Delphi records $1.48 billion operating loss for 2008

By Caroline Salls

Pittsburgh, March 3 - Delphi Corp. reported a $1.481 billion operating loss for the year ended Dec. 31 on $18.06 billion in total net sales, according to a 10-K filed Tuesday with the Securities and Exchange Commission.

Although the operating loss was an improvement over the $1.945 billion operating loss recorded for the year ended Dec. 31, 2007, the 2008 total net sales declined from $22.283 billion in 2007.

Delphi posted a $3.037 billion net income in 2008, better than the $3.065 billion 2007 net loss.

The company had $959 million of cash and cash equivalents at Dec. 31, compared with $1.036 billion at Dec. 31, 2007.

According to the 10-K, Delphi recorded a net reorganization gain of $5.3 billion in 2008 and received $641 million on Sept. 30 as a result of the effectiveness of its amended global agreement.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.

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