Actuant Reports First Quarter Results, Increases Guidance
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE: ATU) today announced results for its first quarter ended November 30, 2009.
Highlights
-- Reported first quarter sales of $305 million, the highest quarterly
amount in the past four quarters. Year-over-year first quarter core
sales declined 20%, a sequential improvement from the 27% decline in the
previous quarter.
-- Diluted earnings per share ("EPS") of $0.20 (excluding $3.6 million or
$0.03 per diluted share in restructuring charges) were ahead of
expectations due to the higher sales volume. (See attached
reconciliation of earnings.)
-- Generated $44 million of cash flow from operations (excluding the $37
million impact of the expiration of the accounts receivable
securitization program).
-- EBITDA margins were in line with expectations, including a 360 basis
point sequential improvement in the Engineered Solutions segment. (See
attached reconciliation of earnings.)
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, "First quarter sales and earnings per share, adjusted for special items, were ahead of our expectations. Three of the four segments saw year-over-year core sales improve sequentially, while the Energy segment's sales stabilized. Despite unfavorable segment mix and higher incentive compensation expense, consolidated margins were in line with the fourth quarter due to operating improvements, most notably within the Engineered Solutions segment. We were also pleased with the working capital management and progress on restructuring projects during the quarter. Overall, we are encouraged by the trends we are seeing in the businesses as well as the continued strong execution by Actuant's employees across the globe."
Consolidated Results
Consolidated sales for the first quarter declined 18% to $305 million compared to $371 million in the first quarter of fiscal 2009. Core sales (sales excluding the impact of acquisitions, divestitures and currency rate changes) declined 20%. Earnings and EPS from continuing operations in the fiscal 2010 first quarter were $11.9 million and $0.17, respectively, compared to earnings from continuing operations of $11.9 million and EPS of $0.19 in the comparable prior year quarter. Results from continuing operations for the first quarter of fiscal 2010 included pre-tax restructuring charges of $3.6 million, or $0.03 per diluted share. Fiscal 2009 first quarter results included a pre-tax non-cash asset impairment charge of $26.6 million, or $0.26 per diluted share as well as pre-tax restructuring charges of $0.7 million, or $0.01 per diluted share. Excluding these items, EPS from continuing operations was $0.20 in the first quarter of fiscal 2010 compared to $0.45 in the prior year's quarter. (See attached reconciliation of earnings.)
Segment Results
Industrial Segment
(US $ in millions)
Three Months Ended
November 30,
2009 2008
Sales $65.3 $90.5
Operating Profit (1) $13.9 $26.1
Operating Profit % (1) 21.2 % 28.8 %
(1) Results for the three months ended November 30, 2009 and 2008 exclude restructuring charges of $0.2 million and $0.1 million, respectively.
First quarter fiscal 2010 Industrial segment sales decreased 28% to $65 million. Excluding foreign currency rate changes, Industrial segment core sales were 30% below the prior year due to lower demand across most regions and end markets. Sales increased 6% sequentially and the core sales trend improved to -30% from -35% in the fourth quarter of fiscal 2009. Operating profit and profit margins (excluding restructuring costs) declined from the prior year due to lower sales and production levels, higher incentive compensation expense and manufacturing variances associated with facility consolidations.
Energy Segment
(US $ in millions)
Three Months Ended
November 30,
2009 2008
Sales $64.1 $74.0
Operating Profit (2) $11.5 $15.6
Operating Profit % (2) 18.0 % 21.1 %
(2) Results for both three month periods exclude restructuring charges of $0.1 million.
Fiscal 2010 first quarter Energy segment sales decreased 13% to $64 million. Core sales declined 12% due primarily to lower project based revenue. Weakness in exploration related demand as well as the deferral or reduction of maintenance at certain existing oil & gas installations continued. The segment's core sales rate of change was approximately level with the prior quarter. Operating profit margin (excluding restructuring costs) declined year-over-year reflecting unfavorable acquisition mix and lower sales volumes.
Electrical Segment
(US $ in millions)
Three Months Ended
November 30,
2009 2008
Sales $86.6 $102.9
Operating Profit (3) $3.4 $5.9
Operating Profit % (3) 3.9 % 5.7 %
(3) Results for the three months ended November 30, 2009 and 2008 exclude restructuring charges of $2.7 million and $0.1 million, respectively.
