Chrysler: We've Got Plenty of Dough
TTAC newcomer Ken Elias reckons his most excellent Chrysler Suicide Watch 37 flushed Auburn Hills' proverbial grouse from its metaphorical heather. Whatever the cause, ChryCo to reassure the world that it's not about to swan dive by revealing some of its financials. Automotive News [sub] reports that the ailing American automaker claims "operating income" of $1.1b for the first half of 2008. Jim Press, Chrysler co-president, said the $1.1 billion was Chrysler's earnings before interest, taxes, depreciation and amortization. Chrysler also had $11.7 billion 'in cash and marketable securities.'" CFO Ron Kolka claimed the number included $2.3b in "restricted cash" and excluded $2.3b in Voluntary Employee Benefits Association assets. The overall number is higher than a lot of analysts expected, but it includes the $2b ChyrCo borrowed recently. The main question: is Chrysler playing silly buggers with the books?
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