Dana Announces Share Repurchase Program; Company to Pay Dividends on Common, Preferred Stock
MAUMEE, Ohio, Oct. 26, 2012 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced its Board of Directors has approved a share repurchase program for up to $250 million of its currently outstanding shares of common stock. Dana plans to repurchase its shares either in the open market or through privately negotiated transactions over the next two years.
The stock repurchase is subject to prevailing market conditions and other considerations. The company has sufficient liquidity to support this initiative and plans to utilize its excess cash for the program.
"This program reflects strength in our balance sheet, confidence in the long-term prospects of our business, and commitment to delivering value to our shareholders," said Roger J. Wood, Dana president and chief executive officer.
Additionally, Dana announced that its Board of Directors has declared a dividend on its common stock. The Board declared a quarterly dividend of $0.05 per share, payable Nov. 30, 2012, to holders of Dana common stock as of Nov. 9, 2012.
The Board of Directors also authorized the payment of a dividend to shareholders of 4.0 percent Series A Convertible Preferred Stock and 4.0 percent Series B Convertible Preferred Stock. A cash payment of $1.00 per share representing a quarterly dividend for the quarter ended Sept. 30, will be payable on Nov. 26, 2012, to preferred shareholders of record as of the close of business on Nov. 2, 2012.
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.
About Dana Holding Corporation
Dana is a world-leading supplier of driveline, sealing, and thermal-management technologies that improve the efficiency and performance of passenger, commercial, and off-highway vehicles with both conventional and alternative-energy powertrains. The company's global network of engineering, manufacturing, and distribution facilities provides original-equipment and aftermarket customers with local product and service support. Based in Maumee, Ohio, Dana employs approximately 24,500 people in 27 countries and reported 2011 sales of $7.6 billion. For more information, please visit www.dana.com.
SOURCE Dana Holding Corporation