UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): March 18, 2015
ACTUANT
CORPORATION
(Exact
name of Registrant as specified in its charter)
Wisconsin
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1-11288
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39-0168610
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.)
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N86 W12500 WESTBROOK CROSSING
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MENOMONEE FALLS, WISCONSIN 53051
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Mailing address: P.O. Box 3241, Milwaukee, Wisconsin 53201
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(Address
of principal executive offices) (Zip code)
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Registrant’s
telephone number, including area code: (262) 293-1500
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see
General Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On March 18, 2015 Actuant Corporation (the “Company”) announced its
results of operations for the second quarter ended February 28, 2015. A
copy of the press release announcing the Company's results for the
second quarter ended February 28, 2015 is attached as Exhibit 99.1 to
this report on Form 8-K.
Item 8.01 Other Events.
On March 18, 2015, the Company announced that its board of directors had
authorized a share repurchase program pursuant to which the Company may,
from time to time, repurchase up to 7 million shares of its common
stock. The amount and timing of the repurchases will be determined by
management and will depend on a variety of factors, including the
trading price of the Company’s common stock, general market and business
conditions, and applicable legal requirements.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release of the Company dated March 18, 2015.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
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ACTUANT CORPORATION
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(Registrant)
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Date:
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March 18, 2015
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By:
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/s/ Andrew G. Lampereur
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Andrew G. Lampereur
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Executive Vice President and
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Chief Financial Officer
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Exhibit 99.1
Actuant
Reports Second Quarter Results; Updates Fiscal 2015 Guidance; Announces
Additional Share Repurchase Authorization
MILWAUKEE--(BUSINESS WIRE)--March 18, 2015--Actuant Corporation (NYSE:
ATU) today announced results for its second quarter ended February 28,
2015.
Highlights
-
Primarily reflecting the dramatic strengthening of the US dollar,
total sales declined 8% year-over-year. Core sales were down 2% (total
sales excluding the impact of acquisitions, divestitures and foreign
currency rate changes), net acquisitions and divestitures were
neutral, and unfavorable currency translation reduced sales 6%.
-
Excluding an asset impairment charge of $1.33 per share related to
adverse conditions in upstream oil & gas markets, diluted earnings per
share from continuing operations (“EPS”) were $0.28, compared to $0.30
in the prior year, (see “Consolidated Results” below and attached
reconciliation of earnings).
-
Repurchased 2.9 million shares of common stock for $76 million in the
quarter. Actuant’s Board of Directors approved a new seven million
share repurchase authorization this week following the buy-back of
approximately 11 million shares, or 15% of the Company’s stock over
the past twelve months.
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Updated full year sales and EPS guidance (excluding the impairment
charge), now expected to be in the range of $1.245-1.265 billion and
$1.65-1.75 per share, respectively.
Mark E. Goldstein, President and CEO of Actuant commented, “In addition
to normal seasonality, the second quarter proved challenging given the
further strengthening of the US dollar, low oil & gas prices and weak
conditions across a number of end markets. The Energy segment’s results
were in line with expectations, including 2% core sales growth which
reflected robust Viking performance partially offset by accelerating
weakness in other upstream markets, most notably in the North Sea. We
were pleased with Industrial’s 2% core growth, yet demand remains
inconsistent. Within Engineered Solutions, moderating agriculture
demand, weak auto volumes and last year’s truck pre-buy drove an 8% core
sales decline. Given these mixed end market dynamics and currency
headwinds, we are executing a number of actions to better align and
resize our organization.”
Consolidated Results
Continuing Operations
During the quarter, the Company performed an interim impairment test of
goodwill and intangible assets for its Energy segment in light of the
recent abrupt change in global oil & gas markets. This resulted in an
$84 million ($1.33 per share) non-cash impairment charge related to the
upstream oil & gas exposure within Cortland and Viking. While
challenging market conditions are expected to continue to impact the
Energy segment for the foreseeable future, its cost structure is being
reduced accordingly and the Company remains positive on its secular
focus on energy.
Consolidated sales for the second quarter were $301 million, 8% lower
than the $328 million in the comparable prior year quarter. Core sales
declined 2%, unfavorable foreign currency exchange rate changes lowered
sales by 6% and the net impact of acquisitions and divestitures was
neutral. Fiscal 2015 second quarter net loss from continuing operations
was $64.8 million or $1.05 per diluted share. Excluding the impairment
charge, net earnings and EPS were $17.8 million, or $0.28 per share,
compared to $22.3 million and $0.30 per share, respectively, in the
comparable prior year quarter (see attached reconciliation of earnings).
Sales for the six months ended February 28, 2015 were $629 million, 6%
lower than the $667 million in the comparable prior year period.
Excluding the 4% decline from the stronger US dollar and neutral impact
of acquisitions and divestitures, year-to-date core sales declined 2%.
Fiscal 2015 year-to-date net loss from continuing operations was $40.2
million or $0.64 per diluted share. Excluding the impairment charge, net
earnings and EPS for the six months ended February 28, 2015 were $42.5
million, or $0.66 per diluted share, compared to $55.3 million, or $0.74
per diluted share for the comparable prior year period (see attached
reconciliation of earnings).
New Seven Million Share Repurchase Authorization
The Company also announced that its Board of Directors approved an
additional seven million share repurchase program earlier this week. At
the end of the second quarter, the Company had 2.5 million shares
remaining under prior authorizations. When combined with the newly
approved seven million shares, the total available shares authorized for
repurchase increases to 9.5 million. Given that current debt leverage is
within its targeted 1.5-2.5x net debt to EBITDA range, the Company
expects to spread these repurchases over the next few years. Goldstein
added, “Our capital allocation priorities remain consistent. Our top
priority is to execute attractive tuck-in acquisitions to strengthen our
existing platforms. However, we will continue to use opportunistic
buy-backs to return excess cash to shareholders.”
Segment Results
Industrial Segment
(US $ in millions)
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Three Months Ended
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Six Months Ended
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February 28,
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February 28,
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2015
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2014
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2015
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2014
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Sales
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$96.5
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$93.6
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$198.9
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$192.2
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Operating Profit
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$23.5
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$26.5
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$50.2
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$53.4
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Operating Profit %
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24.4%
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28.3%
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25.2%
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27.8%
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Second quarter fiscal 2015 Industrial segment sales were $96 million, 3%
higher than the prior year. The Hayes Industries acquisition contributed
6% to total sales growth while unfavorable currency translation was a 5%
headwind, resulting in a 2% core sales increase. Integrated Solutions
activity continued its slow pace as global customers defer the start of
larger projects due to economic uncertainty. Industrial Tool demand
improved sequentially on a year-over-year basis, most notably in North
America, but continues at a tepid and uneven pace. Second quarter
operating profit margin of 24.4% reflected unfavorable product and
acquisition mix as well as expedited freight costs associated with US
west coast port issues.
Energy Segment
(US $ in millions)
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Three Months Ended
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Six Months Ended
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February 28,
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February 28,
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2015
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2014
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2015
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2014
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Sales
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$100.2
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$106.0
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$211.7
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$214.0
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Operating (Loss) Profit
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$(75.7)
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$9.5
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$(63.3)
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$18.4
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Adjusted Operating Profit (1)
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$8.7
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$9.5
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$21.1
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$18.4
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Adjusted Operating Profit % (1)
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8.7%
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9.0%
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10.0%
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8.6%
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(1) Excludes second quarter fiscal 2015 asset
impairment charge of $84.4 million.
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Fiscal 2015 second quarter year-over-year Energy segment sales declined
5% to $100 million. Excluding the unfavorable 7% foreign currency
headwind, core sales increased 2% from the prior year. Viking revenues
were again sharply higher on a year-over-year basis due to strong
activity levels in Australia/Southeast Asia, despite weakening North Sea
activity. Hydratight’s core sales grew reflecting higher maintenance
activity in all served regions other than the North Sea, while Cortland
declined significantly due to lower customer upstream capital spending.
Second quarter adjusted operating profit margin declined modestly as
downsizing costs and lower production levels in Cortland’s manufacturing
facilities were partially offset by lower acquisition retention costs at
Viking and favorable mix. Energy segment employment levels have declined
5% year-to-date and are targeted to reach 10% by fiscal year end.
Engineered Solutions Segment
(US $ in millions)
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Three Months Ended
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Six Months Ended
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February 28,
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February 28,
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2015
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2014
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2015
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2014
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Sales
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$104.3
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$128.2
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$218.1
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$261.2
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Operating Profit
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$2.0
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$9.5
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$8.3
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$22.7
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Operating Profit %
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1.9%
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7.4%
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3.8%
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8.7%
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Second quarter fiscal 2015 Engineered Solutions segment sales were $104
million, 19% below the prior year. Excluding the 5% decline from the RV
product line divestiture last June and 6% decrease from the stronger US
Dollar, core sales were 8% lower year-over-year. This sales decline
reflects a difficult comparison from last year’s strong European
heavy-duty truck production (pre-buy impact of Euro 6 emissions
standards change). In addition, sales in the convertible auto and
off-highway equipment markets declined year-over-year. Overall
agriculture sales weakened in the quarter, most notably in our display
and seeder product lines which are used on higher priced OEM equipment.
Demand for driveline products used in farm implements grew during the
quarter (both OEM and aftermarket) but are expected to continue to
moderate during the balance of the year. Second quarter operating profit
margin declined due to unfavorable product mix, expedited freight (US
west coast port issues), unfavorable material cost variances at
international locations resulting from the stronger US dollar, and
reduced absorption on lower production volumes.
Corporate and Income Taxes
Corporate expenses for the second quarter of fiscal 2015 were $6.3
million, essentially unchanged from the comparable prior year period.
Excluding the impact of the impairment charge, the effective income tax
rate of 17% for the quarter was lower than the 29% rate in the prior
year due to the benefit of certain tax reduction initiatives.
