Enerpac Tool Group Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Guarantor Subsidiaries (Tables)

Guarantor Subsidiaries (Tables)

6 Months Ended

Feb. 29, 2012

Guarantor Subsidiaries [Abstract]

Schedule Of Condensed Consolidating Statements Of Earnings

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(In thousands)


	Three Months Ended February 29, 2012
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	49,514		$	137,431		$	191,079		$	—		$	378,024
Cost of products sold		17,114			97,651			121,967			—			236,732

Gross profit		32,400			39,780			69,112			—			141,292
Selling, administrative and engineering expenses		19,660			26,612			38,491			—			84,763
Amortization of intangible assets		335			3,411			3,327			—			7,073

Operating profit		12,405			9,757			27,294			—			49,456
Financing costs, net		8,035			5			(219	)		—			7,821
Intercompany expense (income), net		(8,682	)		1,733			6,949			—			—
Other expense (income), net		822			1,330			(2,323	)		—			(171	)

Earnings before income tax expense		12,230			6,689			22,887			—			41,806
Income tax expense		2,818			1,541			5,272			—			9,631

Net earnings before equity in earnings of subsidiaries		9,412			5,148			17,615			—			32,175
Equity in earnings of subsidiaries		22,763			17,819			1,926			(42,508	)		—

Net earnings	$	32,175		$	22,967		$	19,541		$	(42,508	)	$	32,175


	Three Months Ended February 28, 2011
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	37,936		$	123,185		$	169,577		$	—		$	330,698
Cost of products sold		11,509			85,833			108,329			—			205,671

Gross profit		26,427			37,352			61,248			—			125,027
Selling, administrative and engineering expenses		20,014			24,209			36,872			—			81,095
Amortization of intangible assets		—			3,782			3,104			—			6,886

Operating profit		6,413			9,361			21,272			—			37,046
Financing costs, net		8,238			—			—			—			8,238
Intercompany expense (income), net		(9,313	)		3,602			5,711			—			—
Other expense (income), net		(383	)		(436	)		1,316			—			497

Earnings from continuing operations before income tax expense		7,871			6,195			14,245			—			28,311
Income tax expense		1,715			1,350			3,104			—			6,169

Net earnings from continuing operations before equity in earnings of subsidiaries		6,156			4,845			11,141			—			22,142
Equity in earnings of subsidiaries		15,653			10,149			855			(26,657	)		—

Earnings from continuing operations		21,809			14,994			11,996			(26,657	)		22,142
Loss from discontinued operations, net of income taxes		(13,880	)		—			(333	)		—			(14,213	)

Net earnings	$	7,929		$	14,994		$	11,663		$	(26,657	)	$	7,929

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(In thousands)


	Six Months Ended February 29, 2012
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	98,034		$	273,872		$	398,917		$	—		$	770,823
Cost of products sold		32,393			192,283			252,247			—			476,923

Gross profit		65,641			81,589			146,670			—			293,900
Selling, administrative and engineering expenses		40,326			52,874			79,672			—			172,872
Amortization of intangible assets		670			6,831			6,790			—			14,291

Operating profit		24,645			21,884			60,208			—			106,737
Financing costs, net		16,272			8			(237	)		—			16,043
Intercompany expense (income), net		(16,173	)		2,299			13,874			—			—
Other expense (income), net		1,015			1,674			(2,203	)		—			486

Earnings before income tax expense		23,531			17,903			48,774			—			90,208
Income tax expense		5,440			4,142			11,277			—			20,859

Net earnings before equity in earnings of subsidiaries		18,091			13,761			37,497			—			69,349
Equity in earnings of subsidiaries		51,258			34,613			1,438			(87,309	)		—

Net earnings	$	69,349		$	48,374		$	38,935		$	(87,309	)	$	69,349


	Six Months Ended February 28, 2011
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	73,905		$	245,914		$	329,291		$	—		$	649,110
Cost of products sold		21,934			172,996			207,300			—			402,230

Gross profit		51,971			72,918			121,991			—			246,880
Selling, administrative and engineering expenses		39,184			48,197			67,906			—			155,287
Amortization of intangible assets		—			7,508			5,467			—			12,975

Operating profit		12,787			17,213			48,618			—			78,618
Financing costs, net		15,790			—			—			—			15,790
Intercompany expense (income), net		(7,428	)		8,026			(598	)		—			—
Other expense (income), net		(696	)		(32	)		1,673			—			945

Earnings from continuing operations before income tax expense		5,121			9,219			47,543			—			61,883
Income tax expense		1,150			1,973			9,957			—			13,080

Net earnings from continuing operations before equity in earnings of subsidiaries		3,971			7,246			37,586			—			48,803
Equity in earnings of subsidiaries		43,728			29,412			2,197			(75,337	)		—

Earnings from continuing operations		47,699			36,658			39,783			(75,337	)		48,803
Loss from discontinued operations, net of income taxes		(13,880	)		—			(1,104	)		—			(14,984	)

Net earnings	$	33,819		$	36,658		$	38,679		$	(75,337	)	$	33,819

Schedule Of Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)


	February 29, 2012
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
ASSETS
Current Assets	$	90,912	$	164,024	$	318,461	$	—		$	573,397
Property, Plant & Equipment, net		5,916		34,301		78,241		—			118,458
Goodwill		62,543		433,794		387,486		—			883,823
Other Intangibles, net		15,192		210,337		238,012		—			463,541
Intercompany Receivable		—		267,668		46,918		(314,586	)		—
Investment in Subsidiaries		1,884,879		440,606		120,274		(2,445,759	)		—
Other Long-term Assets		10,075		52		2,541		—			12,668

