Actuant Corporation (NYSE: ATU) today announced results for its
second quarter ended February 29, 2016.
Highlights
- Consolidated sales were 13% below the
comparable prior year quarter with the stronger US dollar
contributing 5% of the decline and core sales 8% lower on a
year-over-year basis (total sales excluding the impact of
acquisitions, divestitures and foreign currency exchange
rates).
- Excluding asset impairment and
restructuring charges, diluted earnings per share (“EPS”) were
$0.21, compared to $0.28 in the prior year, (see “Consolidated
Results” below and attached reconciliation of earnings).
- Restructuring activities continue to
proceed as planned with $3.6 million of charges ($0.04 per share)
incurred in the second quarter related to facility exits and
staffing reductions.
- Repurchased 0.2 million shares of
common stock during the quarter for approximately $5 million.
- Deployed approximately $15 million of
capital (net of cash acquired) on Larzep S.A., a strategic tuck-in
acquisition to the hydraulic MRO tool platform in Europe.
- Updated full year sales and EPS
guidance, now expected to be in the range of $1.135-1.150 billion
and $1.25-1.35 per share, respectively (excluding impairment and
restructuring charges).
Randal W. Baker, President and CEO of Actuant commented, “Our
second quarter results were impacted by normal seasonality and
continued weak demand across a number of end markets. Capital
spending cuts by oil & gas customers have eroded activity in
certain of our energy verticals, while sluggish conditions
persisted in non-energy markets such as agriculture, off-highway,
and general industrial. We remain pleased with the continued strong
results by the maintenance-driven Hydratight business, as well as
within our European on-highway offerings. Unfavorable segment sales
mix and manufacturing underabsorption reduced margins in the
quarter. Second quarter cash flow was in line with expectations.
While we expect demand in most of our end markets to remain
challenging for the balance of calendar 2016, we will continue to
focus on continuous improvement initiatives, tightly manage costs
and invest in growth opportunities, all of which will drive
shareholder returns.”
Consolidated Results
During the quarter, the Company performed an interim impairment
review as a result of recent incremental cuts in oil & gas
capital spending and OEM production reductions in off-highway
equipment markets. This evaluation resulted in a net $169.1 million
($2.87 per share) non-cash impairment charge related to the
upstream oil & gas exposure within the Cortland and Viking
businesses, as well as within the Maximatecc off-highway equipment
business. In the second quarter of fiscal 2015, the Company
recognized an $84.4 million net impairment charge related to its
Energy businesses as a result of the dramatic reductions to oil
& gas prices and industrywide capital spending.
Consolidated sales for the second quarter were $263 million, 13%
lower than the $301 million in the comparable prior year quarter.
Core sales declined 8% while foreign currency exchange rate changes
reduced sales 5%. The fiscal 2016 second quarter net loss was
$159.2 million, or $2.70 per share compared to a loss of $64.8
million, or $1.05 per share in the comparable prior year period.
Excluding the impairment charges and fiscal 2016 restructuring
costs, second quarter fiscal 2016 EPS was $0.21 compared to $0.28
in the comparable prior year period (see attached reconciliation of
earnings).
Sales for the six months ended February 29, 2016 were $568
million, 10% lower than the $629 million in the comparable prior
year period. Excluding the 6% impact of foreign currency rate
changes, fiscal 2016 year-to-date core sales decreased 4% from the
prior year. The fiscal 2016 year-to-date net loss was $143.7
million or $2.43 per share, compared to a net loss of $40.2 or
$0.64 per share in the prior year. Excluding impairment charges in
both years, as well as fiscal 2016 year-to-date restructuring
charges of $8.0 million or $0.09 per share, fiscal 2016 first half
EPS was $0.52 compared to $0.66 in the comparable prior year period
(see attached reconciliation of earnings).
Segment Results
Industrial Segment
(US $ in millions)
Three Months Ended Six Months Ended February 29,
February 28, February 29, February 28, 2016 2015 2016 2015
Sales $81.2 $96.5 $170.1 $198.9 Operating Profit $16.7 $23.5 $37.3
$50.2 Adjusted Op Profit (1) $17.0 $23.5 $38.3 $50.2 Adjusted Op
Profit % (1) 20.9% 24.4% 22.5% 25.2%
(1) 2016 excludes $0.3 and $1.0 of restructuring charges in the
second quarter and first half, respectively.
