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| WISCONSIN(State or other jurisdiction of incorporation or organization)        | 39-0482000(I.R.S. Employer Identification No.) |
|--------------------------------------------------------------------------------|------------------------------------------------|
|                                                                           |                                           |
| 1500 DeKoven Avenue, Racine, Wisconsin(Address of principal executive offices) | 53403(Zip Code)                                |

| Large Accelerated Filer o                                             |   | Accelerated Filer þ    |
|-----------------------------------------------------------------------|--------|-----------------------------|
|                                                                  |   |                        |
| Non-accelerated Filer o (Do not check if a smaller reporting company) |   | Smaller reporting company o |

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MO

| PART I.  FINANCIAL INFORMATION | 1                                                                                      |
|------------------------------------------|----------------------------------------------------------------------------------------|
| Item 1.                                  | Financial Statements.                                                                  | 1 |
| Item 2.                                  | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 27 |
| Item 3.                                  | Quantitative and Qualitative Disclosures About Market Risk.                            | 39 |
| Item 4.                                  | Controls and Procedures.                                                               | 44 |
| PART II.  OTHER INFORMATION    | 44                                                                                     |
| Item 1.                                  | Legal Proceedings.                                                                     | 44 |
| Item 1A.                       | Risk Factors.                                                                          | 44 |
| Item 6.                                  | Exhibits.                                                                              | 44 |
| SIGNATURE                                | 45                                                                                     |

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Index

PA

It

|                                                               |   | Three months endedDecember 31 |    |   | Nine months endedDecember 31 |   |
|--------------------------------------------------------------------|--------|------------------------------------|---------|--------|-----------------------------------|--------|
|                                                               |   | 2010                               |    |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Net sales                                                          |   | $                                  | 360,043 |   |                              | $      | 302,390 |   |   | $ | 1,051,114 |   |   | $ | 838,320 |   |
| Cost of sales                                                      |   |                               | 302,948 |   |                              |   | 254,674 |   |   |   | 877,718 |   |   |   | 712,380 |   |
| Gross profit                                                       |   |                               | 57,095  |   |                              |   | 47,716 |   |   |   | 173,396 |   |   |   | 125,940 |   |
| Selling, general and administrative expenses                       |   |                               | 45,971  |   |                              |   | 40,672 |   |   |   | 133,011 |   |   |   | 116,236 |   |
| Restructuring (income) expense                                     |   |                               | (28     | )      |                              |   | 1,056 |   |   |   | 13 |   |   |   | (907 | ) |
| Impairment of long-lived assets                                    |   |                               | 1,274   |   |                              |   | 273 |   |   |   | 2,500 |   |   |   | 5,116 |   |
| Income from operations                                             |   |                               | 9,878   |   |                              |   | 5,715 |   |   |   | 37,872 |   |   |   | 5,495 |   |
| Interest expense                                                   |   |                               | 2,602   |   |                              |   | 3,793 |   |   |   | 30,239 |   |   |   | 18,895 |   |
| Other income – net                                           |   |                               | (179    | )      |                              |   | (441 | ) |   |   | (2,191 | ) |   |   | (7,122 | ) |
| Earnings (loss) from continuing operations before income taxes     |   |                               | 7,455   |   |                              |   | 2,363 |   |   |   | 9,824 |   |   |   | (6,278 | ) |
| Provision for income taxes                                         |   |                               | 1,431   |   |                              |   | 238 |   |   |   | 10,158 |   |   |   | 2,125 |   |
| Earnings (loss) from continuing operations                         |   |                               | 6,024   |   |                              |   | 2,125 |   |   |   | (334 | ) |   |   | (8,403 | ) |
| Earnings (loss) from discontinued operations (net of income taxes) |   |                               | -       |   |                              |   | 2,084 |   |   |   | (2,932 | ) |   |   | (8,348 | ) |
| Loss on sale of discontinued operations (net of income taxes)      |   |                               | (34     | )      |                              |   | (430 | ) |   |   | (110 | ) |   |   | (430 | ) |
| Net earnings (loss)                                                |   | $                                  | 5,990   |   |                              | $      | 3,779 |   |   | $ | (3,376 | ) |   | $ | (17,181 | ) |
|                                                               |   |                               |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations per common share:       |   |                               |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                              |   | $                                  | 0.13    |   |                              | $      | 0.05 |   |   | $ | (0.01 | ) |   | $ | (0.23 | ) |
| Diluted                                                            |   | $                                  | 0.13    |   |                              | $      | 0.05 |   |   | $ | (0.01 | ) |   | $ | (0.23 | ) |
|                                                               |   |                               |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings (loss) per common share:                              |   |                               |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                              |   | $                                  | 0.13    |   |                              | $      | 0.08 |   |   | $ | (0.07 | ) |   | $ | (0.46 | ) |
| Diluted                                                            |   | $                                  | 0.13    |   |                              | $      | 0.08 |   |   | $ | (0.07 | ) |   | $ | (0.46 | ) |

----

Index

|                                                                                      |   | December 31, 2010 |    |   | March 31, 2010 |   |
|-------------------------------------------------------------------------------------------|--------|------------------------|---------|--------|---------------------|--------|
| ASSETS                                                                                    |   |                   |    |   |                |   |
| Current assets:                                                                           |   |                   |    |   |                |   |
| Cash and cash equivalents                                                                 |   | $                      | 40,415  |   |                | $      | 43,657 |   |
| Short term investments                                                                    |   |                   | 2,652   |   |                |   | 1,239 |   |
| Trade receivables, less allowance for doubtful accounts of $1,952 and $2,831              |   |                   | 174,453 |   |                |   | 167,745 |   |
| Inventories                                                                               |   |                   | 117,998 |   |                |   | 99,559 |   |
| Deferred income taxes and other current assets                                            |   |                   | 51,725  |   |                |   | 43,242 |   |
| Total current assets                                                                      |   |                   | 387,243 |   |                |   | 355,442 |   |
| Noncurrent assets:                                                                        |   |                   |    |   |                |   |   |   |
| Property, plant and equipment – net                                                 |   |                   | 404,237 |   |                |   | 418,616 |   |
| Investment in affiliates                                                                  |   |                   | 3,643   |   |                |   | 3,079 |   |
| Goodwill                                                                                  |   |                   | 30,929  |   |                |   | 29,552 |   |
| Intangible assets – net                                                             |   |                   | 6,575   |   |                |   | 6,888 |   |
| Assets held for sale                                                                      |   |                   | 2,450   |   |                |   | 9,870 |   |
| Other noncurrent assets                                                                   |   |                   | 12,781  |   |                |   | 16,805 |   |
| Total noncurrent assets                                                                   |   |                   | 460,615 |   |                |   | 484,810 |   |
| Total assets                                                                              |   | $                      | 847,858 |   |                | $      | 840,252 |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                      |   |                   |    |   |                |   |   |   |
| Current liabilities:                                                                      |   |                   |    |   |                |   |   |   |
| Short-term debt                                                                           |   | $                      | 6,133   |   |                | $      | 3,011 |   |
| Long-term debt – current portion                                                    |   |                   | 60      |   |                |   | 234 |   |
| Accounts payable                                                                          |   |                   | 130,511 |   |                |   | 142,209 |   |
| Accrued compensation and employee benefits                                                |   |                   | 65,703  |   |                |   | 66,268 |   |
| Income taxes                                                                              |   |                   | 10,722  |   |                |   | 7,527 |   |
| Accrued expenses and other current liabilities                                            |   |                   | 62,059  |   |                |   | 52,151 |   |
| Total current liabilities                                                                 |   |                   | 275,188 |   |                |   | 271,400 |   |
| Noncurrent liabilities:                                                                   |   |                   |    |   |                |   |   |   |
| Long-term debt                                                                            |   |                   | 145,427 |   |                |   | 135,952 |   |
| Deferred income taxes                                                                     |   |                   | 10,685  |   |                |   | 10,830 |   |
| Pensions                                                                                  |   |                   | 58,877  |   |                |   | 74,270 |   |
| Postretirement benefits                                                                   |   |                   | 7,428   |   |                |   | 8,007 |   |
| Other noncurrent liabilities                                                              |   |                   | 19,483  |   |                |   | 15,707 |   |
| Total noncurrent liabilities                                                              |   |                   | 241,900 |   |                |   | 244,766 |   |
| Total liabilities                                                                         |   |                   | 517,088 |   |                |   | 516,166 |   |
| Commitments and contingencies (See Note 20)                                               |   |                   |    |   |                |   |   |   |
| Shareholders' equity:                                                                     |   |                   |    |   |                |   |   |   |
| Preferred stock, $0.025 par value, authorized 16,000 shares, issued - none                |   |                   | -       |   |                |   | - |   |
| Common stock, $0.625 par value, authorized 80,000 shares, issued 47,080 and 46,815 shares |   |                   | 29,425  |   |                |   | 29,260 |   |
| Additional paid-in capital                                                                |   |                   | 165,223 |   |                |   | 159,854 |   |
| Retained earnings                                                                         |   |                   | 195,045 |   |                |   | 198,421 |   |
| Accumulated other comprehensive loss                                                      |   |                   | (45,001 | )      |                |   | (49,183 | ) |
| Treasury stock at cost: 554 shares                                                        |   |                   | (13,922 | )      |                |   | (13,922 | ) |
| Deferred compensation trust                                                               |   |                   | -       |   |                |   | (344 | ) |
| Total shareholders' equity                                                                |   |                   | 330,770 |   |                |   | 324,086 |   |
| Total liabilities and shareholders' equity                                                |   | $                      | 847,858 |   |                | $      | 840,252 |   |

