Dana Corporation Reports Increased Earnings

Share Name	Share Symbol	Market	Type
Dana Cp	NYSE:DCN	NYSE	Ordinary Share

Dana (NYSE:DCN)
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From Jul 2019 to Jul 2024

Dana Corporation Reports Increased Earnings TOLEDO, Ohio, Feb. 11 /PRNewswire-FirstCall/ -- Dana Corporation announced improved performance for the fourth-quarter and full- year 2003, and increased its dividend payment for the first quarter of 2004. Specifically: * Fourth-quarter net income increased to $68 million from a loss of $9 million during the same period of the prior year; * Full-year net income improved to $222 million from a loss of $182 million in 2002; and * The quarterly dividend was doubled from 6 to 12 cents per share. (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) "Notwithstanding the extraordinary challenges Dana faced in 2003, we continued to execute on our restructuring plan and, as a result, improved our earnings and strengthened our balance sheet," said Dana Chairman Glen Hiner. "Building on this foundation, we begin the new year with renewed momentum, exciting programs with a diverse group of global customers, and a sharpened strategic focus." In a move to further refine its direction, Dana announced in December its intent to divest substantially all of its Automotive Aftermarket business unit. These operations have been re-classified as discontinued operations. Financial Summary (in millions, except earnings per share) 4th Quarter Full Year 2003 2002 2003 2002 Net Sales Continuing operations $2,050 $1,790 $7,918 $7,501 Discontinued operations 473 617 2,153 2,782 Total $2,523 $2,407 $10,071 $10,283 Net Income (Loss) Income (loss) from continuing operations $56 $(1) $175 $6 Income (loss) from discontinued operations 12 (8) 47 32 Goodwill accounting change --- --- --- (220) Net income (loss) $68 $(9) $222 $(182) Net income, excluding unusual items $62 $32 $183 $171 Goodwill accounting change --- --- --- (220) October 2001 plan restructuring --- (44) --- (163) Net gain on divestitures 6 3 30 30 Gain on repurchase of notes --- --- 9 --- Net income (loss) $68 $(9) $222 $(182) Diluted Earnings per Share Net Income, excluding unusual items $0.41 $0.22 $ 1.23 $1.15 Net income (loss) $0.45 $(0.06) $ 1.49 $(1.22) Fourth-Quarter Results Sales from continuing operations were $2.1 billion for the fourth quarter of 2003, compared to $1.8 billion during the same period last year. Sales in 2003 were favorably impacted by $132 million of foreign currency translation. The balance of the increase was due to improved heavy-truck production in North America and new business coming on stream. Net income totaled $68 million, or 45 cents per share, compared to a loss of $9 million, or 6 cents per share, during the same period in 2002. The improvement was driven by higher sales, the effects of the company's restructuring plan, and certain tax benefits, which more than offset higher- than-anticipated start-up costs in its structures business. Full-Year Results Sales from continuing operations were $7.9 billionin 2003, compared to $7.5 billion in 2002. The increase in full-year sales was largely due to foreign currency translation and new business, offset partially by lower North American vehicular production, particularly in the first half of 2003. Net income in 2003 totaled $222 million, or $1.49 per share, compared to a loss of $182 million, or $1.22 cents per share, in 2002. Net income in 2003 included net gains from divestitures and the repurchase of debt, while net income in 2002 reflected a charge associated with the change in accounting for goodwill, restructuring costs, and net divestiture gains. "In early 2003, lower vehicle production and softness in aftermarket business hampered our year-on-year comparisons," said Chief Financial Officer Bob Richter. "However, improved performance in our engine and heavy vehicle units drove stronger earnings in the second half of the year. But for the effect of start-up costs in structures, we would have seen the same type of improvement from the Automotive Systems Group as well. "We came in under our targeted working capital reduction, due in large part to a delay in receiving certain customer tooling