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66 FORD MOTOR COMPANY
SECTOR STATEMENT OF INCOME
2003 2002 2001
AUTOMOTIVE
Sales (Note 1) $ 138,442 $ 134,273 $ 130,736
Costs and expenses (Note 1)
Cost of sales 129,821 125,043 128,348
Selling, administrative and other expenses 10,152 9,758 9,778
Total costs and expenses 139,973 134,801 138,126
Operating income/(loss) (1,531) (528) (7,390)
Interest income 870 834 765
Interest expense 1,370 1,368 1,376
Net interest income/(expense) (500) (534) (611)
Equity in net income/(loss) of affiliated companies 74 (91) (856)
Income/(loss) before income taxes — Automotive (1,957) (1,153) (8,857)
FINANCIAL SERVICES
Revenues (Note 1) 25,754 27,983 29,768
Costs and expenses (Note 1)
Interest expense 6,320 7,468 9,440
Depreciation 8,779 10,162 10,096
Operating and other expenses 4,971 4,974 5,133
Provision for credit and insurance losses 2,357 3,275 3,661
Total costs and expenses 22,427 25,879 28,330
Income/(loss) before income taxes — Financial Services 3,327 2,104 1,438
TOTAL COMPANY
Income/(loss) before income taxes 1,370 951 (7,419)
Provision for/(benefit from) income taxes (Note 2) 135 301 (2,096)
Income/(loss) before minority interests 1,235 650 (5,323)
Minority interests in net income/(loss) of subsidiaries 314 367 24
Income/(loss) from continuing operations 921 283 (5,347)
Income/(loss) from discontinued/held-for-sale operations
(Note 3) (8) (62) (106)
Loss on disposal of discontinued/held-for-sale operations
(Note 3) (154) (199) -
Cumulative effect of change in accounting principle
(Notes 13 and 7) (264) (1,002) -
Net income/(loss) $ 495 $ (980) $ (5,453)
Income/(loss) attributable to Common and Class B Stock
after Preferred Stock dividends $ 495 $ (995) $ (5,468)
Average number of shares of Common and Class B
Stock outstanding (Note 14) 1,832 1,819 1,820
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK (Note 14)
Basic income/(loss)
Income/(loss) from continuing operations $ 0.50 $ 0.15 $ (2.96)
Income/(loss) from discontinued/held-for-sale operations -(0.04) (0.06)
Loss on disposal of discontinued/held-for-sale operations (0.09) (0.11) -
Cumulative effect of change in accounting principle (0.14) (0.55) -
Net income/(loss) $ 0.27 $ (0.55) $ (3.02)
Diluted income/(loss)
Income/(loss) from continuing operations $ 0.50 $ 0.15 $ (2.96)
Income/(loss) from discontinued/held-for-sale operations -(0.03) (0.06)
Loss on disposal of discontinued/held-for-sale operations (0.09) (0.11) -
Cumulative effect of change in accounting principle (0.14) (0.55) -
Net income/(loss) $ 0.27 $ (0.54) $ (3.02)
Cash dividends $ 0.40 $ 0.40 $ 1.05
The accompanying notes are part of the financial statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
For the Years Ended December 31, 2003, 2002 and 2001
(in millions, except per share amounts)
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