253
                                                =====       =====

    

    
           
    (a)  Total Worldwide may include rounding differences.
    

    
    (b)  Under a contractual agreement with SGMW, GM also reports Wuling
         China vehicle sales in China as part of GM's global market share.
         Wuling China vehicle first quarter Worldwide Production Volume
         included in GM's global vehicle sales and market share data was
         of 237 thousand vehicles and 172 thousand vehicles in 2009 and 2008,
          respectively. Wuling China Vehicle Unit Sales in China were 231
         thousand vehicles and 173 thousand vehicles in 2009 and 2008,
         respectively. Consistent with industry practice, vehicle sales
         information includes estimates of industry sales in certain
         countries where public reporting is not legally required or
         otherwise available on a consistent basis.



    

    
                  General Motors Corporation and Subsidiaries
                             Operating Statistics
    

    
                                (Unaudited)
                                                Three Months Ended
                                                     March 31,
                                                     ---------
     Market Share:                               2009        2008
                                                 ----        ----
           United States - Cars                  15.3%       19.1%
           United States - Trucks                21.4%       24.9%
           Total United States                   18.4%       22.1%
           Total GMNA                            17.9%       21.7%
           Total GME                              8.9%        9.6%
           Total GMLAAM                          16.9%       17.6%
           Total GMAP (a)                         8.0%        6.9%
           Total Worldwide                       11.2%       12.4%
    

    
     U.S. Retail/Fleet Mix:
           % Fleet Sales - Cars                  19.9%       33.5%
           % Fleet Sales - Trucks                15.2%       21.9%
           Total Vehicles                        17.1%       26.7%
    

    
     GMNA Capacity Utilization (b)               36.6%       76.3%
           
    (a)  Under a contractual agreement with SGMW, GM also reports Wuling
         China vehicle sales in China as part of GM's global market share.
    

    
    (b)  Two shift rated, annualized.


    

    
                    General Motors Corporation and Subsidiaries
                               Operating Statistics
    

    (Unaudited)


    
                                                Three Months Ended
                                                     March 31,
                                                     ---------
                                                 2009        2008
                                                 ----        ----
    

    
     GMAC's share of GM retail sales (U.S. only)
     Total consumer volume (retail and lease) as %
       of retail                                   19%         45%
     SmartLease as % of retail                      0%         19%
    

    
     Worldwide Employment at March 31:               (Thousands)
                                                     -----------
      United States - Hourly                       61          76
      United States - Salaried                     27          32
                                                   --          --
      Total United States                          88         108
      Canada, Mexico and Other                     24          28
                                                   --          --
      GMNA                                        112         136
      GME                                          55          58
      GMLAAM                                       33          35
      GMAP                                         33          35
      Corporate and other                           2           2
                                                    -           -
      Total Worldwide                             235         266
                                                  ===         ===
    

    
                                                     (Billions)
                                                     ----------
     Worldwide Payroll                           $2.9        $4.3



    

    
                    General Motors Corporation and Subsidiaries
                   Condensed Consolidated Statements of Operations
    

    
                  (Dollars in millions, except per share amounts)
                                     (Unaudited)
    

    
                                                       Three Months Ended
                                                            March 31,
                                                            ---------
                                                       2009          2008
                                                       ----          ----
    

    
     Net sales and revenue
      Automotive sales                               $22,232       $41,944
      Other revenue                                      199           439
                                                         ---           ---
      Total net sales and revenue                     22,431        42,383
                                                      ------        ------
     Costs and expenses
      Cost of sales                                   24,611        38,152
      Selling, general and administrative
       expense                                         2,497         3,699
      Other expenses                                     985         1,121
                                                         ---         -----
      Total costs and expenses                        28,093        42,972
                                                      ------        ------
        Operating loss                                (5,662)         (589)
     Equity in loss of GMAC LLC                         (500)       (1,612)
     Interest expense                                 (1,230)         (805)
     Interest income and other
      non-operating income, net                          425           318
     Gain on extinguishment of debt                      906             -
                                                         ---             -
     Loss before income taxes and equity
      income                                          (6,061)       (2,688)
     Income tax expense (benefit)                       (114)          653
     Equity income, net of tax                            48           132
                                                          --           ---
     Net loss                                         (5,899)       (3,209)
     Less: Net income attributable to
      noncontrolling interests                           (76)          (73)
                                                        ----          ----
     Net loss attributable to GM Common
      Stockholders                                   $(5,975)      $(3,282)
                                                ============  ============
     Loss per share, basic and diluted,
      attributable to GM Common
      Stockholders                                    $(9.78)       $(5.80)
                                                ============  ============
     Weighted average common shares
      outstanding, basic and diluted
      (millions)                                         611           566
                                                         ===           ===
     Cash dividends per share                             $-         $0.25
                                                   =========         =====


