Exhibit 99.1

(DANA LOGO)

Exhibit 99.1


		Contact: Michelle Hards (419) 535-4636 michelle.hards@dana.com

Dana Corporation Reports Second-Quarter Results

TOLEDO, Ohio, July 20, 2005 – Dana Corporation (NYSE: DCN) today reported financial results for the second quarter of 2005, which showed significant improvement over results for the first three months of the year. Second-quarter highlights included:

¾ Sales of $2.6 billion were up 6 percent from the first quarter of 2005;

¾ The addition of $215 million in net new business for the years 2005 to 2007 raised total net new business for this period to $1.3 billion;

¾ Higher sales and cost savings drove operating profit improvements of 53 percent in the Automotive Systems Group and 48 percent in the Heavy Vehicle Technologies and Systems Group; and

¾ Net income, exclusive of unusual items, increased to $53 million, or 35 cents per share, compared to $18 million, or 12 cents per share, during the first three months of 2005. Unusual items in the second quarter included a net charge of $5 million related to enactment of new Ohio tax legislation and a $3 million net gain from the sale of certain Dana Credit Corporation (DCC) assets. With these unusual items, net income totaled $51 million, or 34 cents per share.

“In the face of continuing industry-wide challenges, Dana people have made significant progress in strengthening our company,” said Dana Chairman and CEO Mike Burns. “Specifically, our lean manufacturing and value engineering programs are delivering tangible results as evidenced by the substantial profit improvement from last quarter.

“Our cost reduction and efficiency programs are essential. But equally important to achieving our goals is our aggressive pursuit of steady top-line growth,” Mr. Burns said. “To this end, we are extremely pleased to report that we have added another $215 million in the second quarter to our increasingly strong – and diverse – book of new business.”

Second-Quarter Results
Second-quarter sales in 2005 were $2.6 billion, compared to $2.3 billion during the same period last year. Earnings from continuing operations for the quarter, excluding unusual items, totaled $53 million, or 35 cents per share, compared to $59 million, or 39 cents per share, on a similar basis during the second quarter of 2004.

(more)

Net unusual charges for the second quarter of 2005 totaled $2 million. This amount included a net charge of $5 million resulting from a change in the basis of Ohio corporate taxation enacted on June 30. The accounting treatment of this change impacted the company’s deferred tax assets. This charge was partially offset by a $3 million gain from the company’s ongoing divestiture of DCC leasing assets.

The second quarter of 2004 included net unusual gains of $33 million associated with the sale of DCC assets and a tax benefit that we expected to realize on the sale of the automotive aftermarket operations that was completed in November 2004. Reported second-quarter 2004 net income, including net unusual gains, totaled $110 million, or 73 cents per share.

Business Unit Performance
The Heavy Vehicle Technologies and Systems Group continued to benefit from the strong commercial and off-highway markets. Its sales grew by 21 percent in the second quarter compared to the same period last year. Currency translation added $11 million to the group’s sales for the second quarter of 2005. Automotive Systems Group sales for the second quarter of 2005 were up 10 percent versus the same period last year, with currency translation contributing $62 million.

Heavy Vehicle profits were up 19 percent compared to the second quarter of 2004, while Automotive Systems profits were down 15 percent over the same period. Second-quarter profits – particularly those of the Automotive Systems Group – were negatively impacted by approximately $27 million, after tax and net of customer recoveries, in additional steel costs Dana incurred compared to the second quarter of 2004. Additionally, 2005 profit after tax for the Heavy Vehicle group was favorably impacted by $4 million related to a decrease in the group’s liability for warranty to reflect lower average claims costs.

2005 First-Half Results
Dana’s six-month consolidated sales for 2005 were $5.1 billion. Income from continuing operations for the first half of 2005, excluding unusual items, was $71 million, or 47 cents per share. Including a net charge of $2 million for unusual items, net income for the six months was $69 million, or 46 cents per share.