Total Assets	$	2,069,517	$	1,550,782	$	1,191,933	$	(2,760,345	)	$	2,051,887

LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities	$	68,302	$	62,035	$	169,244	$	—		$	299,581
Long-term Debt		520,072		—		—		—			520,072
Deferred Income Taxes		129,723		—		37,030		—			166,753
Pension and Post-retirement Benefit Liabilities		16,522		—		2,152		—			18,674
Other Long-term Liabilities		63,675		700		25,795		—			90,170
Intercompany Payable		314,586		—		—		(314,586	)		—
Shareholders' Equity		956,637		1,488,047		957,712		(2,445,759	)		956,637

Total Liabilities and Shareholders' Equity	$	2,069,517	$	1,550,782	$	1,191,933	$	(2,760,345	)	$	2,051,887

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)


	August 31, 2011
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
ASSETS
Current Assets	$	87,982	$	155,067	$	303,435	$	—		$	546,484
Property, Plant & Equipment, net		4,327		37,133		87,189		—			128,649
Goodwill		62,543		432,184		393,739		—			888,466
Other Intangibles, net		15,861		216,277		247,268		—			479,406
Intercompany Receivable		—		277,157		45,770		(322,927	)		—
Investment in Subsidiaries		1,859,779		379,170		67,794		(2,306,743	)		—
Other Long-term Assets		10,862		51		2,763		—			13,676

Total Assets	$	2,041,354	$	1,497,039	$	1,147,958	$	(2,629,670	)	$	2,056,681

LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities	$	76,300	$	70,126	$	183,877	$	—		$	330,303
Long-term Debt		522,727		—		—		—			522,727
Deferred Income Taxes		124,469		—		41,476		—			165,945
Pension and Post-retirement Benefit Liabilities		16,452		—		2,412		—			18,864
Other Long-term Liabilities		59,466		779		39,584		—			99,829
Intercompany Payable		322,927		—		—		(322,927	)		—
Shareholders' Equity		919,013		1,426,134		880,609		(2,306,743	)		919,013

Total Liabilities and Shareholders' Equity	$	2,041,354	$	1,497,039	$	1,147,958	$	(2,629,670	)	$	2,056,681

Schedule Of Condensed Consolidating Statements Of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)


	Six Months Ended February 29, 2012
	Parent			Guarantors			Non- Guarantors			Eliminations		Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(495	)	$	12,656		$	39,840		$	—	$	52,001
Investing Activities
Proceeds from sale of property, plant and equipment		1,541			113			6,121			—		7,775
Capital expenditures		(3,142	)		(1,699	)		(5,611	)		—		(10,452	)
Business acquisitions, net of cash acquired		(290	)		—			(18,617	)		—		(18,907	)

Cash used in investing activities		(1,891	)		(1,586	)		(18,107	)		—		(21,584	)
Financing Activities
Net borrowings on revolving credit facilities		10			—			(177	)		—		(167	)
Intercompany loan activity		24,565			(11,070	)		(13,495	)		—		—
Purchase of treasury shares		(20,410	)		—			—			—		(20,410	)
Stock option exercises and related tax benefits		5,507			—			—			—		5,507
Cash dividends		(2,748	)		—			—			—		(2,748	)

Cash provided by (used in) financing activities		6,924			(11,070	)		(13,672	)		—		(17,818	)
Effect of exchange rate changes on cash		—			—			1,625			—		1,625

Net increase in cash and cash equivalents		4,538			—			9,686			—		14,224
Cash and cash equivalents - beginning of period		872			—			43,349			—		44,221

Cash and cash equivalents - end of period	$	5,410		$	—		$	53,035		$	—	$	58,445

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)


	Six Months Ended February 28, 2011
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(35,738	)	$	(9,378	)	$	66,945		$	(1,533	)	$	20,296
Investing Activities
Proceeds from sale of property, plant and equipment		—			176			90			—			266
Proceeds from sale of businesses, net of transaction costs		—			—			3,463			—			3,463
Capital expenditures		(1,741	)		(2,180	)		(4,370	)		—			(8,291	)
Business acquisitions, net of cash acquired		—			(350	)		(158,183	)		—			(158,533	)

Cash used in investing activities		(1,741	)		(2,354	)		(159,000	)		—			(163,095	)
Financing Activities
Net borrowings on revolving credit facilities		40,000			—			1,169			—			41,169
Issuance of term loans		100,000			—			—			—			100,000
Intercompany loan activity		(102,640	)		11,732			90,908			—			—
Repurchases of 2% Convertible Notes		(34	)		—			—			—			(34	)
Debt issuance costs		(5,197	)		—			—			—			(5,197	)
Stock option exercises and related tax benefits		6,813			—			—			—			6,813
Cash dividends		(2,716	)		—			(1,533	)		1,533			(2,716	)

Cash provided by financing activities		36,226			11,732			90,544			1,533			140,035
Effect of exchange rate changes on cash		—			—			2,942			—			2,942

Net increase (decrease) in cash and cash equivalents		(1,253	)		—			1,431			—			178
Cash and cash equivalents - beginning of period		5,055			—			35,167			—			40,222

Cash and cash equivalents - end of period	$	3,802		$	—		$	36,598		$	—		$	40,400