Actuant Corporation (NYSE: ATU) today announced results for its
third quarter ended May 31, 2015.
Highlights
- Total sales declined 15% year-over-year
with 7% attributable to the strengthening of the US dollar. Core
sales were down 8% (total sales excluding the impact of
acquisitions, divestitures and foreign currency rate changes).
- Diluted earnings per share (“EPS”) were
$0.63, compared to $0.70 in the prior year (see “Consolidated
Results” below and attached reconciliation of earnings). Third
quarter EPS in both periods includes the benefit of favorable
income tax items.
- Sequential improvement in operating
profit margin to the highest level of the fiscal year, and
year-over-year reduction in selling, administrative and engineering
(SA&E) spending.
- Repurchased approximately one million
shares of common stock for $24 million in the quarter.
- Amended and extended Actuant’s credit
facility, including upsizing it to $900 million, with more
favorable terms and conditions.
- Updated full year sales and EPS
guidance, now expected to be in the range of $1.24-1.25 billion and
$1.55-1.60 per share, respectively.
Mark E. Goldstein, President and CEO of Actuant commented,
“Excluding the impact of foreign currency assumptions, third
quarter sales and operating profit were modestly lower than our
expectations. Demand from oil & gas, mining, agriculture, and
general industrial markets weakened as the quarter progressed. As
anticipated, the Energy segment’s core sales turned negative due to
well-publicized oil & gas headwinds, including reduced capital
spending, project and maintenance deferrals and pricing. Industrial
demand decelerated globally, in part reflecting distributor
destocking as well as end-user spending reductions. Engineered
Solution’s core sales improved sequentially as higher truck volumes
more than offset the expected moderation in agriculture demand.
In light of the continued weak conditions in several end
markets, we have further heightened our focus on cost management
and productivity improvements. The benefits are evident with a 17%
year-over-year reduction in SA&E expense compared to a 15%
decline in revenues. This helped mitigate the impact of lower
volume, but gross profit and operating profit margins still
declined year-over-year due to unfavorable mix, the adverse impact
of lower production and absorption levels as we reduced inventory,
and unfavorable purchase price variances driven by the stronger US
dollar. Despite challenging market conditions, our cash flow
remains solid and we are confident fiscal 2015 will be another year
of free cash flow conversion in excess of net earnings.”
Consolidated Results
Consolidated sales for the third quarter were $320 million, 15%
below the $378 million in the comparable prior year quarter. Core
sales declined 8%, unfavorable foreign currency exchange rate
changes negatively impacted sales by 7% and the net impact of
acquisitions and divestitures was neutral. Fiscal 2015 third
quarter earnings and EPS were $38.0 million, or $0.63 per share,
compared to $50.6 million and $0.70 per share, respectively, in the
comparable prior year quarter. Both quarterly periods benefited
from lower than normal income tax expense reflecting tax planning,
the resolution of income tax audits, and lapsing of certain tax
statutes of limitations.
Sales for the nine months ended May 31, 2015 were $949 million,
or 9% lower than the $1,046 million in the comparable prior year
period. Excluding the 5% decline from the stronger US dollar and
neutral impact of acquisitions and divestitures, year-to-date core
sales declined 4%. Fiscal 2015 year-to-date net loss from
continuing operations was $2.2 million or $0.04 per diluted share.
Excluding the second quarter $84 million ($1.32 per share) non-cash
impairment charge related to the upstream oil & gas exposure
within Cortland and Viking, net earnings and EPS for the nine
months ended May 31, 2015 were $80.4 million, or $1.28 per diluted
share, compared to $105.9 million, or $1.44 per diluted share for
the comparable prior year period (see attached reconciliation of
earnings).
Segment
Results
Industrial Segment
(US $ in millions)
Three Months Ended
May 31,
Nine Months Ended
May 31,
2015 2014 2015 2014 Sales $103.5 $109.8
$302.4 $302.0 Operating Profit $29.2 $34.1 $79.4 $87.5 Operating
Profit % 28.2% 31.1% 26.2% 29.0%
Third quarter fiscal 2015 Industrial segment sales were $104
million, 6% lower than the prior year. The Hayes Industries
acquisition contributed 7% to total sales growth while unfavorable
currency translation was a 7% headwind, resulting in a 6% core
sales decline. Integrated Solutions sales increased sharply on a
year-over-year basis with higher project related activity.
