RACINE, Wis.--(BUSINESS WIRE)--

Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today announced that it is realigning the organizational structure within its North American region to attain a more competitive cost base and support future growth. As a result, the company will reduce the size of its managerial workforce in its Racine, Wisconsin headquarters. In addition, effective January 1, 2009, the company will eliminate post-retirement medical benefits for Medicare-eligible participants. These actions are part of the company's previously announced four point plan to address business performance and position the company for long-term global competitiveness.

Commenting on the actions, Bradley C. Richardson, Executive Vice President - Corporate Strategy and Chief Financial Officer, said, "As we look to the future, Modine has established performance targets including selling, general and administrative expenses (SG&A) at 11.5 percent of total sales, which is part of our overall framework to achieve an 11 to 12 percent return on capital employed. In order to achieve these objectives and provide Modine the financial strength and cash flow to support our current growth strategy, we continue to take difficult, but necessary, actions, such as those being announced today. As we do so, we remain focused on our core thermal management expertise and the delivery of value to our customers and shareholders."

The workforce reduction, combined with recent executive retirements, will result in an estimated $2.5 million charge for severance and retirement benefits in the company's second fiscal quarter ending September 30, 2008. The realignment of its North American regional structure will result in a workforce reduction of approximately 20 positions, including approximately 15 percent of the managerial workforce in the company's Racine, Wisconsin, facility. The company indicated that the reduction of post-retirement benefits will result in annualized savings of approximately $3.3 million.

"We continue to execute our four point plan, which includes manufacturing realignment, portfolio rationalization, SG&A reduction and increased capital allocation discipline," said Thomas A. Burke, President and Chief Executive Officer. "As we drive continuous improvement in our bottom line performance, we continue to invest in technological differentiation and the development of advantaged product and market positions which capitalize on global demand for emissions reduction, fuel economy, high efficiency performance and clean sources of alternative energy. We are confident we are on the right course to build a stronger, more competitive company that can better serve our customers, employees and shareholders in the years to come."

Modine is in the process of notifying employees and retirees impacted by the announced changes. Employees who are affected by the workforce reduction will receive transition support, including severance and outplacement services. The reduction of post-retirement medical benefits will not affect medical coverage for active Modine employees or pension benefits. In addition, retirees impacted by the change in medical benefits will have access to the health and prescription drug programs offered by Medicare.

About Modine

Modine, with fiscal 2008 restated revenues of $1.9 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, heating, ventilation and air conditioning equipment, off-highway and industrial equipment, refrigeration systems, and fuel cells. The company employs approximately 7,900 people at 33 facilities worldwide in 15 countries. For more information about Modine, visit www.modine.com.

Forward-Looking Statements

Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Modine's current expectations. The company's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to, the company's ability to successfully implement its restructuring plans and allocate job functions in the wake of reductions in force, the ability to maintain adequate liquidity to carry out restructuring programs while investing for future growth; its ability to continue to service its customers during the implementation of any restructuring plan; the avoidance of inefficiencies in the transition of products from plants to be closed to plants continuing in operation; factors impacting the Original Equipment - North America segment operating results; the ability to improve the profitability of its South Korean business; the ability of the company, its customers and suppliers to achieve projected sales and production levels; unanticipated product or manufacturing difficulties; the ability of the company to recoup the increasing cost of raw materials (including steel, copper, aluminum, nickel and energy) in our product pricing; fluctuations in currency values, in particular, change in the relative values of the U.S. dollar, won, euro and real; the ability of the company to obtain profitable business at its new facilities in China, Hungary, Mexico and India and to produce quality products at these facilities from business obtained; the company's ability to remain in compliance with its debt agreements; international economic changes and challenges and other factors affecting the company's business prospects discussed in filings made by the company, from time to time, with the Securities and Exchange Commission including the factors discussed in Item 1A, Risk Factors, and in the "Forward-Looking Statements" section in Item 7 of the company's most recent Annual Report on Form 10-K and in the company's most recent quarterly report on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law. Modine's financial results, as reported herein, are preliminary and subject to possible adjustments.

Source: Modine Manufacturing Company

RACINE, Wis., Sep 17, 2008 (BUSINESS WIRE) -- Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, has launched its newest commercial heating solution --separated combustion, tubular heat exchanger, gas-fired unit heaters. Built on the successful residential Hot Dawg (R) platform, the new line offers seven sizes rated from 150,000 to 400,000 BTUs per hour and is designed to withstand the most hostile commercial and industrial environments.

