2014

Dana Reports Third-Quarter 2012 Results - Sales of $1.7 billion

- Net income of $56 million

- Adjusted EBITDA of $190 million, 11 percent of sales

- Free cash flow of $88 million, liquidity of $1.4 billion

- Announced strategic relationship to develop continuously variable planetary transmissions

- Introduced new technologies aimed at industry-leading efficiency, reliability, and performance

- Selected as a 2013 Automotive News PACE Awards finalist for Spicer ® Diamond Series™ driveshaft

MAUMEE, Ohio, Oct. 26, 2012 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced results for the third quarter of 2012.

Sales for the quarter were $1.7 billion, a decrease of 12 percent compared with 2011.  Currency lowered sales by $120 million.  Softening North America demand across the company's significant commercial vehicle customers and continued weakness in South America further impacted year-to-year sales comparisons by approximately $95 million.

The company recorded third-quarter net income of $56 million.  This compares with $110 million for the same period in 2011, which included a $60 million gain from the sale of certain equity affiliate investments.  Year-to-date net income was $212 million, compared with $148 million for the same period last year.  Net income for 2011 also included a $53 million charge for the extinguishment of debt related to refinancing activities completed early that year.

The company reported adjusted EBITDA of $190 million in the quarter, or 11 percent of sales, compared with 10.2 percent for the same period in 2011.  Diluted adjusted earnings per share (EPS) were $0.37, compared with $0.45 in the third quarter of 2011.  In addition to lower earnings in the current quarter, 2012 EPS was also impacted by higher tax expense reflecting jurisdictional mix.

Free cash flow for the quarter was $88 million, compared with $50 million for the same period last year. With liquidity of $1.4 billion and net cash of $68 million at Sept. 30, 2012, Dana continues to have a strong financial position.

"We are pleased to report solid financial results for the third quarter, despite choppy demand patterns and rapid softening in certain of our end markets, notably North America Class 8 commercial vehicle production," said Roger J. Wood, Dana president and chief executive officer.  "Dana has continued to respond quickly to changing market conditions with disciplined cost and investment actions, generating positive cash flow and improving adjusted EBITDA margin over this time last year.                                                                                    

Sales for the first nine months of the year were $5.6 billion, $34 million lower than 2011.  Adjusted EBITDA for the first three quarters was $627 million, or 11.1 percent of sales, representing a 90 basis point improvement over margin performance a year ago.  Year-to-date, free cash flow totaled $158 million, excluding the $150 million voluntary U.S. pension plans contribution in the first quarter, $99 million higher than 2011.

Retained manufacturing activities from the 2010 sale of Dana's Structural Products business completed final operations in the third quarter of 2012.  Accordingly, for financial reporting purposes, the results of operations relating to the Structural Products business have been reclassified within previously reported consolidated results of operations as a discontinued operation.  Adjusted EBITDA and associated margin as a percent of sales are inclusive of sales and adjusted EBITDA of the Structural Products business.

New Strategic Relationship
While Dana continues to execute its operational improvement plan, its future strategy includes several growth initiatives directed at strengthening the competitiveness of the company's products through innovation and technology, geographic expansion, aftermarket opportunities, and selective acquisitions.

In September, Dana announced the formation of strategic relationships with Allison Transmission Holdings Inc. (NYSE: ALSN) and Fallbrook Technologies Inc. to develop, manufacture, and commercialize high-efficiency transmissions and drivetrain products for passenger vehicles, commercial vehicles, and off-highway equipment.  These next-generation technologies will be designed to increase fuel efficiency, reduce emissions, and improve overall vehicle performance.

New Technologies Introduced
During the third quarter, Dana introduced several new technologies, including:

  • Spicer® Model 300 axles featuring AdvanTEK® gearing.  This axle is the largest yet in the series of axles for Class 1 through 5 vehicles and extends the premium benefits of these axles for use in the light commercial-vehicle market, including heavy-duty pickups.
  • Tire pressure management technology for line-haul tractors.  This is the first internal axle system of its kind to automatically maintain optimum inflation for drive and steer axles, significantly increasing vehicle fuel efficiency and tire life, while reducing maintenance.  Dana will be the first in the market to offer fully integrated, electronically controlled systems specifically engineered for the more complex demands of tractor units.
  • Efficient, robust Spicer ® Diamond Series™ driveshaft technology optimized for use on light commercial vehicles such as pick-up trucks.  Using Dana's proprietary hydroforming manufacturing process, the driveshaft is shaped to have an expanded center.  This allows it to run at higher speeds while offering increased strength and up to a 5 percent reduction in weight over straight aluminum tube driveshaft designs. 

