Visteon Announces Q1 2007 Results

Use of Non-GAAP Financial Information

This press release contains information about Visteon's financial results which is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these comparable GAAP financial measures for full- year 2007 is not intended to indicate that Visteon is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict.




                     VISTEON CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                 (Dollars in Millions, Except Per Share Data)
                                 (Unaudited)

                                                        Three-Months Ended
                                                              March 31

                                                        2007          2006
    Net sales
         Products                                    $ 2,797        $ 2,816
         Services                                        130            145
                                                       2,927          2,961

    Cost of sales
         Products                                      2,688          2,573
         Services                                        128            144
                                                       2,816          2,717
    Gross margin                                         111            244
    Selling, general and administrative
     expenses                                            170            168
    Asset impairments                                     50              -
    Restructuring expenses                                31              9
    Reimbursement from Escrow Account                     41              9
    Operating (loss) income                              (99)            76
    Interest expense, net                                 40             39
    Equity in net income of non-consolidated
     affiliates                                            9              7
    (Loss) income before taxes, minority
     interests and change in accounting                 (130)            44
    Provision for income taxes                            17             30
    Minority interests in consolidated
     subsidiaries                                          6              7
    Net (loss) income before cumulative
     change in accounting                               (153)             7
    Cumulative effect of change in
     accounting, net of tax                                               -                          (4)
        Net  (loss)  income                                                                $    (153)              $          3

        Basic  per  share  data:
        Basic  (loss)  income  per  share  before
          change  in  accounting                                                        $  (1.19)              $    0.05
        Cumulative  effect  of  change  in
          accounting,  net  of  tax                                                                -                    (0.03)
        Basic  (loss)  income  per  share                                        $  (1.19)              $    0.02

        Diluted  per  share  data:
        Diluted  (loss)  income  per  share  before
          change  in  accounting                                                        $  (1.19)              $    0.05

        Cumulative  effect  of  change  in  accounting,
          net  of  tax                                                                                        -                    (0.03)
        Diluted  (loss)  income  per  share                                    $  (1.19)              $    0.02
        Average  shares  outstanding  (millions)
        Basic                                                                                            128.9                    127.1
        Diluted                                                                                        128.9                    127.2



                                          VISTEON  CORPORATION  AND  SUBSIDIARIES
                                                  CONSOLIDATED  BALANCE  SHEETS
                                                        (Dollars  in  Millions)


                                                                                                        (Unaudited)
                                                                                                            March  31          December  31
                                                                                                                2007                    2006

                                                                        ASSETS

        Cash  and  equivalents                                                          $      872                $  1,057
        Accounts  receivable,  net                                                      1,302                    1,245
        Interests  in  accounts  receivable
          transferred                                                                                  574                        482
        Inventories,  net                                                                          518                        520
        Other  current  assets                                                                  288                        261
        Total  current  assets                                                              3,554                    3,565

        Equity  in  net  assets  of
          non-consolidated  affiliates                                                  234                        224
        Property  and  equipment,  net                                                2,826                    3,034
        Other  non-current  assets                                                          222                        115
        Total  assets                                                                          $  6,836                $  6,938


                                        LIABILITIES  AND  SHAREHOLDERS'  DEFICIT

        Short-term  debt,  including  current
          portion  of  long-term  debt                                              $      104                $      100
        Accounts  payable                                                                      1,890                    1,825

        Accrued  employee  liabilities                                                  305                        337
        Other  current  liabilities                                                        322                        306
        Total  current  liabilities                                                    2,621                    2,568


        Long-term  debt                                                                          2,125                    2,128
        Employee  benefits,  including  pensions                                724                        924
        Postretirement  benefits  other  than  pensions                    645                        747
        Deferred  income  taxes                                                                193                        170
        Other  non-current  liabilities                                                371                        318
        Minority  interests  in  consolidated  subsidiaries            263                        271


        Shareholders'  deficit
                  Preferred  stock  (par  value  $1.00,
                    50  million  shares  authorized,  none
                    outstanding)                                                                          -                            -
                  Common  stock  (par  value  $1.00,
                    500  million  shares  authorized,  131
                    million  shares  issued,  129  million
                    and  129  million  shares  outstanding,
                    respectively)                                                                    131                        131
                  Stock  warrants                                                                    127                        127
                  Additional  paid-in  capital                                        3,402                    3,398
                  Accumulated  deficit                                                    (3,794)                (3,606)
                  Accumulated  other  comprehensive
                    income  (loss)                                                                      46                      (216)
                  Other                                                                                      (18)                      (22)

        Total  shareholders'  deficit                                                  (106)                    (188)

        Total  liabilities  and  shareholders'  deficit            $  6,836                $  6,938



                                          VISTEON  CORPORATION  AND  SUBSIDIARIES
                                        CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS
                                                        (Dollars  in  Millions)
                                                                  (Unaudited)

                                                                                                                  Three-Months  Ended
                                                                                                                            March  31

                                                                                                              2007                        2006
        Operating  activities
        Net  (loss)  income                                                                  $  (153)              $          3
        Adjustments  to  reconcile  net  (loss)
          income  to  net  cash  used  by  operating
          activities:
                  Depreciation  and  amortization                                      121                        102
                  Asset  impairments                                                                50                            -
                  Postretirement  benefit  relief                                          -                        (23)
                  Equity  in  net  income  of  non-consolidated
                    affiliates,  net  of  dividends  remitted                      (9)                        (7)
                  Non-cash  tax  items                                                              (8)                        (1)
                  Other  non-cash  items                                                            8                            -
        Change  in  receivables  sold                                                      (41)                      (53)
        Changes  in  assets  and  liabilities:
                  Accounts  receivable  and  retained  interests          (105)                        31
                  Escrow  receivable                                                                14                          24
                  Inventories                                                                          (23)                          1
                  Accounts  payable                                                                  63                        (99)
                  Other  assets  and  liabilities                                        (48)                      (10)
        Net  cash  used  by  operating  activities                              (131)                      (32)

        Investing  activities
        Capital  expenditures                                                                  (64)                      (85)
        Proceeds  from  sales  of  assets                                                    7                            7
        Net  cash  used  by  investing  activities                                (57)                      (78)

        Financing  activities
        Short-term  debt,  net                                                                      2                      (270)
        Proceeds  from  debt,  net  of  issuance  costs                            1                        371
        Principal  payments  on  debt                                                        (4)                        (7)
        Other,  including  book  overdrafts                                              2                          21
        Net  cash  provided  from  financing  activities                        1                        115
        Effect  of  exchange  rate  changes  on  cash                                2                          11
        Net  (decrease)  increase  in  cash  and  equivalents          (185)                        16
        Cash  and  equivalents  at  beginning  of  year                    1,057                        865
        Cash  and  equivalents  at  end  of  period                          $    872                $      881



                                          VISTEON  CORPORATION  AND  SUBSIDIARIES
                                RECONCILIATION  OF  NON-GAAP  FINANCIAL  MEASURES
                                                        (Dollars  in  Millions)
                                                                  (Unaudited)

 





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