Exhibit 99.1
Actuant Announces Plans to Divest European Electrical Business; Expects to Report Comparable Fiscal 2010 Results above Prior Guidance
MILWAUKEE--(BUSINESS WIRE)--September 22, 2010--Actuant Corporation (NYSE:ATU) today announced that it plans to divest its European Electrical business, which markets its products primarily under the Kopp brand name. The European Electrical business has previously been reported as part of the Company's Electrical segment. "This planned transaction reflects our proactive portfolio management efforts to focus on platforms where we can create the most shareholder value," said Robert C. Arzbaecher, Actuant Chairman and CEO.
European Electrical (consisting of Kopp and Dresco) designs, manufactures and markets electrical sockets, switches and other tools and consumables predominately for the European Do-It-Yourself (DIY) retail market. It has operations in Germany, Austria and Tunisia, and employs approximately 525 people. Its annual revenues approximate $105 million.
"The Kopp business has a strong brand and market position, a committed workforce, and prospects for future profitable growth,” continued Arzbaecher. “However, we believe that future growth can be more fully realized with an owner focused on the European DIY market. I want to thank the employees for their many contributions under Actuant ownership. During the divestiture process, the European Electrical business will continue to focus on meeting and exceeding customer requirements for high quality electrical products.”
As a result of its divestiture plans, Actuant has conducted an impairment analysis of European Electrical and expects to report a non-cash asset impairment charge in the range of $35-40 million in its fourth quarter operating results. Additionally, European Electrical’s operating results have been removed from continuing operations in Actuant’s Condensed Consolidated Statement of Operations. Historical operating results, adjusted to remove European Electrical from continuing operations, are included in the attachment to this press release.
Actuant will report its fourth quarter and full year 2010 results on September 29. As a result of the non-cash impairment charge and removal of European Electrical results from continuing operations, actual reported results will not be comparable to the sales and diluted earnings per share (EPS) guidance provided in Actuant’s June 17, 2010 third quarter earnings release. On a comparable basis, fourth quarter and full year sales and EPS are expected to be slightly above the high end of the previous guidance range.
A more comprehensive review of fourth quarter and full year 2010 results will be discussed in the Company's fourth quarter earnings release and conference call scheduled for September 29, 2010.
About Actuant
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.
Safe Harbor
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.
| Actuant Corporation | |||||||||||||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands except per share amounts) | |||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve | Three Months Ended | Nine | ||||||||||||||||||||||||||||||||||||
