UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2004
Dana Corporation
(Exact name of registrant as specified in its charter)
| Virginia | 1-1063 | 34-4361040 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification Number) |
| 4500 Dorr Street, Toledo, Ohio | 43615 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (419) 535-4500
This Current Report on Form 8-K and the attached exhibits are being furnished by Dana Corporation (Dana) pursuant to (i) Item 9 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD and (ii) Item 12 of Form 8-K, insofar as they disclose historical information regarding Dana’s results of operations and financial condition for the fiscal quarter ended March 31, 2004.
Item 7. Exhibits.
(c) Exhibits
99.1 |
Slide Presentation for April 21, 2004 Conference
Call (furnished but not filed pursuant to Item 9) |
|
99.2
|
Press Release of Dana Corporation (furnished but not filed pursuant to Item 12) |
Item 9. Regulation FD Disclosure.
During a conference call scheduled to be held at 10:00 a.m. EDT on April 21, 2004, Dana’s Chairman and Chief Executive Officer Michael J. Burns and Chief Financial Officer Robert C. Richter intend to present the slide presentation that is furnished as Exhibit 99.1 to this Current Report.
Certain slides in this presentation include financial measures which are not presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These include slides 13, 15, 16 and 17, which contain non-GAAP financial measures due to the inclusion of Dana Credit Corporation (DCC) on an equity basis. Exhibit 99.1 includes a quantitative reconciliation of certain of the differences between the non-GAAP financial measures disclosed and the most directly comparable financial measures calculated and presented in accordance with GAAP. Item 12 below and Dana’s earnings release in the attached Exhibit 99.2 also contain information about the reconciliation of these non-GAAP financial measure to comparable GAAP financial measures and an explanation of why management believes the non-GAAP financial measures provide useful information to investors.
Item 12. Results of Operations and Financial Condition.
On April 21, 2004, Dana issued a news release regarding its earnings for the fiscal quarter ended March 31, 2004. A copy of that release is being furnished as Exhibit 99.2 to this Current Report.
The earnings release includes tables showing: (i) Dana Corporation (Including Dana Credit Corporation on an Equity Basis), Condensed Statement of Income (Unaudited) — Three Months Ended March 31, 2004 and 2003; (ii) Dana Corporation (Including Dana Credit Corporation on an Equity Basis), Condensed Balance Sheet (Unaudited) — March 31, 2004 and December 31, 2003; and (iii) Dana Corporation (Including Dana Credit Corporation on an Equity Basis), Cash Flow Impact on Net Debt — Three Months Ended March 31, 2004 and 2003. As GAAP requires Dana Credit Corporation (DCC) to be included on a consolidated basis, these tables including DCC on an equity basis contain non-GAAP financial measures. The earnings release also includes, for each of these tables: (i) a presentation of the most directly comparable financial measures calculated and presented in accordance with GAAP and (ii) a quantitative reconciliation of the differences between the non-GAAP financial measures disclosed and the most directly comparable GAAP financial measures. Management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding Dana’s financial condition and results of operations because management evaluates Dana’s operating segments and regions as if DCC were accounted for on the equity method of accounting. This is done because DCC is not homogenous with Dana’s manufacturing operations, its financing activities do not support the sales of the other operating segments and its financial and performance measures are inconsistent with those of the other operating segments. Moreover, the financial covenants contained in Dana’s long-term bank facility are measured with DCC accounted for on an equity basis.
In accordance with General Instructions B.2 and B.6 of Form 8-K, the information in this Current Report, including the attached exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
2
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dana Corporation (Registrant) |
||||
Date: April 21, 2004
|
By: | /s/ Robert C. Richter | ||
| Name: | Robert C. Richter | |||
| Title: | Chief Financial Officer | |||
3
Exhibit Index
99.1 Slide Presentation for April 21, 2004 Conference Call
99.2 Press Release of Dana Corporation
4
EXHIBIT 99.1
| Dana Corporation 1st Quarter Conference Call April 21, 2004 (c) Dana Corporation, 2004 |
| Forward-Looking Statements Statements herein about our forecasts, beliefs, and expectations constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current information and assumptions. Forward-looking statements are inherently subject to risks and uncertainties. Dana's actual results could differ materially from those that we anticipate or project due to a number of factors. These factors include the impact of national and international economic conditions; adverse effects from terrorism or hostilities; the strength of other currencies relative to the U.S. dollar; the cyclical nature of the global vehicular industry; the performance of the global aftermarket sector; changes in business relationships with our major customers and in the timing, size and continuation of their and our programs; the ability of our customers and suppliers to achieve their projected sales and production levels; competitive pressures on our sales and pricing; increases in production or material costs that cannot be recouped in product pricing; the impact of our collective bargaining negotiations; the continued success of our cost reduction and cash management programs and our long-term transformation strategy, and the success and timing of the contemplated divestiture of the automotive aftermarket business. Additional factors are contained in our public filings with the SEC. We do not undertake to update any forward-looking statements contained herein. (c) Dana Corporation, April 21, 2004 |