Financial Position
Net debt at February 28, 2015 was $499 million (total debt of $586
million less $87 million of cash), or $72 million higher than the prior
quarter end. During the quarter, $76 million of cash was used to
repurchase 2.9 million shares of common stock. Second quarter free cash
flow essentially offset the impact of unfavorable foreign currency
movements on net debt. At February 28, 2015, the Company had a net debt
to EBITDA leverage ratio of 2.2, and nearly $400 million in revolver
availability.
Outlook
Goldstein continued, "We have seen a dramatic strengthening of the US
dollar, as well as increased headwinds in the oil & gas, mining, and
agriculture markets, and lack of momentum in general industrial end
markets since we provided guidance to investors in December. The
currency impact to the December guidance reduces sales by approximately
$55-65 million and EPS by $0.15-0.18 per share, based on our current
foreign exchange rate assumptions. Additionally, the lack of visibility
around future oil prices and related capital spending has caused us to
increase cautiousness in our outlook, despite the fact that our Energy
segment met performance expectations in the second quarter.
In response to these changes, we have been actively managing our cost
structure, including executing additional employment reductions. Given
our strong balance sheet and the Company’s recent stock price, we have
also been aggressively buying back shares. Our priority for capital
deployment remains to pursue accretive, tuck-in acquisitions for each of
our segments. However, we have remained disciplined, and walked away
from transactions that did not clear our return hurdles.
Our revised fiscal 2015 outlook is for full year sales in the
$1.245-1.265 billion range, and EPS (excluding the impairment charge) of
$1.65-1.75 per share. This reflects a consolidated core sales decline of
3-4%, and free cash flow conversion in excess of net income - in the
$110-120 million range. We anticipate fiscal third quarter sales and EPS
of $315-325 million and $0.52-0.57 per share, respectively. Consistent
with our normal practice, no future stock buybacks or acquisitions are
incorporated in this guidance.
We remain positive on the long term prospects for energy and our three
other targeted secular growth laneways (food/farm productivity,
infrastructure, natural resources), despite their current challenges. We
are laser focused on driving long term shareholder value – customer
satisfaction, sales growth initiatives, operational execution, robust
cash flow generation and smart capital deployment.”
Conference Call Information
An investor conference call is scheduled for 10am CT today, March 18,
2015. 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
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 serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions; specialized products and services
for energy markets and highly engineered position and motion control
systems. The Company was founded in 1910 and is headquartered in
Menomonee Falls, 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)
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Actuant Corporation
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Condensed Consolidated Balance Sheets
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(Dollars in thousands)
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(Unaudited)
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February 28,
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August 31,
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2015
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2014
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ASSETS
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Current assets
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Cash and cash equivalents
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$
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87,497
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$
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109,012
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Accounts receivable, net
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|
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204,062
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|
|
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|
227,008
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Inventories, net
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162,784
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|
|
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162,620
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Deferred income taxes
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10,613
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|
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11,050
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Other current assets
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48,275
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33,300
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Total current assets
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513,231
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542,990
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Property, plant and equipment, net
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153,178
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169,101
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Goodwill
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615,953
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742,770
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Other intangible assets, net
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324,867
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365,177
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Other long-term assets
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29,590
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36,841
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Total assets
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$
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1,636,819
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$
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1,856,879
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities
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Trade accounts payable
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$
|
126,884
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|
|
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$
|
145,798
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Accrued compensation and benefits
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41,789
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|
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52,964
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Current maturities of debt and short-term borrowings
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|
6,750
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4,500
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Income taxes payable
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|
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|
|
602
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38,347
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Other current liabilities
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56,680
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|
|
57,512
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Total current liabilities
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|
232,705
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|
|
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|
299,121
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Long-term debt
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|
580,000
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|
|
|
|
385,500
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Deferred income taxes
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|
|
|
|
|
87,971
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|
|
|
|
96,970
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|
Pension and postretirement benefit accruals
|
|
|
|
|
|
13,616
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|
|
|
|
15,699
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Other long-term liabilities
|
|
|
|
|
|
55,802
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|
|
|
|
57,878
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|
|
|
Total liabilities
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|
|
|
|
|
970,094
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|
|
|
|
855,168
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|
|
|
|
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|
|
|
|
|
|
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Shareholders' equity
|
