Dana Announces Third-Quarter Results, Takes Actions To Enhance Financial and Competitive Position

Oct 17, 2001

    TOLEDO, Ohio, Oct. 17 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today
announced its third-quarter results, including sales of $2.4 billion and a net
loss, excluding non-recurring items, of $8 million, or 5 cents per share, in
line with previously announced expectations.  Including non-recurring items,
the company recorded a net profit of $13 million, or 8 cents per share.  The
company also announced actions to enhance its financial position and overall
competitiveness.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    "While global economic conditions had already shown signs of weakening,
given the events following September 11, we now face the prospect of a further
significant decline in our markets," said Dana Chairman and CEO Joe
Magliochetti.  "These extraordinary circumstances necessitate extraordinary
actions to secure the long-term competitive position of the company."
    Specifically, the company announced the following actions to strengthen
the company's financial position and focus resources on its foundation
businesses:
    -- Dana's Board of Directors reduced the fourth-quarter dividend to one
       cent per share;
    -- The company will pursue the sale of the businesses of Dana Commercial
       Credit Corporation (DCC), its leasing services operation; and
    -- The company will accelerate the restructuring of its operations,
       including a reduction of its global workforce by more than 15 percent,
       and anticipates recording after-tax charges of $400 to $450 million,
       primarily in the fourth quarter of 2001.

    Results Reflect Declining Markets
    Sales for the third quarter of 2001 were $2.4 billion, down from $2.9
billion for the same period last year.   Excluding non-recurring items, the
company incurred a net loss of $8 million, or 5 cents per share for the
quarter.  This compared with net income, excluding non-recurring items, of
$61 million, or 41 cents per share, during the third quarter of 2000.  Net
income for the quarter, including non-recurring items, totaled $13 million, or
8 cents per share.  This compares with net income of $29 million, or 19 cents
per share, in the third quarter of 2000.
    Dana's nine-month consolidated sales were $7.9 billion, down from $9.6
billion over the same period last year.  Net income, excluding non-recurring
items for the period, was $19 million, or 13 cents per share, compared with
$375 million, or $2.43 per share, in 2000.  Net non-recurring charges offset
operating income for the first nine months of 2001.  Net income for the same
period in 2000 was $418 million, or $2.71 per share, which included net non-
recurring income of $43 million, or 28 cents per share after tax.

    Dividend Reduction
    Dana's Board of Directors has declared a dividend of one cent per share
payable on Dec. 14 to shareholders of record on Nov. 30.  This is a reduction
from the previous quarterly rate of 31 cents per share.  The annualized effect
is a $178 million improvement in cash flow.
    "While this was an extremely difficult decision, it was clearly a prudent
response to these unprecedented circumstances," Mr. Magliochetti said.  "Our
primary objective remains to ensure that the Dana Corporation represents a
solid, long-term investment and it's imperative that we focus our financial
resources on strengthening our balance sheet."

    Dana Commercial Credit Sale
    The company announced that it will pursue the sale of the businesses of
Dana Commercial Credit Corporation, its leasing services operation.  Dana has
engaged the firm of Lazard Freres and Company in connection with this matter.
    "We have often said that Dana does not believe in taking long-term actions
in response to  short-term challenges," Mr. Magliochetti said.  "However,
given the expected duration of the downturn in our markets, we now believe
that DCC's very successful businesses will be better served as part of a
different corporate structure.  At the same time, this will allow Dana to
increase its focus on its foundation businesses."

    Restructuring Moves
    Dana announced that it expects to incur restructuring charges of $400 to
$450 million after tax, primarily in the fourth quarter of 2001, as it focuses
on making its businesses more competitive.  As part of these restructuring
actions, the company will further reduce its global workforce by more than 15
percent.  This is in addition to the approximately 10,000 positions eliminated
over the past 18 months.
    Dana will also initiate a series of plant closures and consolidations.
These moves are in addition to the company's ongoing exploration of previously
announced strategic opportunities involving its Engine Management, Engine
Products, Industrial Fluid, and Quinton-Hazell operations.
    The company will also accelerate the outsourcing of non-core manufacturing
and processes as part of its program to reduce assets and costs.
    "Since our markets began to soften in mid-2000, we have devoted
significant effort to scaling our operations for lower production forecasts,"
Mr. Magliochetti said.  "Unfortunately, recent events require that we quicken
the pace and make even further reductions.  As we take these difficult
actions, we will be cautious not to compromise our longer-term objectives."

