Dana Comments On Fourth-Quarter Performance
Jan 29, 2001
TOLEDO, Ohio, Jan. 29 /PRNewswire/ -- Dana Corporation (NYSE: DCN), which will announce its fourth-quarter results on Feb. 13, indicated today that its operating earnings for the period will be approximately break-even, primarily due to weak conditions in North America, including sharp declines in light- truck build schedules, further deterioration in heavy-truck production, and continued aftermarket softness. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The company also indicated that reported net income for the quarter will be reduced by $85 million in net non-recurring charges. This amount includes a portion of the previously announced charge recorded by the company's minority-owned Venezuelan affiliate. Also included are provisions for additional downsizing and plant closures, integration expenses, and costs associated with exiting several lines of business, actions which are intended to better position the company for the challenging industry conditions anticipated in the months ahead. Dana will hold a conference call beginning at 9 a.m. EST on Tuesday, Feb. 13 to discuss its 2000 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. (EST) on Feb. 13. To access this recording, please dial (800) 537-8823. Certain statements contained herein 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 ability of various vehicular customers and suppliers to achieve projected sales and production levels, the cyclical nature of the vehicular industry, and international economic conditions. 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. Dana Corporation is one of the world's largest suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 330 major facilities in 33 countries and employs more than 75,000 people. The company reported sales of $13.2 billion in 1999. Dana's Internet address is http://www.dana.com .
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