----

Index

|                                                                              |   | Nine months ended December 31 |     |
|-----------------------------------------------------------------------------------|--------|------------------------------------|----------|
|                                                                              |   | 2010                               |     |   | 2009 |   |
|                                                                              |   |                               |     |   |   |   |
| Cash flows from operating activities:                                             |   |                               |     |   |   |   |
| Net loss                                                                          |   | $                                  | (3,376   | ) |   | $ | (17,181 | ) |
| Adjustments to reconcile net loss with net cash provided by operating activities: |   |                               |     |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                               | 42,493   |   |   |   | 49,625 |   |
| Impairment of long-lived assets                                                   |   |                               | 2,500    |   |   |   | 12,763 |   |
| Other – net                                                                 |   |                               | 4,169    |   |   |   | (581 | ) |
| Net changes in operating assets and liabilities, excluding dispositions           |   |                               | (47,206  | ) |   |   | 5,244 |   |
| Net cash (used for) provided by operating activities                              |   |                               | (1,420   | ) |   |   | 49,870 |   |
|                                                                              |   |                               |     |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |                               |     |   |   |   |   |   |
| Expenditures for property, plant and equipment                                    |   |                               | (31,119  | ) |   |   | (41,449 | ) |
| Proceeds from dispositions of assets                                              |   |                               | 3,577    |   |   |   | 8,130 |   |
| Proceeds from sale of assets held for sale and discontinued operations            |   |                               | 8,841    |   |   |   | 11,249 |   |
| Settlement of derivative contracts                                                |   |                               | (48      | ) |   |   | (6,544 | ) |
| Other – net                                                                 |   |                               | 3,709    |   |   |   | 4,024 |   |
| Net cash used for investing activities                                            |   |                               | (15,040  | ) |   |   | (24,590 | ) |
|                                                                              |   |                               |     |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |                               |     |   |   |   |   |   |
| Short-term debt – net                                                       |   |                               | 2,919    |   |   |   | (5,043 | ) |
| Borrowings of long-term debt                                                      |   |                               | 229,699  |   |   |   | 50,884 |   |
| Repayments of long-term debt                                                      |   |                               | (220,026 | ) |   |   | (165,549 | ) |
| Book overdrafts                                                                   |   |                               | (407     | ) |   |   | (1,071 | ) |
| Issuance of common stock                                                          |   |                               | -        |   |   |   | 93,025 |   |
| Other – net                                                                 |   |                               | 950      |   |   |   | (724 | ) |
| Net cash provided by (used for) financing activities                              |   |                               | 13,135   |   |   |   | (28,478 | ) |
|                                                                              |   |                               |     |   |   |   |   |   |
| Effect of exchange rate changes on cash                                           |   |                               | 83       |   |   |   | 3,823 |   |
| Net (decrease) increase in cash and cash equivalents                              |   |                               | (3,242   | ) |   |   | 625 |   |
|                                                                              |   |                               |     |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                  |   |                               | 43,657   |   |   |   | 43,536 |   |
| Cash and cash equivalents at end of period                                        |   | $                                  | 40,415   |   |   | $ | 44,161 |   |

----

Index

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Index

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Index

|                                     |   | Three months endedDecember 31 |   |   | Nine months endedDecember 31 |   |
|------------------------------------------|--------|------------------------------------|--------|--------|-----------------------------------|--------|
|                                     |   | Pension                            |   |   | Postretirement                    |   |   | Pension |   |   | Postretirement |   |
|                                     |   | 2010                               |   |   | 2009                              |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Service cost (income)                    |   | $                                  | 483    |   |                              | $      | 398 |   |   | $ | 11 |   |   | $ | (9 | ) |   | $ | 1,433 |   |   | $ | 1,509 |   |   | $ | 33 |   |   | $ | 56 |   |
| Interest cost                            |   |                               | 3,405  |   |                              |   | 3,725 |   |   |   | 85 |   |   |   | 65 |   |   |   | 10,288 |   |   |   | 10,937 |   |   |   | 253 |   |   |   | 395 |   |
| Expected return on plan assets           |   |                               | (3,806 | )      |                              |   | (3,806 | ) |   |   | - |   |   |   | - |   |   |   | (11,418 | ) |   |   | (11,339 | ) |   |   | - |   |   |   | - |   |
| Amortization of:                         |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrecognized net loss (gain)             |   |                               | 1,918  |   |                              |   | 752 |   |   |   | (28 | ) |   |   | (97 | ) |   |   | 5,752 |   |   |   | 1,902 |   |   |   | (84 | ) |   |   | (25 | ) |
| Unrecognized prior service cost (credit) |   |                               | 89     |   |                              |   | 98 |   |   |   | (446 | ) |   |   | (592 | ) |   |   | 267 |   |   |   | 280 |   |   |   | (1,336 | ) |   |   | (1,780 | ) |
| Adjustment for settlement                |   |                               | 8      |   |                              |   | - |   |   |   | - |   |   |   | - |   |   |   | 23 |   |   |   | 281 |   |   |   | - |   |   |   |   |   |
| Curtailment gain                         |   |                               | -      |   |                              |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,292 | ) |   |   | - |   |
| Net periodic benefit cost (income)       |   | $                                  | 2,097  |   |                              | $      | 1,167 |   |   | $ | (378 | ) |   | $ | (633 | ) |   | $ | 6,345 |   |   | $ | 3,570 |   |   | $ | (4,426 | ) |   | $ | (1,354 | ) |

----

Index

|                                                                                  |   | Nine months ended December 31, |   |
|---------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                                                  |   | 2010                                |   |   | 2009 |   |
| Type of award                                                                         |   | Shares                              |   |   | Fair Value Per Award |   |   | Shares |   |   | Fair Value Per Award |   |
| Common stock options                                                                  |   |                                | 303.4  |   |   | $ | 5.96 |   |   |   | 666.1 |   |   | $ | 3.34 |   |
| Unrestricted common stock                                                             |   |                                | 60.3   |   |   | $ | 8.43 |   |   |   | 54.4 |   |   | $ | 6.69 |   |
| Restricted common stock - retention                                                   |   |                                | 97.2   |   |   | $ | 9.26 |   |   |   | 153.8 |   |   | $ | 5.01 |   |
| Restricted common stock - performance based upon cumulative growth of adjusted EBITDA |   |                                | 175.0  |   |   | $ | 9.26 |   |   |   | - |   |   | $ | - |   |
| Restricted common stock - performance   based upon ROACE               |   |                                | 116.6  |   |   | $ | 9.26 |   |   |   | - |   |   | $ | - |   |

|                                           |   | Nine months ended December 31, |   |
|------------------------------------------------|--------|-------------------------------------|--------|
|                                           |   | 2010                                |   |   | 2009 |   |
|                                           |   | Options                             |   |   | Performance Awards |   |
| Expected life of awards in years               |   |                                | 6.3    |   |   |   | 6.0 |   |
| Risk-free interest rate                        |   |                                | 2.36   | % |   |   | 3.19 | % |
| Expected volatility of the Company's stock     |   |                                | 77.99  | % |   |   | 72.95 | % |
| Expected dividend yield on the Company's stock |   |                                | 0.00   | % |   |   | 0.00 | % |
| Expected forfeiture rate                       |   |                                | 2.50   | % |   |   | 2.50 | % |

| Type of award                         |   | Unrecognized Compenstion Costs |   |   | Weighted Average Remaining Service Period in Years |   |
|---------------------------------------|--------|--------------------------------|--------|--------|----------------------------------------------------|--------|
| Common stock options                  |   | $                              | 1,386  |   |                                               |   | 2.0 |   |
| Restricted common stock - retention   |   |                           | 1,320  |   |                                               |   | 2.8 |   |
| Restricted common stock - performance |   |                           | 2,071  |   |                                               |   | 2.2 |   |
| Total                                 |   | $                              | 4,777  |   |                                               |   | 2.3 |   |

----

Index

|                                                  |   | Three months endedDecember 31 |   |   | Nine months endedDecember 31 |   |
|-------------------------------------------------------|--------|------------------------------------|--------|--------|-----------------------------------|--------|
|                                                  |   | 2010                               |   |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Equity earnings (loss) of non-consolidated affiliates |   | $                                  | 92     |   |                              | $      | (355 | ) |   | $ | 317 |   |   | $ | (133 | ) |
| Interest income                                       |   |                               | 195    |   |                              |   | 132 |   |   |   | 516 |   |   |   | 449 |   |
| Foreign currency transactions                         |   |                               | (130   | )      |                              |   | 558 |   |   |   | 1,264 |   |   |   | 5,187 |   |
| Other non-operating income - net                      |   |                               | 22     |   |                              |   | 106 |   |   |   | 94 |   |   |   | 1,619 |   |
| Total other income - net                              |   | $                                  | 179    |   |                              | $      | 441 |   |   | $ | 2,191 |   |   | $ | 7,122 |   |