    Market Outlook
    "While we entered the third-quarter believing we were at or near the
bottom of the current cycle, recent events have significantly changed our
markets - and our world - making it increasingly difficult to predict even
near-term conditions with precision," Mr. Magliochetti said.  "In general, we
believe the balance of 2001 will be extremely soft.  Looking further ahead,
indications are that 2002 production of both light vehicles and commercial
vehicles may be significantly lower than 2001 levels.  This more negative
outlook was a critical factor in our decision to pursue the more aggressive
actions we are undertaking.
    "Dana and its people have weathered severe market conditions in the past,"
he added.  "As consumer confidence returns and our markets recover, we will be
well-positioned as a technology-driven, market leader serving domestic,
transplant, and international customers.  I am confident that we will emerge
from the current situation a stronger, more competitive company better
positioned for an upturn."

    Dana to Host Conference Call Today
    Dana will host a conference call at 10 a.m. (EDT) today to discuss its
quarterly results.  The call may be accessed via Dana's website
(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.  A recording of this conference call will be available after 1 p.m.
(EDT) today.  To access this recording, please dial (800) 537-8823.

    Dana Corporation Overview
    Dana Corporation is one of the world's largest suppliers of components,
modules and complete systems to global vehicle manufacturers and their related
aftermarkets.  Founded in 1904 and based in Toledo, Ohio, the company operates
some 300 major facilities in 34 countries and employs approximately 75,000
people.  The company reported sales of $12.3 billion in 2000.  Dana's Internet
address is http://www.dana.com .

    Forward-Looking Statements
    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 future
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's vehicular customers; the
company's ability to complete the sale of DCC's businesses as contemplated;
and the success and timing of the company's restructuring, cost reduction and
cash management programs.  Additional factors are detailed 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
                                                     2000              2001

             Sales                                  $2,865            $2,399

             Net Income (loss), excluding
                non-recurring items                     61                (8)

             Net Income, including non-
              recurring items                           29                13

             Net Income (loss) Per Common
              Share, excluding non-recurring
               items -
               Diluted                                0.41             (0.05)

             Net Income Per Common Share,
              including non-recurring items -
                  Basic                               0.19              0.08
                  Diluted                             0.19              0.08

             Average Shares Outstanding -
                  For Basic EPS                        149               148
                  For Diluted EPS                      150               149

                                                            Unaudited
                                                Nine Months Ended September 30
                                                     2000              2001

             Sales                                  $9,629            $7,898

             Net Income, excluding non-
              recurring items                          375                19

             Net Income, including non-
              recurring items                          418                --

             Net Income Per Common Share,
              excluding non-recurring items -
                  Diluted                             2.43              0.13

             Net Income Per Common Share,
              including non-recurring items -
                  Basic                               2.73                 *
                  Diluted                             2.71                 *

             Average Shares Outstanding -
                  For Basic EPS                        153               148
                  For Diluted EPS                      154               149

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


         Dana Corporation
         Statement of Income (Unaudited)
          September 30, 2001
         (in millions, except per share amounts)

                                               Three Months Ended September 30
                                                     2000              2001
         Net sales                                  $2,865            $2,399
         Revenue from lease financing
            and other income                            50                98

              Total                                  2,915             2,497

         Costs and expenses
            Cost of sales                            2,481             2,149
            Selling, general and
              administrative expenses                  276               242
            Restructuring and
              integration charges                       69                12
            Interest expense                            82                76

              Total                                  2,908             2,479

         Income before income taxes                      7                18
         Estimated taxes on income                      10               (13)
         Minority interest                              (4)               (1)
         Equity in earnings
            of affiliates                               16                 9

         Net income                                    $29               $13

         Net income per common share -
              Basic                                  $0.19             $0.08
              Diluted                                $0.19             $0.08