"Our new line of unit heaters represents a significant step in our continued growth as a thermal management solutions provider for commercial and industrial customers," said Thomas Cromwell, Vice President of Modine's Commercial Products Group. "In addition to its outstanding durability, our separated combustion, tubular heat exchanger line will give end users improved energy efficiency and fuel savings, even temperatures and greater air circulation, and a better return on investment dollars versus other heating methods."

Key features of the new tubular heat exchanger unit heater line include:

-- Swept-wing fan on 100,000 to 200,000 BTU sizes for superior airflow and noise reduction

-- Every heater gets 100% of its combustion air from outside the heater's immediate environment

-- Expanded size range and longer vent lengths over previous separated combustion line

-- Same size vent and combustion air inlets throughout product line for easier installation

-- 10-year warranty on heat exchanger

-- Optional stainless steel heat exchanger on complete line

-- Natural or propane gas (field convertible) for more flexibility

-- Certified for commercial and industrial use

-- Horizontal and vertical concentric venting options available

-- Permanently lubricated motor for trouble-free dependability

-- Available in both propeller fan (PTS models) and centrifugal blower configurations (BTS models)

All models include a sealed compartment to protect the combination gas control, ignition control, manifold and burner. The units are manufactured at Modine's Buena Vista, VA, facility (US).

For end users, these features result in more uniform heating, less maintenance in dusty and harsh conditions, superior airflow, and noise reduction. For contractors, this new line means greater durability and installation options in a variety of environments, ensuring the end user has the right heater for the right application.

Applications for Modine's PTS/BTS line cover a broad spectrum typically found in warehouses and factories to name a few. There is also an optional stainless steel heat exchanger ideal for more punishing corrosion-prone conditions like those found in greenhouses and paint booths.

About Modine -- www.modine.com

With fiscal 2008 restated revenues of $1.9 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, and air conditioning) equipment, industrial equipment, refrigeration systems and fuel cells. Based in Racine, Wisconsin, the company has more than 7,900 employees at 33 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com, or visit www.ModineHVAC.com for specific information on Modine's commercial HVAC applications.

SOURCE: Modine Manufacturing Company

RACINE, Wis., Sep 08, 2008 (BUSINESS WIRE) -- Modine Manufacturing Company (NYSE: MOD), a diversified leader in thermal management technology and solutions, announced today that Dr. Tony C. De Vuono, Vice President and Chief Technology Officer, has announced his intention to retire from Modine effective September 12, 2008. Dr. De Vuono, who has been with the company since 1996, plans to pursue personal interests. For an indefinite period, Thomas A. Burke, Modine President and Chief Executive Officer, will assume the CTO responsibilities.

Dr. De Vuono has played a key role in maintaining Modine's leadership in thermal management technology. He has been involved in the development of exhaust gas recirculation (EGR) coolers, fuel cell technology, CO2 refrigerant heating & cooling, lightweight composite materials and next-generation heating and cooling solutions. In addition, he has helped enhance Modine's intellectual property process in the area of patent application and protection.

"We appreciate the contributions Tony De Vuono has made to strengthen our technological resources," said Thomas A. Burke. "He has created a firm foundation upon which we will build, as we focus on sustaining our technological and competitive advantage in the markets we serve. We will continue to accelerate Modine's technological position, which is a key part of our business strategy, moving forward. We wish him and his family the very best in his retirement."

Dr. De Vuono joined Modine in March 1996 as Director of Technical Services and was named to his present position in October of that year. Prior to Modine, he worked as a staff scientist at the Lawrence Berkeley National Laboratory of the University of California. Before that, he spent 10 years with Battelle Memorial Institute in Columbus, Ohio, as a principal research scientist, and also held positions in academia at The Ohio State University and the University of Illinois.

He earned a bachelor's degree (cum laude) in mechanical engineering and a master's and doctor of philosophy degrees in nuclear engineering from The Ohio State University. In 2002, Dr. DeVuono received The Ohio State University, College of Engineering Distinguished Alumnus Award.

About Modine -- www.modine.com

With fiscal 2008 restated revenues of $1.9 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilation and air conditioning) equipment, industrial equipment, refrigeration systems and fuel cells. Based in Racine, Wisconsin, the company employs approximately 7,900 people worldwide at 33 facilities in 15 countries. For information about Modine, visit www.modine.com.

