SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) November 14, 2001
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GENERAL MOTORS CORPORATION
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(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
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ITEM 9. Forward Looking Information Relating to Hughes
On November 14, 2001, General Motors Corporation's (GM) subsidiary Hughes
Electronics Corporation (Hughes) filed the following forward looking
information on a Form 8-K.
HUGHES ANNOUNCES 2002 FINANCIAL GUIDANCE,
CONFIRMS 2001 GUIDANCE
El Segundo, Calif., November 14, 2001 -- Hughes Electronics Corporation,
the world's leading provider of digital television entertainment, broadband
services, satellite-based private business networks, and global video and data
broadcasting, today announced its 2002 financial guidance.
"Our top priorities are to continue to improve our operating metrics and
to meet or exceed our financial commitments, which will position us to create
substantial shareholder value," said Jack A. Shaw, HUGHES' chief executive
officer. "Along these lines, we are confirming our 2001 guidance and providing
our financial targets for next year. In 2002, we expect HUGHES to generate over
$9 billion in revenue and increase EBITDA1 by 50% to 90% to between $750 million
and $850 million. Our DIRECTV business in the U.S. is projected to lead the way
by generating over $6 billion in revenue and more than doubling its EBITDA to
between $525 million and $575 million. Hughes Network Systems, DIRECTV Latin
America and DIRECTV Broadband are also expected to improve their annual EBITDA
performance in 2002. Additionally, PanAmSat is expected to increase its EBITDA
margins to 70% or more."
A table detailing all of HUGHES' guidance is included below. A live
webcast of the conference call discussing HUGHES' 2002 financial guidance will
be available on the company's website at www.hughes.com. The call will begin at
2:00 p.m. ET, today. The dial in number is 913-981-4900. A replay of the call
will be available on the Investor Relations portion of the HUGHES website or via
phone beginning Friday, November 16. The replay number is 888-203-1112,
confirmation code: 689676.
Hughes Electronics Corporation is a unit of General Motors Corporation.
The earnings of Hughes Electronics are used to calculate the earnings
attributable to the General Motors Class H common stock (NYSE:GMH).
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Hughes Financial Guidance
Prior Full Revised Full Full Year
Year 2001 Year 2001 2002
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HUGHES
Revenue ~$8.3B No Change $9.0 - 9.2B
EBITDA $450-500M* No Change $750 - 850M
Cash Requirements ~$2.5B ~$2.3B $1.5 - 1.7B
DIRECTV U.S.
Revenue $5.5 - 5.6B No Change $6.0 - 6.2B
EBITDA $200 - 250M* No Change $525 - 575M
Net Subscriber Adds 1.2 - 1.3M** No Change 1.0 - 1.2M
DIRECTV Broadband
Revenue N/A N/A ~$75M
EBITDA $(100)M - (120)M No Change ~$(100)M
Net Subscriber Adds 40 - 50K No Change ~100K
DIRECTV Latin America
Revenue ~$725M No Change $925 - 975M
EBITDA ~$(100)M* No Change Break-even
Net Subscriber Adds ~300K No Change ~250K
Hughes Network Systems
Revenue ~$1.3B No Change $1.3 - 1.4B
EBITDA $(100)M - (115)M No Change ~$(50) - (75)M
DIRECWAY Net Sub Adds 50 - 65K No Change 100 - 200K
PanAmSat
Revenue $860 - 870M No Change $790 - 825M
New Outright Sales
and Sales-
Type Leases $45.5M No Change None
EBITDA Margin Mid to high
60% range No Change 70% or higher
* EBITDA guidance excludes the impact of the third quarter 2001 severance
charges of $48M at DIRECTV US; $10M at DIRECTV Latin America; $7M at
PanAmSat; and $65M total at HUGHES.
** Excludes the impact of the 143K-subscriber database adjustment in the third
quarter of 2001.
NOTE: Hughes Electronics Corporation believes that some of the foregoing
statements may constitute forward-looking statements. When used in this report,
the words "estimate," "plan," "project," "anticipate," "expect," "intend,"
"outlook," "believe," and other similar expressions are intended to identify
such forward-looking statements and information. Important factors that may
cause actual results of HUGHES to differ materially from the forward-looking
statements in this report are set forth in the Form 10-Ks filed with the SEC by
General Motors and HUGHES.
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1. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is
the sum of operating profit (loss) and depreciation and amortization. EBITDA
margin is calculated by dividing EBITDA by total revenues.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date November 14, 2001
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By
s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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