Exhibit 99.1

Actuant Reports Improved Third Quarter Results; Raises Fiscal 2010 Guidance and Provides Fiscal 2011 Outlook

MILWAUKEE--(BUSINESS WIRE)--June 17, 2010--Actuant Corporation (NYSE: ATU) today announced results for its third quarter ended May 31, 2010.

Highlights

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We were pleased with our third quarter results, performing better than anticipated with broad-based strength in many of our markets. Revenue growth of 17% was above the high-end of our expectations in the face of headwinds from a stronger than planned US dollar. The sales increase, coupled with solid margin improvement, drove the EPS growth. Cash flow also exceeded expectations due to strong earnings and effective working capital management. We are pleased to have deployed this cash into four tuck-in acquisitions which provide strategic growth benefits to our Industrial and Energy businesses. Overall, our favorable third quarter financial performance highlights improved market demand and strong execution by our employees.”

Consolidated Results

Consolidated sales for the third quarter were $335 million, 17% higher than the comparable prior year quarter. Core sales increased 16% with foreign currency translation adding an additional 1% to growth in the quarter while the net impact of acquisitions and divestitures was not significant. Earnings and EPS from continuing operations in the fiscal 2010 third quarter were $21.8 million and $0.30, respectively, compared to $3.2 million and $0.06 in the comparable prior year quarter. Results for the third quarter of fiscal 2010 reflected restructuring costs (including those reported in cost of products sold) of $2.3 million, or $0.02 per diluted share. Fiscal 2009 third quarter results included restructuring costs of $10.7 million, or $0.11 per diluted share as well as non-cash impairment charges of $4.8 million, or $0.05 per diluted share. Excluding these items, EPS from continuing operations was $0.32 in the third quarter of fiscal 2010, 45% higher than the $0.22 in the prior year. (See attached reconciliation of earnings.)

Sales for the nine months ended May 31, 2010 were $934 million, 2% lower than the $950 million in the comparable prior year period. Excluding the impact of the weaker US dollar (+2%) year-to-date core sales decreased 4%. Earnings and EPS from continuing operations for the nine months ended May 31, 2010 were $40.8 million, or $0.57 per diluted share, compared to $19.3 million, or $0.33 per diluted share for the comparable prior year period. Year-to-date fiscal 2010 results include total restructuring costs of $15.2 million, or $0.15 per diluted share. Results for the nine months ended May 31, 2009 include $31.3 million ($0.29 per diluted share) of non-cash asset impairment charges and $14.5 million ($0.15 per diluted share) of restructuring costs. Excluding these items, current year nine month diluted EPS from continuing operations was $0.72, compared to $0.78 for the comparable prior year period. (See attached reconciliation of earnings.)

Segment Results

Industrial Segment

(US $ in millions)

 

   
Three Months Ended May 31, Nine Months Ended May 31,
2010   2009 2010   2009
Sales $79.7 $62.8 $214.3 $225.0
Operating Profit $20.4 $14.6 $45.0 $56.2
Adjusted Operating Profit(1) $20.7 $15.6 $50.4 $57.7
Adjusted Operating Profit %(1) 26.0 % 24.8 % 23.5 % 25.6 %

(1) Excludes restructuring costs of $0.3 million and $5.4 million for the three and nine months ended May 31, 2010 and $1.0 million and $1.5 million for the three and nine months ended May 31, 2009, respectively.

Third quarter fiscal 2010 Industrial segment sales were $80 million, 27% higher than the prior year. Excluding foreign currency rate changes (+2%), and the benefit of the Integrated Solutions (IS) acquisitions (+5%), Industrial segment core sales increased 20% due to higher demand across most regions and end markets. This 20% year-over-year core sales rate of change represents substantial improvement from the 7% decline in the second quarter of fiscal 2010. Operating profit margins (excluding restructuring costs) improved 120 basis points from the prior year despite unfavorable mix related to the recent IS acquisitions, due to the higher volumes as well as the benefit of restructuring actions.

Energy Segment

(US $ in millions)

   
Three Months Ended May 31, Nine Months Ended May 31,
2010   2009 2010   2009
Sales $56.6 $62.3 $174.6 $195.8
Operating Profit $7.2 $11.5 $22.5 $33.0
Adjusted Operating Profit(2) $7.3 $11.8 $24.4 $33.3
Adjusted Operating Profit %(2) 12.9 % 18.9 % 14.0 % 17.0 %

(2) Excludes restructuring costs of $0.1 million and $1.9 million for the three and nine months ended May 31, 2010 and $0.3 million for both the three and nine months ended May 31, 2009, respectively.

