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GM to report 2009 financial results today

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GM to report 2009 financial results today

Robert Snell / The Detroit News

Detroit -- General Motors Co. will release its year-end financial report for 2009 this morning, offering the first comprehensive look at the company's finances since it emerged from bankruptcy court last summer.

GM Chief Financial Officer Chris Liddell, along with Controller and Chief Accounting Officer Nick Cyprus, will discuss the results during a 10 a.m. conference call with media and analysts.

The financial report, which was delayed a week, represents a significant milestone for GM and will reveal a new balance sheet for the company with new values attached to assets and liabilities.

The valuation process, called fresh-start accounting, is a first step toward GM selling shares of the company to the public.

Liddell said last month GM has a reasonable chance of being profitable in 2010, and might start selling public shares in the company this year.

The annual report is expected to provide a detailed financial roadmap of GM's first few months after emerging from bankruptcy in July with the help of about $50 billion in federal aid.

GM disclosed third-quarter 2009 results in November that showed the company lost $1.15 billion between July 10 and Sept. 30, better-than-expected results that executives said reflected greater operational stability and progress.

But those results did not reflect fresh-start accounting, so GM today will also release updated third-quarter results.

From The Detroit News: http://www.detnews.com/article/20100407/AUTO01/4070391/1148/auto01/GM-to-report-2009-financial-results-today#ixzz0kQ2iRpWI

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