Goodyear Tire & Rubber Co. will report its fourth quarter and full-year 2003 financial results on Wednesday, May 19. The results will include details of its previously announced restatement of financial results for the years
1999-2003.
An investor conference call will be held at 9 a.m. the same day. Participating in the conference call will be Bob Keegan, chairman and CEO, and Robert Tieken, executive vice president and chief financial officer.
In addition to reviewing Goodyear's fourth-quarter results and the restatements, they will talk about the first quarter of 2004 (Goodyear expects to file Form 10-Q for the first quarter of 2004 in mid-June).
In yesterday's 12b-25 filing, the company reported that it expects an improvement in results of operations for the first quarter compared with the restated prior-year period. It also believes segment operating income for each of its seven business units "will be improved."
In an official press release, Goodyear explained some of the ramifications of its late filings. Here is what it had to say:
"Because the company will not file the first quarter 2004 10-Q by May 30, as required in its loan agreements, Goodyear said it would initiate
discussions with lenders to extend the deadline for filing by 30 days. While Goodyear does not expect to need to access the facilities during this 30-day period, in the absence of an extension, the company would not be able to
access them. If Goodyear does not obtain an extension, it would still have until June 30 to file its 10-Q and regain access, but if Goodyear does not file its 10-Q by then, there could be an event of default under the loan
agreements and thereafter under other debt instruments.
"Additionally, Goodyear said it is seeking an amendment from its European credit facility lenders to allow until June 4 for delivery to its lenders of the 2003 audited financial statements for its Goodyear Dunlop Tires Europe BV joint venture. These financial statements, which have historically been completed after Goodyear's 10-K has been filed, are presently required to be delivered by May 19. Goodyear is seeking to complete these financial statements to coincide with the filing of its 10-K by May 19. Goodyear must complete these financial statements or obtain this amendment by May 19 in
order to file the 10-K by that date and avoid defaults under its principal credit facilities."
Goodyear's stock was selling for $8.22 a share at the close of the New York Stock Exchange May 11. That compares to a 52-week high and low of $11.97 and $4.49, respectively.
