AKRON (May 12, 2004) — Goodyear will report its fourth quarter 2003 financial results plus more details of its restatement results for 1999 to 2003 on May 19, but the delay in reporting the results also will likely push back its first quarter 2004 results until mid-June, the company said.
The Akron-based tire maker will report the results early on May 19, followed by an investor conference call at 9 a.m. EDT. Goodyear had been under a deadline with its lenders to complete the results by that date.
In November, Goodyear announced a restatement that reduced net income about $84.7 million over several years. Goodyear in December delayed filing an amended 2002 annual report after it began an investigation into possible improper accounting issues in its European unit, though that later spread to other overseas operations. That investigation was completed in April, when the company said it would restate results further, deleting another $65 million in net income for a total of nearly $150 million.
With the delay of its 2003 and restated results, Goodyear said it expects to be late filing its first quarter results. Its loan agreements call for this to be done by May 30. Goodyear said it is in discussions with its lenders to extend the filing deadline by 30 days. The company said it doesn't expect to need to access the credit facilities during this 30-day period, but without an extension they would not be available. If it does not get an extension, the company can still file June 30 and regain access. If Goodyear doesn't file by that date, it could be in default under those loan agreements and thereafter under other debt instruments.
Goodyear said it expects an improvement in results in the first quarter compared to the restated 2003 first quarter.
Goodyear also said it is seeking an amendment from its European credit lenders to give the tire maker until June 4 to deliver its 2003 audited financial statements for its Goodyear Dunlop Tires Europe BV joint venture. Goodyear said the statements, usually completed after it reports its annual results, are due May 19. The tire maker must either report these statements by May 19 or obtain an amendment by that date to avoid being in default under the principal credit facilities.
To access Goodyear's conference call on May 19, call (706) 634-5954. A taped replay will be available at (706) 634-4556.