Dana Corporation Announces 2002 Results
Restructuring Actions Drive Improvements
TOLEDO, Ohio, Feb. 12 -- Dana Corporation
today announced improved results for the fourth-quarter and full- year 2002 due largely to the successful execution of the company's restructuring plan unveiled in October 2001.
"One year ago, we identified the rapid execution of our restructuring plan as Dana's primary focus for 2002," said Dana Chairman and CEO Joe Magliochetti. "Today, it's clear that we've delivered on this objective.
"Since the inception of this restructuring plan, we've closed 28 facilities, divested non-core operations with combined sales of more than $600 million, and realigned our continuing operations," he said. "In addition, our cash position has enabled us to significantly reduce net debt. We are proud of our accomplishments - our company is fundamentally stronger. And we are on the right path for continued improvement and added growth in 2003 and beyond."
2002 Financial Summary
(in millions, except earnings per share)
Full Year 4th Quarter
2001 2002 2001 2002
Net Sales
Total Operations $10,271 $10,283 $2,373 $2,407
Discontinued Operations (781) (779) (180) (156)
Continuing Operations $9,490 $9,504 $2,193 $2,251
Operating Profit
Total Operations $5 $171 $(14) $32
Discontinued Operations (22) (10) (8) (9)
Continuing Operations $27 $181 $(6) $41
Net Income (Loss)
Operating Profit (Loss) $5 $171 $(14) $32
Oct. 2001 Restructuring Plan (279) (163) (279) (44)
Gains on Divestitures 10 30 - - - 3
Other Charges (34) - - - (5) - - -
Net Income (Loss),
before accounting change (298) 38 (298) (9)
Goodwill Accounting Change - - - (220) - - - - - -
Net Income (Loss), as
reported $(298) $(182) $(298) $(9)
Diluted Earnings per Share
Operating Profit (Loss) $.04 $1.15 $(.09) $.22
Net Income (Loss) (2.01) (1.22) (2.01) (.06)
Notes: 1. Operating profit represents Dana's key internal measurement
for performance.
2. The 2001 income figures include goodwill amortization of $32
for the full year and $8 for the fourth quarter.
Full-year and fourth-quarter results were affected by non-recurring charges associated with the restructuring program, the change in accounting for goodwill (FAS 142), and gains and losses associated with divestitures. Additionally, changes in the reporting of discontinued operations (FAS 144) affected the presentation of 2002 results and required reclassification of certain 2001 amounts.
Full-Year Results
Sales from continuing operations were $9.5 billion, comparable to the prior year. Excluding the non-recurring items noted above, operating profit totaled $171 million, or $1.15 per share. This compares to $5 million, or 4 cents per share, on a similar basis in 2001. Earnings in 2001 were reduced by $32 million of goodwill amortization.
Effective Jan. 1, 2002, the company adopted new accounting standard FAS 142, which resulted in an after-tax charge of $220 million during the first quarter of 2002 and eliminated the requirement to amortize goodwill moving forward. Also during 2002, Dana recorded $163 million in restructuring charges and benefited from a net gain of $30 million associated with businesses and assets sold or held for sale. Including all of these items, the company reported a net loss for the year of $182 million, or $1.22 per share. In 2001, Dana reported a loss of $298 million, or $2.01 per share, after net non-recurring charges of $303 million.
Fourth-Quarter Results
Sales from continuing operations were $2.3 billion for the fourth quarter of 2002, compared to $2.2 billion during the same period last year. During the quarter, Dana recorded after-tax charges of $44 million, representing the final expenses associated with the restructuring plan announced in October 2001. After restructuring charges and other non-recurring items, the company reported a net loss for the quarter of $9 million, or 6 cents per share. This compares with a net loss of $298 million, or $2.01 per share, during the same period last year.
Exclusive of non-recurring items, Dana's operating profit for the quarter totaled $32 million, or 22 cents per share, in line with the company's previously stated expectations for the period. On the same basis, the company incurred a net operating loss of $14 million, or 9 cents per share, during the fourth quarter of 2001.
Dana Chief Financial Officer Bob Richter said, "We're very pleased with the progress Dana made in 2002, particularly within the context of the broader economic environment. We effectively managed those items within our control. Total charges for our restructuring plan were $442 million, in line with our original estimates. We tightly controlled our capital spending, reduced working capital, and lowered SG&A as a percent of sales. We also reduced net debt at the parent by $700 million and by nearly $1 billion on a fully consolidated basis, aided by significant proceeds from divestitures."
