Chrysler piles up $1.1 billion in 1st-half cash

[rickaren]

August 2, 2008

Call it an anniversary gift.

Chrysler LLC, approaching the first-year mark of going private last August, gave a rare look into its books Friday, saying the automaker generated $1.1 billion in cash over the first half of the year.

While it's not the same thing as revealing the private company's bottom line, the announcement is a positive sign at a time when many industry observers have been questioning the automaker's future.

"The strongest steel comes from the hottest fire, and while this is like dancing on the sun, we're actually making significant improvements in our business, and they're beginning to be apparent," said Jim Press, a Chrysler president and vice chairman.

Also Friday, Chrysler Chief Executive Officer Bob Nardelli announced the return of a program that allows employees and retirees to share their employee discount price with anyone.

Those deals will be good until Sept. 30. Chrysler stopped allowing employees to share their employee-discount price with friends and extended family last January.

"As we mark this first anniversary, let's all focus on revenue, put our sales hats on and talk up our products to everyone we know and make a sale," Nardelli wrote in a message to workers.


LINK: Chrysler piles up $1.1 billion in 1st-half cash | Freep.com | Detroit Free Press