Modine Reports Second-Quarter 2002 Results

October 20, 2002 by Jeff Shepard

Modine Manufacturing Co. (Racine, WI) reported sales of $275.6 million and earnings of $6.3 million, or $0.19 per fully diluted share, for the quarter ended September 26, 2002. Sales increased 2.8 percent from $268.1 million reported a year ago. Modine's income from operations increased 18.2 percent to $10.5 million from $8.9 million. Reported net earnings declined 8.2 percent to $6.3 million from $6.8 million a year ago.

Adjusting for one-time items, Modine's pro-forma income from operations decreased by 9.9 percent to $9.4 million from $10.4 million a year ago. Modine's actual results in the year-ago period were adjusted to remove $0.2 million of pre-tax costs associated with the acquisition of Thermacore International Inc. and $1.4 million of pretax goodwill amortization expenses. Modine's net income was also positively affected by a $0.7 million reduction in interest expense and a lower effective income tax rate. The effects were largely offset, however, by a $4.1 million reduction in other income.