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 | ||||||||||