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http://www.imf.org/external/pubs/ft/survey/so/2009/NEW021409A.htm

G-7 meeting
IMF Gains New Funding, Puts Focus on Bank Clean Up

IMF Survey online

February 14, 2009

* IMF welcomes Japan loan, seeks to double Fund resources
* Says emerging markets may face big financing problems in 2009
* Clean up of banks critical for recovery from crisis

IMF head Dominique Strauss-Kahn, warning that the global economic crisis was set to bite emerging markets and low-income countries harder this year, said he aimed to double the Fund’s lendable resources to $500 billion and thanked Japan for leading the way by contributing $100 billion.

Speaking to reporters following a meeting on February 13-14 in Rome of the Group of Seven (G-7) major industrialized countries, Strauss-Kahn said that advanced economies were in a serious recession and the rest of the world was close to one.

Along with implementing planned economic stimulus measures, the next critical step in combating the global financial crisis is to restructure damaged banks and clean up the financial sector, he said.

In a communiqué, G-7 ministers said they were committed to acting jointly to support world growth and employment and strengthen the financial sector, while avoiding protectionism. The ministers met as the U.S. Senate voted in favor of a $787 billion economic stimulus plan—clearing the way for it to be signed into law by President Barack Obama.

Boosting IMF resources

The ministers backed a proposal to increase the resources available to the IMF to help support countries hurt by the crisis.  We agree that a reformed IMF, endowed with additional resources, is crucial to respond effectively and flexibly to the current crisis,  their statement said.

Strauss-Kahn (left) exchanges the signed loan agreement with Shoichi Nakagawa, Japan’s Minister of Finance, at the Rome ceremony (photo: IMF)

Japan signed an agreement in Rome to lend an extra $100 billion to the IMF and Strauss-Kahn said he aimed to double total IMF lendable resources to $500 billion [see related story on the Japan loan].

The biggest concrete result of this summit is the loan by the Japanese … I want to thank the Japanese for having led the way… Now I will continue with the objective of doubling the (IMF) resources,  he told reporters.  It is the largest loan ever made in the history of humanity.

Why the IMF needs more money

The IMF has so far committed around $50 billion in lending to a number of economies affected by the crisis, including Belarus, Hungary, Iceland, Latvia, Pakistan, Serbia, and Ukraine. It announced a precautionary loan for El Salvador last month and an IMF team has also been in negotiations with Turkey.

But with the global economy grinding to a virtual halt this year and both trade and capital flows plummeting, Strauss-Kahn foresaw mounting problems for developing countries in the year ahead.  There’s going to be a true, massive problem of financing for developing countries in 2009,  Strauss-Kahn said.

The IMF needed to be ready because of the fall off in private capital flows, he added.  The balance of payments surpluses emerging markets still had in 2008 will melt like snow in the sun,  he warned.

Concessional funds

The IMF Managing Director said low-income countries would face difficulties because of fallout from the global crisis.

I do not want to talk about financing and forget the poorest countries,  he said.  I also want to double concessional resources.

The IMF and the World Bank provide lending to low-income countries at concessional rates to help finance their development.

Cleaning up the banks

Before the meeting Strauss-Kahn welcomed economic stimulus measures announced by several major and emerging market economies and said it was now critical to start applying them.

In Rome, Strauss-Kahn told reporters that the next critical step was to take action to clean up the banking sector.  Today the problem is not really stimulus any more. It’s really the problem of the banking sector and the restructuring of the banking sector.

He said that credit markets were still not functioning well,  …so the restructuring of the financial sector is absolutely essential.

What we must do is to test viability bank by bank. The banks that are viable you must help them with public money. The ones that aren’t you must help them to be taken over by another.

Politically difficult

He recognized that spending additional public money was politically difficult when people legitimately felt that the banking sector had created the crisis. But it was important to do so, otherwise the economy would not recover. The IMF had studied 122 banking crises around the world and the lesson was that banks’ balance sheets must be cleaned up for real recovery to begin.

The banking sector can start distributing credit only once it has shrunk and it’s been cleaned up,  he said.

Comments on this article should be sent to imfsurvey@imf.org

***

http://www.g7finance.tesoro.it/opencms/opencms/handle404?exporturi=/export/sites/G8/it/2009ItalianPresidency/Meetings/February/Communiques/Documents/Comunicato.pdf&%5D

Omnibus Communique – (mentioned above)

The G7 Finance Ministers have asked their Deputies to prepare, in consultation with other partners, a progress report in four months on developing an agreed set of common principles and standards on propriety, integrity and transparency of international economic and financial activity.

The financial measures taken by each of us are helping to stabilize extremely volatile financial markets. These actions aimed at restoring normal credit flows to the economy follow three approaches as needed: i) enhance liquidity and funding through traditional and newly-created instruments and facilities; ii) strengthen the capital base according to the competent authority’s assessment of individual financial institutions; iii) facilitate the orderly resolution of impaired assets. The G7 commit to take any further action that may prove necessary to reestablish full confidence in the global financial system. We will continue to work together and to cooperate to avoid undesirable spillovers and distortions.

The G7 is committed to continue working with partners in international fora to accelerate reforms of the regulatory framework, including limiting procyclicality, the scope of regulation, compensation practices, market integrity and risk management.

Statement of G7 Finance Ministers and Central Bank Governors
Rome, Italy, February 14, 2009

***
February 20, 2009
Title: Seminar: The State of Public Finances: Outlook and Medium-Term Policies After the 2008 Crisis (IMF seminar)
Calendar page
http://www.imf.org/external/np/sec/bc/eng/index.asp#top

***
World Economic Outlook Update  2009
Global Economic Slump Challenges Policies

http://www.imf.org/external/pubs/ft/weo/2009/update/01/index.htm

***
http://www.imf.org/external/index.htm
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IMFSurvey Magazine: Interview
Subscribe
Focus Now on Applying Stimulus, IMF Says Ahead of G-7

Factory in Illinois, United States: global downturn is stalling growth, eroding jobs in advanced economies (photo: Chuck Berman/Chicago Tribune/MCT)
Related Links

* Video: watch interview
* IMF calls for action on banks
* IMF’s world growth forecast
* IMF urges G-20 action
* World faces deepening crisis
* IMF on fiscal stimulus

GLOBAL FINANCIAL CRISIS
Focus Now on Applying Stimulus, IMF Says Ahead of G-7

By Camilla Andersen
IMF Survey online

February 12, 2009

* Governments must now carry out their stimulus plans, IMF says
* IMF head warns of protectionism  through the back door
* Solutions to crisis must not be at expense of other economies

IMF head Dominique Strauss-Kahn said that advanced countries must now focus on getting their economies moving again by implementing the stimulus packages they have announced, as well as cleaning up their financial sectors.

U.S. Congressional leaders have agreed a stimulus package worth $789 billion, and countries in Europe and Asia have also taken steps to counter the global slowdown.

Speaking ahead of a trip to Rome to join a conference of the world’s advanced economies, known as the Group of Seven (G-7), Strauss-Kahn said:  So the question is no more to convince the governments to move today, but for them to implement the policies they need to manage.

He warned of the dangers of protectionist solutions to the crisis, which started in mid-2007.  You may have protectionism coming through the back door, especially in the financial sector,  he said.

He also outlined how IMF programs for crisis-hit countries differed from the past, and pointed to greater focus on assisting vulnerable groups through the development of social safety nets. Here is an edited transcript of his interview.

IMF Survey online: The financial crisis seems to be intensifying. Are we in the eye of the hurricane right now or is worse to come?

Strauss-Kahn: The problem is that the effect on the real economy, for the most part, is still to come. 2009 will certainly be a rather bad year for growth, not only for the advanced economies, but also for the emerging economies.

But there [are] signals, some signs of hope. Large stimulus packages have been implemented, especially in the United States-you will have seen the latest developments here in Washington and on Capitol Hill. The same is true, even if it’s not on the same level, in most European countries, where some room was available for stimulus packages. Also, most governments have realized that they have to work on the financial sector-to restructure the financial sector and clean up bank balance sheets.

IMF Survey online: With dramatic job losses around the world, how serious is the risk of protectionist politics?

Strauss-Kahn: It’s big. It’s really big. Not traditional protectionism-increasing tariffs and things like that. Most governments have understood from lessons from the past that this did not work, and it even made things worse.

But you may have protectionism coming through the back door, especially in the financial sector. To give you an example, when governments provide some new resources or recapitalization of banks, they may add some comment saying that the money should stay at home. Or you may have in different stimulus packages some comment or amendment saying that this money also should be used to buy national products, and these kinds of things. So this kind of protectionism may come back.

So the risk of a  beggar your neighbor  policy is still high, and I think it is part of our job to explain that in no way in a global crisis [should there] be a domestic or national solution: we have to find a global response.

IMF Survey online: The IMF says that governments have done a lot already but that they haven’t achieved a decisive breakthrough yet. What more should governments do to prevent a further downward spiral in the global economy?

Strauss-Kahn: A big change, especially the big change during the fall, was that most governments, including the United States, Japan, the European countries, but also others, did not realize that what the IMF had been claiming for months-that we needed a stimulus package at the global level, and at the same time that there was no solution but comprehensive action on the financial sector. They did not realize that it was true and that they had to act. Probably the G-20 meeting on November 15 here in Washington was the point when heads of states and governments became more explicit about it.

Now, it takes a lot of time in different countries, depending on the national democratic processes and other reasons, to implement this. It is true for the stimulus packages, and even more so for restructuring of the financial, and especially the banking sector. So the question is no more to convince the governments to move today, but for them to implement the policies they need to manage.

I have just come from a tour in Europe and Asia, and I am flying to the G-7 meeting in Rome, and the message from the Fund is twofold: First, what you prepared is OK, in most cases, so just do it

Second, the crisis has now hit hard in the emerging countries, and the financing we have [provided] for the emerging countries is very important. It may come to us if it goes badly in those countries because of the global economy-because we are in a global crisis-so you have to take care not only of what is happening in your own economy, or in the regional economy, but you, the leaders, need to take care of the global economy. So these two messages are very important today.

IMF Survey online: Some critics are already saying, as in the Asian crisis, that the IMF is making things worse by suggesting that governments raise interest rates and cut spending. Are IMF programs different from before?

Strauss-Kahn: I’m not sure I agree with the premise of your question. Yes, the IMF made mistakes, sometimes even big mistakes. But please remember that we were trying to help economies that were in trouble. That’s what we are here for  If countries never ran into problems, there would be no need for the IMF.

But when no one wants your currency, then you have no choice but to raise interest rates to make it more attractive. And when you are running a large current account deficit, you must take steps to reduce it. You need to find additional resources-including by borrowing from the Fund-and to balance it with cuts to the budget.

So when the IMF is called in it is because a country has problems, and it a bit naïve to believe that those problems can be resolved without pain. In fact, without the help of the IMF, the solution in the country will be even more painful for the people.

That said, the world has changed, and this crisis differs from previous crises, so we have had to adapt our policies. What the IMF has tried to do is to focus the conditionality of our loans on the core problems we need to fix. In the past there were many conditions which were certainly good for the country but not directly linked to the most pressing problems at hand.

Strauss-Kahn:  What the IMF has tried to do is to focus the conditionality of our loans on the core problems we need to fix  (IMF photo)

When you look at the number of conditions in the IMF’s most recent programs, they have dropped by 30-40 percent, and are mainly focused on the financial sector or the fiscal deficit.

Let me add one more point. In this crisis, everyone in the country may be hit, but some will be hit harder than others. I believe the Fund has to take care of the most vulnerable in society. And that is why developing safety nets, even in a crisis, is very important.

Let’s take the example of Pakistan. We have a program with Pakistan, where the Fund has agreed to a dedicated amount to be spent on programs that will be implemented-with the help of the World Bank-to help the most vulnerable people.

What is true for Pakistan is also true for other countries, where we have to take into account that part of the population may be very hard hit by the crisis. We are doing this not only because we want to help people, but also because such policies will help ensure ownership of the program. Ownership is vital to the success of any IMF-supported program, and to have ownership we need to show that the program takes care of the needs of the entire population, including those who are most vulnerable.

Comments on this article should be sent to imfsurvey@imf.org

http://www.imf.org/external/pubs/ft/survey/so/2009/INT021209B.htm

***

Elderly New Yorkers angry as crisis hits poorest
Tue Feb 17, 2009 4:52am EST

By Claudia Parsons

NEW YORK (Reuters) – From housebound grandmothers who relay on charity meal deliveries, to ailing retirees who cannot pay rising costs for medications, older Americans feeling the pinch of the financial crisis are getting angry and forming groups with names like  Senior Outrage.

