TOLEDO, Ohio -- Dana Holding Corp. has announced its first quarter 2009 results.

Dana reported sales of $1,216 million, a 47 percent decrease compared with 2008, primarily related to lower vehicle production across all market segments.

The company reported a net loss of $160 million, compared with first quarter 2008 net income of $663 million. The 2008 results included a one-time gain of $754 million after taxes, related to emergence and adoption of fresh start accounting. Excluding the one-time gain, the comparable first-quarter 2008 net loss was $91 million.

Earnings before interest, taxes, depreciation, amortization, and restructuring (EBITDA) was $16 million, compared with $134 million in 2008. The negative impacts associated with volume declines were partially offset by improved operational performance and pricing.

A cash balance of $549 million and total liquidity of $687 million at March 31. Net debt was $679 million.

"Our first-quarter results were hit hard by the continued global recession," said Dana Chairman and CEO John Devine. "Despite this backdrop, we are making good progress on improving our business through cost reductions, right-sizing our operations and improving margins and working capital. During the first quarter, we reduced our global workforce by nearly 5,000 employees and reduced fixed costs, achieving total cost reductions of approximately $300 million.

"These efforts have helped preserve adequate liquidity," Devine added. "At the same time, we also are securing profitable new business with global customers, which will benefit Dana moving forward."

The effects of the current economic downturn continued during the first quarter of 2009. First-quarter North American light vehicle production decreased by 51 percent compared with the same period last year. Outside North America, light vehicle production declined by 34 percent. Quarterly North American production of Class 8 trucks was down 40 percent and production of medium-duty trucks declined by 44 percent compared with the same period one year ago. Dana's off-highway sales decreased by 47 percent globally compared with the first quarter of 2008.

Dana also announced that it is initiating a Dutch auction tender program to repurchase up to 10 percent of the existing $1.26 billion under its Term Loan Facility. The company anticipates that the repurchase activity under this program will be completed later this month.