The Spicer Diamond Series driveshaft was recognized earlier this month as a finalist for the 2013 Automotive News PACE Awards. 

2012 Financial Guidance 

Dana revised its guidance for full-year sales, adjusted EDITDA, and diluted adjusted EPS largely reflecting further expected reductions in commercial vehicle production in North America as well as softening construction demand in Europe. Adjusted EBITDA as a percent of sales remains unchanged, while free cash flow and capital spending targets have also been revised. 

Current guidance for the full year is as follows:

  • Sales are projected at $7.2 billion to $7.3 billion, compared with previous guidance of $7.5 billion to $7.6 billion;
  • Adjusted EBITDA is projected to be $780 million to $800 million, compared with previous guidance of $820 million to $840 million;
  • Adjusted EBITDA as a percent of sales is forecast to be approximately 11 percent, consistent with previous guidance;
  • Diluted adjusted EPS is expected to total $1.75 to $1.82 per share, compared with previous guidance of total $1.94 to $2.01 per share;
  • Free cash flow for the year is projected at $240 million to $260 million, excluding the special one-time $150 million pension contribution; and
  • Capital spending is expected to total $160 million to $170 million, compared with previous guidance of $210 million to $230 million.

Dana to Host Conference Call at 10 a.m. EDT Today

Dana will discuss its third-quarter results in a conference call at 10 a.m. EDT today.  Participants may listen to the conference call via audio streaming online or telephone.  Slide viewing is available via Dana's investor website – www.dana.com/investorsUnited States and Canadian locations should dial 888-311-4590 and international locations should call 706-758-0054, and enter conference number 38787858.  Please ask for the "Dana Holding Corporate Financial Webcast and Conference Call."  Telephone registration will be available starting at 9:30 a.m. 

An audio recording of the webcast will be available after 5 p.m. today; dial 855-859-2056 (U.S. or Canada) or 404-537-3406 (international) and enter conference number 38787858.  A webcast replay will be available after 5 p.m. today, and may be accessed via Dana's investor website.

Non-GAAP Financial Information

This release refers to adjusted EBITDA, which we have defined to be earnings from continuing and discontinued operations before interest, taxes, depreciation, amortization, non-cash equity grant expense, restructuring expense and other nonrecurring items (gain/loss on debt extinguishment or divestitures, impairment, etc.).  The most significant impact on Dana's ongoing results of operations as a result of applying fresh start accounting following our emergence from bankruptcy was higher depreciation and amortization.  By using adjusted EBITDA, a performance measure that excludes depreciation and amortization, the comparability of results is enhanced.  Management also believes that adjusted EBITDA is an important measure since the financial covenants in our debt agreements are based, in part, on adjusted EBITDA.  Adjusted EBITDA should not be considered a substitute for income (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP.   Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Diluted adjusted EPS is a non-GAAP financial measure that we have defined as adjusted net income divided by adjusted diluted shares.  We define adjusted net income as net income (loss) attributable to the parent company, excluding restructuring expense, amortization expense and nonrecurring items (as used in adjusted EBITDA), net of any associated income tax effects.  We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income.  This measure is considered useful for purposes of providing investors, analysts, and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies.  Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported under GAAP.

Free cash flow is a non-GAAP financial measure that we have defined as cash provided by (used in) operating activities, excluding any bankruptcy claim-related payments, less purchases of property, plant, and equipment.  We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations.  Free cash flow is neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP.  Free cash flow may not be comparable to similarly titled measures reported by other companies.

Please reference the "Non-GAAP financial information" accompanying our quarterly earnings conference call presentations on our website at www.dana.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change.  Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words.  These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. 

Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition.  The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Holding Corporation

Dana is a world-leading supplier of driveline, sealing, and thermal-management technologies that improve the efficiency and performance of passenger, commercial, and off-highway vehicles with both conventional and alternative-energy powertrains.  The company's global network of engineering, manufacturing, and distribution facilities provides original-equipment and aftermarket customers with local product and service support. Based in Maumee, Ohio, Dana employs approximately 24,500 people in 27 countries and reported 2011 sales of $7.6 billion. For more information, please visit www.dana.com.