SOURCE: Modine Manufacturing Company

RACINE, Wis.--(BUSINESS WIRE)--Sept. 4, 2008--Modine Manufacturing Company (NYSE: MOD), a diversified leader in thermal management technology and solutions, announced today that Dean R. Zakos, Vice President, General Counsel & Secretary, will retire effective October 31, 2008. Zakos, who has been with the company for 26 years, plans to pursue his passion for aviation, and other personal and professional interests. A successor will be named at a later date.

Overseeing the company's legal and corporate secretary activities, Zakos has had a role in most of the company's significant events over that time, working closely with the company's Aftermarket business in its growth years, managing several important antitrust, environmental and intellectual property cases to successful conclusions and being significantly involved in the acquisitions that have established Modine's global footprint today. He has been instrumental in the development of compliance and business ethics programs aimed at ensuring transparency in the company's financial reporting processes. He has served as a liaison with Modine's Board of Directors and has provided counsel to the board and senior management on a range of issues, including mergers and acquisitions, divestitures, patents, employment and environmental regulations.

"We are extremely grateful to Dean for the integrity he has shown over the last 26 years and the leadership he has provided to our legal function," said Thomas A. Burke, Modine President and Chief Executive Officer. "Dean has been a valuable resource who has offered consistently thoughtful counsel to our organization. All of us wish him and his family well as he moves to the next chapter in his life."

Zakos joined Modine in 1982 as Corporate Counsel, and in 1992 was named Associate General Counsel and Assistant Secretary. He was appointed to his present position in 2001. Zakos received a bachelor's degree in political science from the University of Wisconsin - Madison in 1976 and graduated from the Marquette University Law School in 1979.

He is a member of the State Bar of Wisconsin, the American Bar Association, a member and past President of the Wisconsin chapter of the Association of Corporate Counsel, a past director and past President of the Racine Family YMCA and a past director and past President of St. Catherine's High School Corporation. Over the years, he has participated in numerous forums and panel discussions on business and corporate law.

About Modine - www.modine.com

With fiscal 2008 restated revenues of $1.9 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilation and air conditioning) equipment, industrial equipment, refrigeration systems and fuel cells. Based in Racine, Wisconsin, the company employs approximately 7,900 people worldwide at 33 facilities in 15 countries. For information about Modine, visit www.modine.com.

CONTACT: Modine Manufacturing Company
Susan Fisher, 262-636-8434
s.h.fisher@na.modine.com

SOURCE: Modine Manufacturing Company

Earnings from Continuing Operations of $0.21 Per Fully Diluted

Share on Revenue of $500 Million; Strong European, South American and

Commercial Products Growth; Four-Point Restructuring Plan on Track

RACINE, Wis.--(BUSINESS WIRE)--July 29, 2008--Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported its financial results for the first quarter of fiscal 2009 as compared to the first quarter of fiscal 2008, as follows:

($ in millions except per share data)          2009   2008(a)  Change
----------------------------------------------------------------------
Net Sales                                     $499.7  $ 444.2  $ 55.5
----------------------------------------------------------------------
  Gross Profit                                $ 78.3  $  70.4  $  7.9
----------------------------------------------------------------------
  % of Sales                                    15.7%    15.8%
----------------------------------------------------------------------
  Pre-Tax Earnings                            $ 14.4  $  14.7  $ (0.3)
----------------------------------------------------------------------
Effective Income Tax Rate                       53.2%    26.9%
----------------------------------------------------------------------
Earnings from Continuing Operations           $  6.8  $  10.7  $ (3.9)
----------------------------------------------------------------------
Diluted Earnings Per Share from Continuing
 Operations                                   $ 0.21  $  0.34  $(0.13)
----------------------------------------------------------------------
Earnings Before Interest, Taxes, Depreciation
 and Amortization (EBITDA)                    $ 37.2  $  36.7  $  0.5
----------------------------------------------------------------------
Net Debt (b)                                  $184.4  $ 193.0  $ (8.6)
----------------------------------------------------------------------

----------------------------------------------------------------------
(a) First quarter fiscal 2008 amounts have been restated to reflect
 the removal of a one-month lag in the reporting of results for the
 company's international operations
(b) As of June 30, 2008, and March 31, 2008, respectively
----------------------------------------------------------------------

• Consolidated sales increased 5.4 percent, excluding the favorable impact of foreign currency exchange rates, most notably in the European, South American and Commercial Products segments, which increased 5.9 percent, 17.4 percent and 7.4 percent, respectively;

• Sales pipeline continues to grow with new global orders in the company's traditional vehicular markets, as well as its commercial HVAC products and fuel cell businesses;

