TOLEDO, Ohio (Oct. 11)—Dana Corp. will restate its financial statements for 2004 and the first half of 2005 as the company found it had not properly accounted for certain items during that time period. The company also has postponed its third-quarter 2005 earnings release and is withdrawing its earnings guidance for full-year 2005.
As a result of the firm´s ongoing internal investigations, the firm found that its "financial statements for these periods should no longer be relied upon and that restatements will be required for these periods."
The firm staid the restatements will correct issues involving customer pricing and transactions with suppliers in Dana's Commercial Vehicle business.