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Published: Tuesday, 5/13/2008

Dana completes 1st quarter with gain

Dana Holding Corp., which emerged from two years of bankruptcy on Feb. 1, reported yesterday that it lost $24 million on sales of $1.56 billion in February and March, compared with a $92 million loss on $2.15 billion in sales for the first quarter a year ago.

The Toledo axle maker said it had $751 million in revenue in January and $709 million in profit, according to a company filing with the U.S. Securities and Exchange Commission.

Its per-share profit is tougher to calculate because its stock was virtually worthless during bankruptcy. New shares were issued after the city's biggest firm emerged from Chapter 11 protection.

It lost 28 cents a share in February and March this year from continuing operations and an additional 1 cent a share from discontinued operations.

For January, it gained $4.75 a share from continuing operations but lost 4 cents a share from discontinued operations. For the first quarter last year, it lost 24 cents a share from continuing operations and 37 cents from discontinued operations.

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