EXHIBIT 99.1
TECUMSEH PRODUCTS COMPANY REPORTS THIRD QUARTER 2003 NET INCOME OF
$1.03 PER SHARE
Tecumseh, Michigan, October 30, 2003 . . . . Tecumseh Products Company
(NASDAQ-TECUA, TECUB) announced today its 2003 third quarter consolidated
results as summarized in the following Consolidated Condensed Statements of
Operations.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three Months Ended Nine Months Ended
(Dollars in millions except per share amounts) September 30, September 30,
-------------------------- ---------------------------
2003 2002 2003 2002
===============================================================================================================================
NET SALES $438.5 $310.9 $1,394.7 $1,039.6
Cost of sales and operating expenses 379.7 261.1 1,212.7 882.1
Selling and administrative expenses 37.2 29.4 123.3 88.9
Restructuring charges (gains) and other items (3.3) --- 38.8 4.5
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OPERATING INCOME 24.9 20.4 19.9 64.1
Interest expense (6.8) (1.4) (18.3) (3.5)
Interest income and other, net 6.6 3.0 16.7 8.8
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INCOME BEFORE TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 24.7 22.0 18.3 69.4
Taxes on income 5.7 7.8 3.4 24.6
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INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 19.0 14.2 14.9 44.8
CUMULATIVE EFFECT OF ACCOUNTING CHANGE FOR GOODWILL, NET OF TAX --- --- --- (3.1)
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NET INCOME $19.0 $14.2 $14.9 $41.7
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BASIC AND DILUTED EARNINGS PER SHARE
Income before cumulative effect of accounting change $1.03 $0.77 $0.81 $2.42
Accounting change for goodwill --- --- --- (0.17)
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NET INCOME $1.03 $0.77 $0.81 $2.25
===============================================================================================================================
WEIGHTED AVERAGE SHARES (in thousands of shares) 18,480 18,480 18,480 18,480
===============================================================================================================================
Consolidated net income for the third quarter of 2003 amounted to $19.0
million or $1.03 per share compared to $14.2 million or $0.77 per share in the
third quarter of 2002. Included in reported results for the third quarter of
2003 is a net gain of $3.3 million ($2.1 million net of tax or $0.11 per share)
resulting from the restructuring actions in the Engine & Power Train business
announced in the second quarter of 2003. Third quarter results were also
favorably impacted by several income tax related items. The resolution of prior
years' federal income tax audits reduced the Company's currently payable
provision for income taxes by $1.9 million. The Company's effective federal
income tax rate was further reduced by adjustments to the provision for deferred
taxes pertaining to unremitted earnings of foreign subsidiaries. Third quarter
2003 results include the income of the FASCO Motors Group ("FASCO"), which was
acquired on December 30, 2002. FASCO's operating income for the quarter was $4.9
million.
Consolidated net income for the first nine months of 2003 amounted to
$14.9 million or $0.81 per share compared to $41.7 million or $2.25 per share in
the same period of 2002. In addition to the third quarter net gain from
restructuring actions and the federal income tax-related items mentioned above,
results for the first nine months of 2003 include a charge of $13.6 million
($8.7 million net of tax or $0.47 per share) recorded in the first quarter
related to environmental costs at the Company's Sheboygan Falls, Wisconsin
facility and a restructuring charge of $28.5 million ($18.2 million net of tax
or $0.99
per share) recorded in the second quarter related to the consolidation of
operations in the Engine & Power Train business and related plant closings.
Year-to-date 2003 operating results were also reduced by $4.2 million ($2.7
million net of tax or $0.15 per share) due to the expensing of inventory
write-ups recorded as part of purchase accounting for the FASCO acquisition as
required by U.S. Generally Accepted Accounting Principles. Year-to-date results
have also been negatively impacted by a $5.6 million charge related to the
amortization of a non-compete agreement arising from the FASCO acquisition.
Included in the 2002 first half results is a restructuring charge of $4.5
million ($2.9 million net of tax or $0.16 per share) related to the relocation
of certain compressor manufacturing operations from the United States to Brazil
and the cumulative effect of an accounting change for goodwill ($3.1 million net
of tax or $0.17 per share) related to the adoption of Statement of Financial
Accounting Standards ("SFAS") No. 142 "Goodwill and Other Intangible Assets."