| November 30, | February 28, | May 31, | August 31, | Months Ended | November 30, | February 28, | May 31, | Months Ended | |||||||||||||||||||||||||||||||
| 2008 | 2009 | 2009 | 2009 | August 31, 2009 | 2009 | 2010 | 2010 | May 31, 2010 | |||||||||||||||||||||||||||||||
| Net sales | $ | 335,274 | $ | 263,709 | $ | 257,620 | $ | 261,022 | $ | 1,117,625 | $ | 272,640 | $ | 267,438 | $ | 310,068 | $ | 850,146 | |||||||||||||||||||||
| Cost of products sold | 213,340 | 175,405 | 167,861 | 172,792 | 729,398 | 172,517 | 171,075 | 193,882 | 537,474 | ||||||||||||||||||||||||||||||
| Gross profit | 121,934 | 88,304 | 89,759 | 88,230 | 388,227 | 100,123 | 96,363 | 116,186 | 312,672 | ||||||||||||||||||||||||||||||
| Selling, administrative and engineering expenses | 66,366 | 66,559 | 57,522 | 59,557 | 250,004 | 65,303 | 64,257 | 69,452 | 199,012 | ||||||||||||||||||||||||||||||
| Restructuring charges | 674 | 2,564 | 8,218 | 8,074 | 19,530 | 2,777 | 9,276 | 1,356 | 13,409 | ||||||||||||||||||||||||||||||
| Impairment charges | 26,553 | - | 4,768 | - | 31,321 | - | - | - | - | ||||||||||||||||||||||||||||||
| Amortization of intangible assets | 4,211 | 4,963 | 5,112 | 5,358 | 19,644 | 5,435 | 5,351 | 5,285 | 16,071 | ||||||||||||||||||||||||||||||
| Operating profit | 24,130 | 14,218 | 14,139 | 15,241 | 67,728 | 26,608 | 17,479 | 40,093 | 84,180 | ||||||||||||||||||||||||||||||
| Financing costs, net | 12,235 | 9,904 | 9,026 | 10,684 | 41,849 | 8,538 | 7,798 | 7,779 | 24,115 | ||||||||||||||||||||||||||||||
| Other expense (income), net | (1,220 | ) | (779 | ) | 1,087 | 198 | (714 | ) | 281 | (234 | ) | 315 | 362 | ||||||||||||||||||||||||||
|
Earnings from continuing operations before income tax expense (benefit) |
13,115 | 5,093 | 4,026 | 4,359 | 26,593 | 17,789 | 9,915 | 31,999 | 59,703 | ||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 1,487 | (15 | ) | (1,284 | ) | 423 | 611 | 4,529 | 2,020 | 3,706 | 10,255 | ||||||||||||||||||||||||||||
| Earnings from continuing operations | 11,628 | 5,108 | 5,310 | 3,936 | 25,982 | 13,260 | 7,895 | 28,293 | 49,448 | ||||||||||||||||||||||||||||||
| Earnings (loss) from discontinued operations, net of income taxes | (30 | ) | (1,864 | ) | (22,945 | ) | 12,580 | (12,259 | ) | (1,406 | ) | (738 | ) | (6,458 | ) | (8,602 | ) | ||||||||||||||||||||||
| Net earnings (loss) | $ | 11,598 | $ | 3,244 | $ | (17,635 | ) | $ | 16,516 | $ | 13,723 | $ | 11,854 | $ | 7,157 | $ | 21,835 | $ | 40,846 | ||||||||||||||||||||
| Earnings from continuing operations per share | |||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.21 | $ | 0.09 | $ | 0.09 | $ | 0.06 | $ | 0.45 | $ | 0.20 | $ | 0.12 | $ | 0.42 | $ | 0.73 | |||||||||||||||||||||
| Diluted | 0.19 | 0.09 | 0.09 | 0.06 | 0.43 | 0.19 | 0.11 | 0.39 | 0.69 | ||||||||||||||||||||||||||||||
| Earnings (loss) per share | |||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.21 | $ | 0.06 | $ | (0.31 | ) | $ | 0.26 | $ | 0.24 | $ | 0.18 | $ | 0.11 | $ | 0.32 | $ | 0.60 | ||||||||||||||||||||
