7/23/2008 5:13:00 PM
Modine to Release First Quarter Fiscal 2009 Earnings on July 29, 2008
RACINE, Wis.--(BUSINESS WIRE)--July 23, 2008--Modine Manufacturing
Company (NYSE:MOD), a diversified global leader in thermal management
technology and solutions, announced today that it will release its
first quarter fiscal 2009 financial results for the period ended June
30, 2008, on Tuesday, July 29, 2008. The company will conduct an
earnings conference call and webcast for investors on that same date
at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
During the call, Modine President and Chief Executive Officer
Thomas A. Burke and Executive Vice President, Corporate Strategy and
Chief Financial Officer Bradley C. Richardson will review the
company's first quarter financial results and update investors on the
company's previously-announced restructuring activities.
To access the live webcast, including presentation slides, please
log on through the investor relations section of Modine's website at
http://www.modine.com at least 10 minutes prior to the start of the
event. If you choose to participate on the conference call, please
dial 866.510.0712 (international dial in 617.597.5380) and enter
passcode 24950842. A replay of the slides and the audio will be
available after July 29, 2008 on the investor relations section of
Modine's website at http://www.modine.com. An audio only replay will
be available through midnight on August 5, 2008 by dialing
888.286.8010 (international replay 617.801.6888) and entering passcode
23519262. A transcript of the call will be posted to the company's
website after August 5, 2008.
About Modine
Modine, with fiscal 2008 revenues of $1.8 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 7,900 people at 33 facilities
worldwide in 15 countries. For more information about Modine, visit
www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com
SOURCE: Modine Manufacturing Company
7/21/2008 4:35:00 PM
Modine Closes Three-Year, $175 Million Unsecured Credit Facility
RACINE, Wis.--(BUSINESS WIRE)--July 21, 2008--Modine Manufacturing
Company (NYSE: MOD), a diversified global leader in thermal management
technology and solutions, announced today that it has closed an
amended three-year, $175 million unsecured credit facility. The
facility was financed through a syndication of seven financial
institutions led by J. P. Morgan Securities Inc.
The amended credit facility replaces the company's previous $200
million credit facility, which had been due to expire in October 2009.
Although Modine received commitments well in excess of its requested
$175 million, the company elected to accept $175 million, consistent
with anticipated needs during the term of the facility. The principal
financial covenants of the facility, including leverage and interest
coverage, remain unchanged from the covenants to which the company was
subject prior to entering into this agreement.
Commenting on the transaction, Modine Executive Vice President -
Corporate Strategy and Chief Financial Officer Bradley C. Richardson
said, "We appreciate the support of our lenders, particularly in view
of the current challenges in the overall credit market. This facility
ensures that Modine has the financial flexibility and liquidity to
continue to restructure and reinvest in support of our global growth
objectives."
About Modine - www.modine.com
Modine, with fiscal 2008 revenues from continuing operations of
$1.8 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, HVAC (heating, ventilation
and air conditioning) equipment, industrial equipment, refrigeration
systems and fuel cells. Based in Racine, Wisconsin, the company
employs approximately 7,900 people worldwide at 33 facilities in 15
countries. For information about Modine, visit www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher - 262-636-8434 s.h.fisher@na.modine.com
SOURCE: Modine Manufacturing Company
7/17/2008 4:35:00 PM
Modine Announces Quarterly Cash Dividend
RACINE, Wis.--(BUSINESS WIRE)--July 17, 2008--Modine Manufacturing
Company (NYSE:MOD), a diversified global leader in thermal management
technology and solutions, announced today that its Board of Directors
declared a regular quarterly cash dividend of $0.10 per share on
outstanding common stock, payable September 5, 2008 to all
shareholders of record as of August 22, 2008.