Consolidated sales for the third quarter of 2003 amounted to $438.5
million compared to sales of $310.9 million in the third quarter of 2002. Sales
for the nine months ended September 30, 2003 were $1,394.7 million compared to
sales of $1,039.6 million in the first nine months of 2002. The net increase in
sales of $127.6 million for the third quarter includes FASCO sales of $99.1
million as well as moderate increases in all other business segments. The net
increase of $355.1 million for the first nine months also includes FASCO sales
of $308.4 million, as well as moderate increases in all other business segments.
Exclusive of restructuring and other one-time items, third quarter
operating income was slightly lower than the prior year due to weaker results in
the Compressor business segment and interest charges on the Company's
acquisition related debt, partially offset by improvement in the Engine & Power
Train business and the addition of FASCO.
COMPRESSOR BUSINESS
Third quarter 2003 sales in the Company's Compressor business increased to
$193.8 million from $181.9 million in the third quarter of 2002. This increase
was primarily attributable to effects of foreign currency translation which
increased sales by approximately $11.3 million. Otherwise, gains in sales of
compressors used in refrigeration applications and, to a lesser extent, gains in
U.S. export sales of compressors used in air conditioning that rebounded after
the second quarter slowdown caused by the war in Iraq were offset by declines in
sales of compressors used in unitary air conditioning and commercial
applications. Compressor business sales in the first nine months of 2003
increased $5.6 million, or approximately 0.9%, from the first nine months of
2002. The relatively flat sales reflect an increase due to currency translation
and a 36% increase in sales of compressors utilized in refrigeration
applications, more than offset by declines in sales of compressors used in air
conditioning.
Compressor business operating income for the third quarter of 2003
amounted to $15.5 million compared to $22.6 million in the third quarter of
2002. Operating income for the nine months ended September 30, 2003 amounted to
$55.9 million compared to $65.7 million for the first nine months of 2002. The
decrease in operating income for the third quarter of 2003 versus the comparable
2002 quarter reflects several factors, including an unfavorable sales mix,
unfavorable foreign currency movements, and lower product margins. The continued
decline in overall U.S. manufactured volumes reduced the profitability of the
segment's U.S. operations. Results in Brazil were also lower in the third
quarter of 2003 versus 2002, partially due to $3.7 million of net re-measurement
gains from foreign currency-denominated transactions in the third quarter of
2002 that did not recur in 2003. The weak U.S. dollar narrowed margins on U.S.
dollar denominated sales sourced from Brazil and other foreign operations.
Lastly, margins were adversely affected by unfavorable product sales mix,
material cost increases in some locations, and lower average sales prices in
certain product categories. The decline in
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profitability experienced in the second and third quarters of 2003 compared to
the same periods in 2002 is in contrast to the improvement experienced in the
first quarter of 2003 where volumes were up over the prior year first quarter
and the effects of cost reduction efforts produced positive results. As a result
of these two contrasting periods, the Compressor business' operating results for
the first nine months of 2003 were down 14.9% in comparison to the same period
in 2002.
Results from the Company's Brazilian compressor operations for the third
quarter of 2003 declined from the comparable prior year period, reflecting a
shift in sales mix to lower priced compressors, increased material and operating
costs, and the foreign currency effects noted above. Despite these declines,
Brazilian operations remain a key to future competitiveness, and for the three
and nine month periods ended September 30, 2003, represented 64% and 59% of
operating income for the Compressor business compared to 64% and 50%,
respectively for the comparable periods in 2002.
ELECTRICAL COMPONENTS BUSINESS
With the acquisition of FASCO, the Company has created a new operating
segment. In addition to FASCO, the segment includes certain North American
electrical component manufacturing that was previously reported in the
Compressor business. Prior year business segment data, as presented in the table
titled "Results by Business Segments (Unaudited)," has been reclassified to
conform to the Company's current presentations.