| Diluted | 0.19 | 0.06 | (0.27 | ) | 0.24 | 0.24 | 0.17 | 0.10 | 0.30 | 0.57 | |||||||||||||||||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||||||||||||||||||
| Basic | 56,022 | 56,170 | 56,252 | 63,742 | 58,047 | 67,542 | 67,595 | 67,642 | 67,593 | ||||||||||||||||||||||||||||||
| Diluted | 64,395 | 64,256 | 64,051 | 71,554 | 66,064 | 74,012 | 74,068 | 74,389 | 74,156 | ||||||||||||||||||||||||||||||
| ACTUANT CORPORATION | |||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
| FISCAL 2009 | FISCAL 2010 | ||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | 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 | 67,383 | 59,629 | 56,218 | 58,758 | 241,988 | 54,065 | 54,927 | 61,967 | 170,959 | ||||||||||||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | 103,385 | 72,872 | 76,308 | 76,731 | 329,296 | 89,202 | 89,414 | 111,712 | 290,328 | ||||||||||||||||||||||||||||||
| TOTAL | $ | 335,274 | $ | 263,709 | $ | 257,620 | $ | 261,022 | $ | 1,117,625 | $ | 272,640 | $ | 267,438 | $ | 310,068 | $ | 850,146 | |||||||||||||||||||||
| % 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 | -22 | % | -29 | % | -34 | % | -21 | % | -27 | % | -20 | % | -8 | % | 10 | % | -7 | % | |||||||||||||||||||||
| ENGINEERED SOLUTIONS SEGMENT | -23 | % | -44 | % | -47 | % | -37 | % | -38 | % | -14 | % | 23 | % | 46 | % | 15 | % | |||||||||||||||||||||
| TOTAL | -6 | % | -23 | % | -34 | % | -26 | % | -23 | % | -19 | % | 1 | % | 20 | % | -1 | % | |||||||||||||||||||||
| 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 | 4,935 | 2,663 | 3,856 | 3,559 | 15,012 | 4,073 | 5,539 | 7,309 | 16,921 | ||||||||||||||||||||||||||||||
| 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 | ) | (18,383 | ) | |||||||||||||||||||||
| TOTAL - EXCLUDING RESTRUCTURING CHARGES | $ | 51,357 | $ | 16,782 | $ | 27,401 | $ | 24,352 | $ | 119,892 | $ | 29,439 | $ | 27,447 | $ | 41,541 | $ | 98,427 | |||||||||||||||||||||
| IMPAIRMENT CHARGES | (26,553 | ) | - | (4,768 | ) | - | (31,321 | ) | - | - | - | - | |||||||||||||||||||||||||||
| RESTRUCTURING CHARGES | (674 | ) | (2,564 | ) | (8,494 | ) | (9,111 | ) | (20,843 | ) | (2,831 | ) | (9,968 | ) | (1,448 | ) | (14,247 | ) | |||||||||||||||||||||
| TOTAL | $ | 24,130 | $ | 14,218 | $ | 14,139 | $ | 15,241 | $ | 67,728 | $ | 26,608 | $ | 17,479 | $ | 40,093 | $ | 84,180 | |||||||||||||||||||||
| 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 | 7.3 | % | 4.5 | % | 6.9 | % | 6.1 | % | 6.2 | % | 7.5 | % | 10.1 | % | 11.8 | % | 9.9 | % | |||||||||||||||||||||
| 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 RESTRUCTURING CHARGES | 15.3 | % | 6.4 | % | 10.6 | % | 9.3 | % | 10.7 | % | 10.8 | % | 10.3 | % | 13.4 | % | 11.6 | % | |||||||||||||||||||||
| 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 | 6,438 | 4,113 | 5,494 | 5,186 | 21,231 | 5,675 | 6,988 | 8,632 | 21,295 | ||||||||||||||||||||||||||||||
| 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 RESTRUCTURING CHARGES | $ | 64,555 | $ | 29,879 | $ | 38,424 | $ | 37,500 | $ | 170,358 | $ | 41,011 | $ | 39,528 | $ | 52,448 | $ | 132,986 | |||||||||||||||||||||
| IMPAIRMENT CHARGES | (26,553 | ) | - | (4,768 | ) | - | (31,321 | ) | - | - | - | - | |||||||||||||||||||||||||||
