Originally created 06/17/04

Goodyear delays first-quarter results

AKRON, Ohio -- Goodyear Tire & Rubber Co. postponed Wednesday's release of its first-quarter financial statements and instead issued a summary projecting record first-quarter sales of about $4.3 billion and a sharply narrowed loss of $75 million to $85 million.

Goodyear had sales of $3.5 billion and a loss of $196.5 million in the first quarter of 2003.

The tire maker said it needs more time to complete its financial statements and expects to release them by June 30 as required by creditors. Goodyear released its fourth-quarter 2003 results two months late on May 19, a delay due to a company investigation of accounting irregularities in its European operations.

Goodyear announced last month that accounting problems caused an additional reduction of $164.8 million in earnings from 1999 through 2003. The adjustment was in addition to $116 million in reductions the company announced last year.

Goodyear said the delayed first-quarter report likely would show significant improvements in six businesses, including the North American tire unit.

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