Industrial Tool demand declined globally, with more rapid
deceleration in the back half of the quarter. The continued decline
in oil & gas related demand, as well as weak mining and general
industrial activity, and select distributor destocking were the
primary drivers. Third quarter margins improved 380 basis points
sequentially, but were down year-over-year due to unfavorable sales
and acquisition mix, lower overhead absorption, and unfavorable
purchase price variances resulting from the stronger US dollar.
Energy Segment
(US $ in millions)
Three Months Ended
May 31,
Nine Months Ended
May 31,
2015 2014 2015 2014 Sales $99.3 $125.2
$311.0 $339.2 Operating (Loss) Profit $12.8 $19.9 $(50.5) $38.4
Adjusted Operating Profit (1) $12.8 $19.9 $33.9 $38.4 Adjusted
Operating Profit % (1) 12.9% 15.9% 10.9% 11.3%
(1) Excludes second quarter fiscal 2015
asset impairment charge of $84.4 million.
Fiscal 2015 third quarter Energy segment sales declined 21%
year-over-year to $99 million. Excluding the unfavorable 9% foreign
currency headwind, as expected, core sales declined for the first
time this fiscal year, down 12%. On a sequential basis, Viking
sales growth slowed significantly but remained positive in the
third quarter. Cortland continued to experience the impact of lower
customer upstream capital spending, and posted a core sales
reduction in line with the first half of the fiscal year. Finally,
Hydratight’s core sales trend turned negative as expected, but at a
slightly more rapid pace with customers accelerating deferrals of
maintenance, and reducing the scope of projects. Third quarter
adjusted operating profit margin improved 420 basis points
sequentially despite similar volume levels, due to the aggressive
cost reductions throughout the segment. The decline in
year-over-year margins primarily reflects unfavorable business and
sales mix, as well as lower rental fleet utilization and production
absorption.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended
May 31,
Nine Months Ended
May 31,
2015 2014 2015 2014 Sales $117.3 $143.1
$335.4 $404.3 Operating Profit $8.3 $13.6 $16.6 $36.3 Operating
Profit % 7.1% 9.5% 4.9% 9.0%
Third quarter fiscal 2015 Engineered Solutions segment sales
were $117 million, 18% below the prior year. Excluding the 5%
decline from the RV product line divestiture last June and the 9%
decrease from the stronger US dollar, core sales were 4% lower
year-over-year. The sequential improvement from -8% in the second
quarter was due primarily to increased European OEM heavy-duty
truck production and gains in China. Other markets continue to be
challenged including convertible auto, off-highway equipment and
agriculture where demand continued to weaken as predicted. While
third quarter operating profit margin declined year-over-year on
lower volumes and absorption, it improved 520 basis points
sequentially.
Corporate and Income Taxes
Corporate expenses of $7.3 million in the third quarter of
fiscal 2015 were lower than the prior year due primarily to lower
employee benefit and incentive costs. Third quarter income tax
expense in both years included the benefits of tax planning,
lapsing statues and the favorable resolution of audits, with the
net tax rate impact of such favorable items in fiscal 2015
exceeding those in the prior year.
Financial Position
Net debt at May 31, 2015 was $492 million (total debt of $600
million less $108 million of cash), or $7 million lower than the
prior quarter end. During the quarter, $24 million of cash was used
to repurchase approximately one million shares of common stock.
Third quarter free cash flow essentially offset the buybacks, as
well as the impact of unfavorable foreign currency movements on net
debt. At May 31, 2015, the Company had a net debt to EBITDA
leverage ratio of 2.3 and nearly $600 million in revolver
availability under the newly amended and extended credit
agreement.
Outlook
Goldstein continued, “We are experiencing incremental weakness
across many of our end markets, which appears to have recently
extended into the broader general industrial landscape. While we
are encouraged by several recent new customer and contract wins,
they either will not convert into revenue until 2016 or are merely
offsetting some of the soft demand currently being encountered.
We are clearly seeing the benefit of the cost reduction actions
we have taken to date, but the uncertainty, severity and duration
of end market weakness is causing us to review additional actions
to reduce costs to mitigate the impact of the lower revenues.
Despite the resultant benefits, we expect continued pressure on
profit margins for the balance of the calendar year due to
incremental downsizing costs, lower production levels reflecting
reduced demand and inventory reduction efforts, as well as
decreased utilization of Energy segment rental fleets and
technician teams. We are closely monitoring the latter in order to
maintain the high availability, service and expertise levels for
customers both now and when oil & gas industry demand
eventually rebounds.