In New York, with city and state tax revenues tumbling, benefits and services to the elderly are being cut, and many older residents are furiously drawing comparisons to the billions of dollars spent to bail out banks — and pay Wall Street bonuses.

Dolores Green, 68, retired as a home help worker and lives on a government Social Security check of $740 a month. She pays $719 a month in rent, leaving just $21 for everything else.

To eat, she relies on the federal food stamp assistance program, and worries that her cost for some medication she needs for her diabetes has gone up to $8 from $3.

To get by, she said:  I run errands for seniors. They may hand me $2 or $3 or something.

Green says she sees more people seeking government assistance, such as her daughter, who lost her job after 25 years.

She’s just applied for food stamps, she’s got two kids,  Green told Reuters at a community center where some 25 elderly New Yorkers were eating a lunch of sandwiches, a gelatin dessert, milk and tomato juice.  That’s why she can’t help me, because she’s got to help her children.

Maybe I’ll move in with you,  she jokes to her friend Alice Jordan, 80, a retired teacher who suffers from osteoporosis and high blood pressure.

Jordan said her food stamp allocation had gradually eroded to $54 a month from $180.

When she reads about the well-heeled victims of financier Bernard Madoff’s suspected $50 billion Ponzi scheme, she says she wishes they would spare a thought for those who never had such wealth.

Just like this guy Madoff ripped them off, how did they feel when they lost their money and had to change their style of living? Think of us. … How do you think we feel?  she asked.

BIG BUDGET GAPS

New York City’s Department for the Aging, which runs more than 300 community centers for aging residents and provides services such as food delivery to the homebound, affordable housing and heating subsidies, has cut its 2009 budget by $4 million to $285 million and faces another proposed cut, of $9.5 million, in 2010.

The cuts are part of Mayor Michael Bloomberg’s bid to close a $4 billion city budget gap caused by the collapse of corporate tax revenues, especially from Wall Street, which normally pumps a fortune into local coffers.

New York state, which typically gets 20 percent of its revenues from Wall Street taxes, also is proposing cuts in health care and services for the elderly as part of a drive to close a $13 billion 2009 budget gap.
Among the proposals is a cut in the state contribution to the Federal Supplemental Security Income, or SSI, for elderly, blind or disabled people with little or no other income.

Parvati Devi, 62, says that would cut her SSI check by $24.  I can’t afford to have anything cut,  she said.  We collect cans on the street, we do anything to survive.

A couple of hundred retirees attended a forum with New York city and state officials this month to express their anger at cuts they say are hitting the most vulnerable people hardest.

We are outraged that the government, which has spent hundreds of billions of dollars to bail out financial institutions — and they in turn have given $18 billion as bonuses to their top executives — has no funds to support vital services for their senior citizens,  said Muriel Beach, New York City head of the State Wide Senior Action Council.

State Wide and other groups formed the  Senior Outrage Coalition  this month to mobilize protest among the city’s 1.3 million citizens aged 65 and over.

We are of a generation that fought in the sixties,  she said.  We’re out there doing it again.

City figures show that in 2006, one-fifth of New Yorkers age 65 and older lived in poverty, twice the national average. Advocacy groups say by now it is closer to one-third, and New York is second only to Detroit among major U.S. cities in its rate of poverty among the elderly.

Moreover, the federal poverty guidelines for 2008, $10,400 for a single person and $14,000 for a couple, are so low that many who are in need do not qualify for most public benefits.

Minorities tend to fare worst, with 30 percent of Hispanic, 29 percent of Asian and 20 percent of elderly blacks in poverty compared with 13 percent of elderly whites in New York City.

A formidable crowd despite walkers, canes and wheelchairs, many at the forum vented rage at lavish bonuses being paid on Wall Street.

Richard Gottfried, a state assemblyman, said while they might have been pleased to hear that six top executives at investment bank Goldman Sachs gave up their bonuses last year, the tax on their bonuses alone put $12 million into the state budget in 2007.

I, like many of you, could do a lot with $12 million,  Gottfried said.

(Editing by Patricia Zengerle)

http://www.reuters.com/article/domesticNews/idUSTRE51G0X820090217

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Data description
The Consumer Expenditure Survey is issued by the Bureau of Labor Statistics, U.S. Department of Labor.

Supporting Documentation for the Consumer Expenditure Survey is available at 005.369 CEx in the Badia Library.
The latest volume (2006) includes: a Multiple Imputation Manual; the 2004 Consumer Expenditure Diary Survey (issued in 2006); and the 2004 Consumer Expenditure Interview Survey documentation (2006).

A reprint of Ch. 16, ‘Consumer expenditures and incomes’ from the Handbook of Methods (BLS) is available in the 2003 CEx manual (also at 055.369 CEx) and online.
Comprehensive information is provided on the CEx home page: http://www.bls.gov/cex.

Special Note: In June 2007, the Bureau of Labor Statistics issued a letter outlining some problems in the CE 2005Q3 Interview ‘MTAB’ file. Full details are available on this BLS page: http://www.bls.gov/cex/csxdatanote.htm.

The CEx survey consists of two separate parts, each with a different data collection technique and sample. In the Interview Survey, each consumer unit (CU) in the sample is interviewed every 3 months over five calendar quarters. The sample for each quarter is divided into three panels, with CU’s being interviewed every 3 months in the same panel of every quarter.

The Interview Survey collects detailed data on an estimated 60 to 70% of total family expenditures. In addition, global estimates, accounting for an additional 20 to 25% of total expenditures, are obtained for food and other selected items. In general, expenses reported in the Interview Survey are either relatively large, such as property, automobiles, or major appliances – or are expenses occuring on a fairly regular basis; such as rent, utility bills or insurance premiums.

A Diary (or daily record keeping) Survey is completed at home by the respondent family for two consecutive 1-week periods. In the Diary Survey, detailed data are collected on small, frequently-purchased items which are normally difficult to recall. These items include detailed expenditures for food and beverages, housekeeping supplies and services, non-prescription drugs and personal care products and services.

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Waves 2005, 2004, 2003, 2002, 2001, 2000, 1999 and are available on the K:\ drive (see below for access procedure).

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Bureau of Labor Statistics
The Consumer Expenditure Survey (CE) program consists of two surveys, the quarterly Interview Survey and the Diary Survey, that provide information on the buying habits of American consumers, including data on their expenditures, income, and consumer unit (families and single consumers) characteristics. The survey data are collected for the Bureau of Labor Statistics by the U.S. Census Bureau.

The most recent data tables are for 2007, and were made available on November 26, 2008. See Featured CE Tables and Economic News Releases sections on the CE home page for current data tables and news release.

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The Consumer Expenditure Survey (CE) program consists of two surveys, the quarterly Interview Survey and the Diary Survey, that provide information on the buying habits of American consumers, including data on their expenditures, income, and consumer unit (families and single consumers) characteristics. The survey data are collected for the Bureau of Labor Statistics by the U.S. Census Bureau.

The most recent data tables are for 2007, and were made available on November 26, 2008. See Featured CE Tables and Economic News Releases sections on the CE home page for current data tables and news release.
Announcement

Spending on Cell Phone Services Has Exceeded Spending on Residential Phone Services
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Consumer Expenditures

November 25, 2008
Average annual expenditures per consumer unit rose 2.6 percent in 2007 following an increase of 4.3 percent in 2006. Moderate increases in spending on housing (3.4 percent), transportation (2.9 percent), and food (0.4 percent), contributed to the small increase in 2007.

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* Age of reference person (TXT) (PDF 21K)
* Composition of consumer unit (TXT) (PDF 22K)
* Education of reference person (TXT) (PDF 22K)
* Higher income before taxes (TXT) (PDF 20K)
* Hispanic or Latino origin of reference person (TXT) (PDF 17K)
* Housing tenure and type of area (TXT) (PDF 20K)
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* Region of residence (TXT) (PDF 18K)
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Previous Years »

CURRENT EXPENDITURE SHARES TABLES

* Age of reference person (TXT) (PDF 16K)
* Composition of consumer unit (TXT) (PDF 17K)
* Education of reference person (TXT) (PDF 18K)
* Higher income before taxes (TXT) (PDF 16K)
* Hispanic or Latino origin of reference person (TXT) (PDF 14K)
* Housing tenure and type of area (TXT) (PDF 16K)
* Income before taxes (TXT) (PDF 17K)
* Number of earners in consumer unit (TXT) (PDF 17K)
* Occupation of reference person (TXT) (PDF 18K)
* Quintiles of income before taxes (TXT) (PDF 14K)
* Race of reference person (TXT) (PDF 15K)
* Region of residence (TXT) (PDF 14K)
* Size of consumer unit (TXT)(PDF 16K)

Previous Years »
CURRENT AGGREGATE EXPENDITURE SHARES TABLES

* Age of reference person (TXT) (PDF 19K)
* Composition of consumer unit (TXT) (PDF 20K)
* Education of reference person (TXT) (PDF 20K)
* Higher income before taxes (TXT) (PDF 19K)
* Hispanic or Latino origin of reference person (TXT) (PDF 17K)
* Housing tenure and type of area (TXT) (PDF 20K)
* Income before taxes (TXT) (PDF 20K)
* Number of earners in consumer unit (TXT) (PDF 18K)
* Occupation of reference person (TXT) (PDF 20K)
* Quintiles of income before taxes (TXT) (PDF 18K)
* Race of reference person (TXT) (PDF 18K)
* Region of residence (TXT) (PDF 17K)
* Size of consumer unit (TXT) (PDF 18K)

Previous Years »

Additional CE Data Tables »
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* NEW Computer Assisted Personal Interview (CAPI) Survey 2008 — includes economic stimulus questions starting in June 2008
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* Diary Survey Information Booklet 2009 (PDF 285K)

All CE Survey Forms »
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* UPDATED BLS Handbook of Methods, Chapter 16, Consumer Expenditures and Income (HTML) (PDF)
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* Consumer Expenditure Survey Anthology, 2003 (PDF 2.7 MB)
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CE Frequently Asked Questions
People Are Asking…

1. Does BLS have information about household spending on cell phone services?
2. What is the most recent Consumer Expenditure Survey Annual Report?
3. How do I contact the CE group?
4. Are CE standard error tables available?
5. How do you use the standard errors in the CE?
6. How does income imputation affect CE publications?

Frequently Asked Questions

1. What is the Consumer Expenditure Survey?
2. How is the Consumer Expenditure Survey used?
3. What is a consumer unit?
4. Who is the reference person?
5. What types of data are available and in what form?
6. What geographic areas are covered?
7. Is income information available from other sources?
8. Does the Consumer Expenditure Survey include information on assets and liabilities?
9. Are historical data from the Consumer Expenditure Survey available?
10. How are the Consumer Expenditure Survey data collected?

All CE FAQs »
CE Special Notices

* NEW CE Note to 1980 through 2006 CE Public Use Microdata users
* CE Note to 2005 CE Public Use Microdata users
* CE Note to 1999-2005 CE Public Use Microdata users
* Income Imputation Introduced with 2004 Data
* User’s Guide to Income Imputation in the CE (PDF 263K)

CE Related Links
Other BLS Programs

* Consumer Price Indexes –monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.

Other Useful Links

* Bureau of Economic Analysis
* Census Bureau’s Survey of Income and Program Participation (SIPP)
* Census Bureau’s Household and Housing Statistics –Income and Poverty Data
* Census Bureau’s Population Division

Contact Us
Methods of Contact

The economists and administrative personnel of the Consumer Expenditure Survey staff are available Monday through Friday to respond to inquires. Please use any of the methods below to contact the CE National Office. Inquires should include your name, and phone number, fax number, mailing address, or e-mail address, along with a brief message.

Due to unanticipated budget constraints, the CE mailing list is no longer being maintained, and printed copies of future publications will not be available until further notice. Individual copies of existing printed materials can still be mailed upon request.

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Due to the high volume of information requests received each day, incoming calls may be connected to the office’s voice mail or transferred to an economist’s voice mail.

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***
http://www.eui.eu/LIB/Guides/Economics/Statistics/Descriptions/ce.shtml

European University Institute

***

IMFSurvey Magazine: Policy
Subscribe
IMF Advice Helps Fight Financial Fraud as Schemes Multiply

Based on numbers alone, the United States has probably experienced more Ponzi and pyramid schemes than anywhere (photo: Stan Honda/AFP)
Related Links

* F&D on Albania’s pyramids
* IMF fights illicit activity
* IMF technical assistance
* Technical assistance key issues
* Technical assistance in Africa
* IMF warns of fraud e-mails

PYRAMID, PONZI SCHEMES
IMF Advice Helps Fight Financial Fraud as Schemes Multiply

By Wipada Soonthornsima
IMF African Department, and
Philip Bartholomew and Mary Zephirin
IMF Monetary and Capital Markets Department

February 12, 2009

* IMF learns of rising financial fraud, especially in shallow financial systems
* Financial fraud schemes emerge by skillfully operating in regulatory gaps
* Controlling, closing down financial fraud schemes can be politically difficult

Better communications, more financial complexity, and multinational business operations have made it a lot easier to commit financial fraud.

