US: Bankrupt Dana records $1.6bn loss for 2005
Bankrupt Dana has reported a net loss for the fourth quarter of 2005 of US$376m, up from $136m a year earlier.
For the full year 2005 the company expects to report a 2005 net loss of $1,602m compared to a net income of $62m in 2004.
Sales from continuing operations for the full year 2005 were $8,611m, compared to $7,775m in 2004. $5,941m came from the Automotive Systems Group and $2,640m came from the Heavy Vehicle Technologies and Systems Group.
The Automotive Systems Group was the major contributor to the loss, with a full year loss of $187m. The Heavy Vehicle division recorded a profit of $72m, although in the fourth quarter it too recorded a loss of $9m.
Dana filed for Chapter 11 bankruptcy protection on March 3. In a statement it said it has suspended its quarterly conference calls and annual shareholder meetings until further notice.
Dana will not file its 2005 Form 10-K by the March 31, 2006, extended filing date because of the additional time required to complete its financial statements in light of the company's bankruptcy filing. The company expects to file its 2005 Form 10-K by April 30, 2006. This report will include - in addition to Dana's audited financial statements and management's discussion and analysis of financial condition and results of operations - information generally found in the proxy statement.