Modine reports $47 million loss - The Business Journal of Milwaukee:

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million, nearly 34 percent greated than the loss posted in the same periodx ayear ago. The quarter includes $13.12 million in impairment charges related to a declinr in the value of an investmenf in an affiliate and a decline in the value ofothere assets. Results for the Racine-based manufacturer of thermal management components translates toa per-share loss of In the fiscal fourth quarter a year ago, Modine MOD) posted a net loss of $35.w million, or $1.10 per share. Analystw polled by Thomson First Call projectes a loss of 82 centsper share, on average. Salesx dropped 43.1 percent to $254.8 million from $447.76 million the year before.
Modine president and CEO Thomas Burke blamed the decline on reducedrvehicle production. “The global recession, with the lowest globalk vehicular OEM production rates in continues to significantly challengeour business,” said "Responding to these unfavorable operating conditions, we continus to take aggressive actions usiny our four-point strategic framework to address our businessz performance, lower our underlying cost structure and preserve Part of the firm's response includes work force The company said it has cut the number of employeesw by 1,200 since the fiscal fourth quarted the year before. Modine now has about 7,000o employees.
For the fiscal year, Modine postes a net loss of $108.7 million, or $3.38 per compared with a net lossof $68.6 or $2.14 per share, the year before. Salesd declined to $1.41 billion from $1.6