Navistar Reports ’03-’04 Loss of $365 Million
Navistar International Corp., which has not filed financial reports in two years, said Thursday it lost $365 million from 2003 through 2004, when it previously had posted a profit of $230 million, Bloomberg reported.
The parent company of International Truck and Engine Corp. reported the restated results in a regulatory filing Thursday, Bloomberg said. Navistar has yet to release financial reports for fiscal 2005 and beyond.
Navistar also announced that it was in discussions with General Motors Corp. acquiring GM’s medium-duty truck business, including the rights to manufacture GMC and Chevrolet brand trucks, the company said in a statement.
Navistar stopped releasing financial information after its third fiscal quarter of 2005, citing accounting problems, and was then delisted by the New York Stock Exchange.
Its shares nevertheless have more than doubled this year as Navistar logged $1 billion in U.S. military orders for blast-resistant vehicles.
While most of the adjustments were for errors due to mistakes, there was also evidence of “intentional misconduct,” Bloomberg reported, citing the company, which has changed auditors and overhauled its accounting department.
Navistar’s shares fell 40 cents to $68.85 yesterday in over-the-counter trading, Bloomberg reported.