We expect fourth quarter sales to be in the range of $290-300
million, and EPS of $0.26-0.31 per share, reflecting an assumed
core sales decline of approximately 7-9%. Our revised full year
fiscal 2015 outlook is for sales in the $1.24-1.25 billion range,
and EPS (excluding the second quarter impairment charge) of
$1.55-1.60 per share. We anticipate robust cash flow in the fourth
quarter, resulting in annual free cash flow conversion in excess of
100% and full year free cash flow in the $100-110 million range.
While we continue to be very active in reviewing and pursuing
potential acquisitions, they along with potential additional
buybacks are not included in this guidance.
We have been diligent in managing costs and simultaneously
pursuing growth both organically and through acquisitions. While we
will continue to reduce costs in light of weakening customer
demand, it will not be at the expense of future growth. Strong cash
flow is the hallmark of Actuant, and all associates are working to
maximize it despite the challenging macro environment.”
Conference Call
Information
An investor conference call is scheduled for 10am CT today, June
17, 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)
Actuant Corporation Condensed Consolidated
Balance Sheets (Dollars in thousands) (Unaudited)
May 31,
August 31, 2015 2014 ASSETS
Current assets Cash and cash equivalents $ 108,125 $ 109,012
Accounts receivable, net 219,408 227,008 Inventories, net 155,196
162,620 Deferred income taxes 10,548 11,050 Other current assets
64,672 33,300 Total current assets
557,949 542,990 Property, plant and equipment, net 148,445
169,101 Goodwill 612,232 742,770 Other intangible assets, net
316,909 365,177 Other long-term assets 25,483
36,841 Total assets $ 1,661,018 $ 1,856,879
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Trade accounts payable $ 129,689 $ 145,798
Accrued compensation and benefits 42,433 52,964 Current maturities
of debt and short-term borrowings - 4,500 Income taxes payable
3,430 38,347 Other current liabilities 57,281
57,512 Total current liabilities 232,833 299,121
Long-term debt 600,000 385,500 Deferred income taxes 87,067 96,970
Pension and postretirement benefit accruals 12,971 15,699 Other
long-term liabilities 54,842 57,878
Total liabilities 987,713 855,168 Shareholders' equity
Capital stock 15,780 15,695 Additional paid-in capital 102,143
93,449 Treasury stock (593,254 ) (388,627 ) Retained earnings
1,347,454 1,349,602 Accumulated other comprehensive loss (198,818 )
(68,408 ) Stock held in trust (3,497 ) (4,083 ) Deferred
compensation liability 3,497 4,083
Total shareholders' equity 673,305 1,001,711
Total liabilities and shareholders' equity $
1,661,018 $ 1,856,879
Actuant
Corporation Condensed Consolidated Statements of
Operations (Dollars in thousands except per share
amounts) (Unaudited)
Three Months
Ended Nine Months Ended May 31, May 31,
May 31, May 31, 2015 2014
2015 2014 Net sales $ 320,100 $
378,187 $ 948,870 $ 1,045,513 Cost of products sold 201,540
229,637 593,573
640,737 Gross profit 118,560 148,550 355,297 404,776
Selling, administrative and engineering expenses 69,569
83,498 227,809 244,655 Amortization of intangible assets 5,989
6,272 18,362 18,713 Impairment charge -
- 84,353 - Operating
profit 43,002 58,780 24,773 141,408 Financing costs, net
7,462 5,932 20,683 18,944 Other (income) expense, net 569
620 (489 )
3,087 Earnings from continuing operations before income tax expense
34,971 52,228 4,579 119,377 Income tax expense (benefit)
