WP/AP: 2005 Loss For GM To Jump $2 Billion

2005 Loss For GM To Jump $2 Billion
Automaker Will Restate Results For '00 to '04
By Jim Irwin
Associated Press
Friday, March 17, 2006; Page D01


DETROIT, March 16 -- General Motors Corp. late Thursday revised its loss for 2005 to $10.6 billion -- $2 billion more than it reported in January -- citing higher costs it expects for a broad restructuring and the bankruptcy reorganization of Delphi Corp.

The loss translates to $18.69 a share. Previously, the world's largest automaker said it lost $8.55 billion, or $15.13 a share, last year.

In a statement, GM also said it will delay filing its 2005 annual report but expects to do so within two weeks. With the annual report, GM said, it will issue restated earnings for financial results for fiscal 2000 through 2004 to correct accounting errors it disclosed in November.

GM said it expects to increase the charge for its exposure relating to Delphi's Chapter 11 filing to $3.6 billion from the previous estimate of $2.3 billion.

Additionally, GM will boost its North American restructuring charge to $1.7 billion from the previously reported $1.3 billion "to reflect an increase in the provision for employee costs at facilities where GM plans to cease production," the company said....


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