Dana Corporation now expects that the restatement of financial statements for prior periods, now under internal investigation, will result in a net aggregate reduction in net income for all periods to be restated of between US$25 million and $45 million after tax.
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The board has declared a dividend of 1 cent per share, payable on December 15, after deciding that the a reduction from the 12-cent per share dividend rate that had been paid in recent quarters “was appropriate given the challenging circumstances facing both the company and the automotive industry”.
Dana announced on October 10 that its management and audit committee had determined, as a result of the ongoing investigation, that the company had not properly accounted for certain items during 2004 and the first and second quarters of 2005, and that the company would restate its financial statements for those periods.
The primary purpose for the restatements is to correct issues involving customer pricing and transactions with suppliers in Dana’s commercial vehicle business.
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