Dana Corporation Reports Second-Quarter Earnings
Jul 17, 2002
Continued Progress Drives Earnings Improvement, Significant Cash Flow
TOLEDO, Ohio, July 17 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) announced improved second-quarter earnings today, largely due to
the benefits of its restructuring actions.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
Second-quarter sales were $2.8 billion, comparable to sales for the same
period last year. Net income totaled $52 million, or 35 cents per share.
This compares with net income of $14 million, or 10 cents per share, during
the second quarter of 2001, which included goodwill amortization of $8 million
after tax.
Net income this quarter included $42 million of charges related to Dana's
restructuring plan announced last October. These charges were partially
offset by a $27 million gain from the sale of selected subsidiaries of its
Dana Credit Corporation (DCC) leasing services unit.
Exclusive of the non-recurring items, Dana's net income totaled
$67 million, or 45 cents per share, in line with its previously announced
expectations. Net income during the second quarter of 2001, excluding non-
recurring items, was $26 million, or 17 cents per share.
"Operating income for the quarter doubled in comparison to last year on
essentially the same level of sales. These improved results are primarily
attributable to our restructuring initiatives," said Dana Chairman and CEO Joe
Magliochetti. "This is particularly evident in our automotive aftermarket and
engine parts operations, which have improved their performance significantly
this quarter.
"In addition, light-duty and commercial-vehicle production remained strong
during the quarter, exceeding our projections and further supporting our
results," he said. "We also benefited from stronger earnings from affiliates
and currency effects."
First-Half Recap
Dana's six-month consolidated sales were $5.3 billion, down slightly from
$5.5 billion in the same period last year. Excluding non-recurring items, net
income was $95 million, or 63 cents per share, compared with $27 million, or
18 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 $79 million in restructuring charges during the first six months of
the year and benefited from a $27 million gain on the sale of certain DCC
subsidiaries. As a result, the reported net loss for the first six months of
2002 was $177 million, or $1.19 per share. In the same period last year, the
reported net loss was $13 million, or 8 cents per share, including net, non-
recurring charges of $40 million, or 26 cents per share, and goodwill
amortization of $15 million after tax.
Restructuring Update
During the second quarter, Dana recorded after-tax charges of $42 million
related to its $445 million restructuring plan announced last October,
bringing the total charges recorded to date to $358 million, or approximately
80 percent of the total anticipated program.
Among the elements of the restructuring are a workforce reduction of more
than 15 percent and the planned closure or consolidation of more than
30 facilities. Through June 30, Dana had reduced its permanent workforce by
approximately 8 percent, closed 14 facilities, and announced plans to close
14 others. The company expects to record substantially all of the charges and
complete most of the actions related to this restructuring plan by the end of
2002.
Strong Cash Flow
During the second quarter, the company reported strong cash flow from
operations due to improved working capital efficiencies and tight control of
capital expenditures.
"Our operations continue to make outstanding progress on the working-
capital front," said Chief Financial Officer Bob Richter, "and we now expect
the total reduction in working capital for the year to be at least
$200 million. This, coupled with other cash from operating activities,
divestitures, and asset sales, should allow us to reduce debt by more than
$500 million this year. This is even after allowing for up to $300 million in
cash payments for restructuring."
Outlook
Commenting on the company's outlook for the balance of the year,
Mr. Magliochetti said, "With regard to our markets, we now believe 2002 North
American light-vehicle production will be about 15.8 million units. This
reflects the stronger-than-expected first-half production, combined with our
cautious forecast for volumes in the second half. Production is typically
lower in the third and fourth quarters, and we remain concerned that
significant sales may have been pulled forward as a result of light-vehicle
incentives.
"On the commercial vehicle side, we now expect North American Class 8
vehicle builds to be 150,000 to 155,000 units for the full year," he added.
"We saw about 80,000 units built during the first half of the year, largely
due to pre-buying of Class 8 trucks. We expect that this will continue into
the third quarter, with fourth-quarter demand being decidedly weaker.
"With all of this said, we expect to continue realizing benefits from our
restructuring efforts," Mr. Magliochetti said. "As a result, we look to have
a solid second half, with earnings per share in the range of 50 to 55 cents
before non-recurring items. And, we expect to be very well positioned for a
strong 2003."
