Condensed Consolidated Balance Sheets

Exhibit 99.1

Actuant Corporation

Condensed Consolidated Balance Sheets

(Dollars in thousands)


	November 30, 2004			August 31, 2004
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	7,088		$	6,033
Accounts receivable, net		112,895			90,433
Inventories, net		99,541			87,074
Deferred income taxes		11,681			11,126
Other current assets		4,812			7,648

Total Current Assets		236,017			202,314

Property, plant and equipment, net		50,375			47,972
Goodwill		155,415			145,387
Other intangible assets, net		22,565			22,127
Other long-term assets		6,373			6,336

Total Assets	$	470,745		$	424,136

Liabilities and Shareholders’ Equity
Current liabilities
Short-term borrowings	$	803		$	960
Trade accounts payable		68,247			64,165
Accrued compensation and benefits		19,952			21,401
Income taxes payable		11,890			9,608
Current maturities of long-term debt		4,135			3,863
Other current liabilities		39,866			34,627

Total Current Liabilities		144,893			134,624

Long-term debt, less current maturities		207,174			189,068
Deferred income taxes		9,706			8,376
Pension and postretirement benefit accruals		30,486			28,862
Other long-term liabilities		13,915			31,218

Minority interest in net equity of consolidated affiliates		177			211

Shareholders’ equity
Capital stock		4,810			4,753
Additional paid-in capital		(512,612	)		(518,321	)
Accumulated other comprehensive income (loss)		(8,255	)		(17,600	)
Stock held in trust		(1,140	)		(806	)
Deferred compensation liability		1,140			806
Retained earnings		580,451			562,945

Total Shareholders’ Equity		64,394			31,777

Total Liabilities and Shareholders’ Equity	$	470,745		$	424,136

Actuant Corporation

Condensed Consolidated Statements of Earnings

(In thousands except per share amounts)


	Three Months Ended November 30,
	2004			2003
	(Unaudited)
Net sales	$	199,677		$	166,584
Cost of products sold		135,850			111,966

Gross profit		63,827			54,618

Selling, administrative and engineering expenses		35,957			33,349
Amortization of intangible assets		591			547

Operating profit		27,279			20,722

Financing costs, net		1,938			4,391
Charge for early extinguishment of debt		—			15,069
Other (income) expense, net		(1,219	)		453

Earnings from operations before income tax expense and minority interest		26,560			809

Income tax expense		9,110			283
Minority interest, net of income taxes		(56	)		233

Net earnings	$	17,506		$	293

Earnings per share
Basic	$	0.73		$	0.01
Diluted		0.71			0.01

Weighted average common shares outstanding
Basic		23,877			23,539
Diluted		24,604			24,727

Actuant Corporation

Condensed Consolidated Statements of Cash Flows

(In thousands)


	Three Months Ended November 30,
	2004			2003
	(Unaudited)
Operating Activities
Net earnings	$	17,506		$	293
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		4,098			3,934
Amortization of debt discount and debt issuance costs		245			374
Write-off of debt discount and debt issuance costs in conjunction with early extinguishment of debt		—			1,385
Provision for deferred income taxes		549			820
(Gain) loss on disposal of assets		(179	)		70
Changes in operating assets and liabilities, excluding the effects of business acquisitions:
Accounts receivable		(11,034	)		(8,355	)
Inventories		(5,327	)		(2,413	)
Prepaid expenses and other assets		3,785			(326	)
Trade accounts payable		(1,940	)		(136	)
Income taxes payable		5,210			(5,835	)
Reimbursement to former subsidiary of tax refund		(15,837	)		—
Other accrued liabilities		(3,395	)		(3,431	)

Net cash used in operating activities (a)		(6,319	)		(13,620	)

Investing Activities
Proceeds from sale of property, plant and equipment		357			—
Capital expenditures		(3,183	)		(2,885	)
Cash paid for business acquisition, net of cash acquired		(8,952	)		(33,197	)

Net cash used in investing activities		(11,778	)		(36,082	)

Financing Activities
Partial redemptions of 13% senior subordinated notes		—			(49,354	)
Net proceeds from 2% convertible senior subordinated note offering		—			145,216
Net borrowings (repayments) on revolving credit facilities and short-term borrowings		17,625			(1,185	)
Principal payments on term loans		(91	)		(17,401	)
Stock option exercises and other		1,233			358

Net cash provided by financing activities		18,767			77,634

Effect of exchange rate changes on cash		385			167

Net increase in cash and cash equivalents		1,055			28,099
Cash and cash equivalents - beginning of period		6,033			4,593

Cash and cash equivalents - end of period	$	7,088		$	32,692

(a)	Includes the net of tax cash impact of 13% senior subordinated note redemptions of $8.4 million for the three months ended November 30, 2003.