|
|
Statement of Income and Available Separate Consolidated Net Income
(Dollars in Millions Except Per Share Amounts)
|
|
Third Quarter
|
|
Nine Months
Ended September 30,
|
| |
1998
|
|
1997
|
|
1998
|
|
1997
|
|
| Revenues |
|
|
|
|
|
|
|
| Product sales |
$872.8
|
|
$703.3
|
|
$2,327.5
|
|
$2,125.9
|
| Direct broadcast, leasing and other services |
640.5
|
|
555.0
|
|
1,845.8
|
|
1,307.8
|
|
| Total Revenues |
1,513.3
|
|
1,258.3
|
|
4,173.3
|
|
3,433.7
|
|
| Operating Costs and Expenses |
|
|
|
|
|
|
|
| Cost of products sold |
659.5
|
|
550.3
|
|
1,782.4
|
|
1,711.4
|
| Broadcast programming and other costs |
284.6
|
|
243.9
|
|
800.2
|
|
598.4
|
| Selling, general and administrative expenses |
390.4
|
|
261.9
|
|
1,052.2
|
|
714.0
|
| Depreciation and amortization |
111.3
|
|
78.0
|
|
309.2
|
|
195.3
|
| Amortization of GM purchase accounting adjustments (1) |
5.3
|
|
5.3
|
|
15.9
|
|
15.9
|
|
| Total Operating Costs and Expenses |
1,451.1
|
|
1,139.4
|
|
3,959.9
|
|
3,235.0
|
|
| Operating Profit |
62.2
|
|
118.9
|
|
213.4
|
|
198.7
|
| |
| Interest income |
20.5
|
|
10.4
|
|
88.6
|
|
18.1
|
| Interest expense |
(3.6)
|
|
(24.4)
|
|
(9.5)
|
|
(58.1)
|
| Other, net |
(33.4)
|
|
(17.8)
|
|
(102.8)
|
|
452.6
|
|
|
|
| Income from Continuing Operations Before
Income Taxes and Minority Interests |
45.7
|
|
87.1
|
|
189.7
|
|
611.3
|
| |
|
|
|
|
|
|
|
| Income taxes |
17.4
|
|
34.8
|
|
72.1
|
|
244.5
|
| Minority interests in net losses (income) of subsidiaries |
9.3
|
|
(5.1)
|
|
19.2
|
|
16.8
|
|
| |
|
|
|
|
|
|
|
| Income from continuing operations |
37.6
|
|
47.2
|
|
136.8
|
|
383.6
|
| |
|
|
|
|
|
|
|
| (Loss) income from discontinued operations, net of taxes |
-
|
|
(0.1)
|
|
-
|
|
1.2
|
|
| |
|
|
|
|
|
|
|
| Net Income |
37.6
|
|
47.1
|
|
136.8
|
|
384.8
|
| |
|
|
|
|
|
|
|
| Adjustments to exclude the effect of GM purchase
accounting adjustments (1) |
5.3
|
|
5.3
|
|
15.9
|
|
15.9
|
| |
|
|
|
|
|
|
|
|
| Net Earnings Used for Computation of Available
Separate Consolidated Net Income |
$42.9
|
|
$52.4
|
|
$152.7
|
|
$400.7
|
|
| Available Separate Consolidated Net Income (2) |
$11.4
|
|
$13.4
|
|
$40.1
|
|
$101.4
|
|
| Net Earnings Attributable to General Motors
Class H Common Stock on a Per Share Basis (2) |
$0.11
|
|
$0.13
|
|
$0.38
|
|
$1.00
|
(1) Relates to General Motors' purchase of Hughes 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.
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