• Disappointing results continued in the Original Equipment - North America and Original Equipment - Asia segments due to operating inefficiencies and the slower-than-anticipated recovery in the North American truck market, as well as performance issues in the company's South Korean business;

• Restructuring and repositioning charges totaling $2.7 million were recorded in the Original Equipment - North America and Original Equipment - Europe segments;

• Tax valuation allowance charges of $5.3 million were recorded against net deferred tax assets in the U.S. and South Korea;

• Completion of the sale of the company's Electronics Cooling business on May 1, 2008, resulting in a net gain of $0.8 million; and

• Finalization in July of new three-year, $175 million unsecured credit facility replacing previous facility due to expire in October 2009.

Commenting on the recent results, Modine President and Chief Executive Officer Thomas A. Burke said, "Our first quarter fiscal 2009 performance is on track with our expectations and underscores the long term viability of the Modine business model. During the quarter, we saw underlying sales improvement, excluding the impact of foreign currency exchange rates, of 5.4 percent, reflecting continued solid contributions from our European, South American and Commercial Products segments. Even though our sales pipeline continues to grow, fiscal 2009 remains very much a year of blocking and tackling as we implement our four-point recovery plan and focus on developing a more competitive cost base.

"The announced closures of three manufacturing facilities in North America and another in Europe are proceeding on schedule and should result in annualized benefits in a range of $20 to $25 million when fully implemented by the end of fiscal 2010," Burke continued. "During the first quarter, we completed the previously announced sale of our Electronics Cooling business as part of our ongoing portfolio rationalization process. We introduced select, regional price realization initiatives to enhance gross margins. In support of margin-enhanced growth, the Modine Board of Directors has authorized an investment in the next phase of development of our new Origami(TM) ultra thin-gauged, high performance heat transfer technology. In addition, we are taking actions to address the continuing underperformance in our Korean business and reaffirm our commitment to update our shareholders on the status of those efforts in mid-fiscal 2009."

"As we execute on our recovery plan, we are building our pipeline with new program wins that are consistent with our strategic emphasis on thermal management, technological differentiation, and diversification of products, markets, customers and geographies," said Bradley C. Richardson, Executive Vice President, Corporate Strategy and Chief Financial Officer. "Although our first quarter results on an underlying basis are encouraging, we are mindful of this period of heavy restructuring and the associated execution risks, as well as overall economic and market uncertainties, including the pace of recovery of the North American truck market and softening in the European automotive market. However, with the increased customer emphasis on emissions and fuel efficiency and new program opportunities for our engine products and powertrain cooling solutions, as well as commercial products and fuel cell technologies, the fundamental growth drivers of our business remain sound. We are taking tangible actions and fully aligning our organization toward achievement of our long term (fiscal 2011) goals of four to six percent compounded annual organic growth, an 18 to 20 percent gross margin and an 11 to 12 percent return on average capital employed."

The following table reconciles the significant differences in earnings from continuing operations before income taxes between the first quarter of fiscal 2009 and the first quarter of fiscal 2008:

                                                    ($ in millions)
                                                 ---------------------
First Quarter Fiscal 2008 Earnings from
 Continuing Operations before Income Taxes               $14.7

Net underlying changes(c)                                 2.2

Incremental repositioning                                (2.5)
                                                 ---------------------

First Quarter Fiscal 2009 Earnings from
 Continuing Operations before Income Taxes               $14.4
                                                 =====================


(c) Net underlying changes consisted of improvements in volumes and
 purchasing savings, offset by customer pricedowns, operating
 inefficiencies, and other net negative factors

Sales: First quarter sales from continuing operations increased 12.5 percent to $499.7 million from $444.2 million reported in the first quarter of fiscal 2008. Excluding the impact of foreign currency exchange rate changes, underlying sales increased by $24.2 million, or 5.4 percent. The sales volume increase was driven by strong sales in the European, South American, and Commercial Products segments.

Gross Profit: First quarter gross profit was $78.3 million, or 15.7 percent of sales, compared to gross profit of $70.4 million, or 15.8 percent of sales, in the same period last year. The first quarter gross margin reflects the impact of annual customer pricedowns and internal operating inefficiencies, offset by purchasing savings and a favorable net impact from commodity pricing. The company is addressing its operating inefficiencies as it moves toward scaled facilities with a greater focus on operational excellence to support its global customers.