|
|
|
|
|
|
|
|
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Capital stock
|
|
|
|
|
|
15,776
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|
|
|
|
15,695
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|
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Additional paid-in capital
|
|
|
|
|
|
98,712
|
|
|
|
|
93,449
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|
|
Treasury stock
|
|
|
|
|
|
(569,139
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)
|
|
|
|
(388,627
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)
|
|
Retained earnings
|
|
|
|
|
|
1,309,495
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|
|
|
|
1,349,602
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|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
(188,119
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)
|
|
|
|
(68,408
|
)
|
|
Stock held in trust
|
|
|
|
|
|
(4,145
|
)
|
|
|
|
(4,083
|
)
|
|
Deferred compensation liability
|
|
|
|
|
|
4,145
|
|
|
|
|
4,083
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
666,725
|
|
|
|
|
1,001,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
|
$
|
1,636,819
|
|
|
|
$
|
1,856,879
|
|
|
|
Actuant Corporation
|
Condensed Consolidated Statements of Operations
|
(Dollars in thousands except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
February 28,
|
|
February 28,
|
|
|
February 28,
|
|
February 28,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
301,005
|
|
|
$
|
327,770
|
|
|
$
|
628,770
|
|
|
$
|
667,326
|
Cost of products sold
|
|
|
|
191,244
|
|
|
|
203,323
|
|
|
|
392,033
|
|
|
|
411,099
|
|
Gross profit
|
|
|
|
109,761
|
|
|
|
124,447
|
|
|
|
236,737
|
|
|
|
256,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, administrative and engineering expenses
|
|
|
|
75,768
|
|
|
|
79,240
|
|
|
|
158,240
|
|
|
|
161,158
|
Amortization of intangible assets
|
|
|
|
6,087
|
|
|
|
6,226
|
|
|
|
12,373
|
|
|
|
12,441
|
Impairment charge
|
|
|
|
84,353
|
|
|
|
-
|
|
|
|
84,353
|
|
|
|
-
|
|
Operating profit (loss)
|
|
|
|
(56,447
|
)
|
|
|
38,981
|
|
|
|
(18,229
|
)
|
|
|
82,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs, net
|
|
|
|
7,030
|
|
|
|
6,262
|
|
|
|
13,221
|
|
|
|
13,012
|
Other (income) expense, net
|
|
|
|
(619
|
)
|
|
|
1,326
|
|
|
|
(1,058
|
)
|
|
|
2,467
|
|
Earnings (loss) from continuing operations before income tax expense
|
|
|
|
(62,858
|
)
|
|
|
31,393
|
|
|
|
(30,392
|
)
|
|
|
67,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
1,980
|
|
|
|
9,089
|
|
|
|
9,772
|
|
|
|
11,840
|
Earnings (loss) from continuing operations
|
|
|
|
(64,838
|
)
|
|
|
22,304
|
|
|
|
(40,164
|
)
|
|
|
55,309
|
Earnings from discontinued operations, net of income taxes
|
|
|
|
-
|
|
|
|
19,088
|
|
|
|
-
|
|
|
|
22,120
|
Net earnings (loss)
|
|
|
$
|
(64,838
|
)
|
|
$
|
41,392
|
|
|
$
|
(40,164
|
)
|
|
$
|
77,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(1.05
|
)
|
|
$
|
0.31
|
|
|
$
|
(0.64
|
)
|
|
$
|
0.76
|
|
Diluted
|
|
|
|
(1.05
|
)
|
|
|
0.30
|
|
|
|
(0.64
|
)
|
|
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(1.05
|
)
|
|
$
|
0.57
|
|
|
$
|
(0.64
|
)
|
|
$
|
1.07
|
|
Diluted
|
|
|
|
(1.05
|
)
|
|
|
0.56
|
|
|
|
(0.64
|
)
|
|
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
61,759
|
|
|
|
72,227
|
|
|
|
63,045
|
|
|
|
72,656
|
|
Diluted
|
|
|
|
61,759
|
|
|
|
73,773
|
|
|
|
63,045
|
|
|
|
74,392
|
|
|
Actuant Corporation
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
February 28,
|
|
February 28,
|
|
|
February 28,
|
|
February 28,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings
|
|
|
$
|
(64,838
|
)
|
|
$
|
41,392
|
|
|
|
$
|
(40,164
|
)
|
|
$
|
77,429
|
|
Adjustments to reconcile net earnings (loss) to net cash provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
13,232
|
|
|
|
15,761
|
|
|
|
|
26,940
|
|
|
|
31,965
|
|
Net gain on disposal of businesses
|
|
|
|
-
|
|
|
|
(26,339
|
)
|
|
|
|
-
|
|
|
|
(26,339
|
)
|
Stock-based compensation expense
|
|
|
|
2,327
|
|
|
|
6,509
|
|
|
|
|
5,873
|
|
|
|
10,612
|
|
Benefit for deferred income taxes
|
|
|
|
(541
|
)
|
|
|
(2,656
|
)
|
|
|
|
(1,893
|
)
|
|
|
(11,064
|
)
|
Impairment charge
|
|
|
|
84,353
|
|
|
|
-
|
|
|
|
|
84,353
|
|
|
|
-
|
|
Amortization of debt discount and debt issuance costs
|
|
|
|
423
|
|
|
|
423
|
|
|
|
|
846
|
|
|
|
983
|
|
Other non-cash adjustments
|
|
|
|
311
|
|
|
|
124
|
|
|
|
|
457
|
|
|
|
(743
|
)
|
Changes in components of working capital and other:
|
|
|
|
|
|
|
|
|
-
|
|
|
|
Accounts receivable
|
|
|
|
9,533
|
|
|
|
(2,271
|
)
|
|
|
|
5,904
|
|
|
|
4,769
|
|
