-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PeibKzJMcwzcfTWimlxhygOiLP3dU0HH6g3rydGMH/bdysFa4pLOcv4SoNa4KPYm CkgbUXvdjGORyXEX0SyLpg== 0000067347-05-000298.txt : 20051019 0000067347-05-000298.hdr.sgml : 20051019 20051019151037 ACCESSION NUMBER: 0000067347-05-000298 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051019 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051019 DATE AS OF CHANGE: 20051019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MODINE MANUFACTURING CO CENTRAL INDEX KEY: 0000067347 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 390482000 STATE OF INCORPORATION: WI FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01373 FILM NUMBER: 051145037 BUSINESS ADDRESS: STREET 1: 1500 DEKOVEN AVE CITY: RACINE STATE: WI ZIP: 53403 BUSINESS PHONE: 2626361200 8-K 1 f8k_restfinancials.htm RESTATED FINANCIALS Restated Financials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934


Date of Report (Date of earliest event reported): October 19, 2005

Modine Manufacturing Company
(Exact name of registrant as specified in its charter)

Wisconsin
1-1373
39-0482000
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

1500 DeKoven Avenue, Racine, Wisconsin
53403
Address of principal executive offices
Zip Code

Registrant's telephone number, including area code:
(262) 636-1200
_____________________
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
Table of Contents
 
Item 2.02 Results of Operations and Financial Condition
 
Item 8.01 Other Events
 
Item 9.01 Financial Statements and Exhibits
 

Signature

Exhibit Number
Description
99
Press Release dated October 19, 2005
   
   
   



INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.02 Results of Operations and Financial Condition
 
On October 19, 2005, Registrant issued a press release attached  to this Current Report on Form 8-K as Exhibit 99 announcing the Aftermarket business as a discontinued operation and released Unaudited ProForma Historical Earnings Statements, including expanded segment reporting.
 
Item 8.01 Other Events
On October 19, 2005, Registrant issued a press release attached  to this Current Report on Form 8-K as Exhibit 99 announcing the Aftermarket business as a discontinued operation and released Unaudited ProForma Historical Earnings Statements, including expanded segment reporting.
 
Item 9.01 Exhibits

Exhibit 99    Press Release dated October 19, 2005


 
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.


Modine Manufacturing Company
 
 
By: /s/ D.B. Rayburn
 D.B. Rayburn
 President and Chief Executive Officer
 
 
By: /s/ D.R. Zakos
D.R. Zakos
Vice President, General Counsel and
Secretary

Date: October 19, 2005




 EX-99 2 exh99.htm EXHIBIT 99 Exhibit 99 Modine Logo
 
NEWS RELEASE

For Immediate Release
Investor Contact: Dave Prichard 262-636-8434 d.a.prichard@na.modine.com
Media Contact: Lori Stafford 262-636-1001 l.stafford@na.modine.com
 
Modine Classifies Former Aftermarket Business as a Discontinued Operation and Releases Unaudited Pro Forma Historical Earnings Statements, Including Expanded Segment Reporting

Racine, WI, October 19, 2005 - Modine Manufacturing Company (NYSE: MOD), a diversified world leader in thermal management technology and solutions, announced today that, as anticipated, it has classified its former Aftermarket business, which was spun off on July 22 and merged with Transpro, Inc. (now known as Proliance International, Inc.), as a discontinued operation.
Given the Aftermarket spin-off and its impact on the Company due to the relative size of the Aftermarket business, and in view of acquisitions completed in fiscal 2005 and the first quarter of fiscal 2006, Modine is releasing today unaudited, pro forma historical earnings statements and expanded operating segment financial information. These unaudited, pro forma historical financial statements and information are provided for the first quarter of fiscal 2006, by quarter for fiscal 2005 ended March 31 and annually for fiscal years 2004 and 2003.
As a result of the spin-off, Modine recorded a non-cash charge to discontinued operations of $48.2 million to reflect the difference between the value that Modine shareholders received in Proliance International, Inc., a function of the price of Transpro, Inc. at the time of the closing and the asset carrying value of Modine’s Aftermarket business.
Modine had indicated in its fiscal 2006 first quarter earnings release in July that it would be reviewing its operating business segment structure in light of the expected spin-off of its Aftermarket business.
The unaudited, pro forma historical earnings statements also incorporate the impact of the reclassifications, which were effective with the first quarter of fiscal 2006, from “other income/expense” to operating activities (sales, cost of goods sold, or S,G&A) of items such as royalty income, gains or losses on asset disposals, tooling sales profits or losses and purchase discounts relating to payment timing. These changes are designed to provide a more consistent presentation of operating information with other companies in Modine’s industry.
Modine’s new reporting structure, which has been expanded from three to five segments, consists of the following operations: Original Equipment - Americas; Original Equipment - Asia; Original Equipment - Europe; Commercial HVAC&R (heating, ventilating, air conditioning and refrigeration); and Other, to include the Electronics Cooling and Fuel Cell businesses.
“Our expanded reporting segments reinforce what we believe are the benefits of market, customer and geographic diversification and broad product breadth around our core business and technology platform in thermal management,” said Brad Richardson, Modine Vice President, Finance and Chief Financial Officer.
The unaudited, pro forma historical earnings statements and new segment reporting structure may also be accessed by visiting Modine’s Web site at www.modine.com.
Modine plans to release fiscal 2006 second quarter financial results for the period ended September 26, 2005 after the market close on Wednesday, October 19 and host a conference call and Webcast on Thursday, October 20 at 9 a.m. Eastern Time.
Modine specializes in thermal management systems and components, bringing heating and cooling technology and solutions to diversified global markets. The Company’s products are used in light, medium, and heavy-duty vehicles, HVAC equipment, industrial equipment, refrigeration systems, fuel cells and electronics. Modine has more than 8,200 employees and 35 facilities in 15 countries worldwide. More information about Modine can be found at www.modine.com. 
 
