Document R5r0nJ5j5QvKkbjEMpqqpXqn
Additional Information
In millions except per share amounts
Shareholders' Investment
The following table shows the range of market prices of our common stock on the New York Stock Exchange and the cash
dividends declared and paid for each quarter during 2000 and 2001. At December 31, 2001, the closing price of Dana common stock was $13.88.
Quarter Ended March 31 June 30 September 30 December 31
High $33.25
31.81 27.69 24.00
2000 Low
$20.31 20.88 20.63 12.81
Stock Price
Close $28.19
21.19 21.50 15.31
High $ 20.40
23.50 26.90 15.73
2001 Low
$ 15.63 16.25 13.07 10.25
Close $ 17.18
23.34 15.60 13.88
Cash Dividends Declared and Paid
2000
2001
$ .31 .31 .31 .31
$ .31 .31 .31 .01
Unaudited Quarterly Financial Information
Quarter Ended For the year ended
December 31, 2000
March 31 June 30
September 30 December 31 For the year ended December 31, 2001 March 31 June 30 September 30 December 31
Net Sales
$ 3,468 3,296 2,865 2,688
$ 2,731 2,768 2,399 2,373
Gross Profit
$ 566 518 384 250
$ 288 354 250 111
Net Income (Loss)
$ 245 144 29 (84)
$ (27) 14 13
(298)
Net Income (Loss)
Per Share
Basic
Diluted
$ 1.55 .95 .19 (.57)
$ 1.54 .95 .19 (.57)
$ (0.18) 0.10 0.08 (2.01)
$ (0.18) 0.10 0.08 (2.01)
In the first quarter of 2000, we recognized approximately $85 (53 cents per share) of non-recurring income representing gains on divestitures, net of $12 of integration expenses. In the second quarter, we recorded $10 (7 cents per share) of integration charges incurred in connection with consolidating our Engine Management warehouse operations. In the third quarter, we recorded a charge of $32 (21 cents per share) related to the closing of our Reading, Pa., structures facility.
In the fourth quarter of 2000, we recorded $86 million of unusual charges (58 cents per share), including restructuring expenses related to closing several facilities ($34), integration expenses incurred primarily in the Engine Management Division and in relocating operations of closed facilities ($21), equity losses related to our 49%-owned affiliate in Venezuela ($20) and costs associated with exiting several lines of business ($11).
In the first quarter of 2001, we recorded an after-tax loss of $12 on the sale of Mr. Gasket, a wholly owned subsidiary. We also recorded $22 of restructuring expense in connection with the announced closing of six facilities in the ASG and EFMG and workforce reductions at other facilities. These charges included $10 for employee termination benefits, $7 for asset impairment and $5 for other exit costs and impacted net earnings by $14. Total unusual charges for the quarter totaled $28 (19 cents per share).
In the second quarter of 2001, we divested our Marion, Ohio, forging facility and the assets of EFMG facilities in Dallas, Texas, and Washington, Mo. A net after-tax loss of $8 (5 cents per share) resulted from these transactions. Charges related to our ongoing efforts to downsize various operations adversely affected net income by $4 (3 cents per share) in the second quarter.
We completed the sale of our Chelsea power take-off business to Parker Hannifin Corporation in July. The sale of our Glacier industrial polymer bearings businesses to Goodrich Corporation was completed the following month. After-tax gains totaling $30 were recorded on these transactions. We announced additional facility closings in the third quarter. We accrued additional restructuring charges of $12 in connection with these announcements, which affected earnings by $7 net of tax benefits. Net nonrecurring income for the quarter was $21 (14 cents per share).
In October, we announced plans to reduce our global workforce by more than 15 percent and initiated a review of more than 30 facilities for possible consolidation or closure. During the fourth quarter, we announced the closing of 21 of these facilities and reduced our workforce by more than 7%. Charges for these and related actions totaled $440, including $155 for employee terminations, $196 for asset impairments and $189 for exit and other costs. Net earnings were impacted by $284 ($1.92 per share).
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