| Dana Corporation Where We've Been Where We're Going Decentralized Company Disconnected Functions SBU Organization OE/Aftermarket Global Footprint w/NA Bias 2001 Restructuring Program Integrated Company Top-Line Growth & Continually Improving Cost Structure Fully Leveraged Functions Market-Focused Organization Strategic Focus - Vehicular OEM Truly Global Footprint w/Balance 5 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Future Success Requires Focus 1 3.3 2 4.8 2.178 5.1 1 1.9 3 6.1 3 4.7 3 5.3 3 6.2 3 6.3 Diverse Focused Source: Public Filings 7 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Aftermarket Business Divestiture Future success demands focus; Dana will focus on its OE markets Proposed transaction is a "win-win" for Dana and the aftermarket business Potential uses of divestiture proceeds: Reinvest in our core businesses Contribute to pension plans Repay debt 9 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Pleasant Surprises Excellent Quality Metrics Impressive Six Sigma Black Belt Program Dedicated People Unified by challenges Embracing change and, most importantly ... 11 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Dana Customer Base Automotive 13 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Dana Customer Base Commercial Vehicle & Off-Highway 15 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| 17 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 NAFTA Heavy-Truck Overview Backlog Net Orders Build Sales Inventory 2001 69963 14785 13119 13888 47703 70726 12300 12184 13042 47415 67233 11085 13633 15836 44381 65214 10947 12199 15688 40345 60894 9656 13629 16679 38557 58728 10710 12863 15684 35290 57415 9541 10800 13446 33297 53620 9043 12128 13833 31908 52796 10042 11086 12110 30938 47005 7932 13924 14543 29642 50737 14453 11439 12133 29018 52665 10988 8845 13446 24667 2002 59201 15261 10281 10474 24389 68722 20705 11815 10528 25980 83944 29139 12814 13393 25602 97028 28004 14514 14350 26706 95689 17806 17282 16960 26381 89647 10388 16952 15390 27250 76166 5973 17831 16770 28195 64701 7071 19800 17197 31089 54739 7823 18331 16709 33022 44856 9961 19120 18545 34226 42417 10729 12207 14858 31160 44537 11584 10136 13647 27980 2003 48364 15466 11840 10821 29474 51826 15702 11644 10799 31241 52219 13928 12418 11551 33014 52787 15435 14524 15594 31966 54760 17261 14957 15597 31892 56123 16872 15233 15550 32057 58055 17357 15150 16402 30924 56383 14845 15049 14166 31412 55179 15026 16161 16622 31180 52787 17437 19022 17915 33108 54419 17628 15188 15117 32827 64356 25732 15432 18525 29743 2004 81413 31752 15382 14008 30398 Backlog (000) Net Orders, Sales, Inventory & Build (000) |
| Sales by Region North America South America Europe Asia Pacific $5.5 billion 70% $0.4 billion 5% $1.5 billion 19% $0.5 billion 6% Data as of Dec. 31, 2003; Includes Continuing Operations 19 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 DCN Global Footprint |
| Organization & Product Mix Engine Hard Parts 0.11 Fluid 0.1 Sealing 0.1 Thermal 0.05 Torque-Traction 0.45 Structures 0.14 Systems 0.05 Off-Highway 0.39 Heavy-Duty 0.37 Medium-Duty 0.24 Automotive Systems Group Heavy Vehicle Technologies & Systems Group Off-Highway Heavy-Duty Medium-Duty Torque-Traction Structures Systems Thermal Fluid Sealing Engine Parts 45% 14% 5% 10% 11% 10% 5% 39% 37% 24% Data as of Dec. 31, 2003; Excludes Discontinued Operations 21 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Exciting New Programs 23 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Financial Summary Q1 -2004 Q1 -2003 Sales $2.3 billion $2.0 billion Net Income Earnings per Share $63 million $0.42 $41 million $0.28 Net Income, excluding unusual items $61 million $31 million Earnings Per Share, excluding unusual items $0.41 $0.21 25 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| 1st Quarter Segment Comparison Automotive 1,757 1,543 14 71 57 25 Heavy Vehicle 587 476 23 24 15 60 DCC 7 6 17 Other (33) (43) 23 (54) (52) (4) Results from Cont. Operations 2,311 1,976 17 48 26 85 Discontinued Ops.* 13 5 160 Unusual Items 2 10 (80) Consolidated 2,311 1,976 17 63 41 54 Sales OPAT 2004 2004 2003 2003 Chg. Chg. % % % % % $ $ $ $ $ $ $ $ $ $ $ $ (Millions) 27 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 * Q1 Sales from Discontinued Operations were $510 in 2004 vs. $547 in 2003 % |
| 2003 2002 Income Statement With DCC on an Equity Basis* 29 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 2004 2003 1st Quarter * NOTE: Comparable GAAP measures available at www.dana.com |
| Cash Flow Statement With DCC on an Equity Basis 2004 2003 1st Quarter (Millions) 31 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Capital Structure With DCC on an Equity Basis 33 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Maturities do not reflect swap valuation adjustments March 31, 2004 Debt Portfolio With DCC on Equity Basis 2004 2005 2006 2008 2009 2010 2011 2028 2029 A/R Sec'n 140 Sr Notes 150 350 250 821.33 165.05 268.25 Other 31.855 15.544 14 32 140 35 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 Millions |
| 5-year bank facility $400 $ - $ 400 Accts receivable program 400 140 260 Total short-term committed facilities $800 $ 140 $ 660 Plus: Cash 451 Total $1,111 Committed Drawn Available March 31, 2004 Liquidity With DCC on an Equity Basis 37 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 (Millions) |
| 12/01 Total Portfolio Assets - $2,200 DCC Portfolio Analysis ($ Millions) VASG 90 50 12 RESG 170 740 0 CMG 480 Value-Added Services Retained Real Estate Capital Markets 3/04 Total Portfolio Assets - $1,260 VASG 120 10 50 RESG 170 900 0 CMG 410 Net of certain non-recourse debt 39 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| 2004 Guidance: Supporting Assumptions Market Forecasts Light-Vehicle: 16.2 million units Heavy-Vehicle: 245,000 units Net New Business $400 million in 2004 Lower Start-Up Costs Restructuring Benefits Debt Reduction Aftermarket Transaction Targeted for Completion by End of Q2 41 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Income Statement Outlook ($ Millions, except per share data) 2003 2004 Actual Outlook Sales $ 7,918 > $8,500 Net Income 222 > 285 EPS 1.49 > 1.90 43 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 Outlook excludes gains or losses from divestitures and asset sales |
| 2004 Cash Flow Projection (DCC Shown on an Equity Basis) * Excludes proceeds from aftermarket divestiture * 45 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 (Millions) |
