BUSINESS MEMO: DANA EARNINGS

Dana Corp., headquartered in Toledo, Ohio, has announced all-time high sales and earnings for 1999.

Full-year sales were $13.2 billion, up 6 percent from record totals of 1998. Operating profits after taxes rose 15 percent to $678 million, and operating earnings a share increased 16 percent, to $4.06. Net income was $513 million, and earnings a share were $3.08 on a fully diluted basis.

The results marked Dana's eighth consecutive year of record sales and sixth straight year of record operating profits.

Sales for the fourth quarter were $3.2 billion, marking the second time the company experienced sales of more than $3 billion in a fourth quarter. Operating profits after taxes were $143 million. Operating earnings a share were 87 cents on a diluted basis.

The fourth quarter included non-recurring charges of almost $144 million (87 cent a share). Including these items, the company had no net income or earnings a share in the fourth quarter. The non-recurring items consisted primarily of charges for rationalization of a number of operations globally. The most significant item was the downsizing of Dana's structural products operations at Reading, Pa. Other affected operations included facilities in Argentina and Europe.

Founded in 1904, Dana operates 330 facilities in 32 countries and employs more than 86,000 people. The local Dana facility is the Spicer Light Vehicle Axle Division at 2075 Corporate Circle.