In comparison, Dana’s six-month consolidated sales for the first half of 2004 totaled $4.6 billion and income from continuing operations, excluding unusual items, was $109 million, or 72 cents per share. In this period, Dana reported income from discontinued operations of $48 million, or 32 cents per share, representing the automotive aftermarket businesses divested in November 2004. The $48 million included a $20 million tax benefit expected to be realized on the divestiture and a $3 million charge for divestiture-related expenses. Also during the first half of 2004, the company reported gains on the sale of DCC assets totaling $18 million. Including unusual items, net income for the first half of 2004 was $175 million.

Looking Ahead
“We are encouraged by the profit improvement we’ve achieved since last quarter,” Mr. Burns said. “And we believe there is considerable opportunity to achieve additional cost savings and process efficiencies as our efforts gain more momentum.

“Production schedules for North American heavy trucks continue to be stronger than expected and, as a result, we are raising our estimate for full-year 2005 production to 310,000 units from 293,000 units. The off-highway market segments we serve are also expected to remain strong for the rest of the year,” he said. “We’re also expecting to benefit from subsiding steel costs, which will be particularly important to the Automotive Systems Group.

“However,” Mr. Burns continued, “given the uncertainty surrounding North American light vehicle production in the second half of the year, we are lowering our 2005 production forecast to 15.5 million units from 15.7 million units. We are also concerned about the possible impact on sales if the dollar continues to gain strength. As a result, our earnings expectations for the full year remain unchanged at a range of $1.30 to $1.45 per share.”

Quarterly Conference Call Scheduled Today at 1 p.m.
Dana will discuss its second-quarter results in a conference call at 1 p.m. (ET) today. The call may be accessed via Dana’s web site (www.dana.com), where it will be accompanied by a slide presentation, or by dialing (800) 275-3210. Please dial into the conference five minutes prior to the call. An audio recording of this conference call will be available after 5 p.m. today. To access this recording, please dial (800) 537-8823. A webcast replay of the call will also be available after 5 p.m. today and will be accessible via the Dana web site.

About Dana Corporation
Dana people design and manufacture products for every major vehicle producer in the world. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. A leading supplier of axle, driveshaft, engine, frame, chassis, and transmission technologies, Dana employs 46,000 people in 28 countries. Based in Toledo, Ohio, the company reported sales of $9.1 billion in 2004. Dana’s Internet address is: www.dana.com.

Forward-Looking Statements
Certain statements contained in this release constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent Dana’s expectations based on our current information and assumptions. Forward-looking statements are inherently subject to risks and uncertainties. Dana’s actual results could differ materially from those that are anticipated or projected due to a number of factors. These factors include national and international economic conditions; adverse effects from terrorism or hostilities; the strength of other currencies relative to the U.S. dollar; increases in commodity costs, including steel, that cannot be recouped in product pricing; our ability and that of our customers to achieve projected sales and production levels; the continued availability of necessary goods and services from our suppliers; competitive pressures on our sales and pricing; the success of our cost reduction, cash management, and long-term transformation programs, and our U.S. tax loss carryforward utilization strategies, and other factors set out in our public filings with the Securities and Exchange Commission. Dana does not undertake to update any forward-looking statements in this release.

# # #

Dana Corporation
Financial Summary (Unaudited)
(in millions, except per share amounts)


	Three Months Ended June 30
	2005			2004
Sales	$	2,632		$	2,331

Income from continuing operations	$	51		$	75
Income from discontinued operations					35

Net income	$	51		$	110

Income from continuing operations	$	51		$	75
Net gains associated with DCC asset sales		(3	)		(16	)
Charge related to Ohio tax legislation		5

Income from continuing operations, excluding unusual items	$	53		$	59

Income from discontinued operations	$	—		$	35
Anticipated tax benefit related to sale of automotive aftermarket business					(20	)
Charges related to sales of discontinued operations					3

Income from discontinued operations, excluding unusual items	$	—		$	18

Diluted earnings per share:
Income from continuing operations	$	0.34		$	0.50
Income from discontinued operations					0.23

Net income	$	0.34		$	0.73

Income from continuing operations, excluding unusual items	$	0.35		$	0.39
Income from discontinued operations, excluding unusual items					0.12

