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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
 
(X)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
 
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended January 31, 2004
 
OR
 
( )
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
 
SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from
To
 
Commission file number 1-9618
 
NAVISTAR  INTERNATIONAL  CORPORATION
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
 
36-3359573
 
                                          (State or other jurisdiction of
                                           incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
4201 Winfield Road, P.O. Box 1488
Warrenville, Illinois 60555
 
(Address of principal executive offices, Zip Code)
 
 
Registrant's telephone number, including area code (630) 753-5000
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of the Act.) Yes X No __
 
APPLICABLE ONLY TO ISSUERS INVOLVED
IN BANKRUPTCY PROCEEDINGS DURING
THE PRECEDING FIVE YEARS
 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ___ No ___
 
APPLICABLE ONLY TO CORPORATE ISSUERS:
 
As of February 29, 2004, the number of shares outstanding of the registrant's common stock was 69,413,448.

 
     
 
PAGE 2


NAVISTAR INTERNATIONAL CORPORATION
AND CONSOLIDATED SUBSIDIARIES
-----------------------------
 
 
 
INDEX
---------
 
 
 
 
 
Page
Reference
 
 
 
Part I.  Financial Information:
 
 
 
 
 
Item 1.  Financial Statements
 
 
 
 
 
Statement of Income
 
 
Three Months Ended January 31, 2004 and 2003    
 
3
 
 
 
Statement of Financial Condition
 
 
January 31, 2004, October 31, 2003 and January 31, 2003    
 
4
 
 
 
Statement of Cash Flow
 
 
Three Months Ended January 31, 2004 and 2003    
 
5
 
 
 
Notes to Financial Statements        
 
6
 
 
 
Additional Financial Information    
 
22
 
 
 
Item 2.  Management's Discussion and Analysis of Financial
 
 
     Condition and Results of Operations    
 
24
 
 
 
Item 3.  Quantitative and Qualitative Disclosures
 
 
     About Market Risk    
 
34
 
 
 
Item 4.  Controls and Procedures    
 
34
 
 
 
Part II.  Other Information:
 
 
 
 
 
Item 1.  Legal Proceedings    
 
35
 
 
 
Item 2.  Changes in Securities and Use of Proceeds    
 
36
 
 
 
Item 6.  Exhibits and Reports on Form 8-K    
 
37
 
 
 
Signature            
 
38
 
 
 
 
 
 

 
     
 
PAGE 3

PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
 
STATEMENT OF INCOME (Unaudited)
Millions of dollars, except per share data
 
  
 
 
  
Navistar International Corporation
and Consolidated Subsidiaries
   
 
  
Three Months Ended
January 31
   
 
  
2004
2003
   
 
    
 
    
 
  
Sales and revenues
   
 
    
 
  
Sales of manufactured products.    
  
$
1,806
 
$
1,481
 
Finance revenue.    
    
50
   
92
 
Other income.        
    
3
   
5
 
   
 
 
Total sales and revenues    
    
1,859
   
1,578
 
   
 
 
 
    
 
    
 
  
Costs and expenses
   
 
    
 
  
Cost of products and services sold.    
    
1,603
   
1,420
 
Restructuring and other non-recurring charges.    
    
4
   
-
 
Postretirement benefits expense.    
    
66
   
83
 
Engineering and research expense.    
    
64
   
57
 
Selling, general and administrative expense.    
    
121
   
124
 
Interest expense.    
    
31
   
38
 
Other expense.        
    
7
   
11
 
   
 
 
Total costs and expenses    
    
1,896
   
1,733
 
   
 
 
 
    
 
    
 
  
Income (loss) from continuing operations before income taxes    
    
(37
)
 
(155
)
Income tax benefit    
    
(14
)
 
(57
)
   
 
 
Income (loss) from continuing operations    
    
(23
)
 
(98
)
 
    
 
    
 
  
Loss from discontinued operations.    
    
-
   
(1
)
   
 
 
 
    
 
    
 
  
Net income (loss).        
  
$
(23
)
$
(99
)
   
 
 
 
    
 
    
 
  
  
 
 
 
    
 
    
 
  
Basic earnings (loss) per share
   
 
    
 
  
Continuing operations    
  
$
(0.34
)
$
(1.47
)
Discontinued operations    
    
-
   
(0.02
)
   
 
 
Net income (loss)
 
$
(0.34
)
$
(1.49
)
   
 
 
 
    
 
    
 
  
Diluted earnings (loss) per share
   
 
    
 
  
Continuing operations    
  
$
(0.34
)
$
(1.47
)
Discontinued operations    
    
-
   
(0.02
)
   
 
 
Net income (loss)
 
$
(0.34
)
$
(1.49
)
   
 
 
 
    
 
    
 
  
Average shares outstanding (millions)
   
 
    
 
  
Basic    
    
69.2
   
66.4
 
Diluted    
    
69.2
   
66.4
 
 
    
 
    
 
  
  
 
 
See Notes to Financial Statements.
   
 
    
 
  


 
     
 
PAGE 4

STATEMENT OF FINANCIAL CONDITION (Unaudited)
Millions of dollars
 
  
Navistar International Corporation
and Consolidated Subsidiaries
   
 
  
January 31
October 31
January 31
 
  
2004
2003
2003
   
ASSETS        
  
 
 
 
 
    
 
    
 
    
 
  
Current assets