Exhibit 99.1
MEDIA CONTACT: KEITH PRICE
330-796-1863
ANALYST CONTACT: BARB GOULD
330-796-8576
FOR IMMEDIATE RELEASE
GOODYEAR TO REPORT 2003 FINANCIAL RESULTS
-----------------------------------------
AKRON, Ohio, May 11, 2004 - The Goodyear Tire & Rubber Company will
report fourth quarter 2003 financial results and details of its previously
announced restatement of financial results for the years 1999-2003 on Wednesday,
May 19, followed by an investor conference call at 9 a.m.
Prior to the call, the company will post the financial and other
statistical information that will be presented on its investor relations Web
site: investor.goodyear.com.
Participating in the conference call will be Robert J. Keegan, chairman
and chief executive officer, and Robert W. Tieken, executive vice president and
chief financial officer. They will review Goodyear's fourth quarter results and
the restatements as well as provide an outlook for the first quarter of 2004.
As a result of the timing of Goodyear's filing of its 2003 Annual Report
on Form 10-K, the company said it expects the filing of its Form 10-Q for the
first quarter of 2004 will be delayed until mid-June. Goodyear filed a
Notification of Late Filing on Form 12b-25 with the Securities and Exchange
Commission today in connection with this 10-Q.
Because the company will not file the first quarter 2004 10-Q by May 30,
as required in its loan agreements, Goodyear said it would initiate discussions
with lenders to extend the deadline for filing by 30 days. While Goodyear does
not expect to need to access the facilities during this 30-day period, in the
absence of an extension, the company would not be able to access them. If
Goodyear does not obtain an extension, it would still have until June 30 to file
its 10-Q and regain access, but if Goodyear does not file its 10-Q by then,
there could be an event of default under the loan agreements and thereafter
under other debt instruments.
(more)
-2-
Additionally, Goodyear said it is seeking an amendment from its European
credit facility lenders to allow until June 4 for delivery to its lenders of the
2003 audited financial statements for its Goodyear Dunlop Tires Europe BV joint
venture. These financial statements, which have historically been completed
after Goodyear's 10-K has been filed, are presently required to be delivered by
May 19. Goodyear is seeking to complete these financial statements to coincide
with the filing of its 10-K by May 19. Goodyear must complete these financial
statements or obtain this amendment by May 19 in order to file the 10-K by that
date and avoid defaults under its principal credit facilities.
In today's 12b-25 filing, the company reported that it expects an
improvement in results of operations for the first quarter of 2004 compared with
the restated prior-year period and expects that segment operating income will be
improved for each of its seven businesses. It also stated that until the
financial statements are complete, the final results of operations for the first
quarter results cannot be determined.
Shareholders, members of the media and other interested persons may
access the May 19 conference call on the Web site or via telephone by calling
(706) 634-5954 before 8:55 a.m. that day. A taped replay of the conference call
will be available at 2 p.m. by calling (706) 634-4556. The call replay will also
remain available on the Web site.
Goodyear is the world's largest tire company. The company manufactures
tires, engineered rubber products and chemicals in more than 85 facilities in 28
countries around the world. Goodyear employs about 86,000 people worldwide.
Certain information contained in this press release may constitute
forward-looking statements for purposes of the safe harbor provisions of The
Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements as a result
of various factors, including, without limitation, the ongoing investigation by
the SEC regarding Goodyear's accounting restatement, the implementation of the
company's plan to improve internal controls, the completion of the audit of the
company's 2003 financial statements and the completion of the preparation of its
interim financial statements. Additional factors that may cause actual results
to differ materially from those indicated by such forward-looking statements are
discussed in the company's Form 10-K for the year ended Dec. 31, 2002, and Form
10-Q for the quarter ended Sept. 30, 2003, and Form 8-K dated Feb. 11, 2004,
which are on file with the Securities and Exchange Commission. In addition, any
forward-looking statements represent our estimates only as of today and should
not be relied upon as representing our estimates as of any subsequent date.
While we may elect to update forward-looking statements at some point in the
future, we specifically disclaim any obligation to do so, even if our estimates
change.
-0-