SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) August 24, 2001
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GENERAL MOTORS CORPORATION
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(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
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ITEM 5. OTHER EVENTS
On August 24, 2001, Hughes Electronics Corporation (Hughes), a subsidiary
of General Motors Corporation (GM), issued a news release announcing up to 10
percent job reductions as part of aggressive cost-savings measures. The release
is as follows:
HUGHES ANNOUNCES UP TO 10 PERCENT JOB REDUCTIONS
AS PART OF AGGRESSIVE COST-SAVING MEASURES
EL SEGUNDO, Calif., Aug. 24, 2001 -- Hughes Electronics Corporation
today announced companywide employment reductions of up to 10 percent of the
company's U.S. workforce. The across-the-board reductions will result in a
one-time charge to earnings in the third quarter of this year.
The company has reaffirmed its current financial guidance on EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization), with the
exception of the one-time charge.
"As with most businesses, HUGHES operations are facing the strain of the
current economic downturn and sluggish economy. We are taking these actions, and
many others, to aggressively attack our cost structure and run our businesses
more efficiently, and to continue the growth that has made HUGHES a world leader
in its markets," said Jack A. Shaw, chief executive officer of HUGHES.
HUGHES and its operating businesses, including DIRECTV in the United
States and Latin America, Hughes Network Systems and PanAmSat Corporation, have
approximately 7,900 employees in the United States.
HUGHES, a world-leading provider of digital television entertainment,
broadband services, satellite-based private business networks, and video and
data broadcasting, reported revenues of $7.3 billion in 2000.
HUGHES is a unit of General Motors Corporation. The earnings of HUGHES are
used to calculate the earnings per share attributable to the General Motors
Class H common stock (NYSE:GMH).
NOTE: Hughes Electronics Corporation believes that some of the foregoing
statements may constitute forward-looking statements. When used in this report,
the words "estimate," "plan," "project," "anticipate," "expect," "intend,"
"outlook," "believe," and other similar expressions are intended to identify
such forward-looking statements and information. Important factors that may
cause actual results of HUGHES to differ materially from the forward-looking
statements in this report are set forth in the Form 10-Ks filed with the SEC by
General Motors and HUGHES.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date August 27, 2001
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By
/s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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