Inventories
|
|
|
|
(4,662
|
)
|
|
|
(10,149
|
)
|
|
|
|
(11,162
|
)
|
|
|
(21,783
|
)
|
Prepaid expenses and other assets
|
|
|
|
(2,655
|
)
|
|
|
1,978
|
|
|
|
|
(13,353
|
)
|
|
|
(1,071
|
)
|
Trade accounts payable
|
|
|
|
(5,009
|
)
|
|
|
(15,395
|
)
|
|
|
|
(12,407
|
)
|
|
|
(12,835
|
)
|
Income taxes payable
|
|
|
|
(10,026
|
)
|
|
|
(10,210
|
)
|
|
|
|
(38,033
|
)
|
|
|
(13,399
|
)
|
Accrued compensation and benefits
|
|
|
|
(2,800
|
)
|
|
|
6,268
|
|
|
|
|
(12,763
|
)
|
|
|
3,673
|
|
Other accrued liabilities
|
|
|
|
(4,149
|
)
|
|
|
(1,498
|
)
|
|
|
|
(4,217
|
)
|
|
|
(5,314
|
)
|
Cash provided by (used in) operating activities
|
|
|
|
15,499
|
|
|
|
3,937
|
|
|
|
|
(9,619
|
)
|
|
|
36,883
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment
|
|
|
|
482
|
|
|
|
95
|
|
|
|
|
707
|
|
|
|
2,008
|
|
Proceeds from sale of businesses, net of transaction costs
|
|
|
|
-
|
|
|
|
243,386
|
|
|
|
|
-
|
|
|
|
243,386
|
|
Capital expenditures
|
|
|
|
(4,891
|
)
|
|
|
(10,969
|
)
|
|
|
|
(12,877
|
)
|
|
|
(22,226
|
)
|
Cash (used in) provided by investing activities
|
|
|
|
(4,409
|
)
|
|
|
232,512
|
|
|
|
|
(12,170
|
)
|
|
|
223,168
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Net borrowings (repayments) on revolving credit facilities and other
debt
|
|
|
72,881
|
|
|
|
(113,000
|
)
|
|
|
|
196,750
|
|
|
|
(125,000
|
)
|
Purchase of treasury shares
|
|
|
|
(76,097
|
)
|
|
|
(93,743
|
)
|
|
|
|
(180,512
|
)
|
|
|
(109,095
|
)
|
Payment of contingent acquisition consideration
|
|
|
|
-
|
|
|
|
(339
|
)
|
|
|
|
-
|
|
|
|
(753
|
)
|
Stock option exercises and related tax benefits
|
|
|
|
2,466
|
|
|
|
15,241
|
|
|
|
|
4,753
|
|
|
|
25,803
|
|
Cash dividend
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(2,598
|
)
|
|
|
(2,919
|
)
|
Cash (used in) provided by financing activities
|
|
|
|
(750
|
)
|
|
|
(191,841
|
)
|
|
|
|
18,393
|
|
|
|
(211,964
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(10,118
|
)
|
|
|
867
|
|
|
|
|
(18,119
|
)
|
|
|
2,944
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
222
|
|
|
|
45,475
|
|
|
|
|
(21,515
|
)
|
|
|
51,031
|
|
Cash and cash equivalents - beginning of period
|
|
|
|
87,275
|
|
|
|
109,542
|
|
|
|
|
109,012
|
|
|
|
103,986
|
|
Cash and cash equivalents - end of period
|
|
|
$
|
87,497
|
|
|
$
|
155,017
|
|
|
|
$
|
87,497
|
|
|
$
|
155,017
|
|
|
|
ACTUANT CORPORATION
|
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2014
|
|
|
FISCAL 2015
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
TOTAL
|
|
|
Q1
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
TOTAL
|
SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
$
|
98,641
|
|
|
$
|
93,571
|
|
|
$
|
109,809
|
|
|
$
|
111,880
|
|
|
$
|
413,901
|
|
|
|
$
|
102,413
|
|
|
$
|
96,488
|
|
|
|
|
|
|
|
|
|
$
|
198,901
|
|
|
ENERGY SEGMENT
|
|
|
|
107,925
|
|
|
|
106,031
|
|
|
|
125,231
|
|
|
|
123,181
|
|
|
|
462,368
|
|
|
|
|
111,522
|
|
|
|
100,211
|
|
|
|
|
|
|
|
|
|
|
211,733
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
|
132,990
|
|
|
|
128,168
|
|
|
|
143,147
|
|
|
|
119,288
|
|
|
|
523,593
|
|
|
|
|
113,830
|
|
|
|
104,306
|
|
|
|
|
|
|
|
|
|
|
218,136
|
|
|
|
TOTAL
|
|
|
$
|
339,556
|
|
|
$
|
327,770
|
|
|
$
|
378,187
|
|
|
$
|
354,349
|
|
|
$
|
1,399,862
|
|
|
|
$
|
327,765
|
|
|
$
|
301,005
|
|
|
|
|
|
|
|
|
|
$
|
628,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% SALES GROWTH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
|
-2
|
%
|
|
|
-5
|
%
|
|
|
-1
|
%
|
|
|
1
|
%
|
|
|
-2
|
%
|
|
|
|
4
|
%
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
3
|
%
|
|
ENERGY SEGMENT
|
|
|
|
19
|
%
|
|
|
31
|
%
|
|
|
26
|
%
|
|
|
33
|
%
|
|
|
27
|
%
|
|
|
|
3
|
%
|
|
|
-5
|
%
|
|
|
|
|
|
|
|
|
|
-1
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
|
15
|
%
|
|
|
6
|
%
|
|
|
7
|
%
|
|
|
-3
|
%
|
|
|
6
|
%
|
|
|
|
-14
|
%
|
|
|
-19
|
%
|
|
|
|
|
|
|
|
|
|
-16
|
%
|
|
|
TOTAL
|
|
|
|
10
|
%
|
|
|
9
|
%
|
|
|
10
|
%
|
|
|
8
|
%
|
|
|
9
|
%
|
|
|
|
-3
|
%
|
|
|
-8
|
%
|
|
|
|
|
|
|
|
|
|
-6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
$
|
26,897
|
|
|
$
|
26,477
|
|
|
$
|
34,123
|
|
|
$
|
32,752
|
|
|
$
|
120,249
|
|
|
|
$
|
26,705
|
|
|
$
|
23,517
|
|
|
|
|
|
|
|
|
|
$
|
50,222
|
|
|
ENERGY SEGMENT
|
|
|
|
8,923
|
|
|
|
9,504
|
|
|
|
19,936
|
|
|
|
18,049
|
|
|
|
56,412
|
|
|
|
|
12,442
|
|
|
|
8,680
|
|
|
|
|
|
|
|
|
|
|
21,122
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
|
13,190
|
|
|
|
9,548
|
|
|
|
13,560
|
|
|
|
5,638
|
|
|
|
41,936
|
|
|
|
|
6,278
|
|
|
|
2,010
|
|
|
|
|
|
|
|
|
|
|
8,288
|
|
|
CORPORATE / GENERAL
|
