(Source: Business Wire)
Actuant Corporation (NYSE: ATU) today announced sales and earnings for
its fourth quarter and fiscal year ended August 31, 2009.
4th
Quarter Highlights
Strong cash flow from operations, totaling approximately $49 million
in the quarter and $147 million for the full year.
Continued solid execution on restructuring initiatives which will
generate permanent reductions to Actuant's cost structure.
Year-over-year core sales rate of change stabilization in three of the
four segments.
Sequential EBITDA margin improvement from the third quarter (excluding
restructuring charges) in three of the four segments.
Substantially improved net debt position during the fourth quarter,
reflecting over $200 million of repayment with $125 million of net
proceeds from the Company's June equity offering, $38 million of net
proceeds from business divestitures and strong fourth quarter cash
flow.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, "We are
pleased to have finished out this challenging fiscal year with strong
cash flow, stabilization in the majority of our businesses and continued
solid execution on our restructuring actions. Our sales, earnings and
earnings per share, adjusted for special items and the equity offering,
were in line with our expectations as benefits from cost reduction and
restructuring activities were realized.
In addition to cost structure improvements, I am encouraged by Actuant's
continued strong working capital management and cash flow generation.
Despite terrible economic conditions over the past year, Actuant
generated $147 million in operating cash flow in fiscal 2009. We have
used this economic crisis as a catalyst for driving our operations to
new performance levels which resulted in significant operating and
working capital improvements across our businesses globally. I want to
thank our leadership team and all employees for capturing and
institutionalizing these improvements."
Consolidated Results
During the fourth quarter, the Company divested Acme Aerospace and BH
Electronics. The results of operations for these two businesses, as well
as the aggregate net gain on disposition are reported in discontinued
operations in the accompanying Condensed Consolidated Statement of
Operations. Operating results for all prior periods have been
reclassified for comparability.
Consolidated sales for the fourth quarter declined 26% to $290 million
compared to $393 million in the fourth quarter of fiscal 2008. Excluding
the impact of foreign currency rate changes (-4%) and acquisitions
(+5%), core sales (sales excluding the impact of acquisitions,
divestitures and currency rate changes) declined 27%. Net earnings and
diluted earnings per share ("EPS") in the fiscal 2009 fourth quarter
were $16.5 million and $0.24, respectively, compared to net earnings of
$34.2 million and EPS of $0.54 in the comparable prior year quarter.
Earnings and EPS from continuing operations were $4.5 million and $0.07,
respectively, compared to $33.6 million and $0.53 for the comparable
prior year period. Results from continuing operations for the fourth
quarter of 2009 included a $2.1 million ($0.02 per diluted share)
pre-tax non-cash debt extinguishment charge following the equity
offering as well as pre-tax restructuring charges of $9.3 million, or
$0.09 per diluted share. Excluding these items, EPS from continuing
operations was $0.18 in the fourth quarter of fiscal 2009 compared to
$0.53 in the prior year's quarter. (See attached reconciliation of
earnings).
Sales for the year ended August 31, 2009 were $1,240 million, 23% lower
than the $1,613 million in the prior year. Excluding the impact of the
stronger US dollar (-4%) and sales from acquired businesses (+4%),
year-to-date core sales decreased 23%. Net earnings for the year ended
August 31, 2009 were $13.7 million, or $0.24 per diluted share, compared
to fiscal 2008 net earnings of $122.5 million, or $1.93 per diluted
share. Earnings and EPS from continuing operations were $23.9 million
and $0.40, respectively compared to $119.2 million and $1.88 for the
prior year. Fiscal 2009 results from continuing operations included
$31.3 million ($0.29 per diluted share) of pre-tax non-cash asset
impairment charges, $23.7 million ($0.24 per diluted share) of pre-tax
restructuring charges and $1.7 million ($0.02 per diluted share) of
pre-tax non-cash debt extinguishment charges. Results for the year ended
August 31, 2008 included $10.5 million ($0.16 per diluted share) of
pre-tax restructuring charges and a tax benefit of $2.6 million ($0.04
per diluted share). Excluding these items, fiscal 2009 EPS from
continuing operations was $0.95, compared to $2.00 for the prior year.
(See attached reconciliation of earnings).