Net income, excluding unusual items		0.35			0.51
Unusual items		(0.01	)		0.22

Net income	$	0.34		$	0.73

Dana Corporation
Financial Summary (Unaudited)
(in millions, except per share amounts)


	Six Months Ended June 30
	2005			2004
Sales	$	5,120		$	4,642

Income from continuing operations	$	69		$	127
Income from discontinued operations					48

Net income	$	69		$	175

Income from continuing operations	$	69		$	127
Net gains associated with DCC asset sales		(3	)		(18	)
Charge related to Ohio tax legislation		5

Income from continuing operations, excluding unusual items	$	71		$	109

Income from discontinued operations	$	—		$	48
Anticipated tax benefit related to sale of automotive aftermarket business					(20	)
Charges related to sale of discontinued operations					3

Income from discontinued operations, excluding unusual items	$	—		$	31

Diluted earnings per share:
Income from continuing operations	$	0.46		$	0.84
Income from discontinued operations					0.32

Net income	$	0.46		$	1.16

Income from continuing operations, excluding unusual items	$	0.47		$	0.72
Income from discontinued operations, excluding unusual items					0.21

Net income, excluding unusual items		0.47			0.93
Unusual items		(0.01	)		0.23

Net income	$	0.46		$	1.16

Dana Corporation
Condensed Statement of Income (Unaudited)
(in millions, except per share amounts)


	Three Months Ended June 30
	2005			2004
Net sales	$	2,632		$	2,331
Revenue from lease financing and other income		25			25

		2,657			2,356

Costs and expenses
Cost of sales		2,428			2,101
Selling, general and administrative expenses		136			124
Interest expense		40			51

		2,604			2,276

Income before income taxes		53			80
Income tax expense		(10	)		(6	)
Minority interest		(3	)		(3	)
Equity in earnings of affiliates		11			4

Income from continuing operations		51			75
Income from discontinued operations					35

Net income	$	51		$	110

Basic earnings per share
Income from continuing operations	$	0.34		$	0.51
Income from discontinued operations					0.23

Net income	$	0.34		$	0.74

Diluted earnings per share
Income from continuing operations	$	0.34		$	0.50
Income from discontinued operations					0.23

Net income	$	0.34		$	0.73

Average shares outstanding -
For Basic EPS		150			149
For Diluted EPS		151			151

Dana Corporation
Condensed Statement of Income (Unaudited)
(in millions, except per share amounts)


	Six Months Ended June 30
	2005			2004
Net sales	$	5,120		$	4,642
Revenue from lease financing and other income		57			39

		5,177			4,681

Costs and expenses
Cost of sales		4,753			4,206
Selling, general and administrative expenses		274			258
Interest expense		83			102

		5,110			4,566

Income before income taxes		67			115
Income tax expense		(10	)		(3	)
Minority interest		(6	)		(6	)
Equity in earnings of affiliates		18			21

Income from continuing operations		69			127
Income from discontinued operations					48

Net income	$	69		$	175

Basic earnings per share
Income from continuing operations	$	0.46		$	0.86
Income from discontinued operations					0.32

Net income	$	0.46		$	1.18

Diluted earnings per share
Income from continuing operations	$	0.46		$	0.84
Income from discontinued operations					0.32

Net income	$	0.46		$	1.16

Average shares outstanding -
For Basic EPS		150			148
For Diluted EPS		151			150

Dana Corporation
Condensed Balance Sheet (Unaudited)
(in millions)


	June 30		December 31
Assets	2005		2004
Current assets
Cash and cash equivalents	$	666	$	634
Accounts receivable
Trade		1,478		1,266
Other		295		444
Inventories		920		907
Other current assets		276		217

Total current assets		3,635		3,468
Investment in leases		246		281
Investments and other assets		3,037		3,145
Property, plant and equipment, net		1,998		2,153

Total assets	$	8,916	$	9,047

Liabilities and Shareholders’ Equity
Current liabilities
Notes payable	$	409	$	155
Accounts payable		1,356		1,317
Other current liabilities		1,006		1,217

