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Dana Corporation Completes Restatements of Financial Statements.

Publication: PR Newswire
Publication Date: 30-DEC-05
Format: Online
Delivery: Immediate Online Access

Article Excerpt
TOLEDO, Ohio, Dec. 30 /PRNewswire-FirstCall/ -- Dana Corporation announced today that it has completed the restatements of its financial statements for the first two quarters of 2005, the year 2004, and prior years, and has filed amended annual and quarterly reports for the applicable periods with the U.S. Securities and Exchange Commission. Specifically, the company has filed a Form 10-K/A for the fiscal year ended Dec. 31, 2004, and Forms 10-Q/A for the quarters ended March 31 and June 30, 2005.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA)

As a result of these restatements, the total reduction in net income after tax for all periods restated was $44 million.

The primary items in the restatements impacting the reduction in aggregate net income were inappropriate recognition of certain customer pricing increases and supplier reimbursement costs in the company's Commercial Vehicle business, which prompted internal...

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