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Published: Friday, 5/12/2006

Dana delays report of first-quarter results

Dana Corp., Toledo's largest company, said yesterday its first-quarter financial report will be delayed, but it expects a record loss.

In a filing with the U.S. Securities and Exchange Commission, it said it needs more time to address expenses and other issues related to its Chapter 11 bankruptcy. The firm said it plans to file the report before May 31, more than two weeks after it was due. Its last two quarterly filings were late.

Dana recorded an $18 million profit for the first quarter last year but said lower operating margins and reorganization costs made it unable to estimate its loss for January through March this year. The automotive parts supplier reported a $1.6 billion loss for 2005 and had a $1.3 billion loss in the third quarter.

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