TOLEDO, OH — Dana Corp. announced it is nearly finished amending its financial statements for the first two quarters of 2005 and prior years. The company said it expects to file amended annual and quarterly reports for the applicable periods with the U.S. Securities and Exchange Commission prior to the end of the year.
The restatements were prompted by issues involving customer pricing and transactions with suppliers in Dana’s commercial vehicle business. These and other matters have been the subject of internal investigations conducted by management and the Audit Committee of Dana’s board of directors in consultation with independent investigators retained by the Audit Committee and have been reviewed with the company’s independent registered public accounting firm, PricewaterhouseCoopers LLP.
The total reduction in net income after tax for all periods to be restated is now expected to be approximately $50 million. This amount exceeds earlier estimates due to the effect of a correction with respect to steel surcharges in the prior calculation of the company’s 2004 LIFO inventory reserves.
For more information about Dana, go to: www.dana.com .
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