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Dana shows $27 million first-quarter loss from continuing operations before income taxes
By Caroline Salls
Pittsburgh, May 10 - Dana Corp. reported a $27 million first-quarter loss from continuing operations before income taxes on $2.145 billion in net sales, according to a 10-Q filed with the Securities and Exchange Commission.
For the same period of 2006, the company posted a $92 million loss from continuing operations before income taxes on $2.197 billion in net sales.
According to the 10-Q, the slight sales decline resulted from an organic sales decline associated with reduced production levels in some of Dana's key markets, partially offset by currency translation effects.
Dana said the 2006 acquisition of the axle and driveshaft operations of its former Mexican joint venture provided additional sales of $26 million in 2007, but these higher sales were more than offset by reductions of $38 million due to the sale of the company's trailer axle business in January and by $22 million from the 2006 divestiture of its European actuator systems operation.
The net loss for the first quarter of 2007 was $92 million, an improvement over a $126 million first-quarter 2006 net loss.
Dana's income from continuing operations before interest, reorganization items and income taxes for the first quarter of 2007 was $33 million, up from $2 million the previous year.
Cash and cash equivalents on March 31 were $1.25 billion, compared with $719 million on Dec. 31.
Dana is a Toledo, Ohio-based supplier of components, modules and systems to vehicle manufacturers and related aftermarkets. It 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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