 

 DANA HOLDING CORPORATION 







 Consolidated Statement of Operations (Unaudited) 







 For the Three Months Ended September 30, 2012 and 2011 


















Three Months Ended

 (In millions except per share amounts) 



September 30, 





2012


2011

 Net sales 




$       1,715


$       1,940

 Costs and expenses 






     Cost of sales 



1,477


1,706

     Selling, general and administrative expenses 



99


111

     Amortization of intangibles 



18


20

     Restructuring charges, net 



6


22

     Other income, net 



2


79

 Income from continuing operations before 






     interest expense and income taxes 



117


160

 Interest expense 



22


20

 Income from continuing operations before 






     before income taxes 



95


140

 Income tax expense 



33


30

 Equity in earnings of affiliates 



(2)


6

 Income from continuing operations 



60


116

 Loss from discontinued operations 





(4)

 Net income 



60


112

     Less: Noncontrolling interests net income 



4


2

 Net income attributable to the parent company 



56


110

 Preferred stock dividend requirements 



8


8

 Net income available to common stockholders 



$             48


$          102








 Net income per share available to parent 






     company common stockholders: 






    Basic 







         Income from continuing operations 



$           0.32


$           0.72

         Loss from discontinued operations 



$                 -


$         (0.03)

         Net income 



$           0.32


$           0.69

    Diluted 







         Income from continuing operations 



$           0.26


$           0.53

         Loss from discontinued operations 



$                 -


$         (0.02)

         Net income 



$           0.26


$           0.51

 Weighted-average common shares outstanding 






    Basic 




148.1


147.1

    Diluted 




214.5


214.6








Dividends declared per common share



$           0.05


$               -

 

 DANA HOLDING CORPORATION 







 Consolidated Statement of Operations (Unaudited) 







 For the Nine Months Ended September 30, 2012 and 2011 


















Nine Months Ended

 (In millions except per share amounts) 



September 30, 





2012


2011

 Net sales 




$      5,615


$      5,649

 Costs and expenses 






     Cost of sales 



4,838


4,967

     Selling, general and administrative expenses 



322


316

     Amortization of intangibles 



56


58

     Restructuring charges, net 



30


60

     Other income, net 



9


51

 Income from continuing operations before 






     interest expense and income taxes 



378


299

 Interest expense 



63


59

 Income from continuing operations before 






     before income taxes 



315


240

 Income tax expense 



97


93

 Equity in earnings of affiliates 



4


17

 Income from continuing operations 



222


164

 Loss from discontinued operations 





(7)

 Net income 



222


157

     Less: Noncontrolling interests net income 



10


9

 Net income attributable to the parent company 



212


148

 Preferred stock dividend requirements 



23


23

 Net income available to common stockholders 



$         189


$         125








 Net income per share available to parent 






     company common stockholders: 






    Basic 







         Income from continuing operations 



$        1.28


$         0.90

         Loss from discontinued operations 



$              -


$       (0.05)

         Net income 



$        1.28


$         0.85

    Diluted 







         Income from continuing operations 



$        0.99


$         0.72

         Loss from discontinued operations 



$              -


$       (0.03)

         Net income 



$        0.99


$         0.69

 Weighted-average common shares outstanding 






    Basic 




147.8


146.3

    Diluted 




214.7


215.3








Dividends declared per common share



$        0.15


$             -

 

 DANA HOLDING CORPORATION 







 Consolidated Statement of Comprehensive Income (Unaudited) 






 For the Three Months Ended September 30, 2012 and 2011 





















Three Months Ended

 (In millions) 



September 30, 







2012


2011

 Net income 



$            60


$         112


 Less: Noncontrolling interests net income 



4


2

 Net income attributable to the parent company 



56


110










 Other comprehensive income (loss) attributable to  






 the parent company, net of tax: 







Currency translation adjustments



25


(158)


Reclassification to net gain of divestiture's








cumulative translation adjustment





(1)


Unrealized hedging gains and losses:








Holding gains and losses (net of $1 tax, 2012)



3


(13)



Reclassification to net income



1




Unrealized investment and other gains and losses:







Holding gains and losses





(6)


Defined benefit plans:








Plan amendments



(6)





Amortization of net actuarial losses









included in net periodic benefit cost



4


5


Other comprehensive income (loss) attributable








to the parent company



27


(173)










 Other comprehensive income (loss) attributable to 






 noncontrolling interests, net of tax: 







Currency translation adjustments



2


(2)


Other comprehensive income (loss) attributable








to noncontrolling interests



2


(2)