Fiscal 2010 third quarter year-over-year Energy segment sales decreased 9% to $57 million. Excluding the 2% FX impact, core sales declined 11% due primarily to weakness in refinery maintenance activity, seismic exploration and large capital project based revenue. Partially offsetting this decline, emerging markets, alternative energy and adjacent markets (such as medical and defense) saw improving sales levels. Third quarter operating profit margin (excluding restructuring costs) was 12.9%, below the prior year due to the lower volumes and unfavorable mix, however, it improved 250 basis points sequentially.

Electrical Segment

(US $ in millions)

   
Three Months Ended May 31, Nine Months Ended May 31,
2010   2009 2010   2009
Sales $86.5 $83.8 $254.8 $276.4
Operating Profit (Loss) $5.3 ($7.3 ) $10.4 ($0.2 )
Adjusted Operating Profit(3) $6.7 $3.1 $14.9 $11.4
Adjusted Operating Profit %(3) 7.7 % 3.7 % 5.9 % 4.1 %

(3) Excludes restructuring costs of $1.4 million and $4.5 million for the three and nine months ended May 31, 2010, respectively. Excludes restructuring costs of $5.6 million and $6.8 million for the three and nine months ended May 31, 2009, respectively, as well as $4.8 million of non-cash asset impairment charges.

Electrical segment fiscal 2010 third quarter sales were $87 million, 3% higher than the comparable prior year quarter. Excluding product line divestitures (-5%), core sales increased 8% reflecting continued improvement in the North American marine and retail DIY markets. Weakness persisted in the electric utility and commercial construction markets. Third quarter operating profit margin (excluding restructuring costs) increased 400 basis points from the prior year, and 170 basis points sequentially, reflecting higher volumes and restructuring driven cost savings.

Engineered Solutions Segment

(US $ in millions)

   
Three Months Ended May 31, Nine Months Ended May 31,
2010   2009 2010   2009
Sales $111.7 $76.3 $290.3 $252.6
Operating Profit (Loss) $13.2 $(2.7 ) $22.2 $(25.8 )
Adjusted Operating Profit(4) $13.6 $1.0 $25.0 $6.1
Adjusted Operating Profit %(4) 12.1 % 1.3 % 8.6 % 2.4 %

(4) Excludes restructuring costs of $0.4 million and $2.8 million for the three and nine months ended May 31, 2010 and $3.7 million and $5.3 million for the three and nine months ended May 31, 2009. The nine months ended May 31, 2009 also excludes $26.6 million of impairment charges.

Third quarter fiscal 2010 Engineered Solutions segment sales increased a robust 46% from the prior year to $112 million, benefiting from significantly higher shipments to global truck, automotive and specialty vehicle customers. Excluding the impact of acquisitions (+3%), the year-over-year core sales rate of change improved sequentially from 16% in the second quarter of fiscal 2010 to 43% in the third quarter with significantly higher European truck production, model launches within automotive as well as improving trends in the North American truck and construction equipment markets. Third quarter operating margins (excluding restructuring costs) increased 1080 basis points compared to the prior year and 540 basis points sequentially due to the higher volumes and improved cost structure.

Corporate

Corporate expenses for the third quarter of fiscal 2010, excluding restructuring charges of $0.1 million, were $7.4 million, an increase of approximately $2.5 million from last year. The increase is due to approximately $0.7 million of acquisition related costs, growth initiative expenditures and higher annual incentive compensation expense.

Financial Position

Net debt at May 31, 2010 was $359 million (total debt of $381 million less $22 million of cash). The Company deployed approximately $27 million during the quarter on acquisitions yet still reduced net debt by approximately $19 million as a result of strong cash flow. Following quarter end, the Company deployed $17 million of capital to fund the Selantic acquisition, leaving approximately $370 million of unused revolver capacity.

