A HISTORY OF INNOVATION Since 1916, Modine Manufacturing Company has applied innovative thermal technology to meet customer's needs. Founder A.B.Modine made innovation a company value and built a thriving business. Modine breakthroughs in customized heating and cooling solutions have yielded state-of-the-art components, modules and systems that have given the world's vehicle makers and commercial equipment manufacturers a competitive edge in the markets they serve.
Modine's Corporate Capabilities Click here to read more about Modine's corporate capabilities.
Climatic Wind Tunnel in Bonlanden, Germany
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RACINE, Wis.--(BUSINESS WIRE)--Nov. 18, 2009--
Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today announced that its
operation in India has been awarded a contract by Daimler India
Commercial Vehicles, Ltd. The program, which will support Daimler’s
light, medium and heavy-duty trucks for the Indian market, will be
manufactured in Modine’s new production plant in Sriperumbudur, Chennai.
The commitment reaffirms Modine’s ability to provide the technologically
advanced thermal solutions required to handle the increased heat loads
present in all light to heavy-duty truck engines.
“We are pleased with the confidence Daimler India has shown in our
ability to meet its requirements in today’s highly competitive market,”
said Thomas F. Marry, Modine Regional Vice President – Asia. “The key to
our success with Daimler India is our intelligent globalization strategy
to have local production capabilities. This strategy puts us in a
position to address application-specific customer needs, while at the
same time offering truly globally standardized products within the very
competitive commercial environment in India.”
“Modine clearly understands Daimler India’s quality expectations and our
commitment to execute this important program,” said Jerry Kapoor,
Managing-Director - Modine India. “Thermal management technology of this
type fits into Modine’s Commercial Vehicle focus and is exactly why we
developed our business in India – to serve global customers wherever
they are located, while meeting the needs of emerging markets.”
About Modine
Modine, with fiscal 2009 revenues of $1.4 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems and fuel
cells. The company employs approximately 7,000 people at 32 facilities
in 15 countries. For more information about Modine, visit www.modine.com.
RACINE, Wis.--(BUSINESS WIRE)--Nov. 2, 2009--
Second graph, first sentence, Thomas A. Burke's title should be
President and Chief Executive Officer (sted President and Chief
Financial Officer).
The corrected release reads:
Modine Announces Resignationof CFO and Director Bradley C.
Richardson
Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today announced the
resignation of its Executive Vice President – Corporate Strategy and
Chief Financial Officer and Director Bradley C. Richardson, effective
November 13, 2009. Richardson has accepted a position with a publicly
held company in an unrelated industry in his native Ohio. Following
Richardson’s departure, Robert R. Kampstra, Vice President and Corporate
Controller, will assume the responsibilities of the Chief Accounting
Officer, reporting directly to Thomas A. Burke, President and Chief
Executive Officer, while the company initiates the process for
identifying Richardson’s successor.
“Brad Richardson has been a valued member of our executive team since
2003 and has played an important role in helping guide the strategic
transformation of our company,” said Thomas A. Burke, President and
Chief Executive Officer. “He leaves with our blessing in order to accept
a similar position and at the same time fulfill his desire to return to
his native Ohio where much of his family still resides. Brad leaves
Modine at a time when we are well positioned both strategically and
financially to build on our Four-Point Plan and continue our drive for
long term, sustainable growth. We thank Brad for his service and wish
him and his family our very best on this next chapter in their lives.”
About Modine
Modine, with fiscal 2009 revenues of $1.4 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 7,000 people at 32 facilities
worldwide in 15 countries. For more information about Modine, visit www.modine.com.