Selling, General & Administrative (SG&A) Expenses: First quarter fiscal 2009 SG&A expenses increased $6.4 million from the first quarter of fiscal 2008. Excluding the impact of foreign currency exchange rate changes, first quarter fiscal 2009 SG&A expenses increased $4.0 million from the first quarter of fiscal 2008, which includes $1.2 million in consulting fees incurred in connection with the company's previously announced restructuring activities. As a percentage of sales, SG&A decreased to 12.6 percent in the first quarter of fiscal 2009 from 12.7 percent in the first quarter of fiscal 2008.

Earnings from Continuing Operations before Income Taxes: First quarter fiscal 2009 earnings from continuing operations before income taxes was $14.4 million, compared to earnings from continuing operations before income taxes of $14.7 million in the same period last year. The higher sales volumes in the company's Original Equipment - Europe, South America and Commercial Products segments were offset by continued weakness and restructuring in the Original Equipment - North America segment.

Earnings from Continuing Operations: First quarter fiscal 2009 earnings from continuing operations was $6.8 million, or $0.21 per fully diluted share, compared to $10.7 million, or $0.34 per fully diluted share, in the same period last year. Consistent with the third and fourth quarters of fiscal 2008, the company continues to be unable to realize deferred tax assets in the U.S. and South Korea, which resulted in a valuation allowance charge of $5.3 million established against these deferred tax assets.

Net Earnings: First quarter fiscal 2009 net earnings were $7.8 million or $0.24 per fully diluted share, compared to $11.0 million or $0.34 per fully diluted share recorded in the first quarter of fiscal 2008. The current year net earnings includes a $0.8 million gain on the sale of the company's Electronics Cooling business, which was completed on May 1, 2008.

Cash and Liquidity

Operating cash flows were $17.7 million for the quarter ended June 30, 2008, compared with a negative operating cash outflow of $6.8 million for the quarter ended June 30, 2007. The company's net debt at June 30, 2008 was $184.4 million, compared to $193.0 million at March 31, 2008. The debt to capital (debt plus shareholders' equity) ratio at June 30, 2008 of 31.8 percent decreased from 32.4 percent at March 31, 2008. The company continues to focus on maintaining its net debt at or below the year-end fiscal 2008 balance and expects to continue to meet its debt covenants and liquidity requirements while it implements its restructuring activities and reinvests in future growth.

As previously announced, on July 18, 2008, the company closed a new three-year, $175 million unsecured credit facility, which replaces the company's previous $200 million credit facility, which had been due to expire in October 2009. Although Modine received commitments well in excess of its requested $175 million, the company elected to accept $175 million, consistent with the upper band of its anticipated needs during the term of the facility. The principal financial covenants of the facility, including leverage and interest coverage, remain unchanged from the covenants to which the company was subject prior to entering into this agreement.

Guidance Summary

Consistent with the previous quarter, the company is reaffirming its fiscal 2009 guidance as follows:

                                           Fiscal 2009 Guidance
                    Fiscal 2008(d)   (including repositioning charges)
                  (Restated Results)       Low             High
                  ------------------ --------------- -----------------
Net sales         $1.86 billion      $1.90 billion   $2.00 billion
Gross margin      14.3%              14.2%           14.7%
Pre-tax earnings  $(26.0) million    $12.0 million   $16.0 million
 (loss)
EBITDA            $68 million        $112 million    $116 million
Capital spending
(net of           $79 million        $70 million     $80 million
 divestitures)


(d) Fiscal 2008 amounts have been restated to reflect the removal of a
 one-month lag in the reporting of results for the company's
 international operations

As the company looks to fiscal 2009 and beyond, it has the following expectations:

• Continued softness in the North American heavy-duty truck market with Class 8 build rates projected at 227,000 units for fiscal 2009 (210,000 units for calendar 2008);

• Softening in the European automotive market;

• Seasonal patterns in the business with lower volumes in the summer months and around winter holidays due to normal customer-driven plant shutdowns, affecting the company's second and third quarter earnings;

• Restructuring activities are expected to have an estimated $13 million impact on fiscal 2009 gross margins, including $7 million in repositioning costs and $6 million in plant inefficiencies and incremental scrap related to the plant closures in North America and Europe, and an estimated $4 million impact on fiscal 2009 SG&A expenses;

• Material cost assumptions include copper at $3.70 per pound, aluminum at $1.35 per pound, nickel at $11.00 per pound, and planned surcharges anticipated from steel providers;

• The U.S. dollar will continue to remain weak in comparison to other foreign currencies, most notably the euro and Brazilian real;

• A significantly higher effective tax rate, based on the expectation that the company will be unable to realize deferred tax assets in the U.S. and South Korea; and

• As the mix of earnings by tax jurisdiction normalizes, the company would anticipate a return to a more normalized tax rate (estimated at 25 to 35 percent) in 2010.

