Ford 1995 Fourth Quarter Earnings Down 01/31/96 The Associated Press reported that Ford Motor Co. announced $660 million worth of earnings for 1995's fourth quarter. Ford's profits are down 22% from the final quarter of 1994. Ford earnings fell to 49 cents a share, as compared to $1.47 in 1994's final quarter. Ford's total profit for 1995 was $4.1 billion, or $3.58 a share. Record earnings for 1994 were at $5.3 billion, or $4.97 a share. Paul Dever -- The Auto Channel ##--##--##news00066 "Black Boxes" to be Used in Formula One Racecars 01/31/96 Reuters reported that Grand Prix race cars will be outfitted with "Black Box" recorders starting with the 1997 Formula One racing season. The black boxes will be record information from the inside of the racecar; they will be similar to the ones used in airplanes. Max Mosley, president of the International Motoring Federation (FIA), said that the black box might be introduced on an experimental basis as early as this season. The FIA and racing teams have an agreement that black boxes will be used solely to gather data in cases of accidents. Recorded information will not be used in relation to collisions and controversies in F1 racing. Paul Dever -- The Auto Channel ##--##--##news00067 Brit Conglomerate Buys U.S. Auto Parts Manufacturer 01/31/96 Reuters reported that the British Conglomerate Tompkins Plc will buy the American auto parts manufacturer Gates Corp. for $1.16 billion. Gates Corp. invented the automobile fan belt in 1917. Formal merger contracts have been signed and the deal will be closed by late spring 1996. Gates Corp., based in Denver, CO, supplies automotive transmission belts and hoses. It is expected that the merger will increase their annual sales from $1.4 billion to Tomkins $5.6 billion (1994/95). Tomkins earnings come from sources as diverse as food and garden and leisure products. Gates' global network of factories will become a platform for Tomkins plans of international expansion and product development. The merger is subject to regulatory and tax clearance and shareholder approval. Paul Dever -- The Auto Channel ##--##--##news00068 GM Earnings Result of Tax Gains Reuters reported that GM's record fourth quarter earnings included $577 million worth of tax benefits from the settlement of foreign tax disputes and other special items. Analysts claim that GM's 4th quarter operating earnings actually fell to $1.5 billion or $1.49 a share. A comparison of GM's pre-tax operating income for North American Operations in the final quarters of 1994 and 1995 shows a drop from $760 million to $656 million. The decrease is due to a 6.6% drop in North American wholesale sales, which fell to 1.36 million. This drop was a offset by falling incentives (from $738 to $633 per unit) during the same period. GM's pre-tax income for the whole of 1995 more than doubled, rising from $1.59 billion in 1994 to 3.35 billion. Paul Dever -- The Auto Channel ##--##--##news00069 34 Porsches Entered for The Rolex 24 Endurance Race at Daytona 01/31/96 Motorsports News International has reported that 34 of the 81 car field at the Rolex 24 IMSA race will be Porsches 911s. The Rolex 24 is scheduled to be run on February 3-4 at the Daytona International Speedway. Porsches have won 19 previous overall victories in Daytona's 24-hour race, but new rules that prohibit the use of Porsche's turbocharged engine in the event's World Sports Car category will make it difficult for Porsche to defend last year's overall win. Porsche will be competing for class victories in the Exxon GTS-1 and GTS-2 categories. Teams and drivers vying for the title in the GTS-1 category include Rohr motorsports with two cars driven by Haywood, O'Steen, Murry, Goodyear, the Rohr family, Schurg and Rosenblad. Rohr driver Hurley Haywood has driven to 5 overall wins in the Daytona 24 hour race, and 3 overall titles in the 24 Hours of LeMans. He was the first driver to win the 24 hour races at Daytona and LeMans in the same year (1977). North America's largest Porsche dealer, Champion Porsche of Pompano Beach has entered another two car team with drivers Stuck, Bell, Boutsen, Schroeder, Fergus and Adam. Defending IMSA GTS-2 Champion Jorge Trejos will be driving with Martin Snow and veteran Porsche competitor Dennis Aase. The GTS-2 class contenders include a Brumos Porsche team driving a mid-engined 911--their drivers are Tom Hessert (former IMSA Champion), Charles Slater (IMSA owner) and Philip Collin. Defending Daytona GTS-2 champions Lilian Bryner, Enzo Calderari, and Ulrich Richter will be joined by Ferdinand de Lesseps to challenge the Brumos team. The Rolex 24 at Daytona will be covered extensively by ESPN2. The cable sports network will televise qualifying on February 1-2, and offer nine and one-half hours live race coverage in two segments, February 3-4. Check local listings for exact times. Paul Dever -- The Auto Channel ##--##--##news00070