Quarterly Conference Call Scheduled Today at 10 a.m. EDT
Dana will discuss its second-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 15 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
sale of the Dana Credit Corporation businesses and other divestitures as
contemplated; 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 June 30
2001 2002
Sales $2,768 $2,789
Net income, excluding
non-recurring items $26 $67
Non-recurring items
Severance costs (2) (28)
Exit and other costs (1) (8)
Asset impairment charges (1) (6)
Gain (loss) on
divestitures (8) 27
(12) (15)
Net income, including
non-recurring items 14 52
Basic earnings per share
Income before non-
recurring items $ 0.17 $ 0.45
Non-recurring items (0.07) (0.10)
Net income 0.10 0.35
Diluted earnings per share
Income before non-
recurring items $ 0.17 $ 0.45
Non-recurring items (0.07) (0.10)
Net income 0.10 0.35
Average shares outstanding -
For Basic EPS 148 149
For Diluted EPS 149 149
Six Months Ended June 30
2001 2002
Sales $5,499 $5,310
Net Income, excluding
non-recurring items and
effect of change in
accounting 27 95
Non-recurring items
Severance costs (9) (41)
Exit and other costs (6) (17)
Asset impairment charges (5) (21)
Gain (loss) on divestitures (20) 27
(40) (52)
Effect of change in
accounting (220)
Net Loss, including non-
recurring items and
effect of change in
accounting (13) (177)
Basic earnings per share
Income before non-
recurring items and
effect of change in
accounting 0.18 0.64
Non-recurring items (0.26) (0.35)
Effect of change in
accounting (1.48)
Net loss (0.08) (1.19)
Diluted earnings per share
Income before non-
recurring items and
effect of change in
accounting 0.18 0.63
Non-recurring items (0.26) (0.34)
Effect of change in
accounting (1.48)
Net loss (0.08) (1.19)
Average shares outstanding-
For Basic EPS 148 149
For Diluted EPS 149 149
Dana Corporation
Statement of Income (Unaudited)
June 30, 2002
(in millions, except per share amounts)
Three Months Ended June 30
2001 2002
Net sales $2,768 $2,789
Revenue from lease financing
and other income 29 77
2,797 2,866
Costs and expenses
Cost of sales 2,414 2,447
Selling, general and
administrative expenses 271 245
Restructuring charges 4 56
Interest expense 79 66
2,768 2,814
Income before income taxes 29 52
Estimated taxes on income (16) (12)
Minority interest (4) (3)
Equity in earnings
of affiliates 5 15
Net income $14 $52
Net income per common share -
Basic $0.10 $0.35
Diluted $0.10 $0.35
Average shares outstanding -
For Basic EPS 148 149
For Diluted EPS 149 149
Dana Corporation
Statement of Income (Unaudited)
June 30, 2002
(in millions, except per share amounts)
Six Months Ended June 30
2001 2002
Net sales $5,499 $5,310
Revenue from lease financing
and other income 51 130
5,550 5,440
Costs and expenses
Cost of sales 4,857 4,683
Selling, general and
administrative expenses 533 493
Restructuring charges 26 95
Interest expense 163 134
5,579 5,405
Income (loss) before income
taxes (29) 35
Estimated taxes on income 7 (16)
Minority interest (5) (9)
Equity in earnings
of affiliates 14 33
Net income (loss) before effect
of change in accounting (13) 43
Effect of change in accounting - (220)
Net loss $(13) $(177)
Basic earnings (loss) per share
Income (loss) before effect of
change in accounting $(0.08) $0.29
Effect of change in accounting - (1.48)
Net loss $(0.08) $(1.19)
Diluted earnings (loss) per share
Income (loss) before effect of
change in accounting $(0.08) $0.29
Effect of change in accounting - (1.48)
Net loss $(0.08) $(1.19)
Average shares outstanding -
For Basic EPS 148 149
For Diluted EPS 149 149
Dana Corporation
Condensed Balance Sheet
June 30, 2002
(in millions)
December 31 June 30
Assets 2001 2002
Current assets
Cash and marketable
securities $199 $318
Accounts receivable
Trade 1,371 1,702
Other 371 286
Inventories 1,299 1,234
Other current assets 557 576
Total current assets 3,797 4,116
Property, plant and
equipment, net 3,133 3,028
Investment in leases 1,068 941