Segment Results
Industrial Segment
(US $ in millions)
Three Months Ended Twelve Months Ended
August 31, August 31,
2009 2008 2009 2008
Sales $61.8 $98.1 $286.9 $374.5
Operating Profit (1) $13.7 $31.1 $71.4 $113.8
Operating Profit % (1) 22.2% 31.7% 24.9% 30.4%
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(1) Results for the three and twelve months ended August 31, 2009
exclude restructuring charges of $2.4 million and $3.9 million,
respectively.
Fourth quarter fiscal 2009 Industrial segment sales decreased 37% to $62
million. Excluding foreign currency rate changes (-2%), Industrial
segment core sales were 35% lower than the comparable prior year period;
however, they were approximately level with the third fiscal quarter.
The year-over-year sales decline was broad based across the diverse end
markets and geographic regions served by this segment. The segment's
core sales rate of change stabilized since May 2009. Fourth quarter
operating profit margin (excluding restructuring costs) was 22.2%, below
the comparable prior year quarter due to lower sales and production as
well as unfavorable sales mix.
Energy Segment
(US $ in millions)
Three Months Ended Twelve Months Ended
August 31, August 31,
2009 2008 2009 2008
Sales $63.7 $60.8 $259.5 $212.4
Operating Profit (2) $11.8 $16.3 $45.1 $48.0
Operating Profit % (2) 18.5% 26.7% 17.4% 22.6%
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(2) Results for the three and twelve months ended August 31, 2009
exclude restructuring charges of $0.7 million and $1.0 million,
respectively.
Fiscal 2009 fourth quarter Energy segment sales grew 5% to $64 million.
Acquisitions contributed 25% to sales while the stronger US dollar
reduced sales by 9%. Core sales declined 11% due to lower capital
project based revenue. While the Company saw certain of its customers
defer or reduce maintenance at some oil & gas installations, this
important source of Energy segment revenue held up better than
exploration or new commissioning related business. Operating profit
margin (excluding restructuring costs) declined year-over-year
reflecting unfavorable acquisition mix and the lower volumes.
Electrical Segment
(US $ in millions)
Three Months Ended Twelve Months Ended
August 31, August 31,
2009 2008 2009 2008
Sales $87.8 $112.7 $364.2 $496.4
Operating Profit (3) $4.2 $5.1 $15.6 $35.0
Operating Profit % (3) 4.8% 4.5% 4.3% 7.1%
-------------------------------------------------------------------------------
(3) Results for the three months ended August 31, 2009 exclude
restructuring charges of $3.0 million. Results for the twelve months
ended August 31, 2009 exclude a $4.8 million pre-tax non-cash asset
impairment charge and $9.8 million of restructuring charges. Results for
the twelve months ended August 31, 2008 exclude restructuring charges of
$10.5 million.
Electrical segment fiscal 2009 fourth quarter sales declined 22% to $88
million. The stronger US dollar contributed 3% to the sales decline.
Core sales decreased 19% from the prior year reflecting continued weak
demand. However, the core revenue year-over-year rate of change improved
sequentially from -30% in the third quarter of fiscal 2009 to -19% in
the fourth quarter. Sales trends to both the marine aftermarket and DIY
channel improved sequentially during the fourth quarter. Fourth quarter
operating profit margin (excluding restructuring costs) increased to
4.8%, a 30 basis point improvement from the prior year and 110 basis
points sequentially. The increase primarily reflects cost reduction
benefits and improved product sales mix.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended Twelve Months Ended
August 31, August 31,
2009 2008 2009 2008
Sales $76.7 $121.8 $329.3 $529.8
Operating Profit (4) $0.3 $11.3 $6.5 $50.6
Operating Profit % (4) 0.4% 9.3% 2.0% 9.6%
-------------------------------------------------------------------------------
(4) Results for the three months ended August 31, 2009 exclude
restructuring charges of $3.0 million. Results for the twelve months
ended August 31, 2009 exclude a $26.6 million pre-tax non-cash RV asset
impairment charge and $8.3 million of restructuring charges.
