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From: NL1FRK@NL3DRN.NBW.NLD.EU
To  : COMP@NLD

 
   DELPHI
   
Delphi Automotive Systems
 
   
   Dit is een origineel persbericht.
   Niet het ANP, maar de afzender van dit bericht is verantwoordelijk
   voor de inhoud.
   
   Delphi's robust second quarter results driven by strong volumes and
   aggressive portfolio management
   
   Earnings Per Share Climb 283 Percent - In Line With Expectations
   Significant Cash Generation Continues
   
   Troy, Michigan, July 19 -- Driven by strong revenue growth, the
   favorable impact of the strategic sale of underperforming assets in
   1998, and continuing significant cash flow, Delphi Automotive Systems
   (NYSE: DPH) today reported second quarter earnings of 394 million US
   Dollars, or USD 0.69 per share on a
   fully diluted basis..
   
   ''Growth in sales to all customers, coupled with the results from our
   aggressive portfolio management, generated significant value to our
   shareholders,'' said J.T. Battenberg III, Delphi's chairman, chief
   executive officer and president. ''The results from our second quarter
   validate our plan to grow profitability by reducing costs and
   diversifying our customer base.''
   
   The results represent an increase of 290 percent over pro forma,
   strike-impacted, second quarter 1998 earnings of USD 101 million,..
   and a 283 percent increase over pro forma 1998 second quarter diluted
   earnings per share of
   USD 0.18...
   Sales revenue climbed 17 percent over 1998 strike-impacted levels,
   from USD 6.6 billion to USD 7.7 billion, after adjusting for the
   impact of businesses divested in late 1998 (divested businesses had
   average annual sales of about USD 2 billion).
   
   . Delphi CFO Alan Dawes will host a media conference call to discuss
   earnings beginning at 10:15 a.m. today. See bottom of release for
   details.
   
   .. See attached highlights for description of 1998 pro forma net
   income and 1998 shares outstanding calculations.
   
   Sales to customers other than General Motors Corp. (GM) increased USD
   174 million, or 11.4 percent, from USD 1.523 billion in the second
   quarter of 1998 (excluding the impact of divestitures) to USD 1.697
   billion during the
   comparable period in 1999. This is the second consecutive quarter
   where the company has exceeded the stated goal of a 10 percent annual
   increase in non-GM sales growth. Sales to GM rose 18.4 percent
   (adjusted for the impact of
   divestitures) from strike depressed 1998 levels.
   
   Cash Generation Enhances Capital Structure
   Delphi generated USD 751 million in operating cash during the quarter,
   resulting from working capital improvements, timing of capital
   expenditures, and strong profitability.
   
   This strong year-to-date cash flow provided Delphi the flexibility to
   make a USD 600 million voluntary contribution to its hourly pension
   fund on June 14, while improving its overall liquidity position.
   Additionally, the Delphi Board of Directors on June 9 declared a
   quarterly dividend on Delphi USD 0.01 par value common stock of USD
   0.07 per share. The dividend -- Delphi's first -- is payable July 20,
   1999 to shareholders of record as of June 21, 1999.
   
   Taking into account the strong cash flow during the quarter, Delphi's
   Board of Directors approved a treasury stock program to purchase up to
   19 million shares of Delphi Common Stock from time to time to pre-fund
   the requirements of employee incentive, stock option and stock
   purchase plans over the next 12 months.
   
   New Business
   Booked business for the six-month period ending June 30, 1999, totaled
   USD 15 billion over an average 5-year contract life. The impact of
   these sales will be reflected in the revenue base from 2001 forward.
   Contracts signed during the quarter include significant expansion of
   business with Nissan Motor Co., Ltd., which awarded Delphi a contract
   to provide STEER-LITE(TM) lightweight integral steering gears for all
   Nissan trucks, including the
   Nissan Frontier and Xterra sport utility vehicles, beginning with
   Nissan's 2000 model year.
   
   Additional agreements -- among others. -- signed during the quarter
   include:
   - A contract with Ford Motor Company to serve as the electrical/
   electronic vehicle system integrator for a future Ford vehicle.
   - The award of 21 occupant protection system contracts totaling over
   USD 750 million, and the expansion of five existing contracts to
   incorporate Delphi's Adaptive Restraint Technologies(TM) or ''smart''
   airbag technology.
   - A contract with Ferrari to provide complete HVAC responsibility on
   the new 360 Modena model.
   - A contract to provide wiring for Mack Trucks, Inc.'s entire fleet of
   Class 8 heavy-duty trucks.
   - The USD 28 million award of new contracts to supply brake and
   suspension components, modules and systems to two vehicle
   manufacturers in the Asian markets and one in Europe.
   - A contract to supply complete thermal management systems for a
   vehicle program Daewoo Motor Polska Corporation will build in
   Europe.
   