----

Index

|                                                                 |   | Three months ended December 31, 2010 |    |
|----------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                 |   | Domestic                                  |    |   | Foreign |   |   | Total |   |   | % |   |
|                                                                 |   |                                      |    |   |   |   |   |   |   |   |   |   |
| (Loss) earnings from continuing operations before income taxes       |   | $                                         | (328    | ) |   | $ | 7,783 |   |   | $ | 7,455 |   |   |   |   |
|                                                                 |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |
| (Benefit from) provision for income taxes at federal statutory rate  |   | $                                         | (115    | ) |   | $ | 2,724 |   |   | $ | 2,609 |   |   |   | 35.0 | % |
| State taxes, net of federal benefit                                  |   |                                      | 45      |   |   |   | - |   |   |   | 45 |   |   |   | 0.6 |   |
| Taxes on non-U.S. earnings and losses and foreign rate differentials |   |                                      | -       |   |   |   | (781 | ) |   |   | (781 | ) |   |   | (10.5 | ) |
| Valuation allowance                                                  |   |                                      | (919    | ) |   |   | 979 |   |   |   | 60 |   |   |   | 0.8 |   |
| Interest on equity                                                   |   |                                      | 859     |   |   |   | (1,731 | ) |   |   | (872 | ) |   |   | (11.7 | ) |
| Other, net                                                           |   |                                      | 560     |   |   |   | (190 | ) |   |   | 370 |   |   |   | 5.0 |   |
| Provision for income taxes                                           |   | $                                         | 430     |   |   | $ | 1,001 |   |   | $ | 1,431 |   |   |   | 19.2 | % |
|                                                                 |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   | Nine months ended December 31, 2010  |    |
|                                                                 |   | Domestic                                  |    |   | Foreign |   |   | Total |   |   | % |   |
|                                                                 |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) earnings from continuing operations before income taxes       |   | $                                         | (21,980 | ) |   | $ | 31,804 |   |   | $ | 9,824 |   |   |   |   |   |
|                                                                 |   |                                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Benefit from) provision for income taxes at federal statutory rate  |   | $                                         | (7,693  | ) |   | $ | 11,131 |   |   | $ | 3,438 |   |   |   | 35.0 | % |
| State taxes, net of federal benefit                                  |   |                                      | (989    | ) |   |   | - |   |   |   | (989 | ) |   |   | (10.1 | ) |
| Taxes on non-U.S. earnings and losses and foreign rate differentials |   |                                      | -       |   |   |   | (3,080 | ) |   |   | (3,080 | ) |   |   | (31.4 | ) |
| Valuation allowance                                                  |   |                                      | 7,134   |   |   |   | 3,607 |   |   |   | 10,741 |   |   |   | 109.3 |   |
| Interest on equity                                                   |   |                                      | 859     |   |   |   | (1,731 | ) |   |   | (872 | ) |   |   | (8.9 | ) |
| Other, net                                                           |   |                                      | 1,050   |   |   |   | (130 | ) |   |   | 920 |   |   |   | 9.4 |   |
| Provision for income taxes                                           |   | $                                         | 361     |   |   | $ | 9,797 |   |   | $ | 10,158 |   |   |   | 103.3 | % |

----

Index

|                                                                             |   | Three months endedDecember 31 |   |   | Nine months endedDecember 31 |   |
|----------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                             |   | 2010                               |   |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Basic:                                                                           |   |                               |   |   |                              |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations                                       |   | $                                  | 6,024  |   |                              | $      | 2,125 |   |   | $ | (334 | ) |   | $ | (8,403 | ) |
| Less: Undistributed earnings attributable to unvested shares                     |   |                               | (28    | )      |                              |   | (9 | ) |   |   | - |   |   |   | - |   |
| Net earnings (loss) from continuing operations available to common shareholders  |   |                               | 5,996  |   |                              |   | 2,116 |   |   |   | (334 | ) |   |   | (8,403 | ) |
| Discontinued operations:                                                         |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) earnings from discontinued operations, net of taxes                   |   |                               | (34    | )      |                              |   | 1,654 |   |   |   | (3,042 | ) |   |   | (8,778 | ) |
| Less:  Undistributed earnings attributable to unvested shares          |   |                               | -      |   |                              |   | (7 | ) |   |   | - |   |   |   | - |   |
| Net (loss) earnings from discontinued operations availabe to common shareholders |   |                               | (34    | )      |                              |   | 1,647 |   |   |   | (3,042 | ) |   |   | (8,778 | ) |
| Net earnings (loss) available to common shareholders                             |   | $                                  | 5,962  |   |                              | $      | 3,763 |   |   | $ | (3,376 | ) |   | $ | (17,181 | ) |
|                                                                             |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings Per Share:                                                        |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding - basic                                      |   |                               | 46,235 |   |                              |   | 45,941 |   |   |   | 46,114 |   |   |   | 37,066 |   |
|                                                                             |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations per common share                      |   | $                                  | 0.13   |   |                              | $      | 0.05 |   |   | $ | (0.01 | ) |   | $ | (0.23 | ) |
| Net (loss) earnings from discontinued operations per common share                |   |                               | -      |   |                              |   | 0.03 |   |   |   | (0.06 | ) |   |   | (0.23 | ) |
| Net earnings (loss) per common share - basic                                     |   | $                                  | 0.13   |   |                              | $      | 0.08 |   |   | $ | (0.07 | ) |   | $ | (0.46 | ) |

----

Index

|                                                                             |   | Three months endedDecember 31 |   |   | Nine months endedDecember 31 |   |
|----------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                             |   | 2010                               |   |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Diluted:                                                                         |   |                               |   |   |                              |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations                                       |   | $                                  | 6,024  |   |                              | $      | 2,125 |   |   | $ | (334 | ) |   | $ | (8,403 | ) |
| Less: Undistributed earnings attributable to unvested shares                     |   |                               | (13    | )      |                              |   | (7 | ) |   |   | - |   |   |   | - |   |
| Net earnings (loss) from continuing operations available to common shareholders  |   |                               | 6,011  |   |                              |   | 2,118 |   |   |   | (334 | ) |   |   | (8,403 | ) |
| Discontinued operations:                                                         |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) earnings from discontinued operations, net of taxes                   |   |                               | (34    | )      |                              |   | 1,654 |   |   |   | (3,042 | ) |   |   | (8,778 | ) |
| Less:  Undistributed earnings attributable to unvested shares          |   |                               | -      |   |                              |   | (5 | ) |   |   | - |   |   |   | - |   |
| Net (loss) earnings from discontinued operations availabe to common shareholders |   |                               | (34    | )      |                              |   | 1,649 |   |   |   | (3,042 | ) |   |   | (8,778 | ) |
| Net earnings (loss) available to common shareholders                             |   | $                                  | 5,977  |   |                              | $      | 3,767 |   |   | $ | (3,376 | ) |   | $ | (17,181 | ) |
|                                                                             |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Diluted Earnings Per Share:                                                      |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding - basic                                      |   |                               | 46,235 |   |                              |   | 45,941 |   |   |   | 46,114 |   |   |   | 37,066 |   |
| Effect of dilutive securities                                                    |   |                               | 657    |   |                              |   | 303 |   |   |   | - |   |   |   | - |   |
| Weighted average shares outstanding - diluted                                    |   |                               | 46,892 |   |                              |   | 46,244 |   |   |   | 46,114 |   |   |   | 37,066 |   |
|                                                                             |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations per common share                      |   | $                                  | 0.13   |   |                              | $      | 0.05 |   |   | $ | (0.01 | ) |   | $ | (0.23 | ) |
| Net earnings (loss) from discontinued operations per common share                |   |                               | -      |   |                              |   | 0.03 |   |   |   | (0.06 | ) |   |   | (0.23 | ) |
| Net earnings (loss) per common share - diluted                                   |   | $                                  | 0.13   |   |                              | $      | 0.08 |   |   | $ | (0.07 | ) |   | $ | (0.46 | ) |

----

Index

|                              |   | Three months endedDecember 31 |   |   | Nine months endedDecember 31 |   |
|-----------------------------------|--------|------------------------------------|--------|--------|-----------------------------------|--------|
|                              |   | 2010                               |   |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Net earnings (loss)               |   | $                                  | 5,990  |   |                              | $      | 3,779 |   |   | $ | (3,376 | ) |   | $ | (17,181 | ) |
| Foreign currency translation      |   |                               | (3,117 | )      |                              |   | (4,757 | ) |   |   | 582 |   |   |   | 36,362 |   |
| Cash flow hedges                  |   |                               | 81     |   |                              |   | 1,385 |   |   |   | 2,172 |   |   |   | 5,843 |   |
| Change in benefit plan adjustment |   |                               | 1,383  |   |                              |   | 6 |   |   |   | 1,428 |   |   |   | (236 | ) |
| Total comprehensive income        |   | $                                  | 4,337  |   |                              | $      | 413 |   |   | $ | 806 |   |   | $ | 24,788 |   |

|                              |   | December 31, 2010 |    |   | March 31, 2010 |   |
|-----------------------------------|--------|------------------------|---------|--------|---------------------|--------|
| Raw materials and work in process |   | $                      | 89,500  |   |                | $      | 71,329 |   |
| Finished goods                    |   |                   | 28,498  |   |                |   | 28,230 |   |
| Total inventories                 |   | $                      | 117,998 |   |                | $      | 99,559 |   |

|                                |   | December 31, 2010 |      |   | March 31, 2010 |   |
|-------------------------------------|--------|------------------------|-----------|--------|---------------------|--------|
| Gross property, plant and equipment |   | $                      | 1,049,134 |   |                | $      | 1,056,096 |   |
| Less accumulated depreciation       |   |                   | (644,897  | )      |                |   | (637,480 | ) |
| Net property, plant and equipment   |   | $                      | 404,237   |   |                | $      | 418,616 |   |

