General Motors 2010 Annual Report Download - page 276

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 34. Supplementary Quarterly Financial Information (Unaudited)
Consolidated
The following tables summarize supplementary quarterly financial information (dollars in millions, except per share amounts):
Successor
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2010
Total net sales and revenue ............................................. $31,476 $33,174 $34,060 $36,882
Automotive gross margin .............................................. $ 3,885 $ 4,415 $ 4,592 $ 3,627
Net income ......................................................... $ 1,196 $ 1,612 $ 2,223 $ 1,472
Net income attributable to common stockholders ........................... $ 865 $ 1,334 $ 1,959 $ 510
Net income attributable to common stockholders, per share, basic .............. $ 0.58 $ 0.89 $ 1.31 $ 0.34
Net income attributable to common stockholders, per share, diluted ............ $ 0.55 $ 0.85 $ 1.20 $ 0.31
Successor Predecessor
July 10, 2009
Through
September 30,
2009 4th Quarter 1st Quarter 2nd Quarter
July 1, 2009
Through
July 9,
2009
2009
Total net sales and revenue .................................. $25,147 $32,327 $22,431 $ 23,047 $ 1,637
Automotive gross margin (loss) .............................. $ 1,593 $ (500) $ (2,180) $ (6,337) $ (182)
Net income (loss) .......................................... $ (571) $ (3,215) $ (5,899) $(13,237) $128,139
Net income (loss) attributable to common stockholders ............ $ (908) $ (3,520) $ (5,975) $(12,905) $127,998
Net income (loss) attributable to common stockholders, per share,
basic .................................................. $ (0.73) $ (2.84) $ (9.78) $ (21.12) $ 209.49
Net income (loss) attributable to common stockholders, per share,
diluted ................................................ $ (0.73) $ (2.84) $ (9.78) $ (21.12) $ 209.38
GM
Results for the three months ended December 31, 2010 included:
• A charge of $677 million related to our purchase of 84 million shares of Series A Preferred Stock from the UST.
• A reversal of our $231 million liability for contingently issuable Adjustment Shares based on a revised assessment of the
estimate of allowed general unsecured claims against MLC.
• A gain of $198 million related to our repayment of the VEBA Notes of $2.8 billion.
• Restructuring reserve decrease of $183 million in GMNA primarily related to capacity actions and revisions to productivity
initiatives.
• Restructuring charges and interest accretion and other of $154 million in GME primarily related to separation programs
announced in Belgium, Spain, Germany and the United Kingdom.
• Income before income taxes and equity income and net income of $129 million and $90 million related to the October 1, 2010
acquisition of GM Financial including net income of $10 million related to amounts recorded to reflect the changes in the
valuation allowance on deferred tax assets that were not applicable to GM Financial on a stand-alone basis.
274 General Motors Company 2010 Annual Report