Actuant Reports Improved First Quarter Results; Increases Fiscal 2012 Earnings Guidance
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE: ATU) today announced results for its first quarter ended November 30, 2011.
Highlights
- 39% year-over-year increase in diluted earnings per share from continuing operations (“EPS”) to $0.50.
- Core sales growth of 7% (total sales less the impact of acquisitions, divestitures and foreign currency rate changes) with double digit core sales growth in both the Industrial and Energy segments.
- Year-over-year operating profit margin expansion of 150 basis points.
- Purchased approximately one million shares of common stock under the previously announced share repurchase program.
- Increased full year guidance to reflect strong first quarter results and completed share repurchases.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “Actuant delivered another strong quarter with sales, EPS and cash flow solidly above expectations. In particular, we were pleased with the first quarter’s double digit core sales growth in both the Industrial and Energy segments. Our execution was outstanding as we generated year-over-year EBITDA margin improvement in all four segments while continuing to invest in our Growth + Innovation initiatives. Finally, we completed the repurchase of nearly one million common shares, deploying approximately $20 million of the first quarter’s free cash flow on what we believe is an attractive investment. I want to thank our employees for their efforts in delivering a great start to the year.”
Consolidated Results
Consolidated sales for the first quarter were $393 million, 23% higher than the comparable prior year quarter. Core sales increased 7% with acquisitions contributing an additional 15% and the weaker U.S. dollar +1%. Fiscal 2012 first quarter net earnings from continuing operations were $37.2 million compared to $26.7 million in the comparable prior year quarter. EPS of $0.50 in the first quarter of fiscal 2012 was 39% higher than the $0.36 in the comparable prior year quarter.
Segment Results
Industrial Segment
(US $ in millions)
|
Three Months Ended |
|||||||
| 2011 | 2010 | ||||||
| Sales | $100.3 | $87.4 | |||||
| Operating Profit | $27.9 | $20.2 | |||||
| Operating Profit % | 27.9% | 23.1% | |||||
First quarter fiscal 2012 Industrial segment sales were $100 million, 15% higher than the prior year. Excluding foreign currency rate changes (+2%), core sales increased 13% reflecting higher demand across nearly all geographies and served markets. Notably, the segment’s vertical market penetration strategies and new products continue to gain traction. Year-over-year operating profit margins improved 480 basis points due primarily to the higher volumes as well as favorable mix.
Energy Segment
(US $ in millions)
|
Three Months Ended |
||||||||
| 2011 | 2010 | |||||||
| Sales | $80.4 | $70.7 | ||||||
| Operating Profit | $13.2 | $11.9 | ||||||
| Operating Profit % | 16.4% | 16.8% | ||||||
Fiscal 2012 first quarter year-over-year Energy segment sales increased 14% to $80 million. Excluding the 2% favorable foreign currency impact, core sales increased 12% due primarily to higher activity levels in both maintenance and capital spending within the oil & gas and power generation markets. Continued penetration into emerging markets and energy service adjacencies also contributed to the sales growth. Current year first quarter operating profit margin was 16.4%, a modest decline from the prior year due to unfavorable mix.
Electrical Segment
(US $ in millions)
|
Three Months Ended |
||||||||
| 2011 | 2010 | |||||||
| Sales | $82.8 | $55.4 | ||||||
| Operating Profit | $5.0 | $3.8 | ||||||
| Operating Profit % | 6.0% | 6.8% | ||||||
Electrical segment fiscal 2012 first quarter sales were $83 million, 50% higher than the comparable prior year quarter. Excluding the 1% favorable foreign currency impact and 42% contribution from the Mastervolt acquisition, core sales increased 7%. This core sales improvement reflected higher volumes in the retail, industrial and utility markets as well as the impact of price increases. Mastervolt solar sales benefitted from aggressive sales promotions and higher shipments in the UK. First quarter operating profit margin declined 80 basis points from the prior year due to unfavorable acquisition mix and plant closure costs.
