Modine Manufacturing (MOD) 8-K/A Results of Operations and Financial Condition

NEWS RELEASE

For Immediate Release

Investor Contact: Dave Prichard262-636-8434 d.a.prichard@na.modine.com

Media Contact: Lori Stafford262-636-1001 l.stafford@na.modine.com

Modine Provides Minor Changes to Unaudited, Pro Forma Historical Earnings Statements for Classification of Former Aftermarket Business as a Discontinued Operation and Announces Updated Charge to Discontinued Operations for Fiscal 2006 Second Quarter Financial Statements

Racine, WI, November 7, 2005 - Modine Manufacturing Company (NYSE: MOD), a diversified world leader in thermal management technology and solutions, today issued minor changes to portions of unaudited, pro forma historical earnings statements recently issued when the Company announced the classification of 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.

These unaudited, pro forma historical financial statements, as well as expanded operating segment financial information, have been provided for the first quarter of fiscal 2006, by quarter for fiscal 2005, and annually for fiscal years 2005, 2004 and 2003.

All unaudited, pro forma earnings statements have been labeled with dollar and per share headings, and the quarterly earnings statements for fiscal 2005 and the first quarter of fiscal 2006 have been updated with the correct quarterly period dates.

The complete unaudited, pro forma historical earnings statements and expanded operating segment financial information containing these changes are provided with this press release. They may also be accessed by visiting Modine’s Web site at www.modine.com.

Modine also confirmed that it recorded a charge to discontinued operations of $54.1 million, or $(1.56) per fully diluted share in the Company’s fiscal 2006 second quarter, in line with prior guidance. The charge was comprised of a $50.4 million non-cash charge to reflect the difference between the value that Modine shareholders received in Proliance International, Inc. of $51.3 million, a function of the price of Transpro, Inc. stock at the time of the closing, and the $101.7 million in asset carrying value of Modine’s Aftermarket business; a $3.2 million non-cash foreign currency translation loss recognized upon disposition; and $0.5 million in unreimbursed expenses incurred as part of the transaction. This charge was reported in the Company’s fiscal 2006 second quarter earnings release on October 19 as $50.8 million but had been reported in an earlier release that same day as $48.2 million.

In addition, Modine said it made other minor classification and labeling changes to its income statement and statement of cash flows issued with its fiscal 2006 second quarter earnings release on October 19, 2005. The revised income statement and statement of cash flows reflecting the $54.1 million charge to discontinued operations and classification changes are also provided with this press release.

Founded in 1916, 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 can be found at www.modine.com. 

Modine Manufacturing Company
Consolidated statements of earnings (unaudited)*
			(In thousands, except per-share amounts)
	Three months ended September 26,						Six months ended September 26,
		2005			2004			2005			2004
Net sales	$	404,152		$	306,717		$	800,990		$	597,946
Cost of sales		324,366			242,924			640,932			471,800
Gross profit		79,786			63,793			160,058			126,146
Selling, general, & administrative expenses		56,651			42,206			107,204			81,906
Restructuring		-			(600	)		-			922
Income from operations		23,135			22,187			52,854			43,318
Interest (expense)		(1,837	)		(1,498	)		(3,381	)		(2,764	)
Other income - net		607			1,558			3,278			2,531
Earnings from continuing operations before income taxes		21,905			22,247			52,751			43,085
Provision for income taxes		7,583			8,327			17,731			16,653
Earnings from continuing operations		14,322			13,920			35,020			26,432
Earnings from discontinued operations (net of income taxes)		404			132			457			1,429
Loss on spin off of discontinued operations		(54,068	)		-			(54,068	)		-
Net (loss)/earnings		($39,342	)	$	14,052			($18,591	)	$	27,861
Earnings from continuing operations as a percent of net sales		3.5	%		4.5	%		4.4	%		4.4	%
Earnings per share from continuing operations:
Basic	$	0.42		$	0.41		$	1.02		$	0.78
Diluted	$	0.41		$	0.40		$	1.01		$	0.77
Net (loss)/earnings per share:
Basic		($1.14	)	$	0.41			($0.54	)	$	0.82
Diluted		($1.14	)	$	0.41			($0.54	)	$	0.81
Weighted average shares outstanding:
Basic		34,185			34,018			34,257			33,975
Diluted		34,779			34,415			34,705			34,339
Net cash provided by operating activities	$	27,739		$	28,976		$	49,992		$	31,676
Dividends paid per share	$	0.1750		$	0.1525		$	0.3500		$	0.3050
Comprehensive (loss)/earnings, which represent net earnings adjusted by the change in foreign-currency translation,
minimum pension liability, and a cashflow hedge of a benchmark interest rate for a forecasted debt borrowing, recorded in shareholders' equity,for the periods ended September 26, 2005 and 2004, respectively, were ($37,211) and $15,624 for 3 months, and ($34,885) and $23,713 for 6 months.
Consolidated condensed balance sheets (unaudited)
(In thousands)
Sept. 26, 2005					March 31, 2005
Assets
Cash and cash equivalents	$	66,464		$	55,091
Trade receivables - net		240,570			251,734
Inventories		91,900			149,781
Other current assets		45,984			52,724
Total current assets		444,918			509,330
Property, plant, and equipment - net		460,208			496,180
Other noncurrent assets		170,914			146,645
Total assets	$	1,076,040		$	1,152,155
Liabilities
Debt due within one year	$	108		$	64,912
Accounts payable		148,670			159,876
Other current liabilities		113,889			120,306
Total current liabilities		262,667			345,094
Long-term debt		160,961			40,724
Deferred income taxes		42,593			44,072
Other noncurrent liabilities		61,156			62,485
Total liabilities		527,377			492,375
Shareholders' equity		548,663			659,780
Total liabilities & shareholders' equity	$	1,076,040		$	1,152,155
*Certain prior-year amounts have been reclassified in the consolidated financial statements to conform with the
current year presentation. These include a reclassification of certain other income & expense items to sales,
S.G.&A. and manufacturing overhead, along with additional allocations of certain centralized services expenses
from corporate and administrative expenses to the attributable individual segments and their divisions in order
to more accurately reflect their operating results.

