Dana Corporation Reports Third-Quarter Earnings

Oct 25, 2002

              Restructuring Actions Continue to Produce Benefits

    TOLEDO, Ohio, Oct. 25 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) today announced improved third-quarter sales and operating
earnings strengthened by sustained progress in its restructuring actions.
Sales for the period were $2.6 billion, up 7 percent from 2001.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    During the third quarter, Dana recorded after-tax charges of $40 million
as part of its $445 million restructuring plan announced one year ago.  This
brings total charges recorded to date to $398 million, or approximately
90 percent of the total program.  Net income, after restructuring charges and
other non-recurring items, totaled $4 million, or 2 cents per share.  This
compares with net income of $13 million, or 8 cents per share, during the same
period last year that included goodwill amortization of $9 million after tax.
    Exclusive of non-recurring items, Dana's operating earnings for the
quarter totaled $44 million, or 30 cents per share, as compared to the
consensus estimate of 26 cents per share.  On the same basis, the company
incurred a net loss of $8 million, or 5 cents per share, during the third
quarter of 2001.
    "The improvement from last year in our operating profit was clearly driven
more by progress with our restructuring plan than by sales volume," said Dana
Chairman and CEO Joe Magliochetti.  "In this respect, our operations have been
successful in managing those items within their control.  Third-quarter profit
showed solid improvement across all four of our strategic business units,
compared to the same period last year.  We are also generating strong cash
flow and continuing to improve our balance sheet."

    Nine-Month Results Improved
    Dana's nine-month consolidated sales were $7.9 billion, comparable to
sales for the same period last year.  Excluding non-recurring items, net
income was $139 million, or 94 cents per share, compared with $19 million, or
13 cents per share, in 2001.
    The company adopted new accounting standard FAS 142, which resulted in an
after-tax charge of $220 million during the first quarter of 2002.  Dana also
recorded $119 million in restructuring charges during the first nine months of
the year and benefited from a net gain of $27 million on the sale of several
non-core operations.  As a result, the reported net loss for the first nine
months of 2002 was $173 million, or $1.16 per share.  This compares to break-
even performance for the first nine months of 2001, which included net non-
recurring charges of $19 million and goodwill amortization of $23 million
after tax.

    Restructuring on Target
    Dana has reduced its permanent workforce by approximately 9 percent,
closed 18 facilities, and announced plans to close 16 others from the
inception of the restructuring plan announced one year ago through Sept. 30,
2002.  The company expects to complete most of the actions and record all of
the charges related to this restructuring plan by the end of this year.

    Divestiture of Non-Core Operations Continues
    During the quarter, the Dana Credit Corporation (DCC) Real Estate Services
Group was sold for approximately $153 million.  Also, Dana entered into a
definitive agreement for the sale of its light-duty cylinder liner business,
which had 2001 sales of approximately $53 million.
    Earlier this month, the company announced an agreement to sell its Boston
Weatherhead operations, which had 2001 sales of $207 million.  Dana Chief
Financial Officer Bob Richter said, "This and other anticipated transactions,
if closed by year end, would allow us to surpass the $300 million in
divestiture-related proceeds we had projected for this year.  This is
exclusive of any transactions related to DCC.  We will continue to take the
time necessary to sell the remaining DCC businesses in a way that will
maximize the value received for our shareholders."

    Fourth-Quarter Outlook
    Mr. Magliochetti said Dana still remains somewhat cautious in its outlook
for its markets during the fourth quarter due largely to the following
considerations:
    * A decrease in the build rate of Class 8 trucks following advanced
      purchases by many fleets in anticipation of changes in heavy-duty engine
      emission requirements;
    * Traditionally soft demand for aftermarket products in the final quarter
      of the year;
    * And the growing uncertainty about the broader global economic outlook,
      which some believe could negatively impact light-vehicle production
      rates.

    "However, despite this uncertain environment, we remain very confident
that we will deliver on our restructuring plans and achieve the 50 to 55 cents
in earnings per share that we had previously forecasted for the second half of
this year," Mr. Magliochetti said.

    Quarterly Conference Call Scheduled Today at 10 a.m. EDT
    Dana will discuss its third-quarter results in a conference call at
10 a.m. (EDT) today.  The call may be accessed via Dana's web site
( http://www.dana.com ), where it will be accompanied by a 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
4 p.m. (EDT) today.  To access this recording, please dial (800) 537-8823.  A
webcast replay of the call will be available at 6 p.m. today and is also
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 vehicle manufacturers and their related aftermarkets.  The
company employs approximately 70,000 people worldwide.  Founded in 1904 and
based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing,
and customer service facilities in 34 countries.  The company reported sales
of $10.3 billion in 2001.
    Certain statements contained herein (including our forecasts, beliefs, and
expectations) constitute "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995.  These statements
involve assumptions, uncertainties, and risks, and Dana's actual results,
performance, or achievements may differ materially from those expressed or
implied in these statements.  Among the factors that could affect Dana's
actual results are the impact of national and international economic
conditions (including additional adverse effects from terrorism or
hostilities) on production and sales by the company and its vehicular
customers; the company's ability to complete the contemplated divestitures;
and the success and timing of the company's restructuring, cost reduction, and
cash management programs.  Additional factors are contained in Dana's public
filings with the Securities and Exchange Commission.  Dana does not undertake
to update any forward-looking statements contained herein.

               (in millions, except
                per share amounts)

                                       Unaudited

                                               Three Months Ended September 30
                                                       2001            2002

              Sales                                   $2,399          $2,566

              Net income, excluding non-
               recurring non-recurring items             $(8)            $44

              Non-recurring items
                 Severance costs                          (3)            (17)
                 Exit and other costs                     (4)            (13)
                 Asset impairment charges                                (10)
                 Gain (loss) on divestitures              28
                                                          21             (40)

              Net income, including
                 non-recurring items                     $13              $4

              Basic earnings per share
                 Income before non-
                  recurring items                     $(0.05)          $0.30
                 Non-recurring items                    0.14           (0.28)
                 Net income                             0.08            0.02

              Diluted earnings per share
                 Income before non-
                  recurring items                     $(0.05)          $0.30
                 Non-recurring items                    0.14           (0.28)
                 Net income                             0.08            0.02

              Average shares outstanding -
                   For Basic EPS                         148             148
                   For Diluted EPS                       149             149


                                                Nine Months Ended September 30
                                                       2001            2002

              Sales                                   $7,898          $7,876

              Net income, excluding non-
               recurring items and effect of
               change in accounting                      $19            $139

              Non-recurring items
                 Severance costs                         (12)            (58)
                 Exit and other costs                    (10)            (30)
                 Asset impairment charges                 (5)            (31)
                 Gain (loss) on
                  divestitures                             8              27
                                                         (19)            (92)

              Effect of change in
               accounting                                               (220)

              Net loss, including non-
               recurring items and effect
               of change in accounting                    $*           $(173)

              Basic earnings per share
                 Income before non-
                 recurring items and
                 effect of change in
                 accounting                            $0.13           $0.94
                 Non-recurring items                   (0.13)          (0.62)
                 Effect of change in
                  accounting                                           (1.49)
                 Net loss                                  *           (1.17)

              Diluted earnings per share
                 Income before non-
                  recurring items and
                  effect of change in
                  accounting                           $0.13           $0.93
                 Non-recurring items                   (0.13)          (0.62)
                 Effect of change in
                  accounting                                           (1.48)
                 Net loss                                  *           (1.16)

              Average shares outstanding-
                   For Basic EPS                         148             148
                   For Diluted EPS                       149             149

    * Amount is less than $.5 and per share amounts are less than
      one-half cent.