Electrical Components sales were $101.5 million in the third quarter of
2003, including $99.1 million of sales from FASCO, compared to $2.3 million in
the third quarter of 2002. Year-to-date sales amounted to $315.8 million,
including $308.4 million of sales from FASCO, compared to $5.8 million in the
first nine months of 2002.
Segment operating profit for the quarter was $3.9 million compared to a
loss of $2.1 million in 2002. FASCO contributed $4.9 million in operating profit
to the third quarter of 2003. Segment operating profit for the first nine months
of the year was $11.5 million compared to a loss of $1.5 million for the same
period in 2002. FASCO contributed $14.6 million in operating profit to the first
nine months of 2003. FASCO's results for the three and nine month periods have
been reduced by $1.9 million ($1.2 million net of tax or $0.07 per share) and
$5.6 million ($3.6 million net of tax or $0.19 per share), respectively, for
amortization of a non-compete agreement arising from the acquisition. The
non-compete agreement is being amortized over a two year period. In addition,
during the first quarter of 2003, FASCO's results were reduced by $4.2 million
($2.7 million net of tax or $0.15 per share) for inventory adjustments required
by purchase accounting rules.
ENGINE & POWER TRAIN BUSINESS
Engine & Power Train business sales amounted to $113.2 million in the
third quarter of 2003 compared to $97.9 million in the third quarter of 2002.
Sales in the first nine months of 2003 were $357.1 million compared to $320.7
million in the first nine months of 2002. The improvement in sales for the third
quarter reflects a 29% improvement in unit volume of engines used for snow
throwers. Sales for the first nine months of the year reflect overall higher
U.S. shipment volumes and the effects of translation from a weaker U.S. dollar,
partially offset by lower volumes in Europe where the dry, hot summer has
dramatically slowed sales.
Engine & Power Train business operating income in the third quarter of
2003 amounted to $3.3 million compared to $0.2 million in the third quarter of
2002. For the first nine months of 2003, the business incurred an operating loss
of $7.1 million compared to breakeven in 2002. The improvement in
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third quarter results is attributable to the increased volume of engines for
snow throwers and lower fixed costs resulting from the closure of the Douglas,
Georgia facility. Offsets include higher engineering costs associated with new
product development and startup costs associated with the new facility in
Curitiba, Brazil. The substantial decline in profitability of the segment for
the first nine months is attributable to numerous factors, including less
favorable sales mix, lower average selling prices, higher costs of purchased
parts, excess capacity and production inefficiency costs, rising health care
expenses and startup expenses associated with the new facility in Curitiba,
Brazil, as well as weak sales volumes in Europe.
PUMP BUSINESS
Pump business sales in the third quarter of 2003 amounted to $29.7 million
compared to $28.4 million in 2003. Year-to-date sales amounted to $100.6 million
in 2003 compared to $97.4 million the previous year. The increase in third
quarter sales was primarily attributed to higher volumes in the retail and
plumbing sectors, which were spurred by the inclement weather in the eastern
United States. The slight improvement in the first nine months of 2003 sales was
due to the same third quarter factors, plus increased volumes in condensate
products sold to the HVAC and plumbing markets and in industrial products sold
through the aftermarket distribution channel, offset by lower volumes in the
heavy industrial market.
Operating income amounted to $3.3 million in the quarter ended September
30, 2003 compared to $3.3 million in the same period of 2002. Operating income
in the first nine months of 2003 decreased to $11.7 million from $12.4 million
in 2002. The slight decrease in operating income for the first nine months of
2003 compared to 2002 is primarily attributable to increased administrative
costs and unfavorable sales mix.
RESTRUCTURING CHARGES AND OTHER ITEMS
Third quarter 2003 results were favorably affected by $3.3 million ($2.1
million net of tax or $0.11 per share) for net gains recognized pursuant to the
restructuring actions announced in the second quarter involving the Engine &
Power Train business. These actions included the closure of the Company's
Douglas, Georgia and Sheboygan Falls, Wisconsin production facilities and the
relocation of certain production capacities to the new Curitiba, Brazil facility
and other existing U.S. locations. As a result of these actions, the Company has
incurred both charges and gains, which have been recognized over the second and
third quarters of 2003 in accordance with SFAS No. 144 "Accounting for the
Impairment or Disposal of Long-Lived Assets," SFAS No. 146 "Accounting for Costs
Associated with Exit or Disposal Activities," and SFAS No. 88 "Employer's
Accounting for Settlements & Curtailments of Defined Benefit Pension Plans and
Termination Benefits."