reimbursements," Mr. Richter added. "Nevertheless, we are pleased with the improvement in our balance sheet, which shows a substantial reduction in net debt. In fact, aided by the positive effect of currency movements and pension adjustments on net worth, our ratio of net debt-to-capital, exclusive of Dana Credit Corporation, improved to 45 percent from 57 percent a year ago." 2004 Outlook Commenting on the current year, Mr. Richter said the company anticipates increased sales in its key global markets: light vehicular, heavy vehicle, and off-highway. "Along with favorable market conditions,particularly in the North American heavy-truck segment, we expect to benefit more fully from our restructuring, which is now essentially complete," he said. "The early part of the year continues to be impacted by our product launches," he added. "So in the near-term, we have two major objectives. First, we intend to put the structures start-ups behind us, collect the related tooling payments, and realize the significant contribution we expect from these new programs. Secondly, we will work diligently to complete the sale of our aftermarket group. "We take pride in the efforts of our people over the last two years," Mr. Hiner added. "We believe our significant progress in realigning and refocusing Dana, in combination with the expected upturn inour global markets, bodes well for a solid 2004 and beyond." Dividend Increased to 12 Cents per Share for the First Quarter On Feb. 10, Dana's Board of Directors declared a dividend of 12 cents per share for the first quarter, which compares to 6 cents per share for the previous quarter. "For the second consecutive quarter, we are pleased to provide our shareholders with a sizeable dividend increase," Mr. Hiner said. "This action is a clear expression of the Board's confidence in Dana's future andits strong belief that dividends are an important component of the total return that we provide to our shareholders." Quarterly Conference Call Scheduled Today at 10 a.m. Dana will discuss its fourth-quarter and full-year results in a conference call at 10 a.m. (EDT) today. The call may be accessed via Dana's web site ( http://www.dana.com/ ), where it will be accompanied by a slide presentation, or by dialing (800) 275-3210. Please dial into the conference five minutes prior to the call. An audio recording of this conference call will be available after 1 p.m. today. To access this recording, please dial (800) 537-8823. A webcast replay of the call will be available after 3 p.m. today and will be accessible via the Dana web site. Dana Corporation is a global leader in the design, engineering, and manufacture of value-added products and systems for automotive, commercial, and off-highway vehicle manufacturers and their related aftermarkets. The company's continuing operations employ approximately 45,000 people worldwide and reported 2003 sales of $7.9 billion. Founded in 1904 and based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing, and customer service facilities in 30 countries. Certain statements contained inthis release constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent Dana's expectations based on our current information and assumptions. Forward-looking statements are inherently subject to risks and uncertainties. Dana's actual results could differ materially from those that are anticipated or projected due to a number of factors. These factors include national and international economic conditions; adverse effects from terrorism or hostilities; the strength of other currencies relative to the U.S. dollar; the cyclical nature of the global vehicular industry; changes in business relationships with our major customers and in the timing, size and continuation of their and our programs; the ability of our customers and suppliers to achieve their projected sales and production levels; competitive pressures on our sales and pricing; increases in production or material costs that cannot be recouped in product pricing; the continued success of our cost reduction and cash management programs and of our long-term transformation strategy for the company; the success and timing of the contemplated divestiture of the Automotive Aftermarket