Second quarter fiscal 2016 Industrial segment sales were $81
million, 16% lower than the prior year. Unfavorable currency
translation was a 2% headwind while core sales declined 14%. Demand
continued to erode globally across nearly all general industrial
end markets, most notably in the Americas. Second quarter adjusted
operating profit margin of 20.9% was in line with expectations
given the volume decline and unfavorable sales mix (larger decline
in our most profitable product lines).
Energy Segment
(US $ in millions)
Three Months Ended Six Months Ended February 29,
February 28, February 29, February 28, 2016 2015 2016 2015
Sales $86.2 $100.2 $200.0 $211.7 Operating Profit $(136.8) $(75.7)
$(126.6) $(63.3) Adjusted Op Profit (2) $5.3 $8.7 $17.5 $21.1
Adjusted Op Profit % (2) 6.2% 8.7% 8.7% 10.0%
(2) 2016 excludes $1.3 and $3.3 of restructuring charges in the
second quarter and first half, respectively. Also excludes second
quarter impairment charges of $140.8 million and $84.4 million in
2016 and 2015, respectively.
Fiscal 2016 second quarter Energy segment sales declined 14%
year-over-year to $86 million. Excluding the 6% unfavorable impact
of the stronger US dollar, second quarter core sales declined 8%
compared to the prior year. While core sales from our maintenance
related business (Hydratight) increased at a double digit rate on a
year-over-year basis due to higher service activity globally, other
Energy segment sales declined significantly. The latter reflects
the closer revenue correlation to upstream capital spending on
exploration, drilling, and field development. Second quarter Energy
segment adjusted operating profit margin of 6.2% declined from the
prior year due to both pricing pressures and underabsorbed costs in
our capital spending related product lines, as well as Hydratight’s
sales mix in the quarter including more technical service (lower
profit margins than average).
Engineered Solutions Segment
(US $ in millions)
Three Months Ended Six Months Ended February 29,
February 28, February 29, February 28, 2016 2015 2016 2015
Sales $95.9 $104.3 $198.3 $218.1 Operating Profit $(45.1) $2.0
$(41.6) $8.3 Adjusted Op Profit (3) $2.6 $2.0 $7.5 $8.3 Adjusted Op
Profit % (3) 2.7% 1.9% 3.8% 3.8%
(3) 2016 excludes $2.0 and $3.4 of restructuring charges in the
second quarter and first half, respectively. Also excludes second
quarter 2016 impairment charges of $45.7 million.
Second quarter fiscal 2016 Engineered Solutions segment sales
were $96 million, 8% below the prior year. Excluding the 4% decline
from the stronger US dollar, second quarter core sales were down 4%
year-over-year. Fiscal 2016 sales reflect modest growth in both the
European truck and automotive convertible top markets. However,
agriculture and off-highway equipment sales continue to be impacted
by low end-user demand as well as OEM destocking efforts. Second
quarter adjusted operating profit margin improved year-over-year to
2.7% due to the benefit of cost reduction initiatives.
Corporate and Income Taxes
Corporate expenses for the second quarter of fiscal 2016 were
$6.9 million, or $0.6 million higher than the prior year due to
increased acquisition and tax advisory services. Excluding the tax
benefit on the restructuring and impairment charges, the effective
income tax rate of approximately -13% for the second quarter of
fiscal 2016 was well below both the prior year and expectations.
This results from a much higher proportion of our fiscal 2016
earnings being generated in lower tax-rate jurisdictions than
previously estimated, the rate benefit of a large tax credit
(unrelated to the level of pre-tax earnings) in fiscal 2016 on a
lower pre-tax earnings base, a decline in the full year estimated
pre-tax earnings, and current year tax reduction initiatives.
