April 21, 2003 – Finance Digest
Dana to Webcast report information
Dana Corporation (NYSE:DCN), Toledo, Ohio, will announce its first quarter results on Thursday, April 24, 2003. A conference call is scheduled for 1:00pm EDT. Joe Magliochetti, Dana’s chairman and chief executive officer, and Bob Richter, Dana’s chief financial officer, will participate in the call.
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.
An audio recording of this conference call will be available after 5:00pm EDT on April 24, 2003. To access this recording, please dial 800/537-8823 if calling from within the U.S. or Canada and 800/472-8810 if calling from anywhere within Ohio.
Webcast replay will be available April 24, 2003 after 6:00pm EDT. This can also be accessed via Dana’s Web site www.dana.com.
CPSS plans acquisition
Consumer Portfolio Services, Inc. (CPSS) is preparing to acquire TFC Enterprises, Inc. (NASDAQ:TFCE) Norfolk, Va., a specialty consumer finance company, in a cash for stock merger valued at $1.87 per share of TFCE common stock.
TFCE conducts its operations primarily through THE Finance Company, a wholly-owned subsidiary, which specializes in purchasing and servicing installment sales contracts originated by automobile and motorcycle dealers.
The boards of both companies have approved the merger agreement, but the transaction is subject to approval by the stockholders of TFCE and is subject to certain conditions, so the deal may not be completed until the end of May, 2003.
“The combination of our two operations will offer new opportunities for our employees and enable our dealers to offer their customers a wider range of financing options,” said Robert S. Raley, TFCE’s founder and CEO.
For a financial profile and additional information on TFC Enterprises, Inc., visit www.tfcenterprises.com.
Oakley Settles Patent Lawsuit
Oakley Inc. (NYSE:OO) has settled a lawsuit for alleged infringement of its XYZ(R) Eyewear Patents, among other things.
Representatives of Oakley and NYX Golf said that under the confidential settlement agreement all claims and counterclaims have been dismissed with prejudice and NYX Inc. has agreed not to infringe Oakley’s XYZ(R) Eyewear Patents. All other terms and conditions of the agreement are confidential.
ArvinMeritor Reduces Second Fiscal Quarter estimates
ArvinMeritor, Inc. (NYSE:ARM), Troy, Mich., said that it expects earnings for its second fiscal quarter ending March 31, 2003, to be in the range of 33 cents to 36 cents per diluted share. The company had previously said it expected earnings of 40 cents to 46 cents per diluted share for its second fiscal quarter.
“The reduction in our earnings outlook is principally driven by softening demand across all our business groups, with the exception of the Commercial Vehicle Systems group,” said Larry Yost, ArvinMeritor chairman and chief executive officer. “Our businesses continue to be negatively impacted by higher steel costs and greater pricing pressures.”
ArvinMeritor expects to release its second fiscal quarter results before the market opens on April 23, 2003. The company will update earnings guidance for its fiscal year ending Sept. 30, 2003, at that time.
ArvinMeritor, Inc. is a $7 billion global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and related aftermarkets. For more information, visit the company’s Web site at: www.arvinmeritor.com
Japan’s Cycle Output Drops
Japan’s motorcycle output in February fell 3.2% year-on-year to 186,932 units, the Japan Automobile Manufacturers Association (JAMA) reported. It gave the following February manufacturer figures, with year-on-year percentage changes:
• Honda Motor – 55,410 units, down 24.5%
• Yamaha Motor – 58,207 units, down 8.0%
• Suzuki Motor – 47,313 units, up 35.3%
• Kawasaki Heavy – 25,903 units, up 20.0%
Manufacturer figures for January, with year-on-year percentage changes, were:
• Honda Motor – 57,897 units, down 9.7%
• Yamaha Motor – 57,318 units, up 3.5%
• Suzuki Motor – 42,496 units, up 41.1%
• Kawasaki Heavy – 18,901 units, down 0.7%