business unit; and otherfactors set out in our public filings with the Securities and Exchange Commission. Dana does not undertake to update any forward-looking statements in this release. Dana Corporation Condensed Statement of Income (Unaudited) (in millions, except per share amounts) Three Months Ended December 31 2003 2002 Net sales $2,050 $1,790 Revenue from lease financing and other income 36 19 2,086 1,809 Costs and expenses Cost of sales 1,870 1,638 Selling, general and administrative expenses 128 141 Restructuring charges 5 68 Interest expense 52 62 2,055 1,909 Income (loss) before income taxes 31 (100) Income tax benefit 15 85 Minority interest (3) (2) Equity in earnings of affiliates 13 16 Income (loss) from continuing operations 56 (1) Income (loss) from discontinued operations 12 (8) Net income (loss) $68 $(9) Basic earnings (loss) per share Income (loss) from continuing operations $0.37 $(0.01) Income (loss) from discontinued operations 0.08 (0.05) Net income (loss) $0.45 $(0.06) Diluted earnings (loss) per share Income (loss) from continuing operations $0.37 $(0.01) Income (loss) from discontinued operations 0.08 (0.05) Net income (loss) $0.45 $(0.06) Average shares outstanding - For Basic EPS 148 148 For Diluted EPS 150 149 Dana Corporation Condensed Statement of Income (Unaudited) (in millions, except per share amounts) Year Ended December 31 2003 2002 Net sales $7,918 $7,501 Revenue from lease financing and other income 149 188 8,067 7,689 Costs and expenses Cost of sales 7,245 6,804 Selling, general and administrative expenses 520 582 Restructuring charges 158 Interest expense 221 259 7,986 7,803 Income (loss) before income taxes 81 (114) Income tax benefit 49 78 Minority interest (7) (13) Equity in earnings of affiliates 52 55 Income from continuing operations before effect of change in accounting 175 6 Income from discontinued operations 47 32 Income before effect of change in accounting 222 38 Effect of change in accounting (220) Net income (loss) $222 $(182) Basic earnings (loss) per share Income from continuing operations before effect of change in accounting $1.17 $0.04 Income from discontinued operations 0.32 0.22 Effect of change in accounting (1.49) Net income (loss) $1.49 $(1.23) Diluted earnings (loss) per share Income from continuing operations before effect of change in accounting $1.17 $0.04 Income from discontinued operations 0.32 0.22 Effect of change in accounting (1.48) Net income (loss) $1.49 $(1.22) Average shares outstanding - For Basic EPS 148 148 For Diluted EPS 149 149 Dana Corporation Condensed Balance Sheet (Unaudited) (in millions) December 31 December 31 Assets 2003 2002 Current assets Cash and cash equivalents $731 $571 Accounts receivable Trade 1,048 1,348 Other 326 320 Inventories 743 1,116 Discontinued operations 1,254 177 Other current assets 431 586 Total current assets 4,533 4,118 Investment in leases 622 827 Investments and other assets 2,252 2,052 Property, plant and equipment, net 2,210 2,556 Total assets $9,617 $9,553 Liabilities and Shareholders' Equity Current liabilities Notes payable $493 $287 Accounts payable 1,076 1,004 Discontinued operations 307 68 Other current liabilities 1,089 1,465 Total current liabilities 2,965 2,824 Long-term debt 2,605 3,215 Deferred employee benefits and other noncurrent liabilities 1,901 1,925 Minority interest 96 107 Shareholders' equity 2,050 1,482 Total liabilities and shareholders' equity $9,617 $9,553 Dana Corporation Condensed Statement of Cash Flows (Unaudited) (in millions) Three Months Ended December 31 2003 2002 Net income (loss) $68 $(9) Depreciation and amortization 100 118 Asset impairment 3 69 Gain on divestitures, asset sales and note repurchases (18) (18) Working capital decrease 105 61 Other (8) (60) Net cash flows - operating activities 250 161 Purchases of property, plant and equipment (90) (125) Payments received on leases 5 (7) Netloan repayments from customers 2 2 Divestitures 271 Asset sales 76 282 Other 14 35 Net cash flows - investing activities 7 458 Net change in short-term debt (104) (274) Payments on long-term debt (47) (215) Dividends paid (9) (1) Other 1 (3) Net cash flows - financing activities (159) (493) Net change in cash and cash