Actuant Corporation (NYSE: ATU) today announced results for its
fourth quarter ended August 31, 2013.
Highlights
- Fourth quarter GAAP diluted earnings
per share from continuing operations (“EPS”) of $0.60, and $0.50
excluding acquisition related costs and a favorable tax adjustment,
an increase of 4% year-over-year (see attached reconciliation of
earnings.)
- Core sales were flat and -3% for the
fourth quarter and full year, respectively (total sales less the
impact of acquisitions, divestitures and foreign currency rate
changes) with improving trends throughout the fiscal year.
- Year-over-year operating profit margin
expansion of 70 basis points for the fourth quarter, or 170 basis
points excluding acquisition related costs.
- Cash flow from operations was a robust
$78 million for the fourth quarter.
- Completed the acquisition of Viking
SeaTech (“Viking”) for approximately $235 million, adding
capabilities serving the deep water oil & gas market.
- Repurchased 1.3 million common shares
in fiscal 2013 for $42 million, including 0.8 million shares for
$28 million in the fourth quarter.
- Increased full year fiscal 2014
guidance with revised sales and EPS ranges of $1.41-1.45 billion
and $2.00-2.10, respectively.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We
were pleased to finish the year in line with our expectations, with
continued sequential core sales improvement, year-over-year margin
and EPS growth, and record free cash flow. Consolidated fourth
quarter core sales were flat, as overall demand continued to
reflect economies around the world struggling to find steady
growth. Excluding approximately $0.04 of Viking related acquisition
costs and a favorable tax adjustment, fourth quarter EPS of $0.50
increased 4% on a year-over-year basis on improved margins,
partially offset by a higher effective tax rate. In the quarter, we
demonstrated our continued ability to operate in a stagnant market
environment and deliver earnings growth, while still making
strategic investments to drive the company's long-term growth
strategy.”
Consolidated Results
Continuing Operations
Consolidated sales for the fourth quarter of fiscal 2013 were
$327 million compared to $322 million in the comparable prior year
quarter. Core sales were flat, with acquisitions contributing 2%
and nominal currency impact. Fiscal 2013 fourth quarter net
earnings and EPS from continuing operations were $45.1 million and
$0.60, respectively, compared to $35.9 million and $0.48 in the
comparable prior year quarter. Excluding the fourth quarter fiscal
2013 favorable tax adjustment of $10.6 million, or $0.14 per
diluted share, EPS from continuing operations of $0.46 was 4% lower
than the comparable prior year period; however, it included
approximately $0.04 of acquisition transaction costs. (See attached
reconciliation of earnings.)
Sales for the year ended August 31, 2013 of $1.28 billion were
essentially unchanged from the prior year. Excluding the 4% benefit
of acquisitions, and 1% negative impact from foreign currency
translation, core sales declined 3%. Earnings and EPS from
continuing operations for the year were $147.6 million, or $1.98
per diluted share, compared to $125.3 million, or $1.68 per diluted
share for the comparable prior year period. Excluding the
previously mentioned favorable tax adjustment as well as 2012 debt
refinancing costs of $16.8 million, or $0.15 per diluted share,
fiscal 2013 EPS from continuing operations of $1.84 was 1% higher
than the $1.83 in the prior year. (See attached reconciliation of
earnings.)
Commenting on the full year results, Arzbaecher stated, “While
our performance in fiscal 2013 was impacted by weak global economic
conditions, the sequential improvement throughout the year was
encouraging. Both Industrial and Energy delivered full year core
sales growth and we acquired approximately $90 million of revenue
in the higher growth energy market. As a result of our portfolio
management, cost control and operational improvement efforts,
EBITDA margins, excluding acquisition costs, exceeded 20% by the
end of the fiscal year. We generated record free cash flow of $205
million and free cash flow to net earnings conversion in excess of
125%. This allowed us to deploy $235 million in acquisitions and
$42 million in share repurchases, yet maintain a year-end net debt
to EBITDA leverage of just 1.3X. In summary, despite poor economic
conditions, Actuant’s employees executed well and I am appreciative
of their efforts.”