         Dana Corporation
         Statement of Income (Unaudited)
         September 30, 2002
         (in millions, except per share amounts)

                                     Three Months Ended September 30
                                              2001      2002

         Net sales                           $2,399     $2,566
         Revenue from lease financing
           and other income                      98         44
                                              2,497      2,610

         Costs and expenses
           Cost of sales                      2,149      2,277
           Selling, general and
            administrative expenses             242        227
           Restructuring charges                 12         35
           Interest expense                      76         65
                                              2,479      2,604

         Income before income taxes              18          6
         Estimated taxes on income              (13)        (5)
         Minority interest                       (1)        (4)
         Equity in earnings
           of affiliates                          9          7

         Net income                             $13         $4

         Net income per common share -
           Basic                              $0.08      $0.02
           Diluted                            $0.08      $0.02

         Average shares outstanding -
           For Basic EPS                        148        148
           For Diluted EPS                      149        149


         Dana Corporation
         Statement of Income (Unaudited)
         September 30, 2002
         (in millions, except per share amounts)

                                       Nine Months Ended September 30
                                               2001      2002

         Net sales                           $7,898     $7,876
         Revenue from lease financing
           and other income                     149        174
                                              8,047      8,050

         Costs and expenses
           Cost of sales                      7,006      6,960
           Selling, general and
            administrative expenses             775        720
           Restructuring charges                 38        130
           Interest expense                     239        199
                                              8,058      8,009

         Income (loss) before income taxes      (11)        41
         Estimated taxes on income               (6)       (21)
         Minority interest                       (6)       (13)
         Equity in earnings
          of affiliates                          23         40

         Net income before effect of
          change in accounting                    *         47

         Effect of change in accounting                   (220)

         Net income (loss)                      $ *      $(173)

         Basic earnings (loss) per share
           Income before effect of change
            in accounting                         *      $0.32
           Effect of change in accounting                (1.49)
           Net income (loss)                    $ *     $(1.17)

         Diluted earnings (loss) per share
           Income before effect of change
            in accounting                       $ *      $0.32
           Effect of change in accounting                (1.48)
           Net income (loss)                    $ *     $(1.16)

         Average shares outstanding -
            For Basic EPS                       148        148
            For Diluted EPS                     149        149

    * Amount is less than $.5 and per share amounts are less than
      one-half cent.


            Dana Corporation
            Condensed Balance Sheet
            September 30, 2002
            (in millions)

                                                  December 31     September 30
             Assets                                   2001              2002

             Current assets
                Cash and marketable
                 securities                            $199              $447
                Accounts receivable
                  Trade                               1,371             1,614
                  Other                                 371               269
                Inventories                           1,299             1,267
                Other current assets                    557               551
                  Total current assets                3,797             4,148

             Property, plant and
              equipment, net                          3,133             2,953
             Investment in leases                     1,068               937
             Investments and other assets             2,209             1,964
                Total assets                        $10,207           $10,002

             Liabilities and Shareholders'
              Equity

             Accounts payable and other
              current liabilities                    $2,369            $2,491
             Notes payable                            1,120               674

                  Total current
                   liabilities                        3,489             3,165

             Long-term debt                           3,008             3,303
             Deferred employee benefits
              and other noncurrent
              liabilities                             1,640             1,755
             Minority interest                          112               106
             Shareholders' equity                     1,958             1,673

                Total liabilities and
                 shareholders' equity               $10,207           $10,002


             Dana Corporation
             Condensed Statement of Cash Flows (Unaudited)
             September 30, 2002
             (in millions)
                                                           Three Months Ended
                                                              September 30
                                                              2001  2002

              Net income                                       $13    $4
              Depreciation and amortization                    137   118
              Asset impairment                                   2    15
              Loss (gain) on divestitures                      (30)    3
              Working capital change                           (90)  (35)
              Other                                            (28)  (20)
                  Net cash from operating activities             4    85