Outlook

The Company updated its fiscal year 2010 outlook to incorporate its actual third quarter financial results, the current foreign currency environment and the impact of recently completed acquisitions. Full year fiscal 2010 EPS is expected to be in the range of $0.95-1.00 (excluding restructuring charges) on sales of $1.24-1.25 billion. Fourth quarter EPS is projected to be in the $0.24-0.29 range on sales of $305-315 million. Free cash flow guidance for the fiscal year has been increased to $120-125 million, up from the previous $110 million estimate.

Arzbaecher continued, “Through the first nine months of fiscal 2010, Actuant has delivered stronger than originally expected results and we intend to continue this momentum into the fourth quarter and fiscal 2011, despite modest global economic uncertainty and foreign currency translation headwind. Moving forward, we remain focused on growing our business, cash flow generation and maintaining a solid financial position. Excluding future acquisitions, we are projecting fiscal 2011 EPS growth of approximately 25%-40% above the mid-point of our fiscal 2010 EPS guidance range, to $1.20-1.35, on sales of approximately $1.31-1.36 billion. Projected free cash flow for fiscal 2011 is $120-130 million. We continue to pursue acquisition opportunities which, when executed, will be incremental to guidance. We believe that the combination of an improving economy, our strong portfolio of businesses, lower cost structure, and focus on growth will benefit Actuant shareholders.

Conference Call Information

An investor conference call is scheduled for 10 am CT today, June 17, 2010. 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)
     
May 31, August 31,
2010 2009
 
ASSETS
Current assets
Cash and cash equivalents $ 22,281 $ 11,385
Accounts receivable, net 214,780 155,520
Inventories, net 161,434 160,656
Deferred income taxes 23,220 20,855
Other current assets 15,483   15,246  
Total current assets 437,198 363,662
 
Property, plant and equipment, net 111,439 129,118
Goodwill 704,200 711,522
Other intangible assets, net 333,201 350,249
Other long-term assets 10,061   13,880  
 
Total assets $ 1,596,099   $ 1,568,431  
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 579 $ 4,964
Trade accounts payable 131,023 108,333
Accrued compensation and benefits 43,832 30,079
Income taxes payable 33,444 20,578
Other current liabilities 84,971   71,140  
Total current liabilities 293,849 235,094
 
Long-term debt, less current maturities 380,538 400,135
Deferred income taxes 115,241 117,335
Pension and postretirement benefit accruals 34,835 37,662
Other long-term liabilities 27,960 30,835
 
Shareholders' equity
Capital stock 13,587 13,543
Additional paid-in capital (178,868 ) (188,644 )
Accumulated other comprehensive loss (78,954 ) (24,599 )
Stock held in trust (1,930 ) (1,766 )
Deferred compensation liability 1,930 1,766
Retained earnings 987,911   947,070  
Total shareholders' equity 743,676   747,370  
 
Total liabilities and shareholders' equity $ 1,596,099   $ 1,568,431  
 
 
Actuant Corporation
Condensed Consolidated Statements of Earnings
(Dollars in thousands except per share amounts)
(Unaudited)
         
 
Three Months Ended Nine Months Ended
May 31, May 31, May 31, May 31,
2010   2009 2010   2009
 
Net sales $ 334,569 $ 285,154 $ 933,978 $ 949,742
Cost of products sold 212,884   189,793   603,973   629,648  
Gross profit 121,685 95,361 330,005 320,094
 
Selling, administrative and engineering expenses 75,553 63,841 218,400 210,518
Restructuring charges 2,201 10,473 14,221 14,186
Impairment charges - 4,768 - 31,321
Amortization of intangible assets 5,305   5,132   16,134   14,346  
Operating profit 38,626 11,147 81,250 49,723
 
Financing costs, net 7,780 9,026 24,115 31,164
Other expense, net 700   817   923   234  
Earnings from continuing operations before income
tax expense (benefit) 30,146 1,304 56,212 18,325
 
Income tax expense (benefit) 8,311   (1,907 ) 15,366   (1,014 )
Earnings from continuing operations 21,835 3,211 40,846 19,339
Loss from discontinued operations, net of income taxes -   (20,846 ) -   (22,131 )
Net earnings (loss) $ 21,835   $ (17,635 ) $ 40,846   $ (2,792 )
 
Earnings from continuing operations per share
Basic $ 0.32 $ 0.06 $ 0.60 $ 0.34
Diluted 0.30 0.06 0.57 0.33
 
Earnings (loss) per share
Basic $ 0.32 $ (0.31 ) $ 0.60 $ (0.05 )
Diluted 0.30 (0.27 ) 0.57 (0.01 )
 