Modine Manufacturing Company
Condensed consolidated statements of cash flows (unaudited)*
				(In thousands)
Six months ended September 26,					2005			2004
Net (loss) / earnings						($18,591	)	$	27,861
Adjustments to reconcile net (loss)/earnings with cash provided
by operating activities:
Depreciation and amortization						36,145			32,857
Loss on spin-off of aftermarket business						53,611			-
Other - net						1,980			1,388
						73,145			62,106
Net changes in operating assets and liabilities						(23,153	)		(30,430	)
Cash flows provided by operating activities						49,992			31,676
Cash flows from investing activities:
Expenditures for plant, property, & equipment						(30,136	)		(29,770	)
Acquisitions, net of cash						(37,491	)		(82,605	)
Spin-off of aftermarket business (cash transferred)						(3,725	)		-
Proceeds for dispositions of assets						-			1,125
Other- net						198			(546	)
Net cash (used for) investing activities						(71,154	)		(111,796	)
Cash flows from financing activities:
Net increase/(decrease) in debt						60,000			52,166
Settlement of derivative contract						(1,794	)		-
Cash proceeds from exercise of stock options						8,597			3,816
Repurchase of common stock, treasury & retirement						(24,261	)		(483	)
Cash dividends paid						(12,140	)		(10,424	)
Other - net						4,526			5,165
Net cash provided by financing activities						34,928			50,240
Effect of exchange rate changes on cash						(2,393	)		(596	)
Net increase / (decrease) in cash and cash equivalents						11,373			(30,476	)
Cash and cash equivalents at beginning of the period						55,091			69,758
Cash and cash equivalents at end of the period					$	66,464		$	39,282
Condensed segment operating results (unaudited)**
(In thousands)
	Three months ended September 26,									Six months ended September 26,
			2005			2004						2005			2004
Sales:
Original Equipment - Americas		$	172,607		$	142,855					$	337,537		$	284,378
Original Equipment - Asia			49,722			14,215						107,549			14,215
Original Equipment - Europe			128,740			116,783						268,733			238,633
Commercial HVAC&R			46,093			24,498						74,549			43,497
Other			8,201			8,030						14,989			16,432
Segment sales			405,363			306,381						803,357			597,155
Corporate and Administrative			774			1,271						1,567			2,424
Eliminations			(1,985	)		(935	)					(3,934	)		(1,633	)
Net sales		$	404,152		$	306,717					$	800,990		$	597,946
Operating earnings/(loss):
Original Equipment - Americas		$	22,919		$	19,672					$	43,845		$	40,966
Original Equipment - Asia			(687	)		626						1,874			626
Original Equipment - Europe			16,954			13,920						37,969			28,096
Commercial HVAC&R			4,207			2,808						6,430			4,745
Other			(3,232	)		(3,104	)					(7,284	)		(7,631	)
Segment earnings			40,161			33,922						82,834			66,802
Corporate and Administrative Expenses			(17,443	)		(11,771	)					(30,427	)		(23,522	)
Eliminations			27			39						57			36
Other Items Not Allocated to a Segment			(840	)		57						287			(231	)
Earnings from continuing operations before income taxes		$	21,905		$	22,247					$	52,751		$	43,085
** Prior year segment results have been reclassified to conform to the current year presentation.
In the current year, six months of the Korean and Chinese acquisitions results are included in Original Equipment - Asia segment and
six months of the Jackson, Mississippi acquisition results are included in the Original Equipment - Americas segment, while four
months of the Airedale acquisition results are included in the Commercial HVAC&R segment. The Korean acquisition was included
for one month in the prior year while the Chinese, Jackson, and Airedale acquisitions were not included in the prior periods
as they were acquired later in fiscal 2005 and fiscal 2006.