              Purchases of property,
               plant and equipment                             (68)  (85)
              Purchases of assets to be
               leased                                          (17)  (25)
              Payments received on leases                        9    21
              Net loans to customers                            18     4
              Acquisitions                                       -   (31)
              Divestitures                                     206   166
              Other                                             27    23
                  Net cash flows - investing activities        175    73

              Net change in short-term debt                   (680)  (71)
              Proceeds from long-term
               debt                                            752     -
              Payments on long-term debt                      (116)  (28)
              Dividends paid                                   (47)   (2)
              Other                                            (13)   72
                  Net cash flows - financing activities       (104)  (29)
              Net change in cash and cash
               equivalents                                      75   129
              Cash and cash equivalents -
               beginning of period                             153   318
              Cash and cash equivalents -
               end of period                                  $228  $447



             Dana Corporation
             Condensed Statement of Cash Flows (Unaudited)
             September 30, 2002
             (in millions)
                                                          Nine Months Ended
                                                             September 30
                                                              2001  2002

              Net loss                                        $-    $(173)
              Depreciation and
               amortization                                  408      360
              Change in accounting for
               goodwill                                        -      220
              Asset impairment                                10       45
              Loss (gain) on divestitures                    (10)     (31)
              Working capital change                         (81)     (11)
              Other                                           30      (50)
                   Net cash from operating activities        357      360

              Purchases of property,
               plant and equipment                          (306)    (250)
              Purchases of assets to be leased               (49)     (51)
              Payments received on leases                     28       46
              Net loans to customers                         103       18
              Acquisitions                                   (21)     (31)
              Divestitures                                   232      258
              Other                                           85       77
                  Net cash flows - investing activities       72       67

              Net change in short-term debt                 (642)    (282)
              Proceeds from long-term debt                   796      285
              Payments on long-term debt                    (383)    (252)
              Dividends paid                                (139)      (5)
              Other                                          (12)      75
                  Net cash flows - financing activities     (380)    (179)
              Net change in cash and cash
               equivalents                                    49      248
              Cash and cash equivalents -
               beginning of period                           179      199
              Cash and cash equivalents -
               end of period                                $228     $447


            Dana Corporation
            (Including Dana Credit Corporation on the Equity Basis)
            Statement of Income (Unaudited)
            September 30, 2002
            (in millions)

                                               Three Months Ended September 30
                                                      2001              2002

             Net sales                               $2,399            $2,566
             Other income                                61                22
                                                      2,460             2,588

             Costs and expenses
                Cost of sales                         2,164             2,292
                Selling, general and
                  administrative expenses               216               203
                Restructuring charges                    12                35
                Interest expense                         52                44
                                                      2,444             2,574

             Income before income taxes                  16                14
             Estimated taxes on income                  (13)              (13)
             Minority interest                           (1)               (4)
             Equity in earnings
                of affiliates                            11                 7

            Net income                                  $13                $4


           Dana Corporation
           (Including Dana Credit Corporation on the Equity Basis)
           Statement of Income (Unaudited)
           September 30, 2002
           (in millions)

                                       Nine Months Ended September 30
                                               2001      2002

            Net sales                          $7,898    $7,876
            Other income                           36        50
                                                7,934     7,926

            Costs and expenses
              Cost of sales                     7,054     7,004
              Selling, general and
                administrative expenses           698       640
              Restructuring charges                38       130
              Interest expense                    156       135
                                                7,946     7,909

            Income (loss) before income
             taxes                                (12)       17
            Estimated taxes on income              (7)      (28)
            Minority interest                      (6)      (13)
            Equity in earnings
              of affiliates                        25        71

            Income before effect of change
              in accounting                         *        47

            Effect of change in accounting                 (220)

            Net income (loss)                     $ *     $(173)

    * Amount is less than $.5 and per share amounts are less than
      one-half cent.