Discontinued Operations
Discontinued operations include the operating results of the
Electrical segment for all periods presented. In the fourth quarter
of fiscal 2013, a favorable, non-cash adjustment of $11.2 million
($0.10 per diluted share) was recorded to reduce the reserve
against the Electrical segment’s carrying value, based on current
information. The sale process for the Electrical segment is
proceeding as planned and the Company expects the sale transaction
to be completed in the first half of fiscal 2014.
Segment
Results
Industrial Segment
(US $ in millions)
Three Months Ended August 31, Year
Ended August 31, 2013 2012 2013 2012 Sales $111.2
$110.6 $422.6 $419.3 Operating Profit $31.9 $29.5 $117.6 $114.8
Operating Profit % 28.7% 26.6% 27.8% 27.4%
Fourth quarter fiscal 2013 Industrial segment sales were $111
million, 1% higher than the prior year. This 1% core sales growth
was due to higher integrated solutions activity, vertical market
penetration and success in high growth regions including Africa,
Indonesia and Brazil. Industrial tool sales within Europe and China
continue to experience year-over-year declines, albeit at a more
modest sequential pace. Fourth quarter operating profit margin
increased 210 basis points to 28.7% on the higher volume, lower
incentive compensation and operational excellence actions.
Energy Segment
(US $ in millions)
Three Months Ended August 31, Year
Ended August 31, 2013 2012 2013 2012 Sales $92.7
$93.4 $363.4 $349.2 Operating Profit $18.5 $18.8 $63.3 $62.2
Operating Profit % 19.9% 20.2% 17.4% 17.8%
Fiscal 2013 fourth quarter year-over-year Energy segment sales
decreased 1% to $93 million. Excluding the 1% impact from
acquisitions and negative 2% from foreign currency translation,
core sales were flat year-over-year. Hydratight demand remained
strong in both the Europe and Asia Pacific regions; however, North
American revenues declined on lower service and nuclear maintenance
activity. Offshore demand for umbilical, cable and rope solutions
grew with continued favorable market dynamics; however, Cortland’s
non-energy markets, such as defense, experienced persistent weak
activity levels. Fourth quarter operating profit margin declined 30
basis points year-over-year, primarily the result of unfavorable
product mix.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended August 31, Year
Ended August 31, 2013 2012 2013 2012 Sales $123.4
$118.4 $493.7 $508.1 Operating Profit $11.7 $10.1 $40.3 $60.9
Operating Profit % 9.5% 8.5% 8.2% 12.0%
Fourth quarter fiscal 2013 Engineered Solutions segment sales
increased 4% from the prior year to $123 million. Excluding the 3%
net benefit from acquisitions/divestitures and 1% from foreign
currency translation, year-over-year core sales were flat. This was
a significant sequential improvement from the third quarter’s 10%
core sale decline. During the fourth quarter, European heavy-duty
truck sales grew over 10% and total agriculture sales benefited
from new product launches. Sales were down year-over-year in the
off-highway equipment markets including construction and defense,
as well as within the European convertible auto market, but the
rate of decline in both moderated from prior quarters. Fourth
quarter operating profit margin increased 100 basis points due to
the benefit of cost reduction actions.
Corporate and Income Taxes
Corporate expenses for the fourth quarter of fiscal 2013 were
$9.3 million, $0.6 million above the comparable prior year period
due primarily to $3.5 million of transaction costs related to the
Viking acquisition, partially offset by lower incentive
compensation expenses. Income tax expense in the fourth quarter of
fiscal 2013 included a non-cash $10.6 million benefit from the
cumulative correction in accounting for taxes on equity
compensation expense over several years. The correction reduced
historical annual tax expense (and increased net income), but was
not material to any individual year.
Financial Position
Net debt at August 31, 2013 was $411 million (total debt of $515
million less $104 million of cash); approximately $180 million
above the prior quarter end. The Company deployed approximately
$235 million of capital to acquire Viking in the fourth quarter as
well as approximately $28 million for share repurchases. Given the
quarter’s strong free cash flow, Actuant’s August 31, 2013 net debt
to EBITDA leverage ratio remained low at 1.3X. Available liquidity
is strong with $104 million of cash on hand, $475 million of
revolver availability and the expected 2014 cash flow and
Electrical segment divestiture proceeds.
Outlook
“The economic environment remains difficult to predict, and we
are focused on executing items within our control," Arzbaecher
stated. "Our near-term priorities continue to be investing in
strategic growth opportunities including high growth markets,
acquisition capital deployment, cash generation, and completing the
sale of the Electrical segment.