Total comprehensive income (loss) attributable







to the parent company



83


(63)

Total comprehensive income attributable







to noncontrolling interests



6



Total comprehensive income (loss)



$            89


$          (63)

 

 DANA HOLDING CORPORATION 







 Consolidated Statement of Comprehensive Income (Unaudited) 






 For the Nine Months Ended September 30, 2012 and 2011 





















Nine Months Ended

 (In millions) 



September 30, 







2012


2011

 Net income 



$         222


$         157


 Less: Noncontrolling interests net income 



10


9

 Net income attributable to the parent company 



212


148










 Other comprehensive income (loss) attributable to  






 the parent company, net of tax: 







Currency translation adjustments



(10)


(75)


Reclassification to net gain of divestiture's








cumulative translation adjustment





(1)


Unrealized hedging gains and losses:








Holding gains and losses (net of $3 tax, 2012)



5


(12)



Reclassification to net income



7




Unrealized investment and other gains and losses:







Holding gains and losses



1


(6)


Defined benefit plans:








Plan amendments



(6)





Net actuarial loss



(1)





Amortization of net actuarial losses









included in net periodic benefit cost



11


15



Settlement loss





5


Other comprehensive income (loss) attributable








to the parent company



7


(74)










 Other comprehensive income (loss) attributable to 






 noncontrolling interests, net of tax: 







Currency translation adjustments



2


(1)


Other comprehensive income (loss) attributable








to noncontrolling interests



2


(1)










Total comprehensive income attributable







to the parent company



219


74

Total comprehensive income attributable







to noncontrolling interests



12


8

Total comprehensive income



$         231


$            82










DANA HOLDING CORPORATION




Consolidated Balance Sheet (Unaudited)




As of September 30, 2012 and December 31, 2011










(In millions except share and per share amounts)







September 30,


December 31,

Assets


2012


2011

Current assets




Cash and cash equivalents

$ 940


$ 931

Marketable securities

64


56

Accounts receivable





Trade, less allowance for doubtful accounts





of $10 in 2012 and $8 in 2011

969


979


Other

194


193

Inventories

870


784

Other current assets

132


106


         Total current assets

3,169


3,049

Goodwill

99


100

Intangibles

341


400

Other noncurrent assets

264


273

Investments in affiliates

203


198

Property, plant and equipment, net

1,236


1,285


        Total assets

$ 5,312


$ 5,305








Liabilities and equity




Current liabilities




Notes payable, including current portion of long-term debt

$ 123


$ 71

Accounts payable

902


942

Accrued payroll and employee benefits

163


150

Accrued restructuring costs

40


33

Taxes on income

82


46

Other accrued liabilities

219


251


          Total current liabilities

1,529


1,493

Long-term debt

813


831

Pension and postretirement obligations

557


762

Other noncurrent liabilities

386


381


          Total liabilities

3,285


3,467

Commitments and contingencies






Parent company stockholders' equity





Preferred stock, 50,000,000 shares authorized





    Series A, $0.01 par value, 2,500,000 shares outstanding

242


242


    Series B, $0.01 par value, 5,221,199 shares outstanding

511


511


Common stock, $0.01 par value, 450,000,000 shares
  
 authorized, 148,098,278 and 147,319,438 outstanding

1


1


Additional paid-in capital

2,656


2,643


Accumulated deficit

(834)


(1,001)


Treasury stock, at cost (714,021 and 645,734 shares)

(10)


(9)


Accumulated other comprehensive loss

(643)


(650)


         Total parent company stockholders' equity

1,923


1,737

Noncontrolling equity

104


101


         Total equity

2,027


1,838


         Total liabilities and equity

$ 5,312


$ 5,305

 

 DANA HOLDING CORPORATION 





 Consolidated Statement of Cash Flows (Unaudited) 





 For the Three Months Ended September 30,  2012 and 2011 












Three Months Ended

 (In millions) 


September 30, 




2012


2011

 Cash flows − operating activities 





 Net income 


$            60


$         112

 Depreciation 


46


53

 Amortization of intangibles 


22


23

 Amortization of deferred financing charges 


1


1

 Gain on sale of equity investments 




(60)

 Unremitted earnings of affiliates 


3


(4)

 Stock compensation expense 


4


1

 Deferred income taxes 


(4)


(1)

 Pension contributions in excess of expense 


(23)


(6)

 Change in working capital 


23


(11)

 Other, net 


(2)


(2)

 Net cash flows provided by operating activities (1) 