The company's first quarter results reflect a change in the company's accounting principles, in accordance with Statement of Financial Accounting Standards (SFAS) No. 154, "Accounting Changes and Error Corrections - A Replacement of Accounting Principles Board Opinion No. 20 and SFAS No. 3," with respect to the accounting for the company's international operations. Beginning April 1, 2008, the company changed the fiscal year end for its international operations from February 28 to March 31. The one-month reporting lag was eliminated because it was no longer required to achieve a timely consolidation due to improvements in the company's information technology systems and processes. Fiscal 2008 results have been restated to reflect this adjustment, which had the effect of reducing reported first quarter fiscal 2008 net earnings by $1.6 million, or $0.05 per fully diluted share.

Conference Call and Webcast

Modine will conduct a conference call and live webcast, with a slide presentation, on Tuesday, July 29, 2008 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the fiscal 2009 first quarter. The webcast and accompanying slides will be available on the investor section of the Modine website at www.modine.com. The dial-in phone number for the audio portion of the call is 866-510-0712; passcode: 24950842. The international call-in number is 617-597-5380; passcode: 24950842. Participants are encouraged to log on to the webcast and conference call about 10 minutes prior to the start of the event. A replay of the audio and the slides will be available on the investor relations section of the Modine website at www.modine.com, after July 29, 2008. A call-in replay will be available through August 5, 2008, at 888-286-8010; passcode: 23519262 or, for international callers, at 617-801-6888; passcode: 23519262. A transcript of the call will be posted to the company's website after August 5, 2008.

About Modine

Modine, with fiscal 2008 restated revenues of $1.9 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, heating, ventilation and air conditioning equipment, off-highway and industrial equipment, refrigeration systems, and fuel cells. The company employs approximately 7,900 people at 33 facilities worldwide in 15 countries. For more information about Modine, visit www.modine.com.

Forward-Looking Statements

Statements made in this press release regarding future matters are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Modine's current expectations. The company's actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to, the company's ability to successfully implement its restructuring plans and drive cost reductions as a result; the ability to maintain adequate liquidity to carry out restructuring programs while investing for future growth; its ability to continue to service its customers during the implementation of any restructuring plan; the avoidance of inefficiencies in the transition of products from plants to be closed to plants continuing in operation; factors impacting the Original Equipment - North America segment operating results; the ability to improve the profitability of its South Korean business; the ability of the company, its customers and suppliers to achieve projected sales and production levels; unanticipated product or manufacturing difficulties; the ability of the company to recoup the increasing cost of raw materials (including steel, copper, aluminum, nickel and energy) in our product pricing; fluctuations in currency values, in particular, change in the relative values of the U.S. dollar, won, euro and real; the ability of the company to obtain profitable business at its new facilities in China, Hungary, Mexico and India and to produce quality products at these facilities from business obtained; the company's ability to remain in compliance with its debt agreements; international economic changes and challenges; and other factors affecting the company's business prospects discussed in filings made by the company, from time to time, with the Securities and Exchange Commission including the factors discussed in Item 1A, Risk Factors, and in the "Forward-Looking Statements" section in Item 7 of the company's most recent Annual Report on Form 10-K. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law. Modine's financial results, as reported herein, are preliminary and subject to possible adjustments.

(i)Non-GAAP Financial Disclosures

Financial information excluding the impact of foreign currency exchange rate changes in this press release are not measures that are defined in generally accepted accounting principles (GAAP). These items are measures that management believes are important to adjust for in order to have a meaningful comparison to prior and future periods and to provide a basis for future projections and for estimating our earnings growth prospects. Non-GAAP measures are used by management as a performance measure to judge profitability of our business absent the impact of foreign currency exchange rate changes. Management analyzes the company's business performance and trends excluding these amounts. These measures, as well as EBITDA, Return on Average Capital Employed (ROACE) and Net Debt (which are defined below), provide a more consistent view of performance than the closest GAAP equivalent for management and investors. Management compensates for this by using these measures in combination with the GAAP measures. However, these measures are not, and should not be, viewed as substitutes for the GAAP measures. The presentations of the non-GAAP measures in this press release are made alongside the most directly comparable GAAP measures.