We continue to anticipate fiscal 2014 core sales growth in the
range of 3-5%, outpacing GDP as a result of our company-specific
Growth + Innovation (G+I) process and easier prior year
comparisons. We expect total sales of $1.41-1.45 billion, including
approximately $100 million of Viking fiscal 2014 revenue. On a
year-over-year basis, the higher sales coupled with operational
excellence initiatives and completed share repurchases should
result in fiscal 2014 EPS of $2.00-2.10, an increase of 9-14%
compared to fiscal 2013, excluding special items. We expect full
year free cash flow of approximately $190 million. We anticipate
first quarter fiscal 2014 sales in the $325-335 million range and
EPS of $0.43-0.46. All guidance excludes the impact of future
acquisitions and potential share repurchases.
Arzbaecher concluded, “Despite a stagnant macroeconomic
environment, we expect to deliver sales and earnings growth in
fiscal 2014. We remain focused on our G+I process, executing on
cost savings initiatives, and maintaining our flexibility to
capitalize on market opportunities. We believe our strong balance
sheet provides significant capital deployment opportunities for
Actuant to deliver shareholder value.”
Conference Call
Information
An investor conference call is scheduled for 10am CT today,
October 1, 2013. 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.
This includes statements pertaining to, among other things, the
planned divestiture of the Electrical segment, the potential timing
thereof, and the prospects and expected financial results of
Actuant after the planned transaction. 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)
Actuant Corporation Condensed Consolidated Balance
Sheets (Dollars in thousands) (Unaudited)
August 31, August 31,
2013 2012 ASSETS Current assets Cash
and cash equivalents $ 103,986 $ 68,184 Accounts receivable, net
219,075 234,756 Inventories, net 142,549 211,690 Deferred income
taxes 18,796 22,583 Other current assets 28,228 24,068 Assets of
discontinued operations 272,606 - Total
current assets 785,240 561,281 Property, plant and
equipment, net 201,496 115,884 Goodwill 734,952 866,412 Other
intangible assets, net 376,692 445,884 Other long-term assets
20,952 17,658 Total assets $
2,119,332 $ 2,007,119
LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts
payable $ 154,049 $ 174,746 Accrued compensation and benefits
43,800 58,817 Current maturities of debt - 7,500 Income taxes
payable 14,014 5,778 Other current liabilities 56,899 72,165
Liabilities of discontinued operations 53,080
- Total current liabilities 321,842 319,006 Long-term
debt 515,000 390,000 Deferred income taxes 115,865 132,653 Pension
and postretirement benefit accruals 20,698 26,442 Other long-term
liabilities 65,660 87,182 Shareholders' equity Capital stock
15,399 15,102 Additional paid-in capital 49,758 7,725 Treasury
stock (104,915 ) (63,083 ) Retained earnings 1,188,685 1,161,564
Accumulated other comprehensive loss (68,660 ) (69,472 ) Stock held
in trust (3,124 ) (2,689 ) Deferred compensation liability
3,124 2,689 Total shareholders' equity
1,080,267 1,051,836 Total liabilities