Financial Position
Net debt at February 29, 2016 was $433 million (total debt of
$588 million less $155 million of cash), an increase of
approximately $17 million during the quarter. This increase
reflects the net $15 million deployed on the Larzep acquisition,
approximately $5 million to repurchase approximately 0.2 million
shares of common stock, and the unfavorable $4 million impact of
the stronger US dollar, partially offset by second quarter free
cash flow. At February 29, 2016, the Company had net leverage of
2.5X for bank reporting purposes.
Outlook
Baker continued, "We are currently faced with a difficult set of
end market conditions, most notably across commodity driven
industries including oil & gas, mining and agriculture. In
addition, destocking by various off-highway equipment OEMs is
expected to continue as they reduce their inventory. However, sales
from our maintenance driven energy offerings and certain other
markets such as European truck should continue to grow. Based on
current conditions and trends, we are projecting full year sales to
be in the range of $1.135-1.150 billion and EPS of $1.25-1.35 per
share. Core sales are expected to decline 4-6% for the fiscal year.
Offsetting the unfavorable mix impact of the lower sales and
decremental margins is a lower effective income tax rate, now
anticipated to be approximately 5% for the full year. Our EPS
guidance excludes charges associated with the previously announced
impairment and restructuring. We are confident in our ability to
generate cash flow in excess of 100% of net earnings, and
anticipate full year fiscal 2016 free cash flow of $100-105
million, including the benefit of lower cash taxes.
We expect third quarter sales to be in the $290-300 million
range, with EPS of $0.34-0.39 (excluding restructuring charges)
based on a mid-single digit consolidated core sales decline.
Consistent with past practice, all guidance excludes the impact
of potential future acquisitions and share repurchases. Despite the
challenges we face, our priorities are clear – balancing our cost
structure with demand, driving organic growth and generating free
cash flow to strategically grow the business. I am excited to join
Actuant and am highly focused on creating value for
shareholders."
Conference Call
Information
An investor conference call is scheduled for 10am CT today,
March 16, 2016. 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. The terms “may,”
“should,” “could,” “anticipate,” “believe,” “estimate,” “expect,”
“objective,” “plan,” “project” and similar expressions are intended
to identify forward-looking statements. Such forward-looking
statements are subject to inherent risks and uncertainties that may
cause actual results or events to differ materially from those
contemplated by such forward-looking statements. 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)
February 29, August 31, 2016
2015 ASSETS Current assets Cash and cash
equivalents $ 154,671 $ 168,846 Accounts receivable, net 181,335
193,081 Inventories, net 147,371 142,752 Deferred income taxes -
12,922 Other current assets 54,906 42,788
Total current assets 538,283 560,389 Property, plant
and equipment, net 110,867 142,458 Goodwill 486,353 608,256 Other
