Visteon Completes Restatements and Files Pro Forma Financials
November 22 2005 - 4:13PM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Nov. 22 /PRNewswire-FirstCall/ --
Visteon Corporation (NYSE:VC) today announced that it has completed
the restatement of its financial statements for the years ended
Dec. 31, 2004, 2003 and 2002 and has filed with the U.S. Securities
and Exchange Commission its amended 2004 annual report on Form
10-K/A and quarterly reports on Form 10-Q for the first three
quarters of 2005. Visteon also filed an amendment to its current
report on Form 8-K/A dated Oct. 6, 2005, to provide certain pro
forma financial information required in connection with the closing
of the transactions with Ford Motor Company on Oct. 1, 2005. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) As
announced Oct. 21, Visteon's Audit Committee, with the assistance
of outside counsel, recently completed an independent review of the
accounting for certain transactions originating in the company's
North American purchasing group. As previously reported, the Audit
Committee, as well as management, determined that certain expenses
for freight, raw materials and other supplier costs originating in
North America were recorded in periods after Dec. 31, 2004, and
should have been recorded in prior periods. The filings today
correct these errors and make other adjustments as detailed in the
amended reports. "We are pleased to have completed the independent
review and our required financial filings," said Mike Johnston,
Visteon chairman and chief executive officer. "Throughout this
review process our employees have stayed focused on our customers
and the many actions needed to make Visteon a success." In the
filings made today, Visteon's reported results for the years 2002-
2004 are within the ranges estimated in its Oct. 21 press release.
In addition, Visteon reported a net loss for the first nine months
of 2005 of $1.608 billion, or $(12.78) per share, including nearly
$1.2 billion in special charges, and a net loss for full year 2004
of $1.536 billion, or $(12.26) per share, including nearly $1.3
billion in special charges. The unaudited pro forma consolidated
financial information reflects pro forma revenue for the first nine
months of 2005 of $8.6 billion. This amount includes an estimate of
revenue related to the reimbursement from Automotive Components
Holdings, LLC of costs for leased employees and related services
provided by Visteon, and the elimination of Ford sales of $5.5
billion. In addition, $611 million of other customers' sales,
primarily related to tier two sales to Ford and glass sales, have
been eliminated. "Completing the pro forma financials is an
important part of becoming current in our financial filings,
although they are not necessarily predictive of Visteon's future
results," said Jim Palmer, executive vice president and chief
financial officer. "Many of our non-strategic operations were
addressed with the Ford transaction, yet we continue to review
every facet of our business to reduce our cost base, while
continuing to meet our customer requirements, as we position
Visteon for financial success in this challenging market. Our
previously announced change to post-retirement benefits and
additional restructuring of our manufacturing footprint and
supporting infrastructure will provide further cost benefits in the
future." Visteon Corporation is a leading global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers. With corporate offices in Van Buren
Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries and employs
approximately 50,000 people. This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward- looking
statements are not guarantees of future results and conditions but
rather are subject to various factors, risks and uncertainties that
could cause our actual results to differ materially from those
expressed in these forward-looking statements, including the
automotive vehicle production volumes and schedules of our
customers, and in particular Ford's North American vehicle
production volumes; our ability to satisfy our future capital and
liquidity requirements and comply with the terms of our credit
agreements; the financial distress of our suppliers; our ability to
implement, and realize the anticipated benefits of, restructuring
and other cost-reduction initiatives and our successful execution
of internal performance plans and other productivity efforts;
charges resulting from restructurings, employee reductions,
acquisitions or dispositions; our ability to offset or recover
significant material surcharges; the effect of pension and other
post- employment benefit obligations; as well as those factors
identified in our filings with the SEC (including our Annual Report
on Form 10-K for the year- ended December 31, 2004). We assume no
obligation to update these forward- looking statements.
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO DATASOURCE:
Visteon Corporation CONTACT: Media Inquiries: Jim Fisher,
+1-734-710-5557, E-mail: or Investor Inquiries: Derek Fiebig,
+1-734-710-5800, E-mail: , both of Visteon Corporation Web site:
http://www.visteon.com/
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