(2,987 ) 1,671 6,785
13,511 Earnings (loss) from continuing
operations 37,958 50,557 (2,206 ) 105,866 Earnings from
discontinued operations, net of income taxes -
- - 22,120 Net
earnings (loss) $ 37,958 $ 50,557 $ (2,206 )
$ 127,986
Earnings (loss) from continuing
operations per share Basic $ 0.64 $ 0.72 $ (0.04 ) $ 1.47
Diluted 0.63 0.70 (0.04 ) 1.44
Earnings (loss) per
share Basic $ 0.64 $ 0.72 $ (0.04 ) $ 1.78 Diluted 0.63 0.70
(0.04 ) 1.74
Weighted average common shares
outstanding Basic 59,617 70,432 61,911 71,915 Diluted 60,243
71,770 61,911 73,518
Actuant Corporation Condensed
Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Three Months Ended Nine
Months Ended May 31, May 31, May 31,
May 31, 2015 2014 2015 2014
Operating Activities Net earnings (loss) $ 37,958 $
50,557 $ (2,206 ) $ 127,986
Adjustments to reconcile net earnings
(loss) to net cash provided by operating activities:
Depreciation and amortization 13,295 14,969 40,235 46,934 Net gain
on disposal of businesses - - - (26,339 ) Stock-based compensation
expense 3,364 3,394 9,237 14,006 Provision (benefit) for deferred
income taxes 3,841 (481 ) 1,948 (11,545 ) Impairment charge - -
84,353 - Amortization of debt discount and debt issuance costs 483
423 1,329 1,406 Other non-cash adjustments (44 ) 397 413 (346 )
Changes in components of working capital and other: Accounts
receivable (17,219 ) (31,040 ) (11,315 ) (26,271 ) Inventories
6,086 (3,893 ) (5,076 ) (25,676 ) Prepaid expenses and other assets
(2,240 ) (271 ) (15,593 ) (1,342 ) Trade accounts payable 4,129
14,299 (8,278 ) 1,464 Income taxes payable/refundable (9,950 )
(12,540 ) (47,983 ) (25,939 ) Accrued compensation and benefits
1,199 4,880 (11,564 ) 8,553 Other accrued liabilities (448 )
(4,391 ) 5,780 (9,705 ) Cash provided
by operating activities 40,454 36,303 41,280 73,186
Investing Activities Proceeds from sale of property, plant
and equipment 179 42,028 886 44,036 Proceeds from sale of
businesses, net of transaction costs - 9,387 - 252,773 Capital
expenditures (4,357 ) (11,613 ) (17,234 ) (33,839 ) Business
acquisitions, net of cash acquired - (30,500 )
- (30,500 ) Cash (used in) provided by
investing activities (4,178 ) 9,302 (16,348 ) 232,470
Financing Activities Net repayments on revolving credit
facility (199,000 ) - - (125,000 ) Principal repayments on term
loan (1,125 ) - (3,375 ) - Proceeds from term loan 213,375 -
213,375 - Purchase of treasury shares (24,115 ) (74,057 ) (204,627
) (183,152 ) Payment of contingent acquisition consideration - (832
) - (1,585 ) Debt issuance costs (1,875 ) - (1,875 ) - Stock option
exercises and related tax benefits 293 4,046 5,046 29,849 Cash
dividend - - (2,598 )
(2,919 ) Cash (used in) provided by financing activities (12,447 )
(70,843 ) 5,946 (282,807 ) Effect of exchange rate changes
on cash (3,201 ) (154 ) (31,765 ) 2,790
Net increase (decrease) in cash and cash equivalents 20,628
(25,392 ) (887 ) 25,639 Cash and cash equivalents - beginning of
period 87,497 155,017 109,012
103,986 Cash and cash equivalents - end of
period $ 108,125 $ 129,625 $ 108,125 $ 129,625
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 $
103,546 $ 302,447 ENERGY SEGMENT 107,925 106,031 125,231 123,181
462,368 111,522 100,211 99,296 311,029 ENGINEERED SOLUTIONS SEGMENT
132,990 128,168
143,147 119,288 523,593
113,830 104,306
117,258
335,394 TOTAL $ 339,556 $
327,770 $ 378,187 $ 354,349
$ 1,399,862 $ 327,765 $ 301,005
$ 320,100
$ 948,870
% SALES GROWTH INDUSTRIAL
SEGMENT -2 % -5 % -1 % 1 % -2 % 4 % 3 % -6 % 0 % ENERGY SEGMENT 19