intangible assets, net 250,535 308,762 Other long-term assets
24,966 17,052 Total assets $
1,411,004 $ 1,636,917
LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts
payable $ 111,550 $ 118,115 Accrued compensation and benefits
40,907 43,707 Current maturities of debt and short-term borrowings
11,250 3,969 Income taxes payable 5,136 14,805 Other current
liabilities 52,767 54,460 Total current
liabilities 221,610 235,056 Long-term debt 576,809 584,309
Deferred income taxes 52,614 72,941 Pension and postretirement
benefit accruals 16,316 17,828 Other long-term liabilities
56,123 53,782 Total liabilities 923,472
963,916 Shareholders' equity Capital stock 15,837 15,787
Additional paid-in capital 106,966 104,308 Treasury stock (609,982
) (600,630 ) Retained earnings 1,223,436 1,367,176 Accumulated
other comprehensive loss (248,725 ) (213,640 ) Stock held in trust
(2,954 ) (4,292 ) Deferred compensation liability 2,954
4,292 Total shareholders' equity
487,532 673,001 Total liabilities and
shareholders' equity $ 1,411,004 $ 1,636,917
Actuant Corporation Condensed
Consolidated Statements of Operations (Dollars in thousands
except per share amounts) (Unaudited)
Three Months
Ended Six Months Ended February 29, February
28, February 29, February 28, 2016
2015 2016 2015 Net sales $
263,289 $ 301,005 $ 568,300 $ 628,770 Cost of products sold
172,259 191,244 368,709
392,033 Gross profit 91,030 109,761 199,591 236,737
Selling, administrative and engineering expenses 67,172 75,768
140,083 158,240 Amortization of intangible assets 5,880 6,087
11,779 12,373 Restructuring charges 3,582 - 7,962 - Impairment
charges 186,511 84,353
186,511 84,353 Operating loss (172,115
) (56,447 ) (146,744 ) (18,229 ) Financing costs, net 6,866
7,030 13,982 13,221 Other expense (income), net 235
(619 ) 855 (1,058 ) Loss
before income tax expense (179,216 ) (62,858 ) (161,581 ) (30,392 )
Income tax expense (benefit) (20,026 ) 1,980
(17,839 ) 9,772 Net loss $ (159,190 )
$ (64,838 ) $ (143,742 ) $ (40,164 )
Loss
per share Basic $ (2.70 ) $ (1.05 ) $ (2.43 ) $ (0.64 ) Diluted
(2.70 ) (1.05 ) (2.43 ) (0.64 )
Weighted average common
shares outstanding Basic 58,991 61,759 59,089 63,045 Diluted
58,991 61,759 59,089 63,045
Actuant
Corporation Condensed Consolidated Statements of Cash
Flows (In thousands) (Unaudited)
Three Months
Ended Six Months Ended February 29, February
28, February 29, February 28, 2016
2015 2016 2015 Operating
Activities Net loss $ (159,190 ) $ (64,838 ) $ (143,742 ) $
(40,164 )
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization 12,386 13,232 24,858 26,940
Stock-based compensation expense 2,817 2,327 5,778 5,873 Benefit
(provision) for deferred income taxes 264 1,177 420 (175 )
Impairment charges net of deferred tax benefits 169,056 82,635
169,056 82,635 Amortization of debt issuance costs 413 423 826 846
Other non-cash adjustments 311 311 (619 ) 457 Changes in components
of working capital and other: Accounts receivable 15,834 9,533
8,437 5,904 Inventories (2,548 ) (4,662 ) (5,399 ) (11,162 )
Prepaid expenses and other assets 807 (2,655 ) (8,404 ) (13,353 )
Trade accounts payable (12,661 ) (5,009 ) (4,926 ) (12,407 ) Income
taxes payable/refundable (13,143 ) (10,026 ) (17,437 ) (38,033 )
