Dana Holding Corporation Reports Second-Quarter 2009 Results

-- Achieved break-even net income in the second quarter of 2009

-- Reported quarterly EBITDA of $94 million despite a 49-percent decrease in sales from the same period last year

-- Achieved second-quarter financial covenants

-- Generated positive free cash flow of $73 million

-- Reduced debt by 10 percent, primarily through market purchases at attractive prices

PRNewswire
TOLEDO, Ohio
(NYSE:DAN)
Aug 6, 2009

TOLEDO, Ohio, Aug. 6 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced that it achieved break-even net income in the second quarter of 2009, compared to a loss of $122 million during the same period last year.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )

Earnings before interest, taxes, depreciation, amortization, and restructuring (EBITDA) was $94 million, compared with $164 million in 2008. Second-quarter sales were $1,190 million, a 49-percent decrease compared with sales of $2,333 million during the same period last year. The decrease was driven by lower vehicle production across all market segments, most notably within the off-highway sector.

At June 30, 2009, cash balances remained solid at $553 million, with total available liquidity of $664 million. Net debt was $546 million.

Cost Savings, Operational Improvements Continue Amid Difficult Markets

"Our second-quarter revenues reflected the continued weak demand in all three of our market segments," said Dana Executive Chairman John Devine. "Despite this difficult environment, our aggressive efforts to resize our organization, implement permanent structural improvements, and address pricing continued to take hold. These actions resulted in substantial profit and cash flow improvements compared to the prior quarter, despite slightly lower sales."

During the quarter, Dana reduced its global workforce by approximately 1,400 employees, bringing its total year-to-date reduction to approximately 6,200. The workforce reductions include both actions to align the organization to reduced volume levels, as well as permanent, structural reductions to improve productivity and profitability.

The company achieved a first-half pricing improvement of $131 million, which includes the recovery of material cost increases. Other actions - primarily cost reductions - improved first-half EBITDA by $113 million.

Cash Generation Enables Debt Reduction

Dana generated positive free cash flow of $73 million for the second quarter, which was impacted considerably by improvements in working capital totaling $91 million. The majority of the cash generated was utilized to reduce debt levels. During the quarter, the company reduced debt by $129 million, or 10 percent. The debt reduction was achieved primarily through market purchases made at a discount to par.

"The positive cash flow generated in the second quarter enabled us to reduce debt levels and interest expense at an attractive price, and strengthened our debt position moving forward," said Chief Financial Officer Jim Yost. "Even without the benefit of the debt repurchase, we would have achieved our debt covenants."

Six-Month Results

Sales for the six months ended June 30, 2009, were $2,406 million, which compares with $4,645 million for the same period in 2008. For the first half of 2009, the company reported a net loss of $157 million compared with income of $537 million for the same period in 2008. The six-month 2008 results include a net gain of $754 million recognized in connection with the company's emergence from bankruptcy and application of fresh start accounting. EBITDA for the first six months of 2009 was $110 million, compared with EBITDA of $298 million during the same period in 2008.

James E. Sweetnam Named President & CEO

On May 27, Dana announced the appointment of James E. Sweetnam, former president of Eaton Corporation's global Truck Group, as President and Chief Executive Officer. Sweetnam was appointed to Dana's Board of Directors on July 1.

"We've been delighted to welcome Jim to the Dana team," Devine said. "Adding a leader of Jim's caliber bolsters an already solid team of managers and employees across our global organization who are making meaningful strides, even in the face of today's industry headwinds," he added. "Collectively, we're reshaping Dana into a company that will be well-positioned to succeed as our markets recover."

Dana to Host Second-Quarter Conference Call at 10:30 a.m. Today

Dana will discuss its second-quarter results in a conference call at 10:30 a.m. EDT today. Participants may listen to the audio portion of the conference call either through audio streaming online or by telephone. Slide viewing is only available online via a link provided on the Dana Investor Web site. To dial into the conference call, domestic locations should call 1-888-311-4590 (Conference I.D. # 19149740). International locations should call 1-706-758-0054 (Conference I.D. # 19149740). Please ask for the Dana Holding Corporation Financial Webcast and Conference Call. Phone registration will be available beginning at 10 a.m. EDT. An audio recording of the call will be available after 5 p.m. To access this recording, please dial 1-800-642-1687 (U.S. or Canada) or 1-706-645-9291 (international) and enter the conference I.D. number 19149740. A webcast replay will also be available after 5 p.m. today, and may be accessed via the Dana Investor Web site.