| Peak Trough Greater Than 15% ROIC A/T Achieve at Least the Cost of Capital Shareholder Value 15% ROIC A/T Over the Cycle Restructuring Transformation 47 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Our Focus Top-Line Growth Gross Margin Improvement 49 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Summary Q1 Performance: 17% Sales, 85% Profit* There is More Work to Do We Are Taking Action Tremendous Potential Solid Customer Base Great Group of People Confident in Our Future 51 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 * Reflects Results from Continuing Operations |
| 53 (c)Dana Corporation. April 21, 2004. |
| Capital Structure Reconciliation as of December 31, 2003 55 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
| Capital Structure Reconciliation as of March 31, 2004 57 (c) Dana Corporation. Dated April 21, 2004. Slide may contain forward-looking information. Actual results may differ materially due to factors discussed on slide 2 |
EXHIBIT 99.2
News Release
| Contact: | Michelle Hards | |||||
| (419) 535-4636 | ||||||
| michelle.hards@dana.com |
DANA CORPORATION REPORTS STRONGER FIRST-QUARTER RESULTS
Increased Volume and Cost Reductions Drive Improvement
TOLEDO, Ohio, April 21, 2004 — Dana Corporation (NYSE: DCN) today announced that its 2004 first-quarter sales were $2.3 billion compared to $2.0 billion during the same period last year. Net income for the quarter totaled $63 million, or 42 cents per share, compared to net income of $41 million, or 28 cents per share, for the period in 2003. First-quarter 2004 net income included $2 million of unusual net gains on the sale of Dana Credit Corporation (DCC) assets, while income during the same period last year included $10 million in comparable gains.
“We are very pleased with the continued progress demonstrated by our first-quarter performance,” said Dana Chairman and CEO Mike Burns. “Our profit improvement was driven by a combination of higher production volumes, new business programs, and the continued realization of benefits from our restructuring and other cost-reduction efforts.”
First-quarter sales were up 17 percent over the comparable period last year. While 2004 sales benefited from $125 million of currency translation, the majority of the sales increase was driven by new business programs and higher production volumes in the principal markets served by Dana, particularly the North American heavy-truck sector.
Profit from continuing operations — those operations not included in the company’s proposed divestiture of its aftermarket business — was $50 million, or 33 cents per share, in the first quarter of 2004, compared to $36 million or 25 cents per share during the first quarter of 2003. Excluding the unusual gains from DCC asset sales, this represents an 85 percent quarter-over-quarter improvement.
“Our improved profitability was evident in a higher operating margin,” Mr. Burns said. “In fact, our margin improvement would have been even better if not for continued launch-related costs in our structures group. While these costs are not yet fully behind us, we took further actions to address the remaining issues in the first quarter and are confident that we will see improvement in the second quarter.”
(more)
Aftermarket Business Performance Improved
Dana also saw improved results from its automotive aftermarket business, which is accounted for as a “discontinued operation” and targeted for divestiture by June 30. Bottom-line performance in the aftermarket business currently held for sale improved from $10 million in the first quarter of 2003 to $13 million in the first quarter of this year. Income from discontinued operations reported for the first quarter of 2003 included a $5 million loss from the company’s engine management business, which was sold in June 2003.
Cash Flow Improved
Chief Financial Officer Bob Richter said, “While we experienced our normal seasonal build-up in working capital, the increase in net debt was less than during the comparable period last year, due to stronger earnings and the receipt of more than $70 million in tooling reimbursements from our customers.
“During the quarter, we paid off $231 million in maturing bonds,” he added. “So, exclusive of DCC’s obligations, our next scheduled maturity of long-term debt does not occur until 2008.
“DCC also reduced its debt as it continues to work down its portfolio through scheduled payments and asset sales,” he added. “During the first quarter, the DCC portfolio was reduced by another $100 million, at a net gain of $2 million. This brings the total asset reduction since we began the DCC asset sale program in October 2001 to $940 million, with a cumulative net after-tax gain of $68 million.”
Business Unit Combination Leverages Resources for Automotive Customers
Dana recently announced the combination of its Automotive Systems and Engine and Fluid Management groups into a single business unit retaining the Automotive Systems Group name. The move is designed to better leverage Dana’s resources to benefit its automotive customers, while also enhancing its own focus on profitable growth with these customers. The new Automotive Systems Group provides Dana with a focused $5.9 billion business integrating the company’s product offerings to light-vehicle original equipment manufacturers. All of Dana’s segment disclosures now reflect the combination of these business units.
Dana Reiterates Full-Year EPS Guidance
“While we are pleased with our continued progress, we recognize that we still have much work to do,” Mr. Burns said. “Specifically, we will increase our customer focus to achieve top-line growth and better leverage our capabilities in areas like purchasing to achieve greater economies of scale.
“The first quarter was not without its challenges, including launch costs and industry-wide steel surcharges,” he added. “And yet, we met our expectations in spite of these challenges. There will always be bumps in the road, but we remain committed to achieving our goal of earnings per share of at least $1.90 in 2004.”
(more)
2
Quarterly Conference Call Scheduled Today at 10 a.m.
Dana will discuss its first-quarter results in a conference call at 10 a.m. (EDT) today. The call may be accessed via Dana’s web site (www.dana.com), where it will be accompanied by a brief slide presentation, or by dialing (800) 275-3210. Please dial into the conference five minutes prior to the call. An audio recording of this conference call will be available after 1 p.m. today. To access this recording, please dial (800) 537-8823. A webcast replay of the call will be available after 3 p.m. today and will be accessible via the Dana web site.