Electrical segment fiscal 2010 first quarter sales declined 16% to $87 million. Core sales decreased 18% from the prior year reflecting weakness across the segment's end markets, most notably in the utility and commercial construction markets as well as in the European DIY market. First quarter operating profit margin (excluding restructuring costs) declined to 3.9% reflecting lower volumes and inefficiencies associated with the significant restructuring programs underway in the segment.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended
November 30,
2009 2008
Sales $89.2 $103.4
Operating Profit (4) $5.5 $7.9
Operating Profit % (4) 6.1 % 7.6 %
(4) Results for the three months ended November 30, 2009 exclude restructuring charges of $0.4 million. Results for the three months ended November 30, 2008 exclude a $26.6 million pre-tax non-cash asset impairment charge and $0.5 million of restructuring charges.
First quarter fiscal 2010 Engineered Solutions segment sales declined 14% reflecting reduced demand from global truck and specialty vehicle end markets. However, the core revenue year-over-year rate of change improved sequentially from -37% in the fourth quarter of fiscal 2009 to -18% in the first quarter due to higher sales to the automotive and RV markets as well as reduced destocking at major global truck OEM's. First quarter operating margins (excluding restructuring) continue to be negatively impacted by the lower sales; however, they improved 360 basis points sequentially due to a lower cost structure, improved product mix and higher production levels.
Corporate
Corporate expenses for the first quarter of fiscal 2010, excluding restructuring charges of approximately $0.2 million, were $5.5 million compared to $3.2 million in the comparable prior year quarter. The prior year amount included $2.3 million of income related to the reduced valuation of the Company's long term incentive plan (LTIP).
Financial Position
Net debt at November 30, 2009 was $391 million (total debt of $405 million less $14 million of cash). Net debt declined $3 million from the beginning of the quarter as robust free cash flow more than offset the $37 million increase associated with the expiration of the Company's accounts receivable securitization program during the quarter. As of November 30, 2009, the Company had over $350 million of unused revolver capacity.
Outlook
Arzbaecher continued, "From a global economic standpoint, we believe the worst is behind us. We've experienced stabilization in most end markets and sequential improvement in certain early cycle businesses and those where inventory destocking was meaningful. While visibility in our Energy segment remains challenging, it appears to have stabilized. From a cost reduction and business simplification standpoint, our activities are on track and we are confident we will realize the $35 million in committed annual cost savings once these projects have been completed.
Given positive first quarter results and better visibility, we have narrowed our fiscal 2010 revenue guidance to $1.20-$1.25 billion. We anticipate diluted EPS for the full year, excluding restructuring costs, to be in the $0.82-$0.97 range. Our full year free cash flow forecast has also been increased to $100-$110 million, which would again result in free cash flow conversion in excess of 100%. We continue to pursue accretive acquisition opportunities which, when executed, will be incremental to this guidance.
We expect second quarter sales to be in the $275-$295 million range, sequentially lower than the first quarter due to normal seasonality. However, EPS is expected to improve from $0.11 in the second quarter of fiscal 2009 (excluding restructuring charges) to a range of $0.12-$0.17 (excluding restructuring charges). Following the anniversary of the economic slowdown in our fiscal 2009 second quarter, we are optimistic that our quarterly earnings will improve meaningfully in the second half of fiscal 2010."
Conference Call Information