130


106







 Cash flows − investing activities 





 Purchases of property, plant and equipment (1) 


(42)


(56)

 Acquisition of business 


(7)



 Proceeds from sale of equity investments 




136

 Proceeds from sale of business 


7



 Other 


(4)


17

 Net cash flows (used in) provided by investing activities 


(46)


97







 Cash flows − financing activities 





 Net change in short-term debt 


(17)


13

 Proceeds from long-term debt 


11


1

 Repayment of long-term debt 


(9)


(7)

 Dividends paid to preferred stockholders 


(8)


(8)

 Dividends paid to common stockholders 


(7)



 Dividends paid to noncontrolling interests 


(7)


(2)

 Other 


(2)


1

 Net cash flows used in financing activities 


(39)


(2)







 Net increase in cash and cash equivalents 


45


201

 Cash and cash equivalents − beginning of period 


881


718

 Effect of exchange rate changes on cash balances 


14


(68)

 Cash and cash equivalents − end of period 


$         940


$         851













(1)  Free cash flow of $88 in 2012 and $50 in 2011 is the sum of net cash provided by operating activities reduced

       by the purchases of property, plant and equipment.



 DANA HOLDING CORPORATION 





 Consolidated Statement of Cash Flows (Unaudited) 





 For the Nine Months Ended September 30,  2012 and 2011 













Nine Months Ended

 (In millions) 


September 30, 




2012


2011

 Cash flows − operating activities 





 Net income 


$         222


$         157

 Depreciation 


142


163

 Amortization of intangibles 


66


68

 Amortization of deferred financing charges and original issue discount 


4


5

 Loss on extinguishment of debt 




53

 Gain on sale of equity investments 




(60)

 Unremitted earnings of affiliates 


(1)


(15)

 Stock compensation expense 


14


9

 Deferred income taxes 


(9)


3

 Pension contributions in excess of expense 


(204)


(4)

 Change in working capital 


(116)


(183)

 Other, net 


3


(10)

 Net cash flows provided by operating activities (1) 


121


186







 Cash flows − investing activities 





 Purchases of property, plant and equipment (1) 


(113)


(127)

 Acquisition of businesses 


(7)


(163)

 Payments to acquire interest in equity affiliate 




(124)

 Proceeds from sale of equity investments 




136

 Proceeds from sale of business 


7


15

 Other 


(1)


6

 Net cash flows used in investing activities 


(114)


(257)







 Cash flows − financing activities 





 Net change in short-term debt 


26


25

 Proceeds from long-term debt 


40


764

 Repayment of long-term debt 


(14)


(879)

 Deferred financing payments 




(26)

 Dividends paid to preferred stockholders 


(23)


(23)

 Dividends paid to common stockholders 


(22)



 Dividends paid to noncontrolling interests 


(9)


(5)

 Other 


(1)


8

 Net cash flows used in financing activities 


(3)


(136)







 Net increase (decrease) in cash and cash equivalents 


4


(207)

 Cash and cash equivalents − beginning of period 


931


1,090

 Effect of exchange rate changes on cash balances 


5


(32)

 Cash and cash equivalents − end of period 


$         940


$         851













(1)  Free cash flow of $8 in 2012 and $59 in 2011 is the sum of net cash provided by operating activities reduced by

       the purchases of property, plant and equipment.





 DANA HOLDING CORPORATION 





 Segment Sales & Segment EBITDA (Unaudited) 



 For the Three Months Ended September 30,  2012 and 2011 













 (In millions) 



Three Months Ended




September 30, 

 SALES 



2012


2011

  Light Vehicle Driveline



$        659


$        689

  Power Technologies



242


256

  Commercial Vehicle



471


611

  Off-Highway



343


385

  Other





(1)

  Total Sales



$     1,715


$     1,940







 Segment EBITDA 






  Light Vehicle Driveline



$         68


$         74

  Power Technologies



29


31

  Commercial Vehicle



45


61

  Off-Highway



48


42

 Total Segment EBITDA 



190


208

 Corporate expense and other items, net 


(1)


(8)

 Structures EBITDA 



1



 Adjusted EBITDA 



$        190


$        200

 

 DANA HOLDING CORPORATION 





 Segment Sales & Segment EBITDA (Unaudited) 



 For the Nine Months Ended September 30,  2012 and 2011 













 (In millions) 