Thwarting fraudulent financial schemes and dealing with unlicensed financial institutions are rising priorities, and the IMF is advising member governments on policies to deal with this growing problem.

For the past several years, the IMF has been informed of a rising number of financial frauds, especially in—but not limited to—countries with shallow financial systems. IMF technical assistance has helped Jamaica, Lesotho, and Swaziland to address cases of financial fraud. In addition, Kenya, Namibia, Nigeria, and Seychelles are among other countries that have relayed instances of fraud to the IMF.

Simple fraud—entering into a contract with no intention of honoring the contract’s terms—is made more difficult to identify when some financial trappings are added to make the deal or scheme appear more sophisticated and legitimate. Typically, such frauds are considered only a nuisance to the economy and not a systemic threat, but when such schemes get very big, as in Albania in 1996 or Lesotho in 2007, they can cause or threaten major damage.

Pyramids and Ponzis

Common forms of financial fraud include pyramid schemes (see Box 1)—typically referred to by scheme organizers as multilevel marketing schemes—and Ponzi schemes (see Box 2), which are usually promoted as investment schemes. Except in the case of Lesotho, where the liability of a major Ponzi scheme was estimated to have grown to about 8 percent of GDP before it was shut down, small pyramids have been the most prevalent fraud schemes.
Box 1
Pay Here to Enter

A typical pyramid scheme involves members who pay a subscription price to join. Each member is promised a reward (in cash or kind, and typically large relative to subscription) for recruiting more members. For example, each member may be required to recruit five others who each recruit five more, and so on to get the reward. While the promised large reward draws in members, the number of recruits required to be ultimately rewarded grows exponentially, and quickly exceeds the target population, leaving most members empty handed. While unfortunate for the defrauded investors, it is fortunate that individual schemes collapse very quickly and usually do not grow to systemically threaten the financial system or the economy.

A major reason such schemes constantly emerge is that they skillfully operate in regulatory gaps. It is difficult for regulators to stop unlicensed financial institutions, as they must prove that the scheme or enterprise is engaging in deposit-taking, insurance, or other regulated activities. They must prove that an enterprise is doing something illegal or that requires a license—and information can be scarce or obscure on institutions not applying for licenses or charters.

Action to obtain information can be legally complicated, and many regulators prefer not to take the risk of legal proceedings. Too often, statutes do not define and prohibit Ponzi or pyramid schemes, and it is not yet legally clear how such statutes are enforced.

It is puzzling that authorities have problems dealing with pyramid and Ponzi schemes, and that they occur continually. Moreover, as recently demonstrated with what appears to be a multibillion dollar Ponzi operating on Wall Street in the United States, it is a myth to believe that Ponzis, pyramids, and other fraudulent schemes are limited to unsophisticated victims or are most prevalent in shallow financial systems. Indeed, based on numbers alone, the United States has probably experienced more Ponzi and pyramid schemes than anywhere.

Pyramid and Ponzi schemes typically go through the following stages:

• Initiation, when the first subscriptions or investments are handed over
• Validation, when large and easy rewards earned by initial members generate strong word-of-mouth publicity
• Expansion, when a large number of people join or massive investments are received, and
• Collapse, when defaults occur and promoters seek to abscond with invested money.
Box 2
Too Good to be True

Ponzi schemes are different from, and potentially more dangerous than, pyramid schemes. Ponzis promise to pay relatively high rates of returns for fixed-term investments. Rather than investing collected funds, they initially make promised payouts from subsequent subscribers. Scheme payouts to initial investors build credibility for the schemes to attract more investors. While simple arithmetic shows that the schemes will eventually collapse, successful Ponzi operators use selected payouts to build credibility and get investors to reinvest rather than take payouts. This rollover of funds can let schemes operate for many years before cash flow leads to collapse. Accumulation of liabilities to investors—both principal and promised interest or yields—can grow large enough to be systemic.

Both pyramids and Ponzis typically have no true business activity or investments to generate the promised high returns, although some business, product, or service may be used as a front. In addition, fraudulent operators may use separate schemes, incorporating Ponzi and pyramid characteristics, to prolong operations.

Pillars of the community

Interestingly, many Ponzi operators have managed to extend their operations by ostentatious charitable contributions, significant political contributions, and pretentious demonstrations of their or their scheme’s wealth. Prior to collapse, Ponzi operators may be regarded as pillars of their communities. This makes it even more difficult for government authorities to intervene.

Controlling and closing down pyramids, and particularly Ponzi schemes, can be politically difficult—especially if politicians or other important people are subscribers to the scheme. Once they grow, the authorities may be increasingly reluctant to trigger their collapse.

While Ponzis are fundamentally unsustainable, only if a Ponzi scheme collapses by itself will subscribers blame the scheme’s operators. If government authorities close or suspend a Ponzi—curtailing the Ponzi’s ability to meet its cash flow obligations—faithful subscribers could blame such intervention for their losses rather than the inherent flaws of the financial scheme.

? The IMF will supply technical support for a Workshop on Dealing with Ponzis, Pyramid Schemes, and other Financial Frauds to be held in Mbabane, Swaziland, in March 2009. The workshop is organized by the Central Bank of Swaziland and will include participants from sub-Saharan African countries.

? In 2006 the IMF issued a statement to warn the public about fraudulent e-mail messages and financial scams misusing the name of the IMF.

Comments on this article should be sent to imfsurvey@imf.org

http://www.imf.org/external/pubs/ft/survey/so/2009/pol021209a.htm

***

Trump Entertainment, Facing Payment Due, May Seek Bankruptcy

By Beth Jinks

Feb. 17 (Bloomberg) — Trump Entertainment Resorts Inc., facing a deadline to make a $53 million interest payment on its bonds, may file for Chapter 11 bankruptcy protection as soon as today, according to a person familiar with the matter.

The company may file early this week if it can’t reach agreement with bondholders, the person said on Feb. 14. Bondholders also may force the Atlantic City, New Jersey-based casino operator into bankruptcy, said the person, who declined to be named because the discussions were ongoing.

This would be the third trip to bankruptcy court for Trump Entertainment’s three casinos. Trump quit the company’s board on Feb. 13, saying he disagreed with bondholders’ decisions. He said bondholders turned down an offer he made to purchase the company.

“Unless we’re going to be responsible for management it’s just not something that’s worthwhile,” Trump, said in a Feb. 13 interview.

Trump Entertainment’s board met late yesterday to decide whether to file for bankruptcy, the Wall Street Journal reported.

Tom Hickey, a spokesman for Trump Entertainment, Chief Executive Officer Mark Juliano and Chief Financial Officer John Burke didn’t return phone messages.

Trump’s departure from the board won’t affect Trump Entertainment Resorts Inc.’s $270 million sale of the Trump Marina Hotel Casino, the buyer, Richard T. Fields’ Coastal Marina LLC said yesterday.

“The contract is still in place,” Charlie Leonard, a spokesman for Fields, said in a phone interview. “We are proceeding with closing of the purchase in the first quarter.”

Marina Sale

Leonard declined to comment on bankruptcy questions. Analysts including Fitch Ratings’ Michael Paladino and Gimme Credit LLC’s Kimberly Noland have questioned the likelihood of the sale closing since the deal was first disclosed in May.

The casino’s price includes settlement of a lawsuit Trump filed against Fields as chairman of debt-laden Trump Entertainment. Trump also was a witness in the suit before resigning last week over disagreements with bondholders.

Trump Marina is a 27-story hotel with a casino, theater, nightclub, and spa on 14 acres in Atlantic City, New Jersey.

Fields agreed to pay $316 million, then negotiated the lower price in October as property values in Atlantic City declined amid a drop-off in gambling. Fields has plans to refurbish the property into a Margaritaville casino resort.

A deadline to make the $53 million payment, originally due Dec. 1, has been extended four times since an initial grace period ended on Dec. 31.

Bondholder Pressure

Trump Entertainment emerged from bankruptcy 3 1/2 years ago. Its predecessor, Trump Hotels & Casino Resorts Inc., sought court protection in November 2004. It had lost money for nine years because of high interest payments that Trump claimed prevented the company from refurbishing and expanding its casinos.

The three casino resorts also went through bankruptcy in the 1990s.

Trump Entertainment’s market value has tumbled to $7.3 million from its peak at $842 million in August 2005. The company’s 8.5 percent notes due June 2015 traded at 14 cents on the dollar Feb. 13, according to Trace, the bond-pricing system of the Financial Industry Regulatory Authority.

Trump controls about 28 percent of Trump Entertainment’s stock, according to a March 21 regulatory filing. His daughter, Ivanka Trump, also quit the board last week.

“I strongly disagree with the bondholders’ decisions and actions,” Trump, 62, said on Feb. 14.

Holders of most of company’s $1.25 billion in notes and Beal Bank Nevada, which is owed $490 million, have agreed not to exercise default rights for interest or principal payments until 9 a.m. New York time today.

Lawsuit on Hold

The lawsuit with Fields was placed on hold pending closure of the sale in May, and will be dropped with prejudice should the deal be completed as disclosed, regulatory filings show.

Trump Entertainment alleged that Fields had done improper deals with the Seminole Tribe of Florida to develop two Hard Rock casinos. Donald Trump had earlier hired Fields to help the company win development deals with the American Indian tribe.

Atlantic City gambling revenue fell a record 7.6 percent in 2008, the second straight annual decline as the recession deterred some gamblers, and slot-machine competition from nearby states wooed others. The decline continued in January, with revenue down 9.4 percent.

To contact the reporter on this story: Beth Jinks in New York at bjinks1@bloomberg.net
Last Updated: February 17, 2009 00:00 EST

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aXx3Qw4nGQfo

***

Probabilistic Parsing
Determinant and Dependency Parsers

*  minor bug fix    2007-04-04
* Important update: v0.4.3   2007-03-23
* CoNLL dependency parsing shared task   2007-01-18
* View all news …

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Details:
*   Project Admins : jasonbaldridge, ryanmcd
* Developers : 2
* Development Status : 3 – Alpha
* Intended Audience : Developers, Information Technology, Science/Research
* License : Common Public License 1.0
* Operating System : OS Independent (Written in an interpreted language)
* Programming Language : Java, Python
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* Project UNIX name : mstparser
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http://sourceforge.net/projects/mstparser

MSTParser is a non-projective dependency parser that searches for maximum spanning trees over directed graphs. Models of dependency structure are based on large-margin discriminative training methods. Projective parsing is also supported.

***

***
FINRA TRACE Corporate Bond Market Activity
Market Breadth
All Issues     Investment Grade     High Yield     Convertibles
Total Issues Traded     4,363     3,232     877     254
Advances     1,974     1,538     310     126
Declines     1,915     1,348     454     113
Unchanged     156     84     61     11
52 Week High     123     112     7     4
52 Week Low     168     119     43     6
Dollar Volume *     16,275     9,973     4,510     1,792
* Par value in millions

View All
FINRA-Bloomberg Active US Corporate Bond Indices
Total Return
12:00 AM 2/12/2009

View All

http://cxa.marketwatch.com/finra/BondCenter/Default.aspx

***

FINRA TRACE Data: Contains trade details as reported to FINRA’s Trade Reporting and Compliance Engine (TRACE).
FINRA TRACE Corporate Bond Data

Last Updated: 2/17/2009

***

FINRA-Bloomberg Active US Corporate Bond Indices

View Charts By: Time Frame:
Total Return (NBBI)

Total Return (NBBH)

Select date for indices: Calendar

Index Value    Change
Total Return    131.19    -0.11
Price    93.02    -0.09
Yield    6.43    0.02
Volume*    2467    -357.00
* Par value in millions

Index Value    Change
Total Return    149.77    -0.30
Price    91.61    -0.22
Yield    17.35    0.22
Volume*    454    4.00
* Par value in millions

Investment Grade Top 10 Most Active Bonds

Symbol     Rank
CSCO.GB     1
WFC.GBX     2
XRX.HK     3
GNW.GC     4
UNH.GP     5
GS.JR     6
CIT.SZ     7
ABT.GO     8
GS.SF     9
VIA.HD     10

High Yield Top 10 Most Active Bonds

Symbol     Rank
GM.HA     1
GM.HB     2
F.GT     3
SFD.GB     4
SIRI.GG     5
GM.HC     6
UIS.GL     7
HCA.HT     8
MGG.GM     9
WM.HE     10