Total current liabilities		2,771		2,689
Long-term debt		1,979		2,054
Deferred employee benefits and other noncurrent liabilities		1,677		1,746
Minority interest		131		123
Shareholders’ equity		2,358		2,435

Total liabilities and shareholders’ equity	$	8,916	$	9,047

Dana Corporation
Condensed Statement of Cash Flows (Unaudited)
(in millions)


	Three Months Ended June 30
	2005			2004
Net income	$	51		$	110
Depreciation and amortization		80			90
Gain on divestitures and asset sales		(4	)		(21	)
Working capital decrease (increase)		(21	)		58
Deferred taxes		(23	)		(46	)
Other		(47	)		(74	)

Net cash flows — operating activities		36			117

Purchases of property, plant and equipment		(62	)		(63	)
Payments received on leases and loans		1			4
Asset sales		102			52
Other		(17	)		(41	)

Net cash flows — investing activities		24			(48	)

Net change in short-term debt		61			38
Payments on long-term debt		(25	)		(45	)
Dividends paid		(18	)		(18	)
Other		(2	)		5

Net cash flows — financing activities		16			(20	)

Net change in cash and cash equivalents		76			49
Net change in cash — discontinued operations					2
Cash and cash equivalents — beginning of period		590			546

Cash and cash equivalents — end of period	$	666		$	597

Dana Corporation
Condensed Statement of Cash Flows (Unaudited)
(in millions)


	Six Months Ended June 30
	2005			2004
Net income	$	69		$	175
Depreciation and amortization		163			183
Gain on divestitures and asset sales		(5	)		(25	)
Working capital increase		(287	)		(164	)
Deferred taxes		(35	)		(41	)
Other		(72	)		(73	)

Net cash flows — operating activities		(167	)		55

Purchases of property, plant and equipment		(132	)		(142	)
Payments received on leases and loans		5			8
Payments received from DCC partnerships		64			15
Asset sales		137			155
Other		(16	)		(55	)

Net cash flows — investing activities		58			(19	)

Net change in short-term debt		225			153
Proceeds from long-term debt					5
Payments on long-term debt		(45	)		(304	)
Dividends paid		(36	)		(36	)
Other		(3	)		10

Net cash flows — financing activities		141			(172	)

Net change in cash and cash equivalents		32			(136	)
Net change in cash — discontinued operations					2
Cash and cash equivalents — beginning of period		634			731

Cash and cash equivalents — end of period	$	666		$	597

Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Statement of Income (Unaudited)
(in millions)


	Six Months Ended June 30
	2005			2004
Net sales	$	5,120		$	4,642
Other income		43			20

		5,163			4,662

Costs and expenses
Cost of sales		4,762			4,222
Selling, general and administrative expenses		257			243
Interest expense		67			77

		5,086			4,542

Income before income taxes		77			120
Income tax expense		(27	)		(38	)
Minority interest		(6	)		(6	)
Equity in earnings of affiliates		25			51

Income from continuing operations		69			127
Income from discontinued operations					48

Net income	$	69		$	175

Dana Corporation
(Including Dana Credit Corporation on an Equity Basis)
Condensed Balance Sheet (Unaudited)
(in millions)


	June 30		December 31
Assets	2005		2004
Current assets Cash and cash equivalents	$	651	$	619
Accounts receivable Trade		1,478		1,266
Other		295		445
Inventories		920		907
Other current assets		256		192

Total current assets		3,600		3,429
Investments and other assets		3,245		3,337
Property, plant and equipment, net		1,943		2,015

Total assets	$	8,788	$	8,781

Liabilities and Shareholders’ Equity
Current liabilities Notes payable	$	572	$	289
Accounts payable		1,356		1,317
Other current liabilities		1,096		1,269

Total current liabilities		3,024		2,875
Long-term debt		1,606		1,611
Deferred employee benefits and other noncurrent liabilities		1,671		1,739
Minority interest		129		121
Shareholders’ equity		2,358		2,435

Total liabilities and shareholders’ equity	$	8,788	$	8,781

Dana Corporation
Condensed Consolidating Statement of Income (Unaudited)
(in millions)


