http://www.google.com/hostednews/ap/article/ALeqM5gDthEImr3_P0-59manCkynTnCl0AD9EUG5PG0GM ready to repay govt loan, sees chance of profit
By DEE-ANN DURBIN (AP) – 15 hours ago
DETROIT — General Motors Co., steadily returning to health after its near-collapse in 2009, said Wednesday it plans to pay off its government loans by June —
five years ahead of schedule — and could report a profit as early as this year.
GM said it lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion. But things are on the upswing. Sales and production have increased and
GM has gained U.S. market share since the start of the year. The automaker will try to maintain that momentum while facing a stiff challenge from a revitalized
Ford Motor Co.
For the period from July 10, when GM emerged from bankruptcy protection after shedding billions in debt, through Dec. 31, GM lost $4.3 billion on revenues of
$57.5 billion. But much of that loss was for one-time items, including a $2.6 billion payment to the United Auto Workers union for retiree health care. The company
also reported several indicators of improving health: It took in $1 billion more than it spent in the period and began this year with $36 billion in cash and $60 billion
in debt. At the start of 2009, it had $14 billion in cash and $104 billion in debt.
"General Motors should never again be in the financial position it found itself in last year," GM Chief Financial Officer Chris Liddell said during a conference call with
analysts and media.
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GM better damn well keep jobs in America now.
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