Investment Grade Leading Movers

Symbol     Bond Price     Change
LTR.GF     104.27     12.16
MOT.GE     46.18     5.72
RBOS.GQ     90.96     5.25
AIG.GOP     77.55     4.09
TXT.HH     94.95     4.07
TXT.II     65.17     3.97
VIA.GR     100.40     3.96
HBC.QT     93.54     3.92
AIG.WG     61.69     3.72
MCD.HD     106.82     3.72

High Yield Leading Movers

Symbol     Bond Price     Change
CHTR.GL     67.04     13.15
CHCG.GN     74.91     7.24
RMIX.GB     54.35     7.11
SIRI.GG     40.78     5.25
CHTR.HM     16.38     4.12
LEH.GZJ     14.66     3.90
LEH.XS     14.55     3.62
RAD.GA     26.59     3.29
GMA.IYC     66.49     3.29
LEH.HF     14.44     2.97

Investment Grade Lagging Movers

Symbol     Bond Price     Change
BAC.HMZ     75.95            -8.49
VZ.LP       83.50               -7.67
AIG.GMF     74.86                 -7.41
NWS.HR     82.56                 -6.32
DE.IO               112.78                 -5.95
OJA.GY     98.77                 -5.94
DUK.GN     103.79     -5.32
CAT.GVB     91.59                 -5.27
WMT.GP     119.80     -5.01
HIG.GN     74.59                 -4.93
View Investment Grade Index Membership List

High Yield Lagging Movers

Symbol     Bond Price     Change
MGG.GR     51.13     -6.32
MBI.GF     32.05     -5.46
CWEI.GB     60.99     -5.14
GMA.HH     60.85     -4.75
CTBV.GA     48.42     -4.55
ABK.GA     77.00     -4.16
AMKR.GJ     58.00     -3.83
S.GJ     56.47     -2.93
WM.IT     78.23     -2.60
MGG.HA     50.25     -2.59
View High Yield Index Membership List

http://cxa.marketwatch.com/finra/BondCenter/ActiveUSCorpBond.aspx

***

Last Updated: 2/17/2009
Bond Detail

Lookup CUSIP or Symbol:
ABS.GD / CUSIP: 013104AF1     Search for Bond Trade Activity   Add to Watchlist
Last: $75.000    Yield: 10.428%
Security Category:     Corporate
Price |  Yield
Price      2/11/2009
5 day 3 mo 6 mo 1 year
Issue Description:     SR DEB
Issuer Name:     ALBERTSONS INC
Coupon Rate:     7.450%
Coupon Type:     Fixed
Maturity Date:     08/01/2029

Item Description

Bond Type:     US Corporate Debentures             Industry:     Industrial

Last Price:     $75.000     Industry Sub-Sector     Retail

Yield:     10.42800%     Tax Status:     –

Callable:     Yes     Insurance     –

Moody’s Rating (Assignment Date):     Ba3 (01/08/2009)     Redemption Type:     –

S&P Rating (Assignment Date):     B+ (03/19/2008)     Pre-refund:     No

Fitch Rating (Assignment Date):     BB- (09/18/2008)

Pay Frequency:     Semi-Annual

First Coupon Date:     02/01/2000

Original Issue Information

Offer Price:     $99.760             Offer Size*     $650,000.00

Yield to Maturity:     7.470%     Amount Outstanding*     $650,000.00

Offer Date:     07/22/1999

Settlement Date:     07/27/1999     * dollar amount in thousands

Call Schedule Information     Put Schedule Information

Next Call Date     –             Next Put Date     –

Call Price     –     Put Price     –

Call Frequency     Continuously     Put Frequency     –

Composite Trade Information

Last Sale                   Daily Trade Summary

Date     02/13/2009     High Price / Equivalent Yield     $75.000 / 10.42800%

Price     $75.000     Low Price / Equivalent Yield     $73.000 / 10.73400%

Yield     10.428%     Net Change (Price)     ($5.500)

Search for Bond Trade Activity

http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?ID=MDEzMTA0QUYx

***

Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
ABS.GD     98.000    0.580     7.640    -0.060     0.00328
ABY.GH     102.630    -0.020     7.640    0.010     0.00209
ABY.GI     89.500    -2.970     10.020    0.350     0.00207
ABY.GK     86.390    1.200     8.890    -0.280     0.00156
ABY.GP     96.420    -0.330     9.010    0.060     0.00223
AES.HW     107.370    0.390     6.190    -0.070     0.00221
AKS.GC     99.610    -0.460     8.100    1.230     0.00231
AKS.GF     101.990    -0.070     7.040    0.020     0.00289
AMD.GE     102.160    -0.740     7.060    0.230     0.00205
AMKR.GJ     97.360    -0.170     8.310    0.040     0.00213
AMKR.GL     98.470    0.890     7.580    -0.270     0.00127
AMKR.GN     103.500    0.000     8.580    0.000     0.00213
ANWL.GG     72.680    -3.020     14.640    0.980     0.00103
ARM.GC     103.800    -1.340     7.800    0.320     0.00214
ARM.GG     100.290    0.000     8.080    0.000     0.00130
AW.GC     104.000    0.000     5.970    0.000     0.00402
AW.GZ     101.750    0.000     6.810    0.000     0.00314
BBI.GB     101.640    -0.050     8.440    0.020     0.00157
BFT.GB     82.900    0.020     49.280    0.160     0.00126
BKST.GB     102.090    -2.910     11.390    0.810     0.00096
BLL.GD     101.640    0.140     6.370    -0.040     0.00288
BONT.GA     107.420    -0.010     8.390    0.000     0.00282
BOW.GA     98.060    -0.940     8.460    0.250     0.00303
BOW.GJ     94.500    3.080     7.630    -0.670     0.00195
BTU.GC     102.070    0.820     6.280    -0.240     0.00342

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***
Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
CBB.GN     102.350    0.240     7.780    -0.060     0.00337
CCU.GB     94.920    4.790     7.750    -0.510     0.00147
CCU.GE     95.290    -0.010     7.500    0.000     0.00086
CCU.GP     94.720    -0.960     6.870    0.210     0.00244
CCU.GV     88.920    0.660     7.460    -0.130     0.00343
CCU.GY     100.240    0.070     6.180    -0.020     0.00387
CHCG.GB     100.000    0.500     8.680    -28.130     0.00096
CHK.GT     101.250    0.000     6.560    0.000     0.00350
CHK.HE     99.150    -0.390     6.610    0.050     0.00562
CHK.HH     99.880    0.130     6.890    -0.010     0.00257
CHTR.GL     106.100    0.350     7.490    -0.160     0.00947
CHTR.HM     104.130    -0.380     10.120    0.080     0.01890
CPN.GD     112.500    -0.750     -148.150    -148.150     0.00113
CPN.GE     109.520    -0.150     -1.530    -1.530     0.00128
CPN.GH     107.770    0.500     5.060    -0.150     0.00276
CPN.GJ     108.150    0.910     5.240    -0.250     0.00367
CPN.GO     110.160    0.810     -1.420    -1.420     0.00898
CQB.GC     90.570    0.370     9.250    -0.070     0.00117
CQB.GK     95.570    -1.930     9.640    0.340     0.00111
CSOR.GB     103.630    -0.890     6.700    0.130     0.00160
CTB.GD     98.230    0.050     8.230    -0.010     0.00077
CTB.GH     85.490    1.010     11.230    -0.220     0.00154
CVC.GP     103.750    1.980     7.100    -0.470     0.00534
CWEI.GB     96.260    -0.280     8.520    0.060     0.00112
CXW.GC     103.050    -0.190     5.920    0.100     0.00226

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Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
CZN.GJ     91.000    -1.660     8.280    0.160     0.00059
CZN.GK     94.220    -2.110     7.580    0.220     0.00067
CZN.GQ     111.630    1.460     7.920    -0.130     0.00543
CZN.GS     99.880    -0.020     6.270    0.000     0.00360
DAL.GA     53.710    -1.380     19.950    0.520     0.00041
DAL.GD     53.500    0.940     19.130    -0.320     0.00029
DAL.GF     53.480    0.000     17.260    0.000     0.00055
DAL.GI     56.030    0.300     32.700    -0.210     0.00144
DAL.GJ     56.300    -0.130     14.760    0.040     0.00268
DCEL.GF     103.250    -0.020     8.000    0.010     0.00223
DCN.GC     73.000    -2.000     22.990    1.640     0.00132
DCN.GP     73.020    0.980     10.730    -0.220     0.00169
DIRTV.GB     105.510    0.000     6.650    0.000     0.00495
DIRTV.GD     98.000    2.570     6.690    -0.420     0.00505
DISH.GK     100.250    0.000     5.570    0.000     0.00507
DISH.GL     100.870    0.250     6.150    -0.070     0.00516
DISH.GQ     100.910    0.000     6.470    0.000     0.00519
DISH.GT     103.490    0.000     6.600    0.000     0.00799
DJTE.GA     101.540    0.040     8.170    -0.010     0.00654
DLX.GA     91.050    -1.450     6.920    0.330     0.00141
DLX.GF     86.920    0.060     7.430    -0.010     0.00123
DOL.GB     97.900    0.510     9.190    -0.110     0.00078
DOL.GD     99.970    -0.260     8.630    0.140     0.00180
DOL.GG     99.540    0.420     9.010    -0.130     0.00103
DOL.GH     96.190    -0.170     8.630    0.070     0.00198

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***
Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
DPHIQ.GB     111.630    -0.600     0.610    0.270     0.00287
DPHIQ.GC     113.480    0.260     5.970    -0.020     0.00292
DPHIQ.GE     107.550    0.090     4.680    -0.010     0.00277
DPHIQ.GG     121.260    -0.100     -5.120    -5.120     0.00156
DRD.GF     95.960    0.010     10.940    0.000     0.00096
DRRA.GB     25.740    -0.480     49.820    0.750     0.00053
DUOC.GB     5.010    0.080     287.500    -1.710     0.00011
DVA.GI     101.380    0.070     6.960    -0.020     0.00444
EK.JK     96.830    0.580     6.580    -0.550     0.00125
EK.JM     100.890    -0.830     7.080    0.160     0.00260
ELN.GI     98.100    -0.460     8.250    0.120     0.00423
F.GAA     94.700    -0.100     8.060    0.020     0.01463
F.GAB     97.970    -0.680     7.070    0.490     0.00505
F.GB     99.690    -0.270     9.610    0.100     0.00257
F.GC     90.230    -2.770     10.790    0.420     0.00062
F.GD     89.250    0.000     10.550    0.000     0.00168
F.GH     99.970    -1.170     9.510    0.330     0.00086
F.GJ     88.590    -1.340     10.400    0.190     0.00090
F.GL     73.690    -2.470     10.610    0.340     0.00076
F.GLY     96.950    1.090     6.910    -0.450     0.00499
F.GM     73.300    -0.320     10.390    0.050     0.00113
F.GMP     98.700    0.190     6.640    -0.250     0.00408
F.GN     76.780    -1.500     10.290    0.220     0.00099
F.GO     100.150    0.040     7.140    -0.030     0.00258
F.GP     73.150    0.580     10.190    -0.080     0.00188

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Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
F.GPH     100.090    0.030     6.530    -0.030     0.00576
F.GR     71.670    -2.080     9.850    0.300     0.00111
F.GRN     102.750    -0.480     7.730    0.150     0.00265
F.GS     92.430    0.890     10.230    -0.130     0.00087
F.GSD     105.750    -0.770     8.270    0.210     0.00817
F.GSG     97.430    -0.160     8.390    0.020     0.00753
F.GT     88.680    0.440     10.150    -0.050     0.00181
F.GU     90.250    -2.450     11.070    0.300     0.00134
F.GV     78.850    -0.930     9.600    0.160     0.00203
F.GW     73.810    -0.350     9.510    0.050     0.00343
F.GX     72.550    -0.890     9.340    0.120     0.00349
F.GY     79.320    -0.380     9.670    0.050     0.01511
F.HG     99.300    -0.760     7.280    0.590     0.00153
F.HH     98.950    0.060     7.070    -0.040     0.00153
F.HP     99.660    -0.140     8.680    0.670     0.00476
F.IB     97.600    -0.140     7.250    0.090     0.01407
F.IF     99.600    -0.130     7.550    0.060     0.02565
F.IK     100.920    0.780     7.540    -0.280     0.01299
F.IO     98.650    -0.150     7.790    0.050     0.01524
F.IT     97.700    -0.260     7.860    0.070     0.01761
F.JL     99.100    0.020     7.340    -0.010     0.00026
F.JS     88.700    -0.010     9.020    0.000     0.00023
F.LO     93.380    -3.000     9.470    0.910     0.00024
F.MH     94.280    -0.680     8.890    0.190     0.00024
F.MS     91.980    -0.480     9.120    0.130     0.00024