Fourth quarter fiscal 2009 Engineered Solutions segment sales declined
37% (-37% core, -3% currency translation and +3% acquisitions)
reflecting significantly reduced demand from truck and specialty vehicle
end markets. While automotive revenues increased sequentially due to new
program launches, major global truck OEM's continued to reduce their
inventory levels by producing fewer trucks than they sold. Fourth
quarter operating margins (excluding restructuring) continue to be
negatively impacted by the significant reduction in sales, unfavorable
product line sales mix and lower manufacturing overhead absorption.
Corporate
Corporate expenses for the fourth quarter of fiscal 2009, excluding
restructuring charges of approximately $0.2 million, were $5.0 million
compared to $8.5 million in the comparable prior year quarter primarily
due to lower incentive compensation expense, salary and headcount
reductions and reduced discretionary spending.
Financial Position
Net debt at August 31, 2009 was $394 million (total debt of $405 million
less $11 million of cash). The Company completed a follow-on equity
offering during the quarter, issuing 10.925 million shares for net
proceeds of approximately $125 million which were used to reduce
indebtedness. In addition, the aforementioned business divestitures
generated net proceeds of $38 million, also used to reduce outstanding
borrowings. The combination of these items, as well as robust fourth
quarter operating cash flow, had a significant impact on the Company's
capitalization with $200 million of net debt reduction since May 31,
2009. As of August 31, 2009, the Company had over $350 million of unused
revolver capacity.
Outlook
Arzbaecher continued, "We begin the new fiscal year with both
opportunities and challenges facing Actuant. While the rate of change in
sales has stabilized in most of our end markets, we still have difficult
year-over-year comparisons ahead of us, most pronounced in the first two
fiscal quarters of 2010. Visibility in our later cycle Energy segment
remains challenging as the number of capital projects industry-wide has
declined steadily over the past six months. However, with customer
inventory destocking moderating and the global economic slowdown
approaching its anniversary, our sequential and year-over-year revenues
are expected to improve in the second half of fiscal 2010. We also will
be realizing additional benefits of restructuring activities in the
second half of the fiscal year as most current projects reach completion
by mid-year. As we experienced this past year, the biggest variable in
our fiscal 2010 results will be the general economy and its impact on
revenue. We have assumed an overall fiscal 2010 core sales decline of
3%-8%, driven by continued difficult comparisons in the first half of
the fiscal year partially offset by improvements in the second half. Our
revenue guidance for fiscal 2010 is $1.15-$1.25 billion. We anticipate
diluted EPS for the full year, excluding restructuring costs, to be in
the $0.70-$0.95 range. Full year free cash flow is expected to be in the
$90-$100 million range, which would result in free cash flow conversion
well in excess of 100%. We continue to pursue accretive acquisition
opportunities which, when executed, will be incremental to this
guidance. Our first quarter fiscal 2010 guidance reflects expected
sequential stability with sales in the $280-$300 million range and EPS
in the range of $0.12-$0.17 (excluding restructuring charges)."
Concluded Arzbaecher, "We are optimistic that over the next twelve
months we will begin to see improved business and consumer confidence
levels which will benefit Actuant and the broader economy. I continue to
be very confident in Actuant's long-term organic and acquisition driven
growth prospects. With our strong cash flow and borrowing capacity, we
are well positioned to finance these growth opportunities. The
fundamentals for our growth strategies are in place, and our people, at
all levels, are dedicated and driven to realizing those opportunities."
Conference Call Information
An investor conference call is scheduled for 10am CT today, September
30, 2009. 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. 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
Actuant, headquartered in Butler, Wisconsin, is a diversified industrial
company with operations in more than 30 countries. The Actuant
businesses are market leaders in branded hydraulic and electrical tools
and supplies, umbilical, rope and cable solutions and highly engineered
position and motion control systems. The Company employs a workforce of
approximately 5,900 worldwide. Actuant trades on the NYSE under the
symbol ATU. For further information on Actuant and its business units,
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,
2009 2008
ASSETS
Current assets
Cash and cash equivalents $ 11,385 $ 122,549
Accounts receivable, net 155,520 226,564
Inventories, net 160,656 215,391
Deferred income taxes 20,855 11,870
Other current assets 15,246 16,092
Total current assets 363,662 592,466
Property, plant and equipment, net 129,118 134,550
Goodwill 711,522 639,862
Other intangible assets, net 350,249 292,359
Other long-term assets 13,880 9,145
Total assets $ 1,568,431 $ 1,668,382
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 4,964 $ 339
Trade accounts payable 108,333 166,863
Accrued compensation and benefits 30,079 59,023
Income taxes payable 20,578 24,867
Other current liabilities 71,140 60,033
Total current liabilities 235,094 311,125
Long-term debt, less current maturities 400,135 573,818
Deferred income taxes 117,335 99,634
Pension and postretirement benefit accruals 37,662 27,641
Other long-term liabilities 30,835 26,658
Shareholders' equity
Capital stock 13,543 11,200
Additional paid-in capital (188,644 ) (324,898 )
Accumulated other comprehensive (loss) income (24,599 ) 7,149
Stock held in trust (1,766 ) (2,081 )
Deferred compensation liability 1,766 2,081
Retained earnings 947,070 936,055
Total shareholders' equity 747,370 629,506
Total liabilities and shareholders' equity $ 1,568,431 $ 1,668,382
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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,
2009 2008 2009 2008
Net sales $ 290,056 $ 393,470 $ 1,239,798 $ 1,613,190
Cost of products sold 195,476 251,219 825,124 1,052,141
Gross profit 94,580 142,251 414,674 561,049
Selling, administrative and engineering expenses 65,233 83,144 275,751 330,609
Restructuring charges 8,240 - 22,426 10,473
Impairment charges - - 31,321 -
Amortization of intangible assets 5,378 3,870 19,724 13,933
Operating profit 15,729 55,237 65,452 206,034
Financing costs, net 10,685 8,887 41,849 36,409
Other (income) expense, net (4 ) (1,412 ) 209 (2,991 )
Earnings from continuing operations before income
tax expense and minority interest 5,048 47,762 23,394 172,616
Income tax expense (benefit) 540 14,182 (474 ) 53,416
Minority interest, net of income taxes (4 ) (2 ) 17 22
Earnings from continuing operations 4,512 33,582 23,851 119,178
Earnings (loss) from discontinued operations,
net of income taxes 12,003 661 (10,128 ) 3,366
Net earnings $ 16,515 $ 34,243 $ 13,723 $ 122,544
Earnings from continuing operations per share
Basic $ 0.07 $ 0.60 $ 0.41 $ 2.14
Diluted 0.07 0.53 0.40 1.88
Earnings per share
Basic $ 0.26 $ 0.61 $ 0.24 $ 2.20
Diluted 0.24 0.54 0.24 1.93
Weighted average common shares outstanding
Basic 63,742 55,953 58,047 55,813
Diluted 71,554 65,011 66,064 64,833
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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,
