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May 15, 2008 02:00 AM

Dana making progress in turnaround

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    TOLEDO, Ohio (May 15, 2008) — Dana Holding Corp., two months after exiting Chapter 11 bankruptcy protection, said today it is making progress in its turnaround efforts with improved sales and profitability during the first quarter.

    The automotive parts supplier said it posted revenue of $2.31 billion during the quarter, an 8-percent gain from sales of $2.14 billion during the same quarter last year. The company said it posted net income of $685 million in the quarter, but most of that was obscured by a one-time accounting gain of $754 million. The company posted a loss of $92 million during the same quarter last year.

    Base earnings before interest, taxes and certain other expenses came in at $148 million compared to $90 million during the same quarter last year.

    "We are making progress in our turnaround effort despite a tough environment," Dana Chairman John Devine said in a prepared statement. "With a new management team coming together, a strong balance sheet, and a clear sense of urgency, we are committed to repositioning Dana for a strong future."

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