Jun. 17--Butler-based manufacturer Actuant (ATU) reported on Wednesday that it had lost $17.6 million, or 31 cents a share, in the fiscal third quarter.

That compares with net income of $38.6 million, or 60 cents a share, a year ago.

Excluding various items, the company earned 20 cents a share.

Sales fell 35%, to $290 million, compared with $445 million in the third quarter of fiscal 2008.

Last week, Actuant signaled it would be announcing lower-than-forecast sales and earnings for the recently completed quarter. It also said it would take restructuring costs of $12 million -- or $4 million to $6 million more than it had forecast previously. The restructuring charges amounted to 12 cents per share.

"While the third quarter proved to be more challenging than we anticipated, I am pleased with the response of our leadership team and employees in delivering strong cash flow and executing our aggressive restructuring initiatives," said Robert C. Arzbaecher, Actuant's chairman and CEO.

He added: "While several of our end markets have begun to experience stabilization in demand, we encountered further weakening in certain later cycle businesses including those in our industrial segment."

Arzbaecher said 7% of the workforce had been cut in the quarter and 21% year-to-date. He said those measures, plus restructuring activities, would result in additional job cuts.

As expected, Actuant said it would take a pre-tax charge of $31 million to $33 million to reduce the value of its "harsh environment" electrical product line, used in the boating industry. The non-cash charge is a result of the decline in boat industry sales.

Arzbaecher said the company was now estimating fourth quarter earnings per share to be 12 to 20 cents on sales of $275 million to $295 million. He said full fiscal 2009 sales and earnings per share are now expected to be between 87 to 95 cents per share on sales of $1.245 billion and $1.265 billion (excluding restructuring and impairment charges).

Actuant also confirmed that it had secured a $515 million bank-credit agreement.

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