and shareholders' equity $ 2,119,332 $ 2,007,119
Actuant Corporation Condensed Consolidated Statements of
Operations (Dollars in thousands except per share
amounts) (Unaudited)
Three Months Ended Twelve Months Ended
August 31, August 31, August 31, August
31, 2013 2012 2013
2012 Net sales $ 327,260 $ 322,368 $ 1,279,742 $
1,276,521 Cost of products sold 197,760
192,760 772,792 765,061
Gross profit 129,500 129,608 506,950 511,460 Selling,
administrative and engineering expenses 71,345 74,114 293,866
284,920 Amortization of intangible assets 5,397
5,789 22,939 22,026
Operating profit 52,758 49,705 190,145 204,514
Financing costs, net 6,026 6,281 24,837 29,561 Debt refinancing
costs - - - 16,830 Other expense, net 841 196
2,359 3,493 Earnings from
continuing operations before income tax expense 45,891 43,228
162,949 154,630 Income tax expense 776
7,312 15,372 29,354
Earnings from continuing operations 45,115 35,916 147,577 125,276
Earnings (loss) from discontinued operations, net of income taxes
13,138 (52,376 ) (117,529 )
(37,986 ) Net earnings (loss) $ 58,253 $ (16,460 ) $
30,048 $ 87,290
Earnings from
continuing operations per share Basic $ 0.62 $ 0.49 $ 2.02 $
1.79 Diluted 0.60 0.48 1.98 1.68
Earnings (loss) per
share Basic $ 0.80 $ (0.23 ) $ 0.41 $ 1.25 Diluted 0.78 (0.22 )
0.40 1.17
Weighted average common shares outstanding
Basic 73,048 72,846 72,979 70,099 Diluted 74,845 74,158 74,580
74,940
Actuant Corporation Condensed Consolidated
Statements of Cash Flows (In thousands) (Unaudited)
Three Months Ended Twelve
Months Ended August 31, August 31, August
31,
August 31,
2013 2012 2013 2012 Operating
Activities Net earnings (loss) $ 58,253 $ (16,460 ) $ 30,048 $
87,290 Adjustments to reconcile net earnings (loss) to net cash
provided by operating activities: Depreciation and amortization
11,112 14,071 53,902 54,263 Stock-based compensation expense 2,933
3,344 13,440 13,346 Benefit for deferred income taxes (13,716 )
(8,387 ) (44,265 ) (10,524 ) Impairment charges (11,235 ) 62,464
158,817 62,464 Amortization of debt discount and debt issuance
costs 452 498 1,940 1,990 Non-cash debt refinance charge - - -
2,254 Other non-cash adjustments 157 139 328 - Changes in
components of working capital and other: Accounts receivable 14,108
9,382 (10,925 ) (12,310 ) Inventories 6,388 2,361 13,714 11,532
Prepaid expenses and other assets 10 (3,235 ) (4,603 ) (2,164 )
Trade accounts payable (1,750 ) 3,123 (9,279 ) 5,902 Income taxes
payable 6,132 (15,847 ) 594 (17,903 ) Accrued compensation and
benefits (1,427 ) 2,474 (14,256 ) (6,292 ) Other accrued
liabilities 6,102 (912 ) 4,334
(7,519 ) Net cash provided by operating activities 77,519
53,015 193,789 182,329
Investing Activities Proceeds
from sale of property, plant and equipment 304 15 1,621 8,501
Proceeds from sale of businesses, net of transaction costs - -
4,854 - Capital expenditures (4,773 ) (5,249 ) (23,668 ) (22,740 )
Business acquisitions, net of cash acquired (235,406 )
(40,533 ) (239,041 ) (70,267 ) Net cash used
in investing activities (239,875 ) (45,767 ) (256,234 ) (84,506 )
Financing Activities Net borrowings (repayments) on
revolving credit facilities and other debt 125,000 - 125,000
