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EXHIBIT 99.1
[FORD CREDIT LETTERHEAD]
Contact: Della DiPietro or Kristen Kinley
(313) 594-1096
IMMEDIATE RELEASE
FORD CREDIT REPORTS FIRST-QUARTER 1998 EARNINGS
DEARBORN, Mich., April. 16, 1998 -- Ford Motor Credit Company earned
$278 million in the first quarter this year, Chairman Ken Whipple and President
Edsel B. Ford II announced today. Earnings were two million dollars higher than
1997 first-quarter net income of $276 million.
Compared with the first quarter of 1997, the earnings reflected improved
portfolio yields, lower borrowing costs and higher financing volumes, offset by
higher depreciation expense on leased vehicles. Higher depreciation expense on
leased vehicles is expected to adversely affect Ford Credit's earnings for the
remainder of 1998.
Ford Credit's net finance receivables and net investment in operating leases
increased to $117.6 billion at March 31, compared with $111.1 billion a year
earlier.
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Consolidated financial statements exclude certain vehicle finance subsidiaries
of Ford Motor Company that are managed by Ford Credit. Ford Credit's worldwide
managed operations earned $283 million for the first quarter of 1998. Worldwide
managed net receivables and net investment in operating leases were $134.1
billion at March 31, 1998. Included in these managed receivables are certain
finance receivables Ford Credit has sold and continues to service.
As the world's largest automotive finance company, Ford Credit provides vehicle
financing for more than 11,000 automotive dealers and more than 8 million retail
customers in 35 countries.
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4/16/98
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Ford Motor Credit Company and Consoldated Subsidiaries
OPERATING HIGHLIGHTS
First Quarter
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1998 1997
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INCOME (in Millions)
Income Before Income Taxes $ 489.2 $ 473.8
Net Income 277.8 275.9
Memo: Depreciation Expense 1,682.0 1,445.5
MARKET SHARE
Ford Retail United States 38.3% 38.9%
Europe 26.3 24.6
Ford Wholesale United States 79.5% 77.4%
Europe 94.9 94.0
CONTRACT VOLUME - New and Used Retail/Lease (in Thousands)
United States 627 637
Europe 192 166
Other International 99 88
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Total Contract Volume 918 891
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ASSETS (in Millions)
Net Finance Receivables $ 82,335.8 $ 78,436.6
Net Investment in Operating Leases 35,299.1 32,660.5
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Total Net Finance Receivables $ 117,634.9 $ 111,097.1
Other Assets 6,897.6 8,724.8
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Total Assets $ 124,532.5 $ 119,821.9
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LIABILITIES AND STOCKHOLDER'S EQUITY (in Millions)
Liabilities
Debt - Short Term $ 58,913.1 $ 53,634.8
Debt - Long Term 45,367.2 44,320.3
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Total Debt $ 104,280.3 $ 97,955.1
Other Liabilities 9,878.0 11,921.6
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Total Liabilities $ 114,158.3 $ 109,876.7
Minority Interests in Net Assets of Subsidiaries 497.8 336.2
Preferred Equity in Subsidiary Company - 286.5
Stockholder's Equity 9,876.4 9,322.5
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Total Liabilities and Stockholder's Equity $ 124,532.5 $ 119,821.9
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Memo:
SELECTED WORLDWIDE RESULTS FOR MANAGED OPERATIONS * First Quarter
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1998 1997
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INCOME (in Millions)
Income Before Income Taxes $ 494 $ 468
Net Income 283 279
CONTRACT VOLUME - New and Used Retail/Lease (in Thousands) 969 939
MANAGED NET FINANCE RECEIVABLES AND
NET INVESTMENT IN OPERATING LEASES (in Millions) * $ 134,062 $ 124,901
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* Managed Receivables include certain finance receivables
Ford Credit has sold and continues to service.