Engineered Solutions Segment
(US $ in millions)
|
Three Months Ended |
||||||||
| 2011 | 2010 | |||||||
| Sales | $129.3 | $104.9 | ||||||
| Operating Profit | $19.0 | $13.8 | ||||||
| Operating Profit % | 14.7% | 13.2% | ||||||
First quarter fiscal 2012 Engineered Solutions segment sales increased 23% from the prior year to $129 million. Excluding the impact of the weaker U.S. dollar (+1%), and the Weasler acquisition (+22%), year-over-year core sales were unchanged. First quarter sales reflected increased heavy-duty truck production in North America and Europe which was more than offset by year-over-year declines in automotive sales. Demand for products in the agriculture and construction equipment markets remained strong. First quarter operating margins increased 150 basis points year-over-year due to underlying sales growth in the segment’s most profitable end markets.
Corporate
Corporate expenses for the first quarter of fiscal 2012 were $7.8 million, in line with the comparable prior year period. Higher spending on increased staffing and Growth + Innovation activities was offset by lower acquisition and incentive compensation costs.
Financial Position
Net debt at November 30, 2011 was $482 million (total debt of $530 million less $48 million of cash), essentially unchanged from fiscal year end. Actuant’s first quarter cash flow was significantly stronger than the prior year quarter. The Company used approximately $20 million of cash flow to repurchase nearly one million common shares during the quarter. At November 30, 2011, the Company had net debt to EBITDA leverage of 1.8 times and over $525 million of revolver availability.
Outlook
Commenting on Actuant’s outlook, Arzbaecher stated, “We are off to a strong start to the year with first quarter sales, net earnings and cash flow ahead of plan. We believe we will achieve record highs for these financial metrics in fiscal 2012. The current economic environment creates uncertainty for Actuant and its customers. Therefore, despite the robust year-over-year growth we have enjoyed over the past quarters, we anticipate that economic conditions in some of our served geographies, most notably Europe, could provide for more challenging business conditions going forward.
“Taking these factors into account, as well as our recent stock repurchases and solid growth in our most profitable segments, we are raising our full year EPS and cash flow guidance. We now expect full year EPS to be in the $1.85-2.05 range, a $0.05 per share increase from our prior expectations. Since the current strong US dollar creates currency translation headwinds, we are maintaining our $1.60-1.65 billion sales guidance. We are expecting fiscal 2012 full year free cash flow to be in the $160-170 million range, a $5 million increase above our prior guidance range.
“We expect second quarter sales to be in the $360-370 million range, with EPS of $0.35-0.40, a 25% year-over-year improvement at the mid-point of the range. The second quarter outlook incorporates the normal seasonal slowdown experienced across nearly all of our underlying businesses. Consistent with past practice, all guidance excludes the impact of potential future acquisitions and additional share repurchases.
“We continue to benefit from our diversity with solid demand across the majority of our end markets and geographies. At the same time, we are successfully executing on our continuous improvement initiatives focused on both growth and margin expansion. These factors have contributed to our strong performance and provide us with optimism that we’ll be able to deliver continued growth in earnings and cash flow."
Conference Call Information
An investor conference call is scheduled for 10am CT today, December 21, 2011. Webcast information and conference call materials will be made available on the Actuant company website (www.actuant.com) prior to the start of the call.
Safe Harbor Statement
Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant’s results are also subject to general economic conditions, variation in demand from customers, the impact of geopolitical activity on the economy, continued market acceptance of the Company’s new product introductions, the successful integration of acquisitions, restructuring, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors. Actuant disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.
About Actuant Corporation
Actuant Corporation is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic and electrical tools and supplies; specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website at www.actuant.com.