	Three Months Ended June 30, 2005
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Net sales	$	2,632		$			$			$	2,632
Other income (expense)		25			8			(8	)		25

		2,657			8			(8	)		2,657

Costs and expenses
Cost of sales		2,432						(4	)		2,428
Selling, general and administrative expenses		126			12			(2	)		136
Interest expense		33			9			(2	)		40

		2,591			21			(8	)		2,604

Income (loss) before income taxes		66			(13	)		—			53
Income tax benefit (expense)		(27	)		17						(10	)
Minority interest		(3	)								(3	)
Equity in earnings of affiliates		15			1			(5	)		11

Income from continuing operations		51			5			(5	)		51

Net income	$	51		$	5		$	(5	)	$	51

This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts reported for Dana Corporation on a fully consolidated basis.

Dana Corporation
Condensed Consolidating Statement of Income (Unaudited)
(in millions)


	Six Months Ended June 30, 2005
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Net sales	$	5,120		$			$			$	5,120
Other income (expense)		43			31			(17	)		57

		5,163			31			(17	)		5,177

Costs and expenses
Cost of sales		4,762						(9	)		4,753
Selling, general and administrative expenses		257			22			(5	)		274
Interest expense		67			19			(3	)		83

		5,086			41			(17	)		5,110

Income (loss) before income taxes		77			(10	)		—			67
Income tax benefit (expense)		(27	)		17						(10	)
Minority interest		(6	)								(6	)
Equity in earnings of affiliates		25			6			(13	)		18

Income from continuing operations		69			13			(13	)		69

Net income	$	69		$	13		$	(13	)	$	69

Dana Corporation
Condensed Consolidating Statement of Income (Unaudited)
(in millions)


	Three Months Ended June 30, 2004
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Net sales	$	2,331		$			$			$	2,331
Other income (expense)		13			24			(12	)		25

		2,344			24			(12	)		2,356

Costs and expenses
Cost of sales		2,108						(7	)		2,101
Selling, general and administrative expenses		123			6			(5	)		124
Interest expense		39			12						51

		2,270			18			(12	)		2,276

Income before income taxes		74			6			—			80
Income tax benefit (expense)		(27	)		21						(6	)
Minority interest		(3	)								(3	)
Equity in earnings of affiliates		31			(2	)		(25	)		4

Income from continuing operations		75			25			(25	)		75
Income from discontinued operations		35									35

Net income	$	110		$	25		$	(25	)	$	110

Dana Corporation
Condensed Consolidating Statement of Income (Unaudited)
(in millions)


	Six Months Ended June 30, 2004
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Net sales	$	4,642		$			$			$	4,642
Other income (expense)		20			46			(27	)		39

		4,662			46			(27	)		4,681

Costs and expenses
Cost of sales		4,222						(16	)		4,206
Selling, general and administrative expenses		243			26			(11	)		258
Interest expense		77			25						102

		4,542			51			(27	)		4,566

Income (loss) before income taxes		120			(5	)		—			115
Income tax benefit (expense)		(38	)		35						(3	)
Minority interest		(6	)								(6	)
Equity in earnings of affiliates		51			4			(34	)		21

Income from continuing operations		127			34			(34	)		127
Income from discontinued operations		48									48

Net income	$	175		$	34		$	(34	)	$	175

Dana Corporation
Condensed Consolidating Balance Sheet (Unaudited)
(in millions)


	June 30, 2005
	Dana
	with DCC on				Elimination			Dana
Assets	Equity Basis		DCC		Entries			Consolidated
Current assets
Cash and cash equivalents	$	651	$	15	$			$	666
Accounts receivable		1,478							1,478
Trade		1,478							1,478
Other		295		268		(268	)		295
Inventories		920							920
Other current assets		256		172		(152	)		276

Total current assets		3,600		455		(420	)		3,635

Investment in leases				293		(47	)		246
Investments and other assets		3,245		400		(608	)		3,037
Property, plant and equipment, net		1,943		8		47			1,998

