Thursday, August 31, 2006

Delphi Posts $534,000,000 Loss For July

August 31, 2006

The Associated Press reports that auto Parts supplier Delphi posted a loss of $534 million in July of this year. The loss shows an improvement over the loss of June which carried a lot of employee buyout packages.

Delphi, in bankruptcy provides satellite radios in the OEM channel, and carries its brand name on some XM Satellite Radio plug and play models including the popular Roady XT.

Article Excerpt:

Delphi posts $534 million loss for July

AUG. 31 11:48 A.M. ET

Auto-parts supplier Delphi Corp.'s net loss narrowed to $534 million in July from $1.86 billion in June.

In a monthly operating report filed with the court overseeing its bankruptcy case, Troy, Mich.-based Delphi said it posted a loss on operations of $505 million in July, compared with a loss of $1.85 billion for the previous month.

The bulk of the company's previous monthly loss came from a $1.56 billion charge due to reductions in future services resulting from retirements under Delphi's special attrition program.

Net sales for July declined to $894 million from the previous month's $1.6 billion....."

Interested SSG readers can catch the entire article HERE