Non-GAAP Measures

In connection with Dana's emergence from bankruptcy on January 31, 2008, and the application of fresh start accounting in accordance with the provisions of the American Institute of Certified Public Accountants' Statement of Position 90-7, the post-emergence results of the successor company for the five months ended June 30, 2008 and the pre-emergence results of the predecessor company for the one month ended January 31, 2008 are presented separately as successor and predecessor results in the financial statements presented in accordance with generally accepted accounting principles (GAAP). This presentation is required by GAAP as the successor company is considered to be a new entity and the results of the new entity reflect the application of fresh start accounting. For the readers' convenience and interest in this earnings release, we have combined the separate successor and predecessor periods to derive combined results for the six months ended June 30, 2008. The financial information accompanying this release provides the separate successor and predecessor GAAP results for the applicable periods, along with the combined results described above for the two periods of 2008.

This release refers to EBITDA, which we've defined to be earnings before interest, taxes, depreciation, amortization and restructuring. EBITDA is a non-GAAP financial measure, and the measure currently being used by Dana as the primary measure of its reportable operating segment performance. EBITDA was selected as the primary measure for operating segment performance as well as a relevant measure of Dana's overall performance given the enhanced comparability and usefulness after application of fresh start accounting. The most significant impact to Dana's ongoing results of operations as a result of applying fresh start accounting is higher depreciation and amortization.

By using EBITDA, which is a performance measure that excludes depreciation and amortization, the comparability of results is enhanced. Management also believes that EBITDA is an important measure since the financial covenants of our primary debt agreements are EBITDA-based, and our management incentive performance programs are based, in part, on EBITDA. Because it is a non-GAAP measure, EBITDA should not be considered a substitute for net income or other reported results prepared in accordance with GAAP. The financial information accompanying this release provides a reconciliation of EBITDA for the periods presented to the reported income (loss) from continuing operations before income taxes, which is a GAAP measure.

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Holding Corporation

Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle manufacturer in the global automotive, commercial vehicle, and off-highway markets. Based in Toledo, Ohio, the company employs approximately 22,500 people in 26 countries and reported 2008 sales of $8.1 billion. For more information, please visit: www.dana.com.

    DANA HOLDING CORPORATION
    Consolidated Statement of Operations (Unaudited)
    For the Three Months Ended June 30, 2009 and 2008

                                                Three Months Ended
     (In millions, except per share amounts)      June 30, June 30,
                                                   2009    2008
     Net sales                                   $1,190  $2,333
     Costs and expenses
         Cost of sales                            1,128   2,188
         Selling, general and administrative
          expenses                                   59      84
         Amortization of intangibles                 18      19
         Realignment charges, net                    29      40
         Impairment of goodwill                              75
         Impairment of intangible assets              6       7
         Other income, net                           61      20
     Income (loss) from continuing operations
      before interest, reorganization items and
      income taxes                                   11     (60)
     Interest expense                                37      35
     Reorganization items                            (3)     12
     Loss from continuing operations before income
      taxes                                         (23)   (107)
     Income tax benefit (expense)                    21     (12)
     Equity in earnings of affiliates                (1)      2
     Loss from continuing operations                 (3)   (117)
     Loss from discontinued operations                       (2)
     Net loss                                        (3)   (119)
          Less: Net income (loss) attributable
           to noncontrolling interests               (3)      3
     Net income (loss) attributable to the
      parent company                                  -    (122)
     Preferred stock dividend requirements            8       8
     Net loss available to common stockholders      $(8)  $(130)

