Dana Corporation Exhibits at NAIC National Congress & Expo DANA CORPORATION LOGO Dana Corporation logo. (PRNewsFoto)[DM] TOLEDO, OH USA 09/03/1999
23 August 2000
Dana Corporation Exhibits at NAIC National Congress & Expo DANA CORPORATION LOGO Dana Corporation logo. (PRNewsFoto)[DM] TOLEDO, OH USA 09/03/1999
TOLEDO, Ohio, Aug. 23 Dana Corporation is one
of the world's largest independent suppliers to vehicle manufacturers and
their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, Dana
operates some 330 major facilities in 32 countries and employs more than
82,000 people.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
Dana is focused on 9 core products, which account for nearly 90% of the
company's sales: axles, brakes, driveshafts, structural components, internal
engine parts, fluid systems, sealing products, filtration products, and
leasing. Dana serves it customers through seven Strategic Business Units which
have worldwide responsibilities for the engineering, manufacture, and
distribution of their products: Automotive Systems Group, Automotive
Aftermarket Group, Engine Systems Group, Off-Highway Systems Group, Fluid
Systems Group, Heavy Truck Group and Dana Commercial Credit.
Financially sound since its founding in 1904, Dana reported 1999 sales of
$13.2 billion, up 6% over 1998. Operating profits after tax rose 15% to
$678 million, and operating earnings per share increased 15% to $4.07. The
results marked Dana's eighth consecutive year of record sales and sixth
straight year of record operating profits. Including all non-recurring items
for the year, 1999 net income was $513 million compared to $534 in 1998.
Earnings per share were $3.08 versus $3.20 in 1998 on a fully diluted basis.
Through the first six months of 2000, Dana's sales were $6.8 billion, down
slightly from the same period last year. Net income was $390 million, or
$2.50 per share. This included net non-recurring income of $75 million after
tax.
Dana shareholders have enjoyed 60+ years of dividends without a decrease
or missed payment. The current annualized rate is $1.24 per share. The
company currently has Board authorization to repurchase up to $600 million of
its common stock of which $420 million has been expended to date.
Dana is a Corporate Member of NAIC, a 20-time winner of the Nicholson
Award for outstanding annual reports to the individual investor, and a four-
time recipient of NAIC's "Own Your Share of America" award. Included in Forbes
list of American Corporations with the best long and short-term growth and
profitability, January 2000. Better Investing's 2000 "Top 100" lists Dana
stock as #70 and its May 1999 issue featured Dana as "A Stock To Study."