----

Index

----

Index

|                            |   | Three months ended December 31 |   |
|---------------------------------|--------|-------------------------------------|--------|
|                            |   | 2010                                |   |   | 2009 |   |
| Termination Benefits:           |   |                                |   |   |   |   |
| Balance, September 30           |   | $                                   | 2,516  |   |   | $ | 8,912 |   |
| Additions                       |   |                                | 9      |   |   |   | 909 |   |
| Adjustments                     |   |                                | (37    | ) |   |   | 147 |   |
| Effect of exchange rate changes |   |                                | (10    | ) |   |   | (52 | ) |
| Payments                        |   |                                | (579   | ) |   |   | (3,630 | ) |
| Balance, December 31            |   | $                                   | 1,899  |   |   | $ | 6,286 |   |
|                            |   |                                |   |   |   |   |   |   |
|                            |   | Nine months ended December 31       |   |
|                            |   |                                | 2010   |   |   |   | 2009 |   |
| Termination Benefits:           |   |                                |   |   |   |   |   |   |
| Balance, April 1                |   | $                                   | 4,740  |   |   | $ | 21,412 |   |
| Additions                       |   |                                | 103    |   |   |   | 2,241 |   |
| Adjustments                     |   |                                | (90    | ) |   |   | (3,148 | ) |
| Effect of exchange rate changes |   |                                | (12    | ) |   |   | 855 |   |
| Payments                        |   |                                | (2,842 | ) |   |   | (15,074 | ) |
| Balance, December 31            |   | $                                   | 1,899  |   |   | $ | 6,286 |   |

|                                                |   | Three months endedDecember 31 |   |   | Nine months endedDecember 31 |   |
|-----------------------------------------------------|--------|------------------------------------|--------|--------|-----------------------------------|--------|
|                                                |   | 2010                               |   |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Restructuring (income) expense:                     |   |                               |   |   |                              |   |   |   |   |   |   |   |
| Employee severance and related benefits             |   | $                                  | (28    | )      |                              | $      | 1,056 |   |   | $ | 13 |   |   | $ | (907 | ) |
|                                                |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Other repositioning costs:                          |   |                               |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Consulting fees                                     |   |                               | -      |   |                              |   | 262 |   |   |   | - |   |   |   | 1,485 |   |
| Postretirement curtailment gain                     |   |                               | -      |   |                              |   | - |   |   |   | (3,292 | ) |   |   | - |   |
| Miscellaneous other closure costs                   |   |                               | 565    |   |                              |   | 1,863 |   |   |   | 3,557 |   |   |   | 4,119 |   |
| Total other repositioning costs                     |   |                               | 565    |   |                              |   | 2,125 |   |   |   | 265 |   |   |   | 5,604 |   |
| Total restructuring and other repositioning expense |   | $                                  | 537    |   |                              | $      | 3,181 |   |   | $ | 278 |   |   | $ | 4,697 |   |

----

Index

|                                         |   | Three months endedDecember 31, 2009 |   |   | Nine months endedDecember 31, 2009 |   |
|----------------------------------------------|--------|------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                         |   |                                     |   |   |                                    |   |
| Net sales                                    |   | $                                        | 54,510 |   |                                    | $      | 136,762 |   |
| Cost of sales and other expenses             |   |                                     | 51,981 |   |                                    |   | 144,572 |   |
| Earnings (loss) before income taxes          |   |                                     | 2,529  |   |                                    |   | (7,810 | ) |
| Provision for income taxes                   |   |                                     | 445    |   |                                    |   | 538 |   |
| Earnings (loss) from discontinued operations |   | $                                        | 2,084  |   |                                    | $      | (8,348 | ) |

----

Index

|                             |   | OE -Asia |   |   | South America |   |   | Commercial Products |   |   | Total  |   |
|----------------------------------|--------|----------|--------|--------|---------------|--------|--------|---------------------|--------|--------|--------|--------|
|                             |   |     |   |   |          |   |   |                |   |   |   |   |
| Balance, March 31, 2010          |   | $        | 520    |   |          | $      | 13,869 |                |   | $      | 15,163 |   |   | $ | 29,552 |   |
| Fluctuations in foreign currency |   |     | -      |   |          |   | 996    |                |   |   | 381    |   |   |   | 1,377 |   |
| Balance, December 31, 2010       |   | $        | 520    |   |          | $      | 14,865 |                |   | $      | 15,544 |   |   | $ | 30,929 |   |

|                              |   | December 31, 2010 |   |   | March 31, 2010      |   |
|-----------------------------------|--------|------------------------|--------|--------|--------------------------|--------|
|                              |   | Gross Carrying Value   |   |   | Accumulated Amortization |   |   | Net Intangible Assets |   |   | Gross Carrying Value |   |   | Accumulated Amortization |   |   | Net Intangible Assets |   |
|                              |   |                   |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortized intangible assets:      |   |                   |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Patents and product technology    |   | $                      | 3,952  |   |                     | $      | (3,952 | ) |   | $ | - |   |   | $ | 3,952 |   |   | $ | (3,952 | ) |   | $ | - |   |
| Trademarks                        |   |                   | 8,898  |   |                     |   | (3,361 | ) |   |   | 5,537 |   |   |   | 8,726 |   |   |   | (2,860 | ) |   |   | 5,866 |   |
| Other intangibles                 |   |                   | 435    |   |                     |   | (418 | ) |   |   | 17 |   |   |   | 416 |   |   |   | (337 | ) |   |   | 79 |   |
| Total amortized intangible assets |   |                   | 13,285 |   |                     |   | (7,731 | ) |   |   | 5,554 |   |   |   | 13,094 |   |   |   | (7,149 | ) |   |   | 5,945 |   |
| Unamortized intangible assets:    |   |                   |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tradename                         |   |                   | 1,021  |   |                     |   | - |   |   |   | 1,021 |   |   |   | 943 |   |   |   | - |   |   |   | 943 |   |
| Total intangible assets           |   | $                      | 14,306 |   |                     | $      | (7,731 | ) |   | $ | 6,575 |   |   | $ | 14,037 |   |   | $ | (7,149 | ) |   | $ | 6,888 |   |

----

Index

| Fiscal Year       |   | Estimated Amortization Expense |
|-------------------|--------|--------------------------------|
|              |   |                           |
| Remainder of 2011 |   | $166                           |
| 2012              |   | 593                            |
| 2013              |   | 593                            |
| 2014              |   | 593                            |
| 2015              |   | 593                            |
| 2016 & Beyond |   | 3,016                          |

----

Index

|                                                                             | Interest Expense Coverage Ratio Covenant (Not Permitted to Be Less Than): |   | Leverage Ratio Covenant (Not Permitted to Be Greater Than): |
|----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| Fiscal quarter ending on or after June 30, 2010 but on or before August 12, 2014 | 3.00 to 1.0                                                                         |   | 3.25 to 1.0                                                           |
| All fiscal quarters ending thereafter                                            | 3.00 to 1.0                                                                         |   | 3.00 to 1.0                                                           |

----

Index

|   | · | $14,365 loan to its wholly owned subsidiary, Modine Thermal Systems Private Limited (Modine India), that matures on April 30, 2013; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $12,000 between two loans to its wholly owned subsidiary, Modine Thermal Systems (Changzhou) Co. Ltd. (Changzhou, China), with various maturity dates through June 2012; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $1,070 loan to its wholly owned subsidiary, Modine U.K. Dollar Limited, that matures on November 30, 2011; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | $26,184 loan to its wholly owned subsidiary, Modine Holding GmbH, that matures on January 31, 2020; |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | $5,690 receivable with its wholly owned subsidiary, Modine do Brazil Sistemas Terminos Ltda. (Modine Brazil) related to the interest on equity tax planning action; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $300 loan to its wholly owned subsidiary, Modine Thermal Systems Korea, that matures on April 23, 2011. |
|--------|--------|---------------------------------------------------------------------------------------------------------|

----

Index

|                                                   | Balance Sheet Location                         |   | December 31, 2010 |   |   | March 31, 2010 |   |
|--------------------------------------------------------|------------------------------------------------|--------|------------------------|--------|--------|---------------------|--------|
| Derivative instruments designated as cash flow hedges: |                                           |   |                   |   |   |                |   |
| Commodity derivatives                                  | Deferred income taxes and other current assets |   | $                      | 422    |   |                | $      | - |   |
| Commodity derivatives                                  | Accrued expenses and other current liabilities |   |                   | 989    |   |                |   | 1,243 |   |

|                               |   |                              |   |                                                              |                  | Three months endedDecember 31, 2010                         |   |   | Nine months endedDecember 31, 2010                          |   |
|------------------------------------|--------|-----------------------------------|--------|-------------------------------------------------------------------|-----------------------|------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
|                               |   | Amount of Loss Recognized in AOCI |   | Location of Loss Reclassified fromAOCI into Continuing Operations |                  | Amount of Loss Reclassified from AOCI into Continuing Operations |   |   | Amount of Loss Reclassified from AOCI into Continuing Operations |   |
| Designated derivative instruments: |   |                              |   |                                                              |                  |                                                             |   |   |                                                             |   |
| Commodity derivatives              |   | $                                 | 1,087  |                                                              | Cost of sales         |                                                             | $      | (135   | )                                                                |   | $ | 48 |   |
| Interest rate derivative           |   |                              | -      |                                                              | Interest expense |                                                             |   | -      |                                                             |   |   | 1,751 |   |
| Total                              |   | $                                 | 1,087  |                                                              |                  |                                                             | $      | (135   | )                                                                |   | $ | 1,799 |   |

|                               |   |                              |   |                                                               |                  | Three months endedDecember 31, 2009                         |   |   | Nine months endedDecember 31, 2009                          |   |
|------------------------------------|--------|-----------------------------------|--------|--------------------------------------------------------------------|-----------------------|------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
|                               |   | Amount of Loss Recognized in AOCI |   | Location of Loss Reclassified from AOCI into Continuing Operations |                  | Amount of Loss Reclassified from AOCI into Continuing Operations |   |   | Amount of Loss Reclassified from AOCI into Continuing Operations |   |
| Designated derivative instruments: |   |                              |   |                                                               |                  |                                                             |   |   |                                                             |   |
| Commodity derivatives              |   | $                                 | 2,131  |                                                               | Cost of sales         |                                                             | $      | 1,104  |                                                             |   | $ | 5,859 |   |
| Interest rate derivative           |   |                              | 713    |                                                               | Interest expense |                                                             |   | 109    |                                                             |   |   | 744 |   |
| Total                              |   | $                                 | 2,844  |                                                               |                  |                                                             | $      | 1,213  |                                                             |   | $ | 6,603 |   |

