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Old 04-18-2002, 02:37   #1 (permalink)
 
Join Date: Feb 2001
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Ford Falls Deep Into Red For 1q

FORD FALLS DEEP INTO RED FOR 1Q
Ford Motor Co. continued its string of money-losing quarters, reporting a
first-quarter deficit of $800 million or 45 cents a share yesterday. By
comparison, Ford earned just over $1 billion, or 56 cents a share during
the first quarter of 2001. The quarter saw Ford announce a massive
turnaround plan that includes layoffs and plant closings, but company
officials admit it will take several years before the campaign begins to
show serious results. The latest numbers show the turnaround project will
actually have some negative effects, at least initially. The decline in
January-March earnings resulted in part from a six-percent slip in sales
and revenues, but also included a $700 million write-off reflecting the
drop in value of some acquisitions made during the tenure of former CEO
Jac Nasser. Excluding those one-time charges, the quarterly deficit would
have come in at $108 million, or 6 cents a share. That's actually a bit
better than Wall Street had been expecting and may help soften the
pessimistic mood. There's been growing concern that Ford would not be able
to achieve its goal of getting back to breakeven this year.
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