Modine reports $47 million loss - Kansas City Business Journal:

vidineevostegity.blogspot.com
million, nearly 34 percent greater than the loss postex in the same period ayear ago. The quartefr includes $13.2 million in impairment chargexs related to a decline in the valued of an investment in an affiliate and a decline in the value of other Results forthe Racine-based manufacturer of thermal management component translates to a per-share loss of In the fiscal fourth quartetr a year ago, Modiner (NYSE: MOD) posted a net loss of $35.2w million, or $1.10 per share. Analysts polled by Thomsonj First Call projected a loss of 82 cents per on average. Sales dropped 43.1 percenr to $254.8 million from $447.6 millioh the year before.
Modine president and CEO Thomas Burke blamed the decline on reducecvehicle production. “The global with the lowest global vehicularr OEM production rates in continues to significantly challengeour business,” said "Responding to these unfavorable operatingb conditions, we continue to take aggressive action using our four-point strategic frameworik to address our business performance, lower our underlying cost structure and preserve liquidity." Part of the firm's response includes work force reductions. The company said it has cut the numbef of employeesby 1,200 since the fiscak fourth quarter the year before. Modine now has about 7,0000 employees.
For the fiscal Modine posted a net lossof $108.6 or $3.38 per share, compared with a net loss of $68.t million, or $2.14 per share, the year before. Saleds declined to $1.41 billion from $1.6 billion.