About Modine
Modine, with fiscal 2008 revenues of $1.8 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 7,900 people at 33 facilities
worldwide in 15 countries. For more information about Modine, visit
www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com
SOURCE: Modine Manufacturing Company
7/17/2008 4:35:00 PM
Modine Announces Annual Meeting Results
MILWAUKEE--(BUSINESS WIRE)--July 17, 2008--Modine Manufacturing
Company (NYSE: MOD), a diversified global leader in thermal management
technology and solutions, announced today that shareholders have
approved measures voted on at the company's annual meeting here.
Shareholders took action as follows:
- Elected four directors, Frank P. Incropera; Vincent L. Martin;
Bradley C. Richardson; and Marsha C. Williams for terms
expiring in 2011;
- Approved the Modine Manufacturing Company 2008 Incentive
Compensation Plan;
- Ratified the appointment of PricewaterhouseCoopers LLP as the
company's independent registered public accounting firm for
the fiscal year ending March 31, 2009; and
- Approved a shareholder proposal requesting adoption of a
majority voting standard for the election of directors.
With respect to the shareholder proposal requesting adoption of
the majority voting standard, the Board intends to amend the Company's
Bylaws and take action to recommend to the shareholders at the 2009
Annual Meeting of Shareholders the amendment of the Company's Articles
of Incorporation to provide that director nominees running unopposed
be elected by the affirmative vote of the majority of votes cast.
A total of 30,300,172 shares, constituting 94 percent of the
outstanding shares entitled to vote, were represented at the meeting,
which was held in The Pfister Hotel and chaired by Gary L. Neale, a
long-time member of Modine's Board of Directors, who was elected
Chairman of the Board earlier this year.
During the meeting, Thomas A. Burke, Modine President and Chief
Executive Officer, and Bradley C. Richardson, Executive Vice President
- Corporate Strategy and Chief Financial Officer, reviewed the
company's fiscal 2008 performance and the previously-announced steps
being taken to improve financial results and global competitiveness,
including realignment of its manufacturing footprint, product
portfolio rationalization, reduced selling, general and administrative
(SG&A) costs and tighter capital resource allocation.
About Modine - www.modine.com
Modine, with fiscal 2008 revenues from continuing operations of
$1.8 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, HVAC (heating, ventilation
and air conditioning) equipment, industrial equipment, refrigeration
systems and fuel cells. Based in Racine, Wisconsin, the company
employs approximately 7,900 people worldwide at 33 facilities in 15
countries. For information about Modine, visit www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com
SOURCE: Modine Manufacturing Company
7/10/2008 11:35:00 AM
Modine Announces Original Equipment - North America Service and Replacement Price Increase
RACINE, Wis.--(BUSINESS WIRE)--July 10, 2008--Modine Manufacturing
Company (NYSE:MOD) announced today that price increases are being
implemented for all parts supplied for non-production (service /
replacement) requirements from the company's Original Equipment -
North America vehicular and equipment plants.
"These actions reflect the reality of the current business
environment," said James R. Rulseh, Modine Regional Vice President -
Americas. "They represent one of the ongoing steps necessary to ensure
the viability of both our current production and legacy businesses."
The general adjustment will result in a minimum 15 percent
increase in prices for the effected part numbers and is in response to
the escalation of costs to produce legacy models. These costs have
continued to impact Modine's financial performance in the Original
Equipment - North America business segment, as reflected in the
company's fiscal 2008 earnings announcement. This adjustment is one of
several ongoing initiatives that support Modine's repositioning
program to improve its cost structure, asset utilization, and ability
to effectively support customers on a long-term basis.
About Modine - www.modine.com
Modine, with fiscal 2008 revenues from continuing operations of
$1.8 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, HVAC (heating, ventilation
and air conditioning) equipment, industrial equipment, refrigeration
systems and fuel cells. Based in Racine, Wisconsin, the company
employs approximately 7,900 people worldwide at 33 facilities in 15
countries. For information about Modine, visit www.modine.com.
CONTACT: Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com
SOURCE: Modine Manufacturing Company
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