Dana Corporation is a global leader in the design, engineering, and manufacture of value-added products and systems for automotive, commercial, and off-highway vehicles. Delivering on a century of innovation, the company’s continuing operations employ approximately 45,000 people worldwide dedicated to advancing the science of mobility. Founded in 1904 and based in Toledo, Ohio, Dana operates technology, manufacturing, and customer-service facilities in 30 countries. Sales from continuing operations totaled $7.9 billion in 2003.
Forward-Looking Statements
Certain statements contained in this release constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent Dana’s expectations based on our current information and assumptions. Forward-looking statements are inherently subject to risks and uncertainties. Dana’s actual results could differ materially from those that are anticipated or projected due to a number of factors. These factors include national and international economic conditions; adverse effects from terrorism or hostilities; the strength of other currencies relative to the U.S. dollar; the cyclical nature of the global vehicular industry; changes in business relationships with our major customers and in the timing, size and continuation of their and our programs; the ability of our customers and suppliers to achieve their projected sales and production levels; competitive pressures on our sales and pricing; increases in production or material costs that cannot be recouped in product pricing; the continued success of our cost reduction and cash management programs and of our long-term transformation strategy for the company; the success and timing of the contemplated divestiture of the automotive aftermarket business; and other factors set out in our public filings with the Securities and Exchange Commission. Dana does not undertake to update any forward-looking statements in this release.
# # #
3
Dana Corporation
Financial Summary (Unaudited)
(in millions, except per share amounts)
| Three Months Ended March 31 |
||||||||||||
| Percent | ||||||||||||
| 2004 |
2003 |
Change |
||||||||||
Sales |
$ | 2,311 | $ | 1,976 | 17 | % | ||||||
Income from continuing operations |
$ | 50 | $ | 36 | 39 | % | ||||||
Income from discontinued operations |
13 | 5 | 160 | % | ||||||||
Net income |
$ | 63 | $ | 41 | 54 | % | ||||||
Income from continuing operations |
$ | 50 | $ | 36 | 39 | % | ||||||
Less — gains from sales of DCC assets |
(2 | ) | (10 | ) | -80 | % | ||||||
Income from continuing operations
excluding unusual items |
$ | 48 | $ | 26 | 85 | % | ||||||
Components of discontinued operations: |
||||||||||||
Income from automotive aftermarket business |
$ | 13 | $ | 10 | 30 | % | ||||||
Loss from engine management business |
(5 | ) | -100 | % | ||||||||
Income from discontinued operations |
$ | 13 | $ | 5 | 160 | % | ||||||
Diluted earnings per share: |
||||||||||||
Income from continuing operations |
$ | 0.33 | $ | 0.25 | 32 | % | ||||||
Income from discontinued operations |
0.09 | 0.03 | 200 | % | ||||||||
Net income |
$ | 0.42 | $ | 0.28 | 50 | % | ||||||
Income from continuing operations,
excluding unusual items |
$ | 0.32 | $ | 0.18 | 78 | % | ||||||
Income from discontinued operations |
0.09 | 0.03 | 200 | % | ||||||||
Net income, excluding unusual items |
0.41 | 0.21 | 95 | % | ||||||||
Unusual items |
0.01 | 0.07 | ||||||||||
Net income |
$ | 0.42 | $ | 0.28 | 50 | % | ||||||
Page 1
Dana Corporation
Condensed Statement of Income (Unaudited)
(in millions, except per share amounts)
| Three Months Ended March 31 |
||||||||
| 2004 |
2003 |
|||||||
Net sales |
$ | 2,311 | $ | 1,976 | ||||
Revenue from lease financing
and other income |
14 | 29 | ||||||
| 2,325 | 2,005 | |||||||
Costs and expenses |
||||||||
Cost of sales |
2,105 | 1,801 | ||||||
Selling, general and
administrative expenses |
136 | 136 | ||||||
Interest expense |
51 | 59 | ||||||
| 2,292 | 1,996 | |||||||
Income before income taxes |
33 | 9 | ||||||
Income tax benefit |
3 | 12 | ||||||
Minority interest |
(3 | ) | (2 | ) | ||||
Equity in earnings
of affiliates |
17 | 17 | ||||||
Income from continuing operations |
50 | 36 | ||||||
Income from discontinued operations |
13 | 5 | ||||||
Net income |
$ | 63 | $ | 41 | ||||
Basic earnings per share |
||||||||
Income from continuing operations |
$ | 0.34 | $ | 0.25 | ||||
Income from discontinued operations |
0.09 | 0.03 | ||||||
Net income |
$ | 0.43 | $ | 0.28 | ||||
Diluted earnings per share |
||||||||
Income from continuing operations |
