This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Modine Reports Third Quarter Fiscal 2013 Results; Continues European Restructuring; Affirms Guidance

Net debt was $131.8 million at December 31, 2012, a decrease of $1.1 million from the end of fiscal 2012. Cash on hand at the end of the quarter was $32.9 million.

Third Quarter Segment Results

North America segment sales decreased 7.9 percent to $128.2 million compared to $139.2 million one year ago. The decrease was driven primarily by lower sales to off-highway customers as orders slowed during the quarter. Operating income decreased $2.4 million, or 22.6 percent, to $8.2 million compared to the prior year due to lower gross profit on the lower sales and higher SG&A expense. SG&A was lower in the prior year due to the reversal of a $2.3 million trade compliance-related liability.

Europe segment sales decreased 17.3 percent to $115.7 million compared to $139.9 million in the prior year. On a constant currency basis, sales decreased 13.8 percent from the prior year primarily due to the planned wind down of the automotive module business and lower sales to commercial vehicle and off-highway customers. Market demand in Europe continued to be impacted by weak economic conditions, affecting both mature programs and launch volumes. The segment operating loss was $5.7 million during the quarter compared to $6.8 million of operating income in the prior year. The decrease was primarily due to $9.7 million of restructuring and impairment charges, including $8.3 million of non-cash asset impairment charges and $1.4 million of restructuring costs.

South America segment sales decreased 24.9 percent to $31.7 million compared to $42.2 million one year ago. On a constant currency basis, sales decreased 14.0 percent from the prior year. The decrease in sales was due to the continued weakness in the commercial vehicle market following the pre-buy ahead of the January 1, 2012 change in emissions standards in Brazil. Operating income of $2.6 million was lower than the prior year by $1.4 million due to lower gross profit on lower sales volume.

2 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs