AKRON, OH — The Goodyear Tire & Rubber Co. said it would report fourth quarter 2003 financial results, plus details of its restatement of financial results for the years 1999-2003 on Wednesday, May 19. The report will be followed by an investor conference call at 9 a.m.
Robert Keegan, chairman and CEO, and Robert Tieken, executive vice president and CFO, will participate in the conference call. They will also provide an outlook for the first quarter of 2004.
Goodyear said the filing of its Form 10-Q for the first quarter of 2004 will be delayed until mid-June. The tiremaker has filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission in connection with this 10-Q.
Because the company will not file the first quarter 2004 10-Q by May 30, as required in its loan agreements, Goodyear said it would initiate discussions with lenders to extend the deadline for filing by 30 days. If Goodyear does not obtain an extension, it would still have until June 30 to file its 10-Q and regain access, but if Goodyear does not file its 10-Q by then, there could be an event of default under the loan agreements, the company reported.
Goodyear also said it is seeking an amendment from its European credit facility lenders to allow until June 4 for delivery of the 2003 audited financial statements (required to be delivered by May 19) for its Goodyear Dunlop Tires Europe BV joint venture. Goodyear said it plans to complete these financial statements to coincide with the filing of its 10-K by May 19. Goodyear must complete these financial statements or obtain this amendment by May 19 in order to file the 10-K by that date and avoid defaults under its principal credit facilities.
In yesterday’s 12b-25 filing, Goodyear reported that it expects an improvement in operational results for the first quarter of 2004 compared with the restated prior-year period and expects that segment operating income will be improved for each of its seven businesses. It also stated that, until the financial statements are complete, the final results of operations for the first quarter results cannot be determined.
Shareholders, members of the media and other interested persons may access the May 19 conference call on the Web site or via telephone by calling (706) 634-5954 before 8:55 a.m. that day. A taped replay of the conference call will be available at 2 p.m. by calling (706) 634-4556. The call replay will also remain available on the Web site.
Prior to the call on May 19, the company will post financial and other statistical information on its investor relations Web site, at http://investor.goodyear.com.
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