Modine Manufacturing Company
  
Unaudited proforma consolidated statements of earnings
    
                                 
 
     Historical Modine           
Adjusted
    
Discontinued
    
Continuing
  
For the year ended March 31, 2003
    
as reported
    
Reclassifications
    
Historical Modine
    
Operations
    
Operations
  
                                 
Net sales
 
$
1,092,075
  
$
2,653
  
$
1,094,728
    
($231,739
)
$
862,989
  
Cost of sales
    
826,417
   
6,876
   
833,293
   
(155,217
)
  
678,076
 
                                 
Gross profit
    
265,658
   
(4,223
)
  
261,435
   
(76,522
)
  
184,913
 
Selling, general, and administrative expenses
    
214,121
   
(9,984
)
  
204,137
   
(70,795
)
  
133,342
 
Restructuring charges
    
(1,555
)
  
0
   
(1,555
)
  
(178
)
  
(1,733
)
                                 
Income from operations
    
53,092
   
5,761
   
58,853
   
(5,549
)
  
53,304
 
Interest expense
    
(6,026
)
  
0
   
(6,026
)
  
631
   
(5,395
)
Other income--net
    
7,961
   
(5,761
)
  
2,200
   
1,789
   
3,989
 
                                 
Earnings before income taxes from continuing operations
    
55,027
   
0
   
55,027
   
(3,129
)
  
51,898
 
Provision for income taxes
    
20,669
   
0
   
20,669
   
(2,159
)
  
18,510
 
                                 
Earnings before cumulative effect of accounting change (continuing ops)
    
34,358
   
0
   
34,358
   
(970
)
  
33,388
 
                                 
Cumulative effect of change in accounting for:
                                
Goodwill impairment (net of 1,135,524 income tax benefit)
    
(21,692
)
  
--
   
(21,692
)
  
21,692
   
0
 
                                 
Net earnings
  
$
12,666
  
$
0
  
$
12,666
  
$
20,722
  
$
33,388
  
                                 
                                 
                                 
Net earnings per share (before cumulative effect of accounting change):
                                
                                 
Basic
  
$
1.03
                
($0.03
)
$
1.00
  
Diluted
  
$
1.02
                
($0.03
)
$
0.99
  
                                 
Weighted average shares outstanding:
                                
Basic
    
33,652
               
33,652
   
33,652
 
Diluted
    
33,758
               
33,758
   
33,758
 
 
 
 

Modine Manufacturing Company    
Unaudited proforma consolidated statements of earnings   
                                 
 
     Historical Modine           
Adjusted
    
Discontinued
    
Continuing
  
For the year ended March 31, 2004
    
as reported
    
Reclassifications
    
Historical Modine
    
Operations
    
Operations
  
                                 
Net sales
 
$
1,199,799
  
$
6,086
  
$
1,205,885
    
($225,210
)
$
980,675
  
Cost of sales
    
914,569
   
6,197
   
920,766
   
(151,608
)
  
769,158
 
                                 
Gross profit
    
285,230
   
(111
)
  
285,119
   
(73,602
)
  
211,517
 
Selling, general, and administrative expenses
    
235,283
   
(13,979
)
  
221,304
   
(67,106
)
  
154,198
 
Restructuring charges
    
(119
)
  
0
   
(119
)
  
49
   
(70
)
                                 
Income from operations
    
50,066
   
13,868
   
63,934
   
(6,545
)
  
57,389
 
Interest expense
    
(5,429
)
  
0
   
(5,429
)
  
405
   
(5,024
)
Other income--net
    
19,074
   
(13,868
)
  
5,206
   
(104
)
  
5,102
 
                                 
Earnings before income taxes from continuing operations
    
63,711
   
0
   
63,711
   
(6,244
)
  
57,467
 
Provision for income taxes
    
23,274
   
0
   
23,274
   
(1,300
)
  
21,974
 
                                 
Net earnings
  
$
40,437
  
$
0
  
$
40,437
    
($4,944
)
$
35,493
  
                                 
                                 
                                 
Net earnings per share:
                                
                                 
Basic
  
$
1.19
                
($0.15
)
$
1.05
  
Diluted
  
$
1.19
                
($0.15
)
$
1.04
  
                                 
Weighted average shares outstanding:
                                
Basic
    
33,922
               
33,922
   
33,922
 
Diluted
    
34,073
               
34,073
   
34,073
 
 
 

Modine Manufacturing Company
  
Unaudited proforma consolidated statements of earnings
  
                       
   
Historical Modine
      
Adjusted
  
Discontinued
  
Continuing
  
For the year ended March 31, 2005
  
as reported
  
Reclassifications
  
Historical Modine
  
Operations
  
Operations
  
                       
Net sales
 
$1,543,930
 
$4,085
 
$1,548,015
 
($205,599)
  
$1,342,416
 
Cost of sales
  
1,193,821
 
8,517
 
1,202,338
 
(139,762)
  
1,062,576
 
                                 
Gross profit
    
350,109
   
(4,432
)
  
345,677
   
(65,837
)
  
279,840
 
Selling, general, and administrative expenses
    
264,088
   
(13,499
)
  
250,589
   
(67,198
)
  
183,391
 
Restructuring charges
    
1,031
   
0
   
1,031
   
0
   
1,031
 
                                 
Income from operations
    
84,990
   
9,067
   
94,057
   
1,361
   
95,418
 
Interest expense
    
(6,365
)
  
0
   
(6,365
)
  
36
   
(6,329
)
Other income--net
    
18,251
   
(9,067
)
  
9,184
   
(356
)
  
8,828
 
                                 
Earnings before income taxes from continuing operations
    
96,876
   
0
   
96,876
   
1,041
   
97,917
 
Provision for income taxes
    
35,214
   
0
   
35,214
   
1,017
   
36,231
 
                                 
Net earnings
  
$
61,662
  
$
0
  
$
61,662
  
$
24
  
$
61,686
  
                                 
                                 
                                 
Net earnings per share:
                                
                                 
Basic
  
$
1.81
              
$
0.00
  
$
1.81
  
Diluted
  
$
1.79
              
$
0.00
  
$
1.79
  
                                 
Weighted average shares outstanding:
                                
Basic
    
34,092
               
34,092
   
34,092
 
Diluted
    
34,480
               
34,480
   
34,480
 
 
 

Modine Manufacturing Company
  
Unaudited proforma consolidated statements of earnings
  
                            
 
   Historical Modine         
 Adjusted
  
 Discontinued
  
 Continuing
  
For the quarter ended June 26, 2005
  
 as reported
  
 Reclassifications
  
 Historical Modine
  
 Operations
  
 Operations
  
                                 
Net sales
 
$
347,362
  
$
1,265
  
$
348,627
    
($57,398
)
$
291,229
  
Cost of sales
    
265,202
   
1,773
   
266,975
   
(38,099
)
  
228,876
 
                                 
Gross profit
    
82,160
   
(508
)
  
81,652
   
(19,299
)
  
62,353
 
Selling, general, and administrative expenses
    
59,485
   
(3,097
)
  
56,388
   
(16,688
)
  
39,700
 
Restructuring charges
    
1,522
   
0
   
1,522
   
0
   
1,522
 
                                 
Income from operations
    
21,153
   
2,589
   
23,742
   
(2,611
)
  
21,131
 
Interest expense
    
(1,277
)
  
0
   
(1,277
)
  
11
   
(1,266
)
Other income--net
    
3,572
   
(2,589
)
  
983
   
(6
)
  
977
 
                                 
Earnings before income taxes from continuing operations
    
23,448
   
0
   
23,448
   
(2,606
)
  
20,842
 
Provision for income taxes
    
9,639
   
0
   
9,639
   
(1,313
)
  
8,326
 
                                 
Net earnings
  
$
13,809
  
$
0
  
$
13,809
    
($1,293
)
$
12,516
  
                                 
                                 
                                 
Net earnings per share:
                                
                                 
Basic
  
$
0.41
                
($0.04
)
$
0.37
  
Diluted
  
$
0.40
                
($0.04
)
$
0.37
  
                                 
Weighted average shares outstanding:
                                
Basic
    
33,932
               
33,932
   
33,932
 
Diluted
    
34,264
               
34,264
   
34,264
 
 
 

Modine Manufacturing Company
  
Unaudited proforma consolidated statements of earnings
  
                   
   
Historical Modine
      
Adjusted
  
      Discontinued
  
For the quarter ended September 26, 2005
  
as reported
  
Reclassifications
  
Historical Modine
  
Operations
  
                           
Net sales
 
$
363,620
  
$
1,273
  
$
364,893
    
($58,176
)
Cost of sales
    
280,488
   
2,275
   
282,763
   
(39,839
)
                           
Gross profit
    
83,132
   
(1,002
)
  
82,130
   
(18,337
)
Selling, general, and administrative expenses
    
63,451
   
(3,207
)
  
60,244
   
(18,038
)
Restructuring charges
    
(600
)
  
0
   
(600
)
  
0
 
                           
Income from operations
    
20,281
   
2,205
   
22,486
   
(299
)
Interest expense
    
(1,507
)
  
1
   
(1,506
)
  
8
 
Other income--net
    
3,766
   
(2,205
)
  
1,561
   
(5
)
                           
Earnings before income taxes from continuing operations
    
22,540
   
1
   
22,541
   
(296
)
Provision for income taxes
    
8,488
   
1
   
8,489
   
(162
)
                           
Net earnings
  
$
14,052
    
($0
)
$
14,052
    
($134
)
                           
                           
                           
Net earnings per share:
                          
                           
Basic
  
$
0.41
                
($0.00
)
Diluted
  
$
0.41
                
($0.00
)
                           
Weighted average shares outstanding:
                          
Basic
    
34,018
               
34,018
 
Diluted
    
34,415
               
34,415
 
 
 

Modine Manufacturing Company
  
Unaudited proforma consolidated statements of earnings
  
                       
   
Historical Modine
      
Adjusted
  
Discontinued
  
Continuing
  
For the quarter ended December 26, 2005
  
as reported
  
Reclassifications
  
Historical Modine
  
Operations
  
Operations
  
                                 
Net sales
 
$
418,398
  
$
748
  
$
419,146
    
($44,112
)
$
375,034
  
Cost of sales
    
322,713
   
2,421
   
325,134
   
(31,092
)
  
294,042
 
                                 
Gross profit
    
95,685
   
(1,673
)
  
94,012
   
(13,020
)
  
80,992
 
Selling, general, and administrative expenses
    
70,428
   
(3,743
)
  
66,685
   
(17,119
)
  
49,566
 
Restructuring charges
    
109
   
0
   
109
   
0
   
109
 
                                 
Income from operations
    
25,148
   
2,070
   
27,218
   
4,099
   
31,317
 
Interest expense
    
(1,641
)
  
0
   
(1,641
)
  
7
   
(1,634
)
Other income--net
    
6,652
   
(2,070
)
  
4,582
   
2
   
4,584
 
                                 
Earnings before income taxes from continuing operations
    
30,159
   
(0
)
  
30,159
   
4,108
   
34,267
 
Provision for income taxes
    
11,213
   
0
   
11,213
   
1,714
   
12,927
 
                                 
Net earnings
  
$
18,946
    
($0
)
$
18,946
  
$
2,394
  
$
21,340
  
                                 
                                 
                                 
Net earnings per share:
                                
                                 
Basic
  
$
0.56
              
$
0.07
  
$
0.63
  
Diluted
  
$
0.55
              
$
0.07
  
$
0.62
  
                                 
Weighted average shares outstanding:
                                
Basic
    
34,142
               
34,142
   
34,142
 
Diluted
    
34,550
               
34,550
   
34,550
 
 

Modine Manufacturing Company
  
Unaudited proforma consolidated statements of earnings
  
                       
   
Historical Modine
      
Adjusted
  
Discontinued
  
    Continuing
  
For the quarter ended March 31, 2005
  
as reported
  
Reclassifications
  
Historical Modine
  
Operations
  
Operations
  
                                 
Net sales
 
$
414,550
  
$
799
  
$
415,349
    
($45,912
)
$
369,437
  
Cost of sales
    
325,418
   
2,042
   
327,460
   
(30,733
)
  
296,727
 
                                 
Gross profit
    
89,132
   
(1,243
)
  
87,889
   
(15,179
)
  
72,710
 
Selling, general, and administrative expenses
    
70,722
   
(3,449
)
  
67,273
   
(15,352
)
  
51,921
 
Restructuring charges
    
0
   
0
   
0
   
0
   
0
 
                                 
Income from operations
    
18,410
   
2,206
   
20,616
   
173
   
20,789
 
Interest expense
    
(1,941
)
  
0
   
(1,941
)
  
10
   
(1,931
)
Other income--net
    
4,263
   
(2,206
)
  
2,057
   
(345
)
  
1,712
 
                                 
Earnings before income taxes from continuing operations
    
20,732
   
0
   
20,732
   
(162
)
  
20,570
 
Provision for income taxes
    
5,877
   
0
   
5,877
   
778
   
6,655
 
                                 
Net earnings
  
$
14,855
  
$
0
  
$
14,855
    
($940
)
$
13,915
  
                                 
                                 
                                 
Net earnings per share:
                                
                                 
Basic
  
$
0.43
                
($0.03
)
$
0.40
  
Diluted
  
$
0.43
                
($0.03
)
$
0.40
  
                                 
Weighted average shares outstanding:
                                
Basic
    
34,276
               
34,276
   
34,276
 
Diluted
    
34,690
               
34,690
   
34,690
 
 

Modine Manufacturing Company
  
Unaudited proforma consolidated statements of earnings
      
                       
   
Historical Modine
      
Adjusted
  
Discontinued
  
   Continuing
  
For the quarter ended June 26, 2005
  
as reported
  
Reclassifications
  
Historical Modine
  
Operations
  
Operations
  
                                 
Net sales
 
$
450,930
  
$
0
  
$
450,930
    
($54,094
)
$
396,836
  
Cost of sales
    
353,778
   
0
   
353,778
   
(37,213
)
  
316,565
 
                                 
Gross profit
    
97,152
   
0
   
97,152
   
(16,881
)
  
80,271
 
Selling, general, and administrative expenses
    
67,333
   
0
   
67,333
   
(16,780
)
  
50,553
 
Restructuring charges
    
0
   
0
   
0
   
0
   
0
 
                                 
Income from operations
    
29,819
   
0
   
29,819
   
(101
)
  
29,718
 
Interest expense
    
(1,551
)
  
0
   
(1,551
)
  
7
   
(1,544
)
Other income--net
    
2,712
   
0
   
2,712
   
(41
)
  
2,671
 
                                 
Earnings before income taxes from continuing operations
    
30,980
   
0
   
30,980
   
(135
)
  
30,845
 
Provision for income taxes
    
10,229
   
0
   
10,229
   
(81
)
  
10,148
 
                                 
Net earnings
  
$
20,751
  
$
0
  
$
20,751
    
($54
)
$
20,697
  
                                 
                                 
                                 
Net earnings per share:
                                
                                 
Basic
  
$
0.60
                
($0.00
)
$
0.60
  
Diluted
  
$
0.60
                
($0.00
)
$
0.60
  
                                 
Weighted average shares outstanding:
                                
Basic
    
34,329
               
34,329
   
34,329
 
Diluted
    
34,631
               
34,631
   
34,631
 
 
 

Modine Manufacturing Company
  
Unaudited proforma segment operating results
  
                                 
    1st Quarter     
4th Quarter
    
3rd Quarter
    
2nd Quarter
    
1st Quarter
  
(In thousands)
    
FY2006
    
FY2005
    
FY2005
    
FY2005
    
FY2005
  
Sales
                                
Original Equipment - Americas
    
164,930
   
159,238
   
146,413
   
142,855
   
141,523
 
Original Equipment - Asia
    
57,827
   
49,811
   
52,405
   
14,215
   
-
 
Original Equipment - Europe
    
139,993
   
123,029
   
133,919
   
116,783
   
121,850
 
Commercial HVAC&R
    
28,456
   
27,407
   
31,904
   
24,498
   
18,999
 
Other
    
6,788
   
10,652
   
10,551
   
8,029
   
8,401
 
Segment Sales
  
$
397,994
  
$
370,137
  
$
375,192
  
$
306,380
  
$
290,773
  
Corporate and Administrative
    
793
   
667
   
737
   
1,272
   
1,153
 
Eliminations
    
(1,949
)
  
