VC Visteon Corporation

VAN BUREN TOWNSHIP, Mich., Nov. 22 /PRNewswire-FirstCall/ -- Visteon Corporation (NYSE:VC) today announced that it has completed the restatement of its financial statements for the years ended Dec. 31, 2004, 2003 and 2002 and has filed with the U.S. Securities and Exchange Commission its amended 2004 annual report on Form 10-K/A and quarterly reports on Form 10-Q for the first three quarters of 2005. Visteon also filed an amendment to its current report on Form 8-K/A dated Oct. 6, 2005, to provide certain pro forma financial information required in connection with the closing of the transactions with Ford Motor Company on Oct. 1, 2005. (Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) As announced Oct. 21, Visteon's Audit Committee, with the assistance of outside counsel, recently completed an independent review of the accounting for certain transactions originating in the company's North American purchasing group. As previously reported, the Audit Committee, as well as management, determined that certain expenses for freight, raw materials and other supplier costs originating in North America were recorded in periods after Dec. 31, 2004, and should have been recorded in prior periods. The filings today correct these errors and make other adjustments as detailed in the amended reports. "We are pleased to have completed the independent review and our required financial filings," said Mike Johnston, Visteon chairman and chief executive officer. "Throughout this review process our employees have stayed focused on our customers and the many actions needed to make Visteon a success." In the filings made today, Visteon's reported results for the years 2002- 2004 are within the ranges estimated in its Oct. 21 press release. In addition, Visteon reported a net loss for the first nine months of 2005 of $1.608 billion, or $(12.78) per share, including nearly $1.2 billion in special charges, and a net loss for full year 2004 of $1.536 billion, or $(12.26) per share, including nearly $1.3 billion in special charges. The unaudited pro forma consolidated financial information reflects pro forma revenue for the first nine months of 2005 of $8.6 billion. This amount includes an estimate of revenue related to the reimbursement from Automotive Components Holdings, LLC of costs for leased employees and related services provided by Visteon, and the elimination of Ford sales of $5.5 billion. In addition, $611 million of other customers' sales, primarily related to tier two sales to Ford and glass sales, have been eliminated. "Completing the pro forma financials is an important part of becoming current in our financial filings, although they are not necessarily predictive of Visteon's future results," said Jim Palmer, executive vice president and chief financial officer. "Many of our non-strategic operations were addressed with the Ford transaction, yet we continue to review every facet of our business to reduce our cost base, while continuing to meet our customer requirements, as we position Visteon for financial success in this challenging market. Our previously announced change to post-retirement benefits and additional restructuring of our manufacturing footprint and supporting infrastructure will provide further cost benefits in the future." Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has more than 170 facilities in 24 countries and employs approximately 50,000 people. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including the automotive vehicle production volumes and schedules of our customers, and in particular Ford's North American vehicle production volumes; our ability to satisfy our future capital and liquidity requirements and comply with the terms of our credit agreements; the financial distress of our suppliers; our ability to implement, and realize the anticipated benefits of, restructuring and other cost-reduction initiatives and our successful execution of internal performance plans and other productivity efforts; charges resulting from restructurings, employee reductions, acquisitions or dispositions; our ability to offset or recover significant material surcharges; the effect of pension and other post- employment benefit obligations; as well as those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the year- ended December 31, 2004). We assume no obligation to update these forward- looking statements. http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO DATASOURCE: Visteon Corporation CONTACT: Media Inquiries: Jim Fisher, +1-734-710-5557, E-mail: or Investor Inquiries: Derek Fiebig, +1-734-710-5800, E-mail: , both of Visteon Corporation Web site: http://www.visteon.com/

Copyright