Investments and other assets 2,209 2,130
Total assets $10,207 $10,215
Liabilities and Shareholders'
Equity
Accounts payable and other
current liabilities $2,369 $2,600
Notes payable 1,120 754
Total current liabilities 3,489 3,354
Long-term debt 3,008 3,280
Deferred employee benefits
and other noncurrent liabilities 1,640 1,727
Minority interest 112 105
Shareholders' equity 1,958 1,749
Total liabilities and
shareholders' equity $10,207 $10,215
Dana Corporation
Condensed Statement of Cash Flows (Unaudited)
June 30, 2002
(in millions)
Three Months Ended June 30
2001 2002
Net income $14 $52
Depreciation and amortization 135 121
Asset impairment 8 9
Loss (gain) on divestitures 8 (29)
Working capital change 30 53
Other 46 (2)
Net cash from operating
activities 241 204
Purchases of property,
plant and equipment (114) (90)
Purchases of assets to be
leased (2)
Payments received on leases 9 16
Net loans to customers 25 17
Acquisitions (21)
Divestitures 11 82
Other 38 11
Net cash flows - investing
activities (54) 36
Net change in short-term debt (58) (199)
Proceeds from long-term debt 1 35
Payments on long-term debt (81) (33)
Dividends paid (46) (2)
Other 2
Net cash flows - financing
activities (184) (197)
Net change in cash and cash
equivalents 3 43
Cash and cash equivalents -
beginning of period 150 275
Cash and cash equivalents -
end of period $153 $318
Dana Corporation
Condensed Statement of Cash Flows (Unaudited)
June 30, 2002
(in millions)
Six Months Ended June 30
2001 2002
Net loss $(13) $(177)
Depreciation and amortization 271 242
Change in accounting for goodwill 220
Asset impairment 8 30
Loss (gain) on divestitures 20 (34)
Working capital change 9 24
Other 58 (30)
Net cash from operating
activities 353 275
Purchases of property,
plant and equipment (238) (165)
Purchases of assets to be leased (32) (26)
Payments received on leases 19 25
Net loans to customers 85 14
Acquisitions (21)
Divestitures 26 92
Other 58 54
Net cash flows - investing
activities (103) (6)
Net change in short-term debt 38 (211)
Proceeds from long-term debt 44 285
Payments on long-term debt (267) (224)
Dividends paid (92) (3)
Other 1 3
Net cash flows - financing
activities (276) (150)
Net change in cash and cash
equivalents (26) 119
Cash and cash equivalents -
beginning of period 179 199
Cash and cash equivalents -
end of period $153 $318
Dana Corporation
(Including Dana Credit Corporation on the Equity Basis)
Statement of Income (Unaudited)
June 30, 2002
(in millions)
Three Months Ended June 30
2001 2002
Net sales $2,768 $2,789
Other income (expense) (12) 14
2,756 2,803
Costs and expenses
Cost of sales 2,429 2,461
Selling, general and
administrative expenses 245 215
Restructuring charges 4 56
Interest expense 49 45
2,727 2,777
Income before income taxes 29 26
Estimated taxes on income (17) (15)
Minority interest (3) (3)
Equity in earnings of affiliates 5 44
Net income $14 $52
Dana Corporation
(Including Dana Credit Corporation on the Equity Basis)
Statement of Income (Unaudited)
June 30, 2002
(in millions)
Six Months Ended June 30
2001 2002
Net sales $5,499 $5,310
Other income (expense) (25) 28
5,474 5,338
Costs and expenses
Cost of sales 4,890 4,712
Selling, general and
administrative expenses 482 437
Restructuring charges 26 95
Interest expense 104 91
5,502 5,335
Income (loss) before income taxes (28) 3
Estimated taxes on income 6 (15)
Minority interest (5) (9)
Equity in earnings of affiliates 14 64
Income (loss) before effect of
change in accounting (13) 43
Effect of change in accounting (220)
Net loss $(13) $(177)
Dana Corporation
(Including Dana Credit Corporation on the Equity Basis)
Condensed Balance Sheet (Unaudited)
June 30, 2002
(in millions)
December 31 June 30
Assets 2001 2002
Current assets
Cash and marketable securities $182 $301
Accounts receivable
Trade 1,371 1,702
Other 253 288
Inventories 1,299 1,234
Other current assets 518 517
Total current assets 3,623 4,042
Property, plant and equipment, net 2,778 2,680
