2006 Press Releases

FORD MOTOR CREDIT COMPANY RESTATES 2001-2005 FINANCIAL RESULTS FOR ACCOUNTING UNDER SFAS 133; FILES FORMS 10-Q, 10-Q/A'S AND 10-K/A WITH SEC (pdf)
DEARBORN, Mich., November 14, 2006 - Ford Motor Credit Company today filed with the U.S. Securities and Exchange Commission its 2006 third quarter 10-Q Report. The company also filed an amended 2005 10-K Report to restate previously reported financial results from 2001 through 2005 and amended 10-Q Reports for the periods ended March 31, 2006, and June 30, 2006, to correct accounting for certain derivative transactions under Paragraph 68 of the Statement of Financial Accounting Standards (SFAS) 133, Accounting for Derivative Instruments and Hedging Activities. As part of the restatement, the company also reversed certain immaterial accounting adjustments and recorded them in the proper period. (continue...)

FORD MOTOR CREDIT COMPANY ANNOUNCES PRELIMINARY THIRD QUARTER EARNINGS*; WILL RESTATE FINANCIAL RESULTS (pdf)
DEARBORN, Mich., October 23, 2006 - Ford Motor Credit Company today reported preliminary financial results with third quarter profits. At the same time, Ford Motor Credit announced it plans to restate previous financial results from 2001 through the second quarter of 2006 to correct the accounting for certain derivative transactions under the Statement of Financial Accounting Standards (SFAS) 133, Accounting for Derivative Instruments and Hedging Activities.. (continue...)

FORD MOTOR CREDIT COMPANY TO RESTRUCTURE ITS NORTH AMERICAN OPERATIONS, REDUCE GLOBAL COSTS (pdf)
DEARBORN, Mich., September 28, 2006 - Ford Motor Credit Company today announced it is consolidating and centralizing most of its originations and servicing operations in the United States to reduce costs and improve process efficiencies. At the same time, the company said it is reducing its operating costs through efforts that include salaried personnel reductions of about 2,000 positions in the United States and Canada. (continue...)

FORD MOTOR CREDIT EARNS $441 MILLION IN THE SECOND QUARTER (pdf)
DEARBORN, Mich., July 20, 2006 - Ford Motor Credit Company reported net income of $441 million in the second quarter of 2006, down $299 million from earnings of $740 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $656 million in the second quarter, compared with $1.2 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs, the impact of lower average receivable levels, lower credit loss reserve reductions and higher depreciation expense. (continue...)

FORD MOTOR CREDIT EARNS $479 MILLION IN THE FIRST QUARTER (pdf)
DEARBORN, Mich., April 23, 2006 - Ford Motor Credit Company reported net income of $479 million in the first quarter of 2006, down $231 million from earnings of $710 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $751 million in the first quarter, compared with $1.1 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs, the impact of lower receivable levels and higher depreciation expense, offset partially by improved credit loss performance. (continue...)

FORD MOTOR CREDIT EARNS $2.5 BILLION IN 2005 (pdf)
DEARBORN, Mich., January 23, 2006 - Ford Motor Credit Company reported net income of $2.5 billion in 2005, down $370 million from earnings of $2.9 billion a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $3.9 billion in 2005, down $570 million from 2004. (continue...)