|
|
|
(5,363
|
)
|
|
|
(6,548
|
)
|
|
|
(8,839
|
)
|
|
|
(8,234
|
)
|
|
|
(28,984
|
)
|
|
|
|
(7,207
|
)
|
|
|
(6,301
|
)
|
|
|
|
|
|
|
|
|
|
(13,508
|
)
|
|
|
TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT
CHARGE
|
|
|
$
|
43,647
|
|
|
$
|
38,981
|
|
|
$
|
58,780
|
|
|
$
|
48,205
|
|
|
$
|
189,613
|
|
|
|
$
|
38,218
|
|
|
$
|
27,906
|
|
|
|
|
|
|
|
|
|
$
|
66,124
|
|
|
GAIN ON PRODUCT LINE DIVESTITURE
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,495
|
|
|
|
13,495
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
IMPAIRMENT CHARGE
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(84,353
|
)
|
|
|
|
|
|
|
|
|
|
(84,353
|
)
|
|
|
TOTAL
|
|
|
$
|
43,647
|
|
|
$
|
38,981
|
|
|
$
|
58,780
|
|
|
$
|
61,700
|
|
|
$
|
203,108
|
|
|
|
$
|
38,218
|
|
|
$
|
(56,447
|
)
|
|
|
|
|
|
|
|
|
$
|
(18,229
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
|
27.3
|
%
|
|
|
28.3
|
%
|
|
|
31.1
|
%
|
|
|
29.3
|
%
|
|
|
29.1
|
%
|
|
|
|
26.1
|
%
|
|
|
24.4
|
%
|
|
|
|
|
|
|
|
|
|
25.2
|
%
|
|
ENERGY SEGMENT
|
|
|
|
8.3
|
%
|
|
|
9.0
|
%
|
|
|
15.9
|
%
|
|
|
14.7
|
%
|
|
|
12.2
|
%
|
|
|
|
11.2
|
%
|
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
|
10.0
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
|
9.9
|
%
|
|
|
7.4
|
%
|
|
|
9.5
|
%
|
|
|
4.7
|
%
|
|
|
8.0
|
%
|
|
|
|
5.5
|
%
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
3.8
|
%
|
|
|
TOTAL (INCLUDING CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE
DIVESTITURE AND IMPAIRMENT CHARGE
|
|
|
|
12.9
|
%
|
|
|
11.9
|
%
|
|
|
15.5
|
%
|
|
|
13.6
|
%
|
|
|
13.5
|
%
|
|
|
|
11.7
|
%
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
10.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
$
|
28,657
|
|
|
$
|
27,907
|
|
|
$
|
35,426
|
|
|
$
|
35,017
|
|
|
$
|
127,007
|
|
|
|
$
|
28,715
|
|
|
$
|
25,534
|
|
|
|
|
|
|
|
|
|
$
|
54,249
|
|
|
ENERGY SEGMENT
|
|
|
|
17,923
|
|
|
|
18,130
|
|
|
|
27,898
|
|
|
|
24,809
|
|
|
|
88,760
|
|
|
|
|
20,011
|
|
|
|
15,732
|
|
|
|
|
|
|
|
|
|
|
35,743
|
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
|
17,365
|
|
|
|
13,581
|
|
|
|
18,464
|
|
|
|
9,046
|
|
|
|
58,456
|
|
|
|
|
11,514
|
|
|
|
5,603
|
|
|
|
|
|
|
|
|
|
|
17,117
|
|
|
CORPORATE / GENERAL
|
|
|
|
(5,235
|
)
|
|
|
(6,202
|
)
|
|
|
(8,659
|
)
|
|
|
(7,916
|
)
|
|
|
(28,012
|
)
|
|
|
|
(7,875
|
)
|
|
|
(5,111
|
)
|
|
|
|
|
|
|
|
|
|
(12,986
|
)
|
|
|
TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT
CHARGE
|
|
|
$
|
58,710
|
|
|
$
|
53,416
|
|
|
$
|
73,129
|
|
|
$
|
60,956
|
|
|
$
|
246,211
|
|
|
|
$
|
52,365
|
|
|
$
|
41,758
|
|
|
|
|
|
|
|
|
|
$
|
94,123
|
|
|
GAIN ON PRODUCT LINE DIVESTITURE
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,495
|
|
|
|
13,495
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
IMPAIRMENT CHARGE
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(84,353
|
)
|
|
|
|
|
|
|
|
|
|
(84,353
|
)
|
|
|
TOTAL
|
|
|
$
|
58,710
|
|
|
$
|
53,416
|
|
|
$
|
73,129
|
|
|
$
|
74,451
|
|
|
$
|
259,706
|
|
|
|
$
|
52,365
|
|
|
$
|
(42,595
|
)
|
|
|
|
|
|
|
|
|
$
|
9,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL SEGMENT
|
|
|
|
29.1
|
%
|
|
|
29.8
|
%
|
|
|
32.3
|
%
|
|
|
31.3
|
%
|
|
|
30.7
|
%
|
|
|
|
28.0
|
%
|
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
27.3
|
%
|
|
ENERGY SEGMENT
|
|
|
|
16.6
|
%
|
|
|
17.1
|
%
|
|
|
22.3
|
%
|
|
|
20.1
|
%
|
|
|
19.2
|
%
|
|
|
|
17.9
|
%
|
|
|
15.7
|
%
|
|
|
|
|
|
|
|
|
|
16.9
|
%
|
|
ENGINEERED SOLUTIONS SEGMENT
|
|
|
|
13.1
|
%
|
|
|
10.6
|
%
|
|
|
12.9
|
%
|
|
|
7.6
|
%
|
|
|
11.2
|
%
|
|
|
|
10.1
|
%
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
7.8
|
%
|
|
|
TOTAL (INCLUDING CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE
DIVESTITURE AND IMPAIRMENT CHARGE
|
|
|
|
17.3
|
%
|
|
|
16.3
|
%
|
|
|
19.3
|
%
|
|
|
17.2
|
%
|
|
|
17.6
|
%
|
|
|
|
16.0
|
%
|
|
|
13.9
|
%
|
|
|
|
|
|
|
|
|
|
15.0
|
%
|
|
|
ACTUANT CORPORATION
|
SUPPLEMENTAL UNAUDITED DATA
|
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
|
(Dollars in thousands, except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2014
|
|
|
FISCAL 2015
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
TOTAL
|
|
|
Q1
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
TOTAL
|
EARNINGS (LOSS) BEFORE SPECIAL ITEMS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS)
|
|
|
$
|
36,037
|
|
|
$
|
41,392
|
|
|
$
|
50,557
|
|
$
|
35,587
|
|
|
$
|
163,573
|
|
|
|
$
|
24,674
|
|
$
|
(64,838
|
)
|
|
|
|
|
|
|
|
|
$
|
(40,164
|
)
|
|
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
|
|
|
|
(3,032
|
)
|
|
|
(19,088
|
)
|
|
|
-
|
|