2009 2008 2009 2008
Operating Activities
Net earnings $ 16,515 $ 34,243 13,723 $ 122,544
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 13,480 11,783 51,978 44,709
Stock-based compensation expense 2,208 1,957 8,609 6,847
Provision (benefit) for deferred income taxes 2,269 (1,078 ) (17,847 ) 5,912
Impairment charges - - 58,274 -
Net gain on disposal of businesses (15,831 ) - (15,831 ) -
Amortization of debt discount and debt issuance costs 2,870 367 4,531 1,372
(Gain)/Loss on disposal of assets 1,176 (30 ) 1,585 (1,576 )
Changes in operating assets and liabilities, excluding the effects of the business acquisitions
Accounts receivable 5,230 20,922 87,052 (13,929 )
Accounts receivable securitization program (2,355 ) (8,621 ) (15,837 ) (3,576 )
Inventories 21,231 2,369 57,963 (5,697 )
Prepaid expenses and other assets 252 (1,315 ) 1,075 429
Trade accounts payable 6,091 (7,127 ) (61,932 ) 7,586
Income taxes payable (1,987 ) 702 (9,180 ) (576 )
Other accrued liabilities (2,115 ) (9,267 ) (17,448 ) 6,052
Net cash provided by operating activities 49,034 44,905 146,715 170,097
Investing Activities
Proceeds from sale of property, plant and equipment 1,255 389 1,862 14,065
Capital expenditures (6,436 ) (11,905 ) (21,454 ) (44,407 )
Proceeds from sale of businesses, net of transaction costs 38,455 - 38,455 -
Business acquisitions, net of cash acquired (3,500 ) - (239,422 ) (110,109 )
Net cash provided by (used in) investing activities 29,774 (11,516 ) (220,559 ) (140,451 )
Financing Activities
Net (repayments) borrowings on revolving credit facilities and other debt (88,642 ) (1,909 ) 7,557 246
Proceeds from term loan - - 115,000 -
Principal repayments on term loans (113,562 ) (7 ) (270,000 ) (1,015 )
Debt issuance and amendment costs (3,825 ) - (9,158 ) (265 )
Proceeds from equity offering, net of transaction costs 124,781 - 124,781 -
Cash dividend - - (2,251 ) (2,221 )
Stock option exercises, related tax benefits, and other 550 3,819 4,024 8,294
Net cash (used in) provided by financing activities (80,698 ) 1,903 (30,047 ) 5,039
Effect of exchange rate changes on cash (17 ) (3,822 ) (7,273 ) 1,184
Net increase (decrease) in cash and cash equivalents (1,907 ) 31,470 (111,164 ) 35,869
Cash and cash equivalents - beginning of period 13,292 91,079 122,549 86,680
Cash and cash equivalents - end of period $ 11,385 $ 122,549 $ 11,385 $ 122,549
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ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
FISCAL 2008 FISCAL 2009
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
SALES
INDUSTRIAL SEGMENT $ 87,412 $ 87,344 $ 101,593 $ 98,149 $ 374,498 $ 90,524 $ 71,682 $ 62,843 $ 61,802 $ 286,851
ENERGY SEGMENT 49,677 43,458 58,442 60,823 212,400 73,982 59,526 62,251 63,731 259,490
ELECTRICAL SEGMENT 130,130 126,705 126,865 112,745 496,445 102,898 89,719 83,752 87,792 364,161
ENGINEERED SOLUTIONS SEGMENT 133,780 129,403 144,911 121,753 529,847 103,385 72,872 76,308 76,731 329,296
TOTAL $ 400,999 $ 386,910 $ 431,811 $ 393,470 $ 1,613,190 $ 370,789 $ 293,799 $ 285,154 $ 290,056 $ 1,239,798
% SALES GROWTH
INDUSTRIAL SEGMENT 37 % 33 % 38 % 30 % 34 % 4 % -18 % -38 % -37 % -23 %
ENERGY SEGMENT 24 % 41 % 38 % 29 % 32 % 49 % 37 % 7 % 5 % 22 %
ELECTRICAL SEGMENT 2 % -1 % -5 % -15 % -5 % -21 % -29 % -34 % -22 % -27 %
ENGINEERED SOLUTIONS SEGMENT 23 % 16 % 10 % -1 % 11 % -23 % -44 % -47 % -37 % -38 %
TOTAL 18 % 15 % 13 % 4 % 12 % -8 % -24 % -34 % -26 % -23 %