----

Index

|   | · | Level 1 – Quoted prices for identical instruments in active markets. |
|--------|--------|----------------------------------------------------------------------------|

|   | · | Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level 3 – Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                                        |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Total Assets / Liabilities at Fair Value |   |
|---------------------------------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|------------------------------------------|--------|
| Assets:                                     |   |    |   |   |    |   |   |    |   |   |                                     |   |
| Trading securities (short term investments) |   | $       | 2,639  |   |    | $      | 13     |    |   | $      | -                                        |   |   | $ | 2,652 |   |
| Derivative financial instruments            |   |    | -      |   |    |   | 422    |    |   |   | -                                        |   |   |   | 422 |   |
| Total assets                                |   | $       | 2,639  |   |    | $      | 435    |    |   | $      | -                                        |   |   | $ | 3,074 |   |
|                                        |   |    |   |   |    |   |   |    |   |   |                                     |   |   |   |   |   |
| Liabilities:                                |   |    |   |   |    |   |   |    |   |   |                                     |   |   |   |   |   |
| Derivative financial instruments            |   | $       | -      |   |    | $      | 989    |    |   | $      | -                                        |   |   | $ | 989 |   |
| Deferred compensation obligation            |   |    | 2,642  |   |    |   | 13     |    |   |   | -                                        |   |   |   | 2,655 |   |
| Total liabilitites                          |   | $       | 2,642  |   |    | $      | 1,002  |    |   | $      | -                                        |   |   | $ | 3,644 |   |

|                                                    |   | Three months ended December 31 |   |
|---------------------------------------------------------|--------|-------------------------------------|--------|
|                                                    |   | 2010                                |   |   | 2009 |   |
|                                                    |   |                                |   |   |   |   |
| Balance, October 1                                      |   | $                                   | 13,807 |   |   | $ | 11,029 |   |
| Accruals for warranties issued in current period        |   |                                | 1,226  |   |   |   | 1,381 |   |
| Accruals (reversals) related to pre-existing warranties |   |                                | 31     |   |   |   | (619 | ) |
| Settlements made                                        |   |                                | (2,918 | ) |   |   | (2,038 | ) |
| Effect of exchange rate changes                         |   |                                | (40    | ) |   |   | (37 | ) |
| Balance, December 31                                    |   | $                                   | 12,106 |   |   | $ | 9,716 |   |

|                                             |   | Nine months ended December 31 |   |
|--------------------------------------------------|--------|------------------------------------|--------|
|                                             |   | 2010                               |   |   | 2009 |   |
|                                             |   |                               |   |   |   |   |
| Balance, April 1                                 |   | $                                  | 13,126 |   |   | $ | 9,107 |   |
| Accruals for warranties issued in current period |   |                               | 3,763  |   |   |   | 4,530 |   |
| Accruals related to pre-existing warranties      |   |                               | 86     |   |   |   | 794 |   |
| Settlements made                                 |   |                               | (4,852 | ) |   |   | (5,651 | ) |
| Effect of exchange rate changes                  |   |                               | (17    | ) |   |   | 936 |   |
| Balance, December 31                             |   | $                                  | 12,106 |   |   | $ | 9,716 |   |

----

Index

|                               |   | Three months endedDecember 31 |    |   | Nine months endedDecember 31 |   |
|------------------------------------|--------|------------------------------------|---------|--------|-----------------------------------|--------|
|                               |   | 2010                               |    |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Sales :                            |   |                               |    |   |                              |   |   |   |   |   |   |   |
| Original Equipment - Asia          |   | $                                  | 16,859  |   |                              | $      | 8,934 |   |   | $ | 41,623 |   |   | $ | 22,411 |   |
| Original Equipment - Europe        |   |                               | 139,946 |   |                              |   | 126,980 |   |   |   | 396,990 |   |   |   | 344,588 |   |
| Original Equipment - North America |   |                               | 124,505 |   |                              |   | 101,296 |   |   |   | 379,879 |   |   |   | 293,559 |   |
| South America                      |   |                               | 36,429  |   |                              |   | 32,254 |   |   |   | 114,513 |   |   |   | 82,871 |   |
| Commercial Products                |   |                               | 48,406  |   |                              |   | 48,371 |   |   |   | 134,799 |   |   |   | 127,956 |   |
| Segment sales                      |   |                               | 366,145 |   |                              |   | 317,835 |   |   |   | 1,067,804 |   |   |   | 871,385 |   |
| Corporate and administrative       |   |                               | 379     |   |                              |   | 481 |   |   |   | 1,157 |   |   |   | 2,019 |   |
| Eliminations                       |   |                               | (6,481  | )      |                              |   | (15,926 | ) |   |   | (17,847 | ) |   |   | (35,084 | ) |
| Sales from continuing operations   |   | $                                  | 360,043 |   |                              | $      | 302,390 |   |   | $ | 1,051,114 |   |   | $ | 838,320 |   |

|                               |   | Three months endedDecember 31 |   |   | Nine months endedDecember 31 |   |
|------------------------------------|--------|-------------------------------|--------|--------|------------------------------|--------|
|                               |   | 2010                          |   |   | 2009                         |   |   | 2010 |   |   | 2009 |   |
| Gross profit (loss):               |   |                          |   |   | % of sales                   |   |   |   |   |   | % of sales |   |   |   |   |   | % of sales |   |   |   |   |   | % of sales |   |
| Original Equipment - Asia          |   | $                             | 1,282  |   |                         |   | 7.6 | % |   | $ | 237 |   |   |   | 2.7 | % |   | $ | 3,138 |   |   |   | 7.5 | % |   | $ | (217 | ) |   |   | -1.0 | % |
| Original Equipment - Europe        |   |                          | 17,317 |   |                         |   | 12.4 | % |   |   | 17,650 |   |   |   | 13.9 | % |   |   | 54,386 |   |   |   | 13.7 | % |   |   | 45,098 |   |   |   | 13.1 | % |
| Original Equipment - North America |   |                          | 16,526 |   |                         |   | 13.3 | % |   |   | 9,067 |   |   |   | 9.0 | % |   |   | 52,573 |   |   |   | 13.8 | % |   |   | 32,588 |   |   |   | 11.1 | % |
| South America                      |   |                          | 6,960  |   |                         |   | 19.1 | % |   |   | 6,137 |   |   |   | 19.0 | % |   |   | 23,411 |   |   |   | 20.4 | % |   |   | 16,608 |   |   |   | 20.0 | % |
| Commercial Products                |   |                          | 14,617 |   |                         |   | 30.2 | % |   |   | 15,244 |   |   |   | 31.5 | % |   |   | 38,685 |   |   |   | 28.7 | % |   |   | 35,916 |   |   |   | 28.1 | % |
| Segment gross profit               |   |                          | 56,702 |   |                         |   | 15.5 | % |   |   | 48,335 |   |   |   | 15.2 | % |   |   | 172,193 |   |   |   | 16.1 | % |   |   | 129,993 |   |   |   | 14.9 | % |
| Corporate and administrative       |   |                          | 383    |   |                         |   | - |   |   |   | (620 | ) |   |   | - |   |   |   | 1,180 |   |   |   | - |   |   |   | (4,127 | ) |   |   | - |   |
| Eliminations                       |   |                          | 10     |   |                         |   | - |   |   |   | 1 |   |   |   | - |   |   |   | 23 |   |   |   | - |   |   |   | 74 |   |   |   | - |   |
| Gross profit                       |   | $                             | 57,095 |   |                         |   | 15.9 | % |   | $ | 47,716 |   |   |   | 15.8 | % |   | $ | 173,396 |   |   |   | 16.5 | % |   | $ | 125,940 |   |   |   | 15.0 | % |

|                                                           |   | Three months endedDecember 31 |    |   | Nine months endedDecember 31 |   |
|----------------------------------------------------------------|--------|------------------------------------|---------|--------|-----------------------------------|--------|
|                                                           |   | 2010                               |    |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Operating earnings (loss):                                     |   |                               |    |   |                              |   |   |   |   |   |   |   |
| Original Equipment - Asia                                      |   | $                                  | (883    | )      |                              | $      | (675 | ) |   | $ | (2,530 | ) |   | $ | (3,630 | ) |
| Original Equipment - Europe                                    |   |                               | 7,285   |   |                              |   | 6,400 |   |   |   | 21,107 |   |   |   | 15,757 |   |
| Original Equipment - North America                             |   |                               | 5,504   |   |                              |   | (541 | ) |   |   | 21,585 |   |   |   | 3,552 |   |
| South America                                                  |   |                               | 1,182   |   |                              |   | 2,788 |   |   |   | 9,972 |   |   |   | 6,296 |   |
| Commercial Products                                            |   |                               | 6,967   |   |                              |   | 7,927 |   |   |   | 17,303 |   |   |   | 16,131 |   |
| Segment earnings                                               |   |                               | 20,055  |   |                              |   | 15,899 |   |   |   | 67,437 |   |   |   | 38,106 |   |
| Corporate and administrative                                   |   |                               | (10,158 | )      |                              |   | (10,174 | ) |   |   | (29,576 | ) |   |   | (32,715 | ) |
| Eliminations                                                   |   |                               | (19     | )      |                              |   | (10 | ) |   |   | 11 |   |   |   | 104 |   |
| Other items not allocated to segments                          |   |                               | (2,423  | )      |                              |   | (3,352 | ) |   |   | (28,048 | ) |   |   | (11,773 | ) |
| Earnings (loss) from continuing operations before income taxes |   | $                                  | 7,455   |   |                              | $      | 2,363 |   |   | $ | 9,824 |   |   | $ | (6,278 | ) |

----

Index

|                               |   | December 31, 2010 |    |   | March 31, 2010 |   |
|------------------------------------|--------|------------------------|---------|--------|---------------------|--------|
| Assets:                            |   |                   |    |   |                |   |
| Original Equipment - Asia          |   | $                      | 88,724  |   |                | $      | 62,952 |   |
| Original Equipment - Europe        |   |                   | 353,643 |   |                |   | 362,202 |   |
| Original Equipment - North America |   |                   | 194,455 |   |                |   | 216,933 |   |
| South America                      |   |                   | 93,949  |   |                |   | 88,240 |   |
| Commercial Products                |   |                   | 97,423  |   |                |   | 78,545 |   |
| Corporate and administrative       |   |                   | 36,847  |   |                |   | 31,539 |   |
| Assets held for sale               |   |                   | 2,450   |   |                |   | 9,870 |   |
| Eliminations                       |   |                   | (19,633 | )      |                |   | (10,029 | ) |
| Total assets                       |   | $                      | 847,858 |   |                | $      | 840,252 |   |

|   | · | Manufacturing realignment – aligning the manufacturing footprint to maximize asset utilization and improve the Company’s cost competitive position; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Portfolio rationalization – identifying products or businesses that should be divested or exited as they do not meet required financial metrics; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Selling, general and administrative (SG&A) expense reduction – reducing SG&A expenses and SG&A expenses as a percentage of sales through diligent cost containment actions; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Capital allocation discipline – allocating capital spending to operating segments and business programs that will provide the highest return on investment. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Cash and investments – cash deposits and short-term investments are reviewed to ensure banks have credit ratings acceptable to the Company and that all short-term investments are maintained in secured or guaranteed instruments; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Pension assets – ensuring that investments within these plans provide appropriate diversification, monitoring to ensure that portfolio managers and investment consultants are adhering to the Company’s investment policies and directives, and to ensure limited exposure to high risk securities and other similar assets; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Insurance – ensuring that insurance providers have acceptable financial ratings. |
|--------|--------|----------------------------------------------------------------------------------------|

----

Index

|   | · | Customers – performing thorough review of customer credit reports and accounts receivable aging reports by an internal credit committee; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Suppliers – implementing a supplier risk management program and utilizing industry sources to identify and mitigate high risk situations; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Derivatives – ensuring that counterparties to derivative instruments have acceptable credit ratings. |
|--------|--------|------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

It

----

Index

|                                                           |   | Three months ended December 31 |   |   | Nine months ended December 31 |   |
|----------------------------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|
|                                                           |   | 2010                                |   |   | 2009                               |   |   | 2010 |   |   | 2009 |   |
| (dollars in millions)                                          |   | $'s                                 |   |   | % of sales                         |   |   | $'s |   |   | % of sales |   |   | $'s |   |   | % of sales |   |   | $'s |   |   | % of sales |   |
| Net sales                                                      |   |                                | 360.0  |   |                               |   | 100.0 | % |   |   | 302.4 |   |   |   | 100.0 | % |   |   | 1,051.1 |   |   |   | 100.0 | % |   |   | 838.3 |   |   |   | 100.0 | % |
| Cost of sales                                                  |   |                                | 302.9  |   |                               |   | 84.1 | % |   |   | 254.7 |   |   |   | 84.2 | % |   |   | 877.7 |   |   |   | 83.5 | % |   |   | 712.4 |   |   |   | 85.0 | % |
| Gross profit                                                   |   |                                | 57.1   |   |                               |   | 15.9 | % |   |   | 47.7 |   |   |   | 15.8 | % |   |   | 173.4 |   |   |   | 16.5 | % |   |   | 125.9 |   |   |   | 15.0 | % |
| Selling, general and administrative expenses                   |   |                                | 46.0   |   |                               |   | 12.8 | % |   |   | 40.7 |   |   |   | 13.5 | % |   |   | 133.0 |   |   |   | 12.7 | % |   |   | 116.2 |   |   |   | 13.9 | % |
| Restructuring expense (income)                                 |   |                                | -      |   |                               |   | 0.0 | % |   |   | 1.1 |   |   |   | 0.4 | % |   |   | - |   |   |   | 0.0 | % |   |   | (0.9 | ) |   |   | -0.1 | % |
| Impairment of goodwill and long-lived assets                   |   |                                | 1.3    |   |                               |   | 0.4 | % |   |   | 0.3 |   |   |   | 0.1 | % |   |   | 2.5 |   |   |   | 0.2 | % |   |   | 5.1 |   |   |   | 0.6 | % |
| Income from operations                                         |   |                                | 9.9    |   |                               |   | 2.7 | % |   |   | 5.7 |   |   |   | 1.9 | % |   |   | 37.9 |   |   |   | 3.6 | % |   |   | 5.5 |   |   |   | 0.7 | % |
| Interest expense                                               |   |                                | 2.6    |   |                               |   | 0.7 | % |   |   | 3.8 |   |   |   | 1.3 | % |   |   | 30.2 |   |   |   | 2.9 | % |   |   | 18.9 |   |   |   | 2.3 | % |
| Other income – net                                       |   |                                | (0.2   | )      |                               |   | 0.0 | % |   |   | (0.4 | ) |   |   | -0.1 | % |   |   | (2.2 | ) |   |   | -0.2 | % |   |   | (7.1 | ) |   |   | -0.8 | % |
| Earnings (loss) from continuing operations before income taxes |   |                                | 7.5    |   |                               |   | 2.1 | % |   |   | 2.4 |   |   |   | 0.8 | % |   |   | 9.8 |   |   |   | 0.9 | % |   |   | (6.3 | ) |   |   | -0.8 | % |
| Provision for income taxes                                     |   |                                | 1.4    |   |                               |   | 0.4 | % |   |   | 0.2 |   |   |   | 0.1 | % |   |   | 10.2 |   |   |   | 1.0 | % |   |   | 2.1 |   |   |   | 0.3 | % |
| Earnings (loss) from continuing operations                     |   |                                | 6.0    |   |                               |   | 1.7 | % |   |   | 2.1 |   |   |   | 0.7 | % |   |   | (0.3 | ) |   |   | 0.0 | % |   |   | (8.4 | ) |   |   | -1.0 | % |

----

Index

----

Index

----

Index

| Original Equipment - Asia                    |   |                                |   |   |                               |   |   |   |   |   |       |   |   |
|----------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|--------|--------|--------|--------|------------|--------|--------|
|                                         |   | Three months ended December 31 |   |   | Nine months ended December 31 |   |
|                                         |   | 2010                                |   |   | 2009                               |   |   | 2010   |   |   | 2009       |   |
| (dollars in millions)                        |   | $'s                                 |   |   | % of sales                         |   |   | $'s    |   |   | % of sales |   |   | $'s |   |   | % of sales |   | $'s |   |   | % of sales |   |
| Net sales                                    |   |                                | 16.9   |   |                               |   | 100.0  | %      |   |   | 8.9        |   |   |   | 100.0 | % |   |   | 41.6 |   |   |   | 100.0 | % |   |   | 22.4 |   |   |   | 100.0 | % |
| Cost of sales                                |   |                                | 15.6   |   |                               |   | 92.3   | %      |   |   | 8.7        |   |   |   | 97.8 | % |   |   | 38.5 |   |   |   | 92.5 | % |   |   | 22.6 |   |   |   | 100.9 | % |
| Gross profit                                 |   |                                | 1.3    |   |                               |   | 7.6    | %      |   |   | 0.2        |   |   |   | 2.7 | % |   |   | 3.1 |   |   |   | 7.5 | % |   |   | (0.2 | ) |   |   | -1.0 | % |
| Selling, general and administrative expenses |   |                                | 2.2    |   |                               |   | 13.0   | %      |   |   | 0.7        |   |   |   | 7.9 | % |   |   | 5.3 |   |   |   | 12.7 | % |   |   | 3.2 |   |   |   | 14.3 | % |
| Impairment of long-lived assets              |   |                                | -      |   |                               |   | 0.0    | %      |   |   | 0.2        |   |   |   | 2.2 | % |   |   | 0.3 |   |   |   | 0.7 | % |   |   | 0.2 |   |   |   | 0.9 | % |
| Loss from continuing operations              |   |                                | (0.9   | )      |                               |   | -5.3   | %      |   |   | (0.7       | )      |   |   | -7.9 | % |   |   | (2.5 | ) |   |   | -6.0 | % |   |   | (3.6 | ) |   |   | -16.1 | % |

| Original Equipment - Europe                  |   |                                |   |   |                               |   |   |   |   |   |       |   |   |
|----------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|--------|--------|--------|--------|------------|--------|--------|
|                                         |   | Three months ended December 31 |   |   | Nine months ended December 31 |   |
|                                         |   | 2010                                |   |   | 2009                               |   |   | 2010   |   |   | 2009       |   |
| (dollars in millions)                        |   | $'s                                 |   |   | % of sales                         |   |   | $'s    |   |   | % of sales |   |   | $'s |   |   | % of sales |   | $'s |   |   | % of sales |   |
| Net sales                                    |   |                                | 139.9  |   |                               |   | 100.0  | %      |   |   | 127.0      |   |   |   | 100.0 | % |   |   | 397.0 |   |   |   | 100.0 | % |   |   | 344.6 |   |   |   | 100.0 | % |
| Cost of sales                                |   |                                | 122.6  |   |                               |   | 87.6   | %      |   |   | 109.3      |   |   |   | 86.1 | % |   |   | 342.6 |   |   |   | 86.3 | % |   |   | 299.5 |   |   |   | 86.9 | % |
| Gross profit                                 |   |                                | 17.3   |   |                               |   | 12.4   | %      |   |   | 17.7       |   |   |   | 13.9 | % |   |   | 54.4 |   |   |   | 13.7 | % |   |   | 45.1 |   |   |   | 13.1 | % |
| Selling, general and administrative expenses |   |                                | 9.7    |   |                               |   | 6.9    | %      |   |   | 11.5       |   |   |   | 9.1 | % |   |   | 32.0 |   |   |   | 8.1 | % |   |   | 32.6 |   |   |   | 9.5 | % |
| Restructuring (income) expense               |   |                                | -      |   |                               |   | 0.0    | %      |   |   | (0.2       | )      |   |   | -0.2 | % |   |   | 0.1 |   |   |   | 0.0 | % |   |   | (3.5 | ) |   |   | -1.0 | % |
| Impairment of goodwill and long-lived assets |   |                                | 0.3    |   |                               |   | 0.2    | %      |   |   | -          |   |   |   | 0.0 | % |   |   | 1.2 |   |   |   | 0.3 | % |   |   | 0.2 |   |   |   | 0.1 | % |
| Income from continuing operations            |   |                                | 7.3    |   |                               |   | 5.2    | %      |   |   | 6.4        |   |   |   | 5.0 | % |   |   | 21.1 |   |   |   | 5.3 | % |   |   | 15.8 |   |   |   | 4.6 | % |

