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Modine Reports 30-Day Financial Results Following Acquisition of Thermacore.

Business Editors

RACINE, Wis.--(BUSINESS WIRE)--July 10, 2001

Modine Manufacturing Company (Nasdaq: MODI) today reported 30 days of combined financial results following its acquisition April 27 of Thermacore International, Inc., accounted for as a pooling of interests. Consolidated sales for the 30-day period were $91.2 million and net earnings were $3.5 million.

The results were filed on Securities and Exchange Commission (SEC) Form 8-K. The operating results do not necessarily indicate what might be expected for Modine's first fiscal quarter ending June 26, 2001, or for the fiscal year ending March 31, 2002.

Modine expanded its thermal-management expertise into the electronics market through the acquisition of Thermacore, a company that provides advanced cooling solutions for electronics and telecommunications customers. Modine is leveraging its expertise in thermal-management technology to take advantage of expanding opportunities in this market, where the needs for higher levels of heat-transfer technology are expected to grow rapidly.

With the acquisition of Thermacore, Modine has added new customers, including Alcatel, Compaq, Dell, Ericsson, General Electric, Hewlett Packard, Lucent, and Nortel. Their products range from high-end servers to telecommunications systems and other electronics equipment. They join a list of highly respected customers from the vehicle, agricultural-equipment, and construction-equipment industries, including BMW, Caterpillar, DaimlerChrysler, Deere, Fiat, International Truck and Engine, MAN Truck, NAPA, Paccar, and Volkswagen.

Modine specializes in thermal management, bringing technology to diversified markets. Core markets include: powertrain cooling of internal combustion engines, vehicular and building HVAC (heating, ventilating, air-conditioning), electronics, and various industrial and refrigeration markets. Modine is on the Internet at

 Condensed Consolidated Results of Operations (Unaudited)
 For the 30 days ending May 27, 2001
 (In thousands of Dollars)

 Net sales $91,181

 Cost of sales 67,541

 Gross profit 23,640

 Selling, general, and
 administrative expenses 17,621

 Income from operations 6,019

 Interest expense (721)

 Other income -- net 576

 Earnings before income taxes 5,874

 Provision for income taxes 2,348

 Net Earnings $3,526
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 10, 2001
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