An investor conference call is scheduled for 10am CT today, December 17, 2009. 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 related industries and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Butler, 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,
2009 2009
ASSETS
Current assets
Cash and cash equivalents $ 13,822 $ 11,385
Accounts receivable, net 205,572 155,520
Inventories, net 167,963 160,656
Deferred income taxes 20,800 20,855
Other current assets 15,853 15,246
Total current assets 424,010 363,662
Property, plant and equipment, net 127,129 129,118
Goodwill 719,415 711,522
Other intangible assets, net 346,215 350,249
Other long-term assets 12,356 13,880
Total assets $ 1,629,125 $ 1,568,431
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 1,697 $ 4,964
Trade accounts payable 122,587 108,333
Accrued compensation and benefits 30,830 30,079
Income taxes payable 28,601 20,578
Other current liabilities 75,942 71,140
Total current liabilities 259,657 235,094
Long-term debt, less current maturities 402,753 400,135
Deferred income taxes 118,367 117,335
Pension and postretirement benefit accruals 38,608 37,662
Other long-term liabilities 32,113 30,835
Shareholders' equity
Capital stock 13,570 13,543
Additional paid-in capital (184,066 ) (188,644 )
Accumulated other comprehensive loss (10,796 ) (24,599 )
Stock held in trust (1,827 ) (1,766 )
Deferred compensation liability 1,827 1,766
Retained earnings 958,919 947,070
Total shareholders' equity 777,627 747,370
Total liabilities and shareholders' equity $ 1,629,125 $ 1,568,431
Actuant Corporation
Condensed Consolidated Statements of Earnings
(Dollars in thousands except per share amounts)
(Unaudited)
Three Months Ended
November 30, November 30,
2009 2008
Net sales $ 305,193 $ 370,789
Cost of products sold 198,571 240,564
Gross profit 106,622 130,225
Selling, administrative and engineering expenses 72,496 73,676
Restructuring charges 3,574 674
Impairment charges - 26,553
Amortization of intangible assets 5,457 4,231
Operating profit 25,095 25,091
Financing costs, net 8,538 12,235
Other (income) expense, net 304 (539 )
Earnings from continuing operations before income
tax expense 16,253 13,395
Income tax expense 4,399 1,497
Earnings from continuing operations 11,854 11,898
Loss from discontinued operations, net of income - (300 )
taxes
Net earnings $ 11,854 $ 11,598
Earnings from continuing operations per share
Basic $ 0.18 $ 0.21
Diluted 0.17 0.19
Earnings per share
Basic $ 0.18 $ 0.21
Diluted 0.17 0.19
Weighted average common shares outstanding
Basic 67,542 56,022
Diluted 74,012 64,395
Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
November 30, November 30,
2009 2008
Operating Activities
Net earnings $ 11,854 $ 11,598
Adjustments to reconcile net earnings to net cash
provided
by operating activities:
Depreciation and amortization 12,187 12,747
Stock-based compensation expense 1,943 1,537
Provision (benefit) for deferred income taxes 256 (10,360 )
Impairment charges - 26,552
Amortization of debt discount and debt issuance 962 880
costs
Other 231 (817 )
Changes in operating assets and liabilities,
excluding
the effects of the business acquisitions
Accounts receivable (8,032 ) 4,974
Accounts receivable securitization program - 483
Expiration of accounts receivable securitization (37,106 ) -
program
Inventories (4,400 ) (5,332 )
Prepaid expenses and other assets 30 (38 )
Trade accounts payable 12,439 (19,683 )
Income taxes payable 9,439 1,895
Other accrued liabilities 6,976 (11,918 )
Net cash provided by operating activities 6,779 12,518
Investing Activities
Proceeds from sale of property, plant and equipment 275 94
Capital expenditures (3,178 ) (7,634 )
Business acquisitions, net of cash acquired - (231,768 )
Net cash used in investing activities (2,903 ) (239,308 )
Financing Activities
Net borrowings on revolving credit facilities and
short-term borrowings 22,382 187,995
Principal repayments on term loans and other debt - (155,000 )
Proceeds from term loan - 115,000
