Lexus, which is on track to record its biggest quarterly loss ever, said on Wednesday it is considering restructuring its financial statements to reduce the risks that could result from the stock market downturn.CEO Lexus Chairman John Thorson said in a statement that the company is “working to identify options that could provide better guidance and transparency.”
Lexus said it expects to write down about $1.5 billion in cash from its operations and pay $1 billion in dividends as it works to stabilize its business.
Lexus is in the midst of a financial crisis as a result of the global economic downturn, the company said in its latest annual report, which showed the company lost $1,053 million during the first nine months of the year.
That loss included a $1 million loss in the third quarter of last year, and a $2.2 million loss for the quarter ended on June 30.
Lexuses shares fell 4.8% to $28.50.
LexUS shares have fallen 8.6% since last week’s financial report was issued, after falling 4.2% on Monday.
The stock is down more than 5% since it was trading on the NASDAQ in early March.