Investments and other assets 2,164 2,074
Total assets $8,565 $8,796
Liabilities and Shareholders' Equity
Accounts payable and other
current liabilities $2,325 $2,650
Notes payable 617 370
Total current liabilities 2,942 3,020
Long-term debt 2,155 2,432
Deferred employee benefits
and other noncurrent liabilities 1,400 1,492
Minority interest 110 103
Shareholders' equity 1,958 1,749
Total liabilities and
shareholders' equity $8,565 $8,796
Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Statement of Cash Flows (Unaudited)
June 30, 2002
(in millions)
Three Months Ended June 30
2001 2002
Net income $14 $ 52
Depreciation and amortization 108 97
Asset impairment 8 9
Loss on divestitures 8 2
Working capital change 25 58
Other 7 (20)
Net cash from operating activities 170 198
Purchases of property, plant
and equipment (90) (70)
Acquisitions (21)
Divestitures 11 19
Other 14 1
Net cash flows - investing activities (86) (50)
Net change in short-term debt (7) (91)
Payments on long-term debt (20) (11)
Dividends paid (46) (2)
Other (1) 2
Net cash flows - financing activities (74) (102)
Net change in cash and cash equivalents 10 46
Cash and cash equivalents -
beginning of period 136 255
Cash and cash equivalents -
end of period $146 $301
Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Statement of Cash Flows (Unaudited)
June 30, 2002
(in millions)
Six Months Ended June 30
2001 2002
Net loss $(13) $(177)
Depreciation and amortization 219 195
Change in accounting for goodwill 220
Asset impairment 8 30
Loss (gain) on divestitures 20 (3)
Working capital change (43) 25
Other 31 (39)
Net cash from operating activities 222 251
Purchases of property, plant
and equipment (164) (134)
Acquisitions (21)
Divestitures 26 29
Other 21 (6)
Net cash flows - investing activities (138) (111)
Net change in short-term debt 176 (125)
Proceeds from long-term debt 10 250
Payments on long-term debt (182) (146)
Dividends paid (92) (3)
Other 1 3
Net cash flows - financing activities (87) (21)
Net change in cash and cash equivalents (3) 119
Cash and cash equivalents - beginning
of period 149 182
Cash and cash equivalents - end
of period $146 $301
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
For Six Months Ended June 30, 2002
(in millions)
Inter-Segment
External Sales Sales
01 02 01 02
Automotive Systems Group $1,993 $1,950 $66 $48
Automotive Aftermarket Group 1,310 1,310 7 7
Engine and Fluid Management Group 1,156 1,099 72 70
Commercial Vehicle Systems 623 570 48 57
Off-Highway Systems Group 343 335 15 9
Dana Commercial Credit - - - -
Other 74 46 14 8
Goodwill Amortization - - - -
Total Operations 5,499 5,310 222 199
Restructuring and
nonrecurring items - - - -
Effect of Change in Accounting - - - -
Consolidated $5,499 $5,310 $222 $199
North America $4,148 $4,019 $49 $49
Europe 928 871 45 42
South America 260 251 41 89
Asia Pacific 163 169 1 1
Dana Commercial Credit - - - -
Other - - - -
Goodwill Amortization - - - -
Total Operations 5,499 5,310 136 181
Restructuring and
nonrecurring items - - - -
Effect of Change in Accounting - - - -
Consolidated $5,499 $5,310 $136 $181
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
For Six Months Ended June 30, 2002
(in millions)
EBIT Operating PAT
01 02 01 02
Automotive Systems Group $139 $122 $92 $95
Automotive Aftermarket Group 6 64 4 39
Engine and Fluid Management Group 74 74 48 48
Commercial Vehicle Systems 22 30 13 18
Off-Highway Systems Group 23 24 14 15
Dana Commercial Credit - - 12 17
Other (109) (117) (141) (137)
Goodwill Amortization (18) - (15) -
Total Operations 137 197 27 95
Restructuring and
nonrecurring items (63) (109) (40) (52)
Effect of Change in Accounting - (289) - (220)
Consolidated $74 $(201) $(13) $(177)
North America $214 $242 $127 $147
Europe 41 38 30 36
South America 9 31 (4) 19
Asia Pacific 1 6 4
Dana Commercial Credit - - 12 17
Other (110) (120) (123) (128)
Goodwill Amortization (18) - (15) -
Total Operations 137 197 27 95
Restructuring and
nonrecurring items (63) (109) (40) (52)