(1,368
)
  
(895
)
  
(935
)
  
(698
)
Sales from Continuing Operations
  
$
396,838
  
$
369,436
  
$
375,034
  
$
306,717
  
$
291,228
  
Discontinued Operations
    
54,092
   
45,912
   
44,112
   
58,176
   
57,399
 
Total Net Sales
  
$
450,930
  
$
415,348
  
$
419,146
  
$
364,893
  
$
348,627
  
                                 
Operating Income/(Loss)
                                
                                 
Original Equipment - Americas
    
20,926
   
22,704
   
20,339
   
19,672
   
21,294
 
Original Equipment - Asia
    
2,561
   
(468
)
  
1,778
   
626
   
-
 
Original Equipment - Europe
    
21,015
   
12,837
   
20,990
   
13,920
   
14,176
 
Commercial HVAC&R
    
2,223
   
3,451
   
5,186
   
2,808
   
1,937
 
Other
    
(4,053
)
  
(2,300
)
  
(1,369
)
  
(3,104
)
  
(4,527
)
Segment Income
  
$
42,672
  
$
36,224
  
$
46,924
  
$
33,922
  
$
32,880
  
Corporate and Administrative Expenses
    
(12,984
)
  
(15,494
)
  
(15,654
)
  
(11,771
)
  
(11,751
)
Eliminations
    
29
   
62
   
37
   
38
   
-
 
Other Items Not Allocated to Segments
    
1,128
   
(224
)
  
2,960
   
56
   
(287
)
Segment Income from Continuing Operations
    
30,845
   
20,568
   
34,267
   
22,245
   
20,842
 
Discontinued Operations
    
135
   
162
   
(4,108
)
  
296
   
2,608
 
Discontinued Operations - Cumulative effect of change
                                
in accounting for goodwill impairment
                                
Earnings Before Income Taxes
  
$
30,980
  
$
20,730
  
$
30,159
  
$
22,541
  
$
23,450
  
                                 
                                 
                                 
          Full Year     
Full Year
    
Full Year
        
(In thousands)
          
FY2005
    
FY2004
    
FY2003
        
Sales
                                
Original Equipment - Americas
          
590,029
   
459,459
   
417,317
       
Original Equipment - Asia
          
116,431
   
-
   
-
       
Original Equipment - Europe
          
495,581
   
389,091
   
330,028
       
Commercial HVAC&R
          
102,808
   
88,738
   
85,812
       
Other
          
37,633
   
40,176
   
33,878
       
Segment Sales
        
$
1,342,482
  
$
977,464
  
$
867,035
        
Corporate and Administrative
          
3,829
   
5,874
   
2,423
       
Eliminations
          
(3,895
)
  
(2,663
)
  
(6,469
)
      
Sales from Continuing Operations
        
$
1,342,416
  
$
980,675
  
$
862,989
        
Discontinued Operations
          
205,599
   
225,210
   
231,739
       
Total Net Sales
        
$
1,548,015
  
$
1,205,885
  
$
1,094,728
        
                                 
Operating Income/(Loss)
                                
                                 
Original Equipment - Americas
          
84,009
   
60,944
   
57,919
       
Original Equipment - Asia
          
1,936
   
-
   
-
       
Original Equipment - Europe
          
61,923
   
44,995
   
39,551
       
Commercial HVAC&R
          
13,382
   
11,143
   
11,515
       
Other
          
(11,300
)
  
(12,979
)
  
(11,382
)
      
Segment Income
        
$
149,950
  
$
104,103
  
$
97,603
        
Corporate and Administrative Expenses
          
(54,670
)
  
(46,866
)
  
(44,430
)
      
Eliminations
          
137
   
150
   
131
       
Other Items Not Allocated to Segments
          
2,500
   
80
   
(1,406
)
      
Segment Income from Continuing Operations
          
97,917
   
57,467
   
51,898
       
Discontinued Operations
          
(1,041
)
  
6,244
   
3,129
       
Discontinued Operations - Cumulative effect of change
                                
in accounting for goodwill impairment
                      
(22,830
)
      
Earnings Before Income Taxes
        
$
96,876
  
$
63,711
  
$
32,197
    
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