Accrued compensation and benefits (2,646 ) (2,217 ) (2,281 )
(10,438 ) Other accrued liabilities (4,143 ) 352
2,296 6,228 Cash provided by
operating activities 7,557 20,583 28,863 3,151
Investing
Activities Proceeds from sale of property, plant and equipment
3,199 482 4,636 707 Capital expenditures (5,475 ) (4,891 ) (11,004
) (12,877 ) Business acquisitions, net of cash acquired
(14,496 ) - (15,026 ) - Cash
used in investing activities (16,772 ) (4,409 ) (21,394 ) (12,170 )
Financing Activities Net borrowings on revolving
credit facility 8 72,881 (210 ) 199,000 Principal repayments on
term loan - - - (2,250 ) Purchase of treasury shares (4,670 )
(76,097 ) (9,352 ) (180,512 ) Taxes paid related to the net share
settlement of equity awards (395 ) (583 ) (1,332 ) (2,325 ) Stock
option exercises, related tax benefits and other 1,155 2,466 2,245
4,753 Cash dividend - - (2,376 )
(2,598 ) Cash provided by (used in) financing activities
(3,902 ) (1,333 ) (11,025 ) 16,068 Effect of exchange rate
changes on cash (4,157 ) (14,619 ) (10,619 )
(28,564 ) Net increase (decrease) in cash and cash
equivalents (17,274 ) 222 (14,175 ) (21,515 ) Cash and cash
equivalents - beginning of period 171,945
87,275 168,846 109,012 Cash and
cash equivalents - end of period $ 154,671 $ 87,497 $
154,671 $ 87,497
ACTUANT
CORPORATION SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING
OPERATIONS (Dollars in thousands) FISCAL
2015 FISCAL 2016 Q1 Q2
Q3 Q4 TOTAL Q1
Q2 Q3 Q4 TOTAL
SALES INDUSTRIAL SEGMENT $ 102,413 $ 96,488 $ 103,546 $
100,016 $ 402,463 $ 88,870 $ 81,189 $ 170,059 ENERGY SEGMENT
111,522 100,211 99,296 100,846 411,875 113,763 86,224 199,987
ENGINEERED SOLUTIONS SEGMENT 113,830
104,306 117,258 99,522
434,916 102,378
95,876
198,254 TOTAL $ 327,765 $ 301,005
$ 320,100 $ 300,384 $ 1,249,254
$ 305,011 $ 263,289
$ 568,300
% SALES GROWTH
INDUSTRIAL SEGMENT 4 % 3 % -6 % -11 % -3 % -13 % -16 % -15 % ENERGY
SEGMENT 3 % -5 % -21 % -18 % -11 % 2 % -14 % -6 % ENGINEERED
SOLUTIONS SEGMENT -14 % -19 % -18 % -17 % -17 % -10 % -8 % -9 %
TOTAL -3 % -8 % -15 % -15 % -11 % -7 % -13 % -10 %
OPERATING PROFIT (LOSS) INDUSTRIAL SEGMENT $ 26,705 $ 23,517
$ 29,165 $ 26,267 $ 105,654 $ 21,263 $ 17,003 $ 38,266 ENERGY
SEGMENT 12,442 8,680 12,774 9,106 43,002 12,124 5,348 17,472
ENGINEERED SOLUTIONS SEGMENT 6,278 2,010 8,313 3,188 19,789 4,937
2,555 7,492 CORPORATE / GENERAL (7,207 )
(6,301 ) (7,250 ) (9,780 )
(30,538 ) (8,573 ) (6,928 )
(15,501 ) TOTAL - EXCLUDING
IMPAIRMENT / RESTRUCTURING CHARGES $ 38,218 $ 27,906 $ 43,002 $
28,781 $ 137,907 $ 29,751 $ 17,978 $ 47,729 IMPAIRMENT CHARGES -
(84,353 ) - - (84,353 ) - (186,511 ) (186,511 ) RESTRUCTURING
CHARGES - - -
- - (4,380
) (3,582 )
(7,962 ) TOTAL $ 38,218 $ (56,447 ) $ 43,002
$ 28,781 $ 53,554 $ 25,371
$ (172,115 ) $
(146,744 )
OPERATING PROFIT % INDUSTRIAL SEGMENT 26.1
% 24.4 % 28.2 % 26.3 % 26.3 % 23.9 % 20.9 % 22.5 % ENERGY SEGMENT
11.2 % 8.7 % 12.9 % 9.0 % 10.4 % 10.7 % 6.2 % 8.7 % ENGINEERED
SOLUTIONS SEGMENT 5.5 % 1.9 % 7.1 % 3.2 % 4.6 % 4.8 % 2.7 % 3.8 %
TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING
CHARGES 11.7 % 9.3 % 13.4 % 9.6 % 11.0 % 9.8 % 6.8 % 8.4 %
EBITDA INDUSTRIAL SEGMENT $ 28,715 $ 25,534 $ 31,194 $
27,968 $ 113,411 $ 22,959 $ 18,829 $ 41,788 ENERGY SEGMENT 20,011
