Exhibit 99.1
Navistar International Corporation
Statements of Income
2004 Quarterly
Consolidated Statement of Income (Unaudited) | Navistar International Corporation | ||||||||||||
and Consolidated Subsidiaries | |||||||||||||
For the Three Months Ended | |||||||||||||
January 31, | April 30, | July 31, | October 31, | ||||||||||
Millions of dollars | 2004 | 2004 | 2004 | 2004 | |||||||||
As Restated | As Restated | As Restated | |||||||||||
Sales and revenues | |||||||||||||
Sales of manufactured products | $ | 1,886 | $ | 2,276 | $ | 2,294 | $ | 3,012 | |||||
Finance revenue | 56 | 71 | 55 | 63 | |||||||||
Other income | 3 | 6 | - | 2 | |||||||||
Total sales and revenues | 1,945 | 2,353 | 2,349 | 3,077 | |||||||||
Costs and expenses | |||||||||||||
Cost of products and services sold | 1,653 | 1,976 | 1,953 | 2,577 | |||||||||
Restructuring and other non-recurring charges | 4 | - | (5 | ) | - | ||||||||
Postretirement benefits expense | 61 | 58 | 43 | 43 | |||||||||
Engineering and research expense | 64 | 51 | 66 | 64 | |||||||||
Selling, general and administrative expense | 149 | 150 | 174 | 183 | |||||||||
Interest expense | 32 | 33 | 31 | 31 | |||||||||
Other expense | 7 | 8 | 5 | 2 | |||||||||
Total costs and expenses | 1,970 | 2,276 | 2,267 | 2,900 | |||||||||
Income (loss) from continuing operations before income taxes | (25 | ) | 77 | 82 | 177 | ||||||||
Income tax expense (benefit) | (11 | ) | 25 | 32 | 18 | ||||||||
Net income (loss) | $ | (14 | ) | $ | 52 | $ | 50 | $ | 159 | ||||
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Exhibit 99.1 (continued)
The following additional financial information is provided based upon the continuing interest of certain shareowners and creditors to assist them in understanding our core manufacturing business.
Condensed Statement of Income (Unaudited) | Navistar International Corporation | ||||||||||||
(with financial services operations on an equity basis) | |||||||||||||
For the Three Months Ended | |||||||||||||
Millions of dollars | January 31, 2004 | April 30, 2004 | July 31, 2004 | October 31, 2004 | |||||||||
As Restated | As Restated | As Restated | |||||||||||
Sales and revenues | |||||||||||||
Sales of manufactured products | $ | 1,887 | $ | 2,277 | $ | 2,292 | $ | 3,011 | |||||
Other income | 2 | 3 | - | 2 | |||||||||
Total sales and revenues | 1,889 | 2,280 | 2,292 | 3,013 | |||||||||
Cost and expenses | |||||||||||||
Cost of products sold | 1,641 | 1,962 | 1,942 | 2,566 | |||||||||
Restructuring and other non-recurring charges | 4 | - | (5 | ) | - | ||||||||
Postretirement benefits expense | 60 | 58 | 42 | 42 | |||||||||
Engineering and research expense | 65 | 50 | 66 | 64 | |||||||||
Selling, general and administrative expense | 134 | 137 | 161 | 169 | |||||||||
Other expense | 33 | 35 | 31 | 30 | |||||||||
Total costs and expenses | 1,937 | 2,242 | 2,237 | 2,871 | |||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||||
Manufacturing operations | (48 | ) | 38 | 55 | 142 | ||||||||
Financial services operations | 23 | 39 | 27 | 35 | |||||||||
Income (loss) from continuing operations before income taxes | (25 | ) | 77 | 82 | 177 | ||||||||
Income tax expense (benefit) | (11 | ) | 25 | 32 | 18 | ||||||||
Net income (loss) | $ | (14 | ) | $ | 52 | $ | 50 | $ | 159 | ||||
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