BUSINESS MEMO: RECORD SALES, PROFITS

Dana Corp., headquartered in Toledo, Ohio, has announced all-time high sales and earnings for 1998.

Full-year sales were $12.5 billion. For the year, operating income jumped 26 percent, to $591 million, and earnings per share increased 24 percent, to $3.54. With some one-time adjustments, net income was at $534 million for the year, with earnings per share at $3.20 on a fully diluted basis.

Sales for the fourth quarter were $3 billion, marking the first time the company experienced sales of more than $3 billion in a fourth quarter. Net income for the quarter increased 16 percent to $235 million, with earnings per share at 81 cents on a fully diluted basis.

Dana's financial results included those of the former Echlin Inc., which was merged with a Dana subsidiary in July.

Dana has grown dramatically during the past decade -- from $5 billion in sales in 1990, to revenues that are expected to exceed $13 billion in 1999, said Southwood J. Morcott, Dana's chairman and chief executive officer. "

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