Total assets	$	8,788	$	1,156	$	(1,028	)	$	8,916

Liabilities and Shareholders’ Equity
Current liabilities
Notes payable	$	572	$	98	$	(261	)	$	409
Accounts payable		1,356							1,356
Other current liabilities		1,096		69		(159	)		1,006

Total current liabilities		3,024		167		(420	)		2,771

Long-term debt		1,606		373					1,979
Deferred employee benefits and other noncurrent liabilities		1,671		305		(299	)		1,677
Minority interest		129		2					131
Shareholders’ equity		2,358		309		(309	)		2,358

Total liabilities and shareholders’ equity	$	8,788	$	1,156	$	(1,028	)	$	8,916

Dana Corporation
Condensed Consolidating Balance Sheet (Unaudited)
(in millions)


	December 31, 2004
	Dana
	with DCC on				Elimination			Dana
Assets	Equity Basis		DCC		Entries			Consolidated
Current assets
Cash and cash equivalents	$	619	$	15	$			$	634
Accounts receivable
Trade		1,266							1,266
Other		445		208		(209	)		444
Inventories		907							907
Other current assets		192		137		(112	)		217

Total current assets		3,429		360		(321	)		3,468

Investment in leases				411		(130	)		281
Investments and other assets		3,337		467		(659	)		3,145
Property, plant and equipment, net		2,015		8		130			2,153

Total assets	$	8,781	$	1,246	$	(980	)	$	9,047

Liabilities and Shareholders’ Equity
Current liabilities
Notes payable	$	289	$	68	$	(202	)	$	155
Accounts payable		1,317							1,317
Other current liabilities		1,269		67		(119	)		1,217

Total current liabilities		2,875		135		(321	)		2,689

Long-term debt		1,611		443					2,054
Deferred employee benefits and other noncurrent liabilities		1,739		316		(309	)		1,746
Minority interest		121		2					123
Shareholders’ equity		2,435		350		(350	)		2,435

Total liabilities and shareholders’ equity	$	8,781	$	1,246	$	(980	)	$	9,047

Dana Corporation
Consolidating Cash Flow Impact on Net Debt (Unaudited)
(in millions)


	Three Months Ended June 30, 2005
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Sources
Net income	$	51		$	5		$	(5	)	$	51
Depreciation		75			5						80
Asset sales		4			98						102
Working capital decrease (increase)		(12	)		6			—			(6	)
Other		16			(48	)		(38	)		(70	)

		134			66			(43	)		157

Uses
Capital spend		(62	)								(62	)
Dividends		(18	)		(50	)		50			(18	)
Restructuring cash payments		(15	)								(15	)
Deferred taxes		(9	)		(14	)					(23	)
Net changes in other accounts		(11	)		13			(1	)		1

		(115	)		(51	)		49			(117	)

Cash change in net debt	$	19		$	15		$	6		$	40

Analysis of components of decrease in net debt:
Net change in short-term debt	$	68		$	(1	)	$	(6	)	$	61
Net payments on long-term debt					(25	)					(25	)
Change in cash — continuing operations		(87	)		11						(76	)

Cash change in net debt		(19	)		(15	)		(6	)		(40	)
Non-cash changes in net debt		2			(1	)					1

Total change in net debt	$	(17	)	$	(16	)	$	(6	)	$	(39	)

This consolidating statement provides a reconciliation of the amounts presented for Dana with Dana Credit Corporation (DCC) on an equity basis to amounts presented for Dana Corporation on a fully consolidated basis.