               Dana Corporation
               (Including Dana Credit Corporation on the Equity Basis)
               Condensed Balance Sheet (Unaudited)
               September 30, 2002
               (in millions)


                                                 December 31      September 30
                Assets                               2001              2002

                Current assets
                   Cash and marketable
                    securities                         $182              $373
                   Accounts receivable
                     Trade                            1,371             1,614
                     Other                              253               257
                   Inventories                        1,299             1,267
                   Other current assets                 518               504
                     Total current assets             3,623             4,015

                Property, plant and
                 equipment, net                       2,778             2,550
                Investments and other
                 assets                               2,164             2,042
                   Total assets                      $8,565            $8,607

                Liabilities and
                 Shareholders' Equity

                Accounts payable and other
                   current liabilities               $2,325            $2,545
                Notes payable                           617               276
                     Total current
                      liabilities                     2,942             2,821

                Long-term debt                        2,155             2,484
                Deferred employee benefits
                   and other noncurrent
                   liabilities                        1,400             1,525
                Minority interest                       110               104
                Shareholders' equity                  1,958             1,673

                   Total liabilities and
                     shareholders' equity            $8,565            $8,607


             Dana Corporation
             (Including Dana Credit Corporation on an Equity Basis)
             Condensed Statement of Cash Flows (Unaudited)
             September 30, 2002
             (in millions)

                                                            Three Months Ended
                                                               September 30

                                                                 2001  2002

              Net income                                         $13    $4
              Depreciation and amortization                      112    96
              Asset impairment                                     2    15
              Loss (gain) on divestitures                        (30)   (2)
              Working capital change                             (83)  (29)
              Other                                              (15)   13
               Net cash from operating
                activities                                        (1)   97

              Purchases of property,
               plant and equipment                               (55)  (52)
              Acquisitions                                         -   (31)
              Divestitures                                       206    35
              Other                                              (29)   53
              Net cash flows - investing
               activities                                        122     5

              Net change in short-term
               debt                                             (688)  (94)
              Proceeds from long-term
               debt                                              751     -
              Payments on long-term debt                         (84)   (6)
              Dividends paid                                     (47)   (1)
              Other                                              (13)   71
              Net cash flows - financing
               activities                                        (81)  (30)
              Net change in cash and cash
               equivalents                                        40    72
              Cash and cash equivalents -
               beginning of period                               146   301
              Cash and cash equivalents -
               end of period                                    $186  $373


             Dana Corporation
             (Including Dana Credit Corporation on an Equity Basis)
             Condensed Statement of Cash Flows (Unaudited)
             September 30, 2002
             (in millions)

                                                            Nine Months Ended
                                                              September 30
                                                               2001  2002

              Net loss                                         $-    $(173)
              Depreciation and
               amortization                                   331      291
              Change in accounting for
               goodwill                                                220
              Asset impairment                                 10       45
              Loss (gain) on divestitures                     (10)      (5)
              Working capital change                         (126)      (4)
              Other                                            16      (26)
               Net cash from operating
                activities                                    221      348

              Purchases of property,
               plant and equipment                           (219)    (186)
              Acquisitions                                    (21)     (31)
              Divestitures                                    232       64
              Other                                            (8)      47
              Net cash flows - investing
               activities                                     (16)    (106)

              Net change in short-term
               debt                                          (512)    (219)
              Proceeds from long-term
               debt                                           761      250
              Payments on long-term debt                     (266)    (152)
              Dividends paid                                 (139)      (4)
              Other                                           (12)      74
              Net cash flows - financing
               activities                                    (168)     (51)
              Net change in cash and cash
               equivalents                                     37      191
              Cash and cash equivalents -
               beginning of period                            149      182
              Cash and cash equivalents -
               end of period                                 $186     $373


                                Investor Relations
                                 Dana Corporation
                   Quarterly Financial Information (Unaudited)
                                    Q3 - 2002
                                  (in millions)