Weighted average common shares outstanding
Basic 67,642 56,252 67,593 56,148
Diluted 74,389 64,051 74,156 64,234
 
 
Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
       
 
Three Months Ended Nine Months Ended
May 31, May 31, May 31, May 31,
2010 2009 2010 2009
 
Operating Activities
Net earnings (loss) $ 21,835 $ (17,635 ) $ 40,846 $ (2,792 )
Adjustments to reconcile net earnings (loss)
to net cash provided by
operating activities:
Depreciation and amortization 12,064 12,753 39,079 38,498
Stock-based compensation expense 2,146 2,953 6,044 6,401
Provision (benefit) for deferred income taxes 155 (9,756 ) 682 (20,116 )
Impairment charges - 31,721 - 58,274
Other 710 1,015 1,923 2,070
Changes in operating assets and
liabilities, excluding the effects of
acquisitions and divestitures:
Accounts receivable (16,592 ) 20,108 (28,555 ) 68,340
Expiration of accounts receivable
securitization program - - (37,106 ) -
Inventories 1,460 26,436 (3,899 ) 36,732
Prepaid expenses and other assets 84 (1,292 ) 2,372 823
Trade accounts payable 12,591 (11,438 ) 24,680 (68,023 )
Income taxes payable 5,701 410 9,235 (7,193 )
Accrued compensation and benefits 8,701 (4,639 ) 16,994 (25,364 )
Other accrued liabilities 2,835   13,426   (2,721 ) 10,031  
Net cash provided by operating activities 51,690 64,062 69,574 97,681
 
Investing Activities
Proceeds from sale of property, plant and equipment 390 317 1,073 607
Proceeds from product line divestiture - - 7,516 -
Capital expenditures (6,437 ) (2,511 ) (13,213 ) (15,018 )
Business acquisitions, net of cash acquired (27,248 ) (50 ) (29,248 ) (235,922 )
Net cash used in investing activities (33,295 ) (2,244 ) (33,872 ) (250,333 )
 
Financing Activities
Net borrowings (repayments) on revolving
credit facilities and
short-term borrowings (11,579 ) (72,010 ) 182 96,199
Principal repayments on term loans - (1,438 ) - (156,438 )
Proceeds from issuance of 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 other 682 598 1,692 3,474
Cash dividend -   -   (2,702 ) (2,251 )
Net cash (used in) provided by financing activities (10,897 ) (72,850 ) (23,722 ) 50,651
 
Effect of exchange rate changes on cash (927 ) 1,995   (1,084 ) (7,256 )
Net increase (decrease) in cash and cash equivalents 6,571 (9,037 ) 10,896 (109,257 )
Cash and cash equivalents - beginning of period 15,710   22,329   11,385   122,549  
Cash and cash equivalents - end of period $ 22,281   $ 13,292   $ 22,281   $ 13,292  
 
 
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 SEGMENT $ 90,524 $ 71,682 $ 62,843 $ 61,802 $ 286,851 $ 65,308 $ 69,235 $ 79,744 $ 214,287
ENERGY SEGMENT 73,982 59,526 62,251 63,731 259,490 64,065 53,862 56,645 174,572
ELECTRICAL SEGMENT 102,898 89,719 83,752 87,792 364,161 86,618 81,705 86,468 254,791
ENGINEERED SOLUTIONS SEGMENT 103,385   72,872   76,308   76,731   329,296   89,202   89,414   111,712     290,328  
TOTAL $ 370,789   $ 293,799   $ 285,154   $ 290,056   $ 1,239,798   $ 305,193   $ 294,216   $ 334,569     $ 933,978  
 
% SALES GROWTH
INDUSTRIAL SEGMENT 4 % -18 % -38 % -37 % -23 % -28 % -3 % 27 % -5 %
ENERGY SEGMENT 49 % 37 % 7 % 5 % 22 % -13 % -10 % -9 % -11 %
ELECTRICAL SEGMENT -21 % -29 % -34 % -22 % -27 % -16 % -9 % 3 % -8 %
ENGINEERED SOLUTIONS SEGMENT -23 % -44 % -47 % -37 % -38 % -14 % 23 % 46 % 15 %
TOTAL -8 % -24 % -34 % -26 % -23 % -18 % 0 % 17 % -2 %
 
