Visteon Releases Fourth Quarter and Full Year 2003 Results

These results include special charges of $756 million. In the fourth quarter of 2002, Visteon reported a net loss of $34 million, including special charges of $51 million.

The fourth quarter 2003 results include $260 million of fixed asset write- downs, a charge of $468 million to increase deferred tax asset valuation allowances, and restructuring charges of $28 million. In aggregate, after tax, these items total $756 million, or $6.02 per share.

Revenue for fourth quarter 2003 was $4.5 billion, down $84 million from fourth quarter of 2002. Non-Ford revenue totaled $1.2 billion for the quarter, up $186 million from the fourth quarter of 2002, and represented 26% of total sales.

"We've completed many significant actions during the course of 2003 to improve our performance in 2004 and beyond," said Peter J. Pestillo, Visteon's chairman and chief executive officer. "Our agreements with Ford and the UAW, the exit of seating and other restructuring activities, combined with new business revenue, enable us to substantially improve our results going forward."