Exhibit 99.1
Public Affairs, Ford Motor Credit Company, The American Road, P.O. Box 1732,
Dearborn, Michigan 48121
Telephone: 313/594-1096; Fax: 313/390-2453
Internet: http://media.ford.com
Media Information Center: 1/800/665-1515
Contact: Kristen Kinley or Della DiPietro
313-594-1096
IMMEDIATE RELEASE
FORD CREDIT EARNS $300 MILLION IN THE FIRST QUARTER, UP 8 PERCENT
DEARBORN, Mich., April 15, 1999 -- Ford Credit earned $300 million in the first
quarter of this year, up $22 million or 8 percent, from a year ago, Chairman and
Chief Executive Officer Philippe Paillart announced today.
Compared with the first quarter of 1998, the increase in earnings reflects
higher financing volumes, improved credit loss performance and lower taxes
offset partially by higher depreciation expense on leased vehicles.
"Our first quarter earnings improvement of 8 percent from 1998, puts us on track
for achieving our 1999 full-year earnings growth of 10 percent," said Paillart.
"We're pleased to see our customer base grow as we sharpen our focus on meeting
the consumer's financial needs."
Ford Credit's total finance receivables increased to $131.8 billion on March 31,
compared with $117.6 billion a year earlier.
As the world's largest automotive finance company, Ford Credit provides vehicle
financing in 36 countries for more than eight million customers and 11,000
automotive dealers.
# # #
4/15/99
Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS
First Quarter
1999 1998
Income (in Millions)
Income Before Income Taxes $ 498.9 $ 489.2
Net Income 299.8 277.8
Memo: Depreciation Expense 1,841.3 1,682.0
Market Share
Ford Retail & Lease United States 45.2 % 38.3 %
Europe 30.3 26.3
Ford Wholesale United States 83.0 % 79.5 %
Europe 94.8 94.9
Contract Volume - New and Used Retail/Lease (in Thousands)
United States 738 627
Europe 217 192
Other International 120 99
--- ----
Total Contract Volume 1,075 918
===== ===
Assets (in Millions)
Net Finance Receivables $ 96,814.7 $ 82,335.8
Net Investment in Operating Leases 35,004.7 35,299.1
-------- --------
Total Net Finance Receivables $ 131,819.4 $ 117,634.9
Other Assets 8,823.3 6,897.6
------- -------
Total Assets $ 140,642.7 $ 124,532.5
========= =========
Liabilities and Stockholder's Equity (in Millions)
Liabilities
Debt - Short Term $ 53,362.4 $ 48,798.9
Debt - Long Term 64,584.7 55,481.4
-------- --------
Total Debt $ 117,947.1 $ 104,280.3
Other Liabilities 11,413.9 9,878.0
-------- -------
Total Liabilities $ 129,361.0 $ 114,158.3
Minority Interests in Net Assets of Subsidiaries 385.2 497.8
Stockholder's Equity 10,896.5 9,876.4
-------- -------
Total Liabilities and Stockholder's Equity $ 140,642.7 $ 124,532.5
========= =========