Dana Corporation
Consolidating Cash Flow Impact on Net Debt (Unaudited)
(includes revisions to the version attached to the press release)
(in millions)


	Six Months Ended June 30, 2005
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Sources
Net income	$	69		$	13		$	(13	)	$	69
Depreciation		153			10						163
Asset sales		23			114						137
Working capital decrease (increase)		(262	)		(2	)					(264	)

		(17	)		135			(13	)		105

Uses
Capital spend		(132	)								(132	)
Dividends		(36	)		(50	)		50			(36	)
Restructuring cash payments		(23	)								(23	)
Deferred taxes		(39	)		4						(35	)
Payments received from DCC partnerships		—			64						64
Net changes in other accounts		(1	)		(113	)		23			(91	)

		(231	)		(95	)		73			(253	)

Cash change in net debt	$	(248	)	$	40		$	60		$	(148	)

Analysis of components of increase (decrease) in net debt:
Net change in short-term debt	$	286		$	(1	)	$	(60	)	$	225
Net payments on long-term debt		(6	)		(39	)					(45	)
Change in cash — continuing operations		(32	)								(32	)

Cash change in net debt		248			(40	)		(60	)		148
Non-cash changes in net debt		(2	)								(2	)

Total change in net debt	$	246		$	(40	)	$	(60	)	$	146

Dana Corporation
Consolidating Cash Flow Impact on Net Debt (Unaudited)
(in millions)


	Three Months Ended June 30, 2004
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Sources
Net income	$	110		$	25		$	(25	)	$	110
Depreciation		82						8			90
Asset sales		19			36			(3	)		52
Working capital decrease		65			7			12			84

		276			76			(16	)		336

Uses
Capital spend		(63	)		(3	)		3			(63	)
Dividends		(18	)								(18	)
Realignment cash payments		(26	)								(26	)
Deferred taxes		(54	)		8						(46	)
Net changes in other accounts		(109	)		(29	)		13			(125	)

		(270	)		(24	)		16			(278	)

Cash change in net debt	$	6		$	52		$	—		$	58

Analysis of components of decrease in net debt:
Net change in short-term debt	$	38		$	—		$			$	38
Net payments on long-term debt		3			(48	)					(45	)
Change in cash — continuing operations		(47	)		(4	)					(51	)

Cash change in net debt		(6	)		(52	)		—			(58	)
Non-cash changes in net debt		(49	)		—			—			(49	)

Total change in net debt	$	(55	)	$	(52	)	$	—		$	(107	)

Dana Corporation
Consolidating Cash Flow Impact on Net Debt (Unaudited)
(in millions)


	Six Months Ended June 30, 2004
	Dana
	with DCC on						Elimination			Dana
	Equity Basis			DCC			Entries			Consolidated
Sources
Net income	$	175		$	34		$	(34	)	$	175
Depreciation		165			18						183
Asset sales		33			125			(3	)		155
Working capital decrease (increase)		(115	)		(1	)		1			(115	)
Other		—			—			—			—

		258			176			(36	)		398

Uses
Capital spend		(139	)		(6	)		3			(142	)
Dividends		(36	)								(36	)
Restructuring cash payments		(49	)								(49	)
Deferred taxes		(50	)		9						(41	)
Net changes in other accounts		(101	)		(52	)		33			(120	)

		(375	)		(49	)		36			(388	)

Cash change in net debt	$	(117	)	$	127		$	—		$	10

Analysis of components of increase (decrease) in net debt:
Net change in short-term debt	$	183		$	(30	)	$			$	153
Net payments on long-term debt		(234	)		(65	)					(299	)
Change in cash — continuing operations		166			(32	)					134
Change in cash — discontinued		2									2

Cash change in net debt		117			(127	)		—			(10	)
Non-cash changes in net debt		(33	)		(27	)					(60	)

Total change in net debt	$	84		$	(154	)	$	—		$	(70	)

(DANA LOGO)

Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
For the Three Months Ended June 30, 2005
(in millions)


	External Sales				Inter-Segment Sales				EBIT						Operating PAT						Net Profit						Net Assets
	05		04		05		04		05			04			05			04			05			04			05			04
Automotive Systems Group	$	1,914	$	1,719	$	34	$	47	$	85		$	109		$	61		$	72		$	25		$	44		$	3,121		$	2,986
Heavy Vehicle Technologies and Systems Group		711		588		1		1		59			51			37			31			20			18			779			632
Dana Commercial Credit																3			5			3			5			309			325
Other		7		24		16		16		(61	)		(46	)		(48	)		(49	)		5			(8	)		(102	)		(61	)