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***
Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
F.NA     93.670    1.710     8.920    -0.460     0.00024
F.OC     94.460    -1.860     8.690    0.460     0.00029
F.OX     91.430    0.210     9.020    -0.050     0.00028
F.PO     100.000    -0.340     7.560    0.920     0.00064
F.PQ     99.470    0.000     7.560    0.000     0.00062
F.QW     100.290    -0.560     7.550    0.130     0.00091
FFIG.GD     92.880    -1.010     10.170    0.270     0.00096
FFRX.GB     100.110    0.000     8.290    0.000     0.00050
FFRX.GC     100.040    0.560     8.240    -0.090     0.00052
FFRX.GF     95.170    -2.080     8.040    0.290     0.00090
FFRX.GK     99.260    -0.590     7.930    0.140     0.00238
FRN.GC     96.040    -4.690     9.350    1.240     0.00087
GM.GA     96.440    -0.320     9.260    0.040     0.00298
GM.GC     101.100    2.850     9.260    -0.370     0.00156
GM.GE     83.160    -0.330     9.330    0.040     0.00214
GM.GH     94.110    0.090     8.650    -0.020     0.00242
GM.GI     89.670    -1.820     9.310    0.230     0.00185
GM.GK     98.910    -0.720     7.430    0.700     0.00255
GM.GL     80.520    0.070     8.800    -0.010     0.00249
GM.GM     95.600    -0.750     8.580    0.240     0.00739
GM.GN     98.910    -0.530     7.610    0.370     0.00382
GM.GZ     81.980    1.790     9.050    -0.200     0.00179
GM.HA     94.040    0.180     8.360    -0.040     0.00484
GM.HB     91.690    -0.110     9.220    0.010     0.01417
GM.HC     91.490    -0.760     9.270    0.100     0.00589

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Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
GMA.GB     96.920    0.080     6.890    -0.020     0.00200
GMA.GP     100.170    0.180     5.890    -0.230     0.00387
GMA.GRI     99.550    0.000     164.030    0.000     0.00073
GMA.GT     98.810    -0.070     6.560    0.040     0.00509
GMA.GV     99.960    -0.040     8.360    2.390     0.00566
GMA.GWA     100.000    0.000     0.000    0.000     0.00038
GMA.GY     103.090    0.300     6.520    -0.120     0.01327
GMA.HC     101.530    -0.620     6.800    0.180     0.01046
GMA.HE     100.600    -0.070     6.720    0.020     0.02824
GMA.HF     109.350    -0.800     7.180    0.060     0.02253
GMA.HH     100.440    0.720     6.890    -0.180     0.00517
GMA.HJU     99.970    0.180     6.170    -0.440     0.00772
GMA.HJV     100.400    -0.270     6.780    0.060     0.01034
GMA.HSF     98.700    -0.060     6.350    0.060     0.00508
GMA.HZM     98.310    -0.470     6.920    0.710     0.00253
GMA.IFU     98.050    0.040     6.620    -0.020     0.00758
GMA.IMW     99.250    -0.380     6.880    0.070     0.00895
GP.GR     102.780    -0.110     7.240    0.020     0.00132
GP.GT     95.100    0.000     7.720    0.000     0.00147
GPS.GB     100.150    -0.120     6.560    0.270     0.00168
GSPP.GE     105.500    0.630     6.570    -0.160     0.00353
GT.GB     95.450    2.210     7.430    -0.220     0.00074
GT.GF     103.750    0.700     6.850    -0.180     0.00347
GT.GL     110.000    0.620     6.780    -0.200     0.00227
HAWK.GB     106.630    0.000     7.580    0.000     0.00426

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Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
HCA.GZ     102.070    0.000     7.240    0.000     0.00263
HCA.HG     96.500    -0.030     7.790    0.010     0.00249
HCA.HP     85.550    0.120     8.890    -0.020     0.00441
HET.GF     89.570    -0.170     7.370    0.030     0.00231
HET.GL     86.920    1.160     7.820    -0.210     0.00448
HET.GN     83.640    -1.360     8.090    0.220     0.00323
HET.GO     89.390    -0.110     8.160    0.020     0.00345
HLIO.GB     105.790    -0.140     7.290    0.520     0.00089
HLT.GD     102.690    -0.330     6.100    0.130     0.00106
HLT.GE     104.130    2.880     6.950    -0.380     0.00107
HMT.GE     103.000    0.540     6.360    -0.140     0.00385
HOVV.GI     96.190    -1.040     8.560    0.230     0.00074
HOVV.GU     100.540    -1.710     8.540    0.260     0.00129
IHSC.GF     30.000    0.530     50.030    -0.720     0.00030
IMAX.GD     96.020    -1.980     10.960    0.680     0.00079
INTEL.GE     88.590    -0.530     8.820    0.120     0.00319
INTEL.GF     96.390    -0.830     8.520    0.210     0.00298
ISLE.GE     98.000    -0.130     7.370    0.020     0.00252
JCOU.GB     105.420    -0.310     7.250    0.070     0.00461
JRCC.GA     90.130    0.250     11.980    -0.070     0.00070
KMI.GT     94.420    -1.120     6.550    0.170     0.00413
KMI.GV     91.220    1.390     7.120    -0.120     0.00258
L.GH     102.170    0.010     8.040    0.000     0.00525
L.GQ     94.330    -1.530     6.850    0.320     0.00486
LLL.GM     103.560    -0.010     6.380    0.000     0.00400

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***
Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
LLL.GQ     99.750    0.130     6.410    -0.020     0.00514
LNDLK.GC     103.170    0.000     7.400    0.000     0.00106
LNY.GB     98.240    0.150     7.810    -0.030     0.00202
LU.GE     89.940    -0.690     7.380    0.070     0.00630
LUK.GH     101.050    0.030     6.790    -0.010     0.00130
LVLT.GV.WI     108.500    0.000     6.800    0.000     0.00386
LVLT.GX     117.130    -0.130     7.570    0.040     0.00332
LYO.GV     107.090    -0.160     6.440    0.030     0.00483
LYO.GW     107.660    0.030     6.920    -0.010     0.00499
LYWH.GA     98.170    -2.990     11.180    0.790     0.00126
LYWH.GC     89.200    -1.470     9.680    0.320     0.00069
LYWH.GE     90.500    2.130     9.830    -0.530     0.00068
MCSC.GF     62.160    0.980     16.970    -0.320     0.00080
MEE.GJ     95.140    0.270     7.820    -0.050     0.00372
MERC.GB     100.220    -0.550     9.180    0.170     0.00160
MGG.GG     107.540    -0.550     6.050    0.170     0.00471
MGG.GM     100.330    0.240     5.860    -0.110     0.00542
MGG.GN     93.930    0.430     7.000    -0.080     0.00254
MGG.GP     106.260    -0.490     6.500    0.140     0.00219
MGG.GR     99.840    -1.840     6.780    0.410     0.00282
MGG.GV     96.210    -1.650     7.240    0.270     0.00432
MGG.GY     98.500    0.960     7.100    -0.150     0.00124
MGG.HA     101.550    -0.310     7.400    0.050     0.00392
MHO.GB     93.010    -0.960     8.620    0.250     0.00096
MOVI.GB     92.540    -0.070     13.050    0.020     0.00155

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Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
MSX.GE     93.980    -0.720     12.600    0.200     0.00121
MUHD.GC     93.380    -1.900     7.140    0.340     0.00154
NCX.GH     96.360    0.000     7.410    0.000     0.00199
NMGA.GH     111.730    0.000     7.820    0.000     0.00288
NRG.GT     103.280    0.380     6.770    -0.070     0.01277
NRG.GU     103.130    0.630     6.850    -0.100     0.00584
NWAC.HJ     86.290    -1.150     16.910    0.840     0.00133
NWAC.HO     83.750    -3.030     23.780    4.160     0.00086
PBR.GI     119.420    0.000     6.040    0.000     0.00355
PBR.GJ     111.790    0.380     5.780    -0.060     0.00229
PGMI.GD     88.950    -0.400     12.060    0.120     0.00165
PKOH.GD     98.980    -0.140     8.560    0.030     0.00106
POL.GL     100.190    -2.340     8.820    0.570     0.00103
PRTL.GD     88.650    -0.320     18.530    0.180     0.00033
PXD.GB     99.250    1.860     7.270    -0.180     0.00128
Q.HK     100.520    1.270     7.390    -0.190     0.00251
Q.HL     96.060    -0.280     7.210    0.030     0.00495
RACI.GC     97.310    0.510     11.380    -0.170     0.00100
RAD.GA     89.070    -0.220     9.170    0.050     0.00092
RAD.GE     85.470    1.310     9.320    -0.170     0.00132
RAD.GX     99.740    -0.040     9.300    0.010     0.00077
REI.HK     105.870    0.000     5.530    0.000     0.00409
REV.GE     95.000    -1.200     11.080    0.390     0.00191
RG.HB     102.900    0.360     5.860    -0.060     0.00397
RHD.GN     106.900    0.000     7.560    0.000     0.00666

http://cxa.marketwatch.com/finra/BondCenter/NBBHMembershipInfo.aspx

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Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
RMIX.GB     101.500    0.000     8.010    0.000     0.00149
RMY.GA     84.200    -1.230     35.540    2.500     0.00063
RMY.GC     28.210    1.050     96.890    -3.080     0.00024
ROV.GC     93.580    2.070     9.860    -0.460     0.00169
RT.GH     100.630    0.570     8.050    -0.180     0.00078
RVSU.GF     98.290    -0.780     10.790    1.010     0.00085
S.JX     101.210    1.460     5.620    -0.750     0.00137
S.JY     103.600    1.110     5.930    -0.320     0.00160
SCR.GE     81.000    0.650     30.520    -0.950     0.00062
SDS.GG     107.630    0.630     7.070    -0.160     0.00887
SDS.GJ     109.330    -0.080     8.320    0.020     0.00563
SEM.GE     90.250    0.000     9.410    0.000     0.00307
SFD.GG     101.820    0.840     6.510    -0.230     0.00315
SIRI.GG     100.840    -0.130     9.420    0.030     0.00260
SIX.GJ     99.630    -1.140     9.020    0.610     0.00154
SIX.GL     96.520    -0.160     10.540    0.040     0.00193
SIX.GN     96.090    1.000     10.410    -0.210     0.00249
SOLO.GB     86.050    -0.070     11.480    0.020     0.00144
SPC.GF     78.370    1.520     11.650    -0.360     0.00283
SPF.GG     97.150    -0.510     8.370    0.110     0.00063
SPF.GJ     99.850    0.000     6.920    0.000     0.00090
SPF.GM     97.730    0.000     7.270    0.000     0.00088
SPF.GN     90.830    -2.090     8.550    0.370     0.00082
SRI.GA     105.070    0.240     9.560    -0.090     0.00108
SSCC.GD     101.750    -1.130     7.750    0.390     0.00210

http://cxa.marketwatch.com/finra/BondCenter/NBBHMembershipInfo.aspx

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Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
SSCC.GG     101.370    -0.380     7.800    0.120     0.00365
STBR.GF     101.550    -1.780     7.570    0.620     0.00275
STCS.GB     99.500    -0.730     11.140    0.230     0.00079
STN.GK     92.480    0.230     8.070    -0.040     0.00333
STN.GL     98.380    1.000     6.380    -0.240     0.00228
STN.GM     92.700    0.040     7.900    -0.010     0.00215
STZ.GC     101.210    -0.160     7.070    0.020     0.00365
TBC.GB     72.250    0.470     25.540    -0.330     0.00130
TBC.GC     64.780    0.140     22.710    -0.060     0.00167
TBC.GF     63.780    1.110     19.450    -0.480     0.00115
TE.GB     105.940    1.570     5.550    -0.420     0.00327
TE.GS     99.880    0.000     7.310    0.000     0.00154
TEN.GK     105.000    1.380     7.520    -0.300     0.00270
THC.GS     93.730    0.730     8.010    -0.200     0.00483
THC.GU     78.850    0.420     9.030    -0.050     0.00182
THC.GV     92.250    -1.250     8.370    0.320     0.00285
THC.GX     93.630    -1.360     8.790    0.310     0.00482
THC.HC     101.670    0.100     9.550    -0.020     0.00524
TOA.GC     92.130    -0.930     11.980    0.370     0.00095
TOA.GD     69.510    -4.400     19.990    1.700     0.00054
TOA.GK     63.220    -5.570     15.890    1.630     0.00065
TOY.GC     95.740    0.390     8.820    -0.110     0.00246
TOY.GE     91.560    -1.290     9.760    0.300     0.00189
TOY.GF     86.250    0.380     9.350    -0.060     0.00178
TSG.GA     98.960    -0.760     7.630    0.210     0.00204

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***
Last Updated: 2/17/2009
High Yield (NBBH) Membership Info

High Yield Membership

Symbol    Bond Price    Change    Bond Yield    Change    % Weight In Index
UIS.GL     100.360    0.570     6.740    -0.220     0.00155
UIS.GM     102.210    0.660     7.500    -0.150     0.00211
UIS.GN     101.480    -0.220     8.200    0.040     0.00078
URI.GS     103.130    0.540     6.950    -0.140     0.00279
URI.GT     99.570    -0.240     6.600    0.060     0.00513
URI.GU     100.000    -0.710     7.000    0.170     0.00193
USU.GB     99.190    0.140     7.230    -0.080     0.00077
VC.GB     101.850    -0.090     7.610    0.030     0.00289
VC.GC     87.880    0.040     9.410    -0.010     0.00199
VTO.GF     110.920    -0.040     7.840    0.010     0.00128
WCI.GE     98.500    0.000     8.180    0.000     0.00063
WCI.GI     99.560    -0.420     9.230    0.100     0.00103
WEN.GB     98.570    1.850     7.140    -0.190     0.00051
WLV.GB     101.090    1.700     9.330    -1.510     0.00062
WYNN.GE     99.270    -0.170     6.750    0.030     0.00664
XMRD.GL     100.870    -0.790     9.530    0.200     0.00312

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http://www.upi.com/Business_News/2009/02/17/Sirius_XM_creditors_draw_line_in_sand/UPI-28441234900923/

Sirius XM creditors draw line in sand
Published: Feb. 17, 2009 at 3:02 PM

NEW YORK, Feb. 17 (UPI) — Sirius XM Radio creditors said they preferred the U.S. satellite radio company make a deal to avoid bankruptcy, in spite of the company’s $175 million debt.