As of September 30, 2003, the Company has recognized $31.0 million in
charges and $5.8 million in gains with respect to these restructuring actions.
Included in the charges are approximately $7.5 million in earned severance pay
and future benefit costs relating to manpower reductions, $3.2 million in plant
closing and exit costs incurred through September 30, 2003, and $20.3 million in
asset impairment charges for idled equipment and facilities. The amount of
severance pay and future benefit costs mentioned above includes $0.8 million in
curtailment losses related to the pension plan at the Sheboygan Falls, Wisconsin
facility. The gains represent curtailment gains associated with other
post-employment benefits. Under U.S. GAAP, such gains are not recognizable until
the affected employees have been severed and, accordingly, were recorded in the
third quarter of 2003.
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Under SFAS No. 146, severance payments that require future service to be
received is accrued as earned and other costs are only recognized to the extent
a liability has been incurred. Accordingly, $28.5 million and $2.5 million of
the charges were recognized in the second and third quarters, respectively.
Additionally, the Company expects to incur further charges of approximately $3.2
million in the fourth quarter of 2003.
Nine month 2003 results were also adversely affected by a $13.6 million
($8.7 million net of tax or $0.47 per share) charge, recognized in the first
quarter, related to environmental costs at the Company's Sheboygan Falls,
Wisconsin facility. On March 25, 2003, with the cooperation of the Environmental
Protection Agency, the Company entered into a liability transfer agreement with
Pollution Risk Services, LLC ("PRS"), whereby PRS assumed substantially all of
the Company's responsibilities, obligations and liabilities for remediation of
the Sheboygan River and Harbor Superfund Site (the "Site"). While the Company
believes the arrangements with PRS are sufficient to satisfy substantially all
of the Company's environmental responsibilities with respect to the Site, these
arrangements do not constitute a legal discharge or release of the Company's
liabilities with respect to the Site. The cost of the liability transfer
arrangement was $39.2 million. The charge consists of the difference between the
cost of the arrangement and amounts previously accrued for the cleanup. The
Company also maintains a reserve of $0.5 million to reflect its potential
environmental liability arising from operations at the Site, including potential
liabilities not assumed by PRS pursuant to the arrangement. Additional
information is available in the Company's Form 8-K filed on April 9, 2003.
Nine month 2002 results were adversely affected by a $4.5 million ($2.9
million net of tax or $0.16 per share) restructuring charge in the Compressor
segment recognized in the first quarter. The charge relates to the decision to
relocate the production of additional rotary compressor product lines to Brazil
from the United States and consists of the write-down of certain equipment,
which will not be used in other operations.
DEBT REFINANCING
On December 30, 2002, the Company acquired FASCO from Invensys Plc for
cash of $396.6 million and the assumption of approximately $14.5 million in
debt. The acquisition was financed, in part, with proceeds from new bank
borrowings, including $250 million from a six-month bridge loan and $75 million
from a new three-year $125 million revolving credit facility. On March 5, 2003,
the Company completed a private placement of $300 million Senior Guaranteed
Notes maturing 2008 through 2011. Proceeds from the private placement were used
to repay the bridge loan and pay down borrowings under the revolving credit
facility.
ACCOUNTING CHANGE
The cumulative effect from an accounting change of $4.8 million ($3.1
million net of tax) recorded in the first quarter of 2002, resulted from the
Company adopting SFAS No. 142 "Goodwill and Other Intangible Assets" on January
1, 2002. Under SFAS No. 142, goodwill is no longer amortized, but is subject to
impairment testing on at least an annual basis. As required by SFAS No. 142, the
Company tested for impairment at the date of adoption and found that the
goodwill associated with the Engine & Power Train European operations had been
impaired.