(tables follow)
| Actuant Corporation | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (Dollars in thousands) | ||||||||||
| (Unaudited) | ||||||||||
| November 30, | August 31, | |||||||||
| 2011 | 2011 | |||||||||
| ASSETS | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 48,119 | $ | 44,221 | ||||||
| Accounts receivable, net | 227,131 | 223,760 | ||||||||
| Inventories, net | 219,392 | 223,235 | ||||||||
| Deferred income taxes | 32,186 | 32,461 | ||||||||
| Other current assets | 22,711 | 22,807 | ||||||||
| Total current assets | 549,539 | 546,484 | ||||||||
| Property, plant and equipment, net | 118,582 | 128,649 | ||||||||
| Goodwill | 871,856 | 888,466 | ||||||||
| Other intangible assets, net | 464,438 | 479,406 | ||||||||
| Other long-term assets | 13,139 | 13,676 | ||||||||
| Total assets | $ | 2,017,554 | $ | 2,056,681 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| Current liabilities | ||||||||||
| Trade accounts payable | $ | 163,286 | $ | 170,084 | ||||||
| Accrued compensation and benefits | 43,906 | 71,639 | ||||||||
| Short term borrowings and current maturities of debt | 4,036 | 2,690 | ||||||||
| Income taxes payable | 19,158 | 19,342 | ||||||||
| Other current liabilities | 67,666 | 66,548 | ||||||||
| Total current liabilities | 298,052 | 330,303 | ||||||||
| Long-term debt | 525,997 | 522,727 | ||||||||
| Deferred income taxes | 164,401 | 165,945 | ||||||||
| Pension and postretirement benefit accruals | 18,706 | 18,864 | ||||||||
| Other long-term liabilities | 95,105 | 99,829 | ||||||||
| Shareholders' equity | ||||||||||
| Capital stock | 13,830 | 13,731 | ||||||||
| Additional paid-in capital | (142,428 | ) | (154,231 | ) | ||||||
| Treasury stock | (20,410 | ) | - | |||||||
| Retained earnings | 1,114,366 | 1,077,192 | ||||||||
| Accumulated other comprehensive loss | (50,065 | ) | (17,679 | ) | ||||||
| Stock held in trust | (2,580 | ) | (2,137 | ) | ||||||
| Deferred compensation liability | 2,580 | 2,137 | ||||||||
| Total shareholders' equity | 915,293 | 919,013 | ||||||||
| Total liabilities and shareholders' equity | $ | 2,017,554 | $ | 2,056,681 | ||||||
| Actuant Corporation | ||||||||
| Condensed Consolidated Statements of Earnings | ||||||||
| (Dollars in thousands except per share amounts) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| November 30, | November 30, | |||||||
| 2011 | 2010 | |||||||
| Net sales | $ | 392,799 | $ | 318,412 | ||||
| Cost of products sold | 240,191 | 196,559 | ||||||
| Gross profit | 152,608 | 121,853 | ||||||
| Selling, administrative and engineering expenses | 88,109 | 74,192 | ||||||
| Amortization of intangible assets | 7,218 | 6,089 | ||||||
| Operating profit | 57,281 | 41,572 | ||||||
| Financing costs, net | 8,222 | 7,552 | ||||||
| Other expense, net | 657 | 448 | ||||||
| Earnings from continuing operations before income | ||||||||
| tax expense | 48,402 | 33,572 | ||||||
| Income tax expense | 11,228 | 6,911 | ||||||
| Earnings from continuing operations | 37,174 | 26,661 | ||||||
| Loss from discontinued operations, net of income taxes | - | (771 | ) | |||||
| Net earnings | $ | 37,174 | $ | 25,890 | ||||
| Earnings from continuing operations per share | ||||||||
| Basic | $ | 0.54 | $ | 0.39 | ||||
| Diluted | 0.50 | 0.36 | ||||||
| Earnings per share | ||||||||
| Basic | $ | 0.54 | $ | 0.38 | ||||
| Diluted | 0.50 | 0.35 | ||||||
| Weighted average common shares outstanding | ||||||||
| Basic | 68,421 | 68,000 | ||||||
| Diluted | 75,142 | 74,876 | ||||||
| Actuant Corporation | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| November 30, | November 30, | |||||||
| 2011 | 2010 | |||||||
| Operating Activities | ||||||||
| Net earnings | $ | 37,174 | $ | 25,890 | ||||
| Adjustments to reconcile net earnings to net cash provided by | ||||||||
| operating activities: | ||||||||
| Depreciation and amortization | 13,540 | 12,301 | ||||||
| Stock-based compensation expense | 3,543 | 2,414 | ||||||
| Benefit for deferred income taxes | (950 | ) | (674 | ) | ||||
| Amortization of debt discount and debt issuance costs | 497 | 941 | ||||||
| Other non-cash adjustments | 58 | 261 | ||||||
| Changes in components of working capital and other: | ||||||||
| Accounts receivable | (9,597 | ) | (10,760 | ) | ||||
| Inventories | (2,595 | ) | (8,710 | ) | ||||
| Prepaid expenses and other assets | (825 | ) | 185 | |||||
| Trade accounts payable | (2,886 | ) | 285 | |||||
| Income taxes payable | 1,216 | 2,039 | ||||||
| Accrued compensation and benefits | (19,169 | ) | (14,940 | ) | ||||
| Other accrued liabilities | 469 | (2,746 | ) | |||||
| Net cash provided by operating activities | 20,475 | 6,486 | ||||||
| Investing Activities | ||||||||
| Proceeds from sale of property, plant and equipment | 5,918 | 59 | ||||||
| Capital expenditures | (5,595 | ) | (4,077 | ) | ||||
| Business acquisitions, net of cash acquired | (290 | ) | (326 | ) | ||||
| Net cash provided by (used in) investing activities | 33 | (4,344 | ) | |||||
| Financing Activities | ||||||||
| Net borrowings on revolving credit facilities and other debt | 4,809 | 14 | ||||||
| Repurchases of 2% Convertible Notes | - | (34 | ) | |||||
| Purchase of treasury shares | (20,410 | ) | - | |||||
| Stock option exercises and related tax benefits | 2,782 | 3,553 | ||||||
| Cash dividend | (2,748 | ) | (2,716 | ) | ||||
| Net cash provided by (used in) financing activities | (15,567 | ) | 817 | |||||
| Effect of exchange rate changes on cash | (1,043 | ) | 1,029 | |||||
| Net increase in cash and cash equivalents | 3,898 | 3,988 | ||||||
| Cash and cash equivalents - beginning of period | 44,221 | 40,222 | ||||||
| Cash and cash equivalents - end of period | $ | 48,119 | $ | 44,210 | ||||
| ACTUANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
| FISCAL 2011 | FISCAL 2012 | |||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | TOTAL | |||||||||||||||||||||||||||||||||||
| SALES | ||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRIAL SEGMENT | $ | 87,392 | $ | 88,935 | $ | 107,759 | $ | 108,927 | $ | 393,013 | $ | 100,253 | $ | 100,253 | ||||||||||||||||||||||||||||||
| ENERGY SEGMENT | 70,743 | 61,587 | 78,002 | 82,728 | 293,060 | 80,421 | 80,421 | |||||||||||||||||||||||||||||||||||||
| ELECTRICAL SEGMENT | 55,396 | 70,176 | 80,329 | 80,112 | 286,013 | 82,833 | 82,833 | |||||||||||||||||||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | 104,881 | 110,000 | 126,687 | 131,669 | 473,237 | 129,292 | 129,292 | |||||||||||||||||||||||||||||||||||||
| TOTAL | $ | 318,412 | $ | 330,698 | $ | 392,777 | $ | 403,436 | $ | 1,445,323 | $ | 392,799 | $ | 392,799 | ||||||||||||||||||||||||||||||
| % SALES GROWTH | ||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRIAL SEGMENT | 34 | % | 28 | % | 35 | % | 27 | % | 31 | % | 15 | % | 15 | % | ||||||||||||||||||||||||||||||
| ENERGY SEGMENT | 10 | % | 14 | % | 38 | % | 35 | % | 24 | % | 14 | % | 14 | % | ||||||||||||||||||||||||||||||
| ELECTRICAL SEGMENT | 2 | % | 28 | % | 30 | % | 28 | % | 22 | % | 50 | % | 50 | % | ||||||||||||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | 18 | % | 23 | % | 13 | % | 31 | % | 21 | % | 23 | % | 23 | % | ||||||||||||||||||||||||||||||
| TOTAL | 17 | % | 24 | % | 27 | % | 30 | % | 25 | % | 23 | % | 23 | % | ||||||||||||||||||||||||||||||
| OPERATING PROFIT (LOSS) | ||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRIAL SEGMENT | $ | 20,187 | $ | 20,149 | $ | 29,517 | $ | 28,562 | $ | 98,415 | $ | 27,933 | $ | 27,933 | ||||||||||||||||||||||||||||||
| ENERGY SEGMENT | 11,858 | 6,792 | 13,545 | 17,150 | 49,345 | 13,217 | 13,217 | |||||||||||||||||||||||||||||||||||||
| ELECTRICAL SEGMENT | 3,760 | 4,945 | 5,462 | 6,516 | 20,683 | 4,977 | 4,977 | |||||||||||||||||||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | 13,802 | 13,425 | 19,977 | 16,408 | 63,612 | 18,999 | 18,999 | |||||||||||||||||||||||||||||||||||||
| CORPORATE / GENERAL | (8,035 | ) | (8,265 | ) | (10,500 | ) | (11,685 | ) | (38,485 | ) | (7,845 | ) | (7,845 | ) | ||||||||||||||||||||||||||||||
| TOTAL | $ | 41,572 | $ | 37,046 | $ | 58,001 | $ | 56,951 | $ | 193,570 | $ | 57,281 | $ | 57,281 | ||||||||||||||||||||||||||||||
| OPERATING PROFIT % | ||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRIAL SEGMENT | 23.1 | % | 22.7 | % | 27.4 | % | 26.2 | % | 25.0 | % | 27.9 | % | 27.9 | % | ||||||||||||||||||||||||||||||
| ENERGY SEGMENT | 16.8 | % | 11.0 | % | 17.4 | % | 20.7 | % | 16.8 | % | 16.4 | % | 16.4 | % | ||||||||||||||||||||||||||||||
| ELECTRICAL SEGMENT | 6.8 | % | 7.0 | % | 6.8 | % | 8.1 | % | 7.2 | % | 6.0 | % | 6.0 | % | ||||||||||||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | 13.2 | % | 12.2 | % | 15.8 | % | 12.5 | % | 13.4 | % | 14.7 | % | 14.7 | % | ||||||||||||||||||||||||||||||
| TOTAL (INCLUDING CORPORATE) | 13.1 | % | 11.2 | % | 14.8 | % | 14.1 | % | 13.4 | % | 14.6 | % | 14.6 | % | ||||||||||||||||||||||||||||||
| EBITDA | ||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRIAL SEGMENT | $ | 22,449 | $ | 22,245 | $ | 31,227 | $ | 30,680 | $ | 106,601 | $ | 29,220 | $ | 29,220 | ||||||||||||||||||||||||||||||
| ENERGY SEGMENT | 15,745 | 10,475 | 16,778 | 21,488 | 64,486 | 18,243 | 18,243 | |||||||||||||||||||||||||||||||||||||
| ELECTRICAL SEGMENT | 5,067 | 8,075 | 8,208 | 9,390 | 30,740 | 7,705 | 7,705 | |||||||||||||||||||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | 17,184 | 16,346 | 23,878 | 20,046 | 77,454 | 22,213 | 22,213 | |||||||||||||||||||||||||||||||||||||
| CORPORATE / GENERAL | (7,161 | ) | (7,709 | ) | (9,462 | ) | (10,769 | ) | (35,101 | ) | (7,217 | ) | (7,217 | ) | ||||||||||||||||||||||||||||||
| TOTAL | $ | 53,284 | $ | 49,432 | $ | 70,629 | $ | 70,835 | $ | 244,180 | $ | 70,164 | $ | 70,164 | ||||||||||||||||||||||||||||||
| EBITDA % | ||||||||||||||||||||||||||||||||||||||||||||
| INDUSTRIAL SEGMENT | 25.7 | % | 25.0 | % | 29.0 | % | 28.2 | % | 27.1 | % | 29.1 | % | 29.1 | % | ||||||||||||||||||||||||||||||
| ENERGY SEGMENT | 22.3 | % | 17.0 | % | 21.5 | % | 26.0 | % | 22.0 | % | 22.7 | % | 22.7 | % | ||||||||||||||||||||||||||||||
| ELECTRICAL SEGMENT | 9.1 | % | 11.5 | % | 10.2 | % | 11.7 | % | 10.7 | % | 9.3 | % | 9.3 | % | ||||||||||||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | 16.4 | % | 14.9 | % | 18.8 | % | 15.2 | % | 16.4 | % | 17.2 | % | 17.2 | % | ||||||||||||||||||||||||||||||
| TOTAL (INCLUDING CORPORATE) | 16.7 | % | 14.9 | % | 18.0 | % | 17.6 | % | 16.9 | % | 17.9 | % | 17.9 | % | ||||||||||||||||||||||||||||||
| ACTUANT CORPORATION | |||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except for per share amounts) | |||||||||||||||||||||||||||||||||||||
| FISCAL 2011 | FISCAL 2012 | ||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | TOTAL | ||||||||||||||||||||||||||||
| EARNINGS FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||||
| NET EARNINGS | $ | 25,890 | $ | 7,929 | $ | 36,358 | $ | 41,382 | $ | 111,559 | $ | 37,174 | $ | 37,174 | |||||||||||||||||||||||
| DISCONTINUED OPERATIONS, NET OF INCOME TAX | 771 | 14,213 | 2,002 | (4,049 | ) | 12,937 | - | - | |||||||||||||||||||||||||||||
| TOTAL | $ | 26,661 | $ | 22,142 | $ | 38,360 | $ | 37,333 | $ | 124,496 | $ | 37,174 | $ | 37,174 | |||||||||||||||||||||||
|
DILUTED EARNINGS PER SHARE, FROM CONTINUING OPERATIONS |
|||||||||||||||||||||||||||||||||||||
| NET EARNINGS | $ | 0.35 | $ | 0.11 | $ | 0.49 | $ | 0.55 | $ | 1.50 | $ | 0.50 | $ | 0.50 | |||||||||||||||||||||||
| DISCONTINUED OPERATIONS, NET OF INCOME TAX | 0.01 | 0.19 | 0.02 | (0.05 | ) | 0.18 | - | - | |||||||||||||||||||||||||||||
| TOTAL | $ | 0.36 | $ | 0.30 | $ | 0.51 | $ | 0.50 | $ | 1.68 | $ | 0.50 | $ | 0.50 | |||||||||||||||||||||||
| RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES | |||||||||||||||||||||||||||||||||||||
| EBITDA (1) | |||||||||||||||||||||||||||||||||||||
| NET EARNINGS (GAAP MEASURE) | $ | 25,890 | $ | 7,929 | $ | 36,358 | $ | 41,382 | $ | 111,559 | $ | 37,174 | $ | 37,174 | |||||||||||||||||||||||
| FINANCING COSTS, NET | 7,552 | 8,238 | 7,850 | 8,479 | 32,119 | 8,222 | 8,222 | ||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE | 6,911 | 6,169 | 11,460 | 10,171 | 34,711 | 11,228 | 11,228 | ||||||||||||||||||||||||||||||
| DEPRECIATION & AMORTIZATION | 12,160 | 12,883 | 12,959 | 14,852 | 52,854 | 13,540 | 13,540 | ||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS, NET OF INCOME TAX | 771 | 14,213 | 2,002 | (4,049 | ) | 12,937 | - | - | |||||||||||||||||||||||||||||
| EBITDA (NON-GAAP MEASURE) | $ | 53,284 | $ | 49,432 | $ | 70,629 | $ | 70,835 | $ | 244,180 | $ | 70,164 | $ | 70,164 | |||||||||||||||||||||||
| FOOTNOTES | |||||||||||||||||||||||||||||||||||||
| NOTE: The total of the individual quarters may not equal the annual total due to rounding. | |||||||||||||||||||||||||||||||||||||
| (1) | EBITDA represents net earnings before financing costs, net, income tax expense, depreciation & amortization and discontinued operations. EBITDA is not a calculation based upon generally accepted accounting principles (GAAP). The amounts included in the EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Earnings data. EBITDA should not be considered as an alternative to net earnings or operating profit as an indicator of the Company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. Actuant has presented EBITDA because it regularly reviews this as a measure of the Company's ability to incur and service debt. In addition, EBITDA is used by many of our investors and lenders, and is presented as a convenience to them. However, the EBITDA measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation. |
Actuant Corporation
Karen Bauer
Communications & Investor
Relations Leader
262-293-1562
Source: Actuant Corporation
Released December 21, 2011