$ | 0.33 | $ | 0.25 | ||||
Income from discontinued operations |
0.09 | 0.03 | ||||||
Net income |
$ | 0.42 | $ | 0.28 | ||||
Average shares outstanding - |
||||||||
For Basic EPS |
148 | 148 | ||||||
For Diluted EPS |
150 | 149 | ||||||
Page 2
Dana Corporation
Condensed Balance Sheet (Unaudited)
(in millions)
| March 31 | December 31 | |||||||
| Assets | 2004 |
2003 |
||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 546 | $ | 731 | ||||
Accounts receivable |
||||||||
Trade |
1,334 | 1,048 | ||||||
Other |
296 | 326 | ||||||
Inventories |
736 | 743 | ||||||
Assets of discontinued operations |
1,283 | 1,254 | ||||||
Other current assets |
387 | 431 | ||||||
Total current assets |
4,582 | 4,533 | ||||||
Investment in leases |
530 | 622 | ||||||
Investments and other assets |
2,243 | 2,252 | ||||||
Property, plant and equipment, net |
2,182 | 2,210 | ||||||
Total assets |
$ | 9,537 | $ | 9,617 | ||||
Liabilities and Shareholders’ Equity |
||||||||
Current liabilities |
||||||||
Notes payable |
$ | 361 | $ | 493 | ||||
Accounts payable |
1,242 | 1,076 | ||||||
Liabilities of discontinued operations |
328 | 307 | ||||||
Other current liabilities |
1,033 | 1,089 | ||||||
Total current liabilities |
2,964 | 2,965 | ||||||
Long-term debt |
2,588 | 2,605 | ||||||
Deferred employee benefits
and other noncurrent liabilities |
1,786 | 1,901 | ||||||
Minority interest |
99 | 96 | ||||||
Shareholders’ equity |
2,100 | 2,050 | ||||||
Total liabilities and
shareholders’ equity |
$ | 9,537 | $ | 9,617 | ||||
Page 3
Dana Corporation
Condensed Statement of Cash Flows (Unaudited)
(in millions)
| Three Months Ended March 31 |
||||||||
| 2004 |
2003 |
|||||||
Net income |
$ | 63 | $ | 41 | ||||
Depreciation and amortization |
93 | 103 | ||||||
Asset impairment |
1 | 6 | ||||||
Gain on divestitures and asset sales |
(4 | ) | (11 | ) | ||||
Working capital increase |
(222 | ) | (237 | ) | ||||
Other |
7 | (13 | ) | |||||
Net cash flows — operating activities |
(62 | ) | (111 | ) | ||||
Purchases of property, plant and equipment |
(79 | ) | (76 | ) | ||||
Payments received on leases |
3 | 9 | ||||||
Net loan repayments from customers |
1 | 2 | ||||||
Asset sales |
103 | 104 | ||||||
Other |
1 | 6 | ||||||
Net cash flows — investing activities |
29 | 45 | ||||||
Net change in short-term debt |
115 | 87 | ||||||
Proceeds from long-term debt |
5 | |||||||
Payments on long-term debt |
(259 | ) | (6 | ) | ||||
Dividends paid |
(18 | ) | (1 | ) | ||||
Other |
5 | (1 | ) | |||||
Net cash flows — financing activities |
(152 | ) | 79 | |||||
Net change in cash and cash equivalents |
(185 | ) | 13 | |||||
Cash and cash equivalents — beginning of period |
731 | 571 | ||||||
Cash and cash equivalents — end of period |
$ | 546 | $ | 584 | ||||
Page 4
Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Statement of Income (Unaudited)
(in millions)
| Three Months Ended March 31 |
||||||||
| 2004 |
2003 |
|||||||
Net sales |
$ | 2,311 | $ | 1,976 | ||||
Other income |
7 | 13 | ||||||
| 2,318 | 1,989 | |||||||
Costs and expenses |
||||||||
Cost of sales |
2,114 | 1,814 | ||||||
Selling, general and
administrative expenses |
122 | 116 | ||||||
Interest expense |
38 | 42 | ||||||
| 2,274 | 1,972 | |||||||
Income before income taxes |
44 | 17 | ||||||
Income tax expense |
(11 | ) | (6 | ) | ||||
Minority interest |
(3 | ) | (2 | ) | ||||
Equity in earnings
of affiliates |
20 | 27 | ||||||
Income from continuing operations |
50 | 36 | ||||||
Income from discontinued operations |
13 | 5 | ||||||
Net income |
$ | 63 | $ | 41 | ||||
Page 5
Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Balance Sheet (Unaudited)
(in millions)
| March 31 | December 31 | |||||||
| Assets | 2004 |
2003 |
||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 451 | $ | 664 | ||||
Accounts receivable |
||||||||
Trade |
1,334 | 1,048 | ||||||
Other |
280 | 300 | ||||||
Inventories |
736 | 743 | ||||||
Assets of discontinued operations |
1,283 | 1,254 | ||||||
Other current assets |
364 | 399 | ||||||
Total current assets |
4,448 | 4,408 | ||||||
Investments and other assets |
2,577 | 2,580 | ||||||
Property, plant and equipment, net |
1,992 | 2,014 | ||||||
Total assets |
$ | 9,017 | $ | 9,002 | ||||
Liabilities and Shareholders’ Equity |
||||||||
Current liabilities |
||||||||
Notes payable |
$ | 172 | $ | 260 | ||||
Accounts payable |
1,242 | 1,076 | ||||||
Liabilities of discontinued operations |
328 | 307 | ||||||
Other current liabilities |
1,200 | 1,235 | ||||||
Total current liabilities |