OUTLOOK
The outlook for the fourth quarter of 2003 is unfavorable in comparison to
2002. The accretive impact of FASCO's results are expected to be positive, but
results from the Company's traditional
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Compressor, Engine & Power Train and Pump segments are expected to be soft in
relation to the prior year, reflecting little economic growth, higher costs and
the unfavorable effects of a weak U.S. dollar. The weakness in the U.S. dollar
will be most evident on the results of the Brazilian Compressor operations where
the Real was particularly weak in the fourth quarter of 2002 due to the national
election and European Engine operations where the strength of the Euro has
resulted in a loss of share to non-European suppliers.
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RESULTS BY BUSINESS SEGMENTS (UNAUDITED)
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Three Months Ended Nine Months Ended
(Dollars in millions) September 30, September 30,
--------------------------- ---------------------------
2003 2002 (a) 2003 2002 (a)
===============================================================================================================================
NET SALES:
Compressor Products $193.8 $181.9 $620.6 $615.0
Electrical Components 101.5 2.3 315.8 5.8
Engine & Power Train Products 113.2 97.9 357.1 320.7
Pump Products 29.7 28.4 100.6 97.4
Other (b) 0.3 0.4 0.6 0.7
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Total Net Sales $438.5 $310.9 $1,394.7 $1,039.6
===============================================================================================================================
OPERATING INCOME (LOSS):
Compressor Products $15.5 $22.6 $55.9 $65.7
Electrical Components 3.9 (2.1) 11.5 (1.5)
Engine & Power Train Products 3.3 0.2 (7.1) 0.0
Pump Products 3.3 3.3 11.7 12.4
Other (b) (0.8) (0.9) (2.9) (1.3)
Corporate expenses (3.6) (2.7) (10.4) (6.7)
Restructuring charges and other items 3.3 --- (38.8) (4.5)
- -------------------------------------------------------------------------------------------------------------------------------
Total Operating Income 24.9 20.4 19.9 64.1
Interest expense (6.8) (1.4) (18.3) (3.5)
Interest income and other, net 6.5 3.0 16.6 8.8
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INCOME BEFORE TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE $24.6 $22.0 $18.2 $69.4
===============================================================================================================================
(a) Prior year amounts have been reclassified to conform to 2003 presentation.
(b) "Other" consists of non-reportable business segments, primarily MDSI.
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CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
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SEPTEMBER 30, December 31,
(Dollars in millions) 2003 (c) 2002
===============================================================================================================================
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $280.5 $333.1
Accounts receivable, net 252.3 242.4
Inventories 301.3 304.0
Deferred income taxes and other 91.1 75.6
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Total Current Assets 925.2 955.1
PROPERTY, PLANT AND EQUIPMENT -- NET 553.5 570.5
GOODWILL AND OTHER INTANGIBLES 349.5 329.1
OTHER ASSETS 247.1 208.3
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Total Assets $2,075.3 $2,063.0
===============================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable, trade $164.1 $172.6
Short-term borrowings 72.3 112.6
Accrued liabilities 161.3 166.2
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Total Current Liabilities 397.7 451.4
LONG-TERM DEBT 314.2 298.2
DEFERRED INCOME TAXES 31.3 33.6
PENSION AND POSTRETIREMENT BENEFITS 253.9 250.1
PRODUCT WARRANTY AND SELF-INSURED RISKS 22.6 21.3
ACCRUAL FOR ENVIRONMENTAL MATTERS 39.7 29.5
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Total Liabilities 1,059.4 1,084.1
STOCKHOLDERS' EQUITY 1,015.9 978.9
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,075.3 $2,063.0
===============================================================================================================================
(c) Reflects purchase accounting adjustments for FASCO, including the completion
of tangible and intangible asset valuations.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
- -------------------------------------------------------------------------------------------------------------------------------
Three Months Ended Nine Months Ended
(Dollars in millions) September 30, September 30,
--------------------------- ---------------------------
2003 2002 2003 2002
===============================================================================================================================
TOTAL STOCKHOLDERS' EQUITY
BEGINNING BALANCE $1,000.6 $985.7 $978.9 $977.7
Comprehensive Income:
Net Income 19.0 14.2 14.9 41.7
Other Comprehensive Income (Loss) 2.2 (33.4) 39.8 (41.1)
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Total Comprehensive Income (Loss) 21.2 (19.2) 54.7 0.6
Cash Dividends Declared (5.9) (5.9) (17.7) (17.7)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY
ENDING BALANCE $1,015.9 $960.6 $1,015.9 $960.6
===============================================================================================================================
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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
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Nine Months Ended
(Dollars in millions) September 30,
------------------------------------
2003 2002
===============================================================================================================================
CASH FLOWS FROM OPERATING ACTIVITIES:
Income before cumulative effect of accounting change $14.9 $44.8
Adjustments to reconcile income before cumulative effect of accounting change to net
cash provided by operating activities:
Depreciation and amortization 68.7 48.7
Non-cash restructuring charges 22.4 4.5
Accounts receivable 2.8 (3.7)
Inventories 19.5 (15.3)
Payables and accrued expenses (48.8) 32.9
Prepaid pension expense (12.0) (21.6)
Deferred and recoverable taxes 3.1 (11.5)
Net effect of environmental payment (25.6) ---
Other (6.6) 1.2
- -------------------------------------------------------------------------------------------------------------------------------
Cash Provided By Operating Activities 38.4 80.0
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CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisition, net of cash acquired (d) 10.6 (4.0)
Capital expenditures (61.3) (41.3)
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Cash Used In Investing Activities (50.7) (45.3)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (17.7) (17.7)
Increase (Decrease) in borrowings, net (36.2) 40.8
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Cash Provided By (Used In) Financing Activities (53.9) 23.1
- -------------------------------------------------------------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH 13.6 (6.2)
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INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (52.6) 51.6
CASH AND CASH EQUIVALENTS:
Beginning of Period 333.1 317.6
- -------------------------------------------------------------------------------------------------------------------------------
End of Period $280.5 $369.2
===============================================================================================================================
(d) 2003 amount relates to the FASCO acquisition and reflects cash received from
the Seller for net purchase price adjustments net of acquisition related
costs.
CAUTIONARY STATEMENT RELATING TO FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject to the safe
harbor provisions created by that Act. In addition, forward-looking statements
may be made orally in the future by or on behalf of the Company. Forward-looking
statements can be identified by the use of terms such as "expects", "should",
"may", "believes", "anticipates", "will", and other future tense and
forward-looking terminology.
Readers are cautioned that actual results may differ materially from those
projected as a result of certain risks and uncertainties, including, but not
limited to, i) changes in business conditions and the economy in general in both
foreign and domestic markets; ii) the effect of terrorist activity and armed
conflict; iii) weather conditions affecting demand for air conditioners, lawn
and garden products, portable power generators and snow throwers; iv) the
success of the Company's ongoing effort to bring costs in line with projected
production levels and product mix; v) financial market changes, including
fluctuations in interest rates and foreign currency exchange rates; vi) economic
trend factors such as housing starts; vii) emerging governmental regulations;
viii) availability and cost of materials; ix)
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actions of competitors; x) the ultimate cost of resolving environmental matters;
xi) the Company's ability to profitably develop, manufacture and sell both new
and existing products; xii) the extent of any business disruption that may
result from the restructuring and realignment of the Company's manufacturing
operations, the ultimate cost of those initiatives and the amount of savings
actually realized; xiii) the integration of the FASCO Motors business into the
Company and the ultimate cost associated therewith; xiv) potential political and
economic adversities that could adversely affect anticipated sales and
production in Brazil; and xv) potential political and economic adversities that
could adversely affect anticipated sales and production in India. These
forward-looking statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.
Tecumseh Products Company will host a conference call to report on the
third quarter results on Thursday, October 30, 2003 at 11:00 a.m. ET. The call
will be broadcast live over the Internet and then available for replay through
Tecumseh Products Company's website at www.tecumseh.com.
Press releases and other investor information can be accessed via Tecumseh
Products Company's Internet web site at www.tecumseh.com.
Contact: Pat Walsh
Tecumseh Products Company
517-423-8455
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