Forward-Looking Statements
This press release contains statements, including information about
future financial performance, accompanied by phrases such as “believes,”
“estimates,” “expects,” “plans,” “anticipates,” “intends,” and other
similar “forward-looking” statements, as defined in the Private
Securities Litigation Reform Act of 1995. Modine’s actual results,
performance or achievements may differ materially from those expressed
or implied in these statements, because of certain risks and
uncertainties, including, but not limited to, those described under
"Risk Factors" in Item 1A of Part II of the company's Annual Report on
Form 10-K for the year ended March 31, 2009 and under Forward-Looking
Statements in Item 2 of Part I of that same report, as revised by
Exhibit 99.1 to the Company’s Current Report on Form 8-K dated September
15, 2009, and the company's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2009. The company does not assume any obligation
to update any forward-looking statements.
RACINE, Wis.--(BUSINESS WIRE)--Nov. 2, 2009--
Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today announced the
resignation of its Executive Vice President – Corporate Strategy and
Chief Financial Officer and Director Bradley C. Richardson, effective
November 13, 2009. Richardson has accepted a position with a publicly
held company in an unrelated industry in his native Ohio. Following
Richardson’s departure, Robert R. Kampstra, Vice President and Corporate
Controller, will assume the responsibilities of the Chief Accounting
Officer, reporting directly to Thomas A. Burke, President and Chief
Executive Officer, while the company initiates the process for
identifying Richardson’s successor.
“Brad Richardson has been a valued member of our executive team since
2003 and has played an important role in helping guide the strategic
transformation of our company,” said Thomas A. Burke, President and
Chief Financial Officer. “He leaves with our blessing in order to accept
a similar position and at the same time fulfill his desire to return to
his native Ohio where much of his family still resides. Brad leaves
Modine at a time when we are well positioned both strategically and
financially to build on our Four-Point Plan and continue our drive for
long term, sustainable growth. We thank Brad for his service and wish
him and his family our very best on this next chapter in their lives.”
About Modine
Modine, with fiscal 2009 revenues of $1.4 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 7,000 people at 32 facilities
worldwide in 15 countries. For more information about Modine, visit www.modine.com.
Forward-Looking Statements
This press release contains statements, including information about
future financial performance, accompanied by phrases such as “believes,”
“estimates,” “expects,” “plans,” “anticipates,” “intends,” and other
similar “forward-looking” statements, as defined in the Private
Securities Litigation Reform Act of 1995. Modine’s actual results,
performance or achievements may differ materially from those expressed
or implied in these statements, because of certain risks and
uncertainties, including, but not limited to, those described under
"Risk Factors" in Item 1A of Part II of the company's Annual Report on
Form 10-K for the year ended March 31, 2009 and under Forward-Looking
Statements in Item 2 of Part I of that same report, as revised by
Exhibit 99.1 to the Company’s Current Report on Form 8-K dated September
15, 2009, and the company's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2009. The company does not assume any obligation
to update any forward-looking statements.
Delivers Improved Gross Margin, Adjusted EBITDA and Free Cash Flow
Reduces Net Debt by $81 Million
RACINE, Wis.--(BUSINESS WIRE)--Oct. 29, 2009--
Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today reported its
financial results for the second quarter of fiscal 2010, as follows:
Second Quarter
2010
2009
Change
($ in millions except per share data)
Net Sales
$
282.3
$
390.5
$
(108.2
)
Gross Profit
$
42.4
$
52.6
$
(10.2
)
% of Sales
15.0
%
13.5
%
150 bp
Selling, General & Administrative (SG&A) Expenses
$
37.0
$
57.5
$
(20.5
)
Pre-Tax Loss from Continuing Operations
$
(4.0
)
$
(15.2
)
$
11.2
Loss from Continuing Operations
$
(4.9
)
$
(12.9
)
$
8.0
Diluted Loss Per Share from Continuing Operations
$
(0.15
)
$
(0.40
)
$
0.25
Adjusted EBITDA
$
22.7
$
19.7
$
3.0
Free Cash Flow
$
11.9
$
(7.0
)
$
18.9
Net Debt (a)
$
124.7
$
205.7
$
(81.0
)
(a) As of September 30, 2009 and March 31, 2009, respectively
“We are pleased with Modine’s performance during the second quarter of
fiscal 2010, especially given the current economic environment,” said
Thomas A. Burke, Modine President and Chief Executive Officer. “On a
sequential basis, sales rose 11 percent and we saw significant
improvements in gross margin and adjusted EBITDA since the first
quarter. Although sales were down 28 percent year over year, we
delivered a 150 basis point improvement in gross margin, reduced SG&A
costs by more than $20 million and generated the strongest adjusted
EBITDA in five quarters. During the quarter, we completed a public
offering of our common stock and used the proceeds to significantly
reduce net debt. As we move into the second half of fiscal 2010, we are
encouraged by the sales trends in our business and the early signs of
stabilization and selective, modest improvements within our end markets.
