Word: chrysler
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Dates: during 1970-1979
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...harsh winter and lower than expected new-car sales early this year hurt all of Detroit's automakers, but none more than Chrysler, which once again is awash in red ink. Last week, his newly styled hair showing more gray than usual, Chairman John Riccardo announced his company's biggest first-quarter loss in its history: $119.8 million...
...chairman of Rockwell International Corp., got $636,000 last year, an increase of 27% on a 17% profit gain. Reginald H. Jones, chairman of General Electric Co., received $687,000, a boost of 11%, reflecting a 17% profit rise. Chiefs taking pay cuts included John J. Riccardo, chairman of Chrysler. With company profits down 61%, he received $427,000, a 38% reduction from the year before...
...major sour note in the industry is Chrysler's deteriorating financial position. Sales of the compact Dodge Omni and Plymouth Horizon, the first small front-wheel-drive cars to be made in the U.S., are up to expectations. But these cars appear to be snatching some customers from Chrysler's own Volare and Aspen...
...last quarter of 1977, Chrysler suffered an operating loss of $49.7 million, compared with an operating profit of $119.2 million in the 1976 period. This year's first quarter probably wound up in the red too because the company's share of the total U.S. market has slipped (to 11.3% in March) and foreign operations are producing mounting losses. Standard & Poors has downgraded the company's bond rating, and a group of antimanagement stockholders anticipates that the 900-per-share dividend will be eliminated. Besides conserving cash and issuing 20 million shares of a new preferred stock...
...motels, restaurants and gas stations serving passers-by on the Pennsylvania Turnpike and Interstate 70. Now it has become a Rabbit farm. Next week Volkswagen Manufacturing Corp. of America, a subsidiary of the giant of German small cars, will begin turning out VW Rabbits in a refitted former Chrysler building on Route 119, just outside New Stanton...