Divestitures Hone Focus on Core Businesses
During the fourth quarter, Dana sold its FTE brake and clutch actuation businesses and its Boston Weatherhead industrial hose and fitting operations. The company also divested several other non-core businesses, including Tekonsha Engineering Company, a manufacturer of aftermarket electric brake controls; Theodore Bargmann Company, a maker of exterior illumination products and electronic controls; and American Electronic Components, Inc., a manufacturer of sensors, switches, and relays.
Earlier this week, Dana signed a definitive agreement to sell a large portion of its Engine Management aftermarket operations, which represents $288 million of 2002 sales. These operations and the businesses sold in the fourth-quarter are accounted for as "discontinued operations," representing a combined $779 in annual sales.
In another series of transactions, Dana Credit Corporation (DCC) sold portions of its leasing assets and real estate operations in 2002, effectively reducing its asset portfolio by more than $500 million.
Technology Creates Opportunities
During 2002, Dana announced important new programs with global vehicle manufacturers including BMW, Land Rover, Nissan, and Toyota, as well as new business with the traditional "Big Three" manufacturers: DaimlerChrysler, Ford, and General Motors.
"Our people have embraced our renewed emphasis on technology and innovation, which has played a major role in securing these new programs," Mr. Magliochetti said. "We are proud to support an unparalleled array of global vehicular platforms."
2003 Outlook
Commenting on the current year, Mr. Magliochetti said the company anticipates flat to reduced sales in its key global markets, reflecting current economic conditions and slightly lower North American light-vehicle production. "We believe our performance will be weighted toward the latter portion of the year, as we expect heavy-truck builds to ramp up in the second half and our restructuring to reach full run-rate in the fourth quarter," he said. "In addition, many of the start-up costs associated with our new structural products platforms will be behind us.
"Even though our markets may be weaker, we have scaled our businesses to perform in this environment and expect to continue delivering strong cash generation and earnings performance," he said.
A Year of Progress & Strengthened Performance
"The past year was one of the most important in the history of the Dana Corporation," Mr. Magliochetti said. "We took extraordinary actions to improve our near- and long-term performance, including the successful execution of major elements of our restructuring plan. We divested non-core businesses, and outsourced non-core manufacturing, which resulted in fundamental improvements to our operations and our business model. And we achieved improved earnings performance - even in the midst of continued disruptions in the global economy and challenges in our industry.
"While some of these actions were painful in the near term, all were geared toward continuing the transition from our restructuring efforts to the longer-range positive transformation of our company."
Quarterly Conference Call Scheduled Today at 10 a.m. (EST)
Dana will discuss its 2002 results in a conference call at 10 a.m. (EST) today. The call may be accessed via Dana's web site ( 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 4 p.m. today. To access this recording, please dial (800) 537-8823. A webcast replay of the call will be available at 6 p.m. today and is also 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 employs more than 60,000 people worldwide. Founded in 1904 and based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing, and customer service facilities in 30 countries. The company reported 2002 sales of $9.5 billion.
Certain statements contained herein (including our forecasts, beliefs, and expectations) 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 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 impact of national and international economic conditions (including additional adverse effects from terrorism or hostilities) on production and sales by the company and its vehicular customers, and the company's ability to complete activities related to the October 2001 restructuring program and the divestiture of the Engine Management aftermarket operations. Additional factors are contained in Dana's public filings with the Securities and Exchange Commission. Dana does not undertake to update any forward-looking statements contained herein.