Yet we are mindful of continued recessionary pressures, along with the
impact that restructuring, new program launch activities and recent
increases in material costs may have on our future financial results. As
we execute our Four-Point Plan, we are positioning Modine for profitable
growth as market volumes recover.”
Second Quarter Overview
Sales volumes declined 28 percent from a year ago as a result of the
economic downturn, yet improved sequentially across all segments, up
11 percent compared to the first quarter of fiscal 2010;
Gross margin of 15.0 percent rose 150 basis points from the second
quarter of fiscal 2009 and 90 basis points from the first quarter of
fiscal 2010, primarily attributable to a significant reduction in
direct and indirect costs in the company’s manufacturing facilities;
Selling, general & administrative expenses decreased $20.5 million, or
36 percent, from the second quarter of fiscal 2009, as the company’s
refocused product portfolio has enabled it to significantly lower SG&A
expenses;
Adjusted EBITDA of $22.7 million during the second quarter of fiscal
2010 and $39.6 million year-to-date exceeded the company’s
expectations and was in compliance with its minimum adjusted EBITDA
loan covenants;
The company’s recently completed public offering of common stock
generated proceeds of approximately $93 million that were used
primarily to reduce the company’s indebtedness and, thereby, provide
additional financial flexibility and liquidity;
The company recorded an impairment charge of $2.8 million for its
Harrodsburg, Kentucky, facility based on the company’s intention to
close this facility. The company announced the intended closure of
this facility last week in an effort to create greater scale
efficiencies as part of its Four-Point Plan; and
Effective in the second quarter of fiscal 2010, the company’s Fuel
Cell business, which previously was reported as a separate segment, is
now reported as a product line within the company’s Original Equipment
– North America segment for all periods presented.
Cash and Liquidity
“The additional capital raised in our recently completed secondary stock
offering, combined with our strong performance during the quarter,
enabled Modine to generate positive free cash flow and substantially
reduce our debt balance,” said Bradley C. Richardson, Executive Vice
President – Corporate Strategy and Chief Financial Officer. “With our
improved liquidity and Four-Point Plan framework, we are well positioned
to maintain a more conservative balance sheet, while having the
flexibility to invest a portion of the proceeds generated from the stock
offering to:
Protect our vehicular business and accelerate our restructuring;
Grow our Commercial HVAC business; and
Fund working capital needs.”
Free cash flow was $11.9 million during the second quarter of fiscal
2010, compared with a free cash outflow of $7.0 million in the
comparable period of fiscal 2009. The improvement in income from
operations resulting from our cost reduction efforts, as well as reduced
capital spending, contributed to the year over year improvement in free
cash flow. The company’s net debt at September 30, 2009 was $124.7
million, compared to $205.7 million at March 31, 2009. As of September
30, 2009, the company had cash on hand of approximately $55 million and
additional available borrowing capacity of approximately $129 million.
The company believes it has sufficient liquidity to manage its business
and expects to be in compliance with its financial covenants through the
remainder of fiscal 2010 and through the term of the credit agreement.
