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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 April 30, 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 May 31, 2004, the number of shares outstanding of the registrant's common stock was 69,814,456.


 
     
 
PAGE 2



NAVISTAR INTERNATIONAL CORPORATION
AND CONSOLIDATED SUBSIDIARIES
 
 
INDEX
 
 
 
 
 
Page
Reference
 
 
 
 
 
 
                           Part I.   Financial Information:
 
 
 
 
 
 
 
 
 
Item 1.   Financial Statements
 
 
 
 
 
 
 
 
 
 
Statement of Income
 
 
 
 
    Three and Six Months Ended April 30, 2004 and 2003
 
3
 
 
 
 
 
 
 
 
Statement of Financial Condition
 
 
 
 
    April 30, 2004, October 31, 2003 and April 30, 2003     
 
4
 
 
 
 
 
 
 
 
Statement of Cash Flow
 
 
 
 
    Six Months Ended April 30, 2004 and 2003
 
5
 
 
 
 
 
 
 
 
Notes to the Financial Statements
 
6
 
 
 
 
 
 
 
Additional Financial Information
 
24
 
 
 
 
 
 
 
Item 2.      Management's Discussion and Analysis of Financial
 
 
 
 
    Condition and Results of Operations
 
26
 
 
 
 
 
 
 
Item 3.                Quantitative and Qualitative Disclosures
 
 
 
 
    About Market Risk
 
35
 
 
 
 
 
 
 
Item 4.                 Controls and Procedures
 
35
 
 
 
 
 
 
                           Part II.     Other Information:
 
 
 
 
 
 
 
 
 
Item 1.               Legal Proceedings
 
36
 
 
 
 
 
 
 
Item 2.               Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities    
 
37
 
 
 
 
 
 
 
Item 4.               Submission of Matters to a Vote of Security Holders
 
37
 
 
 
 
 
 
 
Item 6.               Exhibits and Reports on Form 8-K
 
38
 
 
 
 
 
 
                    Signature    
 
40
 
 
 
 
 
 
 
 
 
 
 
 




 
     
 
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
April 30
Six Months Ended
April 30
   
 
  
2004
2003
2004
2003
   
 
 
 
 
Sales and revenues
   
 
    
 
    
 
    
 
  
Sales of manufactured products
 
$
2,255
 
$
1,806
 
$
4,061
 
$
3,287
 
Finance revenue
   
70
   
53
   
120
   
145
 
Other income    
   
6
   
5
   
9
   
10
 
   
 
 
 
 
    Total sales and revenues
   
2,331
   
1,864
   
4,190
   
3,442
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Costs and expenses
   
 
    
 
    
 
    
 
  
Cost of products and services sold
   
1,976
   
1,588
   
3,579
   
3,008
 
Restructuring and other non-recurring charges
   
-
   
-
   
4
   
-
 
Postretirement benefits expense
   
67
   
71
   
133
   
154
 
Engineering and research expense
   
51
   
61
   
115
   
118
 
Selling, general and administrative expense
   
133
   
122
   
254
   
246
 
Interest expense
   
30
   
33
   
61
   
71
 
Other expense    
   
9
   
7
   
16
   
18
 
   
 
 
 
 
    Total costs and expenses
   
2,266
   
1,882
   
4,162
   
3,615
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Income (loss) from continuing operations before income taxes 
     65     (18 )    28     (173 ) 
Income tax expense (benefit)
   
24
   
(6
)
 
10
   
(63
)
   
 
 
 
 
Income (loss) from continuing operations
   
41
   
(12
)
 
18
   
(110
)
Loss from discontinued operations
   
-
   
(2
)
 
-
   
(3
)
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Net income (loss)    
 
$
41
 
$
(14
)
$
18
 
$
(113
)
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
  
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Basic earnings (loss) per share
   
 
    
 
    
 
    
 
  
    Continuing operations    
 
$
0.59
 
$
(0.18
)
$
0.26
 
$
(1.64
)
    Discontinued operations
   
-
   
(0.03
)
 
-
   
(0.04
)
   
 
 
 
 
        Net income (loss)
 
$
0.59
 
$
(0.21
)
$
0.26
 
$
    (1.68
)
   
 
 
 
 
Diluted earnings (loss) per share
   
 
    
 
    
 
    
 
  
    Continuing operations    
 
$
    0.54
 
$
(0.18
)
$
0.25
 
$
(1.64
)
    Discontinued operations
   
-
   
(0.03
)
 
-
   
(0.04
)
   
 
 
 
 
        Net income (loss)
 
$
0.54
 
$
(0.21
)
$
0.25
 
$
(1.68
)