1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report July 3, 2001 ------------ (Date of earliest event reported) VISTEON CORPORATION --------------------- (Exact name of registrant as specified in its charter) Delaware 1-15827 38-3519512 -------- ------- ---------- (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 5500 Auto Club Drive, Dearborn, Michigan 48126 - ------------------------------------------ --------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (800)-VISTEON -------------
2 - 2 - ITEM 5. OTHER EVENTS. On July 3, 2001, we issued a press release concerning our new financial reporting segments. The press release, filed as Exhibit 20 to this Current Report on Form 8-K, is incorporated herein by this reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. Exhibit No. Description 20 Press release dated July 3, 2001
3 - 3 - SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VISTEON CORPORATION Date: July 3, 2001 By: /s/Stacy L. Fox -------------------------------------- Stacy L. Fox Senior Vice President, General Counsel and Secretary
4 - 4 - EXHIBIT INDEX Exhibit No. Description Page Exhibit 20 Press Release dated July 3, 2001
1 EXHIBIT 20 NEWS RELEASE Contact(s): Media Inquiries: Visteon Corporation Liane Smyth Public Affairs 313-755-2916 5500 Auto Club Drive lsmyth1@visteon.com Dearborn, MI 48126 Facsimile: 313-755-7983 Investor Inquiries: Derek Fiebig 313-755-3699 dfiebig@visteon.com [VISTEON LOGO] FOR IMMEDIATE RELEASE VISTEON ANNOUNCES REPORTING SEGMENTS UNDER NEW CUSTOMER-FACING CORPORATE STRUCTURE DEARBORN, Mich., July 3, 2001 -- Visteon Corporation (NYSE:VC) today announced new financial reporting segments to align with its recently implemented organization, which is focused on customer business groups, and supported by centralized product development, manufacturing and administrative functions. Consistent with the new organization and effective in the Second Quarter of 2001, Visteon's segment reporting will be as follows: Automotive Operations and Glass Operations. Automotive Operations provides various automotive systems and components mainly to OEM customers; Glass Operations supplies architectural and flat glass to a broad customer base, including OEMs. The new segments replace the previous product-oriented reporting segments: Comfort, Communication & Safety, Dynamics & Energy Conversion, and Glass. Since implementation of the new organizational structure in April 2001, major benefits already have been realized, including significant new business wins, reduced structural costs and increased leverage from centralization of manufacturing, product development and other staff functions. Attached to the press release is historical financial information that reflects the new reporting segments. Visteon Corporation is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple channels within the global automotive aftermarket. Visteon has 82,000 employees 1.
2 NEWS RELEASE and a global delivery system of more than 130 technical, manufacturing, sales, and service facilities located in 25 countries. This press release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "estimated" and "potentially" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 27, 2001. Should any risks and uncertainties develop into actual events, these developments could have material adverse effects on Visteon's business, financial condition and results of operations. ### Visteon news releases, photographs and product specification details are available at www.visteon.com 2.
3 Visteon Corporation and Subsidiaries SEGMENT FINANCIAL DATA Certain quarterly and annual segment financial information for 1998 and 1999 actual results, the related 1999 pro forma data, 2000 actual results, and 2001 First Quarter actual results, is presented in the following tables. This information has been restated to conform with the new reporting segments: Automotive Operations and Glass Operations. Automotive Operations provides various automotive systems and components mainly to OEM customers; Glass Operations supplies architectural and flat glass to a broad customer base, including OEMs. For further discussion of pro forma adjustments, please refer to the "Unaudited Pro Forma Condensed Consolidated Financial Statements" section of our prospectus dated June 13, 2000, as filed with the SEC on June 14, 2000. 