         Average shares outstanding -
              For Basic EPS                            149               148
              For Diluted EPS                          150               149


         Dana Corporation
         Statement of Income (Unaudited)
          September 30, 2001
         (in millions, except per share amounts)


                                                Nine Months Ended September 30
                                                     2000              2001

         Net sales                                  $9,629            $7,898
         Revenue from lease financing
            and other income                           308               149

              Total                                  9,937             8,047

         Costs and expenses
            Cost of sales                            8,161             7,006
            Selling, general and
              administrative expenses                  847               775
            Restructuring and
              integration charges                      103                38
            Interest expense                           238               239

              Total                                  9,349             8,058

         Income (loss) before income
          taxes                                        588               (11)
         Estimated taxes on income                    (207)               (6)
         Minority interest                             (12)               (6)
         Equity in earnings
            of affiliates                               49                23

         Net income                                   $418               $--

         Net income per common share -
              Basic                                  $2.73               $ *
              Diluted                                $2.71               $ *

         Average shares outstanding -
              For Basic EPS                            153               148
              For Diluted EPS                          154               149

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


          Dana Corporation
          Condensed Balance Sheet (Unaudited)
          September 30, 2001
          (in millions)

                                                December 31       September 30
          Assets                                     2000              2001

          Current assets
             Cash and marketable
              securities                              $179              $228
             Accounts receivable
               Trade                                 1,548             1,548
               Other                                   318               429
             Inventories                             1,564             1,350
             Other current assets                      714               526

               Total current assets                  4,323             4,081

          Property, plant and equipment,
           net                                       3,509             3,411
          Investment in leases                       1,037             1,087
          Investments and other assets               2,367             2,230

             Total assets                          $11,236           $10,809

          Liabilities and Shareholders'
           Equity

          Accounts payable and other
             current liabilities                    $2,386            $2,281
          Notes payable                              1,945             1,223

               Total current liabilities             4,331             3,504

          Long-term debt                             2,649             3,227
          Deferred employee benefits
             and other noncurrent
             liabilities                             1,507             1,595
          Minority interest                            121               116
          Shareholders' equity                       2,628             2,367

             Total liabilities and
               shareholders' equity                $11,236           $10,809


           Dana Corporation
           Condensed Statement of Cash Flows (Unaudited)
           September 30, 2001
           (in millions)
                                               Three Months Ended September 30
                                                    2000             2001

          Net income                                $29              $13
          Depreciation and
           amortization                             130              137
          Gain on divestitures                      (13)             (30)
          Working capital change                    (97)             (41)
          Other                                      45              (42)
            Net cash from operating activities       94               37

          Purchases of property,
           plant and equipment                     (130)             (68)
          Purchases of assets to be
           leased                                  (171)             (38)
          Payments received on leases                61                9
          Net loans to customers                    (41)              18
          Acquisitions                              (74)               -
          Divestitures                               38              206
          Other                                     (17)              15
            Net cash flows - investing activities  (334)             142

          Net change in short-term debt              58             (680)
          Proceeds from long-term debt              300              752
          Payments on long-term debt                (55)            (116)
          Dividends paid                            (46)             (47)
          Shares repurchased                        (61)               -
          Other                                       1              (13)
            Net cash flows - financing activities   197             (104)
          Net change in cash and cash
           equivalents                              (43)              75
          Cash and cash equivalents -
           beginning of period                      187              153
          Cash and cash equivalents -
           end of period                           $144             $228


          Dana Corporation
          Condensed Statement of Cash Flows (Unaudited)
          September 30, 2001
          (in millions)
                                                Nine Months Ended September 30
                                                   2000              2001

          Net income                               $418               $-
          Depreciation and
           amortization                             390              408
          Gain on divestitures                     (110)             (10)
          Working capital change                   (223)             (79)
          Other                                     (50)              71
            Net cash from operating activities      425              390

          Purchases of property,
           plant and equipment                     (464)            (306)
          Purchases of assets to be
           leased                                  (242)            (124)
          Payments received on leases               126               28
          Net loans to customers                   (147)             103
          Acquisitions                             (279)             (21)
          Divestitures                              562              232
          Other                                      27              127
            Net cash flows - investing activities  (417)              39

