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 March 2, 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. Filed as Exhibit 99.1 to this Current Report on Form 8-K is a revision of the Quarterly Segment Financial Information for 1999, including 1999 pro forma. This exhibit revises the Quarterly Segment Financial Information that appeared as part of Annex A - Supplemental Financial Data included in our prospectus dated June 13, 2000 as filed with the SEC on June 14, 2000 to reflect reallocations among the Company's business segments. Financial information for 2000 is presented for comparative purposes. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. Exhibit No. Description 99.1 Segment Financial Information
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: March 2, 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 99.1 Segment Financial Information
1 EXHIBIT 99.1 Visteon Corporation and Subsidiaries SEGMENT FINANCIAL DATA Quarterly segment financial information for 1999 actual results, and the related 1999 pro forma quarterly information, as presented in the following tables, reflects a revised allocation within the reportable operating segments of certain costs incurred during 1999. Financial information for 2000 is unchanged from prior reported data, and is presented for comparative purposes. 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 (unaudited) --------------------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ------------ ------------- ------------- ------------- ------------ (in millions, except margin percentages) SALES Comfort, Communication & Safety $ 2,203 $ 2,405 $ 2,344 $ 2,425 $ 9,377 Dynamics & Energy Conversion 2,369 2,456 2,074 2,317 9,216 Glass 200 202 182 189 773 ------------ ------------- ------------- ------------- ------------ Total $ 4,772 $ 5,063 $ 4,600 $ 4,931 $ 19,366 ============ ============= ============= ============= ============ INCOME/(LOSS) BEFORE TAXES Comfort, Communication & Safety $ 162 $ 270 $ 164 $ 79 $ 676 Dynamics & Energy Conversion 144 190 112 103 549 Glass 8 14 - (19) 2 ------------ ------------- ------------- ------------- ------------ Total (Incl. Other) (a) $ 313 $ 449 $ 260 $ 150 $ 1,172 ============ ============= ============= ============= ============ NET INCOME/(LOSS) Comfort, Communication & Safety $ 109 $ 168 $ 94 $ 51 $ 422 Dynamics & Energy Conversion 90 118 71 65 344 Glass 6 10 - (13) 3 ------------ ------------- ------------- ------------- ------------ Total (Incl. Other) (a) $ 205 $ 280 $ 155 $ 95 $ 735 ============ ============= ============= ============= ============ OPERATING MARGIN (b) Comfort, Communication & Safety 6.7 % 10.8 % 7.2 % 2.8 % 6.9 % Dynamics & Energy Conversion 6.1 7.7 5.4 4.4 6.0 Glass 3.3 5.8 Loss Loss Loss Total 6.2 % 9.1 % 6.1 % 3.0 % 6.1 % 1999 Proforma (unaudited) --------------------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ------------ ------------- ------------- ------------- ------------ (in millions, except margin percentages) SALES Comfort, Communication & Safety $ 2,130 $ 2,328 $ 2,280 $ 2,354 $ 9,092 Dynamics & Energy Conversion 2,276 2,357 1,992 2,225 8,850 Glass 190 192 173 179 734 ------------ ------------- ------------- ------------- ------------ Total $ 4,596 $ 4,877 $ 4,445 $ 4,758 $ 18,676 ============ ============= ============= ============= ============ INCOME/(LOSS) BEFORE TAXES Comfort, Communication & Safety $ 93 $ 199 $ 96 $ 12 $ 399 Dynamics & Energy Conversion 57 102 27 18 203 Glass 1 8 (8) (26) (26) ------------ ------------- ------------- ------------- ------------ Total (Incl. Other) (a) $ 116 $ 273 $ 86 $ (30) $ 445 ============ ============= ============= ============= ============ NET INCOME/(LOSS) Comfort, Communication & Safety $ 66 $ 124 $ 52 $ 9 $ 249 Dynamics & Energy Conversion 36 62 18 12 128 Glass 2 6 (4) (17) (14) ------------ ------------- ------------- ------------- ------------ Total (Incl. Other) (a) $ 82 $ 170 $ 46 $ (17) $ 281 ============ ============= ============= ============= ============ OPERATING MARGIN (b) Comfort, Communication & Safety 3.7 % 8.1 % 4.4 % 0.0 % 4.1 % Dynamics & Energy Conversion 2.5 4.3 1.4 0.8 2.3 Glass Loss 3.0 Loss Loss Loss Total 2.9 % 6.1 % 2.7 % Loss % 2.9 % (a) Incl. Other represents net interest expense not allocated to reportable operating segments. (b) Reflects operating income (income before interest, equity in net income of affiliated companies, taxes and minority interest), divided by sales.
2 Visteon Corporation and Subsidiaries SEGMENT FINANCIAL DATA 2000 Actual (unaudited) --------------------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ------------ ------------- ------------- ------------- ------------ (in millions, except margin percentages) SALES Comfort, Communication & Safety $ 2,603 $ 2,650 $ 2,192 $ 2,337 $ 9,782 Dynamics & Energy Conversion 2,425 2,455 2,032 2,027 8,939 Glass 197 204 180 165 746 ------------ ------------- ------------- ------------- ------------ Total $ 5,225 $ 5,309 $ 4,404 $ 4,529 $ 19,467 ============ ============= ============= ============= ============ INCOME/(LOSS) BEFORE TAXES Comfort, Communication & Safety $ 153 $ 198 $ 90 $ 53 $ 494 Dynamics & Energy Conversion 106 95 7 34 242 Glass (2) (18) 2 (232) (250) ------------ ------------- ------------- ------------- ------------ Total (Incl. Other) (a) $ 237 $ 266 $ 82 $ (146) $ 439 ============ ============= ============= ============= ============ NET INCOME Comfort, Communication & Safety $ 94 $ 119 $ 52 $ 37 $ 302 Dynamics & Energy Conversion 67 60 5 22 154 Glass (1) (11) 2 (146) (156) ------------ ------------- ------------- ------------- ------------ Total (Incl. Other) (a) $ 147 $ 162 $ 48 $ (87) $ 270 ============ ============= ============= ============= ============ OPERATING MARGIN (b) Comfort, Communication & Safety 5.7 % 7.3 % 3.9 % 1.2 % 4.7 % Dynamics & Energy Conversion 4.4 3.8 0.3 1.7 2.7 Glass Loss Loss 0.1 Loss Loss Total 4.8 % 5.0 % 2.1 % Loss % 2.3 % (a) Incl. Other represents net interest expense not allocated to reportable operating segments. (b) Reflects operating income (income before interest, equity in net income of affiliated companies, taxes and minority interest), divided by sales.