(in millions, except
per share amounts)
Unaudited
Year Ended Three Months Ended
December 31 December 31
2001 2002 2001 2002
Sales $9,490 $9,504 $2,193 $2,251
Income (loss) of continuing
operations, excluding non-recurring
items $27 $181 $(6) $41
Non-recurring items of
continuing operations, net of
tax (243) (123) (230) (27)
Income (loss) of continuing
operations, including non-
recurring items, net of tax (216) 58 (236) 14
Discontinued operations,
excluding non-recurring items,
net of tax (22) (10) (8) (9)
Discontinued operations,
non-recurring items, net of
tax (60) (10) (54) (14)
Total discontinued operations,
net of tax (82) (20) (62) (23)
Income (loss) before change in
accounting (298) 38 (298) (9)
Effect of change in accounting - (220) - -
Net loss $(298) $(182) $(298) $(9)
Diluted earnings per share
Income (loss) of continuing
operations before non-recurring items
and effect of change in
accounting $0.18 $1.22 $(0.04) $0.28
Non-recurring items of
continuing operations (1.64) (0.83) (1.55) (0.18)
Income (loss) of continuing
operations, including non-recurring
items (1.46) 0.39 (1.59) 0.09
Discontinued operations,
excluding non-recurring items,
net of tax (0.14) (0.07) (0.05) (0.06)
Discontinued operations,
non-recurring items, net of
tax (0.40) (0.07) (0.36) (0.09)
Total discontinued operations,
net of tax (0.55) (0.13) (0.42) (0.15)
Income (loss) before change in
accounting (2.01) 0.26 (2.01) (0.06)
Effect of change in accounting - (1.48) - -
Net loss $(2.01) $(1.22) $(2.01) $(0.06)
Average shares outstanding
for Diluted EPS 148 149 149 149
Dana Corporation
Condensed Statement of Income (Unaudited)
(in millions, except per share amounts)
Three Months Ended December 31
2001 2002
Net sales $2,193 $2,251
Revenue from lease financing
and other income 45 18
2,238 2,269
Costs and expenses
Cost of sales 2,069 2,013
Selling, general and
administrative expenses 184 185
Restructuring charges 289 72
Interest expense 68 65
2,610 2,335
Loss before income taxes (372) (66)
Income tax benefit 129 67
Minority interest (2) (2)
Equity in earnings
of affiliates 9 15
Income (loss) of continuing
operations (236) 14
Loss from discontinued
operations (62) (23)
Net loss $(298) $(9)
Basic earnings per share
Income (loss) of continuing
operations $(1.59) $0.09
Loss from discontinued
operations (0.42) (0.15)
Net loss $(2.01) $(0.06)
Diluted earnings per share
Income (loss) of continuing
operations $(1.59) $0.09
Loss from discontinued
operations (0.42) (0.15)
Net loss $(2.01) $(0.06)
Average shares outstanding -
For Basic EPS 149 148
For Diluted EPS 149 149
Dana Corporation
Condensed Statement of Income (Unaudited)
(in millions, except per share amounts)
Year Ended December 31
2001 2002
Net sales $9,490 $9,504
Revenue from lease financing
and other income 191 190
9,681 9,694
Costs and expenses
Cost of sales 8,538 8,426
Selling, general and
administrative expenses 872 823
Restructuring charges 317 194
Interest expense 303 260
10,030 9,703
Loss before income taxes (349) (9)
Income tax benefit 109 27
Minority interest (8) (15)
Equity in earnings
of affiliates 32 55
Income (loss) of continuing
operations (216) 58
Loss from discontinued
operations (82) (20)
Income (loss) before effect
of change in accounting (298) 38
Effect of change in
accounting - (220)
Net loss $(298) $(182)
Basic earnings (loss) per
share
Income (loss) of continuing
operations $(1.46) $0.39
Loss from discontinued
operations (0.55) (0.13)
Effect of change in
accounting - (1.49)
Net loss $(2.01) $(1.23)
Diluted earnings (loss) per
share
Income (loss) of continuing
operations $(1.46) $0.39
Loss from discontinued
operations (0.55) (0.13)
Effect of change in
accounting - (1.48)
Net loss $(2.01) $(1.22)
Average shares outstanding -
For Basic EPS 148 148
For Diluted EPS 148 149
Dana Corporation
Condensed Balance Sheet (Unaudited)
(in millions)
December 31 December 31
Assets 2001 2002
Current assets
Cash and marketable
securities $199 $571
Accounts receivable
Trade 1,371 1,348
Other 371 320
Inventories 1,299 1,116
Other current assets 557 763
Total current assets 3,797 4,118