(58,167 ) Principal repayments on term loan (2,500 ) (1,250 )
(7,500 ) (2,500 ) Repurchases of 2% Convertible Notes - - - (102 )
Proceeds on 5.625% Senior Note issuance - - - 300,000 Redemption of
6.875% Senior Notes - - - (250,000 ) Debt issuance and refinancing
costs (2,035 ) (150 ) (2,035 ) (5,490 ) Purchase of treasury shares
(28,162 ) (23,801 ) (41,832 ) (63,083 ) Payment of contingent
consideration (1,826 ) - (1,826 ) - Stock option exercises and
related tax benefits 14,556 4,521 33,261 10,913 Cash dividend
- - (2,911 ) (2,748 ) Net
cash provided by (used in) financing activities 105,033 (20,680 )
102,157 (71,177 ) Effect of exchange rate changes on cash
(109 ) 1,467 (3,910 ) (2,683 )
Net increase in cash and cash equivalents (57,432 ) (11,965 )
35,802 23,963 Cash and cash equivalents - beginning of period
161,418 80,149 68,184
44,221 Cash and cash equivalents - end of period $
103,986 $ 68,184 $ 103,986 $ 68,184
ACTUANT CORPORATION SUPPLEMENTAL UNAUDITED DATA FROM
CONTINUING OPERATIONS (Dollars in thousands)
FISCAL 2012 FISCAL 2013 Q1
Q2 Q3 Q4
TOTAL Q1 Q2 Q3
Q4 TOTAL SALES INDUSTRIAL SEGMENT $
100,253 $ 98,342 $ 110,102 $ 110,598 $ 419,295 $ 101,122 $ 98,999 $
111,308 $ 111,191 $ 422,620 ENERGY SEGMENT 80,421 78,937 96,399
93,406 349,163 90,769 80,794 99,158 92,651 363,372 ENGINEERED
SOLUTIONS SEGMENT 129,292 123,640
136,767 118,364
508,063 115,918
120,675 133,739 123,418
493,750 TOTAL $ 309,966 $
300,919 $ 343,268 $ 322,368
$ 1,276,521 $ 307,809 $ 300,468
$ 344,205 $ 327,260 $ 1,279,742
% SALES GROWTH INDUSTRIAL SEGMENT 15 % 11 % 2
% 2 % 7 % 1 % 1 % 1 % 1 % 1 % ENERGY SEGMENT 14 % 28 % 24 % 13 % 19
% 13 % 2 % 3 % -1 % 4 % ENGINEERED SOLUTIONS SEGMENT 23 % 12 % 8 %
-10 % 7 % -10 % -2 % -2 % 4 % -3 % TOTAL 18 % 16 % 10 % 0 % 10 % -1
% 0 % 0 % 2 % 0 %
OPERATING PROFIT (LOSS) INDUSTRIAL
SEGMENT $ 27,933 $ 26,690 $ 30,681 $ 29,473 $ 114,777 $ 27,006 $
26,350 $ 32,426 $ 31,862 $ 117,644 ENERGY SEGMENT 13,217 11,632
18,515 18,841 62,205 15,387 9,677 19,736 18,480 63,280 ENGINEERED
SOLUTIONS SEGMENT 18,999 13,281 18,467 10,104 60,851 7,625 8,275
12,754 11,674 40,328 CORPORATE / GENERAL (7,845 )
(7,948 ) (8,813 ) (8,713 )
(33,319 ) (6,544 ) (7,431 )
(7,874 ) (9,258 ) (31,107
) TOTAL $ 52,304 $ 43,655 $ 58,850
$ 49,705 $ 204,514 $ 43,474
$ 36,871 $ 57,042 $
52,758 $ 190,145
OPERATING PROFIT
% INDUSTRIAL SEGMENT 27.9 % 27.1 % 27.9 % 26.6 % 27.4 % 26.7 %
26.6 % 29.1 % 28.7 % 27.8 % ENERGY SEGMENT 16.4 % 14.7 % 19.2 %
20.2 % 17.8 % 17.0 % 12.0 % 19.9 % 19.9 % 17.4 % ENGINEERED
SOLUTIONS SEGMENT 14.7 % 10.7 % 13.5 % 8.5 % 12.0 % 6.6 % 6.9 % 9.5
% 9.5 % 8.2 % TOTAL (INCLUDING CORPORATE) 16.9 % 14.5 % 17.1 % 15.4
% 16.0 % 14.1 % 12.3 % 16.6 % 16.1 % 14.9 %
EBITDA
INDUSTRIAL SEGMENT $ 29,220 $ 29,116 $ 32,070 $ 31,774 $ 122,180 $
29,033 $ 28,471 $ 34,374 $ 33,742 $ 125,620 ENERGY SEGMENT 18,243
15,601 22,216 23,166 79,226 19,694 14,278 23,977 22,185 80,134
ENGINEERED SOLUTIONS SEGMENT 22,213 16,762 21,418 13,991 74,384
12,047 12,611 16,700 15,659 57,017 CORPORATE / GENERAL
(7,217 ) (7,479 ) (8,506 )
(7,972 ) (31,174 ) (6,195 )
(6,582 ) (7,556 ) (8,556 )
(28,889 ) TOTAL $ 62,459 $ 54,000
$ 67,198 $ 60,959 $