equivalents 98 126 Net change in cash - discontinued operations (3) (2) Cash and cash equivalents - beginning of period 636 447 Cash and cash equivalents - end of period $731 $571 Dana Corporation Condensed Statement of Cash Flows (Unaudited) (in millions) Year Ended December 31 2003 2002 Net income (loss) $222 $(182) Depreciation and amortization 394 478 Asset impairment 21 114 Change in accounting for goodwill 220 Gain on divestitures, asset sales and note repurchases (47) (53) Working capital decrease (increase) (212) 50 Other (43) (106) Net cash flows -operating activities 335 521 Purchases of property, plant and equipment (305) (375) Payments received on leases 26 39 Net loan repayments from customers 14 20 Acquisitions (31) Divestitures 145 506 Asset sales 282 349 Other 47 17 Net cash flows - investing activities 209 525 Net change in short-term debt (113) (556) Proceeds from long-term debt 285 Payments on and repurchases of long-term debt (272) (467) Dividends paid (14) (6) Other 17 72 Net cash flows - financing activities (382) (672) Net change in cash and cash equivalents 162 374 Net change in cash - discontinued operations (2) (2) Cash and cash equivalents - beginning of period 571 199 Cash and cash equivalents - end of period $731 $571 Dana Corporation (Including Dana Credit Corporation on an Equity Basis) Condensed Statement of Income (Unaudited) (in millions) Three Months Ended December 31 2003 2002 Net sales $2,050 $1,790 Other income 18 12 2,068 1,802 Costs and expenses Cost of sales 1,883 1,655 Selling, general and administrative expenses 107 107 Restructuring charges 5 68 Interest expense 38 42 2,033 1,872 Income (loss) before income taxes 35 (70) Income tax benefit 2 45 Minority interest (3) (2) Equity in earnings of affiliates 22 26 Income (loss) from continuing operations 56 (1) Income (loss) from discontinued operations 12 (8) Net income (loss) $68 $(9) Dana Corporation (Including Dana Credit Corporation on an Equity Basis) Condensed Statement of Income (Unaudited) (in millions) Year Ended December 31 2003 2002 Net sales $7,918 $7,501 Other income 91 57 8,009 7,558 Costs and expenses Cost of sales 7,293 6,867 Selling, general and administrative expenses 447 467 Restructuring charges 158 Interest expense 160 175 7,900 7,667 Income (loss) before income taxes 109 (109) Income tax benefit (expense) (20) 31 Minority interest (7) (13) Equity in earnings of affiliates 93 97 Income from continuing operations before effect of change in accounting 175 6 Income from discontinued operations 4732 Income before effect of change in accounting 222 38 Effect of change in accounting (220) Net income (loss) $222 $(182) Dana Corporation (Including Dana Credit Corporation on an Equity Basis) Condensed Balance Sheet (Unaudited) (in millions) December 31 December 31 Assets 2003 2002 Current assets Cash and cash equivalents $664 $551 Accounts receivable Trade 1,048 1,348 Other 300 209 Inventories 743 1,116 Discontinued operations 1,254 177 Other current assets 399 539 Total current assets 4,408 3,940 Investments and other assets 2,580 2,375 Property, plant and equipment, net 2,014 2,253 Total assets $9,002 $8,568 Liabilities and Shareholders' Equity Current liabilities Notes payable $260 $53 Accounts payable 1,076 1,004 Discontinued operations 30768 Other current liabilities 1,235 1,487 Total current liabilities 2,878 2,612 Long-term debt 2,087 2,462 Deferred employee benefits and other noncurrent liabilities 1,893 1,906 Minority interest 94 106 Shareholders' equity 2,050 1,482 Total liabilities and shareholders' equity $9,002 $8,568 Dana Corporation (Including Dana Credit Corporation on an Equity Basis) Cash Flow Impact on Net Debt (Unaudited) (in millions) Three Months Ended December 31 2003 2002 Sources Net income $68 $(9) Depreciation 88 96 Divestitures and non- restructuring asset sales 25 345 Working capital decrease (increase) 147 294 328 726 Uses Capital spend (86) (60) Dividends (9) (1) Net changes in other accounts 14 (245) (81) (306) October 2001 restructuring cash impact After-tax charges 44 Cash payments (44) (92) Proceeds from asset sales 21 77 (23) 29 Cash change in net debt $224 $449 Dana Corporation (Including Dana Credit Corporation on an Equity Basis) Cash