Nine Months Ended




September 30, 

 SALES 



2012


2011

  Light Vehicle Driveline



$     2,121


$     2,016

  Power Technologies 



772


792

  Commercial Vehicle



1,535


1,669

  Off-Highway



1,187


1,172

  Total Sales



$     5,615


$     5,649







 Segment EBITDA 






  Light Vehicle Driveline



$        207


$        200

  Power Technologies 



106


108

  Commercial Vehicle



163


159

  Off-Highway



153


134

 Total Segment EBITDA 



629


601

 Corporate expense and other items, net 


(8)


(20)

 Structures EBITDA 



6


1

 Adjusted EBITDA 



$        627


$        582







 

DANA HOLDING CORPORATION 





 Reconciliation of Segment and Adjusted EBITDA 



 to Net Income (Unaudited) 






 For the Three Months Ended September 30,  2012 and 2011 



















 (In millions) 



Three Months Ended




September 30, 




2012


2011

 Segment EBITDA 



$        190


$        208

  Corporate expense and other items, net


(1)


(8)

  Structures EBITDA



1



 Adjusted EBITDA 



190


200

  Depreciation



(46)


(51)

  Amortization



(22)


(23)

  Restructuring



(6)


(22)

  Gain on sale of equity investments





60

  Strategic transaction and other expenses


(4)


(5)

  Impairment and loss on sale of assets




(5)

  Structures EBITDA



(1)



  Stock compensation expense



(3)


(1)

  Foreign exchange on intercompany loans





  and market value adjustments on forwards


3



  Interest expense



(22)


(20)

  Interest income



6


7

 Income from continuing operations before 





income taxes



95


140

 Income tax expense 



33


30

 Equity in earnings of affiliates 



(2)


6

 Income from continuing operations 



60


116

 Loss from discontinued operations 





(4)

 Net income 



$         60


$        112

 

 

 DANA HOLDING CORPORATION 





 Reconciliation of Segment and Adjusted EBITDA 



 to Net Income (Unaudited) 






 For the Nine Months Ended September 30,  2012 and 2011 



















 (In millions) 



Nine Months Ended




September 30, 




2012


2011

 Segment EBITDA 



$        629


$        601

  Corporate expense and other items, net


(8)


(20)

  Structures EBITDA



6


1

 Adjusted EBITDA 



627


582

  Depreciation



(140)


(159)

  Amortization



(66)


(68)

  Restructuring



(30)


(60)

  Loss on extinguishment of debt





(53)

  Gain on sale of equity investments





60

  Strategic transaction and other expenses


(8)


(10)

  Impairment and loss on sale of assets


(6)


(6)

  Structures EBITDA



(6)


(1)

  Stock compensation expense



(12)


(5)

  Foreign exchange on intercompany loans





  and market value adjustments on forwards


2


(1)

  Interest expense



(63)


(59)

  Interest income



17


20

 Income from continuing operations before 





income taxes



315


240

 Income tax expense 



97


93

 Equity in earnings of affiliates 



4


17

 Income from continuing operations 



222


164

 Loss from discontinued operations 





(7)

 Net income 



$        222


$        157

 

 

 DANA HOLDING CORPORATION 





 Diluted Adjusted EPS (Unaudited) 





 For the Three Months Ended September 30,  2012 and 2011 








 (In millions except per share amounts) 









Three Months Ended




September 30, 




2012


2011







 Net income attributable to parent company 


$             56


$           110

 Restructuring charges (1) 



6


23

 Amortization of intangibles (1) 



15


20

 Non-recurring items (1) 



3


(56)

 Adjusted net income 



$             80


$             97













 Diluted shares - as reported 



215


215

 Adjusted diluted shares 



215


215













 Diluted adjusted EPS 



$          0.37


$          0.45







 (1) Amounts are net of associated tax effect. 





 

 DANA HOLDING CORPORATION 





 Diluted Adjusted EPS (Unaudited) 





 For the Nine Months Ended September 30,  2012 and 2011 








 (In millions except per share amounts) 









Nine Months Ended




September 30, 




2012


2011







 Net income attributable to parent company 


$           212


$           148

 Restructuring charges (1) 



27


60

 Amortization of intangibles (1) 



49


58

 Non-recurring items (1) 



6


1

 Adjusted net income 



$           294


$           267













 Diluted shares - as reported 



215


215

 Adjusted diluted shares 



215


215













 Diluted adjusted EPS 



$          1.37


$          1.24







 (1) Amounts are net of associated tax effect. 





SOURCE Dana Holding Corporation



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