|
-
|
|
|
|
(22,120
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
|
|
|
33,005
|
|
|
|
22,304
|
|
|
|
50,557
|
|
|
35,587
|
|
|
|
141,453
|
|
|
|
|
24,674
|
|
|
(64,838
|
)
|
|
|
|
|
|
|
|
|
|
(40,164
|
)
|
|
GAIN ON PRODUCT LINE DIVESTITURE, NET OF INCOME TAX
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
(2,813
|
)
|
|
|
(2,813
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
IMPAIRMENT CHARGE, NET OF INCOME TAX
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
82,636
|
|
|
|
|
|
|
|
|
|
|
82,636
|
|
|
|
TOTAL
|
|
|
$
|
33,005
|
|
|
$
|
22,304
|
|
|
$
|
50,557
|
|
$
|
32,774
|
|
|
$
|
138,640
|
|
|
|
$
|
24,674
|
|
$
|
17,798
|
|
|
|
|
|
|
|
|
|
$
|
42,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS (LOSS) PER SHARE, BEFORE SPECIAL ITEMS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS)
|
|
|
$
|
0.48
|
|
|
$
|
0.56
|
|
|
$
|
0.70
|
|
$
|
0.51
|
|
|
$
|
2.26
|
|
|
|
$
|
0.38
|
|
$
|
(1.05
|
)
|
|
|
|
|
|
|
|
|
$
|
(0.64
|
)
|
|
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
|
|
|
|
(0.04
|
)
|
|
|
(0.26
|
)
|
|
|
-
|
|
|
-
|
|
|
|
(0.31
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
|
|
|
0.44
|
|
|
|
0.30
|
|
|
|
0.70
|
|
|
0.51
|
|
|
|
1.95
|
|
|
|
|
0.38
|
|
|
(1.05
|
)
|
|
|
|
|
|
|
|
|
|
(0.64
|
)
|
|
GAIN ON PRODUCT LINE DIVESTITURE, NET OF INCOME TAX
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
(0.04
|
)
|
|
|
(0.04
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
IMPAIRMENT CHARGE, NET OF INCOME TAX
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
1.33
|
|
|
|
|
|
|
|
|
|
|
1.30
|
|
|
|
TOTAL
|
|
|
$
|
0.44
|
|
|
$
|
0.30
|
|
|
$
|
0.70
|
|
$
|
0.47
|
|
|
$
|
1.91
|
|
|
|
$
|
0.38
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS) (GAAP MEASURE)
|
|
|
$
|
36,037
|
|
|
$
|
41,392
|
|
|
$
|
50,557
|
|
$
|
35,587
|
|
|
$
|
163,573
|
|
|
|
$
|
24,674
|
|
$
|
(64,838
|
)
|
|
|
|
|
|
|
|
|
$
|
(40,164
|
)
|
|
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
|
|
|
|
(3,032
|
)
|
|
|
(19,088
|
)
|
|
|
-
|
|
|
-
|
|
|
|
(22,120
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
|
|
|
|
33,005
|
|
|
|
22,304
|
|
|
|
50,557
|
|
|
35,587
|
|
|
|
141,453
|
|
|
|
|
24,674
|
|
|
(64,838
|
)
|
|
|
|
|
|
|
|
|
|
(40,164
|
)
|
|
FINANCING COSTS, NET
|
|
|
|
6,750
|
|
|
|
6,262
|
|
|
|
5,932
|
|
|
6,101
|
|
|
|
25,045
|
|
|
|
|
6,191
|
|
|
7,030
|
|
|
|
|
|
|
|
|
|
|
13,221
|
|
|
INCOME TAX EXPENSE
|
|
|
|
2,751
|
|
|
|
9,089
|
|
|
|
1,671
|
|
|
19,062
|
|
|
|
32,573
|
|
|
|
|
7,792
|
|
|
1,980
|
|
|
|
|
|
|
|
|
|
|
9,772
|
|
|
DEPRECIATION & AMORTIZATION
|
|
|
|
16,204
|
|
|
|
15,761
|
|
|
|
14,969
|
|
|
13,701
|
|
|
|
60,635
|
|
|
|
|
13,708
|
|
|
13,233
|
|
|
|
|
|
|
|
|
|
|
26,941
|
|
|
|
EBITDA - EXCLUDING DISCONTINUED OPERATIONS (NON-GAAP MEASURE)
|
|
|
$
|
58,710
|
|
|
$
|
53,416
|
|
|
$
|
73,129
|
|
$
|
74,451
|
|
|
$
|
259,706
|
|
|
|
$
|
52,365
|
|
$
|
(42,595
|
)
|
|
|
|
|
|
|
|
|
$
|
9,770
|
|
|
GAIN ON PRODUCT LINE DIVESTITURE
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
(13,495
|
)
|
|
|
(13,495
|
)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
IMPAIRMENT CHARGE
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
84,353
|
|
|
|
|
|
|
|
|
|
|
84,353
|
|
|
|
EBITDA - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT
CHARGE (NON-GAAP MEASURE)
|
|
|
$
|
58,710
|
|
|
$
|
53,416
|
|
|
$
|
73,129
|
|
$
|
60,956
|
|
|
$
|
246,211
|
|
|
|
$
|
52,365
|
|
$
|
41,758
|
|
|
|
|
|
|
|
|
|
$
|
94,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
The total of the individual quarters may not equal the annual total
due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Earnings and diluted earnings per share, excluding special items
(discontinued operations, gain on product line divestiture and
impairment charge), represent net earnings (loss) and diluted
earnings (loss) per share per the Condensed Consolidated Statements
of Operations 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 (loss) or diluted earnings (loss)
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, discontinued operations and depreciation &
amortization. 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 Operations data. EBITDA
should not be considered as an alternative to net earnings (loss) or
operating profit (loss) 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.
|
CONTACT:
Actuant Corporation
Karen Bauer
Communications &
Investor Relations Leader
262-293-1562
Actuant (NYSE:ATU)
Historical Stock Chart
From Apr 2024 to May 2024
Actuant (NYSE:ATU)
Historical Stock Chart
From May 2023 to May 2024