15,732 19,278 15,348 70,369 18,348 10,968 29,316 ENGINEERED
SOLUTIONS SEGMENT 11,514 5,603 12,294 6,635 36,046 8,498 6,882
15,380 CORPORATE / GENERAL (7,875 ) (5,111 )
(7,037 ) (8,770 ) (28,793
) (8,201 ) (6,552 )
(14,753 ) TOTAL - EXCLUDING IMPAIRMENT /
RESTRUCTURING CHARGES $ 52,365 $ 41,758 $ 55,729 $ 41,181 $ 191,033
$ 41,604 $ 30,127 $ 71,731 IMPAIRMENT CHARGES - (84,353 ) - -
(84,353 ) - (186,511 ) (186,511 ) RESTRUCTURING CHARGES -
- -
- - (4,380 )
(3,582 ) (7,962 ) TOTAL $
52,365 $ (42,595 ) $ 55,729 $
41,181 $ 106,680 $ 37,224 $
(159,966 ) $ (122,742 )
EBITDA % INDUSTRIAL SEGMENT 28.0 % 26.5 % 30.1 % 28.0 % 28.2
% 25.8 % 23.2 % 24.6 % ENERGY SEGMENT 17.9 % 15.7 % 19.4 % 15.2 %
17.1 % 16.1 % 12.7 % 14.7 % ENGINEERED SOLUTIONS SEGMENT 10.1 % 5.4
% 10.5 % 6.7 % 8.3 % 8.3 % 7.2 % 7.8 % TOTAL (INCLUDING CORPORATE)
- EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES 16.0 % 13.9 % 17.4 %
13.7 % 15.3 % 13.6 % 11.4 % 12.6 %
ACTUANT
CORPORATION SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
FISCAL 2015 FISCAL 2016 Q1 Q2
Q3 Q4 TOTAL Q1
Q2 Q3 Q4
TOTAL EARNINGS BEFORE SPECIAL ITEMS (1) NET EARNINGS
(LOSS) $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $ 19,872 $ 15,448 $
(159,190 ) $ (143,742 ) IMPAIRMENT CHARGES, NET OF INCOME TAX -
82,636 - - 82,636 - 169,056 169,056 RESTRUCTURING CHARGES, NET OF
INCOME TAX - - -
- - 3,198
2,397 5,595
TOTAL $ 24,674 $ 17,798 $ 37,958
$ 22,078 $ 102,508 $ 18,646 $ 12,263
$ 30,909
DILUTED EARNINGS PER SHARE, BEFORE
SPECIAL ITEMS (1)
NET EARNINGS (LOSS) $ 0.38 $ (1.05 ) $ 0.63 $ 0.37 $ 0.32 $ 0.26 $
(2.70 ) $ (2.43 ) IMPAIRMENT CHARGES, NET OF INCOME TAX - 1.33 - -
1.33 - 2.87 2.86 RESTRUCTURING CHARGES, NET OF INCOME TAX -
- - -
- 0.05 0.04
0.09 TOTAL $ 0.38
$ 0.28 $ 0.63 $ 0.37 $
1.65 $ 0.31 $ 0.21
$ 0.52
EBITDA (2) NET EARNINGS (LOSS)
(GAAP MEASURE) $ 24,674 $ (64,838 ) $ 37,958 $ 22,078 $ 19,872 $
15,448 $ (159,190 ) $ (143,742 ) FINANCING COSTS, NET 6,191 7,030
7,462 7,374 28,057 7,117 6,866 13,983 INCOME TAX EXPENSE (BENEFIT)
7,792 1,980 (2,987 ) (1,266 ) 5,519 2,187 (20,026 ) (17,839 )
DEPRECIATION & AMORTIZATION 13,708 13,233
13,296 12,995
53,232 12,472 12,384
24,856 EBITDA
(NON-GAAP MEASURE) $ 52,365 $ (42,595 ) $ 55,729 $ 41,181 $ 106,680
$ 37,224 $ (159,966 ) $ (122,742 ) IMPAIRMENT CHARGES - 84,353 - -
84,353 - 186,511 186,511 RESTRUCTURING CHARGES -
- - -
- 4,380 3,582
7,962 EBITDA - EXCLUDING
IMPAIRMENT AND RESTRUCTURING CHARGES (NON-GAAP MEASURE) $ 52,365
$ 41,758 $ 55,729 $ 41,181
$ 191,033 $ 41,604 $ 30,127
$ 71,731
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 (impairment and
restructuring charges), represent net earnings (loss) and diluted
earnings (loss) per share per the Condensed Consolidated Statements
of Earnings 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, 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), operating profit (loss) or operating cash
flows. Actuant has presented EBITDA because it regularly reviews
this performance measure. In addition, EBITDA is used by many of
our investors and lenders, and is presented as a convenience to
them. 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/20160316005687/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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