General Motors hints at positive 2006 results; financial statements not yet released

Friday, February 16, 2007
General Motors hints at positive 2006 results;
financial statements not yet released
Sharon Terlep / The Detroit News





General Motors Corp.'s most recent restatement of its financial results is "substantially complete" and has turned up an additional $200 million in earnings previously unaccounted for between 2002 and 2006, according to a Friday filing with the Securities and Exchange Commission.

The automaker, which has restated its results seven times in the last two years, said it may request a 15-day extension of the March 1 SEC deadline for 2006 financial results.

The world's largest automaker has said it expects its 2006 full-year results to reflect "significant" improvement over 2005, including a profitable fourth quarter with record revenue.

GM has said the changes are due primarily to tax accounting adjustments and some of the past restatements appear to be technical in nature, though the automaker is the subject of half a dozen investigations by the SEC.

Previously filed financial statements "should no longer be relied upon," GM said in its filing, attributing the adjustment to changes in hedge fund accounting.

You can reach Sharon Terlep at (313)223-4686 or sterlep@detnews.com.













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