244,616 $ 54,579 $ 48,778 $
67,495 $ 63,030 $ 233,882
EBITDA % INDUSTRIAL SEGMENT 29.1 % 29.6 % 29.1 % 28.7 % 29.1
% 28.7 % 28.8 % 30.9 % 30.3 % 29.7 % ENERGY SEGMENT 22.7 % 19.8 %
23.0 % 24.8 % 22.7 % 21.7 % 17.7 % 24.2 % 23.9 % 22.1 % ENGINEERED
SOLUTIONS SEGMENT 17.2 % 13.6 % 15.7 % 11.8 % 14.6 % 10.4 % 10.5 %
12.5 % 12.7 % 11.5 % TOTAL (INCLUDING CORPORATE) 20.2 % 17.9 % 19.6
% 18.9 % 19.2 % 17.7 % 16.2 % 19.6 % 19.3 % 18.3 %
ACTUANT
CORPORATION SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
FISCAL 2012 FISCAL 2013 Q1
Q2 Q3 Q4
TOTAL Q1 Q2 Q3
Q4 TOTAL EARNINGS (LOSS) BEFORE SPECIAL
ITEMS (1) NET EARNINGS (LOSS) $ 37,174 $ 32,175 $ 34,401 $
(16,460) $ 87,290 $ 36,343 $ 28,435 $ (92,983) $ 58,253 $ 30,048
LOSS (EARNINGS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
(3,204) (4,522) (6,664) 52,376 37,986
(5,792) (2,601) 139,060 (13,138)
117,529 EARNINGS FROM CONTINUING OPERATIONS 33,970 27,653 27,737
35,916 125,276 30,551 25,834 46,077 45,115 147,577 DEBT REFINANCING
CHARGES, NET OF INCOME TAX - - 10,482 - 10,482 - - - - - INCOME TAX
ADJUSTMENT - - - - - - -
- (10,596) (10,596) TOTAL $ 33,970 $ 27,653
$ 38,219 $ 35,916 $ 135,758 $ 30,551 $
25,834 $ 46,077 $ 34,519 $ 136,981
DILUTED EARNINGS (LOSS) PER SHARE, BEFORE SPECIAL ITEMS
(1) NET EARNINGS (LOSS) $ 0.50 $ 0.43 $ 0.45 $ (0.22) $ 1.17 $
0.49 $ 0.38 $ (1.24) $ 0.78 $ 0.40 LOSS (EARNINGS) FROM
DISCONTINUED OPERATIONS, NET OF INCOME TAX (0.04) (0.06)
(0.09) 0.70 0.51 (0.08) (0.03)
1.86 (0.18) 1.58 EARNINGS FROM CONTINUING OPERATIONS
0.46 0.37 0.36 0.48 1.68 0.41 0.35 0.62 0.60 1.98 DEBT REFINANCING
CHARGES, NET OF INCOME TAX - - 0.15 - 0.15 - - - - - INCOME TAX
ADJUSTMENT - - - - - - -
- (0.14) (0.14) TOTAL $ 0.46 $ 0.37 $
0.51 $ 0.48 $ 1.83 $ 0.41 $ 0.35 $ 0.62
$ 0.46 $ 1.84
EBITDA (2) NET
EARNINGS (LOSS) (GAAP MEASURE) $ 37,174 $ 32,175 $ 34,401 $
(16,460) $ 87,290 $ 36,343 $ 28,435 $ (92,983) $ 58,253 $ 30,048
LOSS (EARNINGS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX
(3,204) (4,522) (6,664) 52,376 37,986
(5,792) (2,601) 139,060 (13,138)
117,529 EARNINGS FROM CONTINUING OPERATIONS 33,970 27,653 27,737
35,916 125,276 30,551 25,834 46,077 45,115 147,577 FINANCING COSTS,
NET 8,222 7,821 24,066 6,281 46,390 6,322 6,260 6,229 6,026 24,837
INCOME TAX EXPENSE 9,447 8,139 4,456 7,312 29,354 5,957 4,814 3,825
776 15,372 DEPRECIATION & AMORTIZATION 10,820 10,387
10,939 11,450 43,596 11,749 11,870
11,364 11,113 46,096 EBITDA - EXCLUDING
DISCONTINUED OPERATIONS (NON-GAAP MEASURE) $ 62,459 $ 54,000
$ 67,198 $ 60,959 $ 244,616 $ 54,579 $
48,778 $ 67,495 $ 63,030 $ 233,882
FOOTNOTES NOTE: The total of the individual quarters
may not equal the annual total due to rounding. (1) Earnings
(loss) and diluted earnings (loss) per share, excluding special
items (debt refinancing charges, income tax adjustments, and
discontinued operations), 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
(loss) 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 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.
Actuant CorporationKaren Bauer, 262-293-1562Communications &
Investor Relations Leader
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