This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Forward-Looking Statements

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,064.56 +26.59 0.15%
S&P 500 2,105.08 -3.84 -0.18%
NASDAQ 5,044.9780 -15.2680 -0.30%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs