Wednesday, November 15, 2006

Ford Finalizes Restatement, Losses Less Than Expected

Ford restates earnings dating to 2001, reducing losses by US$850M Tue Nov 14, 5:47 PM, By Tom Krisher, DETROIT (AP) -

Accounting errors dating to the beginning of the decade led Ford Motor Co. (F) to restate its earnings on Tuesday, reducing the amount the company has lost since 2001 by US$850 million.
The company also reiterated its prediction that its North American operations will return to profitability in 2009, due largely to continued cost cuts and its expectation that it will maintain a U.S. market share of 14 to 15 per cent.
Company officials said the profit would be small, but they would not give a dollar figure during a conference call with reporters and industry analysts....read more: here