| RESTRUCTURING CHARGES | (674 | ) | (2,564 | ) | (8,494 | ) | (9,111 | ) | (20,843 | ) | (2,831 | ) | (9,968 | ) | (1,448 | ) | (14,247 | ) | |||||||||||||||||||||
| TOTAL | $ | 37,328 | $ | 27,315 | $ | 25,162 | $ | 28,389 | $ | 118,194 | $ | 38,180 | $ | 29,560 | $ | 51,000 | $ | 118,739 | |||||||||||||||||||||
| 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 | 9.6 | % | 6.9 | % | 9.8 | % | 8.8 | % | 8.8 | % | 10.5 | % | 12.7 | % | 13.9 | % | 12.5 | % | |||||||||||||||||||||
| 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 RESTRUCTURING CHARGES | 19.3 | % | 11.3 | % | 14.9 | % | 14.4 | % | 15.2 | % | 15.0 | % | 14.8 | % | 16.9 | % | 15.6 | % | |||||||||||||||||||||
| ACTUANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES | ||||||||||||||||||||||||||||||||||||||||
|
(Dollars in thousands, except for per share amounts) |
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|
|
FISCAL 2009 | FISCAL 2010 | ||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | TOTAL | ||||||||||||||||||||||||||||||||
|
OPERATING PROFIT (LOSS), EXCLUDING RESTRUCTURING CHARGES AND IMPAIRMENT CHARGES |
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| 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) | $ | 4,900 | $ | 1,959 | $ | (4,293 | ) | $ | 762 | $ | 3,327 | $ | 2,186 | $ | 4,373 | $ | 6,775 | $ | 13,334 | |||||||||||||||||||||
| RESTRUCTURING CHARGES | 35 | 704 | 3,381 | 2,797 | 6,917 | 1,887 | 1,166 | 534 | 3,587 | |||||||||||||||||||||||||||||||
| IMPAIRMENT CHARGE | - | - | 4,768 | - | 4,768 | - | - | - | - | |||||||||||||||||||||||||||||||
| ADJUSTED OPERATING PROFIT (NON-GAAP MEASURE) | $ | 4,935 | $ | 2,663 | $ | 3,856 | $ | 3,559 | $ | 15,012 | $ | 4,073 | $ | 5,539 | $ | 7,309 | $ | 16,921 | ||||||||||||||||||||||
| 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 | ) | $ | (18,843 | ) | |||||||||||||
| 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 | ) | $ | (18,383 | ) | |||||||||||||
|
NET EARNINGS (LOSS), EXCLUDING RESTRUCTURING CHARGES, IMPAIRMENT CHARGES, INCOME TAX ADJUSTMENTS, DEBT EXTINGUISHMENT CHARGES AND DISCONTINUED OPERATIONS (2) |
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| NET EARNINGS (LOSS) (GAAP MEASURE) | $ | 11,598 | $ | 3,244 | $ | (17,635 | ) | $ | 16,516 | $ | 13,723 | $ | 11,854 | $ | 7,157 | $ | 21,835 | $ | 40,846 | |||||||||||||||||||||
| RESTRUCTURING CHARGES, NET OF TAX BENEFIT | 481 | 1,553 | 4,920 | 6,055 | 13,009 | 1,804 | 6,863 | 1,069 | 9,736 | |||||||||||||||||||||||||||||||
| IMPAIRMENT CHARGES, NET OF TAX BENEFIT | 16,463 | - | 2,981 | - | 19,444 | - | - | - | - | |||||||||||||||||||||||||||||||
| INCOME TAX ADJUSTMENTS | - | - | - | - | - | - | - | 632 | 632 | |||||||||||||||||||||||||||||||
| DEBT EXTINGUISHMENT CHARGES, NET OF TAX BENEFIT | (236 | ) | - | - | 1,303 | 1,067 | - | - | - | - | ||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS, NET OF TAX BENEFIT | 30 | 1,864 | 22,945 | (12,580 | ) | 12,259 | 1,406 | 738 | 1,853 | 3,997 | ||||||||||||||||||||||||||||||
| TOTAL (NON-GAAP MEASURE) | $ | 28,336 | $ | 6,661 | $ | 13,211 | $ | 11,294 | $ | 59,502 | $ | 15,064 | $ | 14,758 | $ | 25,389 | $ | 55,211 | ||||||||||||||||||||||