----

Index

| Original Equipment - North America           |   |                                |   |   |                               |   |   |   |   |   |       |   |   |
|----------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|--------|--------|--------|--------|------------|--------|--------|
|                                         |   | Three months ended December 31 |   |   | Nine months ended December 31 |   |
|                                         |   | 2010                                |   |   | 2009                               |   |   | 2010   |   |   | 2009       |   |
| (dollars in millions)                        |   | $'s                                 |   |   | % of sales                         |   |   | $'s    |   |   | % of sales |   |   | $'s |   |   | % of sales |   | $'s |   |   | % of sales |   |
| Net sales                                    |   |                                | 124.5  |   |                               |   | 100.0  | %      |   |   | 101.3      |   |   |   | 100.0 | % |   |   | 379.9 |   |   |   | 100.0 | % |   |   | 293.6 |   |   |   | 100.0 | % |
| Cost of sales                                |   |                                | 108.0  |   |                               |   | 86.7   | %      |   |   | 92.2       |   |   |   | 91.0 | % |   |   | 327.3 |   |   |   | 86.2 | % |   |   | 261.0 |   |   |   | 88.9 | % |
| Gross profit                                 |   |                                | 16.5   |   |                               |   | 13.3   | %      |   |   | 9.1        |   |   |   | 9.0 | % |   |   | 52.6 |   |   |   | 13.8 | % |   |   | 32.6 |   |   |   | 11.1 | % |
| Selling, general and administrative expenses |   |                                | 10.0   |   |                               |   | 8.0    | %      |   |   | 8.2        |   |   |   | 8.1 | % |   |   | 30.0 |   |   |   | 7.9 | % |   |   | 22.9 |   |   |   | 7.8 | % |
| Restructuring expense                        |   |                                | -      |   |                               |   | 0.0    | %      |   |   | 1.3        |   |   |   | 1.3 | % |   |   | - |   |   |   | 0.0 | % |   |   | 1.4 |   |   |   | 0.5 | % |
| Impairment of long-lived assets              |   |                                | 1.0    |   |                               |   | 0.8    | %      |   |   | 0.1        |   |   |   | 0.1 | % |   |   | 1.0 |   |   |   | 0.3 | % |   |   | 4.7 |   |   |   | 1.6 | % |
| Income (loss) from continuing operations     |   |                                | 5.5    |   |                               |   | 4.4    | %      |   |   | (0.5       | )      |   |   | -0.5 | % |   |   | 21.6 |   |   |   | 5.7 | % |   |   | 3.6 |   |   |   | 1.2 | % |

----

Index

| South America                                |   |                                |   |   |                               |   |   |   |   |   |       |   |   |
|----------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|--------|--------|--------|--------|------------|--------|--------|
|                                         |   | Three months ended December 31 |   |   | Nine months ended December 31 |   |
|                                         |   | 2010                                |   |   | 2009                               |   |   | 2010   |   |   | 2009       |   |
| (dollars in millions)                        |   | $'s                                 |   |   | % of sales                         |   |   | $'s    |   |   | % of sales |   |   | $'s |   |   | % of sales |   | $'s |   |   | % of sales |   |
| Net sales                                    |   |                                | 36.4   |   |                               |   | 100.0  | %      |   |   | 32.3       |   |   |   | 100.0 | % |   |   | 114.5 |   |   |   | 100.0 | % |   |   | 82.9 |   |   |   | 100.0 | % |
| Cost of sales                                |   |                                | 29.5   |   |                               |   | 81.0   | %      |   |   | 26.2       |   |   |   | 81.1 | % |   |   | 91.1 |   |   |   | 79.6 | % |   |   | 66.3 |   |   |   | 80.0 | % |
| Gross profit                                 |   |                                | 7.0    |   |                               |   | 19.1   | %      |   |   | 6.1        |   |   |   | 19.0 | % |   |   | 23.4 |   |   |   | 20.4 | % |   |   | 16.6 |   |   |   | 20.0 | % |
| Selling, general and administrative expenses |   |                                | 5.7    |   |                               |   | 15.7   | %      |   |   | 3.3        |   |   |   | 10.2 | % |   |   | 13.4 |   |   |   | 11.7 | % |   |   | 9.5 |   |   |   | 11.5 | % |
| Restructuring expense                        |   |                                | -      |   |                               |   | 0.0    | %      |   |   | -          |   |   |   | 0.0 | % |   |   | - |   |   |   | 0.0 | % |   |   | 0.8 |   |   |   | 1.0 | % |
| Income from continuing operations            |   |                                | 1.2    |   |                               |   | 3.3    | %      |   |   | 2.8        |   |   |   | 8.7 | % |   |   | 10.0 |   |   |   | 8.7 | % |   |   | 6.3 |   |   |   | 7.6 | % |

----

Index

| Commercial Products                          |   |                                |   |   |                               |   |   |   |   |   |       |   |   |
|----------------------------------------------|--------|-------------------------------------|--------|--------|------------------------------------|--------|--------|--------|--------|--------|------------|--------|--------|
|                                         |   | Three months ended December 31 |   |   | Nine months ended December 31 |   |
|                                         |   | 2010                                |   |   | 2009                               |   |   | 2010   |   |   | 2009       |   |
| (dollars in millions)                        |   | $'s                                 |   |   | % of sales                         |   |   | $'s    |   |   | % of sales |   |   | $'s |   |   | % of sales |   | $'s |   |   | % of sales |   |
| Net sales                                    |   |                                | 48.4   |   |                               |   | 100.0  | %      |   |   | 48.4       |   |   |   | 100.0 | % |   |   | 134.8 |   |   |   | 100.0 | % |   |   | 128.0 |   |   |   | 100.0 | % |
| Cost of sales                                |   |                                | 33.8   |   |                               |   | 69.8   | %      |   |   | 33.1       |   |   |   | 68.4 | % |   |   | 96.1 |   |   |   | 71.3 | % |   |   | 92.1 |   |   |   | 72.0 | % |
| Gross profit                                 |   |                                | 14.6   |   |                               |   | 30.2   | %      |   |   | 15.2       |   |   |   | 31.5 | % |   |   | 38.7 |   |   |   | 28.7 | % |   |   | 35.9 |   |   |   | 28.1 | % |
| Selling, general and administrative expenses |   |                                | 7.6    |   |                               |   | 15.7   | %      |   |   | 7.4        |   |   |   | 15.3 | % |   |   | 21.4 |   |   |   | 15.9 | % |   |   | 19.5 |   |   |   | 15.2 | % |
| Restructuring expense                        |   |                                | -      |   |                               |   | 0.0    | %      |   |   | -          |   |   |   | 0.0 | % |   |   | - |   |   |   | 0.0 | % |   |   | 0.3 |   |   |   | 0.2 | % |
| Income from continuing operations            |   |                                | 7.0    |   |                               |   | 14.5   | %      |   |   | 7.9        |   |   |   | 16.3 | % |   |   | 17.3 |   |   |   | 12.8 | % |   |   | 16.1 |   |   |   | 12.6 | % |

----

Index

|                                                                             | Interest Expense Coverage Ratio Covenant (Not Permitted to Be Less Than): |   | Leverage Ratio Covenant (Not Permitted to Be Greater Than): |
|----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| Fiscal quarter ending on or after June 30, 2010 but on or before August 12, 2014 | 3.00 to 1.0                                                                         |   | 3.25 to 1.0                                                           |
| All fiscal quarters ending thereafter                                            | 3.00 to 1.0                                                                         |   | 3.00 to 1.0                                                           |

|                                                 |   | Quarter EndedMarch 31, 2010 |    |   | Quarter EndedJune 30, 2010 |   |   | Quarter EndedSeptember 30, 2010 |   |   | Quarter EndedDecember 31, 2010 |   |   | Total  |   |
|------------------------------------------------------|--------|----------------------------------|---------|--------|---------------------------------|--------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|--------|--------|--------|
| (Loss) earnings from continuing operations           |   | $                                | (11,895 | )      |                            | $      | 5,404  |                                 |   | $      | (11,762                             | )      |   | $      | 6,024  |   |   | $ | (12,229 | ) |
| Consolidated interest expense                        |   |                             | 3,993   |   |                            |   | 4,108  |                                 |   |   | 23,529                              |   |   |   | 2,602  |   |   |   | 34,232 |   |
| Provision for income taxes                           |   |                             | 7,707   |   |                            |   | 3,715  |                                 |   |   | 5,012                               |   |   |   | 1,431  |   |   |   | 17,865 |   |
| Depreciation and amortization expense (a)            |   |                             | 15,329  |   |                            |   | 14,578 |                                 |   |   | 13,747                              |   |   |   | 14,168 |   |   |   | 57,822 |   |
| Non-cash charges  (b)                      |   |                             | 4,662   |   |                            |   | 3,460  |                                 |   |   | (5,279                              | )      |   |   | 1,819  |   |   |   | 4,662 |   |
| Restructuring and repositioning charges (income) (c) |   |                             | 1,557   |   |                            |   | 1,714  |                                 |   |   | 1,319                               |   |   |   | 537    |   |   |   | 5,127 |   |
| Adjusted EBITDA                                      |   | $                                | 21,353  |   |                            | $      | 32,979 |                                 |   | $      | 26,566                              |   |   | $      | 26,581 |   |   | $ | 107,479 |   |

| (a) | Depreciation and amortization expense represents total depreciation and amortization from continuing operations less accelerated depreciation which has been included in non-cash charges described in footnote (b) below. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Non-cash charges are comprised of long-lived asset impairments, non-cash restructuring and repositioning charges, exchange gains or losses on inter-company loans and non-cash charges which are unusual, non-recurring or extraordinary, as follows: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                              |   | Quarter EndedMarch 31, 2010 |   |   | Quarter EndedJune 30, 2010 |   |   | Quarter EndedSeptember 30, 2010 |   |   | Quarter EndedDecember 31, 2010 |   |   | Total  |   |
|---------------------------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|--------|--------|--------|
| Long-lived asset impairments                      |   | $                                | 1,432  |   |                            |   | -      |                                 |   | $      | 1,226                               |   |   | $      | 1,274  |   |   | $ | 3,932 |   |
| Non-cash restructuring and repositioning charges  |   |                             | 1,006  |   |                            |   | (1,727 | )                                    |   |   | (1,565                              | )      |   |   | -      |   |   |   | (2,286 | ) |
| Exchange losses (gains) on intercompany loans     |   |                             | 1,939  |   |                            |   | 5,187  |                                 |   |   | (4,940                              | )      |   |   | 545    |   |   |   | 2,731 |   |
| Provision for uncollectible notes receivable      |   |                             | (214   | )      |                            |   | -      |                                 |   |   | -                                   |   |   |   | -      |   |   |   | (214 | ) |
| Supplemental executive retirement plan settlement |   |                             | 499    |   |                            |   | -      |                                 |   |   | -                                   |   |   |   | -      |   |   |   | 499 |   |
| Non-cash charges                                  |   | $                                | 4,662  |   |                            | $      | 3,460  |                                 |   | $      | (5,279                              | )      |   | $      | 1,819  |   |   | $ | 4,662 |   |

| (c) | Restructuring and repositioning charges (income) represent cash restructuring and repositioning costs incurred in conjunction with the restructuring activities announced on or after January 31, 2008.  See Note 11 of the Notes to Condensed Consolidated Financial Statements for further discussion on these activities. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Index

|                                            |   | Four Quarters EndedDecember 31, 2010 |    |
|-------------------------------------------------|--------|-------------------------------------------|---------|
|                                            |   |                                      |    |
| Consolidated interest expense                   |   | $                                         | 34,232  |   |
| Less: Prepayment penalty classified as interest |   |                                      | (16,570 | ) |
| Plus: Other items (a)                           |   |                                      | 129     |   |
| Total consolidated interest expense             |   | $                                         | 17,791  |   |
|                                            |   |                                      |    |   |
| Adjusted EBITDA                                 |   | $                                         | 107,479 |   |
|                                            |   |                                      |    |   |
| Interest expense coverage ratio                 |   |                                      | 6.04    |   |

| (a) | Other items include line of credit fees and costs associated with the sale of receivables. |
|-----|--------------------------------------------------------------------------------------------|

|                                                          |   | Four Quarters EndedDecember 31, 2010 |    |
|---------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                          |   |                                      |    |
| Debt per balance sheet                                        |   | $                                         | 151,620 |   |
| Plus: Indebtedness attributed to sales of accounts receivable |   |                                      | 16,878  |   |
|  Net commodity derivative liability                      |   |                                      | 567     |   |
|  Standby letters of credit                               |   |                                      | 4,777   |   |
| Total consolidated debt                                       |   | $                                         | 173,842 |   |
|                                                          |   |                                      |    |   |
| Adjusted EBITDA                                               |   | $                                         | 107,479 |   |
|                                                          |   |                                      |    |   |
| Leverage ratio                                                |   |                                      | 1.62    |   |

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Index

| (in thousands)                          |   | December 31, 2010 |    |
|-----------------------------------------|--------|------------------------|---------|
|                                    |   | Total                  |    |   | Less than 1 year |   |   | 1 - 3 years |   |   | 4 - 5 years |   |   | More than 5 years |   |
|                                    |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt                          |   | $                      | 145,487 |   |   | $ | 60 |   |   | $ | 567 |   |   | $ | 14,096 |   |   | $ | 130,764 |   |
| Interest associated with long-term debt |   |                   | 76,696  |   |   |   | 2,244 |   |   |   | 17,956 |   |   |   | 17,736 |   |   |   | 38,760 |   |
| Total long-term debt and interest       |   | $                      | 222,183 |   |   | $ | 2,304 |   |   | $ | 18,523 |   |   | $ | 31,832 |   |   | $ | 169,524 |   |

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Index

|   | · | Economic, social and political conditions, changes and challenges in the markets where Modine operates and competes (including currency exchange rate fluctuations (particularly the value of the euro relative to the U.S. dollar), tariffs, inflation, changes in interest rates, recession, and restrictions associated with importing and exporting and foreign ownership); |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The impact the current global economic uncertainty is having on Modine, its customers and its suppliers and any worsening of such economic conditions leading to declining sales volumes; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The impact on Modine of increases in commodity prices, particularly Modine’s exposure to the changing prices of aluminum, copper and steel; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Modine’s ability or inability to pass increasing commodity prices on to customers as well as the inherent lag in timing of such pass-through pricing; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The impact of environmental laws and regulations on Modine’s business and the business of Modine’s customers, including Modine’s ability to take advantage of opportunities to supply alternative new technologies to meet environmental emissions standards. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Modine’s ability to successfully execute its four-point plan, including its ability to successfully implement restructuring plans and drive cost reductions and increased gross margins as a result; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The impact of operational inefficiencies as a result of program launches and product transfers; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | Modine’s ability to maintain current programs and compete effectively for new business, including its ability to offset or otherwise address increasing pricing pressures from its competitors and price reduction pressures from its customers; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Costs and other effects of the remediation of environmental contamination; |
|--------|--------|----------------------------------------------------------------------------|

|   | · | Modine’s ability to obtain profitable business at its facilities in the low cost countries of China, Hungary, Mexico and India and to meet quality standards with products produced at these facilities; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Unanticipated problems with suppliers meeting Modine’s time, quality and price demands; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | Unanticipated delays or modifications initiated by major customers with respect to product applications or requirements; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | Unanticipated product or manufacturing difficulties, including unanticipated launch challenges and warranty claims; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

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Index

|   | · | Work stoppages or interference at Modine’s facilities or those of its major customers and/or suppliers; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | · | Costs and other effects of unanticipated litigation or claims, and the increasing pressures associated with rising healthcare and insurance costs. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Modine’s ability to fund its liquidity requirements and meet its long-term commitments in the event of any renewed disruption in the credit markets; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Modine’s ability to remain in compliance with its debt agreements and financial covenants going forward; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | · | Modine’s ability to realize future tax benefits. |
|--------|--------|--------------------------------------------------------|

It

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Index

|   | · | $14.4 million loan to its wholly owned subsidiary, Modine Thermal Systems Private Limited (Modine India), that matures on April 30, 2013; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $12.0 million between two loans to its wholly owned subsidiary, Modine Thermal Systems (Changzhou) Co. Ltd. (Changzhou, China), with various maturity dates through June 2012; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $1.1 million loan to its wholly owned subsidiary, Modine U.K. Dollar Limited, that matures on November 30, 2011; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | $26.2 million loan to its wholly owned subsidiary, Modine Holding GmbH, that matures on January 31, 2020; |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | $5.7 million receivable with its wholly owned subsidiary, Modine do Brazil Sistemas Terminos Ltda. (Modine Brazil) related to the interest on equity tax planning action; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $0.3 million loan to its wholly owned subsidiary, Modine Thermal Systems Korea, that matures on April 23, 2011. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

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Index

|                         |   | Expected Maturity Date |   |
|------------------------------|--------|------------------------|--------|
| Long-term debt in ($000's)   |   |                   | F2011  |   |   |   | F2012 |   |   |   | F2013 |   |   |   | F2014 |   |   |   | F2015 |   |   | Thereafter |   |   | Total |   |
| Fixed rate (U.S. dollars)    |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   | $ | 125,000 |   |   | $ | 125,000 |   |
| Average interest rate        |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.83 | % |   |   | 6.83 | % |
| Variable rate (U.S. dollars) |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   | $ | 13,500 |   |   |   | - |   |   | $ | 13,500 |   |
| Average interest rate        |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.04 | % |   |   | - |   |   |   | 5.04 | % |

|   | · | Cash and investments – Cash deposits and short-term investments are reviewed to ensure banks have credit ratings acceptable to the Company and that all short-term investments are maintained in secured or guaranteed instruments.  The Company’s holdings in cash and investments were considered stable and secure at December 31, 2010; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Pension assets – The Company has retained outside advisors to assist in the management of the assets in the Company’s defined benefit plans.  In making investment decisions, the Company has been guided by an established risk management protocol under which the focus is to aggressively grow the plan assets while minimizing downside risk.  The Company monitors investments in its pension plans to ensure that these plans provide good diversification, ensure that portfolio managers and investment consultants are adhering to the Company’s investment policies and directives, and ensure limited exposure to high risk securities and other similar assets.  The Company believes it has good investment policies and controls and proactive, responsible investment advisors.  Despite our efforts to protect against downside risk, the assets within these plans do fluctuate with changing market valuations and volatility; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Insurance – The Company monitors its insurance providers to ensure that they have acceptable financial ratings.  The Company has not identified any concerns in this regard through its review. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Index

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Index

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Index

Ite

PA

It

It

It

| Exhibit No. | Description                                                                                                                    | Incorporated Herein By Referenced To | Filed Herewith |
|-------------|--------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|----------------|
|        |                                                                                                                           |                                 |           |
| 31.1        | Rule 13a-14(a)/15d-14(a) Certification of Thomas A. Burke, President and Chief Executive Officer.                              |                                 | X              |
|        |                                                                                                                           |                                 |           |
| 31.2        | Rule 13a-14(a)/15d-14(a) Certification of Michael B. Lucareli, Vice President, Finance, Chief Financial Officer and Treasurer. |                                 | X              |
|        |                                                                                                                           |                                 |           |
| 32.1        | Section 1350 Certification of Thomas A. Burke, President and Chief Executive Officer.                                          |                                 | X              |
|        |                                                                                                                           |                                 |           |
| 32.2        | Section 1350 Certification of Michael B. Lucareli, Vice President, Finance, Chief Financial Officer and Treasurer.             |                                 | X              |

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Index

SI

----