Dana Corporation Celebrates Its 250th Consecutive Dividend
May 31, 2000
Consistent dividend payments date back to 1936 NEW YORK, May 31 /PRNewswire/ -- Dana Corporation (NYSE: DCN) today celebrated its 250th consecutive dividend without a missed or reduced payment dating back to 1936. To mark this milestone, Dana Chairman and CEO Joe Magliochetti was invited to ring the closing bell to end today's trading on the floor of the New York Stock Exchange. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) "We are proud to continue Dana's consistent performance with regard to the payment of our dividend," Magliochetti said. "We are very pleased to be able to share Dana's successes with its shareholders in this way. "In fact," he added, "Dana has paid more than $2.3 billion in dividends to its shareholders over the last 25 years. This is the type of consistent performance which is often undervalued in today's market." At the close of trading yesterday, Dana's dividend yield was 4.8 percent -- four times that of the S&P 500. The quarterly dividend of 31 cents per share will be paid June 15, 2000, to shareholders of record as of June 5. The value of Dana's dividend as one component within the performance of Dana stock as a long-term investment is illustrated by the fact that 100 shares of stock held since 1936 would have earned its holders more than $480,000 in dividend payments. "We believe that our dividend is one of the things that makes Dana stock a very attractive long-term investment at current levels, and we continue to repurchase shares under our buyback authorization," said Dana Vice President and Chief Financial Officer Bob Richter. Dana's Board of Directors has authorized stock buyback programs of up to $600 million since April 1999. As of the end of April the company had repurchased 13.9 million shares under these authorizations. Dana Corporation is one of the world's largest independent suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 320 major facilities in 32 countries and employs more than 82,000 people. The company reported sales of $13.2 billion in 1999. Dana's Internet address is http://www.dana.com .
SOURCE Dana Corporation
Web Site: http://www.dana.com
Photo Notes: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
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