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GM Final Results
GM Final Results.
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[{"type":"text","content":"\n \n \n GM Provides Updated Preliminary 2005 Results, Delays Filing 10-K \n \n DETROIT, March 17 -- General Motors Corp. (NYSE: GM) today \nprovided updated preliminary financial results for 2005 and said it will delay \nfiling its annual report on Form 10-K with the Securities and Exchange \nCommission due to an accounting issue regarding the classification of cash \nflows at ResCap, the residential mortgage subsidiary of GMAC. \n The ResCap accounting issue relates to the erroneous classification of \ncash flows from certain mortgage loan transactions as cash flows from \noperations instead of cash flows from investing activities. Although the \ncompany has not completed its review of this matter, the issue will not impact \neither net income or the balance sheet presentation but is expected to impact \nthe presentation of cash flows from operating and investing activities. This \nissue may impact the statements of cash flows for 2005 and prior periods at \nResCap, GMAC and GM, and the impact may be material in some or all of the \naffected periods. \n With the exception of the ResCap accounting issue, GM is otherwise \nprepared to file its 2005 Form 10-K and intends to do so as soon as \npracticable and within the next two weeks. At that time, GM also intends to \nreport restated results for the years ended Dec. 31, 2000 to Dec. 31, 2004 on \nForm 10-K/A. \n When GM files its 10-K, will provide final financial results for 2005 that \ndiffer from the preliminary results reported in January principally due to \nadjustments for three charges. These charges will increase GM's reported loss \nin 2005 to a total of $10.6 billion, or $18.69 per share, including special \nitems. This compares to the previously reported loss of $8.6 billion, or \n$15.13 per share. \n The final 2005 results will include an increase in the previously \nannounced North American restructuring charge; an increase to the contingent \nliabilities associated with Delphi Corp.'s Chapter 11 filing; and recognition \nat the GM level of the previously reported non-cash goodwill impairment charge \nof $439 million (after tax) at GMAC. \n \n Revision to North American Restructuring Charge \n \n GM expects to change the amount of its 2005 North American restructuring \ncharge to $1.7 billion (after tax) from the previously reported charge of $1.3 \nbillion (after t...