Dana Corporation on Monday said it would restate its 2004, first-quarter 2005, and second-quarter 2005 financial statements, has postponed its third-quarter 2005 earnings release and is withdrawing its earnings guidance for full-year 2005.

In a statement the company said an internal investigation had shown it did not properly account for certain items during 2004 and the first and second quarters of 2005.

“As a result, management and the audit committee have concluded that Dana’s financial statements for these periods should no longer be relied upon and that restatements will be required for these periods. The primary purpose for the restatements is to correct issues involving customer pricing and transactions with suppliers in Dana’s commercial vehicle business,” the components maker said.

Dana said there are material weaknesses in its internal control over financial reporting and added it has not finished investigations.

It has also not determined whether it will be necessary to revise the estimated impact on second-quarter income of $10-15 million after tax, which it reported on September 15. It has also not decided what additional amounts will be required to adjust the statements for the other periods.

Dana previously announced that it was evaluating its ability to maintain its US deferred tax assets in light of the change in its earnings outlook and now says that it will be unable to maintain those or record similar tax benefits in the future, and expects this to affect net income but not cash flow.

It  is still assessing the impact of the additional restatements and its decision to write off the deferred tax assets on its obligations under credit facilities and other agreements.

Dana has postponed the release of third-quarter 2005 results scheduled for October 19 indefinitely.