Property, plant and
equipment, net 3,133 2,556
Investment in leases 1,068 827
Investments and other assets 2,209 2,052
Total assets $10,207 $9,553
Liabilities and
Shareholders' Equity
Current liabilities
Accounts payable and
other current liabilities $2,369 $2,537
Notes payable 1,120 287
Total current
liabilities 3,489 2,824
Long-term debt 3,008 3,215
Deferred employee benefits
and other noncurrent
liabilities 1,640 1,925
Minority interest 112 107
Shareholders' equity 1,958 1,482
Total liabilities and
shareholders' equity $10,207 $9,553
Dana Corporation
Condensed Statement of Cash Flows (Unaudited)
(in millions)
Three Months Ended
December 31
2001 2002
Net loss $(298) $(9)
Depreciation and
amortization 139 118
Asset impairment 196 69
Gain on divestitures and
asset sales - (23)
Working capital change 488 38
Other (244) (35)
Net cash flows - operating activities 281 158
Purchases of property,
plant and equipment (119) (125)
Sales (purchases) of assets
to be leased (1) 49
Payments received on leases 20 (7)
Net loans to customers 9 2
Divestitures 4 248
Asset sales 61 305
Other 33 (11)
Net cash flows - investing activities 7 461
Net change in short-term debt (246) (274)
Proceeds from long-term debt 51 -
Payments on long-term debt (118) (215)
Dividends paid (1) (1)
Other (4) (3)
Net cash flows - financing
activities (318) (493)
Net change in cash and cash
equivalents (30) 126
Net change in cash -
discontinued operations - (2)
Cash and cash equivalents -
beginning of period 229 447
Cash and cash equivalents -
end of period $199 $571
Dana Corporation
Condensed Statement of Cash Flows (Unaudited)
(in millions)
Year Ended
December 31
2001 2002
Net loss $(298) $(182)
Depreciation and
amortization 548 478
Asset impairment 206 114
Change in accounting for
goodwill - 220
Gain on divestitures and
asset sales (10) (54)
Working capital change 407 27
Other (214) (85)
Net cash flows - operating
activities 639 518
Purchases of property,
plant and equipment (425) (375)
Purchases of assets to be
leased (50) (2)
Payments received on leases 48 39
Net loans to customers 112 20
Acquisitions (21) (31)
Divestitures 236 506
Asset sales 132 349
Other 47 22
Net cash flows - investing
activities 79 528
Net change in short-term
debt (888) (556)
Proceeds from long-term
debt 847 285
Payments on long-term debt (501) (467)
Dividends paid (140) (6)
Other (16) 72
Net cash flows - financing
activities (698) (672)
Net change in cash and cash
equivalents 20 374
Net change in cash -
discontinued operations - (2)
Cash and cash equivalents -
beginning of period 179 199
Cash and cash equivalents -
end of period $199 $571
Dana Corporation
(Including Dana Credit Corporation on the Equity Basis)
Condensed Statement of Income (Unaudited)
(in millions)
Three Months Ended December 31
2001 2002
Net sales $2,193 $2,251
Other income 3 11
2,196 2,262
Costs and expenses
Cost of sales 2,087 2,031
Selling, general and
administrative expenses 172 151
Restructuring charges 289 72
Interest expense 47 45
2,595 2,299
Loss before income taxes (399) (37)
Income tax benefit 136 27
Minority interest (1) (2)
Equity in earnings
of affiliates 28 26
Income (loss) of continuing
operations (236) 14
Loss from discontinued
operations (62) (23)
Net loss $(298) $(9)
Dana Corporation
(Including Dana Credit Corporation on the Equity Basis)
Condensed Statement of Income (Unaudited)
(in millions)
Year Ended December 31
2001 2002
Net sales $9,490 $9,504
Other income 37 58
9,527 9,562
Costs and expenses
Cost of sales 8,605 8,488
Selling, general and
administrative expenses 783 709
Restructuring charges 317 194
Interest expense 199 176
9,904 9,567
Income (loss) before income
taxes (377) (5)
Income tax benefit (expense) 115 (19)
Minority interest (8) (15)
Equity in earnings
of affiliates 54 97
Income (loss) of continuing
operations (216) 58
Loss from discontinued
operations (82) (20)
Income (loss) before effect
of change in accounting (298) 38
Effect of change in
accounting - (220)
Net loss $(298) $(182)
Dana Corporation
(Including Dana Credit Corporation on the Equity Basis)