|
DILUTED EARNINGS (LOSS) PER SHARE, EXCLUDING RESTRUCTURING CHARGES, IMPAIRMENT CHARGES, INCOME TAX ADJUSTMENTS, DEBT EXTINGUISHMENT CHARGES AND DISCONTINUED OPERATIONS (2) |
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| 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 | 0.02 | 0.08 | 0.09 | 0.20 | 0.02 | 0.10 | 0.01 | 0.13 | |||||||||||||||||||||||||||||||
| IMPAIRMENT CHARGES, NET OF TAX BENEFIT | 0.26 | - | 0.05 | - | 0.29 | - | - | - | - | |||||||||||||||||||||||||||||||
| INCOME TAX ADJUSTMENTS | - | - | - | - | - | - | - | 0.01 | 0.01 | |||||||||||||||||||||||||||||||
| DEBT EXTINGUISHMENT CHARGES, NET OF TAX BENEFIT | (0.00 | ) | - | - | 0.02 | 0.02 | - | - | - | - | ||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS, NET OF TAX BENEFIT | - | 0.03 | 0.36 | (0.18 | ) | 0.19 | 0.02 | 0.01 | 0.03 | 0.05 | ||||||||||||||||||||||||||||||
| TOTAL (NON-GAAP MEASURE) | $ | 0.45 | $ | 0.11 | $ | 0.22 | $ | 0.17 | $ | 0.94 | $ | 0.21 | $ | 0.21 | $ | 0.35 | $ | 0.76 | ||||||||||||||||||||||
| EBITDA (3) | ||||||||||||||||||||||||||||||||||||||||
| NET EARNINGS (LOSS) (GAAP MEASURE) | $ | 11,598 | $ | 3,244 | $ | (17,635 | ) | $ | 16,516 | $ | 13,723 | $ | 11,854 | $ | 7,157 | $ | 21,835 | $ | 40,846 | |||||||||||||||||||||
| FINANCING COSTS, NET | 12,235 | 9,904 | 9,026 | 10,684 | 41,849 | 8,538 | 7,798 | 7,779 | 24,115 | |||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE | 1,487 | (15 | ) | (1,284 | ) | 423 | 611 | 4,529 | 2,020 | 3,706 | 10,255 | |||||||||||||||||||||||||||||
| DEPRECIATION & AMORTIZATION | 11,978 | 12,318 | 12,110 | 13,346 | 49,752 | 11,853 | 11,847 | 11,222 | 34,922 | |||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS, NET OF TAX BENEFIT | 30 | 1,864 | 22,945 | (12,580 | ) | 12,259 | 1,406 | 738 | 6,458 | 8,602 | ||||||||||||||||||||||||||||||
| EBITDA (NON-GAAP MEASURE) | $ | 37,328 | $ | 27,315 | $ | 25,162 | $ | 28,389 | $ | 118,194 | $ | 38,180 | $ | 29,560 | $ | 51,000 | $ | 118,739 | ||||||||||||||||||||||
| IMPAIRMENT CHARGES | 26,553 | - | 4,768 | - | 31,321 | - | - | - | - | |||||||||||||||||||||||||||||||
| RESTRUCTURING CHARGES | 674 | 2,564 | 8,494 | 9,111 | 20,843 | 2,831 | 9,968 | 1,448 | 14,247 | |||||||||||||||||||||||||||||||
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|
EBITDA (NON-GAAP MEASURE) - EXCLUDING DISCONTINUED OPERATIONS, IMPAIRMENT AND RESTRUCTURING CHARGES |
$ | 64,555 | $ | 29,879 | $ | 38,424 | $ | 37,500 | $ | 170,358 | $ | 41,011 | $ | 39,528 | $ | 52,448 | $ | 132,986 | ||||||||||||||||||||||
| 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 | TOTAL | |||||||||||||||||||||
| Restructuring - cost of products sold | $ | - | $ | - | $ | 276 | $ | 1,037 | $ | 1,313 | $ | 54 | $ | 692 | $ | 92 | $ | 839 | |||||||||||
| (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. |
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| (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. |
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CONTACT:
Actuant Corporation
Karen Bauer
Director,
Investor Relations
262-373-7462