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Matsos bottling a dressing that’s selling in 25 states
GM sues over millions spent on steering repairs
Economic survey: Job losses to bottom out in first quarter
Ohio gas prices up 12 cents from last week
SCORE offers wide variety of workshops
After 30 years at the helm of Akron Children's, Considine still looks to future
New version of Mozilla Thunderbird landing soon
Most Read Stories
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Victim of beating in Kent last week is declared dead at Akron hospital
Akron man killed in crash on his street
Can DNA tests free ex-Akron captain?
Browns find another way to lose
After 30 years at the helm of Akron Children's, Considine still looks to future
Dad accused of forcing son into field, killing him
Akron Circle K store robbed for second time this month
Man found dead in North Akron home is identified
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Sunday Notebook
Patrick McManamon:
Browns sick after sick loss in Detroit
Akron Zips:
No. 1 Akron to play Stanford next
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Post-game defensive quotes
Kent State Sports:
Kent State defeats Rochester College, 63-44
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
The Onion, By Any Other Name…
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (70) Savings in Medicare Advantage
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Faye Dunaway to be Evicted?
Ohio Travels with Betty:
Monique asks how to get tickets for the Polar Express.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Personal Rant – You are All Wrong About Jobs, or the Lack of Jobs, Being the Reason People Do Not Live in NEO
Akron Gamer:
Nintendo's Mario endures even as games come and go
Third largest decline in automaker's history blamed on sales, leases
By Greg Bensinger
and Jeff Green
Bloomberg News
Published on Saturday, Aug 02, 2008
General Motors Corp. reported Friday a quarterly loss of $15.5 billion, the third biggest in its 100-year history, because of plunging U.S. sales and the declining value of truck leases.
The deficit of $27.33 a share compares with a profit of $891 million, or $1.56, a year earlier. Excluding costs GM considers one-time, the per-share loss was four times bigger than analysts projected. Labor strikes contributed to a $9.9 billion drop in North American revenue, and sales worldwide tumbled 18 percent to $38.2 billion.
Chief Executive Officer Rick Wagoner has cut manufacturing costs by $9 billion and plans to boost liquidity by as much as $17 billion to remain solvent. The world's largest automaker has posted $69.8 billion in losses since 2004 and said Friday it must have $11 billion to $14 billion each month to pay its bills.
''They really need those external fundraising measures to get through to 2010,'' said Brian Johnson, a Chicago-based Lehman Brothers analyst. ''We cannot count on an economic rebound.''
GM has $21 billion in cash and marketable securities and another $5 billion from available bank loans. Its fourth consecutive quarterly loss comes as U.S. auto sales fall to 15-year lows.
''There is a tendency to throw up your hands and say this can't be fixed,'' said Wagoner, in his ninth year as CEO. ''We do have adequate liquidity through 2009 even with continuing difficult market conditions.''
General Motors Corp. reported Friday a quarterly loss of $15.5 billion, the third biggest in its 100-year history, because of plunging U.S. sales and the declining value of truck leases.
Get the full article here.
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