Outlook
While Modine is anticipating modest sales volume improvement in certain
key markets and improved commercial vehicle build rates in North
America, the sluggish economy continues to have an adverse effect on the
company. The company’s expectations for the remainder of fiscal 2010
include:
Revenues slightly higher than the second quarter 2010 run rate based
on program launches and modest end-market improvements;
Increased manufacturing costs based on higher material costs and the
impact of expected production inefficiencies driven by new program
launches and plant closure activities, all of which will put pressure
on the company’s gross margin;
SG&A costs relatively consistent at a quarterly run rate of
approximately $40 million;
Planned capital spending of approximately $30 million; and
Positive free cash flow and a decrease in net debt balances over the
remainder of the fiscal year, further improving the company’s
liquidity.
“As we move forward in fiscal 2010, we are driving the fundamentals of
our Four-Point Plan, which include portfolio rationalization,
manufacturing realignment, SG&A cost reduction and capital allocation
discipline,” concluded Burke. “This combination of strategies has served
us well during the economic downturn and is having a positive effect on
our financial results as we manage the business through the economic
trough. We are realizing the benefits of the aggressive actions we have
taken to improve profitability and lower our cost structure and
break-even levels. Although the general business climate remains
challenging, we are building long term business momentum through a more
focused product portfolio, better utilization of our asset base and
significant cost reductions. Perhaps most encouraging, the fundamental
growth drivers of our business – emissions reduction, energy efficiency,
and infrastructure development – remain intact and are resulting in
improved customer relationships and new, incremental program wins
globally.”
Conference Call and Webcast
Modine will conduct a conference call and live webcast, with a slide
presentation, on Thursday, October 29, 2009 at 10:30 a.m. Central Time
(11:30 a.m. Eastern Time) to discuss the fiscal 2010 second quarter. The
webcast and accompanying slides will be available on the investor
section of the Modine website at www.modine.com.
The dial-in phone number for the audio portion of the call is
800-510-0178 passcode: 27993102. The international call-in number is
617-614-3450; passcode: 27993102. Participants are encouraged to log on
to the webcast and conference call about 10 minutes prior to the start
of the event. A replay of the audio and the slides will be available on
the investor relations section of the Modine website at www.modine.com
about two hours after the live call concludes. A call-in replay will be
available through November 30, 2009, at 888-286-8010; passcode: 46489773
or, for international callers, at 617-801-6888; passcode: 46489773. A
transcript of the call will be posted to the company’s website after
October 30, 2009.
About Modine
Modine, with fiscal 2009 revenues of $1.4 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 7,000 people at 32 facilities
worldwide in 15 countries. For more information about Modine, visit www.modine.com.
Forward-Looking Statements
This press release contains statements, including information about
future financial performance, accompanied by phrases such as “believes,”
“estimates,” “expects,” “plans,” “anticipates,” “intends,” and other
similar “forward-looking” statements, as defined in the Private
Securities Litigation Reform Act of 1995. Modine’s actual results,
performance or achievements may differ materially from those expressed
or implied in these statements, because of certain risks and
uncertainties, including, but not limited to, those described under
"Risk Factors" in Item 1A of Part II of the company's Annual Report on
Form 10-K for the year ended March 31, 2009 and under Forward-Looking
Statements in Item 2 of Part I of that same report, as revised by
Exhibit 99.1 to the Company’s Current Report on Form 8-K dated September
15, 2009, and the company's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2009. Other risks and uncertainties include, but
are not limited to, the following: the company’s ability to remain in
compliance with its debt agreements and financial covenants going
forward; Modine’s ability to fund its liquidity requirements and meet
its long-term commitments; the impact the current global economic
uncertainty is having on Modine, its customers and its suppliers and any
worsening of such economic conditions; the secondary effects on Modine’s
future cash flows and liquidity that may result from Modine’s customers
and lenders dealing with the economic crisis and its consequences;
Modine’s ability to limit capital spending and/or consummate planned
divestitures; Modine’s ability to successfully execute its four-point
recovery plan; the nature of the vehicular industry, including continued
depressed customer build rates; and other risks and uncertainties
identified by the company in public filings with the U.S. Securities and
Exchange Commission. The company does not assume any obligation to
update any forward-looking statements.