OPERATING PROFIT (LOSS)
INDUSTRIAL SEGMENT $ 26,107 $ 15,972 $ 15,597 $ 13,692 $ 71,368 $ 13,854 $ 15,847 $ 20,703 $ 50,404
ENERGY SEGMENT 15,647 5,895 11,772 11,801 45,115 11,502 5,615 7,326 24,443
ELECTRICAL SEGMENT 5,896 2,404 3,119 4,213 15,632 3,357 4,902 6,686 14,945
ENGINEERED SOLUTIONS SEGMENT 7,865 (2,735 ) 991 342 6,463 5,481 6,007 13,554 25,042
CORPORATE / GENERAL (3,197 ) (5,013 ) (4,815 ) (5,042 ) (18,066 ) (5,471 ) (5,561 ) (7,351 )   (18,384 )
TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES $ 52,318 $ 16,523 $ 26,664 $ 25,006 $ 120,512 $ 28,723 $ 26,810 $ 40,918 $ 96,450
IMPAIRMENT CHARGES (26,553 ) - (4,768 ) - (31,321 ) - - - -
RESTRUCTURING CHARGES (1) (674 ) (3,039 ) (10,749 ) (9,277 ) (23,739 ) (3,628 ) (9,280 ) (2,292 )   (15,200 )
TOTAL $ 25,091   $ 13,484   $ 11,147   $ 15,729   $ 65,452   $ 25,095   $ 17,530   $ 38,626     $ 81,250  
 
OPERATING PROFIT %
INDUSTRIAL SEGMENT 28.8 % 22.3 % 24.8 % 22.2 % 24.9 % 21.2 % 22.9 % 26.0 % 23.5 %
ENERGY SEGMENT 21.1 % 9.9 % 18.9 % 18.5 % 17.4 % 18.0 % 10.4 % 12.9 % 14.0 %
ELECTRICAL SEGMENT 5.7 % 2.7 % 3.7 % 4.8 % 4.3 % 3.9 % 6.0 % 7.7 % 5.9 %
ENGINEERED SOLUTIONS SEGMENT 7.6 % -3.8 % 1.3 % 0.4 % 2.0 % 6.1 % 6.7 % 12.1 % 8.6 %

TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES

14.1 % 5.6 % 9.4 % 8.6 % 9.7 % 9.4 % 9.1 % 12.2 % 10.3 %
 
EBITDA
INDUSTRIAL SEGMENT $ 27,139 $ 17,058 $ 18,208 $ 15,322 $ 77,727 $ 15,633 $ 16,639 $ 21,632 $ 53,904
ENERGY SEGMENT 21,671 11,492 15,080 16,235 64,478 15,493 10,072 11,353 36,918
ELECTRICAL SEGMENT 7,103 3,440 5,307 6,388 22,238 5,270 6,429 7,839 19,538
ENGINEERED SOLUTIONS SEGMENT 12,417 1,274 3,879 4,953 22,524 8,981 10,168 17,373 36,522
CORPORATE / GENERAL (3,110 ) (4,058 ) (4,237 ) (4,196 ) (15,601 ) (4,771 ) (4,339 ) (6,542 )   (15,652 )

TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES

$ 65,220 $ 29,206 $ 38,237 $ 38,702 $ 171,366 $ 40,606 $ 38,969 $ 51,655 $ 131,229
IMPAIRMENT CHARGES (26,553 ) - (4,768 ) - (31,321 ) - - - -
RESTRUCTURING CHARGES (1) (674 ) (3,039 ) (10,749 ) (9,277 ) (23,739 ) (3,628 ) (9,280 ) (2,292 )   (15,200 )
TOTAL $ 37,993   $ 26,167   $ 22,720   $ 29,425   $ 116,306   $ 36,978   $ 29,689   $ 49,363     $ 116,029  
 
EBITDA %
INDUSTRIAL SEGMENT 30.0 % 23.8 % 29.0 % 24.8 % 27.1 % 23.9 % 24.0 % 27.1 % 25.2 %
ENERGY SEGMENT 29.3 % 19.3 % 24.2 % 25.5 % 24.8 % 24.2 % 18.7 % 20.0 % 21.1 %
ELECTRICAL SEGMENT 6.9 % 3.8 % 6.3 % 7.3 % 6.1 % 6.1 % 7.9 % 9.1 % 7.7 %
ENGINEERED SOLUTIONS SEGMENT 12.0 % 1.7 % 5.1 % 6.5 % 6.8 % 10.1 % 11.4 % 15.6 % 12.6 %

TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES

17.6 % 9.9 % 13.4 % 13.3 % 13.8 % 13.3 % 13.2 % 15.4 % 14.1 %
 
 
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

OPERATING PROFIT (LOSS), EXCLUDING RESTRUCTURING CHARGES AND IMPAIRMENT CHARGES

INDUSTRIAL SEGMENT
OPERATING PROFIT (GAAP MEASURE) $ 26,007 $ 15,545 $ 14,633 $ 11,266 $ 67,451 $ 13,676 $ 10,937 $ 20,374 $ 44,987
RESTRUCTURING CHARGES 100   427   964   2,426   3,917   178   4,910   329     5,417  
ADJUSTED OPERATING PROFIT (NON-GAAP MEASURE) $ 26,107   $ 15,972   $ 15,597   $ 13,692   $ 71,368   $ 13,854   $ 15,847   $ 20,703     $ 50,404  
 
ENERGY SEGMENT
OPERATING PROFIT (GAAP MEASURE) $ 15,533 $ 5,976 $ 11,508 $ 11,075 $ 44,092 $ 11,359 $ 3,922 $ 7,203 $ 22,484
RESTRUCTURING CHARGES 114   (81 ) 264   726   1,023   143   1,693   123     1,959  
ADJUSTED OPERATING PROFIT (NON-GAAP MEASURE) $ 15,647   $ 5,895   $ 11,772   $ 11,801   $ 45,115   $ 11,502   $ 5,615   $ 7,326     $ 24,443  
 
ELECTRICAL SEGMENT
OPERATING PROFIT (LOSS) (GAAP MEASURE) $ 5,861 $ 1,225 $ (7,285 ) $ 1,250 $ 1,051 $ 673 $ 4,424 $ 5,308 $ 10,405
RESTRUCTURING CHARGES 35 1,179 5,636 2,963 9,813 2,684 478 1,378 4,540
IMPAIRMENT CHARGE -   -   4,768   -   4,768   -   -   -     -  
ADJUSTED OPERATING PROFIT (NON-GAAP MEASURE) $ 5,896   $ 2,404   $ 3,119   $ 4,213   $ 15,632   $ 3,357   $ 4,902   $ 6,686     $ 14,945  
 
ENGINEERED SOLUTIONS
OPERATING PROFIT (LOSS) (GAAP MEASURE) $ (19,113 ) $ (3,985 ) $ (2,670 ) $ (2,664 ) $ (28,432 ) $ 5,053 $ 3,995 $ 13,170 $ 22,218
RESTRUCTURING CHARGES 425 1,250 3,661 3,006 8,342 428 2,012 384 2,824
IMPAIRMENT CHARGE 26,553   -   -   -   26,553   -   -   -     -  
ADJUSTED OPERATING PROFIT (LOSS) (NON-GAAP MEASURE) $ 7,865   $ (2,735 ) $ 991   $ 342   $ 6,463   $ 5,481   $ 6,007   $ 13,554     $ 25,042  
 
CORPORATE
OPERATING LOSS (GAAP MEASURE) $ (3,197 ) $ (5,277 ) $ (5,039 ) $ (5,198 ) $ (18,710 ) $ (5,666 ) $ (5,748 ) $ (7,429 ) $ (18,844 )
RESTRUCTURING CHARGES -   264   224   156   644   195   187   78     460  
ADJUSTED OPERATING LOSS (NON-GAAP MEASURE) $ (3,197 ) $ (5,013 ) $ (4,815 ) $ (5,042 ) $ (18,066 ) $ (5,471 ) $ (5,561 ) $ (7,351 )   $ (18,384 )
 
NET EARNINGS (LOSS), EXCLUDING RESTRUCTURING CHARGES, IMPAIRMENT CHARGES, DEBT EXTINGUISHMENT CHARGES AND DISCONTINUED OPERATIONS (2)
 