Definition - Return on average capital employed (ROACE)

Pre-tax earnings adding back impairment of goodwill and long-lived assets and interest expense, the sum of which is tax effected at normalized 30 percent 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 a 30 percent tax rate.

Definition - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

The sum of, net earnings and adding back provision for income taxes, interest expense, discontinued operations, depreciation and amortization; this is a financial measure of the profit generated excluding the above mentioned items.

Definition - Net Debt

The sum of short- and long-term debt, less cash on hand; this is an indicator of the company's debt position after considering on hand cash balances.

-- Financial tables follow --

Modine Manufacturing Company
Consolidated statements of earnings (unaudited)
                              (In thousands, except per share amounts)
----------------------------------------------------------------------

                                           Three months ended June 30,
                                               2008        2007 (i)
                                           ---------------------------
 Net sales                                 $    499,719  $    444,236
 Cost of sales                                  421,419       373,881
                                           ---------------------------
       Gross profit                              78,300        70,355
 Selling, general and administrative
  expenses                                       62,822        56,361
 Restructuring income                               (52)         (240)
 Impairment of long-lived assets                    134             -
                                           ---------------------------
       Income from operations                    15,396        14,234
 Interest expense                                 3,126         2,775
 Other income - net                              (2,172)       (3,249)
                                           ---------------------------
       Earnings from continuing operations
        before income taxes                      14,442        14,708
 Provision for income taxes                       7,679         3,961
                                           ---------------------------
       Earnings from continuing operations        6,763        10,747
 Earnings from discontinued operations
  (net of income taxes)                             175           254
 Gain on sale of discontinued operations
  (net of income taxes)                             849             -
                                           ---------------------------
       Net earnings                        $      7,787  $     11,001
                                           ===========================

 Earnings per share of common stock -
  basic:
      Continuing operations                $       0.21  $       0.34
      Earnings from discontinued
       operations                                     -             -
      Gain on sale of discontinued
       operations                                  0.03             -
                                           ---------------------------
 Net earnings - basic                      $       0.24  $       0.34
                                           ===========================

 Earnings per share of common stock -
  diluted:
      Continuing operations                $       0.21  $       0.34
      Earnings from discontinued
       operations                                     -             -
      Gain on sale of discontinued
       operations                                  0.03             -
                                           ---------------------------
 Net earnings - diluted                    $       0.24  $       0.34
                                           ===========================

 Weighted average shares outstanding:
      Basic                                      32,039        32,112
      Diluted                                    32,121        32,169

 Dividends paid per share                  $     0.1000  $     0.1750

Comprehensive earnings, which represents net earnings adjusted by the
 post-tax change in foreign-currency translation, the effective
 portion of cash flow hedges and change in SFAS No. 158 benefit plan
 adjustment recorded in shareholders' equity, for the three month
 period ended June 30, 2008 and 2007, were $11,074 and $17,606,
 respectively.

----------------------------------------------------------------------

Condensed consolidated balance sheets (unaudited)
                                                        (In thousands)
----------------------------------------------------------------------
                                                          March 31,
                                           June 30, 2008    2008 (i)
----------------------------------------------------------------------
Assets
------------------------------------------
Cash and cash equivalents                  $     45,072  $     38,595
Short term investments                            2,373         2,909
Trade receivables - net                         288,318       294,935
Inventories                                     136,694       125,499
Assets held for sale                                  -         6,871
Other current assets                             72,254        64,482
                                           ------------- -------------
      Total current assets                      544,711       533,291
                                           ------------- -------------
Property, plant and equipment - net             541,108       540,536
Assets held for sale                                  -         5,522
Other noncurrent assets                          88,679        88,934
                                           ------------- -------------
      Total assets                         $  1,174,498  $  1,168,283
                                           ============= =============
Liabilities and shareholders' equity
-------------------------------------------
Debt due within one year                   $        392  $      4,600
Accounts payable                                201,822       193,228
Liabilities of business held for sale                 -         3,093
Other current liabilities                       134,301       137,993
                                           ------------- -------------
      Total current liabilities                 336,515       338,914
                                           ------------- -------------
Long-term debt                                  229,122       227,013
Deferred income taxes                            23,735        23,634
Liabilities of business held for sale                 -           166
Other noncurrent liabilities                     93,719        95,438
                                           ------------- -------------
      Total liabilities                         683,091       685,165
                                           ------------- -------------
Shareholders' equity                            491,407       483,118
                                           ------------- -------------
      Total liabilities & shareholders'
       equity                              $  1,174,498  $  1,168,283
                                           ============= =============

(i) The prior year amounts have been adjusted to account for the
 removal of the one-month reporting lag for foreign operations.