Effect of Change in Accounting - (289) - (220)
Consolidated $74 $(201) $(13) $(177)
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
For Six Months Ended June 30, 2002
(in millions)
Net Profit Net Assets
01 02 01 02
Automotive Systems Group $47 $51 $1,830 $1,923
Automotive Aftermarket Group (31) 5 1,594 1,234
Engine and Fluid Management Group 23 25 1,490 1,029
Commercial Vehicle Systems (4) 2 367 290
Off-Highway Systems Group 7 8 424 380
Dana Commercial Credit 12 17 180 250
Other (12) (13) 214 65
Goodwill Amortization (15) - - -
Total Operations 27 95 6,099 5,171
Restructuring and
nonrecurring items (40) (52) - -
Effect of Change in Accounting - (220) - -
Consolidated $(13) $(177) $6,099 $5,171
North America $39 $59 $4,079 $3,337
Europe 9 16 1,272 1,218
South America (11) 14 538 355
Asia Pacific (5) (1) 136 172
Dana Commercial Credit 12 17 180 250
Other (2) (10) (106) (161)
Goodwill Amortization (15) - - -
Total Operations 27 95 6,099 5,171
Restructuring and
nonrecurring items (40) (52) - -
Effect of Change in Accounting - (220) - -
Consolidated $(13) $(177) $6,099 $5,171
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)
Q2 - 2002
(in millions)
Inter-Segment
External Sales Sales
01 02 01 02
Automotive Systems Group $1,022 $1,014 $32 $26
Automotive Aftermarket Group 673 684 4 4
Engine and Fluid Management Group 570 570 36 36
Commercial Vehicle Systems 302 320 25 31
Off-Highway Systems Group 165 177 7 2
Dana Commercial Credit - - - -
Other 36 24 7 3
Goodwill Amortization - - - -
Total Operations 2,768 2,789 111 102
Restructuring and
nonrecurring items - - - -
Effect of Change in Accounting - - - -
Consolidated $2,768 $2,789 $111 $102
North America $2,114 $2,119 $22 $23
Europe 439 448 22 21
South America 133 130 22 47
Asia Pacific 82 92 1 -
Dana Commercial Credit - - - -
Other - - - -
Goodwill Amortization - - - -
Total Operations 2,768 2,789 67 91
Restructuring and
nonrecurring items - - - -
Effect of Change in Accounting - - - -
Consolidated $2,768 $2,789 $67 $91
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
Q2 - 2002
(in millions)
EBIT Operating PAT
01 02 01 02
Automotive Systems Group $82 $71 $52 $54
Automotive Aftermarket Group 18 41 11 25
Engine and Fluid Management Group 36 45 23 29
Commercial Vehicle Systems 13 23 7 14
Off-Highway Systems Group 10 14 6 9
Dana Commercial Credit - - 6 7
Other (57) (62) (71) (71)
Goodwill Amortization (9) - (8) -
Total Operations 93 132 26 67
Restructuring and
nonrecurring items (17) (63) (12) (15)
Effect of Change in Accounting - - - -
Consolidated $76 $69 $14 $52
North America $133 $150 $81 $91
Europe 18 16 10 16
South America 7 23 - 14
Asia Pacific - 4 (1) 3
Dana Commercial Credit - - 6 7
Other (56) (61) (62) (64)
Goodwill Amortization (9) - (8) -
Total Operations 93 132 26 67
Restructuring and
nonrecurring items (17) (63) (12) (15)
Effect of Change in Accounting - - - -
Consolidated $76 $69 $14 $52
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
Q2 - 2002
(in millions)
Net Profit Net Assets
01 02 01 02
Automotive Systems Group $30 $32 $1,830 $1,923
Automotive Aftermarket Group (6) 8 1,594 1,234
Engine and Fluid Management Group 11 17 1,490 1,029
Commercial Vehicle Systems (1) 5 367 290
Off-Highway Systems Group 3 5 424 380
Dana Commercial Credit 6 7 180 250
Other (9) (7) 214 65
Goodwill Amortization (8) - - -
Total Operations 26 67 6,099 5,171
Restructuring and
nonrecurring items (12) (15) - -
Effect of Change in Accounting - - - -
Consolidated $14 $52 $6,099 $5,171
North America $38 $47 $4,079 $3,337
Europe 1 7 1,272 1,218
South America (4) 11 538 355
Asia Pacific (3) - 136 172
Dana Commercial Credit 6 7 180 250
Other (4) (5) (106) (161)
Goodwill Amortization (8) - - -
Total Operations 26 67 6,099 5,171
Restructuring and
nonrecurring items (12) (15) - -
Effect of Change in Accounting - - - -
Consolidated $14 $52 $6,099 $5,171
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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