Condensed Balance Sheet (Unaudited)
(in millions)
December 31 December 31
Assets 2001 2002
Current assets
Cash and marketable
securities $182 $551
Accounts receivable
Trade 1,371 1,348
Other 253 209
Inventories 1,299 1,116
Other current assets 518 716
Total current assets 3,623 3,940
Property, plant and
equipment, net 2,778 2,253
Investments and other
assets 2,164 2,375
Total assets $8,565 $8,568
Liabilities and
Shareholders' Equity
Current liabilities
Accounts payable and
other current liabilities $2,325 $2,559
Notes payable 617 53
Total current
liabilities 2,942 2,612
Long-term debt 2,155 2,462
Deferred employee benefits
and other noncurrent
liabilities 1,400 1,906
Minority interest 110 106
Shareholders' equity 1,958 1,482
Total liabilities and
shareholders' equity $8,565 $8,568
Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Statement of Cash Flows (Unaudited)
(in millions)
Three Months Ended
December 31
2001 2002
Net loss $(298) $(9)
Depreciation and
amortization 115 96
Asset impairment 196 47
Gain on divestitures and
asset sales - (10)
Working capital change 538 38
Other (298) (15)
Net cash flows - operating activities 253 147
Purchases of property,
plant and equipment (98) (60)
Divestitures 4 289
Asset sales 28 90
Other (11) (10)
Net cash flows - investing
activities (77) 309
Net change in short-term debt (87) (237)
Proceeds from long-term debt 15 -
Payments on long-term debt (104) (35)
Dividends paid (1) (2)
Other (4) (2)
Net cash flows - financing activities (181) (276)
Net change in cash and cash
equivalents (5) 180
Net change in cash -
discontinued operations - (2)
Cash and cash equivalents -
beginning of period 187 373
Cash and cash equivalents -
end of period $182 $551
Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Statement of Cash Flows (Unaudited)
(in millions)
Year Ended
December 31
2001 2002
Net loss $(298) $(182)
Depreciation and
amortization 447 387
Asset impairment 206 92
Change in accounting for
goodwill 220
Gain on divestitures and
asset sales (10) (15)
Working capital change 412 34
Other (282) (41)
Net cash flows - operating
activities 475 495
Purchases of property,
plant and equipment (317) (246)
Acquisitions (21) (31)
Divestitures 236 353
Asset sales 32 146
Other (23) (19)
Net cash flows - investing activities (93) 203
Net change in short-term debt (599) (456)
Proceeds from long-term debt 776 250
Payments on long-term debt (370) (187)
Dividends paid (140) (6)
Other (16) 72
Net cash flows - financing activities (349) (327)
Net change in cash and cash
equivalents 33 371
Net change in cash -
discontinued operations - (2)
Cash and cash equivalents -
beginning of period 149 182
Cash and cash equivalents -
end of period $182 $551
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
Q4 - 2002
(in millions)
Inter-
Segment
External Sales Sales EBIT
01 02 01 02 01 02
Automotive Systems Group $841 $872 $22 $34 $16 $50
Automotive Aftermarket Group 505 496 2 2 17 41
Engine and Fluid Management Group 455 451 20 24 3 30
Heavy Vehicle Technologies and
Systems Group 381 419 22 18 6 16
Dana Commercial Credit
Other 11 13 11 2 (34) (51)
Goodwill Amortization (9)
Total Operations 2,193 2,251 77 80 (1) 86
Discontinued Operations (11) (11)
Restructuring and
nonrecurring items (441) (88)
Consolidated $2,193 $2,251 $77 $80 $(453) $(13)
North America $1,619 $1,653 $6 $18 $50 $112
Europe 346 375 15 17 (4) 1
South America 139 107 52 33 - 7
Asia Pacific 89 116 1 2 8
Dana Commercial Credit
Other (40) (42)
Goodwill Amortization (9)
Total Operations 2,193 2,251 73 69 (1) 86
Discontinued Operations (11) (11)
Restructuring and
nonrecurring items (441) (88)
Consolidated $2,193 $2,251 $73 $69 $(453) $(13)
Information for Discontinued
Operations 180 156 16 6
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 Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
Dana Investor Relations 419-535-4635
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
Q4 - 2002
(in millions)
Operating PAT Net Profit Net Assets
01 02 01 02 01 02
Automotive Systems Group $23 $41 $3 $22 $1,839 $1,743