          Net change in short-term debt             621             (642)
          Proceeds from long-term  debt             311              796
          Payments on long-term debt               (388)            (383)
          Dividends paid                           (142)            (139)
          Shares repurchased                       (381)               -
          Other                                       4              (12)
            Net cash flows - financing activities    25             (380)
          Net change in cash and cash
           equivalents                               33               49
          Cash and cash equivalents -
           beginning of period                      111              179
          Cash and cash equivalents -
           end of period                           $144             $228


          Dana Corporation
          (Including Dana Credit Corporation on the Equity Basis)
          Statement of Income (Unaudited)
          September 30, 2001
          (in millions)

                                               Three Months Ended September 30
                                                     2000              2001

          Net sales                                 $2,865            $2,399
          Other income                                   3                61

            Total                                    2,868             2,460

          Costs and expenses
             Cost of sales                           2,498             2,164
             Selling, general and
               administrative expenses                 246               216
             Restructuring and
               integration charges                      69                12
             Interest expense                           55                52

                Total                                2,868             2,444

          Income before income taxes                                      16
          Estimated taxes on income                     13               (13)
          Minority interest                             (4)               (1)
          Equity in earnings
             of affiliates                              20                11

          Net income                                   $29               $13



          Dana Corporation
          (Including Dana Credit Corporation on the Equity Basis)
          Statement of Income (Unaudited)
          September 30, 2001
          (in millions)

                                                Nine Months Ended September 30
                                                     2000              2001

          Net sales                                 $9,629            $7,898
          Other income                                 183                36

            Total                                    9,812             7,934

          Costs and expenses
             Cost of sales                           8,208             7,054
             Selling, general and
               administrative expenses                 770               698
             Restructuring and
               integration charges                     103                38
             Interest expense                          163               156

               Total                                 9,244             7,946

          Income (loss) before income
           taxes                                       568               (12)
          Estimated taxes on income                   (204)               (7)
          Minority interest                            (12)               (6)
          Equity in earnings
             of affiliates                              66                25

          Net income                                  $418               $ *


         * 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, 2001
          (in millions)


                                                  December 31     September 30
          Assets                                      2000             2001

          Current assets
             Cash and marketable
              securities                              $149              $186
             Accounts receivable
               Trade                                 1,505             1,549
               Other                                   318               404
             Inventories                             1,564             1,350
             Other current assets                      535               502

               Total current assets                  4,071             3,991

          Property, plant and equipment,
           net                                       3,069             2,982
          Investments and other assets               2,026             1,928

             Total assets                           $9,166            $8,901

          Liabilities and Shareholders'
           Equity

          Accounts payable and other
           current liabilities                      $2,383            $2,212
          Notes payable                              1,307               750

               Total current liabilities             3,690             2,962

          Long-term debt                             1,574             2,201
          Deferred employee benefits
           and other noncurrent liabilities          1,155             1,257
          Minority interest                            119               114
          Shareholders' equity                       2,628             2,367

             Total liabilities and
               shareholders' equity                 $9,166            $8,901



              Dana Corporation
              (Including Dana Credit Corporation on an Equity Basis)
              Condensed Statement of Cash Flows (Unaudited)
              September 30, 2001
              (in millions)

                                               Three Months Ended September 30
                                                       2000             2001

              Net income                                $29              $13
              Depreciation and
               amortization                             105              112
              Gain on divestitures                      (13)             (30)
              Working capital change                   (104)             (84)
              Other                                      (6)             (12)
               Net cash from operating
                activities                               11               (1)

              Purchases of property,
               plant and equipment                      (81)             (55)
              Acquisitions                              (74)               -
              Divestitures                               38              206
              Other                                     (24)             (29)
              Net cash flows - investing
               activities                              (141)             122

              Net change in short-term
               debt                                     215             (688)
              Proceeds from long-term
               debt                                       -              751
              Payments on long-term debt                (13)             (84)
              Dividends paid                            (46)             (47)
              Shares repurchased                        (61)               -
              Other                                       2              (13)
              Net cash flows - financing
               activities                                97              (81)
              Net change in cash and cash
               equivalents                              (33)              40
              Cash and cash equivalents -
               beginning of period                      169              146
              Cash and cash equivalents -
               end of period                           $136             $186