Flow Impact on Net Debt (Unaudited) (in millions) Year Ended December 31 2003 2002 Sources Net income (loss) $222 $(182) Change in accounting for goodwill 220 Net income before goodwill change 222 38 Depreciation 337 387 Divestitures and non- restructuring asset sales 177 398 Working capital decrease (increase) (72) 279 664 1,102 Uses Capital spend (295) (246) Dividends (14) (6) Acquisitions (31) Net changes in other accounts (5)(190) (314) (473) October 2001 restructuring cash impact After-tax charges 163 Cash payments (136) (200) Proceeds from asset sales 58 100 (78) 63 Cash change in net debt $272 $692 Dana Corporation Condensed Consolidating Statement of Income (Unaudited) (in millions) Three Months Ended December 31, 2003 Dana Elimin- Dana with DCC on ation Consoli- Equity Basis DCC Entries dated Net sales $2,050 $ $ $2,050 Other income 18 34 (16) 36 2,068 34 (16) 2,086 Costs and expenses Cost of sales 1,883 (13) 1,870 Selling, general and administrative expenses 107 24 (3) 128 Restructuring charges 5 5 Interest expense 38 14 52 2,033 38 (16) 2,055 Income (loss) before income taxes 35 (4) - 31 Income tax benefit (expense) 2 13 15 Minority interest (3) (3) Equity in earnings of affiliates 22 4 (13) 13 Income from continuing operations 56 13 (13) 56 Income from discontinued operations 12 12 Net income $68 $13 $(13) $68 This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. Dana Corporation Condensed Consolidating Statement of Income (Unaudited) (in millions) Year Ended December 31, 2003 Dana Elimin- Dana with DCC on ation Consoli- Equity Basis DCC Entries dated Net sales $7,918 $ $ $7,918 Other income 91 134 (76) 149 8,009 134 (76) 8,067 Costs and expenses Cost of sales 7,293 (48) 7,245 Selling, general and administrative expenses 447 101 (28) 520 Interest expense 160 61 221 7,900 162 (76) 7,986 Income (loss) before income taxes 109 (28) - 81 Income tax benefit (expense) (20) 69 49 Minority interest (7) (7) Equity in earnings of affiliates 93 20 (61) 52 Income from continuing operations 175 61 (61) 175 Loss from discontinued operations 47 47 Net income $ 222 $ 61 $(61) $ 222 This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. Dana Corporation Condensed Consolidating Statement ofIncome (Unaudited) (in millions) Three Months Ended December 31, 2002 Dana Elimin- Dana with DCC on ation Consoli- Equity Basis DCC Entries dated Net sales $1,790 $ $ $1,790 Other income 12 22 (15) 19 1,802 22 (15) 1,809 Costs and expenses Cost of sales 1,655 (17) 1,638 Selling, general and administrative expenses 107 42 (8) 141 Restructuring charges 68 68 Interest expense 42 20 62 1,872 62 (25) 1,909 Income (loss) before income taxes (70) (40) 10 (100) Income tax benefit (expense) 45 44 (4) 85 Minority interest (2) (2) Equity in earnings of affiliates 26 5 (15) 16 Income (loss) from continuing operations (1) 9 (9) (1) Loss fromdiscontinued operations (8) (8) Net loss $ (9) $ 9 $ (9) $ (9) This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. Dana Corporation Condensed Consolidating Statement of Income (Unaudited) (in millions) Year Ended December 31, 2002 Dana Elimin- Dana with DCC on ation Consoli- Equity Basis DCC Entries dated Net sales $7,501 $ $ $7,501 Other income 57 241 (110) 188 7,558 241 (110) 7,689 Costs and expenses Cost of sales 6,867 (63) 6,804 Selling, general and administrative expenses 467 162(47) 582 Restructuring charges 158 158 Interest expense 175 84 259 7,667 246 (110) 7,803 Loss before income taxes (109) (5) - (114) Income tax benefit (expense) 31 47 78 Minority interest (13) (13) Equity in earnings of affiliates 97 23 (65) 55 Income from continuing operations 6 65 (65) 6 Income from discontinued operations 32 32 Income before effect of change in accounting 38 65 (65) 38 Effect of change in accounting (220) (220) Net income (loss) $(182) $65 $(65) $(182) This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. Dana Corporation Condensed Consolidating Balance Sheet (Unaudited) (in millions) December 31, 2003 Dana Elimin- Dana with DCC on ation Consoli- Assets Equity Basis DCC Entries dated Current assets Cash and cash equivalents $ 664 $ 67 $ $ 731 Accounts receivable Trade 1,048 1,048 Other 300 26 326 Inventories 743 743 Discontinued operations 