Restatements Expected To Cut Dana Income

Posted on October 19, 2005

Dana Corp said it expects a restatement of certain items in 2004 and the first two quarters of 2005 will reduce net income for those periods from $25 million and $45 million after tax.

Dana had announced that it would restate earnings for those periods, citing accounting problems. The Toledo, Ohio-based company, which makes automotive axles, transmissions and other components, said it believes it has found material weakness in its internal controls with respect to financial reporting, and is investigating its accounting.