** Definition - Return from continuing operations on average capital employed (ROACE)
The sum of, earnings from continuing operations and adding back after-tax interest (interest expense less the tax benefit at the
total company effective tax rate), divided by the average, total debt plus shareholders' equity: this is a financial measure of the profit
generated on the total capital invested in the company before any interest expenses payable to lenders, net of any tax effect.
Management discussion concerning the use of the financial measure - Return from continuing operations on average capital employed
Return from continuing operations on average capital employed is not a measure derived under generally accepted accounting principles
(GAAP) and should not be considered as a substitute for any measure derived in accordance with GAAP. Management believes that
return from continuing operations on capital employed provides investors with helpful supplemental information about the Company's
performance, ability to provide an acceptable return on all the capital utilized by the Company, and ability to fund growth. This measure
may not be consistent with similar measures presented by other companies.
Modine Manufacturing Company
Return from continuing operations on average capital employed (unaudited)
	(In thousands)
Trailing four quarters ended September 26,		2005
Earnings from continuing operations		$70,276
Plus interest expense from continuing operations net of tax benefit at total company effective tax rate		4,536
Net return		$74,812
Divided by:
Average capital (debt + equity, last five quarter ends / divided by 5)		$675,736
Return from continuing operations on average capital employed		11.1%
Interest expense from continuing operations		$6,946
Total company effective tax rate		34.7%
Tax benefit		2,410
Interest expense, net of tax benefit		$4,536

Modine Manufacturing Company
Unaudited proforma consolidated statements of earnings
(In thousands, except per share amounts)
		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 1,136 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					$	1.03					$	1.00
Diluted	$	1.02					$	1.02					$	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
(In thousands, except per share amounts)
	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					$	1.19					$	1.05
Diluted	$	1.19					$	1.19					$	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
(In thousands, except per share amounts)
	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					$	1.81					$	1.81
Diluted	$	1.79					$	1.79					$	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
(In thousands, except per share amounts)
	Historical Modine						Adjusted			Discontinued			Continuing
For the quarter ended June 26, 2004	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					$	0.41					$	0.37
Diluted	$	0.40					$	0.40					$	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
(In thousands, except per share amounts)
	Historical Modine						Adjusted			Discontinued			Continuing
For the quarter ended September 26, 2004	as reported			Reclassifications			Historical Modine			Operations			Operations
Net sales	$	363,620		$	1,273		$	364,893			($58,176	)	$	306,717
Cost of sales		280,488			2,275			282,763			(39,839	)		242,924
Gross profit		83,132			(1,002	)		82,130			(18,337	)		63,793
Selling, general, and administrative expenses		63,451			(3,207	)		60,244			(18,038	)		42,206
Restructuring charges		(600	)		0			(600	)		0			(600	)
Income from operations		20,281			2,205			22,486			(299	)		22,187
Interest expense		(1,507	)		1			(1,506	)		8			(1,498	)
Other income--net		3,766			(2,205	)		1,561			(5	)		1,556
Earnings before income taxes from continuing operations		22,540			1			22,541			(296	)		22,245
Provision for income taxes		8,488			1			8,489			(162	)		8,327
Net earnings	$	14,052			$0		$	14,052			($134	)	$	13,918
Net earnings per share:
Basic	$	0.41					$	0.41					$	0.41
Diluted	$	0.41					$	0.41					$	0.40
Weighted average shares outstanding:
Basic		34,018						34,018						34,018
Diluted		34,415						34,415						34,415

Modine Manufacturing Company
Unaudited proforma consolidated statements of earnings
(In thousands, except per share amounts)
	Historical Modine						Adjusted			Discontinued			Continuing
For the quarter ended December 26, 2004	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					$	0.56					$	0.63
Diluted	$	0.55					$	0.55					$	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
(In thousands, except per share amounts)
	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					$	0.43					$	0.40
Diluted	$	0.43					$	0.43					$	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
(In thousands, except per share amounts)
		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				$	0.60				$	0.60
Diluted	$	0.60				$	0.60				$	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
(In thousands)
	1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
	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 Earnings/(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 Earnings	$	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 Earnings 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 Earnings/(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 Earnings				$	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 Earnings 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