“From our perspective, there are restructuring alternatives that are preferable to bankruptcy,” said Edward Weisfelner at bankruptcy firm Brown Rudnick.

Weisfelner said creditors would move to replace executives, including Sirius XM Chief Executive Officer Mel Karmazin, or appoint their own trustees if the company filed for Chapter 11 protection, The Washington Post (NYSE:WPO) reported Tuesday.

The Post reported that Liberty Media was close to a deal that would enable Sirius to avoid bankruptcy. Dish Network CEO Charles Ergen is also keeping an eye on developments, the Post said.

Sirius merged with XM in July but the company has never made a profit. Its share values fell to 10 cents a share Friday, down from $3 a share last year.

Its financial burdens include lucrative salaries for big-name personalities, like Howard Stern, who earns $100 million a year. In addition, it pays large fees to automobile makers for installing satellite radio equipment into new cars.

Bankruptcy would allow the company to renegotiate these deals, the Post said.

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Fear Of Global Economic Slump Sends Markets Tumbling – 02/17/09
A sharp drop in the global markets sparked fears of a protracted economic slump to send the U. S. markets tumbling with the Dow skidding 298 points to 7553. Nasdaq collapsed 64 points to 1471.

http://www.upi.com/finance/?Page=MajorIndices

NYSE Composite      4939.11      -267.65      (-5.14%)
Quote | Chart | Historical
Nasdaq Composite     1470.66     -63.70     (-4.15%)
Quote | Chart | Historical
Standard & Poors 500     789.17     -37.67     (-4.56%)
Quote | Chart | Historical
RUSSELL 2000     428.90     -19.46     (-4.34%)
Quote | Chart | Historical

http://www.upi.com/finance/?Page=MajorIndices

Shares of Bank of America Corp. (BAC) dropped 67 cents to close at $4.90, Citigroup Inc. (C) 43 cents to close at $3.06, and Huntington Bancshares (HBAN) plummeted 38 cents to close at $1.31 over fears that the economic stimulus package is not enough to stem the tide do defaults.

http://www.upi.com/finance/?GUID=8014105&Page=MediaViewer

**
Modine Manufacturing Co. (NYSE: MOD) warned of losses for the third quarter and is in discussions with its lenders to obtain a covenant waiver.  The stock price collapsed 84 cents to close at 93 cents.  …

http://www.upi.com/finance/?GUID=7961717&Page=MediaViewer&ChannelID=3273

***

http://www3.modine.com/v2portal/modine.portal

A HISTORY OF INNOVATION
Since 1916, Modine Manufacturing Company has applied innovative thermal technology to meet customer’s needs. Founder A.B.Modine made innovation a company value and built a thriving business. Modine breakthroughs in customized heating and cooling solutions have yielded state-of-the-art components, modules and systems that have given the world’s vehicle makers and commercial equipment manufacturers a competitive edge in the markets they serve.

What is Modine?
Wherever thermal management is needed, Modine is there. Click a video link below to learn more about us.
Real (2.7 MB), WMP (3.5 MB), Quick (4.3 MB)

Climatic Wind Tunnel in Bonlanden, Germany
Click here to learn more about our state of the art test facility and services.
To take a virtual tour of Modine’s Wind Tunnel in Bonlanden, Germany, click here .

Corporate News
February 18, 2009
2/17/2009 9:22:00 AM
Modine Suspends Quarterly Cash Dividend

RACINE, Wis.–(BUSINESS WIRE)–Feb. 17, 2009– Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today announced that it has suspended its quarterly cash dividend on its common stock.

About Modine

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

Source: Modine Manufacturing Company

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

2/17/2009 9:20:00 AM
Modine Secures Amendments to Financing Agreements

RACINE, Wis.–(BUSINESS WIRE)–Feb. 17, 2009– Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today announced that it has reached agreement with its primary lenders and note holders on a waiver of defaults that existed at December 31, 2008 and amendments to its revolving credit and note purchase agreements.

“As we focus on preserving cash and liquidity, we are pleased we were able to complete this amendment process,” said Bradley C. Richardson, Executive Vice President – Corporate Strategy and Chief Financial Officer. “We believe these amended agreements, which are structured based on our assumptions about operating in a recessionary environment, will provide the company sufficient liquidity to execute our plans and consistently maintain our day-to-day business activities.”

The terms and conditions of these waivers and amendments will be discussed in the company’s third quarter fiscal 2009 earnings conference call on February 17, 2009. In addition, the amended agreements will be filed with the U.S. Securities and Exchange Commission on an upcoming Form 8-K.

About Modine

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

Forward-Looking Statements

This report contains statements, including information about future financial performance, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” and other similar “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine’s actual results, performance or achievements may differ materially from those expressed or implied in these statements, because of certain risks and uncertainties, including, but not limited to, those described under “Risk Factors” in Item 1A. in Part II. in this report. Other risks and uncertainties include, but are not limited to, the following: the impact the current global economic uncertainty and credit market turmoil is having on Modine, its customers and its suppliers and any worsening of such economic conditions; the secondary effects on Modine’s future cash flows and liquidity that may result from Modine’s customers and lenders dealing with the economic crisis and its consequences; Modine’s ability to limit capital spending and/or consummate planned divestitures; Modine’s ability to recover the book value of the South Korean business, if divested; Modine’s ability to successfully implement restructuring plans and drive cost reductions as a result; Modine’s ability to maintain adequate liquidity to carry out restructuring plans while investing for future growth; Modine’s ability to satisfactorily service its customers during the implementation and execution of any restructuring plans and/or new product launches; Modine’s ability to avoid or limit inefficiencies in the transitioning of products from production facilities to be closed to other existing or new production facilities; Modine’s ability to successfully execute its four-point recovery plan; Modine’s ability to further cut costs to increase its gross margin and to maintain and grow its business; impairment of assets resulting from business downturns; Modine’s ability to realize future tax benefits; customers’ actual production demand for new products and technologies, including market acceptance of a particular vehicle model or engine; Modine’s ability to increase its gross margin, including its ability to produce products in low cost countries; Modine’s ability to maintain customer relationships while rationalizing its business; 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 cost-downs from its customers; Modine’s ability to obtain profitable business at its new facilities in China, Hungary, Mexico, India and Austria and to produce quality products at these facilities from business obtained; the effect of the weather on the Commercial Products business, which directly impacts sales; unanticipated problems with suppliers meeting Modine’s time and price demands; 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; economic, social and political conditions, changes and challenges in the markets where Modine operates and competes (including currency exchange rate fluctuations, tariffs, inflation, changes in interest rates, recession, and restrictions associated with importing and exporting and foreign ownership); changes in the anticipated sales mix; Modine’s association with a particular industry, such as the automobile industry, which could have an adverse effect on Modine’s stock price; the nature of the vehicular industry, including the dramatic decline in customer build rates; work stoppages or interference at Modine or Modine’s major customers; unanticipated product or manufacturing difficulties, including unanticipated warranty claims; unanticipated delays or modifications initiated by major customers with respect to product applications or requirements; costs and other effects of unanticipated litigation or claims, and the increasing pressures associated with rising health care and insurance costs; and other risks and uncertainties identified by the Company in public filings with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements.

Source: Modine Manufacturing Company

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

2/17/2009 9:20:00 AM
Modine Reports Third Quarter Fiscal 2009 Results; Takes Aggressive Action to Address Business Performance; Supported by Newly Amended Credit Agreements

RACINE, Wis.–(BUSINESS WIRE)–Feb. 17, 2009– Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today reported its financial results for the third quarter of fiscal 2009, as compared to the third quarter of fiscal 2008, as follows:
($ in millions except per share data)           2009

2008(a)
Change

Net Sales       $     365.2                 $     480.6                 $     (115.4     )
Gross Profit     $     41.9                 $     69.6                 $     (27.7     )
% of Sales           11.5     %                 14.5     %

(300 bp)

Pre-Tax Loss from Continuing Operations     $ (63.6     )       $     (23.9     )           $     (39.7     )
Net Loss       $     (56.1     )           $     (54.8     )           $     (1.3     )
Diluted Loss Per Share $     (1.75     )    $     (1.71     )           $     (0.04     )

Nine Month to Date Cash Flow from Operations     $     80.3                 $     60.5                 $     19.8
Net Debt(b)     $     187.7                 $     193.0                 $     (5.3     )

(a) Third quarter fiscal 2008 amounts have been adjusted to reflect the removal of the one month
lag in the reporting of results for the company’s international operations

(b) As of December 31, 2008 and March 31, 2008, respectively

Commenting on the results, Modine President and Chief Executive Officer Thomas A. Burke said, “Obviously these results are disappointing. The weakening global economy and severe downturn in the vehicular markets have contributed to significant sales volume declines and margin compression, particularly in Europe. Despite these unprecedented conditions, we generated strong cash flow during the first nine months of fiscal 2009 with net debt declining since March 31, 2008. We continue to take aggressive actions to address our business performance and lower our underlying cost structure in light of the near-term economic outlook. We have secured a waiver of defaults and amendments to our company’s debt agreements that provide us the liquidity needed to execute on our plans. At the same time, we are encouraged by recent new program opportunities in our thermal management product segments and, with the assistance of outside advisors, are actively refocusing our product portfolio to ensure we have the right products, processes and technologies for the future. With renewed support from our creditors, actions we are taking to align our cost structure to the market demands, and a more focused technology portfolio, we are confident Modine is solidly positioned to weather this recession.”

Third Quarter Overview

* Sales volumes, excluding the impact of foreign currency exchange rates, declined 15 percent as a result of the weakening economy, instability in the global financial markets, and a corresponding downturn in the company’s vehicular markets;
* Gross margin declined 300 basis points reflecting the decline in sales volumes, the underabsorption of fixed costs in the company’s manufacturing facilities as the result of declining sales volumes, and a shift in product mix toward lower margin business;
* Impairment charges totaled $27.3 million and restructuring and repositioning charges totaled $27.2 million;
* Tax valuation allowance charges of $7.0 million were recorded against certain net deferred tax assets;
* A total of $8.7 million in revenue was recognized from the licensing of Modine-specific fuel cell technology to Bloom Energy and performance of transition services;
* Operating cash flows increased $19.8 million in the first nine months of fiscal 2009 compared to the prior year as a result of strong working capital management;
* Net debt has decreased by $5.3 million since March 31, 2008; and
* In light of the current volatility in the global economy and the impact in the markets, Modine is withdrawing its fiscal 2009 earnings guidance.