   . Delphi respects customer confidentiality, and therefore does not
   disclose all contracts received. Unless Delphi receives customer
   permission, it does not discuss customer business information with any
   external audience.
   
   Delphi Independence
   On May 28, GM completed the full separation of Delphi via a spin-off
   of 452.6 million Delphi shares to GM stockholders, and the
   contribution of another 12.4 million shares to a GM retiree benefit
   trust. In the USD 9.3 billion tax-free distribution, GM stockholders
   received about 0.70 Delphi shares for each GM common share they owned.
   Following the spin-off, all GM executives resigned from Delphi's Board
   of Directors. Also, Thomas G. Labrecque, former chairman of The Chase
   Manhattan Corporation, joined the board effective July 15, 1999.
   
   During the quarter, Delphi stock was added to the Standard & Poor's
   500, the Russell 1000 and 3000, and the Wilshire 5000 indices.
   
   -  Sector Financial Results (USD millions)
   - Q2 1998
   - Sector Q2 1999 Q2 1998 Q2 1999 (Pro-Forma Basis)
   - Sales Sales Operating Income Operating Income
   - Electronics & Mobile
   - Communication $ 1,396 $ 1,134 $ 180 $ 44
   - Safety, Thermal & Electrical
   - Architecture 2,767 2,907 249 91
   - Dynamics & Propulsion 3,670 3,104 221 62
   - Other. (150) (104) (21) (58)
   - Sales, Divested Business - (463) - -
   - Total $ 7,683 $ 6,578 $ 629 $ 139
   
   . Corporate and intra-company items
   
   Delphi Automotive Systems, headquartered in Troy, Mich., USA, is a
   world leader in automotive components and systems technology. Delphi's
   three business sectors -- Dynamics & Propulsion; Safety, Thermal &
   Electrical Architecture; and Electronics & Mobile Communications -
   provide comprehensive product solutions to complex customer needs.
   Delphi has approximately 201,000 employees and operates 168 wholly
   owned manufacturing sites, 38 joint ventures, 51 customer centers and
   sales offices and 27 technical centers in 36
   countries. Regional headquarters are located in Paris, Tokyo and Sao
   Paulo. Delphi can be found on the Internet at
   http://www.delphiauto.com .
   
   Forward Looking Statements
   The Private Securities Litigation Reform Act of 1995 (the ''Act'')
   provides a safe harbor for forward-looking statements made by us or on
   our behalf. All statements which address operating performance, events
   or developments that we expect or anticipate may occur in the future,
   including statements relating to volume growth, awarded sales
   contracts and earnings per share growth or statements expressing
   general optimism about future
   operating results, are forward looking statements. These statements
   are made on the basis of management's views and assumptions; as a
   result, there can be no assurance that management's expectations will
   necessarily come to pass. A list of factors which could impact future
   events and performance is included in the Delphi Automotive Systems
   Corporation 1998 Annual Report on Form 10-K filed with the Securities
   and Exchange Commission.
   
   NOTE TO EDITORS: Media Conference Call -- Delphi Chief Financial
   Officer Alan Dawes will host a media conference call to discuss
   Delphi's earnings from 10:15-11:00 a.m. EDT the same day. The call
   will include remarks by Dawes followed by an opportunity for
   participants to ask questions. North American media, including Canada
   and Mexico, should call 800-374-2370 to participate. A replay of the
   call will be available from 12:30 p.m. EDT on July 19 to 12:30 p.m.
   EDT on July 20. To listen to the replay, members of the press calling
   from North America should call 800-642-1687 and, when prompted, enter
   the conference identification number, 442973.
   
   CONTACT: Peter Rowe, +1-248-813-2985, or Steve Gaut, +1-248-813-2946,
   both of Delphi Automotive Systems/
   /Company News On-Call: http://www.prnewswire.com/comp/076666.html or
   fax, 800-758-5804, ext. 076666//Web site: http://www.delphiauto.com/
   
   
   
   ANP Pers Support, het ANP is niet verantwoordelijk voor de inhoud
   van bovenstaand bericht.
   
   19 jul 99 17:05
   
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Greets Freek (Freddie Flintstone)
 
Houd je rits stevig dicht,
als Close to you voor je is gezwicht!!!