2,942 | 2,878 | ||||||
Long-term debt |
2,099 | 2,087 | ||||||
Deferred employee benefits
and other noncurrent liabilities |
1,779 | 1,893 | ||||||
Minority interest |
97 | 94 | ||||||
Shareholders’ equity |
2,100 | 2,050 | ||||||
Total liabilities and
shareholders’ equity |
$ | 9,017 | $ | 9,002 | ||||
Page 6
Dana Corporation
(Including Dana Credit Corporation on
an Equity Basis)
Cash Flow Impact on Net Debt (Unaudited)
(in millions)
| Three Months Ended March 31 |
||||||||
| 2004 |
2003 |
|||||||
Sources |
||||||||
Net income |
$ | 63 | $ | 41 | ||||
Depreciation |
83 | 86 | ||||||
Asset sales |
14 | 24 | ||||||
Working capital decrease (increase) |
(180 | ) | (192 | ) | ||||
| (20 | ) | (41 | ) | |||||
Uses |
||||||||
Capital spend |
(76 | ) | (72 | ) | ||||
Dividends |
(18 | ) | (1 | ) | ||||
Restructuring cash payments |
(23 | ) | (44 | ) | ||||
Net changes in other accounts |
16 | (8 | ) | |||||
| (101 | ) | (125 | ) | |||||
Cash change in net debt |
$ | (121 | ) | $ | (166 | ) | ||
Page 7
Dana Corporation
Condensed Consolidating Statement of Income (Unaudited)
(in millions)
| Three Months Ended March 31, 2004 |
||||||||||||||||
| Dana | ||||||||||||||||
| with DCC on | Elimination | Dana | ||||||||||||||
| Equity Basis |
DCC |
Entries |
Consolidated |
|||||||||||||
Net sales |
$ | 2,311 | $ | $ | $ | 2,311 | ||||||||||
Other income |
7 | 22 | (15 | ) | 14 | |||||||||||
| 2,318 | 22 | (15 | ) | 2,325 | ||||||||||||
Costs and expenses |
||||||||||||||||
Cost of sales |
2,114 | (9 | ) | 2,105 | ||||||||||||
Selling, general and
administrative expenses |
122 | 20 | (6 | ) | 136 | |||||||||||
Interest expense |
38 | 13 | 51 | |||||||||||||
| 2,274 | 33 | (15 | ) | 2,292 | ||||||||||||
Income (loss) before income taxes |
44 | (11 | ) | — | 33 | |||||||||||
Income tax benefit (expense) |
(11 | ) | 14 | 3 | ||||||||||||
Minority interest |
(3 | ) | (3 | ) | ||||||||||||
Equity in earnings
of affiliates |
20 | 6 | (9 | ) | 17 | |||||||||||
Income from continuing operations |
50 | 9 | (9 | ) | 50 | |||||||||||
Income from discontinued operations |
13 | 13 | ||||||||||||||
Net income |
$ | 63 | $ | 9 | $ | (9 | ) | $ | 63 | |||||||
| This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. |
Page 8
Dana Corporation
Condensed Consolidating Statement of Income (Unaudited)
(in millions)
| Three Months Ended March 31, 2003 |
||||||||||||||||
| Dana | ||||||||||||||||
| with DCC on | Elimination | Dana | ||||||||||||||
| Equity Basis |
DCC |
Entries |
Consolidated |
|||||||||||||
Net sales |
$ | 1,976 | $ | $ | $ | 1,976 | ||||||||||
Other income |
13 | 38 | (22 | ) | 29 | |||||||||||
| 1,989 | 38 | (22 | ) | 2,005 | ||||||||||||
Costs and expenses |
||||||||||||||||
Cost of sales |
1,814 | (13 | ) | 1,801 | ||||||||||||
Selling, general and
administrative expenses |
116 | 29 | (9 | ) | 136 | |||||||||||
Interest expense |
42 | 17 | 59 | |||||||||||||
| 1,972 | 46 | (22 | ) | 1,996 | ||||||||||||
Income (loss) before income taxes |
17 | (8 | ) | — | 9 | |||||||||||
Income tax benefit (expense) |
(6 | ) | 18 | 12 | ||||||||||||
Minority interest |
(2 | ) | (2 | ) | ||||||||||||
Equity in earnings
of affiliates |
27 | 6 | (16 | ) | 17 | |||||||||||
Income from continuing operations |
36 | 16 | (16 | ) | 36 | |||||||||||
Income from discontinued operations |
5 | 5 | ||||||||||||||
Net income |
$ | 41 | $ | 16 | $ | (16 | ) | $ | 41 | |||||||
| This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. |
Page 9
Dana Corporation
Condensed Consolidating Balance Sheet (Unaudited)
(in millions)
| March 31, 2004 |
||||||||||||||||
| Dana | ||||||||||||||||
| with DCC on | Elimination | Dana | ||||||||||||||
| Assets | Equity Basis |
DCC |
Entries |
Consolidated |
||||||||||||
Current assets |
||||||||||||||||
Cash and cash equivalents |
$ | 451 | $ | 95 | $ | $ | 546 | |||||||||
Accounts receivable |
||||||||||||||||
Trade |
1,334 | 1,334 | ||||||||||||||
Other |
280 | 37 | (21 | ) | 296 | |||||||||||
Inventories |
736 | 736 | ||||||||||||||
Asset of discontinued operations |
1,283 | 1,283 | ||||||||||||||
Other current assets |
364 | 204 | (181 | ) | 387 | |||||||||||
Total current assets |
4,448 | 336 | (202 | ) | 4,582 | |||||||||||
Investment in leases |
701 | (171 | ) | 530 | ||||||||||||
Investments and other assets |
2,577 | 551 | (885 | ) | 2,243 | |||||||||||
Property, plant and equipment, net |
1,992 | 19 | 171 | 2,182 | ||||||||||||
Total assets |
$ | 9,017 | $ | 1,607 | $ | (1,087 | ) | $ | 9,537 | |||||||
Liabilities and Shareholders’ Equity |