% 31 % 26 % 33 % 27 % 3 % -5 % -21 % -8 % ENGINEERED SOLUTIONS
SEGMENT 15 % 6 % 7 % -3 % 6 % -14 % -19 % -18 % -17 % TOTAL 10 % 9
% 10 % 8 % 9 % -3 % -8 % -15 % -9 %
OPERATING PROFIT
(LOSS) INDUSTRIAL SEGMENT $ 26,897 $ 26,477 $ 34,123 $ 32,752 $
120,249 $ 26,705 $ 23,517 $ 29,165 $ 79,387 ENERGY SEGMENT 8,923
9,504 19,936 18,049 56,412 12,442 8,680 12,774 33,896 ENGINEERED
SOLUTIONS SEGMENT 13,190 9,548 13,560 5,638 41,936 6,278 2,010
8,313 16,601 CORPORATE / GENERAL (5,363 )
(6,548 ) (8,839 ) (8,234 )
(28,984 ) (7,207 ) (6,301 )
(7,250 )
(20,758 ) TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE
AND IMPAIRMENT CHARGE $ 43,647 $ 38,981 $ 58,780 $ 48,205 $ 189,613
$ 38,218 $ 27,906 $ 43,002 $ 109,126 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 ) $ 43,002
$ 24,773
OPERATING PROFIT % INDUSTRIAL SEGMENT 27.3 %
28.3 % 31.1 % 29.3 % 29.1 % 26.1 % 24.4 % 28.2 % 26.2 % ENERGY
SEGMENT 8.3 % 9.0 % 15.9 % 14.7 % 12.2 % 11.2 % 8.7 % 12.9 % 10.9 %
ENGINEERED SOLUTIONS SEGMENT 9.9 % 7.4 % 9.5 % 4.7 % 8.0 % 5.5 %
1.9 % 7.1 % 4.9 % 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 % 13.4 % 11.5 %
EBITDA
INDUSTRIAL SEGMENT $ 28,657 $ 27,907 $ 35,426 $ 35,017 $ 127,007 $
28,715 $ 25,534 $ 31,194 $ 85,443 ENERGY SEGMENT 17,923 18,130
27,898 24,809 88,760 20,011 15,732 19,278 55,021 ENGINEERED
SOLUTIONS SEGMENT 17,365 13,581 18,464 9,046 58,456 11,514 5,603
12,294 29,411 CORPORATE / GENERAL (5,235 )
(6,202 ) (8,659 ) (7,916 )
(28,012 ) (7,875 ) (5,111 )
(7,037 )
(20,023 ) TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE
AND IMPAIRMENT CHARGE $ 58,710 $ 53,416 $ 73,129 $ 60,956 $ 246,211
$ 52,365 $ 41,758 $ 55,729 $ 149,852 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 ) $ 55,729
$ 65,499
EBITDA % INDUSTRIAL SEGMENT 29.1 % 29.8 % 32.3
% 31.3 % 30.7 % 28.0 % 26.5 % 30.1 % 28.3 % ENERGY SEGMENT 16.6 %
17.1 % 22.3 % 20.1 % 19.2 % 17.9 % 15.7 % 19.4 % 17.7 % ENGINEERED
SOLUTIONS SEGMENT 13.1 % 10.6 % 12.9 % 7.6 % 11.2 % 10.1 % 5.4 %
10.5 % 8.8 % 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 % 17.4 % 15.8 %
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 ) $ 37,958 $ (2,206 ) 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 )
37,958 (2,206 ) 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 $ 37,958
$ 80,430
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 ) $ 0.63 $ (0.04 ) 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 ) 0.63 (0.04 ) GAIN ON PRODUCT LINE
DIVESTITURE, NET OF INCOME TAX - - - (0.04 ) (0.04 ) - - - -
IMPAIRMENT CHARGE, NET OF INCOME TAX -
- - - -
- 1.33 -
1.32 TOTAL $ 0.44
$ 0.30 $ 0.70 $ 0.47 $ 1.91
$ 0.38 $ 0.28 $ 0.63
$ 1.28
EBITDA (2) NET
EARNINGS (LOSS) (GAAP MEASURE) $ 36,037 $ 41,392 $ 50,557 $ 35,587
$ 163,573 $ 24,674 $ (64,838 ) $ 37,958 $ (2,206 ) 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 ) 37,958 (2,206 ) FINANCING COSTS, NET 6,750 6,262 5,932
6,101 25,045 6,191 7,030 7,462 20,683 INCOME TAX EXPENSE (BENEFIT)
2,751 9,089 1,671 19,062 32,573 7,792 1,980 (2,987 ) 6,785
DEPRECIATION & AMORTIZATION 16,204
15,761 14,969 13,701
60,635 13,708 13,233
13,296
40,237 EBITDA - EXCLUDING DISCONTINUED OPERATIONS (NON-GAAP
MEASURE) $ 58,710 $ 53,416 $ 73,129 $ 74,451 $ 259,706 $ 52,365 $
(42,595 ) $ 55,729 $ 65,499 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 $ 55,729
$ 149,852
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150617005625/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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