DETROIT (

TheStreet

) -- Reporting its first financial results since emerging from bankruptcy in July,

General Motors

said costs fell by 59% while revenue increased 15%.

The automaker said favorable operating conditions will enable it to accelerate repayment of its outstanding loans from the U.S. and Canadian governments. Initial payments are slated for next month, when the U.S. will collect $1 billion and Canada will collect $192 million. Quarterly payments will follow.

GM continued to lose money and said it also expects to have negative net cash flows in the fourth quarter. For the period from July 10 to Sept. 30, GM posted an after-tax loss of $1.2 billion. Earnings before interest and taxes showed a loss of $261 million. However, earnings before interest, taxes, depreciation and amortization were $1.5 billion. The company noted the numbers don't conform to accounting standards and don't represent a full quarter's results.

"We have significantly more work to do, but today's results provide evidence of the solid foundation we're building for the new GM," said CEO Fritz Henderson in a prepared statement. "With a healthier balance sheet and a competitive cost structure, our focus is on driving top-line performance."

Revenue was $28 billion, an increase of $4.9 billion from the same period, a result of higher worldwide sales and GM's stabilizing share. The industry's worldwide seasonally adjusted annual sales rate was 67.8 million vehicles, up from 92.7 million in the same quarter a year earlier. New GM's share was 11.9%, up 0.3 points from the first half of the year for the predecessor Old GM. The company maintains a leading market share in China.

Structural costs, following the company's restructuring, were $9.1 billion, down from $22 billion in the same period a year earlier.

As of Sept. 30, GM's cash and marketable securities totaled $42.6 billion, including $17.4 billion in escrowed funds from the U.S. Treasury and Export Development Canada. Total debt on Sept. 30 was $17 billion, including $6.7 billion in U.S. government loans, $1.4 billion in Canadian government loans and $1.3 billion in German government loans. The debt doesn't include $12.2 billion in notes and preferred stock related to obligations for an employee retiree health care trust fund.

GM said global cash balances at year end will be "materially lower" than $42.6 billion, given various cash outflows and continued restructuring costs.

-- Written by Ted Reed in Charlotte, N.C.

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