     Loss per share from continuing operations
      attributable to parent company stockholders:
        Basic                                    $(0.08) $(1.27)
        Diluted                                  $(0.08) $(1.27)
     Loss per share from discontinued operations
      attributable to parent company stockholders:
        Basic                                        $-  $(0.01)
        Diluted                                      $-  $(0.01)
     Net loss per share attributable to parent
      company stockholders:
        Basic                                    $(0.08) $(1.28)
        Diluted                                  $(0.08) $(1.28)
     Average common shares outstanding
        Basic                                       100     100
        Diluted                                     100     100



    DANA HOLDING CORPORATION
    Consolidated Statement of Operations (Unaudited)
    For the Six Months Ended June 30, 2009 and 2008

                                      Dana   Combined(1)  Dana
                                      Six       Six       Five   Prior Dana
                                     Months    Months    Months   One Month
                                      Ended     Ended     Ended     Ended
    (In millions, except             June 30,  June 30,  June 30, January 31,
     per share amounts)                2009      2008      2008      2008
     Net sales                        $2,406    $4,645    $3,894      $751
     Costs and expenses
         Cost of sales                 2,361     4,393     3,691       702
         Selling, general and
          administrative expenses        134       183       149        34
         Amortization of intangibles      35        31        31
         Realignment charges, net         79        57        45        12
         Impairment of goodwill                     75        75
         Impairment of intangible assets   6         7         7
         Other income, net                90        60        52         8
     Income (loss) from continuing
      operations before interest,
      reorganization items and income
      taxes                             (119)      (41)      (52)       11
     Interest expense (contractual
      interest of $17 for the one month
      ended January 31, 2008)             72        70        62         8
     Reorganization items                 (2)      119        21        98
     Fresh start accounting adjustments          1,009               1,009
     Income (loss) from continuing
      operations before income taxes    (189)      779      (135)      914
     Income tax benefit (expense)         30      (231)      (32)     (199)
     Equity in earnings of affiliates     (4)        5         3         2
     Income (loss) from continuing
      operations                        (163)      553      (164)      717
     Loss from discontinued operations              (9)       (3)       (6)
     Net income (loss)                  (163)      544      (167)      711
          Less: Net income (loss)
           attributable to noncontrolling
           interests                      (6)        7         5         2
     Net income (loss) attributable to
      the parent company                (157)      537      (172)      709
     Preferred stock dividend
      requirements                        16        13        13
     Net income (loss) available to
      common stockholders              $(173)     $524     $(185)     $709

     Income (loss) per share from
      continuing operations attributable
      to parent company stockholders:
        Basic                         $(1.72)             $(1.81)    $4.77
        Diluted                       $(1.72)             $(1.81)    $4.75
     Loss per share from discontinued
      operations attributable to parent
      company stockholders:
        Basic                             $-              $(0.02)   $(0.04)
        Diluted                           $-              $(0.02)   $(0.04)
     Net income (loss) per share
      attributable to parent company
      stockholders:
        Basic                         $(1.72)             $(1.83)    $4.73
        Diluted                       $(1.72)             $(1.83)    $4.71
     Average common shares outstanding
        Basic                            100                 100       150
        Diluted                          100                 100       150

    (1) See "Non-GAAP Measures" in body of press release for comments
        regarding the presentation of combined information for the six months
        ended June 30, 2008.




    DANA HOLDING CORPORATION
    Consolidated Balance Sheet (Unaudited)
    As of June 30, 2009 and December 31, 2008

    (In millions, except per share amounts)
                                                       June 30,  December 31,
     Assets                                                2009          2008
     Current assets
     Cash and cash equivalents                             $553          $777
     Accounts receivable
        Trade, less allowance for
         doubtful accounts
         of $21 in 2009 and $23 in 2008                     789           827
       Other                                                198           170
     Inventories
       Raw materials                                        318           394
       Work in process and finished goods                   389           521
     Other current assets                                    82            58
         Total current assets                             2,329         2,747

     Goodwill                                               109           108
     Intangibles                                            521           569
     Investments and other assets                           206           207
     Investments in affiliates                              133           135
     Property, plant and equipment, net                   1,762         1,841
         Total assets                                    $5,060        $5,607

