TROY, Mich. -- Delphi Corp. has reported second quarter 2008 financial results with revenues of $5.2 billion, and a net loss of $551 million.

Revenue for the quarter was $5.2 billion, down from $6 billion in the second quarter of 2007. Revenue decline was driven primarily by a 28 percent decrease in GM North America (GMNA) production volume, which included the impact of a work stoppage at a Tier 1 supplier to GMNA and Delphi's ongoing divestiture of non-core businesses that primarily supplied GMNA. Sales to GMNA represented 19 percent of total Delphi revenue in the second quarter of 2008, down from 31 percent in the second quarter of 2007. Non-GM revenue was unchanged at $3.8 billion for the quarter, representing 72 percent of second quarter revenue, compared to 63 percent for the same period last year.

Net loss for the quarter was $551 million, or 98 cents per share, improved from the second quarter 2007 net loss of $821 million, or $1.46 per share. The improvement in net loss was due to the absence of charges recorded in the second quarter of 2007 related to the Securities and ERISA multi-district litigation settlement and employee termination benefits and other exit costs primarily resulting from the exit of a manufacturing facility in Cadiz, Spain. Offsetting these items for the second quarter of 2008 were GMNA volume reductions, including the impact of the Tier 1 supplier work stoppage, a goodwill impairment charge and the loss on extinguishment of debt resulting from the refinancing of the company's DIP Credit Facility through the end of 2008.

For more information about Delphi, go to: www.delphi.com.