              Dana Corporation
              (Including Dana Credit Corporation on an Equity Basis)
              Condensed Statement of Cash Flows (Unaudited)
              September 30, 2001
              (in millions)

                                                Nine Months Ended September 30
                                                       2000             2001

              Net income                               $418               $-
              Depreciation and
               amortization                             319              331
              Gain on divestitures                     (110)             (10)
              Working capital change                   (202)            (139)
              Other                                    (101)              39
               Net cash from operating
                activities                              324              221

              Purchases of property,
               plant and equipment                     (318)            (219)
              Acquisitions                             (279)             (21)
              Divestitures                              562              232
              Other                                       9               (8)
               Net cash flows - investing
                activities                              (26)             (16)

              Net change in short-term
               debt                                     510             (512)
              Proceeds from long-term
               debt                                       -              761
              Payments on long-term debt               (255)            (266)
              Dividends paid                           (142)            (139)
              Shares repurchased                       (381)               -
              Other                                       5              (12)
               Net cash flows - financing
                activities                             (263)            (168)
              Net change in cash and cash
               equivalents                               35               37
              Cash and cash equivalents -
               beginning of period                      101              149
              Cash and cash equivalents -
               end of period                           $136             $186


                                 Dana Corporation
                         Quarterly Financial Information
               For Nine Months Ended September 30, 2001 (Unaudited)
                                  (in millions)

                                                              Sales
                                                       00                01
    Automotive Systems Group                        $3,501            $2,824
    Automotive Aftermarket Group                     2,134             1,950
    Commercial Vehicle Systems                       1,312               878
    Engine Systems Group                             1,070               911
    Fluid Systems Group                                894               800
    Off-Highway Systems Group                          627               484
    Dana Commercial Credit                               -                 -
    Other                                               91                51
    Total Operations                                 9,629             7,898

    Restructuring and
      nonrecurring items                                 -                 -
    Consolidated                                    $9,629            $7,898

    North America                                   $7,435            $5,935
    Europe                                           1,504             1,308
    South America                                      427               414
    Asia Pacific                                       263               241
    Dana Commercial Credit                               -                 -
    Other                                                -                 -
    Total Operations                                 9,629             7,898

    Restructuring and
      nonrecurring items                                 -                 -
    Consolidated                                    $9,629            $7,898

    See Note 13 to Dana's 2000 Annual Report for further information


                                 Dana Corporation
                         Quarterly Financial Information
               For Nine Months Ended September 30, 2001 (Unaudited)
                                  (in millions)

                                                                EBIT
                                                        00                01
    Automotive Systems Group                          $356              $165
    Automotive Aftermarket Group                       125                15
    Commercial Vehicle Systems                         131                27
    Engine Systems Group                                78                12
    Fluid Systems Group                                 89                62
    Off-Highway Systems Group                           52                24
    Dana Commercial Credit                               -                 -
    Other                                             (174)             (146)
    Total Operations                                   657               159

    Restructuring and
      nonrecurring items                                63               (25)
    Consolidated                                      $720              $134

    North America                                     $743              $253
    Europe                                              69                40
    South America                                       20                13
    Asia Pacific                                         6                 2
    Dana Commercial Credit                               -                 -
    Other                                             (181)             (149)
    Total Operations                                   657               159

    Restructuring and
      nonrecurring items                                63               (25)
    Consolidated                                      $720              $134

    See Note 13 to Dana's 2000 Annual Report for further information


                                 Dana Corporation
                         Quarterly Financial Information
               For Nine Months Ended September 30, 2001 (Unaudited)
                                  (in millions)

                                                            Operating PAT
                                                       00                  01
    Automotive Systems Group                         $236                $115
    Automotive Aftermarket Group                       76                   9
    Commercial Vehicle Systems                         80                  16
    Engine Systems Group                               57                  11
    Fluid Systems Group                                55                  37
    Off-Highway Systems Group                          32                  14
    Dana Commercial Credit                             28                  17
    Other                                            (189)               (200)
    Total Operations                                  375                  19