     Liabilities and equity
     Current liabilities
      Notes payable, including current portion
       of long-term debt                                    $30           $70
      Financial obligation related to GM
       supplier program                                      11
     Accounts payable                                       573           824
     Accrued payroll and employee benefits                  121           120
     Accrued realignment costs                               39            65
     Taxes on income                                         65            93
     Other accrued liabilities                              287           274
         Total current liabilities                        1,126         1,446

     Long-term debt                                       1,069         1,181
      Deferred employee benefits and other non-
       current liabilities                                  855           845
     Commitments and contingencies
         Total liabilities                                3,050         3,472

     Parent company stockholders' equity
        Preferred stock, 50,000,000
        shares authorized
          Series A, $0.01 par value, 2,500,000
           issued and outstanding                           242           242
          Series B, $0.01 par value, 5,400,000
           issued and outstanding                           529           529
        Common stock, $.01 par value,
         450,000,000 authorized,
         100,104,605 issued and outstanding                   1             1
       Additional paid-in capital                         2,325         2,321
       Accumulated deficit                                 (879)         (706)
        Accumulated other
         comprehensive loss                                (308)         (359)
          Total parent company
          stockholders' equity                            1,910         2,028
     Noncontrolling interests                               100           107
         Total equity                                     2,010         2,135
         Total liabilities and equity                    $5,060        $5,607


    DANA HOLDING CORPORATION
    Consolidated Statement of Cash Flows (Unaudited)
    For the Three Months Ended June 30, 2009 and 2008



                                                    Three Months Ended
    (In millions)                                June 30,          June 30,
                                                   2009              2008
     Cash flows   operating activities
     Net loss                                       $(3)            $(119)
     Depreciation                                    79                73
     Amortization of intangibles                     21                23
     Amortization of inventory valuation                                4
     Amortization of deferred financing charges
      and original issue discount                    11                 7
     Impairment of goodwill and other intangible
      assets                                          6                82
     Deferred income taxes                          (13)              (15)
     Gain on extinguishment of debt                 (40)
     Reorganization:
         Payment of claims (1)                                         (9)
         Reorganization items net of cash payments   (3)               (5)
     Pension - contributions in excess of expense    (4)              (16)
     Change in working capital                       77                35
     Other, net                                     (34)               16
     Net cash flows provided by operating
      activities (1)                                 97                76

     Cash flows   investing activities
     Purchases of property, plant and
      equipment (1)                                 (24)              (47)
     Proceeds from sale of businesses and assets      2
     Other                                                            (12)
     Net cash flows used in investing activities    (22)              (59)

     Cash flows   financing activities
     Net change in short-term debt                  (11)              (81)
     Deferred financing payments                     (1)               (1)
     Proceeds from long-term debt                     3
     Reduction of long-term debt                    (79)               (3)
     Preferred dividends paid                                         (11)
     Other                                           (4)               (7)
     Net cash flows used in financing activities    (92)             (103)

     Net decrease in cash and cash equivalents      (17)              (86)
     Cash and cash equivalents   beginning of
      period                                        549             1,283
     Effect of exchange rate changes on cash
      balances                                       21                (6)
     Cash and cash equivalents   end of period     $553            $1,191


    (1) Free cash flow of $73 in 2009 and $38 in 2008 is the sum of net cash
        provided by (used in) operating activities (excluding claims payments)
        reduced by the purchases of property, plant and equipment.



    DANA HOLDING CORPORATION
    Consolidated Statement of Cash Flows (Unaudited)
    For the Six Months Ended June 30, 2009 and 2008

                                       Dana   Combined(1)  Dana
                                       Six       Six       Five   Prior Dana
                                      Months    Months    Months  One Month
                                      Ended     Ended     Ended     Ended
    (In millions)                     June 30,  June 30,  June 30, January 31,
                                       2009      2008      2008      2008
     Cash flows   operating activities
     Net income (loss)                 $(163)     $544     $(167)     $711
     Depreciation                        152       142       120        23
     Amortization of intangibles          42        38        38
     Amortization of inventory valuation            49        49
     Amortization of deferred financing
      charges and original issue discount 18        11        11
     Impairment of goodwill and other
      intangible assets                    6        82        82
     Deferred income taxes               (26)      174       (17)      191
     Gain on extinguishment of debt      (40)
     Reorganization:
    Gain on settlement of liabilities
     subject to compromise                         (27)                (27)
         Payment of claims (2)                     (97)      (97)
         Reorganization items net of
          cash payments                   (4)       56       (23)       79
         Fresh start adjustments                (1,009)             (1,009)
         Payments to VEBAs (2)                    (788)     (733)      (55)
     Pension - contributions in excess
      of expense                          (5)      (22)      (22)
     Loss (gain) on sale of businesses
      and assets                          (1)        8         1         7
     Change in working capital           (35)     (154)      (93)      (61)
     Other, net                          (21)       20                  19
     Net cash flows used in operating
      activities (2)                     (77)     (973)     (851)     (122)

