MAUMEE, Ohio -- Dana Holding Corp. today announced continued improved results for the third-quarter of 2009.

The company narrowed its third-quarter net loss to $38 million, compared to a loss of $256 million during the same period last year. Third-quarter sales of $1.3 million, while down 31 percent from the same period last year, increased by $139 million compared with the prior quarter. The increase in sales over the past quarter was the result of an improving industry across most segments and regions.

Dana recently completed a successful public offering of common stock that raised approximately $250 million, including $33 million in proceeds from the sale of additional shares sold in October. The company intends to use the net proceeds from the offering for general corporate purposes, including restructuring of operations and to maintain flexibility for future growth. Additionally, in accordance with its credit agreement, the company used approximately 50 percent of the proceeds to repay debt.

"We are pleased that our cost savings and operational improvements continued to take hold during the third quarter," said Dana President and CEO Jim Sweetnam. "In combination with the successful equity offering, these improvements have provided us with strong liquidity and an improved balance sheet. While there is certainly more to do, we are well positioned for growth opportunities moving forward."

Sales for the nine months ended Sept. 30 were $3.7 million, compared with $6.6 million for the same period in 2008. For the first nine months of 2009, the company reported a net loss of $195 million compared with net income of $281 million for the same period in 2008. The nine-month 2008 results include a net gain of $754 million recognized in connection with the company's emergence from bankruptcy and application of fresh start accounting.

In addition, cost reduction efforts contributed to a more than $200 million increase in year-to-date cost reductions compared with 2008.

"We remain on target to achieve our 2009 objectives for cost reductions, pricing improvements and cash generation," Sweetnam added. "At a macro level, we are seeing a very gradual improvement in the broader economy, which supports our outlook for modest near-term recovery in the majority of our global markets."