General Motors 2010 Annual Report Download - page 119

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Successor Predecessor
Year Ended
December 31,
2010
July 10, 2009
Through
December 31,
2009
January 1, 2009
Through
July 9,
2009
Year Ended
December 31,
2008
Net sales and revenue
Automotive sales ....................................................... $135,142 $57,329 $ 46,787 $147,732
GM Financial and other revenue ........................................... 281 — — —
Other automotive revenue ................................................ 169 145 328 1,247
Total net sales and revenue ............................................... 135,592 57,474 47,115 148,979
Costs and expenses
Automotive cost of sales ................................................. 118,792 56,381 55,814 149,257
GM Financial operating expenses and other .................................. 152 — — —
Automotive selling, general and administrative expense ........................ 11,446 6,006 6,161 14,253
Other automotive expenses, net ............................................ 118 15 1,235 6,699
Total costs and expenses ................................................. 130,508 62,402 63,210 170,209
Operating income (loss) ............................................... 5,084 (4,928) (16,095) (21,230)
Equity in income (loss) of and disposition of interest in Ally Financial ............... — — 1,380 (6,183)
Automotive interest expense ................................................ (1,098) (694) (5,428) (2,525)
Interest income and other non-operating income, net ............................. 1,555 440 852 424
Gain (loss) on extinguishment of debt ........................................ 196 (101) (1,088) 43
Reorganization gains, net (Note 2) ........................................... — — 128,155 —
Income (loss) before income taxes and equity income ............................ 5,737 (5,283) 107,776 (29,471)
Income tax expense (benefit) ............................................... 672 (1,000) (1,166) 1,766
Equity income, net of tax .................................................. 1,438 497 61 186
Net income (loss) ........................................................ 6,503 (3,786) 109,003 (31,051)
Net (income) loss attributable to noncontrolling interests ......................... (331) (511) 115 108
Net income (loss) attributable to stockholders ................................ 6,172 (4,297) 109,118 (30,943)
Less: Cumulative dividends on and charge related to purchase of preferred stock
(Note 29) ............................................................. 1,504 131 — —
Net income (loss) attributable to common stockholders ........................ $ 4,668 $ (4,428) $109,118 $ (30,943)
Earnings (loss) per share (Note 30)
Basic
Net income (loss) attributable to common stockholders ......................... $ 3.11 $ (3.58) $ 178.63 $ (53.47)
Weighted-average common shares outstanding ............................... 1,500 1,238 611 579
Diluted
Net income (loss) attributable to common stockholders ......................... $ 2.89 $ (3.58) $ 178.55 $ (53.47)
Weighted-average common shares outstanding ............................... 1,624 1,238 611 579
Cash dividends per common share ........................................... $ — $ — $ — $ 0.50
Reference should be made to the notes to consolidated financial statements.
General Motors Company 2010 Annual Report 117