                                                       Inter-Segment
                                        External Sales     Sales      EBIT
                                           01      02    01    02    01    02
    Automotive Systems Group             $832    $903   $33   $24   $28   $48
    Automotive Aftermarket Group          639     655     5     4    15    43
    Engine and Fluid Management Group     492     511    32    35    11    33
    Commercial Vehicle Systems            263     319    21    25     6    24
    Off-Highway Systems Group             141     154     6     1     4     8
    Dana Commercial Credit
    Other                                  32      24    12     2   (32)  (52)
    Goodwill Amortization                                           (10)
    Total Operations                    2,399   2,566   109    91    22   104

    Restructuring and
      nonrecurring items                                             38   (50)
    Effect of Change in Accounting
    Consolidated                       $2,399  $2,566  $109   $91   $60   $54

    North America                      $1,787  $1,922   $23   $26   $54  $113
    Europe                                380     422    20    20     6    17
    South America                         154     116    43    48     6    23
    Asia Pacific                           78     106           1     2     6
    Dana Commercial Credit
    Other                                                           (36)  (55)
    Goodwill Amortization                                           (10)
    Total Operations                    2,399   2,566    86    95    22   104

    Restructuring and
      nonrecurring items                                             38   (54)
    Effect of Change in Accounting
    Consolidated                       $2,399  $2,566   $86   $95   $60   $50

    See Note 13 to Dana's 2001 Annual Report for further information
    (http://WWW.Dana.Com)

    FOR MORE INFORMATION
    (http://WWW.Dana.Com)  - Dial-For-Dana U.S. or Canada 800-537-8823; OH
    800-472-8810
    E-Mail Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
    Dana Investor Relations 419-535-4635


                                Investor Relations
                                 Dana Corporation
                   Quarterly Financial Information (Unaudited)
                                    Q3 - 2002
                                  (in millions)

                                     Operating PAT  Net Profit    Net Assets
                                      01       02    01    02     01      02
    Automotive Systems Group         $24      $31    $9   $13  $1,969  $1,913
    Automotive Aftermarket Group       9       26    (4)   11   1,528   1,180
    Engine and Fluid Management
     Group                             7       21    (2)   11   1,388   1,033
    Commercial Vehicle Systems         4       15    (3)    7     359     295
    Off-Highway Systems Group          2        5           2     431     379
    Dana Commercial Credit             5        7     5     7     186     258
    Other                            (50)     (61)   (4)   (7)    134      43
    Goodwill Amortization             (9)            (9)
    Total Operations                  (8)      44    (8)   44   5,995   5,101

    Restructuring and
      nonrecurring items              21      (40)   21   (40)
    Effect of Change in Accounting
    Consolidated                     $13       $4   $13    $4  $5,995  $5,101

    North America                    $32      $64   $(1)  $26  $3,953  $3,293
    Europe                             7       11           2   1,247   1,197
    South America                      4       14     1    11     559     298
    Asia Pacific                       1        4    (2)    1     151     178
    Dana Commercial Credit             5        7     5     7     186     258
    Other                            (48)     (56)   (2)   (3)   (101)   (123)
    Goodwill Amortization             (9)            (9)
    Total Operations                  (8)      44    (8)   44   5,995   5,101

    Restructuring and
      nonrecurring items              21      (40)   21   (40)
    Effect of Change in Accounting
    Consolidated                     $13       $4   $13    $4  $5,995  $5,101

    See Note 13 to Dana's 2001 Annual Report for further information
    (http://WWW.Dana.Com)

    FOR MORE INFORMATION
    (http://WWW.Dana.Com) - Dial-For-Dana U.S. or Canada 800-537-8823; OH
    800-472-8810
    E-Mail Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
    Dana Investor Relations 419-535-4635


                               Investor Relations
                                Dana Corporation
                   Quarterly Financial Information (Unaudited)
                    For Nine Months Ended September 30, 2002
                                  (in millions)