Open market repurchases of 2% Convertible Notes (22,894 ) -
Debt issuance costs - (5,333 )
Stock option exercises, related tax benefits and 487 2,479
other
Cash dividend (2,702 ) (2,251 )
Net cash (used in) provided by financing activities (2,727 ) 142,890
Effect of exchange rate changes on cash 1,288 (8,431 )
Net increase (decrease) in cash and cash equivalents 2,437 (92,331 )
Cash and cash equivalents - beginning of period 11,385 122,549
Cash and cash equivalents - end of period $ 13,822 $ 30,218
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
FISCAL 2009 FISCAL 2010
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
SALES
INDUSTRIAL $ $ $ $ $ 286,851 $ $
SEGMENT 90,524 71,682 62,843 61,802 65,308 65,308
ENERGY SEGMENT 73,982 59,526 62,251 63,731 259,490 64,065 64,065
ELECTRICAL 102,898 89,719 83,752 87,792 364,161 86,618 86,618
SEGMENT
ENGINEERED
SOLUTIONS 103,385 72,872 76,308 76,731 329,296 89,202 89,202
SEGMENT
TOTAL $ $ $ $ $ $ $
370,789 293,799 285,154 290,056 1,239,798 305,193 305,193
% SALES GROWTH
INDUSTRIAL 4 % -18 % -38 % -37 % -23 % -28 % -28 %
SEGMENT
ENERGY SEGMENT 49 % 37 % 7 % 5 % 22 % -13 % -13 %
ELECTRICAL -21 % -29 % -34 % -22 % -27 % -16 % -16 %
SEGMENT
ENGINEERED
SOLUTIONS -23 % -44 % -47 % -37 % -38 % -14 % -14 %
SEGMENT
TOTAL -8 % -24 % -34 % -26 % -23 % -18 % -18 %
OPERATING
PROFIT (LOSS)
INDUSTRIAL $ $ $ $ $ 71,368 $ $
SEGMENT 26,107 15,972 15,597 13,692 13,854 13,854
ENERGY SEGMENT 15,647 5,895 11,772 11,801 45,115 11,502 11,502
ELECTRICAL 5,896 2,404 3,119 4,213 15,632 3,357 3,357
SEGMENT
ENGINEERED
SOLUTIONS 7,865 (2,735 ) 991 342 6,463 5,481 5,481
SEGMENT
CORPORATE / (3,197 ) (5,013 ) (4,815 ) (5,042 ) (18,066 ) (5,471 ) (5,471 )
GENERAL
TOTAL -
EXCLUDING $ $ $ $ $ $
IMPAIRMENT / 52,318 16,523 26,664 25,006 $ 120,512 28,723 28,723
RESTRUCTURING
CHARGES
IMPAIRMENT (26,553 ) - (4,768 ) - (31,321 ) - -
CHARGES
RESTRUCTURING (674 ) (3,039 ) (10,749 ) (9,277 ) (23,739 ) (3,628 ) (3,628 )
CHARGES (1)
TOTAL $ $ $ $ $ 65,452 $ $
25,091 13,484 11,147 15,729 25,095 25,095
OPERATING
PROFIT %
INDUSTRIAL 28.8 % 22.3 % 24.8 % 22.2 % 24.9 % 21.2 % 21.2 %
SEGMENT
ENERGY SEGMENT 21.1 % 9.9 % 18.9 % 18.5 % 17.4 % 18.0 % 18.0 %
ELECTRICAL 5.7 % 2.7 % 3.7 % 4.8 % 4.3 % 3.9 % 3.9 %
SEGMENT
ENGINEERED
SOLUTIONS 7.6 % -3.8 % 1.3 % 0.4 % 2.0 % 6.1 % 6.1 %
SEGMENT
TOTAL
(INCLUDING
CORPORATE) -
EXCLUDING 14.1 % 5.6 % 9.4 % 8.6 % 9.7 % 9.4 % 9.4 %
IMPAIRMENT /
RESTRUCTURING
CHARGES
EBITDA
INDUSTRIAL $ $ $ $ $ 77,727 $ $
SEGMENT 27,139 17,058 18,208 15,322 15,633 15,633
ENERGY SEGMENT 21,671 11,492 15,080 16,235 64,478 15,493 15,493
ELECTRICAL 7,103 3,440 5,307 6,388 22,238 5,270 5,270
SEGMENT
ENGINEERED
SOLUTIONS 12,417 1,274 3,879 4,953 22,524 8,981 8,981
SEGMENT
CORPORATE / (3,110 ) (4,058 ) (4,237 ) (4,196 ) (15,601 ) (4,771 ) (4,771 )
GENERAL
TOTAL -
EXCLUDING $ $ $ $ $ $
IMPAIRMENT / 65,220 29,206 38,237 38,702 $ 171,366 40,606 40,606
RESTRUCTURING
CHARGES
IMPAIRMENT (26,553 ) - (4,768 ) - (31,321 ) - -
CHARGES
RESTRUCTURING (674 ) (3,039 ) (10,749 ) (9,277 ) (23,739 ) (3,628 ) (3,628 )
CHARGES (1)
TOTAL $ $ $ $ $ 116,306 $ $
37,993 26,167 22,720 29,425 36,978 36,978
EBITDA %
INDUSTRIAL 30.0 % 23.8 % 29.0 % 24.8 % 27.1 % 23.9 % 23.9 %
SEGMENT
ENERGY SEGMENT 29.3 % 19.3 % 24.2 % 25.5 % 24.8 % 24.2 % 24.2 %
ELECTRICAL 6.9 % 3.8 % 6.3 % 7.3 % 6.1 % 6.1 % 6.1 %
SEGMENT
ENGINEERED
SOLUTIONS 12.0 % 1.7 % 5.1 % 6.5 % 6.8 % 10.1 % 10.1 %
SEGMENT
TOTAL
(INCLUDING
CORPORATE) -
EXCLUDING 17.6 % 9.9 % 13.4 % 13.3 % 13.8 % 13.3 % 13.3 %
IMPAIRMENT /
RESTRUCTURING
CHARGES
Note: The total of the individual quarters may not equal the annual total due to rounding.
(1) The restructuring charge for the first quarter of fiscal 2010 includes a $54 charge included in cost of products sold on the Condensed Consolidated Statements of Earnings. The restructuring charges for the third and fourth quarters of fiscal 2009 and total fiscal 2009 include $276, $1,037 and $1,313 of charges included in cost of products sold on the Condensed Consolidated Statements of Earnings.
