EX-99.1 12 c18620exv99w1.htm ADDITIONAL FINANCIAL INFORMATION (UNAUDITED) exv99w1
 

EXHIBIT 99.1
Additional Financial Information (Unaudited)
          The following additional financial information is provided based upon the continuing interest of certain stockholders and creditors to assist them in understanding our core manufacturing business and as such, includes certain non-GAAP financial measures.
Condensed Statements of Revenues and Expenses
for the years ended October 31
                         
    Navistar International Corporation
    (with financial services operations on a pre-tax equity basis)
(in millions)   2005   2004   2003
 
            (Restated)   (Restated)
Sales of manufactured products, net
  $    11,827     $    9,384     $    7,368  
 
                       
Cost of products sold (exclusive of engineering and product development costs shown below)
    10,250       8,268       6,670  
Selling, general and administrative expense
    974       839       790  
Engineering and product development costs
    413       287       270  
Restructuring and program termination (credits) charges
    (2 )     8       15  
Other expense, net
    182       148       26  
     
Total costs and expenses
    11,817       9,550       7,771  
     
 
                       
Income (loss) before income taxes
                       
Manufacturing operations
    10       (166 )     (403 )
Financial services operations
    135       131       87  
     
Income (loss) before income taxes
    145       (35 )     (316 )
Income tax expense
    (6 )     (9 )     (17 )
     
Net income (loss)
  $ 139     $ (44 )   $ (333 )
     

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EXHIBIT 99.1 (Continued)
Condensed Statements of Assets, Liabilities and
Stockholders’ Equity
as of October 31
                 
    Navistar International Corporation
    (with financial services operations on an
    equity basis)
(in millions)   2005   2004
 
            (Restated)
Cash, cash equivalents and marketable securities
  $ 867     $ 729  
Inventories
    1,320       1,133  
Investments in and advances to non-consolidated affiliates
    770       667  
Property and equipment, net
    1,967       1,779  
Goodwill and intangible assets, net
    601       76  
Other assets
    923       793  
Deferred taxes, net
    86       48  
     
Total assets
  $ 6,534     $ 5,225  
     
 
               
Accounts payable
  $ 2,023     $ 1,682  
Postretirement benefits liabilities
    1,810       1,700  
Debt — manufacturing operations
    2,124       1,748  
Other liabilities
    2,276       1,947  
Stockholders’ deficit
    (1,699 )     (1,852 )
     
Total liabilities and stockholders’ deficit
  $ 6,534     $ 5,225  
     

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EXHIBIT 99.1 (Continued)
Condensed Statements of Cash Activities
for the years ended October 31
                         
    Navistar International Corporation
    (with financial services operations on an equity basis)
(in millions)   2005   2004   2003
 
            (Restated)   (Restated)
Cash flow from operating activities:
                       
Net income (loss)
  $ 139     $ (44 )   $ (333 )
Adjustments to reconcile net income (loss) to cash used in operating activities:
                       
Depreciation and amortization
    294       256       239  
Deferred taxes
    (67 )     (38 )     (15 )
Equity in income of non-consolidated affiliates
    (225 )     (167 )     (140 )
Dividends from non-consolidated affiliates
    83       46       87  
Other, net
    507       486       306  
     
Net cash provided by operating activities
    731       539       144  
     
 
                       
Cash flow from investing activities:
                       
Purchases of marketable securities
    (828 )     (416 )     (407 )
Sales or maturities of marketable securities
    918       312       329  
Net change in restricted cash and cash equivalents
    (5 )     (3 )     (23 )
Capital expenditures
    (353 )     (327 )     (339 )
Acquisitions, net of cash acquired
    (563 )     (24 )     (6 )
Other investment activities
    21       8       44  
     
Net cash used in investing activities
    (810 )     (450 )     (402 )
     
 
                       
Net cash provided by financing activities
    272       46       92  
     
 
                       
Effect of exchange rate changes on cash and cash equivalents
    36       1       5  
     
 
                       
Increase (decrease) in cash and cash equivalents
    229       136       (161 )
Cash and cash equivalents at beginning of the year
    547       411       572  
     
Cash and cash equivalents at end of the year
  $ 776     $ 547     $ 411  
     

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