    Restructuring and
      nonrecurring items                               43                 (19)
    Consolidated                                     $418                  $-

    North America                                    $469                $149
    Europe                                             41                  33
    South America                                      16                  (1)
    Asia Pacific                                        4                   1
    Dana Commercial Credit                             28                  17
    Other                                            (183)               (180)
    Total Operations                                  375                  19

    Restructuring and
      nonrecurring items                               43                 (19)
    Consolidated                                     $418                  $-

    See Note 13 to Dana's 2000 Annual Report for further information


                                 Dana Corporation
                         Quarterly Financial Information
               For Nine Months Ended September 30, 2001 (Unaudited)
                                  (in millions)

                                                             Net Profit
                                                        00                01
    Automotive Systems Group                          $168               $56
    Automotive Aftermarket Group                        26               (38)
    Commercial Vehicle Systems                          51                (7)
    Engine Systems Group                                37                (7)
    Fluid Systems Group                                 39                22
    Off-Highway Systems Group                           21                 5
    Dana Commercial Credit                              28                17
    Other                                                5               (29)
    Total Operations                                   375                19

    Restructuring and
      nonrecurring items                                43               (19)
    Consolidated                                      $418                $-

    North America                                     $331               $29
    Europe                                              11                 4
    South America                                        8               (10)
    Asia Pacific                                        (5)               (6)
    Dana Commercial Credit                              28                17
    Other                                                2               (15)
    Total Operations                                   375                19

    Restructuring and
      nonrecurring items                                43               (19)
    Consolidated                                      $418                $-

    See Note 13 to Dana's 2000 Annual Report for further information


                             Dana Corporation
                         Quarterly Financial Information
               For Nine Months Ended September 30, 2001 (Unaudited)
                                  (in millions)

                                                             Net Assets
                                                        00                01
    Automotive Systems Group                        $1,975            $1,987
    Automotive Aftermarket Group                     2,000             1,666
    Commercial Vehicle Systems                         584               436
    Engine Systems Group                             1,142               960
    Fluid Systems Group                                699               626
    Off-Highway Systems Group                          499               472
    Dana Commercial Credit                             168               186
    Other                                               89               150
    Total Operations                                 7,156             6,483

    Restructuring and
      nonrecurring items                                 -                 -
    Consolidated                                    $7,156            $6,483

    North America                                   $5,003            $4,233
    Europe                                           1,338             1,397
    South America                                      508               513
    Asia Pacific                                       175               176
    Dana Commercial Credit                             168               186
    Other                                              (36)              (22)
    Total Operations                                 7,156             6,483

    Restructuring and
      nonrecurring items                                 -                 -
    Consolidated                                    $7,156            $6,483

    See Note 13 to Dana's 2000 Annual Report for further information


                                 Dana Corporation
                         Quarterly Financial Information
                              Q3 - 2001 (Unaudited)
                                  (in millions)

                                                               Sales
                                                        00                01
    Automotive Systems Group                        $1,062              $831
    Automotive Aftermarket Group                       681               639
    Commercial Vehicle Systems                         346               259
    Engine Systems Group                               321               273
    Fluid Systems Group                                266               237
    Off-Highway Systems Group                          178               141
    Dana Commercial Credit                               -                 -
    Other                                               11                19
    Total Operations                                 2,865             2,399

    Restructuring and
      nonrecurring items
    Consolidated                                    $2,865            $2,399

    North America                                   $2,165            $1,787
    Europe                                             441               380
    South America                                      158               154
    Asia Pacific                                       101                78
    Dana Commercial Credit                               -                 -
    Other                                                -                 -
    Total Operations                                 2,865             2,399

    Restructuring and
      nonrecurring items                                 -                 -
    Consolidated                                    $2,865            $2,399

    See Note 13 to Dana's 2000 Annual Report for further information


                                 Dana Corporation
                         Quarterly Financial Information
                              Q3 - 2001 (Unaudited)
                                  (in millions)