                    
                     General Motors Corporation and Subsidiaries
                        Condensed Consolidated Balance Sheets
    

    
                                (Dollars in millions)
                                     (Unaudited)
    

    
                                           March 31, December 31, March 31,
                                            2009        2008        2008
                                            ----        ----        ----
    

    ASSETS

    
     Current Assets
      Cash and cash
       equivalents                         $11,448     $14,053    $21,601
      Marketable securities                    132         141      2,043
                                               ---         ---      -----
      Total cash and
       marketable securities                11,580      14,194     23,644
      Accounts and notes
       receivable, net                       7,567       7,918     10,471
      Inventories                           11,606      13,195     17,321
      Equipment on operating
       leases, net                           3,430       5,142      7,094
      Other current assets
       and deferred income
       taxes                                 2,593       3,146      4,142
                                             -----       -----      -----
      Total current assets                  36,776      43,595     62,672
     Non-Current Assets
      Equity in net assets
       of nonconsolidated
       affiliates                            2,447       2,146      7,322
      Property, net                         37,625      39,665     43,294
      Goodwill and
       intangible assets,
       net                                     242         265      1,093
      Deferred income taxes                     89          98        915
      Prepaid pension                          106         109     20,593
      Equipment on operating
       leases, net                             375         442      3,035
      Other assets                           4,630       4,719      6,784
                                             -----       -----      -----
      Total non-current
       assets                               45,514      47,444     83,036
                                            ------      ------     ------
     Total Assets                          $82,290     $91,039   $145,708
                                           =======     =======   ========
    

    LIABILITIES AND STOCKHOLDERS' DEFICIT

    
    Current Liabilities
      Accounts payable (principally
       trade)                              $18,253     $22,259    $29,817
      Short-term debt and current
       portion of long-term debt            25,556      16,920      8,532
      Accrued expenses                      36,989      36,429     34,806
                                            ------      ------     ------
      Total current liabilities             80,798      75,608     73,155
     Non-Current Liabilities
      Long-term debt                        28,846      29,018     34,757
      Postretirement benefits other
       than pensions                        22,503      28,919     46,994
      Pensions                              24,476      25,178     11,624
      Other liabilities and deferred
       income taxes                         16,187      17,392     18,554
                                            ------      ------     ------
      Total non-current liabilities         92,012     100,507    111,929
                                            ------     -------    -------
     Total Liabilities                     172,810     176,115    185,084
     Commitments and contingencies
     Stockholders' Deficit
     Preferred stock, no par value,
      6,000,000 shares authorized,
      no shares issued and
      outstanding                                -           -          -
     Preference stock, $0.10 par
      value, authorized 100,000,000
      shares, no shares issued and
      outstanding                                -           -          -
     Common stock, $1 2/3 par value
      (2,000,000,000 shares
      authorized, 800,937,541 and            1,018       1,017        944
     610,505,273 shares issued and
      outstanding at March 31,
      2009, respectively,
      800,937,541 and 610,483,231
      shares issued and outstanding
      at December 31, 2008,
      respectively, and 756,637,541
      and 566,100,839 shares issued
      and outstanding at March 31,
      2008, respectively)
     Capital surplus (principally
      additional paid-in capital)           16,489      16,489     16,108
     Accumulated deficit                   (76,703)    (70,727)   (42,912)
     Accumulated other
      comprehensive loss                   (31,946)    (32,339)   (14,490)
                                          --------    --------   --------
     Total GM stockholders' deficit        (91,142)    (85,560)   (40,350)
     Noncontrolling interests                  622         484        974
                                               ---         ---        ---
     Total stockholders' deficit           (90,520)    (85,076)   (39,376)
                                          --------    --------   --------
     Total Liabilities and
      Stockholders' Deficit                $82,290     $91,039   $145,708
                                       ===========  ==========  =========



    




For further information:

For further information: Renee Rashid-Merem, +1-313-665-3128 (office),
+1-313-701-8560 (cell), renee.rashid-merem@gm.com, or Randy Arickx,
+1-313-667-0006 (office), +1-313-268-7070 (cell), randy.c.arickx@gm.com Web
Site: http://www.gm.com                 http://media.gm.com

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