1,254 1,254 Other current assets 399 212 (180) 431 Total current assets 4,408 305 (180) 4,533 Property, plant and equipment, net 2,014 16 180 2,210 Investment in leases 802 (180) 622 Investments and other assets 2,580 559 (887) 2,252 Total assets $9,002 $1,682 $(1,067) $9,617 Liabilities and Shareholders' Equity Current liabilities Notes payable $ 260 $ 233 $ $ 493 Accounts payable 1,076 1,076 Discontinued operations 307 307 Other current liabilities 1,235 34 (180) 1,089 Total current liabilities 2,878 267 (180)2,965 Long-term debt 2,087 518 2,605 Deferred employee benefits and other noncurrent liabilities 1,893 604 (596) 1,901 Minority interest 94 2 96 Shareholders' equity 2,050 291 (291) 2,050 Total liabilities and shareholders' equity $9,002 $1,682 $(1,067) $9,617 This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. Dana Corporation Condensed Consolidating Balance Sheet (Unaudited) (in millions) December 31, 2002 Dana Elimin- Dana with DCC on ation Consoli- Assets Equity Basis DCC Entries dated Current assets Cash and cash equivalents $ 551 $ 20 $ $ 571 Accounts receivable Trade 1,348 1,348 Other 209 111 320 Inventories 1,116 1,116 Discontinued operations 177 177 Other current assets 539 105 (58) 586 Total current assets 3,940 236 (58) 4,118 Property, plant and equipment, net 2,253 39 264 2,556 Investment in leases 1,091 (264) 827 Investments and other assets 2,375 569 (892) 2,052 Total assets $8,568 $1,935 $(950) $9,553 Liabilities and Shareholders' Equity Current liabilities Notes payable $ 53 $ 234 $ $ 287 Accounts payable 1,004 1,004 Discontinued operations 68 68 Other current liabilities 1,487 37 (59) 1,465 Total current liabilities 2,612 271 (59) 2,824 Long-term debt 2,462 753 3,215 Deferred employee benefits and other noncurrent liabilities 1,906 639 (620) 1,925 Minority interest 106 1 107 Shareholders' equity 1,482 271 (271) 1,482 Total liabilities and shareholders' equity $8,568 $1,935 $(950) $9,553 This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis. Dana Corporation Consolidating Cash Flow Impact on Net Debt (Unaudited) (in millions) Three Months Ended December 31, 2003 Dana Elimin- Dana with DCC on ation Consoli- Equity Basis DCC Entries dated Sources Net income $ 68 $ 13 $(13) $ 68 Depreciation 88 12 100 Asset sales (non-restructuring) 25 42 (12) 55 Working capital decrease (increase) 147 11 (9) 149 328 78 (34) 372 Uses Capital spend (86) (3) (1) (90) Dividends (9) (50) 50 (9) Net changes in other accounts 14 (8) (15) (9) (81) (61) 34 (108) October 2001 restructuring cash impact Cash payments (44) (44) Proceeds from asset sales 21 21 (23) - - (23) Cash change in net debt $224 $ 17 $ - $ 241 Analysis of components of increase (decrease) in net debt: Net change in short-term debt $(99) $ (5) $ $(104) Net payments on long-term debt (8) (31) (39) Change in cash - continuing operations (115) (115) Change in cash - discontinued operations (2) 19 17 Cash change in net debt (224) (17) - (241) Non-cash changes in net debt 8 (1) 7 Total change in net debt $(216) $(18) $ - $(234) This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts presented for Dana Corporation on a fully consolidated basis. Dana Corporation Consolidating Cash Flow Impact on Net Debt (Unaudited) (in millions) Year Ended December 31, 2003 Dana Elimin- Dana with DCC on ation Consoli- Equity Basis DCC Entries dated Sources Net income $ 222 $ 61 $ (61) $ 222 Depreciation 337 57 394 Divestitures and non- restructuring asset sales 177 209 (17) 369 Working capital decrease (increase) (72) 3 (7) (76) 664 330 (85) 909 Uses Capital spend (295) (12) 2 (305) Dividends (14) (50) 50 (14) Net changes in other accounts (5) (19) 33 9 (314) (81) 85 (310) October 2001 restructuring cash impact Cash payments (136) (136) Proceeds from asset sales 58 58 (78) - - (78) Cash change in net debt $ 272 $249 $ - $ 521 Analysis of components of increase (decrease) in net debt: Net change in short-term debt $ (12) $(101) $ $(113) Repurchases of long-term debt (140) (140) Proceeds from swap settlement 18 18 Net payments on long-term debt (23) (101) (124) Change in cash - continuing operations (113) (47) (160) Change in cash - discontinued operations (2) (2) Cash change in net debt (272) (249) - (521) Non-cash