For the year, the company - which hasn t reported a profit since emerging from bankruptcy protection Jan. 31, 2008 said it had a profit of $18 million after booking a $709 million gain when it emerged from bankruptcy. For the 11 months it operated without Chapter 11 protection, the company disclosed a loss of $691 million, or $7.16 a share.
Dana s announcement had been delayed by almost three weeks, which it attributed to the rapidly changing economic conditions. The company also announced that it plans to reduce its global workforce by an additional 5800. The cuts are in addition to 5000 jobs that were eliminated in the fourth quarter of 2008. Dana did not immediately identify where those cuts would take place.
Sales for the fourth quarter were $1.5 billion, down $636 million or 29 percent, from the prior year, the company said. Sales for all of 2008 were $8.1 billion, down $626 million from $8.7 billion in 2007.
The downsizing axle and thermal products manufacturer, which plans to move from its Toledo headquarters to Maumee this year, said it had $777 million in cash remaining and total liquidity of $866 million. Its debt was $474 million.
We expect 2009 to be even more challenging than 2008, but we believe Dana is prepared with plans to continue re-sizing our operations, improve operational performance and margins, and maintain adequate liquidity and earnings, chairman and chief executive officer John Devine said in a written statement.
Contact Larry P. Vellequette at:
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