                                                                EBIT
                                                        00                01
    Automotive Systems Group                           $81               $29
    Automotive Aftermarket Group                        27                13
    Commercial Vehicle Systems                          27                 6
    Engine Systems Group                                13                (9)
    Fluid Systems Group                                 18                14
    Off-Highway Systems Group                           11                 3
    Dana Commercial Credit                               -                 -
    Other                                              (57)              (34)
    Total Operations                                   120                22

    Restructuring and
      nonrecurring items                               (68)               38
    Consolidated                                       $52               $60

    North America                                     $155               $48
    Europe                                              11                 -
    South America                                       10                 6
    Asia Pacific                                         3                 2
    Dana Commercial Credit                               -                 -
    Other                                              (59)              (34)
    Total Operations                                   120                22

    Restructuring and
      nonrecurring items                               (68)               38
    Consolidated                                       $52               $60

    See Note 13 to Dana's 2000 Annual Report for further information


                                 Dana Corporation
                         Quarterly Financial Information
                              Q3 - 2001 (Unaudited)
                                  (in millions)

                                                            Operating PAT
                                                       00                  01
    Automotive Systems Group                          $57                 $25
    Automotive Aftermarket Group                       17                   8
    Commercial Vehicle Systems                         17                   3
    Engine Systems Group                               14                  (5)
    Fluid Systems Group                                11                   9
    Off-Highway Systems Group                           7                   2
    Dana Commercial Credit                              7                   5
    Other                                             (69)                (55)
    Total Operations                                   61                  (8)

    Restructuring and
      nonrecurring items                              (32)                 21
    Consolidated                                      $29                 $13

    North America                                    $101                 $29
    Europe                                              6                   5
    South America                                       8                   4
    Asia Pacific                                        2                   1
    Dana Commercial Credit                              7                   5
    Other                                             (63)                (52)
    Total Operations                                   61                  (8)

    Restructuring and
      nonrecurring items                              (32)                 21
    Consolidated                                      $29                 $13

    See Note 13 to Dana's 2000 Annual Report for further information



                                 Dana Corporation
                         Quarterly Financial Information
                              Q3 - 2001 (Unaudited)
                                  (in millions)

                                                             Net Profit
                                                        00                01
    Automotive Systems Group                           $33                $9
    Automotive Aftermarket Group                        (1)               (6)
    Commercial Vehicle Systems                           8                (3)
    Engine Systems Group                                 7               (10)
    Fluid Systems Group                                  6                 4
    Off-Highway Systems Group                            3                (1)
    Dana Commercial Credit                               7                 5
    Other                                               (2)               (6)
    Total Operations                                    61                (8)

    Restructuring and
      nonrecurring items                               (32)               21
    Consolidated                                       $29               $13

    North America                                      $54               $(4)
    Europe                                              (3)               (2)
    South America                                        4                 1
    Asia Pacific                                        (1)               (2)
    Dana Commercial Credit                               7                 5
    Other                                                -                (6)
    Total Operations                                    61                (8)

    Restructuring and
      nonrecurring items                               (32)               21
    Consolidated                                       $29               $13

    See Note 13 to Dana's 2000 Annual Report for further information


                                Dana Corporation
                         Quarterly Financial Information
                              Q3 - 2001 (Unaudited)
                                  (in millions)

                                                             Net Assets
                                                        00                01
    Automotive Systems Group                        $1,975            $1,987
    Automotive Aftermarket Group                     2,000             1,666
    Commercial Vehicle Systems                         584               436
    Engine Systems Group                             1,142               960
    Fluid Systems Group                                699               626
    Off-Highway Systems Group                          499               472
    Dana Commercial Credit                             168               186
    Other                                               89               150
    Total Operations                                 7,156             6,483

    Restructuring and
      nonrecurring items                                 -                 -
    Consolidated                                    $7,156            $6,483

    North America                                   $5,003            $4,233
    Europe                                           1,338             1,397
    South America                                      508               513
    Asia Pacific                                       175               176
    Dana Commercial Credit                             168               186
    Other                                              (36)              (22)
    Total Operations                                 7,156             6,483

    Restructuring and
      nonrecurring items                                 -                 -
    Consolidated                                    $7,156            $6,483

    See Note 13 to Dana's 2000 Annual Report for further information



SOURCE Dana Corporation

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