||||||||||||||||
Current liabilities |
||||||||||||||||
Notes payable |
$ | 172 | $ | 189 | $ | $ | 361 | |||||||||
Accounts payable |
1,242 | 1,242 | ||||||||||||||
Liabilities of discontinued operations |
328 | 328 | ||||||||||||||
Other current liabilities |
1,200 | 35 | (202 | ) | 1,033 | |||||||||||
Total current liabilities |
2,942 | 224 | (202 | ) | 2,964 | |||||||||||
Long-term debt |
2,099 | 489 | 2,588 | |||||||||||||
Deferred employee benefits
and other noncurrent liabilities |
1,779 | 592 | (585 | ) | 1,786 | |||||||||||
Minority interest |
97 | 2 | 99 | |||||||||||||
Shareholders’ equity |
2,100 | 300 | (300 | ) | 2,100 | |||||||||||
Total liabilities and
shareholders’ equity |
$ | 9,017 | $ | 1,607 | $ | (1,087 | ) | $ | 9,537 | |||||||
| This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. |
Page 10
Dana Corporation
Condensed Consolidating Balance Sheet (Unaudited)
(in millions)
| December 31, 2003 |
||||||||||||||||
| Dana | ||||||||||||||||
| with DCC on | Elimination | Dana | ||||||||||||||
| Assets | Equity Basis |
DCC |
Entries |
Consolidated |
||||||||||||
Current assets |
||||||||||||||||
Cash and cash equivalents |
$ | 664 | $ | 67 | $ | $ | 731 | |||||||||
Accounts receivable |
||||||||||||||||
Trade |
1,048 | 1,048 | ||||||||||||||
Other |
300 | 26 | 326 | |||||||||||||
Inventories |
743 | 743 | ||||||||||||||
Assets of discontinued operations |
1,254 | 1,254 | ||||||||||||||
Other current assets |
399 | 212 | (180 | ) | 431 | |||||||||||
Total current assets |
4,408 | 305 | (180 | ) | 4,533 | |||||||||||
Investment in leases |
802 | (180 | ) | 622 | ||||||||||||
Investments and other assets |
2,580 | 559 | (887 | ) | 2,252 | |||||||||||
Property, plant and equipment, net |
2,014 | 16 | 180 | 2,210 | ||||||||||||
Total assets |
$ | 9,002 | $ | 1,682 | $ | (1,067 | ) | $ | 9,617 | |||||||
Liabilities and Shareholders’ Equity |
||||||||||||||||
Current liabilities |
||||||||||||||||
Notes payable |
$ | 260 | $ | 233 | $ | $ | 493 | |||||||||
Accounts payable |
1,076 | 1,076 | ||||||||||||||
Liabilities of discontinued operations |
307 | 307 | ||||||||||||||
Other current liabilities |
1,235 | 34 | (180 | ) | 1,089 | |||||||||||
Total current liabilities |
2,878 | 267 | (180 | ) | 2,965 | |||||||||||
Long-term debt |
2,087 | 518 | 2,605 | |||||||||||||
Deferred employee benefits
and other noncurrent liabilities |
1,893 | 604 | (596 | ) | 1,901 | |||||||||||
Minority interest |
94 | 2 | 96 | |||||||||||||
Shareholders’ equity |
2,050 | 291 | (291 | ) | 2,050 | |||||||||||
Total liabilities and
shareholders’ equity |
$ | 9,002 | $ | 1,682 | $ | (1,067 | ) | $ | 9,617 | |||||||
| This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. |
Page 11
Dana Corporation
Consolidating Cash Flow Impact on Net Debt (Unaudited)
(in millions)
| Three Months Ended March 31, 2004 |
||||||||||||||||||||
| Dana | ||||||||||||||||||||
| with DCC on | Elimination | Dana | ||||||||||||||||||
| Equity Basis |
DCC |
Entries |
Consolidated |
|||||||||||||||||
Sources |
||||||||||||||||||||
Net income (loss) |
$ | 63 | $ | 9 | $ | (9 | ) | $ | 63 | |||||||||||
Depreciation |
83 | 10 | 93 | |||||||||||||||||
Asset sales |
14 | 89 | 103 | |||||||||||||||||
Working capital decrease (increase) |
(180 | ) | (8 | ) | (11 | ) | (199 | ) | ||||||||||||
| (20 | ) | 100 | (20 | ) | 60 | |||||||||||||||
Uses |
||||||||||||||||||||
Capital spend |
(76 | ) | (3 | ) | (79 | ) | ||||||||||||||
Dividends |
(18 | ) | (18 | ) | ||||||||||||||||
Restructuring cash payments |
(23 | ) | (23 | ) | ||||||||||||||||
Net changes in other accounts |
16 | (22 | ) | 20 | 14 | |||||||||||||||
| (101 | ) | (25 | ) | 20 | (106 | ) | ||||||||||||||
Cash change
in net debt |
$ | (121 | ) | $ | 75 | $ | — | $ | (46 | ) | ||||||||||
Analysis
of components of increase (decrease) in net debt: |
||||||||||||||||||||
Net change in short-term debt |
$ | 145 | $ | (30 | ) | $ | $ | 115 | ||||||||||||
Net payments on long-term debt |
(237 | ) | (17 | ) | (254 | ) | ||||||||||||||
Change in cash — continuing operations |
213 | (28 | ) | 185 | ||||||||||||||||
Cash change
in net debt |
121 | (75 | ) | — | 46 | |||||||||||||||
Non-cash changes in net debt |
16 | (27 | ) | (11 | ) | |||||||||||||||
Total change
in net debt |
$ | 137 | $ | (102 | ) | $ | — | $ | 35 | |||||||||||
| This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts presented for Dana Corporation on a fully consolidated basis. |
Page 12
Dana Corporation
Consolidating Cash Flow Impact on Net