Continuing Operations		2,632		2,331		51		64		83			114			53			59			53			59			4,107			3,882

Discontinued Operations													30						18						18
Unusual Items Excluded from Performance Measurement										9			(8	)		(2	)		33			(2	)		33

Consolidated	$	2,632	$	2,331	$	51	$	64	$	92		$	136		$	51		$	110		$	51		$	110		$	4,107		$	3,882


North America	$	1,635	$	1,577	$	27	$	25	$	32		$	80		$	21		$	48		$	(8	)	$	24		$	2,382		$	2,206
Europe		553		442		34		31		54			37			38			26			29			19			1,145			1,096
South America		245		153		66		50		34			27			21			17			17			14			430			327
Asia Pacific		199		159		2		13		18			10			11			7			7			3			190			159
Dana Commercial Credit																3			5			3			5			309			325
Other										(55	)		(40	)		(41	)		(44	)		5			(6	)		(349	)		(231	)

Continuing Operations		2,632		2,331		129		119		83			114			53			59			53			59			4,107			3,882
Discontinued Operations													30						18						18
Unusual Items Excluded from Performance Measurement										9			(8	)		(2	)		33			(2	)		33

Consolidated	$	2,632	$	2,331	$	129	$	119	$	92		$	136		$	51		$	110		$	51		$	110		$	4,107		$	3,882

Information for Discontinued Operations				557				5																							962

FOR MORE INFORMATION
(www.dana.com) - Dial-For-Dana U.S. or Canada 800-537-8823; OH 800-472-8810
E-Mail michelle.hards@dana.com or karen.crawford@dana.com
Dana Investor Relations 419-535-4635

(DANA LOGO)

Investor Relations
Dana Corporation
Quarterly Financial Information (Unaudited)
For the Six Months Ended June 30, 2005
(in millions)


	External Sales				Inter-Segment Sales				EBIT						Operating PAT						Net Profit						Net Assets
	05		04		05		04		05			04			05			04			05			04			05			04
Automotive Systems Group	$	3,724	$	3,431	$	71	$	92	$	144		$	212		$	101		$	143		$	30		$	84		$	3,121		$	2,986
Heavy Vehicle Technologies and Systems Group		1,381		1,161		2		2		99			91			62			55			28			28			779			632
Dana Commercial Credit																9			12			9			12			309			325
Other		15		50		30		32		(120	)		(106	)		(101	)		(101	)		4			(15	)		(102	)		(61	)

Continuing Operations		5,120		4,642		103		126		123			197			71			109			71			109			4,107			3,882
Discontinued Operations													55						31						31
Unusual Items Excluded from Performance Measurement										7			(9	)		(2	)		35			(2	)		35

Consolidated	$	5,120	$	4,642	$	103	$	126	$	130		$	243		$	69		$	175		$	69		$	175		$	4,107		$	3,882


North America	$	3,221	$	3,171	$	54	$	52	$	56		$	163		$	33		$	102		$	(24	)	$	49		$	2,382		$	2,206
Europe		1,085		880		76		61		92			67			64			48			45			33			1,145			1,096
South America		454		283		125		94		56			45			35			28			27			23			430			327
Asia Pacific		360		308		7		14		28			18			18			12			10			5			190			159
Dana Commercial Credit																9			12			9			12			309			325
Other										(109	)		(96	)		(88	)		(93	)		4			(13	)		(349	)		(231	)

Continuing Operations		5,120		4,642		262		221		123			197			71			109			71			109			4,107			3,882
Discontinued Operations													55						31						31
Unusual Items Excluded from Performance Measurement										7			(9	)		(2	)		35			(2	)		35

Consolidated	$	5,120	$	4,642	$	262	$	221	$	130		$	243		$	69		$	175		$	69		$	175		$	4,107		$	3,882

Information for Discontinued Operations				1,067				9																							962

FOR MORE INFORMATION
(www.dana.com) - Dial-For-Dana U.S. or Canada 800-537-8823; OH 800-472-8810
E-Mail michelle.hards@dana.com or karen.crawford@dana.com
Dana Investor Relations 419-535-4635