                                                      Inter-Segment
                                      External Sales     Sales        EBIT
                                        01      02      01    02    01    02
    Automotive Systems Group          $2,825  $2,853   $99   $72  $167   $170
    Automotive Aftermarket Group       1,950   1,964    12    13    21    107
    Engine and Fluid Management Group  1,647   1,610   104   104    85    107
    Commercial Vehicle Systems           886     889    69    82    28     54
    Off-Highway Systems Group            484     489    21    10    27     32
    Dana Commercial Credit
    Other                                106      71    25    10  (140)  (169)
    Goodwill Amortization                                          (29)
    Total Operations                   7,898   7,876   330   291   159    301

    Restructuring and
      nonrecurring items                                           (25)  (158)
    Effect of Change in Accounting                                       (289)
    Consolidated                      $7,898  $7,876  $330  $291  $134  $(146)

    North America                     $5,935  $5,941   $71   $76  $268   $345
    Europe                             1,308   1,292    65    63    47     64
    South America                        414     368    84   136    15     54
    Asia Pacific                         241     275     1     1     2     12
    Dana Commercial Credit
    Other                                                         (144)  (174)
    Goodwill Amortization                                          (29)
    Total Operations                   7,898   7,876   221   276   159    301

    Restructuring and
      nonrecurring items                                           (25)  (158)
    Effect of Change in Accounting                                       (289)
    Consolidated                      $7,898  $7,876  $221  $276  $134  $(146)

    See Note 13 to Dana's 2001 Annual Report for further information
    (http://WWW.Dana.Com)

    FOR MORE INFORMATION
    (http://WWW.Dana.Com)  - Dial-For-Dana U.S. or Canada 800-537-8823; OH
    800-472-8810
    E-Mail Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
    Dana Investor Relations 419-535-4635



                               Investor Relations
                                Dana Corporation
                   Quarterly Financial Information (Unaudited)
                    For Nine Months Ended September 30, 2002
                                  (in millions)

                                   Operating PAT   Net Profit     Net Assets
                                    01       02     01    02      01      02
    Automotive Systems Group      $116      $126   $56    $64  $1,969  $1,913
    Automotive Aftermarket Group    13        65   (35)    16   1,528   1,180
    Engine and Fluid Management
     Group                          54        69    21     36   1,388   1,033
    Commercial Vehicle Systems      16        33    (7)     9     359     295
    Off-Highway Systems Group       16        20     7     10     431     379
    Dana Commercial Credit          17        24    17     24     186     258
    Other                         (190)     (198)  (17)   (20)    134      43
    Goodwill Amortization          (23)            (23)
    Total Operations                19 $-    139    19    139   5,995   5,101

    Restructuring and
      nonrecurring items           (19)      (92)  (19)   (92)
    Effect of Change in
     Accounting                             (220)        (220)
    Consolidated                    $-     $(173)   $-  $(173) $5,995  $5,101

    North America                 $159      $205   $38    $79  $3,953  $3,293
    Europe                          37        52     9     23   1,247   1,197
    South America                             33   (10)    25     559     298
    Asia Pacific                     1         8    (6)           151     178
    Dana Commercial Credit          17        24    17     24     186     258
    Other                         (172)     (183)   (6)   (12)   (101)   (123)
    Goodwill Amortization          (23)            (23)
    Total Operations                19       139    19    139   5,995   5,101

    Restructuring and
      nonrecurring items           (19)      (92)  (19)   (92)
    Effect of Change in
     Accounting                             (220)        (220)
    Consolidated                    $-     $(173)   $-  $(173) $5,995  $5,101

    See Note 13 to Dana's 2001 Annual Report for further information
    (http://WWW.Dana.Com)

    FOR MORE INFORMATION
    (http://WWW.Dana.Com)  - Dial-For-Dana U.S. or Canada 800-537-8823; OH
    800-472-8810
    E-Mail Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
    Dana Investor Relations 419-535-4635



SOURCE Dana Corporation

Web Site: http://www.dana.com

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