First Half Delphi Numbers Released

Delphi Corp. today reported first half 2006 financial results with revenues of $14.0 billion, and a GAAP net loss of $2.6 billion, including charges of $1.9 billion associated with the company’s special attrition program.
The company generated $187 million in GAAP cash flow from operations in the first half of the year.
Non-GM revenues grew 9 percent year-over-year to $7.7 billion, representing 55 percent of global revenues.
“In the first half of the year, Delphi achieved an 85 percent acceptance rate of UAW employees signing up for its special attrition program,” said Robert Dellinger, Delphi chief financial officer.
“The attrition programs are a step in our transformation; however, we continue to experience losses reflecting an uncompetitive U.S. cost structure. Our leadership is addressing these issues with our stakeholders, including our unions and General Motors, as part of our reorganization proceedings through the bankruptcy court.”