The Michigan Daily- Friday, February 14,1992- Page t

CLASSIFIED ADS

Ford reports record
1991 loss, looks to.
bounce back in '92

*

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CAMP STAFF MIF Residential Summer
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Paid positions, room and board provided.
Age 18+ June 23- Aug 8. Contact CYO
Camps: 305 Michigan Ave. Detroit, MI
48226. Call 313-963-7172.
BUSINESS EXPERIENCE
Full-time experience for summer of '92
Management positions available
in your home area. For interview
act now & ask for Mike: 313-887-3965
Positions are filling fast!
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Have the summer of your life and get paid for
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THE MOST MEMORABLE SUMMER OF
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Other positions: Tennis, Gymnastics,
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CLASSIFIEDS

next summer at Camp Starlight, a leading
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11565.
DEPENDABLE, STRONG WOMAN to as-.
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DOM BAKERIES: OPPORTUNITY
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EXCEPTIONAL SUMMER OPPOR-
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Campus interviews WED, FEB 19 --For in-
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MARTHA'S VINEYARD, MA Summer
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MOTHER'S HELPER Boy 7, Girl 10, M-F
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NOW HIRING
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Macintosh7& network experience required.
Call 764-2747 or Message
Andrew.Inman@UM
OVERSEAS JOBS: $900-2000/mo.
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.... .... ... ED.: : ..
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DETROIT (AP) - Ford Motor
Co., considered the most efficient of
the Big Three automakers, yesterday
reported a record $2.3 billion loss in
1991, further solidifying the year as
the companies' worst in history.
Huge losses expected Feb. 24
from General Motors Corp. will
push combined Big Three automak-
ers' losses toward $7 billion, far be-
yond any level seen before.
Despite the miserable financial
news, Ford Treasurer David
McCammon said yesterday there are
some faint signs of recovery in a
fragile economy. If things hold to-
gether, he said, a turnaround in the
strapped auto industry could begin
by the end of the year.
For the fourth quarter, Ford lost
$475.7 million, or $1.03 a share, on
$22 billion in revenues. That's
slightly better than the $518.5 mil-
lion, or $1.11 a share, the automaker
lost in-the final three months of last
year. Fourth-quarter 1991 revenues
were $24.2 billion.
"The recent dealer orders, dealer
optimism, the sales acceptance of
our redesigned 1992 models have all
be favorable," he said at a news
conference. "It gives us cautious op-
timism with regard to the outlook for
1992."
New-vehicle orders so far this
year, McCammon said, were up 40
percent from the level in the fourth-

quarter of last year.
"It's a positive relative to where=
we've been and relative to where we'
were last year," auto analyst Joseph'
Phillippi of Lehman Brothers
New York said Thursday.
Ford was the second of the Bi
Three to report 1991 financiar
results.
Last week, Chrysler Corp. r-
ported a net loss of $795 million fe
the year, including one-time charges
and gains. Excluding those one-time.
changes, Chrysler lost $665 million.
Analysts have predicted losse
for last year that will far surpassthe'
previous record of $4.5 billion in red
ink in 1980.
Ford's 1991 loss worked out lo
$4.79 a share and came on revenus
of $88.3 billion. In 1990, Ford
earned $1.86 a share on $97.7 billion
in revenues.
The company's substantial $3.
billion in automotive losses weie
offset by a $927.5 million profit in
financial services last year.
The company wound up the year
with $9.8 billion in cash, cash equiv-
alents and marketable securities;
compared with $6.1 billion at t*
end of 1990.
That increase was almost entirei
due to a $2.5 billion sale of a now
class of preferred stock and a $6198
million gain from the sale and lease-
back of some factory equipment. :

THE MICHIGAN DAILY

764-0552

diS\\

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WHY WILL YOUR SPRING BREAK
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