Dana posts $64 million third-quarter loss from continuing operations

By Caroline Salls

Pittsburgh, Nov. 7 - Dana Corp. reported a $64 million loss from continuing operations for the quarter ended Sept. 30 on $2.13 billion in net sales, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

The figures showed improvement over a $246 million loss from continuing operations for the quarter ended Sept. 30, 2006, when the company reported $2.009 billion in net sales.

The net loss for the third quarter of 2007 was $69 million, a significant improvement over a $356 million net loss for the third quarter of 2006.

For the first nine months of 2007, Dana posted a $205 million loss from continuing operations on $6.564 billion in net sales, compared with a $408 million loss from continuing operations for the first nine months of 2006 on $6.506 billion in net sales.

The net loss for the first nine months of this year was $294 million, narrowing from a $510 million net loss for the same period of 2006.

Cash and cash equivalents on Sept. 30 were $1.035 billion, compared with $704 million on Dec. 31, 2006.

Dana, a Toledo, Ohio-based supplier of components, modules and systems to vehicle manufacturers and related aftermarkets, filed for bankruptcy on March 3, 2006 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 06-10354.

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