Exhibit 99.1
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended December 31, 2002 and 2001
(in millions)
Fourth Quarter | Full Year | ||||||||||||||||
2002 | 2001 | 2002 | 2001 | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||
AUTOMOTIVE | |||||||||||||||||
Sales | $ | 34,661 | $ | 33,593 | $ | 134,425 | $ | 130,827 | |||||||||
Costs and expenses | |||||||||||||||||
Costs of sales | 32,401 | 37,200 | 125,137 | 128,417 | |||||||||||||
Selling, administrative and other expenses | 2,679 | 2,707 | 9,819 | 9,805 | |||||||||||||
Total costs and expenses | 35,080 | 39,907 | 134,956 | 138,222 | |||||||||||||
Operating income/(loss) | (419 | ) | (6,314 | ) | (531 | ) | (7,395 | ) | |||||||||
Interest income | 173 | 149 | 834 | 765 | |||||||||||||
Interest expense | 331 | 372 | 1,368 | 1,376 | |||||||||||||
Net interest income/(expense) | (158 | ) | (223 | ) | (534 | ) | (611 | ) | |||||||||
Equity in net income/(loss) of affiliated companies | 6 | (170 | ) | (91 | ) | (856 | ) | ||||||||||
Income/(loss) before income taxes — Automotive | (571 | ) | (6,707 | ) | (1,156 | ) | (8,862 | ) | |||||||||
FINANCIAL SERVICES | |||||||||||||||||
Revenues | 6,919 | 7,118 | 28,161 | 29,927 | |||||||||||||
Costs and expenses | |||||||||||||||||
Interest expense | 1,715 | 2,134 | 7,456 | 9,441 | |||||||||||||
Depreciation | 2,609 | 2,583 | 10,240 | 10,164 | |||||||||||||
Operating and other expenses | 1,248 | 1,337 | 5,080 | 5,221 | |||||||||||||
Provision for credit and insurance losses | 753 | 1,527 | 3,276 | 3,661 | |||||||||||||
Total costs and expenses | 6,325 | 7,581 | 26,052 | 28,487 | |||||||||||||
Income/(loss) before income taxes — Financial Services | 594 | (463 | ) | 2,109 | 1,440 | ||||||||||||
TOTAL COMPANY | |||||||||||||||||
Income/(loss) before income taxes | 23 | (7,170 | ) | 953 | (7,422 | ) | |||||||||||
Provision for/(benefit from) income taxes | (48 | ) | (2,130 | ) | 302 | (2,097 | ) | ||||||||||
Income/(loss) before minority interests | 71 | (5,040 | ) | 651 | (5,325 | ) | |||||||||||
Minority interests in net income/(loss) of subsidiaries | 82 | (9 | ) | 367 | 24 | ||||||||||||
Income/(loss) from continuing operations | (11 | ) | (5,031 | ) | 284 | (5,349 | ) | ||||||||||
Cumulative effect of change in accounting principle | — | — | (1,002 | ) | — | ||||||||||||
Income/(loss) from discontinued/held-for-sale operations | (15 | ) | (37 | ) | (63 | ) | (104 | ) | |||||||||
Loss on disposal of discontinued/held-for-sale operations | (104 | ) | — | (199 | ) | — | |||||||||||
Net income/(loss) | $ | (130 | ) | $ | (5,068 | ) | $ | (980 | ) | $ | (5,453 | ) | |||||
Income/(loss) attributable to Common and Class B Stock after Preferred Stock dividends | $ | (134 | ) | $ | (5,072 | ) | $ | (995 | ) | $ | (5,468 | ) | |||||
Average number of shares of Common and Class B Stock outstanding | 1,833 | 1,810 | 1,819 | 1,820 | |||||||||||||
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK | |||||||||||||||||
Basic income | |||||||||||||||||
Income/(loss) from continuing operations | $ | (0.01 | ) | $ | (2.79 | ) | $ | 0.15 | $ | (2.96 | ) | ||||||
Cumulative effect of change in accounting principle | — | — | (0.55 | ) | — | ||||||||||||
Income/(loss) from discontinued/held-for-sale operations | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.06 | ) | |||||||||
Loss on disposal of discontinued/held-for-sale operations | (0.05 | ) | — | (0.11 | ) | — | |||||||||||
Net income/(loss) | $ | (0.07 | ) | $ | (2.81 | ) | $ | (0.55 | ) | $ | (3.02 | ) | |||||
Diluted income | |||||||||||||||||
Income/(loss) from continuing operations | $ | (0.01 | ) | $ | (2.79 | ) | $ | 0.15 | $ | (2.96 | ) | ||||||
Cumulative effect of change in accounting principle | — | — | (0.55 | ) | — | ||||||||||||
Income/(loss) from discontinued/held-for-sale operations | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.06 | ) | |||||||||
Loss on disposal of discontinued/held-for-sale operations | (0.05 | ) | — | (0.11 | ) | — | |||||||||||
Net income/(loss) | $ | (0.07 | ) | $ | (2.81 | ) | $ | (0.54 | ) | $ | (3.02 | ) | |||||
Cash dividends | $ | 0.10 | $ | 0.15 | $ | 0.40 | $ | 1.05 |