Dana Corp

Dana Corp. is a publicly traded company having a good stock performance result. Dana Corp. is a fortune 500 stock listed company trading under DCN. In 1904, an engineering student named Clarence Spicer left CornellUniversity to launch a new business in the vacant corner of a New Jersey factory. The Dana Corporation emerged as one of the world’s most influential automotive suppliers. Founded on Spicer’s designs, and fueled by the business acumen of attorney, politician, and financier Charles Dana, the company proceeded to expand its product array, technological expertise, and geographic scope throughout the century.

Building on these strengths, Dana products have helped to drive history’s greatest vehicles from the Model T and the World War II-era Jeep, to London taxicabs, 18-wheel rigs, giant earth-moving machines, and every car on the NASCAR racing circuit.

Sales for the third quarter of 2005 were 2,396 million dollars, compared to 2,114 million dollars during the same period in 2004. The company recorded a net loss of 1,272 million dollars, or 8.50 dollars per share, for the quarter, compared to net income of 42 million dollars, or 28 cents per share in the third quarter of 2004. Results for the quarter and nine months ended Sept. 30, 2004 have been restated, as previously disclosed in the 2004 Form 10-K/A filed on Dec. 30, 2005.

Dana Corporation today announced that it has received final court approval for the full amount of its 1.45 billion dollars debtor-in-possession financing to help support its ongoing operations. The DIP credit facility is being provided by a group of banks led by Bank of America, N.A., CitiCorp North America, Inc., and JPMorgan Chase Bank, N.A.

The full facility consists of a 750 million dollars revolving credit facility and a 700 million dollars term loan. The term of the DIP facility was extended to 24 months from the date of its bankruptcy court filing, providing the company with additional flexibility.