1999 Actual 1998 Actual ----------------------------------------------------------------------- ------------ First Second Third Fourth Full Full Quarter Quarter Quarter Quarter Year Year ------------ ---------- ---------- ------------ ---------- ------------ (unaudited, in millions) SALES Automotive Operations $ 4,572 $ 4,861 $ 4,418 $ 4,742 $ 18,593 $ 17,010 Glass Operations 200 202 182 189 773 752 -------- -------- -------- -------- -------- -------- Total $ 4,772 $ 5,063 $ 4,600 $ 4,931 $ 19,366 $ 17,762 ======== ======== ======== ======== ======== ======== INCOME/(LOSS) BEFORE TAXES Automotive Operations $ 305 $ 435 $ 260 $ 170 $ 1,170 $ 1,145 Glass Operations 8 14 - (20) 2 (29) -------- -------- -------- -------- -------- -------- Total $ 313 $ 449 $ 260 $ 150 $ 1,172 $ 1,116 ======== ======== ======== ======== ======== ======== NET INCOME/(LOSS) Automotive Operations $ 199 $ 270 $ 155 $ 108 $ 732 $ 718 Glass Operations 6 10 - (13) 3 (15) -------- -------- -------- -------- -------- -------- Total $ 205 $ 280 $ 155 $ 95 $ 735 $ 703 ======== ======== ======== ======== ======== ======== AVERAGE ASSETS Automotive Operations $ 8,870 $ 9,981 $ 10,877 $ 11,280 $ 10,252 $ 8,376 Glass Operations 616 629 703 780 682 548 -------- -------- -------- -------- -------- -------- Total $ 9,486 $ 10,610 $ 11,580 $ 12,060 $ 10,934 $ 8,924 ======== ======== ======== ======== ======== ======== 1999 Proforma ---------------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ---------- ----------- --------- ---------- ---------- (unaudited, in millions) SALES Automotive Operations $ 4,407 $ 4,685 $ 4,272 $ 4,578 $ 17,942 Glass Operations 190 192 173 179 734 -------- -------- -------- -------- -------- Total $ 4,597 $ 4,877 $ 4,445 $ 4,757 $ 18,676 ======== ======== ======== ======== ======== INCOME/(LOSS) BEFORE TAXES Automotive Operations $ 115 $ 265 $ 94 $ (3) $ 471 Glass Operations 1 8 (8) (27) (26) -------- -------- -------- -------- -------- Total $ 116 $ 273 $ 86 $ (30) $ 445 ======== ======== ======== ======== ======== NET INCOME/(LOSS) Automotive Operations $ 80 $ 164 $ 50 $ 1 $ 295 Glass Operations 2 6 (4) (18) (14) -------- -------- -------- -------- -------- Total $ 82 $ 170 $ 46 $ (17) $ 281 ======== ======== ======== ======== ========
4 Visteon Corporation and Subsidiaries SEGMENT FINANCIAL DATA 2000 Actual 2001 Actual ----------------------------------------------------------------------- ------------ First Second Third Fourth Full First Quarter Quarter Quarter Quarter Year Quarter ------------ ---------- ----------- ------------ ------------ ------------ (unaudited, in millions) SALES Automotive Operations $ 5,028 $ 5,105 $ 4,224 $ 4,364 $ 18,721 $ 4,558 Glass Operations 197 204 180 165 746 165 -------- -------- -------- -------- -------- -------- Total $ 5,225 $ 5,309 $ 4,404 $ 4,529 $ 19,467 $ 4,723 ======== ======== ======== ======== ======== ======== INCOME/(LOSS) BEFORE TAXES Automotive Operations $ 239 $ 284 $ 80 $ 86 $ 689 $ 60 Glass Operations (2) (18) 2 (232) (250) (5) -------- -------- -------- -------- -------- -------- Total $ 237 $ 266 $ 82 $ (146) $ 439 $ 55 ======== ======== ======== ======== ======== ======== NET INCOME/(LOSS) Automotive Operations $ 148 $ 173 $ 46 $ 59 $ 426 $ 33 Glass Operations (1) (11) 2 (146) (156) (2) -------- -------- -------- -------- -------- -------- Total $ 147 $ 162 $ 48 $ (87) $ 270 $ 31 ======== ======== ======== ======== ======== ======== AVERAGE ASSETS Automotive Operations $ 11,392 $ 11,134 $ 10,887 $ 12,011 $ 11,356 $ 11,081 Glass Operations 728 609 574 213 531 294 -------- -------- -------- -------- -------- -------- Total $ 12,120 $ 11,743 $ 11,461 $ 12,224 $ 11,887 $ 11,375 ======== ======== ======== ======== ======== ======== 2000 1999 1998 Actual Actual Actual ---------- ---------- --------- (unaudited, in millions) Automotive Operations - --------------------- Depreciation/amortization $ 641 $ 616 $ 531 Capital expenditures 771 832 777 Unconsolidated affiliates: Equity in net income 50 39 17 Investments in 122 184 190 Glass Operations - ---------------- Depreciation/amortization $ 35 $ 35 $ 34 Capital expenditures 22 44 84 Unconsolidated affiliates: Equity in net income 6 8 9 Investments in 20 21 24 Total Visteon - ------------- Depreciation/amortization $ 676 $ 651 $ 565 Capital expenditures 793 876 861 Unconsolidated affiliates: Equity in net income 56 47 26 Investments in 142 205 214