Modine Announces Q4 and Full-Year 2002 Results

July 02, 2002 by Jeff Shepard

Modine Manufacturing Co. (Racine, WI) reported fourth-quarter net earnings of $5.0 million, or $0.15 per fully diluted share, and $254.6 million in revenue for the period ending March 31, 2002. Compared to the prior year, revenue decreased 6.2 percent and net earnings decreased 2.9 percent.

Sales for the full year declined by 4.2 percent to $1,074.8 million from $1,121.4 million. Modine's reported net earnings declined 55 percent to $23.3 million, or $0.70 per fully diluted share, from $51.8 million, or $1.58 per fully diluted share, reported a year ago. In addition, Modine's prior fiscal year included pretax patent settlements totaling $17.0 million.

During the fiscal year, Modine was able to strengthen its balance sheet and generate record operating cash flow. The company reduced its plant, property and equipment by $26.5 million, or 7.2 percent, over the last 12 months. Modine's working capital, excluding cash and debt due within one year, declined $52.1 million, or 23.5 percent, from the prior year. Total debt was reduced by $32.5 million, or 17.8 percent, for the period. For the year, Modine's capital expenditures were $35.8 million, down 50.9 percent from $72.9 million.