The Modine Manufacturing Company promoted President David B. Rayburn to the position of chief executive officer and elected him to the board of directors. Mr. Rayburn will report to Donald R. Johnson who will continue as chairman of the board.
Modine, based in Racine, WI, U.S., specializes in thermal management, supplying heating and cooling technology to diversified markets such as HVAC equipment, industrial equipment, refrigeration systems, fuel cells, and electronics.
Mr. Rayburn was promoted to his current position of president and chief operating officer in April 2002. He joined Modine in 1991.
Modine Reports Strong Third Quarter Results
Modine also reported its third-quarter sales, which amounted to U.S. $272.0 million with earnings of $9.6 million, or $0.29 per fully diluted share, for the third quarter that ended December 26th, 2002. Sales increased 1.0% from $269.3 million reported a year ago. Modine's income from operations increased 356 percent to $15.0 million from $3.3 million. Reported net earnings increased 668 percent to $9.6 million from $1.3 million a year ago.
Both Modine's current year and previous fiscal year financial results contain one-time items. Adjusting for the one-time items, Modine's pro forma net earnings for the third quarter increased by 44.0 percent to $9.8 million from $6.8 million a year ago.
Modine said it is pleased with the strong increase in its operating income and net earnings for the third quarter and will continue to execute on key business initiatives announced previously. On a pro forma basis, it expects fiscal year 2003 earnings to be modestly down from its fiscal 2002 results. Modine expects operating cash flow to remain strong and more than sufficient to meet funding requirements.
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