ACTUANT CORPORATION
Reconciliation of GAAP measures to non-GAAP measures
(Dollars in thousands, except for per share amounts)
FISCAL 2009 FISCAL 2010
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
NET EARNINGS
(LOSS),
EXCLUDING
RESTRUCTURING
CHARGES,
IMPAIRMENT
CHARGES, DEBT
EXTINGUISHMENT
CHARGES, AND
DISCONTINUED
OPERATIONS (1)
NET EARNINGS $ $ $ $ $ $ $
(LOSS) (GAAP 11,598 3,244 (17,635 ) 16,515 13,723 11,854 11,854
MEASURE)
RESTRUCTURING
CHARGES, NET 481 2,028 7,173 6,223 15,905 2,601 2,601
OF TAX BENEFIT
IMPAIRMENT
CHARGES, NET 16,463 - 2,981 - 19,444 - -
OF TAX BENEFIT
DEBT
EXTINGUISHMENT (236 ) - - 1,303 1,067 - -
CHARGES, NET
OF TAX BENEFIT
DISCONTINUED
OPERATIONS, 300 985 20,846 (12,003 ) 10,128 - -
NET OF TAX
BENEFIT
TOTAL (NON-GAAP $ $ $ $ $ $ $
MEASURE) 28,606 6,257 13,365 12,038 60,267 14,455 14,455
DILUTED EARNINGS
(LOSS) PER
SHARE, EXCLUDING
RESTRUCTURING
CHARGES,
IMPAIRMENT
CHARGES, DEBT
EXTINGUISHMENT
CHARGES, AND
DISCONTINUED
OPERATIONS (1)
NET EARNINGS
(LOSS) (GAAP $ 0.19 $ 0.06 $ (0.27 ) $ 0.24 $ 0.24 $ 0.17 $ 0.17
MEASURE)
RESTRUCTURING
CHARGES, NET 0.01 0.03 0.11 0.09 0.24 0.03 0.03
OF TAX BENEFIT
IMPAIRMENT
CHARGES, NET 0.26 - 0.05 - 0.29 - -
OF TAX BENEFIT
DEBT
EXTINGUISHMENT (0.00 ) - - 0.02 0.02 - -
CHARGES, NET
OF TAX BENEFIT
DISCONTINUED
OPERATIONS, - 0.02 0.33 (0.17 ) 0.15 - -
NET OF TAX
BENEFIT
TOTAL (NON-GAAP $ 0.45 $ 0.11 $ 0.22 $ 0.18 $ 0.95 $ 0.20 $ 0.20
MEASURE)
EBITDA (2)
NET EARNINGS $ $ $ $ $ $ $
(LOSS) (GAAP 11,598 3,244 (17,635 ) 16,515 13,723 11,854 11,854
MEASURE)
FINANCING 12,235 9,904 9,025 10,685 41,849 8,538 8,538
COSTS, NET
INCOME TAX 1,497 (604 ) (1,907 ) 540 (474 ) 4,399 4,399
EXPENSE
DEPRECIATION & 12,363 12,638 12,391 13,688 51,080 12,187 12,187
AMORTIZATION
DISCONTINUED
OPERATIONS, 300 985 20,846 (12,003 ) 10,128 - -
NET OF TAX
BENEFIT
EBITDA $ $ $ $ $ $ $
(NON-GAAP 37,993 26,167 22,720 29,425 116,306 36,978 36,978
MEASURE)
IMPAIRMENT 26,553 - 4,768 - 31,321 - -
CHARGES
RESTRUCTURING 674 3,039 10,749 9,277 23,739 3,628 3,628
CHARGES
EBITDA
(NON-GAAP
MEASURE) -
EXCLUDING
DISCONTINUED
OPERATIONS,
IMPAIRMENT,
AND $ $ $ $ $ $ $
RESTRUCTURING 65,220 29,206 38,237 38,702 171,366 40,606 40,606
CHARGES
(1) Net earnings and diluted earnings per share excluding restructuring charges, impairment charges, debt extinguishment charges and discontinued operations represent net earnings and diluted earnings per share per the Condensed Consolidated Statements of Earnings net of charges or credits for items to be highlighted for comparability purposes. These measures should not be considered as an alternative to net earnings or diluted earnings per share as an indicator of the Company's operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Actuant companies. The total of the individual components may not equal due to rounding.
(2) 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. The total of the individual quarters may not equal the annual total due to rounding.
Source: Actuant Corporation
Released December 17, 2009