Continuing Aggressive Action to Address Business Performance

“In response to the near-term adverse conditions facing the company and our recent business performance, we continue to execute aggressively on the strategies of our four-point plan, which includes manufacturing realignment, portfolio rationalization, selling, general and administrative expense reduction, and capital allocation discipline,” said Bradley C. Richardson, Executive Vice President – Corporate Strategy and Chief Financial Officer. “We have introduced a short-term emphasis on maximizing cash flow and are proceeding with a number of decisive measures to position the company to attain a more competitive cost base, improve our longer term competitiveness and more effectively capitalize on growth opportunities in our core thermal management markets. In addition to the previously announced closure of manufacturing facilities, the elimination of U.S. post-retirement benefits for Medicare eligible participants, the intended divestiture of our South Korean-based vehicular HVAC business, and the ramp-up of production at new facilities in lower cost countries, we have implemented or are implementing the following:

* A 30 percent reduction in global senior leadership;
* A 25 percent workforce reduction, as previously announced, in our Racine, Wisconsin, headquarters with a comparable reduction planned in our European headquarters;
* A targeted reduction of our direct costs proportional to the volume declines within our manufacturing facilities globally;
* Implementation of a 20 percent reduction in manufacturing overhead in North America with a similar reduction planned in Europe;
* A capital spending limit of $65 million in fiscal 2010, significantly below the company’s recent historical levels;
* Rigorous working capital discipline through the active, customer-supported management of accounts receivable, as well as inventory management; and
* The suspension of the company’s quarterly cash dividend as part of its near-term focus on preserving cash and liquidity.”

Credit Amendment

“As we focus on preserving cash and liquidity, we are pleased that we have been able to amend our credit agreements,” Richardson continued. “These amendments were structured based on our assumptions about operating in a recessionary environment and we believe the amended agreements will provide the company sufficient liquidity to execute our restructuring plans and maintain our day-to-day business.”

On February 17, 2009, Modine entered into an amendment with its primary lenders and note holders and obtained a waiver of defaults that existed at December 31, 2008. Under the amended agreements, the existing quarterly leverage and interest expense coverage ratio covenants are temporarily replaced by a minimum adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) level for the fourth quarter of fiscal 2009 and each quarter during fiscal 2010, with the leverage and interest expense coverage ratio becoming effective for the fourth quarter of fiscal 2010.

The minimum adjusted EBITDA level requirements, beginning in the fourth quarter of fiscal 2009, are as follows:

(in Millions)

For the quarter ended March 31, 2009                     $     (25.00     )

For the two consecutive quarters ended June 30, 2009                 (22.00     )

For the three consecutive quarters ended September 30, 2009             (14.00     )

For the four consecutive quarters ended December 31, 2009             1.75

For the four consecutive quarters ended March 31, 2010                 35.00

In contemplation of the uncertainty that exists around the severity and duration of the global recession, the minimum adjusted EBITDA level requirements were established with a range of approximately $10 million to $20 million of cushion at each quarter end to allow for variability in our projected results. We believe that this cushion is sufficient and that we will be able to maintain compliance with the minimum adjusted EBITDA levels through the end of fiscal 2010.

Under the amended agreements, the company has securitized certain assets, accepted other restrictive covenants, and will have to pay higher interest costs as described in the credit amendments.

Conference Call and Webcast

Modine will conduct a conference call and live webcast, with a slide presentation, on Tuesday, February 17, 2009 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the fiscal 2009 third quarter. The webcast and accompanying slides will be available on the investor section of the Modine website at http://www.modine.com. The dial-in phone number for the audio portion of the call is 800-599-9795; passcode: 68513851. The international call-in number is 617-786-2905; passcode: 68513851. Participants are encouraged to log on to the webcast and conference call about 10 minutes prior to the start of the event. A replay of the audio and the slides will be available on the investor relations section of the Modine website at http://www.modine.com about two hours after the live call concludes. A call-in replay will be available through February 23, 2009, at 888-286-8010; passcode: 13234155 or, for international callers, at 617-801-6888; passcode: 13234155. A transcript of the call will be posted to the company’s website on or about February 19, 2009.

About Modine

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

Forward-Looking Statements

This report contains statements, including information about future financial performance, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” and other similar “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine’s actual results, performance or achievements may differ materially from those expressed or implied in these statements, because of certain risks and uncertainties, including, but not limited to, those described under “Risk Factors” in Item 1A. in Part II. in this report. Other risks and uncertainties include, but are not limited to, the following: the Company’s ability to remain in compliance going forward with its debt agreements; fund its liquidity requirements and meet its long-term commitments given the continued decline and disruption in the credit markets due to the world-wide credit crisis; the impact the current global economic uncertainty and credit market turmoil is having on Modine, its customers and its suppliers and any worsening of such economic conditions; the secondary effects on Modine’s future cash flows and liquidity that may result from Modine’s customers and lenders dealing with the economic crisis and its consequences; Modine’s ability to limit capital spending and/or consummate planned divestitures; Modine’s ability to recover the book value of the South Korean business, if divested; Modine’s ability to successfully implement restructuring plans and drive cost reductions as a result; Modine’s ability to maintain adequate liquidity to carry out restructuring plans while investing for future growth; Modine’s ability to satisfactorily service its customers during the implementation and execution of any restructuring plans and/or new product launches; Modine’s ability to avoid or limit inefficiencies in the transitioning of products from production facilities to be closed to other existing or new production facilities; Modine’s ability to successfully execute its four-point recovery plan; Modine’s ability to further cut costs to increase its gross margin and to maintain and grow its business; impairment of assets resulting from business downturns; Modine’s ability to realize future tax benefits; customers’ actual production demand for new products and technologies, including market acceptance of a particular vehicle model or engine; Modine’s ability to increase its gross margin, including its ability to produce products in low cost countries; Modine’s ability to maintain customer relationships while rationalizing its business; 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 cost-downs from its customers; Modine’s ability to obtain profitable business at its new facilities in China, Hungary, Mexico, India and Austria and to produce quality products at these facilities from business obtained; the effect of the weather on the Commercial Products business, which directly impacts sales; unanticipated problems with suppliers meeting Modine’s time and price demands; 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; economic, social and political conditions, changes and challenges in the markets where Modine operates and competes (including currency exchange rate fluctuations, tariffs, inflation, changes in interest rates, recession, and restrictions associated with importing and exporting and foreign ownership); changes in the anticipated sales mix; Modine’s association with a particular industry, such as the automobile industry, which could have an adverse effect on Modine’s stock price; the nature of the vehicular industry, including the dramatic decline in customer build rates; work stoppages or interference at Modine or Modine’s major customers; unanticipated product or manufacturing difficulties, including unanticipated warranty claims; unanticipated delays or modifications initiated by major customers with respect to product applications or requirements; costs and other effects of unanticipated litigation or claims, and the increasing pressures associated with rising health care and insurance costs; and other risks and uncertainties identified by the Company in public filings with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements.

Non-GAAP Financial Disclosures

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

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

The sum of, net (loss) earnings and adding back provision for income taxes, interest expense, discontinued operations, depreciation and amortization, adjusted to exclude unusual, non-recurring or extraordinary non-cash charges and cash restructuring and repositioning charges, as defined in the applicable debt agreements; this is a financial measure of the profit generated excluding the above mentioned items.

Definition – Net Debt

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

— Financial tables follow —

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

Three months ended December 31,             Nine months ended December 31,
2008           2007 *         2008           2007 *
Net sales     $     365,201    $    480,579       $ 1,298,183               $        1,353,472
Cost of sales               323,288                       410,941                         1,123,031                       1,151,695
Gross profit         41,913                 69,638                     175,152                 201,777
Selling, general and administrative expenses         47,032                 61,365                     171,455                 172,334
Restructuring expense (income)         25,311                 (3     )                 28,130                 (322     )
Impairment of goodwill and long-lived assets           27,342                       31,455                         30,507                       31,455
Loss from operations         (57,772     )             (23,179     )                 (54,940     )             (1,690     )
Interest expense             4,216                 3,475                     10,452                 9,180
Other expense (income) – net           1,656                       (2,778     )                   494                       (7,327     )
Loss from continuing operations before income taxes         (63,644     )             (23,876     )                 (65,886     )             (3,543     )
(Benefit from) provision for income taxes           (7,166     )                 31,083                         (2,107     )                 30,443
Loss from continuing operations         (56,478     )             (54,959     )                 (63,779     )             (33,986     )
Earnings from discontinued operations (net of income taxes)         52                 149                     217                 535
Gain on sale of discontinued operations (net of income taxes)           369                       –                         2,066                       –
Net loss         $     (56,057     )           $     (54,810     )             $     (61,496     )           $     (33,451     )

Loss per share of common stock – basic:
Continuing operations     $     (1.76     )         $     (1.72     )             $     (1.99     )         $     (1.06     )
Earnings from discontinued operations         –                 –                     0.01                 0.02
Gain on sale of discontinued operations           0.01                       0.01                         0.06                       –
Net loss – basic         $     (1.75     )           $     (1.71     )             $     (1.92     )           $     (1.04     )

Loss per share of common stock – diluted:
Continuing operations     $     (1.76     )         $     (1.72     )             $     (1.99     )         $     (1.06     )
Earnings from discontinued operations         –                 –                     0.01                 0.02
Gain on sale of discontinued operations           0.01                       0.01                         0.06                       –
Net loss – diluted     $     (1.75     )           $     (1.71     )             $     (1.92     )           $     (1.04     )

Weighted average shares outstanding:
Basic                 32,093                 31,936                     32,066                 32,049
Diluted             32,093                 31,936                     32,066                 32,049

Dividends paid per share     $     0.100             $     0.175                 $     0.300             $     0.525

Comprehensive (loss) earnings, which represents net loss adjusted by the post-tax change in foreign-currency translation, the effective portion of cash flow hedges and change in SFAS No. 158 benefit plan adjustment recorded in shareholders’ equity, for the three month period ended December 31, 2008 and 2007, were $(79,918) and $(36,273), respectively, and for the nine month period ended December 31, 2008 and 2007, were $(128,673) and $27,641, respectively.

Condensed consolidated balance sheets (unaudited)
(In thousands)
December 31, 2008           March 31, 2008 *

Assets

Cash and cash equivalents     $     72,854         $     38,595
Short term investments         1,666             2,909
Trade receivables – net         170,827             294,935
Inventories                 118,682             125,499
Assets held for sale         –             6,871
Other current assets           74,040               64,482
Total current assets           438,069               533,291
Property, plant and equipment – net         484,309             540,536
Assets held for sale             –             5,522
Other noncurrent assets           66,848               88,934
Total assets     $     989,226         $     1,168,283

Liabilities and shareholders’ equity

Debt due within one year     $     6,981         $     4,600
Accounts payable             147,325             193,228
Liabilities of business held for sale         –             3,093
Other current liabilities           149,017               137,993
Total current liabilities           303,323               338,914
Long-term debt             253,598             227,013
Deferred income taxes         15,587             23,634
Liabilities of business held for sale         –             166
Other noncurrent liabilities           69,062               95,438
Total liabilities           641,570               685,165
Shareholders’ equity           347,656               483,118
Total liabilities & shareholders’ equity     $     989,226         $     1,168,283

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

Modine Manufacturing Company
Condensed consolidated statements of cash flows (unaudited)
(In thousands)
Nine months ended December 31,           2008     2007 *

Cash flows from operating activities:
Net loss                     $     (61,496     )     $     (33,451     )
Adjustments to reconcile net loss with net cash provided
by operating activities:
Depreciation and amortization             55,875             59,030
Impairment of goodwill and long-lived assets             30,507             31,455
Other – net                     (15,465     )         10,432
Net changes in operating assets and liabilities               70,843                 (6,965     )
Net cash provided by operating activities               80,264                 60,501

Cash flows from investing activities:
Expenditures for plant, property and equipment             (79,538     )         (58,984     )
Proceeds from dispositions of assets             15,174             8,734
Settlement of derivative contracts             (263     )         (1,286     )
Other – net                       3,225                 63
Net cash used for investing activities               (61,402     )           (51,473     )

Cash flows from financing activities:
Net increase in debt                 30,919             51,996
Cash proceeds from exercise of stock options             18             686
Repurchase of common stock, treasury and retirement             (560     )         (7,396     )
Cash dividends paid                 (9,678     )         (16,972     )
Other – net                       (856     )           (5,283     )
Net cash provided by financing activities               19,843                 23,031

Effect of exchange rate changes on cash               (4,446     )           3,318

Net increase in cash and cash equivalents             34,259             35,377

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

Cash and cash equivalents at end of the period         $     72,854           $     61,584

Condensed segment operating results (unaudited)
(In thousands)

Three months ended December 31,             Nine months ended December 31,
2008         2007 *             2008         2007 *
Sales:
Original Equipment – Asia     $     42,271             $     74,339                 $     153,056             $     204,597
Original Equipment – Europe         112,934                 189,770                     499,920                 535,944
Original Equipment – North America         126,232                 133,248                     385,358                 381,142
South America             28,669                 33,920                     114,787                 97,632
Commercial Products         48,795                 55,933                     150,865                 150,360
Fuel Cell               11,469                       923                         14,282                       2,230
Segment sales               370,370                       488,133                         1,318,268                       1,371,905
Corporate and administrative         897                 321                     2,631                 2,461
Eliminations               (6,066     )                 (7,875     )                   (22,716     )                 (20,894     )
Total net sales     $     365,201                 $     480,579                   $     1,298,183                 $     1,353,472