Non-GAAP Financial Disclosures
Adjusted EBITDA, Net Debt and Free Cash Flow (which are defined below)
as used in this press release are not measures that are defined in
generally accepted accounting principles (GAAP). These non-GAAP measures
are used by management and the company’s lenders as performance measures
to judge liquidity and covenant compliance for the company’s business.
These measures provide a more consistent view of performance than the
closest GAAP equivalent for management and investors. Management
compensates for this by using these measures in combination with the
GAAP measures. However, these measures are not, and should not be,
viewed as substitutes for the GAAP measures. The presentations of the
non-GAAP measures in this press release are made alongside the most
directly comparable GAAP measures.
Definition – Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA)
The company’s (loss) earnings from continuing operations before interest
expense and provision for income taxes, adjusted to exclude unusual,
non-recurring or extraordinary non-cash charges and up to $34.0 million
of cash restructuring and repositioning charges, and further adjusted to
add back depreciation and amortization expense, as defined in the
applicable debt agreements. This is a financial measure of the profit
generated excluding the above mentioned items.
Definition – Net Debt
The sum of short- and long-term debt, less cash on hand. This is an
indicator of the company’s debt position after considering on hand cash
balances.
Definition – Free Cash Flow
The sum of net cash provided by (used for) operating and investing
activities, further adjusted for net cash provided by (used for)
financing activities except for advances and repayments of long-term
debt, issuance of common stock and dividends. This is a liquidity
measure of the cash available for permitted distributions.
-- Financial tables follow --
Modine Manufacturing Company
Consolidated statements of operations (unaudited)
(In thousands, except per share amounts)
Three months ended September 30,
Six months ended September 30,
2009
2008
2009
2008
Net sales
$
282,298
$
390,488
$
535,930
$
828,359
Cost of sales
239,939
337,857
457,706
702,878
Gross profit
42,359
52,631
78,224
125,481
Selling, general & administrative expenses
37,017
57,520
75,564
116,010
Restructuring (income) expense
(3,159
)
2,872
(1,963
)
2,819
Impairment of long-lived assets
3,849
3,031
4,843
3,165
Income (loss) from operations
4,652
(10,792
)
(220
)
3,487
Interest expense
9,643
2,922
15,102
5,545
Other (income) expense - net
(976
)
1,455
(6,681
)
(298
)
Loss from continuing operations before income taxes
(4,015
)
(15,169
)
(8,641
)
(1,760
)
Provision for (benefit from) income taxes
871
(2,262
)
1,887
4,563
Loss from continuing operations
(4,886
)
(12,907
)
(10,528
)
(6,323
)
Loss from discontinued operations (net of income taxes)
(1,571
)
(1,167
)
(10,432
)
(813
)
Gain on sale of discontinued operations (net of income taxes)
-
848
-
1,697
Net loss
$
(6,457
)
$
(13,226
)
$
(20,960
)
$
(5,439
)
Loss from continuing operations per common share:
Basic
$
(0.15
)
$
(0.40
)
$
(0.32
)
$
(0.20
)
Diluted
$
(0.15
)
$
(0.40
)
$
(0.32
)
$
(0.20
)
Net loss per common share:
Basic
$
(0.19
)
$
(0.41
)
$
(0.64
)
$
(0.17
)
Diluted
$
(0.19
)
$
(0.41
)
$
(0.64
)
$
(0.17
)
Weighted average shares outstanding:
Basic
33,194
32,065
32,629
32,052
Diluted
33,194
32,065
32,629
32,052
Dividends paid per share
$
-
$
0.10
$
-
$
0.20
Comprehensive earnings (loss), which represents net loss
adjusted by the post-tax change in foreign-currency translation,
the effective portion of cash flow hedges and change in benefit
plan adjustment recorded in shareholders' equity, for the three
month periods ended September 30, 2009 and 2008 were $9,400 and
$(59,864), respectively, and for the six month periods ended
September 30, 2009 and 2008, were $24,375 and $(48,755),
respectively.