     Cash flows   investing activities
     Purchases of property, plant and
      equipment (2)                      (54)      (92)      (76)      (16)
     Proceeds from sale of businesses
      and assets                           2         5                   5
     Change in restricted cash                      93                  93
     Other                                          (9)       (4)       (5)
     Net cash flows provided by (used
      in) investing activities           (52)       (3)      (80)       77

     Cash flows   financing activities
     Net change in short-term debt       (35)     (106)      (88)      (18)
     Advance received on corporate
      facility sale                       11
     Proceeds from Exit Facility debt            1,430        80     1,350
     Deferred financing payments          (1)      (40)       (1)      (40)
     Proceeds from long-term debt          3
     Reduction of long-term debt         (82)       (7)       (7)
     Preferred dividends paid                      (11)      (11)
     Repayment of debtor-in-possession
      facility                                    (900)               (900)
     Payment of DCC Medium Term Notes             (136)               (136)
     Original issue discount payment              (114)               (114)
     Issuance of Series A and Series B
      preferred stock                              771                 771
     Other                                (2)      (14)      (12)       (1)
     Net cash flows provided by (used in)
      financing activities              (106)      873       (39)      912

     Net increase (decrease) in cash
      and cash equivalents              (235)     (103)     (970)      867
     Cash and cash equivalents  
      beginning of period                777     1,271     2,147     1,271
     Effect of exchange rate changes
      on cash balances                    11        19        14         5
     Net change in cash of discontinued
      operations                                     4                   4
     Cash and cash equivalents   end
      of period                         $553    $1,191    $1,191    $2,147


    (1) See "Non-GAAP Measures" in body of press release for comments
        regarding the presentation of combined information for the six months
        ended June 30, 2008.

    (2) Free cash flow of ($131) in 2009 and ($180) in 2008 is the sum of net
        cash provided by (used in) operating activities (excluding claims
        payments) reduced by the purchases of property, plant and equipment.




    DANA HOLDING CORPORATION
    Segment Sales & EBITDA
    For the Three Months Ended June 30, 2009 and 2008



    (In millions)                    Three Months Ended
                                     June 30,  June 30,
    Sales                                2009      2008
      Light Vehicle Driveline            $455      $844
      Sealing                             120       201
      Thermal                              42        77
      Structures                          129       255
      Commercial Vehicle                  250       441
      Off-Highway                         194       513
      Other                                           2
      Total Sales                      $1,190    $2,333

    EBITDA
      Light Vehicle Driveline             $40       $49
      Sealing                               2        23
      Thermal                              (1)        3
      Structures                            1        26
      Commercial Vehicle                   21        24
      Off-Highway                           5        47
    Segment EBITDA                         68       172
      Shared services and
       administrative                      (5)       (7)
      Other income (expense), net          33         1
      Foreign exchange not in
       segments                            (2)       (2)
    EBITDA                                $94      $164



    DANA HOLDING CORPORATION
    Segment Sales & EBITDA
    For the Six Months Ended June 30, 2009 and 2008

                                        Dana  Combined(1)  Dana
                                        Six      Six       Five   Prior Dana
                                      Months    Months    Months   One Month
    (In millions)                      Ended     Ended     Ended     Ended
                                     June 30,  June 30,  June 30, January 31,
    Sales                              2009      2008      2008      2008
    Light Vehicle Driveline             $879    $1,705    $1,424      $281
    Sealing                              237       396       332        64
    Thermal                               81       157       129        28
    Structures                           246       525       435        90
    Commercial Vehicle                   507       846       716       130
    Off-Highway                          456     1,012       855       157
    Other                                            4         3         1
    Total Sales                       $2,406    $4,645    $3,894      $751