Operating income (loss):
Original Equipment – Asia     $     (1,928     )         $     380                 $     (6,746     )         $     (403     )
Original Equipment – Europe         (43,351     )             20,971                     (6,865     )             60,764
Original Equipment – North America         (12,727     )             (31,070     )                 (25,662     )             (34,224     )
South America             1,041                 2,523                     11,648                 8,828
Commercial Products         5,178                 4,846                     13,886                 10,665
Fuel Cell               9,057                       (395     )                   7,764                       (1,247     )
Segment (loss) income from operations           (42,730     )                 (2,745     )                   (5,975     )                 44,383
Corporate and administrative         (14,900     )             (20,440     )                 (48,832     )             (46,134     )
Eliminations               (142     )                 6                         (133     )                 61
Loss from operations     $     (57,772     )           $     (23,179     )             $     (54,940     )           $     (1,690     )

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

Source: Modine Manufacturing Company

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

2/10/2009 5:43:00 PM
Modine Files Form 12b-25 with Securities and Exchange Commission

RACINE, Wis.–(BUSINESS WIRE)–Feb. 10, 2009– Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today that it has filed a Form 12b-25 “Notification of Late Filing” with the U.S. Securities and Exchange Commission delaying the filing of its Form 10-Q for the quarter ended December 31, 2008 to on or before February 17, 2009. A copy of the Form 12b-25 is available through the SEC filings section on the investor relations portal of the Company’s website at http://www.modine.com. The Company will release its third quarter fiscal 2009 earnings on Tuesday, February 17, 2009 and conduct a conference call and webcast for investors on that same date at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

The Company included the following text in its Form 12b-25 filing:

“The weakening global economy and sales volume declines have created a significant downturn in Modine Manufacturing Company’s (the “Company”) vehicular markets, particularly within Europe. These factors triggered an impairment review of the Company’s long-lived assets within its Original Equipment – Europe segment during the third quarter ended December 31, 2008. As of February 9, 2009, the Company has yet to complete this impairment analysis in time to timely file the Form 10-Q for the quarterly period ended December 31, 2008 without unreasonable effort or expense.

Loss from continuing operations: For the three months ended December 31, 2008, the Company anticipates reporting a loss from continuing operations in a range of $55 million to $58 million, subject to finalization of the long-lived asset impairment analysis for the Company’s Original Equipment – Europe segment. This compares to the reported loss from continuing operations for the three months ended December 31, 2007 of $55 million. The current year loss is the result of the following factors:

* Sales volumes declined significantly as a result of the weakening global economy. The instability in the global financial markets has created a significant downturn in the Company’s vehicular markets, particularly within Europe. Net sales were $365 million for the three months ended December 31, 2008, as compared to net sales of $481 million for the three months ended December 31, 2007;
* The decline in sales volumes, the underabsorption of fixed costs in the Company’s manufacturing facilities as the result of declining sales volumes, as well as a shift in product mix toward lower margin business contributed to a decline in gross profit. Gross profit was $42 million for the three months ended December 31, 2008, as compared to gross profit of $70 million for the three months ended December 31, 2007;
* The results for the three months ended December 31, 2008 are anticipated to include impairment charges in a range of $25 million to $28 million, subject to the finalization of the long-lived asset impairment analysis for the Original Equipment – Europe segment. This is comprised of a $9 million goodwill impairment charge in the Company’s Original Equipment – Europe segment, an estimated $8 million to $11 million long-lived asset impairment charge in the Company’s Original Equipment – Europe segment, and an $8 million long-lived asset impairment charge in the Company’s Original Equipment – North America segment;
* Restructuring and repositioning charges totaling $27 million were recorded during the three months ended December 31, 2008 related to a workforce reduction in the Company’s Racine, Wisconsin headquarters and a planned workforce reduction throughout the Company’s European facilities, including the European headquarters in Bonlanden, Germany; and
* Tax valuation allowance charges of $7 million were recorded against the net deferred tax assets in the U.S. and South Korea as the Company continues to assess that it is more likely than not that these assets will not be realized in the future.

For the nine months ended December 31, 2008, the Company anticipates reporting a loss from continuing operations in a range of $61 million to $64 million. This compares to the reported loss from continuing operations for the nine months ended December 31, 2007 of $34 million. The weakened global economy is expected to continue to adversely affect the Company’s results over the remainder of fiscal 2009. Based on this trend and the current quarter impairment and restructuring charges which were not contemplated in the second quarter of fiscal 2009, the Company anticipates that its full year results will fall significantly below its fiscal 2009 loss from continuing operations before income taxes guidance range of $5 million to $25 million which was previously reported in conjunction with the Company’s second quarter fiscal 2009 earnings release on October 30, 2008.

Liquidity: The Company’s debt agreements require it to maintain specified financial ratios. The most restrictive limitations are quarter-end debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of not more than a 3.0 to 1.0 ratio (leverage ratio) and earnings before interest and taxes (EBIT) to interest expense of not less than a 1.75 to 1.0 ratio for the third quarter of fiscal 2009 (interest expense coverage ratio), as such terms are used in the debt agreements. As indicated in the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2008, recent adverse trends have put additional pressure on the Company’s ability to remain in compliance with the interest expense coverage ratio. As a result of the significant downturn in the Company’s vehicular markets and resulting loss to be reported for the three months ended December 31, 2008, the Company was not in compliance with the interest expense coverage ratio at December 31, 2008, which constituted a default under the debt agreements.

The Company has reached an agreement in principle with its primary lenders and holders of notes on a waiver of the default which existed at December 31, 2008, and an amendment of its debt agreements. The Company has received written confirmation from the lenders and note holders, and anticipates closing on the waiver and amendments prior to filing its Form 10-Q for the quarterly period ended December 31, 2008. The waiver and amendments will not become effective until the closing. The Company will file a Form 8-K with the Securities and Exchange Commission that will describe the material terms of the obligations when the waiver and amendments become effective. In the very unlikely event that the Company is unable to close on the waiver and amendments prior to the filing of its Form 10-Q for the quarterly period ended December 31, 2008, the Company would be required to classify its outstanding long-term indebtedness totaling $254 million as a current liability. Presently, the Company is not able to borrow on its existing revolving credit facility and will not be able to do so until closing on the waiver and amendments. However, at December 31, 2008, the Company had cash of $73 million that it believes will be sufficient to fund operations without accessing the revolving credit facility while the Company closes on the waiver and amendment or pursues other financing options, if needed. While the Company is confident that it will be able to close on the waiver and amendment with its primary lenders and holders of notes, and in fact is in the final stages of doing so, if it is unable to do so and also unable to obtain alternative financing arrangements, there would be substantial doubt about the Company’s ability to continue as a going concern.

Forward-Looking Statements

This document contains statements, including information about future financial performance, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “will,” “intends,” and other similar “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. The Company’s actual results, performance or achievements may differ materially from those expressed or implied in these statements, because of certain risks and uncertainties, including, but not limited to, those described under “Risk Factors” in Item 1A. in Part II. of the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2008. Other risks and uncertainties include, but are not limited to, the following:

* The Company’s ability to obtain a waiver of and amendment to its debt agreements to regain compliance with financial covenants and remain in compliance going forward;
* The impact the current global economic uncertainty and credit market turmoil is having on the Company, its customers and its suppliers and any worsening of such economic conditions;
* The secondary effects on the Company’s future cash flows and liquidity that may result from the Company’s customers and lenders dealing with the economic crisis and its consequences;
* The Company’s ability to limit capital spending and/or consummate planned divestitures;
* The Company’s ability to recover the book value of the South Korean business, if divested;
* The Company’s ability to successfully implement restructuring plans and drive cost reductions as a result;
* The Company’s ability to maintain adequate liquidity to carry out restructuring plans while investing for future growth;
* The Company’s ability to satisfactorily service its customers during the implementation and execution of any restructuring plans and/or new product launches;
* The Company’s ability to avoid or limit inefficiencies in the transitioning of products from production facilities to be closed to other existing or new production facilities;
* The Company’s ability to successfully execute its four-point recovery plan;
* The Company’s ability to further cut costs to increase its gross margin and to maintain and grow its business;
* Impairment of assets resulting from business downturns;
* The Company’s ability to realize future tax benefits;
* Customers’ actual production demand for new products and technologies, including market acceptance of a particular vehicle model or engine;
* The Company’s ability to increase its gross margin, including its ability to produce products in low cost countries;
* The Company’s ability to maintain customer relationships while rationalizing business;
* The Company’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 cost-downs from its customers;
* The Company’s ability to obtain profitable business at its new facilities in China, Hungary, Mexico, India and Austria and to produce quality products at these facilities from business obtained;
* The effect of the weather on the Commercial Products business, which directly impacts sales;
* Unanticipated problems with suppliers meeting the Company’s time and price demands;
* The impact of environmental laws and regulations on the Company’s business and the business of the Company’s customers, including the Company’s ability to take advantage of opportunities to supply alternative new technologies to meet environmental emissions standards;
* Economic, social and political conditions, changes and challenges in the markets where the Company operates and competes (including currency exchange rate fluctuations, tariffs, inflation, changes in interest rates, recession, and restrictions associated with importing and exporting and foreign ownership);
* Changes in the anticipated sales mix;
* The Company’s association with a particular industry, such as the automobile industry, which could have an adverse effect on the Company’s stock price;
* The nature of the vehicular industry, including the dramatic decline in customer build rates;
* Work stoppages or interference at the Company or the Company’s major customers;
* Unanticipated product or manufacturing difficulties, including unanticipated warranty claims;
* Unanticipated delays or modifications initiated by major customers with respect to product applications or requirements;
* Costs and other effects of unanticipated litigation or claims, and the increasing pressures associated with rising health care and insurance costs; and
* Other risks and uncertainties identified by the Company in public filings with the U.S. Securities and Exchange Commission.

The Company does not assume any obligation to update any forward-looking statements.”

Third Quarter Earnings Conference Call Dial In Information

To access the February 17th live earnings webcast, including presentation slides, please log on through the investor relations section of Modine’s website at http://www.modine.com at least 10 minutes prior to the start of the event. If you choose to participate on the conference call, please dial 800.599.9795 (international dial in 617.786.2905) and enter passcode 68513851. A replay of the slides and the audio will be available approximately two hours after the call concludes through the investor relations section of Modine’s website at http://www.modine.com. An audio only replay will be available through midnight on February 23, 2009 by dialing 888.286.8010 (international replay 617.801.6888) and entering passcode 13234155. A transcript of the call will be posted to the Company’s website on or about February 19, 2009.

About Modine

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

Source: Modine Manufacturing Company

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

2/9/2009 1:21:00 PM
Modine to File Form 12b-25 with Securities and Exchange Commission; Plans to Release Third Quarter Fiscal 2009 Earnings on February 17, 2009

RACINE, Wis.–(BUSINESS WIRE)–Feb. 9, 2009– Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today that it intends to file on February 10, 2009, a Form 12b-25 “Notification of Late Filing” with the Securities and Exchange Commission stating that the filing of the company’s Form 10-Q for the quarter ended December 31, 2008 will be delayed and indicating that the Form 10-Q will be filed on or before February 17, 2009, the fifth calendar day following the prescribed due date. A copy of the Form 12b-25 will be made available through the SEC filings section on the investor relations portal of the company’s website at http://www.modine.com and will include details regarding the reasons for the delay.

The company will release its third quarter fiscal 2009 earnings on Tuesday, February 17, 2009 and conduct a conference call and webcast for investors on that same date at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

To access the live earnings webcast, including presentation slides, please log on through the investor relations section of Modine’s website at http://www.modine.com at least 10 minutes prior to the start of the event. If you choose to participate on the conference call, please dial 800.599.9795 (international dial in 617.786.2905) and enter passcode 68513851. A replay of the slides and the audio will be available approximately two hours after the call concludes through the investor relations section of Modine’s website at http://www.modine.com. An audio only replay will be available through midnight on February 23, 2009 by dialing 888.286.8010 (international replay 617.801.6888) and entering passcode 13234155. A transcript of the call will be posted to the company’s website on or about February 19, 2009.

About Modine

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

Source: Modine Manufacturing Company

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

– More News

Markets We Serve
Automotive
Off-Highway
Truck
Engines
Building HVAC
Fuel Cells
Cooling Coils

http://www3.modine.com/v2portal/modine.portal

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