|
|
1998 Statement of Income and Available Separate Consolidated Net Income
(Dollars in Millions Except Per Share Amounts)
| |
Second Quarter
|
Six Months
Ended June 30,
|
|
| |
1998
|
1997
|
1998
|
1997
|
| Revenues |
|
| |
|
| Product sales |
$762.6
|
$739.4
|
$1,454.7
|
$1,422.6 |
| Direct broadcast, leasing and other services |
606.4
|
412.0
|
1,205.3
|
752.8
|
|
| Total Revenues |
1,369.0
|
1,151.4
|
2,660.0 |
2.175.4 |
|
| Operating Costs and Expenses |
|
| |
|
| Cost of products sold |
580.6
|
606.3
|
1,122.9
|
1,161.1
|
| Broadcast programming and other costs |
250.8
|
190.7
|
515.6
|
354.5
|
| Selling, general and administrative expenses |
359.2
|
230.1
|
661.8
|
452.1
|
| Depreciation and amortization |
100.2
|
67.0
|
197.9
|
117.3
|
| Amortization of GM purchase accounting adjustments (1) |
5.3
|
5.3
|
10.6
|
10.6
|
|
| Total Operating Costs and Expenses |
1,296.1
|
1,099.4
|
2,508.8 |
2,095.6 |
|
| Operating Profit |
72.9
|
52.0
|
151.2
|
79.8
|
| Interest income |
30.6
|
5.7
|
68.1
|
7.7
|
| Interest expense |
(2.9)
|
(18.6)
|
(5.9)
|
(33.7)
|
| Other, net |
(35.1)
|
479.5
|
(69.4)
|
470.4
|
|
| Income from Continuing Operations Before
Income Taxes and Minority Interests |
65.5
|
518.6
|
144.0
|
524.2
|
| Income taxes |
23.3
|
207.5
|
54.7
|
209.7
|
| Minority interests in net losses of subsidiaries |
8.6
|
7.7
|
9.9
|
21.9
|
|
| Income from continuing operations |
50.8
|
318.8
|
99.2
|
336.4
|
| Income from discontinued operations, net of taxes |
-
|
0.3
|
-
|
1.3
|
|
| Net Income |
50.8
|
319.1
|
99.2
|
337.7
|
| Adjustments to exclude the effect of GM purchase
accounting adjustments (1) |
5.3
|
5.3
|
10.6
|
10.6
|
|
| Net Earnings Used for Computation of Available
Separate Consolidated Net Income |
$56.1
|
$324.4
|
$109.8 |
$348.3 |
|
| Available Separate Consolidated Net Income (2) |
$14.7
|
$82.0
|
$28.7
|
$88.0
|
|
| Net Earnings Attributable to General Motors
Class H Common Stock on a Per Share Basis (2) |
$0.14
|
$0.81
|
$0.27
|
$0.87
|
(1) Relates to General Motors' purchase of Hughes Aircraft Company in 1985.
(2) 1997 amounts are presented on a pro forma basis. Historically, such amounts were
calculated based on the financial performance of former Hughes, which consisted of
the defense electronics, automotive electronics and telecommunications and space
businesses. Since these financial statements relate only to the telecommunications
and space businesses of former Hughes, the pro forma presentation is used to present
the results that would have been achieved relative to the GM Class H common stock
had the results been calculated based only upon such
telecommunications and space businesses.
|
