Dana Corporation Provides Update on Restatements
24 December 2005 - 1:23AM
PR Newswire (US)
TOLEDO, Ohio, Dec. 23 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE:DCN) announced today that it is nearing completion of the
restatements of its financial statements for the first two quarters
of 2005 and prior years, and reaffirmed that it expects to file
amended annual and quarterly reports for the applicable periods
with the U.S. Securities and Exchange Commission prior to the end
of the year. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990903/DANA) The primary
items prompting the restatements were issues involving customer
pricing and transactions with suppliers in Dana's Commercial
Vehicle business. These and other matters have been the subject of
internal investigations conducted by management and the Audit
Committee of Dana's Board of Directors in consultation with
independent investigators retained by the Audit Committee and have
been reviewed with the company's independent registered public
accounting firm, PricewaterhouseCoopers LLP. The total reduction in
net income after tax for all periods to be restated is now expected
to be approximately $50 million. This amount exceeds earlier
estimates due to the effect of a correction with respect to steel
surcharges in the prior calculation of the company's 2004 LIFO
inventory reserves. Dana people design and manufacture products for
every major vehicle producer in the world. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60 million
vehicles annually. A leading supplier of axle, driveshaft, engine,
frame, chassis, and transmission technologies, Dana employs 46,000
people in 28 countries. Based in Toledo, Ohio, the company reported
sales of $9.1 billion in 2004. Dana's Internet address is:
http://www.dana.com/. Forward-Looking Statements Statements in this
release that are not entirely historical constitute
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements
represent Dana's expectations based on current information and
assumptions. However, forward-looking statements are inherently
subject to risks and uncertainties. Until the restatements are
completed, the actual impact on Dana's net income for the periods
affected and the timing of Dana's filings may differ from what is
currently expected. Forward-looking statements in this release
speak only as of the date of the release. Dana does not undertake
to update such forward- looking statements.
http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Michelle L. Hards of Dana Corporation, +1-419-535-4636, or Web
site: http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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