Automotive Aftermarket Group 10 25 (2) 12 1,145 990
Engine and Fluid Management
Group 3 19 (7) 10 1,196 988
Heavy Vehicle Technologies
and Systems Group 4 10 (6) (1) 709 629
Dana Commercial Credit 13 3 13 3 198 259
Other (51) (57) 1 (5) (9) (44)
Goodwill Amortization (8) (8)
Total Operations (6) 41 (6) 41 5,078 4,565
Discontinued Operations (8) (9) (8) (9)
Restructuring and
nonrecurring items (284) (41) (284) (41)
Consolidated $(298) $(9) $(298) $(9) $5,078 $4,565
North America $32 $71 $(4) $36 $3,350 $2,939
Europe 8 9 - - 1,084 1,102
South America (1) 4 (4) 2 493 304
Asia Pacific 2 5 (2) 2 150 151
Dana Commercial Credit 13 3 13 3 198 259
Other (52) (51) (1) (2) (197) (190)
Goodwill Amortization (8) (8)
Total Operations (6) 41 (6) 41 5,078 4,565
Discontinued Operations (8) (9) (8) (9)
Restructuring and
nonrecurring items (284) (41) (284) (41)
Consolidated $(298) $(9) $(298) $(9) $5,078 $4,565
Information for Discontinued
Operations 417 75
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 Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
Dana Investor Relations 419-535-4635
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
For Twelve Months Ended December 31, 2002
(in millions)
Inter-
Segment
External Sales Sales EBIT
01 02 01 02 01 02
Automotive Systems Group $3,485 $3,526 $120 $103 $168 $203
Automotive Aftermarket Group 2,177 2,175 14 14 78 175
Engine and Fluid Management Group 1,984 1,947 96 99 80 125
Heavy Vehicle Technologies and
Systems Group 1,751 1,797 89 92 61 102
Dana Commercial Credit
Other 93 59 37 13 (168) (215)
Goodwill Amortization (38)
Total Operations 9,490 9,504 356 321 181 390
Discontinued Operations (34) (14)
Restructuring and
nonrecurring items (466) (246)
Effect of Change in Accounting
Consolidated $9,490 $9,504 $356 $321 $(319) $130
North America $7,113 $7,153 $25 $45 $353 $462
Europe 1,494 1,486 68 70 30 50
South America 553 474 135 170 15 61
Asia Pacific 330 391 2 2 5 19
Dana Commercial Credit
Other (184) (202)
Goodwill Amortization (38)
Total Operations 9,490 9,504 230 287 181 390
Discontinued Operations (34) (14)
Restructuring and
nonrecurring items (466) (246)
Effect of Change in Accounting
Consolidated $9,490 $9,504 $230 $287 $(319) $130
Information for Discontinued
Operations 781 779 69 56
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 Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
Dana Investor Relations 419-535-4635
Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
For Twelve Months Ended December 31, 2002
(in millions)
Operating PAT Net Profit Net Assets
01 02 01 02 01 02
Automotive Systems Group $133 $157 $50 $76 $1,839 $1,743
Automotive Aftermarket
Group 48 107 (9) 49 1,145 990
Engine and Fluid Management
Group 52 81 9 38 1,196 988
Heavy Vehicle Technologies
and Systems Group 37 63 (9) 16 709 629
Dana Commercial Credit 31 26 31 26 198 259
Other (242) (253) (13) (24) (9) (44)
Goodwill Amortization (32) (32)
Total Operations 27 181 27 181 5,078 4,565
Discontinued Operations (22) (10) (22) (10)
Restructuring and
nonrecurring items (303) (133) (303) (133)
Effect of Change in
Accounting (220) (220)
Consolidated $(298) $(182) $(298) $(182) $5,078 $4,565
North America $213 $289 $57 $127 $3,350 $2,939
Europe 37 51 2 15 1,084 1,102
South America (1) 38 (14) 27 493 304
Asia Pacific 3 13 (9) 1 150 151
Dana Commercial Credit 31 26 31 26 198 259
Other (224) (236) (8) (15) (197) (190)
Goodwill Amortization (32) (32)
Total Operations 27 181 27 181 5,078 4,565
Discontinued Operations (22) (10) (22) (10)
Restructuring and
nonrecurring items (303) (133) (303) (133)
Effect of Change in
Accounting (220) (220)
Consolidated $(298) $(182) $(298) $(182) $5,078 $4,565
Information for
Discontinued Operations 417 75
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 Greg.Smietanski@Dana.com or Karen.Crawford@Dana.Com
Dana Investor Relations 419-535-4635
Source: Dana Corporation
CONTACT: Gary Corrigan of Dana Corporation, +1-419-535-4813, or
gary.corrigan@dana.com
Web site: http://www.dana.com/
Company News On-Call: http://www.prnewswire.com/gh/cnoc/comp/226839.html