 
NET EARNINGS (LOSS) (GAAP MEASURE) $ 11,598 $ 3,244 $ (17,635 ) $ 16,515 $ 13,723 $ 11,854 $ 7,157 $ 21,835 $ 40,846
RESTRUCTURING CHARGES, NET OF TAX BENEFIT 481 2,028 7,173 6,223 15,905 2,601 6,566 1,622 10,789
IMPAIRMENT CHARGES, NET OF TAX BENEFIT 16,463 - 2,981 - 19,444 - - - -
DEBT EXTINGUISHMENT CHARGES, NET OF TAX BENEFIT (236 ) - - 1,303 1,067 - - - -
DISCONTINUED OPERATIONS, NET OF TAX BENEFIT 300   985   20,846   (12,003 ) 10,128   -   -   -     -  
TOTAL (NON-GAAP MEASURE) $ 28,606   $ 6,257   $ 13,365   $ 12,038   $ 60,267   $ 14,455   $ 13,723   $ 23,457     $ 51,635  
 
DILUTED EARNINGS (LOSS) PER SHARE, EXCLUDING RESTRUCTURING CHARGES, IMPAIRMENT CHARGES, DEBT EXTINGUISHMENT CHARGES AND DISCONTINUED OPERATIONS (2)
 
 
NET EARNINGS (LOSS) (GAAP MEASURE) $ 0.19 $ 0.06 $ (0.27 ) $ 0.24 $ 0.24 $ 0.17 $ 0.10 $ 0.30 $ 0.57
RESTRUCTURING CHARGES, NET OF TAX BENEFIT 0.01 0.03 0.11 0.09 0.24 0.03 0.09 0.02

0.15

IMPAIRMENT CHARGES, NET OF TAX BENEFIT 0.26 - 0.05 - 0.29 - - - -
DEBT EXTINGUISHMENT CHARGES, NET OF TAX BENEFIT (0.00 ) - - 0.02 0.02 - - - -
DISCONTINUED OPERATIONS, NET OF TAX BENEFIT -   0.02   0.33   (0.17 ) 0.15   -   -   -     -  
TOTAL (NON-GAAP MEASURE) $ 0.45   $ 0.11   $ 0.22   $ 0.18   $ 0.95   $ 0.20   $ 0.19   $ 0.32     $ 0.72  
 
EBITDA (3)
NET EARNINGS (LOSS) (GAAP MEASURE) $ 11,598 $ 3,244 $ (17,635 ) $ 16,515 $ 13,723 $ 11,854 $ 7,157 $ 21,835 $ 40,846
FINANCING COSTS, NET 12,235 9,904 9,025 10,685 41,849 8,538 7,798 7,780 24,116
INCOME TAX EXPENSE 1,497 (604 ) (1,907 ) 540 (474 ) 4,399 2,656 8,311 15,366
DEPRECIATION & AMORTIZATION 12,363 12,638 12,391 13,688 51,080 12,187 12,078 11,437 35,702
DISCONTINUED OPERATIONS, NET OF TAX BENEFIT 300   985   20,846   (12,003 ) 10,128   -   -   -     -  
EBITDA (NON-GAAP MEASURE) $ 37,993 $ 26,167 $ 22,720 $ 29,425 $ 116,306 $ 36,978 $ 29,689 $ 49,363 $ 116,029
IMPAIRMENT CHARGES 26,553 - 4,768 - 31,321 - - - -
RESTRUCTURING CHARGES 674 3,039 10,749 9,277 23,739 3,628 9,280 2,292 15,200

EBITDA (NON-GAAP MEASURE) - EXCLUDING DISCONTINUED OPERATIONS, IMPAIRMENT AND RESTRUCTURING CHARGES

$ 65,220   $ 29,206   $ 38,237   $ 38,702   $ 171,366   $ 40,606   $ 38,969   $ 51,655     $ 131,229  
 
 
ACTUANT CORPORATION
FOOTNOTES FOR SUPPLEMENTAL UNAUDITED DATA AND RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
     
FOOTNOTES
 
NOTE: The total of the individual quarters may not equal the annual total due to rounding.
 
(1) A summary of restructuring charges included in cost of products sold is as follows:
FISCAL 2009 FISCAL 2010
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
 
Restructuring - cost of products sold $ - $ - $ 276 $ 1,037 $ 1,313 $ 54 $ 833 $ 91 $ - $ 979
 
 
(2)

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.

 
(3)

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.

CONTACT:
Actuant Corporation
Karen Bauer, 262-373-7462