DETROIT -- Dana Corp. said Tuesday it expects to cut the net income it reported for 2004 and the first half of 2005 a total of $25 million to $45 million in the wake of an internal review of its accounting.
The supplier's board of directors also slashed the quarterly stock dividend to 1 cent a share, from 12 cents a share.
Dana also said it planned to make an announcement this week "regarding operational and strategic measures to improve its financial performance."
On Oct. 10, Dana warned that it would restate its earnings for 2004 and the first two quarters of 2005 because of accounting errors related to its commercial-vehicle supply business. It also said there were "material weaknesses" in its internal control over financial reporting.
Dana, of Toledo, Ohio, ranks No. 15 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $9.05 billion in 2004. Dana supplies chassis and engine components.
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