Debt (Unaudited)
(in millions)
| Three Months Ended March 31, 2003 |
||||||||||||||||
| Dana | ||||||||||||||||
| with DCC on | Elimination | Dana | ||||||||||||||
| Equity Basis |
DCC |
Entries |
Consolidated |
|||||||||||||
Sources |
||||||||||||||||
Net income |
$ | 41 | $ | 16 | $ | (16 | ) | $ | 41 | |||||||
Depreciation |
86 | 17 | 103 | |||||||||||||
Asset sales |
24 | 80 | 104 | |||||||||||||
Working capital increase |
(192 | ) | (8 | ) | 7 | (193 | ) | |||||||||
| (41 | ) | 105 | (9 | ) | 55 | |||||||||||
Uses |
||||||||||||||||
Capital spend |
(72 | ) | (5 | ) | 1 | (76 | ) | |||||||||
Dividends |
(1 | ) | (1 | ) | ||||||||||||
Restructuring cash payments |
(44 | ) | (44 | ) | ||||||||||||
Net changes in other accounts |
(8 | ) | (2 | ) | 8 | (2 | ) | |||||||||
| (125 | ) | (7 | ) | 9 | (123 | ) | ||||||||||
Cash change
in net debt |
$ | (166 | ) | $ | 98 | $ | — | $ | (68 | ) | ||||||
Analysis
of components of increase (decrease) in net debt: |
||||||||||||||||
Net change in short-term debt |
$ | (157 | ) | $ | 70 | $ | $ | (87 | ) | |||||||
Payments on long term debt |
6 | 6 | ||||||||||||||
Change in cash — continuing operations |
(9 | ) | 22 | 13 | ||||||||||||
Cash change
in net debt |
(166 | ) | 98 | — | (68 | ) | ||||||||||
Non-cash changes in net debt |
(8 | ) | (8 | ) | ||||||||||||
Total
change in net debt |
$ | (174 | ) | $ | 98 | $ | — | $ | (76 | ) | ||||||
| This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts presented for Dana Corporation on a fully consolidated basis. |
Page 13
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
Q1 — 2004
(in millions)
| External Sales |
Inter-Segment Sales |
EBIT |
Operating PAT |
Net Profit |
Net Assets |
|||||||||||||||||||||||||||||||||||||||||||
| 04 |
03 |
04 |
03 |
04 |
03 |
04 |
03 |
04 |
03 |
04 |
03 |
|||||||||||||||||||||||||||||||||||||
Automotive Systems Group |
$ | 1,712 | $ | 1,507 | $ | 45 | $ | 36 | $ | 103 | $ | 76 | $ | 71 | $ | 57 | $ | 39 | $ | 27 | $ | 3,031 | $ | 2,888 | ||||||||||||||||||||||||
Heavy Vehicle Technologies and Systems Group |
578 | 455 | 9 | 21 | 39 | 25 | 24 | 15 | 10 | 4 | 637 | 631 | ||||||||||||||||||||||||||||||||||||
Dana Commercial Credit |
7 | 6 | 7 | 6 | 301 | 287 | ||||||||||||||||||||||||||||||||||||||||||
Other |
21 | 14 | 2 | 1 | (61 | ) | (45 | ) | (54 | ) | (52 | ) | (8 | ) | (11 | ) | (29 | ) | 18 | |||||||||||||||||||||||||||||
Continuing Operations |
2,311 | 1,976 | 56 | 58 | 81 | 56 | 48 | 26 | 48 | 26 | 3,940 | 3,824 | ||||||||||||||||||||||||||||||||||||
Discontinued Operations |
25 | 12 | 13 | 5 | 13 | 5 | ||||||||||||||||||||||||||||||||||||||||||
Unusual Items Excluded from
Performance Measurement |
(1 | ) | — | 2 | 10 | 2 | 10 | |||||||||||||||||||||||||||||||||||||||||
Consolidated |
$ | 2,311 | $ | 1,976 | $ | 56 | $ | 58 | $ | 105 | $ | 68 | $ | 63 | $ | 41 | $ | 63 | $ | 41 | $ | 3,940 | $ | 3,824 | ||||||||||||||||||||||||
North America |
$ | 1,594 | $ | 1,409 | $ | 27 | $ | 24 | $ | 83 | $ | 54 | $ | 54 | $ | 32 | $ | 24 | $ | 5 | $ | 2,165 | $ | 2,209 | ||||||||||||||||||||||||
Europe |
438 | 361 | 30 | 19 | 30 | 29 | 22 | 25 | 14 | 18 | 1,136 | 993 | ||||||||||||||||||||||||||||||||||||
South America |
130 | 86 | 44 | 38 | 18 | 8 | 11 | 5 | 9 | 3 | 312 | 269 | ||||||||||||||||||||||||||||||||||||
Asia Pacific |
149 | 120 | 1 | 1 | 8 | 11 | 5 | 7 | 2 | 4 | 183 | 164 | ||||||||||||||||||||||||||||||||||||
Dana Commercial Credit |
7 | 6 | 7 | 6 | 301 | 287 | ||||||||||||||||||||||||||||||||||||||||||
Other |
(58 | ) | (46 | ) | (51 | ) | (49 | ) | (8 | ) | (10 | ) | (157 | ) | (98 | ) | ||||||||||||||||||||||||||||||||
Continuing Operations |
2,311 | 1,976 | 102 | 82 | 81 | 56 | 48 | 26 | 48 | 26 | 3,940 | 3,824 | ||||||||||||||||||||||||||||||||||||
Discontinued Operations |
25 | 12 | 13 | 5 | 13 | 5 | ||||||||||||||||||||||||||||||||||||||||||
Unusual Items Excluded from
Performance Measurement |
(1 | ) | — | 2 | 10 | 2 | 10 | |||||||||||||||||||||||||||||||||||||||||
Consolidated |
$ | 2,311 | $ | 1,976 | $ | 102 | $ | 82 | $ | 105 | $ | 68 | $ | 63 | $ | 41 | $ | 63 | $ | 41 | $ | 3,940 | $ | 3,824 | ||||||||||||||||||||||||
Information for Discontinued Operations |
510 | 547 | 4 | 4 | 945 | 1,056 | ||||||||||||||||||||||||||||||||||||||||||
See Notes 22 in Dana’s 2003 Annual Report for further information (WWW.Dana.Com)
FOR MORE INFORMATION
(WWW.Dana.Com) - Dial-For-Dana U.S. or Canada 800-537-8823; OH 800-472-8810
E-Mail Michelle.Hards@Dana.com or Karen.Crawford@Dana.Com
Dana Investor Relations 419-535-4635