    EBITDA
    Light Vehicle Driveline              $33       $86       $76       $10
    Sealing                                         42        36         6
    Thermal                                          9         6         3
    Structures                             9        44        40         4
    Commercial Vehicle                    27        46        40         6
    Off-Highway                           16        89        75        14
    Segment EBITDA                        85       316       273        43
    Shared services and administrative   (10)      (13)      (10)       (3)
    Other income (expense), net           32        (5)       (3)       (2)
    Foreign exchange not in segments       3
    EBITDA                              $110      $298      $260       $38

    (1)  See "Non-GAAP Measures" in body of press release for comments
         regarding the presentation of combined information for the six
         months ended June 30, 2008.



    DANA HOLDING CORPORATION
    Segment EBITDA Reconciliation (Unaudited)
    Reconciliation of Segment EBITDA to Income (Loss)
    from Continuing Operations Before Income Taxes
    For the Three Months Ended June 30, 2009 and 2008



                                             Three Months Ended
     (In millions)                            June 30,  June 30,
                                                 2009      2008
    Segment EBITDA                                $68      $172
      Shared services and administrative           (5)       (7)
      Other income, net                            33         1
      Foreign exchange not in segments             (2)       (2)
    EBITDA                                         94       164
      Depreciation                                (79)      (72)
      Amortization                                (21)      (27)
      Realignment                                 (29)      (40)
      DCC EBIT                                               (3)
      Impairment                                   (6)      (82)
      Reorganization items, net                     3       (12)
      Gain on extinguishment of debt               40
      Strategic transaction expenses               (1)       (3)
      Loss on sale of assets, net                            (2)
      Stock compensation expense                   (2)       (3)
      Foreign exchange on intercompany loans
        and market value adjustments on
         hedges                                     9        (6)
      Interest expense                            (37)      (35)
      Interest income                               6        14
      Loss from continuing operations
        before income taxes                      $(23)    $(107)


    DANA HOLDING CORPORATION
    Segment EBITDA Reconciliation (Unaudited)
    Reconciliation of Segment EBITDA to Income (Loss)
    from Continuing Operations Before Income Taxes
    For the Six Months Ended June 30, 2009 and 2008

                                        Dana  Combined (1) Dana
                                        Six       Six      Five   Prior Dana
                                      Months    Months    Months  One Month
                                       Ended     Ended     Ended     Ended
    (In millions)                    June 30,  June 30,  June 30, January 31,
                                        2009      2008      2008      2008
    Segment EBITDA                       $85     $ 316      $273      $ 43
    Shared services and administrative   (10)      (13)      (10)       (3)
    Other income (expense), net           32        (5)       (3)       (2)
    Foreign exchange not in segments       3
    EBITDA                               110       298       260        38
    Depreciation                        (152)     (142)     (119)      (23)
    Amortization                         (42)      (87)      (87)
    Realignment                          (79)      (57)      (45)      (12)
    DCC EBIT                                                  (3)       (3)
    Impairment                            (6)      (82)      (82)
    Reorganization items, net              2      (119)      (21)      (98)
    Gain on extinguishment of debt        40
    Strategic transaction expenses        (2)       (3)       (3)
    Loss on sale of assets, net           (1)       (2)       (2)
    Stock compensation expense            (4)       (3)       (3)
    Foreign exchange on intercompany
     loans and market value adjustments
     on hedges                             5        11         7         4
    Interest expense                     (72)      (70)      (62)       (8)
    Interest income                       12        29        25         4
    Fresh start accounting adjustments           1,009               1,009
    Income (loss) from continuing
     operations before income taxes    $(189)     $779     $(135)     $914

    (1)  See "Non-GAAP Measures" in body of press release for comments
         regarding the presentation of combined information for the six
         months ended June 30, 2008.



SOURCE Dana Holding Corporation

Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA

SOURCE: Dana Holding Corporation

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


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