Racine-based Modine Manufacturing Company's sales and profits have suffered significantly during the recession. Today, the company reported that it lost $47.1 million (or $1.47 diluted loss per share) in the fourth quarter of fiscal 2009, and that it lost $108.6 million (or $3.38 diluted loss per share) for the entire 2009 fiscal year.
The company had net sales of $254.8 million for the fourth quarter, down 43.1 percent from $447.6 million in the fourth quarter of fiscal 2008.
For the full fiscal year the company's sales dropped by 12 percent to $1.41 billion, down from $1.6 billion in the previous fiscal year.
"The global recession, with the lowest global vehicular OEM production rates in decades, continues to significantly challenge our business," said Thomas A. Burke, Modine's president and chief executive officer. "Responding to these unfavorable operating conditions, we continue to take aggressive actions using our four-point strategic framework to address our business performance, lower our underlying cost structure and preserve liquidity. We are actively refocusing our product portfolio and manufacturing footprint to ensure we provide technically advanced, high value solutions to our customers that ultimately will deliver the expected returns to our shareholders. Additionally, we are driving our Modine Operating System principles, which include a critical focus on leadership behaviors, throughout our organization to accelerate continuous process improvement. Collectively, these targeted actions are providing the momentum that will see us through the current economic crisis and ensure an advantaged position for Modine as the market volumes recover."
Modine lost $47.1 million in fourth quarter
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