Condensed consolidated balance sheets (unaudited)
(In thousands)
September 30, 2009
March 31, 2009
Assets
Cash and cash equivalents
$
54,649
$
43,536
Short term investments
1,058
1,189
Trade receivables - net
144,764
122,266
Inventories
90,328
88,077
Assets held for sale
47,282
29,173
Other current assets
46,795
41,610
Total current assets
384,876
325,851
Property, plant and equipment - net
457,647
426,565
Assets held for sale
32,257
34,328
Other noncurrent assets
63,362
65,388
Total assets
$
938,142
$
852,132
Liabilities and shareholders' equity
Debt due within one year
$
211
$
5,232
Accounts payable
113,104
94,506
Liabilities of business held for sale
43,611
28,018
Other current liabilities
115,805
123,277
Total current liabilities
272,731
251,033
Long-term debt
179,139
243,982
Deferred income taxes
11,688
9,979
Liabilities of business held for sale
16,088
12,181
Other noncurrent liabilities
95,235
91,120
Total liabilities
574,881
608,295
Shareholders' equity
363,261
243,837
Total liabilities & shareholders' equity
$
938,142
$
852,132
Modine Manufacturing Company
Condensed consolidated statements of cash flows (unaudited)
(In thousands)
Six months ended September 30,
2009
2008
Cash flows from operating activities:
Net loss
$
(20,960
)
$
(5,439
)
Adjustments to reconcile net loss with net cash provided by
operating activities:
Depreciation and amortization
33,076
38,705
Impairment of long-lived assets
12,489
3,165
Other - net
(631
)
(6,213
)
Net changes in operating assets and liabilities
(5,105
)
10,038
Net cash provided by operating activities
18,869
40,256
Cash flows from investing activities:
Expenditures for plant, property and equipment
(33,947
)
(46,207
)
Proceeds from dispositions of assets
4,941
10,638
Settlement of derivative contracts
(5,438
)
599
Other - net
3,418
3,145
Net cash used for investing activities
(31,026
)
(31,825
)
Cash flows from financing activities:
Net (decrease) increase in debt
(71,309
)
25,288
Issuance of common stock
93,589
-
Cash dividends paid
-
(6,451
)
Other - net
(2,536
)
2,463
Net cash provided by financing activities
19,744
21,300
Effect of exchange rate changes on cash
3,722
(5,636
)
Change in cash balances held for sale
(196
)
-
Net increase in cash and cash equivalents
11,113
24,095
Cash and cash equivalents at beginning of the period
43,536
38,595
Cash and cash equivalents at end of the period
$
54,649
$
62,690
Condensed segment operating results (unaudited)
(In thousands)
Three months ended September 30,
Six months ended September 30,
2009
2008
2009
2008
Sales:
Original Equipment - Asia
$
7,183
$
3,464
$
13,477
$
9,049
Original Equipment - Europe
112,340
169,858
217,608
386,986
Original Equipment - North America (a)
100,745
127,600
192,263
261,939
South America
27,976
44,772
50,617
86,118
Commercial Products
45,221
53,186
79,585
102,070
Segment sales
293,465
398,880
553,550
846,162
Corporate and administrative
692
885
1,538
1,734
Eliminations
(11,859
)
(9,277
)
(19,158
)
(19,537
)
Total net sales
$
282,298
$
390,488
$
535,930
$
828,359
Operating income/(loss):
Original Equipment - Asia
$
(1,351
)
$
(2,284
)
$
(2,955
)
$
(4,166
)
Original Equipment - Europe
7,151
9,630
9,357
36,486
Original Equipment - North America (a) (b)
1,347
(13,877
)
4,093
(24,182
)
South America
2,315
6,418
3,508
10,608
Commercial Products
5,779
4,835
8,204
8,708
Segment income from operations
15,241
4,722
22,207
27,454
Corporate and administrative (b)
(10,611
)
(15,480
)
(22,541
)
(23,979
)
Eliminations
22
(34
)
114
12
Income (loss) from operations
$
4,652
$
(10,792
)
$
(220
)
$
3,487
(a)
Sales and operating income/(loss) were retrospectively adjusted
for comparative purposes to reflect the realignment of the Fuel
Cell segment into the Original Equipment – North America segment
for the three and six months ended September 30, 2009 and 2008.
(b)
Operating income/(loss) was retrospectively adjusted for
comparative purposes to reflect the realignment of $4,782 and
$9,953 of support department costs previously included in
Corporate and administrative into the Original Equipment - North
America segment for the three and six months ended September 30,
2008, respectively.
Modine Manufacturing Company
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA) from continuing operations (unaudited)
(In thousands)
Three months ended September 30,
Six months ended September 30,
2009
2008
2009
2008
Loss from continuing operations
$
(4,886
)
$
(12,907
)
$
(10,528
)
$
(6,323
)
Interest expense
9,643
2,922
15,102
5,545
Provision for (benefit from) income taxes
871
(2,262
)
1,887
4,563
Depreciation and amortization (a)
16,183
17,589
31,938
35,577
EBITDA from continuing operations
21,811
5,342
38,399
39,362
Restructuring and repositioning (income) charges
(2,334
)
4,762
(71
)
7,066
Non-cash charges (b)
3,264
9,549
1,228
9,903
Adjusted EBITDA
$
22,741
$
19,653
$
39,556
$
56,331
(a)
Depreciation and amortization expense represents total
depreciation and amortization from continuing operations less
accelerated depreciation which is included in non-cash charges.
(b)
Non-cash charges are comprised of long-lived asset impairments,
non-cash restructuring and repositioning charges, exchange gains
or losses on intercompany loans and non-cash charges which are
unusual, non-recurring or extraordinary.
Net debt (unaudited)
(In thousands)
September 30, 2009
March 31, 2009
Debt due within one year
$
211
$
5,232
Long-term debt
179,139
243,982
Total debt
179,350
249,214
Less: cash and cash equivalents
54,649
43,536
Net debt
$
124,701
$
205,678
Free cash flow (unaudited)
(In thousands)
Three months ended September 30,
Six months ended September 30,
2009
2008
2009
2008
Net cash provided by operating activities (c)
$
14,334
$
25,138
$
22,318
$
40,256
Net cash used for investing activities
(4,699
)
(22,102
)
(31,026
)
(31,825
)
Other financing activities - net
(410
)
(4,289
)
(2,536
)
2,463
Effect of exchange rate changes on cash
1,587
(5,737
)
3,722
(5,636
)
Change in cash balances held for sale
1,072
-
(196
)
-
Free cash flow
$
11,884
$
(6,990
)
$
(7,718
)
$
5,258
(c)
Net cash provided by operating activities for the three and six
months ended September 30, 2009 excludes the make-whole payment of
$3,449 related to the paydown of long-term debt as a result of the
issuance of common stock.
RACINE, Wis.--(BUSINESS WIRE)--Oct. 28, 2009--
Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, announced today that it
will participate in the Baird 2009 Industrial Technology Conference in
Chicago on Wednesday, November 11 at 8:20 A.M. CT. Modine’s President
and Chief Executive Officer Thomas A. Burke and Executive Vice
President, Corporate Strategy and Chief Financial Officer Bradley C.
Richardson will present at the conference.
The audio cast and accompanying slides for this presentation may be
accessed live through the link on the Investor Relations section of
Modine’s website at www.modine.com
or directly at:
A replay will be available following the event for approximately 90 days.
About Modine
Modine, with fiscal 2009 revenues of $1.4 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment, refrigeration systems, and fuel
cells. The company employs approximately 7,000 people at 32 facilities
worldwide in 15 countries. For more information about Modine, visit www.modine.com.
Source: Modine Manufacturing Company
Investor Contact: Modine Manufacturing Company Susan
Fisher 262-636-8434 s.h.fisher@na.modine.com