Modine Manufacturing Company
Condensed consolidated statements of cash flows (unaudited)
                                                        (In thousands)
----------------------------------------------------------------------
Three months ended June 30,                    2008        2007 (i)
----------------------------------------------------------------------

Cash flows from operating activities:
Net earnings                               $      7,787  $     11,001
Adjustments to reconcile net earnings with
 net cash provided by operating
 activities:
  Depreciation and amortization                  19,587        19,385
  Other - net                                      (744)       (4,225)
Net changes in operating assets and
 liabilities                                     (8,975)      (32,983)
                                           ---------------------------
Net cash provided by (used for) operating
 activities                                      17,655        (6,822)
                                           ---------------------------

Cash flows from investing activities:
Expenditures for property, plant and
 equipment                                      (27,363)      (14,423)
Proceeds from dispositions of assets             10,801         3,320
Settlement of derivative contracts                  657         1,322
Other - net                                       2,968           232
                                           ---------------------------
Net cash used for investing activities          (12,937)       (9,549)
                                           ---------------------------

Cash flows from financing activities:
Net (decrease) increase in debt                  (1,839)       15,344
Repurchase of common stock, treasury and
 retirement                                        (486)         (412)
Cash dividends paid                              (3,224)       (5,671)
Other - net                                       7,248        (2,271)
                                           ---------------------------
Net cash provided by financing activities         1,699         6,990
                                           ---------------------------

Effect of exchange rate changes on cash              60           488
                                           ---------------------------

Net increase (decrease) in cash and cash
 equivalents                                      6,477        (8,893)

Cash and cash equivalents at beginning of
 period                                          38,595        26,207

                                           ---------------------------
Cash and cash equivalents at end of period $     45,072  $     17,314
                                           ===========================


----------------------------------------------------------------------

Condensed segment operating results (unaudited)
                                                        (In thousands)
----------------------------------------------------------------------

                                           Three months ended June 30,
                                               2008        2007 (i)
                                           ---------------------------
Sales:
  Original Equipment - Asia                $     65,639  $     69,893
  Original Equipment - Europe                   217,128       176,801
  Original Equipment - North America            133,195       128,150
  South America                                  41,346        29,394
  Commercial Products                            48,884        45,533
  Fuel Cell                                       1,144           439
                                           ---------------------------
     Segment sales                              507,336       450,210
                                           ---------------------------
  Corporate and administrative                      849         1,301
  Eliminations                                   (8,466)       (7,275)
                                           ---------------------------
     Total net sales                       $    499,719  $    444,236
                                           ===========================

Operating income/(loss):
  Original Equipment - Asia                $       (754) $        379
  Original Equipment - Europe                    26,856        21,627
  Original Equipment - North America             (4,197)        1,043
  South America                                   4,190         2,594
  Commercial Products                             3,873         2,165
  Fuel Cell                                        (937)         (651)
                                           ---------------------------
     Segment income from operations              29,031        27,157
                                           ---------------------------
  Corporate and administrative                  (13,670)      (12,963)
  Eliminations                                       35            40
                                           ---------------------------
     Income from operations                $     15,396  $     14,234
                                           ===========================

(i) The prior year amounts have been adjusted to account for the
 removal of the one-month reporting lag for foreign operations.



Modine Manufacturing Company
Earnings before interest, taxes, depreciation and amortization
 (EBITDA) from continuing operations (unaudited)

                                                (Dollars in thousands)
----------------------------------------------------------------------
                                           Three months ended June 30,
                                               2008        2007 (i)
                                           ---------------------------
Net earnings                               $      7,787  $     11,001
Provision for income taxes                        7,679         3,961
Interest expense                                  3,126         2,775
Earnings from discontinued operations (a)          (175)         (254)
Gain on sale of discontinued operations
 (a)                                               (849)            -
Depreciation and amortization (b)                19,587        19,187
                                           ---------------------------
EBITDA from continuing operations          $     37,155  $     36,670
----------------------------------------------------------------------

(a) The calculation of EBITDA excludes the results of discontinued
 operations for the periods presented.
(b) Depreciation and amortization of $198 for the quarter ended June
 30, 2007 related to discontinued operations and was excluded from the
 depreciation and amortization presented.

(i) The prior year amounts have been adjusted to account for the
 removal of the one-month reporting lag for foreign operations.