changes in net debt (9) (34) (43) Total change in net debt $(281) $(283) $ - $(564) This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts presented for Dana Corporation on a fully consolidated basis. Dana Corporation Consolidating Cash Flow Impact on Net Debt (Unaudited) (in millions) Three Months Ended December 31, 2002 Dana Elimin- Dana with DCC on ation Consoli- Equity Basis DCC Entries dated Sources Net loss $ (9) $ (9) $ 9 $ (9) Depreciation 96 22 118 Divestitures and non- restructuring asset sales 345 131 476 Working capital decrease (increase) 294 (1) 1 294 726 143 10 879 Uses Capital spend (60) (5) (60) (125) Dividends (1) (1) Acquisitions - - Net changes in other accounts (245) 25 50 (170) (306) 20 (10) (296) October2001 restructuring cash impact After-tax charges 44 44 Cash payments (92) (92) Proceeds from asset sales 77 77 29 - - 29 Cash change in net debt $449 $ 163 $ - $612 Analysis of components of increase (decrease) in net debt: Net change in short-term debt $(249) $ (37) $ $(286) Payments on long term debt (20) (180) (200) Change in cash (180) 54 (126) Cash change in net debt(449) (163) - (612) Non-cash changes in net debt 26 (13) 13 Total change in net debt $(423) $(176) $ - $(599) This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts presented for Dana Corporation on a fully consolidated basis. Dana Corporation Consolidating Cash Flow Impact on Net Debt (Unaudited) (in millions) Year Ended December 31, 2002 Dana Elimin- Dana withDCC on ation Consoli- Equity Basis DCC Entries dated Sources Net income (loss) $ (182) $ 47 $ (47) $ (182) Change in accounting for goodwill 220 220 Net income before goodwill change 38 47 (47) 38 Depreciation 387 91 478 Divestitures and non- restructuring asset sales 398 357 755 Working capital decrease (increase) 279 (15) 8 272 1,102 480 (39) 1,543 Uses Capital spend (246) (60) (69) (375) Dividends (6) (6) Acquisitions (31) (31) Net changes in other accounts (190) (72) 108 (154) (473) (132) 39 (566) October 2001 restructuring cash impact After-tax charges 163 163 Cash payments (200) (200) Proceeds from asset sales 100 100 63 - - 63 Cash change in net debt $692 $348 $ - $1,040 Analysis of components of increase (decrease) in net debt: Net change in short-term debt $(456) $(100) $ $ (556) Proceeds from long-term debt 250 35 285 Proceeds from swap termination 72 72 Payments on long term debt (187) (280) (467) Change in cash (371) (3) (374) Cash change in net debt (692) (348) - (1,040) Non-cash changes in net debt 66 (24) 42 Total change in netdebt $(626) $(372) $ - $(998) This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts presented for Dana Corporation on a fully consolidated basis. Investor Relations Dana Corporation Quarterly Financial Information (Unaudited) Q4 - 2003 (in millions) Inter- Segment External Sales Sales EBIT 03 02 03 02 03 02 Automotive Systems Group $1,004 $872 $31 $34 $49 $50 Engine and Fluid Management Group 527 487 9 9 43 24 Heavy Vehicle Technologies and Systems Group 499 419 17 18 36 16 Dana Commercial Credit Other 20 12 2 141 (56) (47) Continuing Operations 2,050 1,790 59 202 72 43 Discontinued Operations 19 32 Unusual Items Excluded from Performance Measurement (5) (88) Effect of change in Accounting Consolidated $2,050 $1,790 $59 $202 $86 $(13) North America $1,388 $1,279 $23 $24 $80 $67 Europe 381 313 21 17 27 5 South America 126 82 43 30 23 5 AsiaPacific 155 116 1 1 10 7 Dana Commercial Credit Other (68) (41) Continuing Operations 2,050 1,790 88 72 72 43 Discontinued Operations 19 32 Unusual Items Excluded from Performance Measurement (5) (88) Effect of change in Accounting Consolidated $2,050 $1,790 $88 $72 $86 $(13) Information for Discontinued Operations 473 617 3 5 The performance and net assets of Clevite are now included in EFMG. See Notes 20 and 21 in Dana's 2002 Annual Report for further information (WWW.Dana.Com) FOR MORE INFORMATION (WWW.Dana.Com) - Dial-For-Dana U.S. or Canada 800-537-8823; OH 800-472- 8810 E-Mail or Dana Investor Relations 419-535-4635 Investor Relations Dana Corporation Quarterly Financial Information (Unaudited) Q4 - 2003 (in millions) Operating PAT Net Profit Net Assets 03 02 03 02 03 02 Automotive Systems Group $39 $41 $17 $21 $1,931 $1,743 Engine and Fluid Management Group 27 15 16 4 1,096 1,051 Heavy Vehicle Technologies and Systems Group 22 10 9 (1) 610 629 Dana Commercial Credit 4 3 4 3 291 271 Other (44) (50) 2 (8) 13 (43) Continuing Operations 48 19 48 19 3,941 3,651 Discontinued Operations 14 13 14 13 Unusual Items Excluded from Performance Measurement 6 (41) 6 (41) Effect of change in Accounting Consolidated $68 $(9) $68 $(9) $3,941 $3,651 North America $47 $43 $14 $16 $2,187 $2,185 Europe 23 11 14 4 1,137 984 South America 14 3 11 1 284 255 Asia Pacific 7 5 2 2 159 149 Dana Commercial Credit 4 3 4 3 291 271 Other (47) (46) 3 (7) (117) (193) Continuing Operations 48 19 48 19 3,941 3,651 Discontinued Operations 14 13 14 13 Unusual Items Excluded from Performance Measurement 6 (41) 6 (41) Effect of change in Accounting Consolidated $68 $(9) $68 $(9) $3,941 $3,651 Information for Discontinued Operations 913 961 The performance and net assets of Clevite are now included in EFMG. See Notes 20 and 21 in Dana's 2002 Annual Report for further information (WWW.Dana.Com) FOR MORE INFORMATION (WWW.Dana.Com) - Dial-For-Dana U.S. or Canada 800-537-8823; OH 800-472- 8810 E-Mail or Dana Investor Relations 419-535-4635 Investor Relations Dana Corporation Quarterly Financial Information (Unaudited) For Twelve Months Ended December 31, 2003 (in millions) Inter- Segment External Sales Sales EBIT 03 02 03 02 03 02 Automotive Systems Group $3,777 $3,526 $126 $103 $204 $203 Engine and Fluid Management Group 2,150 2,119 35 38 134 112 Heavy Vehicle Technologies and Systems Group 1,924 1,797 75 92 130 102 Dana Commercial Credit Other 67 59 6 638 (220) (198) Continuing Operations 7,918 7,501 242 871 248 219 Discontinued Operations 90 157 Unusual Items Excluded from Performance Measurement (1) (246) Effect of change in Accounting Consolidated $7,918 $7,501 $242 $871 $337 $130 North America $5,473 $5,516 $88 $96 $245 $300 Europe 1,455 1,233 81 72 106 49 South America 441 361 165 156 70 52 Asia Pacific 549 391 3 2 47 19 Dana Commercial Credit Other (220) (201) Continuing Operations 7,918 7,501 337 326 248 219 Discontinued Operations 90 157 Unusual Items Excluded from Performance Measurement (1) (246) Effect of change in Accounting Consolidated $7,918 $7,501 $337 $326 $337 $130 Informationfor Discontinued Operations 2,153 2,782 14 47 The performance and net assets of Clevite are now included in EFMG. See Notes 20 and 21 in Dana's 2002 Annual Report for further information (WWW.Dana.Com) FOR MORE INFORMATION (WWW.Dana.Com) - Dial-For-Dana U.S. or Canada 800-537-8823; OH 800-472- 8810 E-Mail or Dana Investor Relations 419-535-4635 Investor Relations Dana Corporation Quarterly Financial Information (Unaudited) For Twelve Months Ended December 31, 2003 (in millions) Operating PAT Net Profit Net Assets 03 02 03 02 03 02 Automotive Systems Group $155 $157 $71 $74 $1,931 $1,743 Engine and Fluid Management Group 87 73 40 25 1,096 1,051 Heavy Vehicle Technologies and Systems Group 79 63 27 14 610 629 Dana Commercial Credit 21 26 21 26 291 271 Other (211) (236) (28) (56) 13 (43) Continuing Operations 131 83 131 83 3,941 3,651 Discontinued Operations 52 88 52 88 Unusual Items Excluded from Performance Measurement 39 (133) 39 (133) Effect of change in Accounting (220) (220) Consolidated $222 $(182) $222 $(182) $3,941 $3,651 North America $155 $188 $35 $63 $2,187 $2,185 Europe 84 50 50 21 1,137 984 South America 43 32 33 24 284 255 Asia Pacific 30 13 15 1 159 149 Dana Commercial Credit 21 26 21 26 291 271 Other (202) (226) (23) (52) (117) (193) Continuing Operations 131 83 131 83 3,941 3,651 Discontinued Operations 52 88 52 88 Unusual Items Excluded from Performance Measurement 39 (133) 39 (133) Effect of change in Accounting (220) (220) Consolidated $222 $(182) $222 $(182) $3,941 $3,651 Information for Discontinued Operations913 961 The performance and net assets of Clevite are now included in EFMG. See Notes 20 and 21 in Dana's 2002 Annual Report for further information (WWW.Dana.Com) FOR MORE INFORMATION (WWW.Dana.Com) Dial-For-Dana U.S. or Canada 800-537-8823; OH 800-472-8810 E-Mail or Dana Investor Relations 419-535-4635 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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