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Statement Of Income And Available Separate Consolidated Net Income
(Dollars in Millions Except Per Share Amounts)
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Year Ended
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Fourth Quarter
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December 31,
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1998
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1997
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1998
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|
1997
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| Revenues |
| Product sales |
|
$1,032.8
|
|
$1,017.7
|
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$3,360.3
|
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$3,143.6
|
| Direct broadcast, leasing and other services |
|
757.8
|
|
676.9
|
|
2,603.6
|
|
1,984.7
|
|
| Total Revenues |
|
1,790.6
|
|
1,694.6
|
|
5,963.9
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|
5,128.3
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| Operating Costs and Expenses |
|
|
|
|
|
|
|
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| Cost of products sold |
|
844.9
|
|
781.9
|
|
2,627.3
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2,493.3
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| Broadcast programming and other costs |
|
375.5
|
|
313.9
|
|
1,175.7
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|
912.3
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| Selling, general and administrative expenses |
|
404.8
|
|
405.9
|
|
1,457.0
|
|
1,119.9
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| Depreciation and amortization |
|
124.6
|
|
101.1
|
|
433.8
|
|
296.4
|
| Amortization of GM purchase accounting adjustments (1) |
|
5.1
|
|
5.1
|
|
21.0
|
|
21.0
|
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| Total Operating Costs and Expenses |
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1,754.9
|
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1,607.9
|
|
5,714.8
|
|
4,842.9
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| Operating Profit |
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35.7
|
|
86.7
|
|
249.1
|
|
285.4
|
|
|
|
|
|
|
|
|
|
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| Interest income |
|
23.7
|
|
15.0
|
|
112.3
|
|
33.1
|
| Interest expense |
|
(8.0)
|
|
(32.9)
|
|
(17.5)
|
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(91.0)
|
| Other, net |
|
(50.3)
|
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(61.9)
|
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(153.1)
|
|
390.7
|
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| Income from Continuing Operations Before Income Taxes, |
|
|
|
|
|
|
|
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| Minority Interests, Extraordinary Item and Cumulative |
|
|
|
|
|
|
|
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| Effect of Accounting Change |
|
1.1
|
|
6.9
|
|
190.8
|
|
618.2
|
|
|
| Income taxes |
|
(116.8)
|
|
(7.8)
|
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(44.7)
|
|
236.7
|
| Minority interests in net losses of subsidiaries |
|
5.2
|
|
8.0
|
|
24.4
|
|
24.8
|
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| Income from continuing operations |
|
123.1
|
|
22.7
|
|
259.9
|
|
406.3
|
|
|
|
|
|
|
|
|
|
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| Income from discontinued operations, net of taxes |
|
-
|
|
-
|
|
-
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|
1.2
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| Gain on sale of discontinued operations, net of taxes |
|
-
|
|
62.8
|
|
-
|
|
62.8
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| Income before extraordinary item and cumulative effect |
|
|
|
|
|
|
|
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| of accounting change |
|
123.1
|
|
85.5
|
|
259.9
|
|
470.3
|
|
|
|
|
|
|
|
|
|
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| Extraordinary item, net of taxes |
|
-
|
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(20.6)
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|
-
|
|
(20.6)
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| Cumulative effect of accounting change, net of taxes (3) |
|
-
|
|
-
|
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(9.2)
|
|
-
|
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| Net Income |
|
123.1
|
|
64.9
|
|
250.7
|
|
449.7
|
|
|
|
|
|
|
|
|
|
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| Adjustments to exclude the effect of GM purchase |
|
|
|
|
|
|
|
|
| accounting adjustments (1) |
|
5.1
|
|
5.1
|
|
21.0
|
|
21.0
|
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| Net Earnings Used for Computation of Available |
|
|
|
|
|
|
|
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| Separate Consolidated Net Income |
|
$128.2
|
|
$70.0
|
|
$271.7
|
|
$470.7
|
|
| Available Separate Consolidated Net Income (2) |
|
$33.9
|
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$18.0
|
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$71.5
|
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$119.4
|
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| Net Earnings Attributable to General Motors |
|
|
|
|
|
|
|
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| Class H Common Stock on a Per Share Basis (2) |
|
$0.32
|
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$0.18
|
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$0.68
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$1.18
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(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.
(3) Although Hughes adopted Statement of Position (SOP) 98-5, "Reporting on the
Costs of Start-Up Activities" in the fourth quarter of 1998, the SOP requires
restatement of Hughes' interim period results as if the SOP was adopted as of the
beginning of the year. Accordingly, net income and earnings per share for the first
quarter of 1998 have been restated to reflect reductions of $9.2 million and $0.02,
respectively.The impact on the second and third quarters of 1998 were not significant.
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