OPERATING PROFIT (LOSS)
INDUSTRIAL SEGMENT $ 25,662 $ 25,990 $ 31,054 $ 31,103 $ 113,809 $ 26,107 $ 15,972 $ 15,597 $ 13,692 $ 71,368
ENERGY SEGMENT 12,314 6,767 12,638 16,266 47,985 15,647 5,895 11,772 11,801 45,115
ELECTRICAL SEGMENT 10,299 11,044 8,546 5,121 35,010 5,896 2,404 3,119 4,213 15,632
ENGINEERED SOLUTIONS SEGMENT 12,707 10,485 16,125 11,296 50,613 7,865 (2,735 ) 991 342 6,463
CORPORATE / GENERAL (6,415 ) (7,743 ) (8,203 ) (8,549 ) (30,910 ) (3,197 ) (5,013 ) (4,815 ) (5,042 ) (18,066 )
TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES $ 54,567 $ 46,543 $ 60,160 $ 55,237 $ 216,507 $ 52,318 $ 16,523 $ 26,664 $ 25,006 $ 120,512
IMPAIRMENT CHARGES - - - - - (26,553 ) - (4,768 ) - (31,321 )
RESTRUCTURING CHARGES (1) (5,521 ) (4,952 ) - - (10,473 ) (674 ) (3,039 ) (10,749 ) (9,277 ) (23,739 )
TOTAL $ 49,046 $ 41,591 $ 60,160 $ 55,237 $ 206,034 $ 25,091 $ 13,484 $ 11,147 $ 15,729 $ 65,452
OPERATING PROFIT %
INDUSTRIAL SEGMENT 29.4 % 29.8 % 30.6 % 31.7 % 30.4 % 28.8 % 22.3 % 24.8 % 22.2 % 24.9 %
ENERGY SEGMENT 24.8 % 15.6 % 21.6 % 26.7 % 22.6 % 21.1 % 9.9 % 18.9 % 18.5 % 17.4 %
ELECTRICAL SEGMENT 7.9 % 8.7 % 6.7 % 4.5 % 7.1 % 5.7 % 2.7 % 3.7 % 4.8 % 4.3 %
ENGINEERED SOLUTIONS SEGMENT 9.5 % 8.1 % 11.1 % 9.3 % 9.6 % 7.6 % -3.8 % 1.3 % 0.4 % 2.0 %
TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES 13.6 % 12.0 % 13.9 % 14.0 % 13.4 % 14.1 % 5.6 % 9.4 % 8.6 % 9.7 %
EBITDA
INDUSTRIAL SEGMENT $ 28,017 $ 27,840 $ 32,617 $ 32,599 $ 121,073 $ 27,139 $ 17,058 $ 18,208 $ 15,322 $ 77,727
ENERGY SEGMENT 14,553 9,546 15,771 20,399 60,269 21,671 11,492 15,080 16,235 64,478
ELECTRICAL SEGMENT 12,929 13,293 10,863 7,163 44,248 7,103 3,440 5,307 6,388 22,238
ENGINEERED SOLUTIONS SEGMENT 16,894 14,707 19,756 16,051 67,408 12,412 1,264 3,915 4,949 22,541
CORPORATE / GENERAL (6,632 ) (7,522 ) (7,991 ) (8,163 ) (30,308 ) (3,110 ) (4,058 ) (4,237 ) (4,196 ) (15,601 )
TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES $ 65,761 $ 57,864 $ 71,016 $ 68,049 $ 262,690 $ 65,215 $ 29,196 $ 38,273 $ 38,698 $ 171,383
IMPAIRMENT CHARGES - - - - - (26,553 ) - (4,768 ) - (31,321 )
RESTRUCTURING CHARGES (1) (5,521 ) (4,952 ) - - (10,473 ) (674 ) (3,039 ) (10,749 ) (9,277 ) (23,739 )
TOTAL $ 60,240 $ 52,912 $ 71,016 $ 68,049 $ 252,217 $ 37,988 $ 26,157 $ 22,756 $ 29,421 $ 116,323
EBITDA %
INDUSTRIAL SEGMENT 32.1 % 31.9 % 32.1 % 33.2 % 32.3 % 30.0 % 23.8 % 29.0 % 24.8 % 27.1 %
ENERGY SEGMENT 29.3 % 22.0 % 27.0 % 33.5 % 28.4 % 29.3 % 19.3 % 24.2 % 25.5 % 24.8 %
ELECTRICAL SEGMENT 9.9 % 10.5 % 8.6 % 6.4 % 8.9 % 6.9 % 3.8 % 6.3 % 7.3 % 6.1 %
ENGINEERED SOLUTIONS SEGMENT 12.6 % 11.4 % 13.6 % 13.2 % 12.7 % 12.0 % 1.7 % 5.1 % 6.4 % 6.8 %
TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES 16.4 % 15.0 % 16.4 % 17.3 % 16.3 % 17.6 % 9.9 % 13.4 % 13.3 % 13.8 %
Note: The total of the individual quarters may not equal the annual total due to rounding.
(1) The restructuring charges for the third and fourth quarters of fiscal 2009 and total fiscal 2009 includes $276, $1,037 and $1,313 of charges included in cost of products sold on the Condensed Consolidated Statements of Operations.
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ACTUANT CORPORATION
Reconciliation of GAAP measures to non-GAAP measures
(Dollars in thousands, except for per share amounts)
FISCAL 2008 FISCAL 2009
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
NET EARNINGS (LOSS), EXCLUDING RESTRUCTURING CHARGES,
IMPAIRMENT CHARGES, INCOME TAX ADJUSTMENTS / CREDITS,
DEBT EXTINGUISHMENT CHARGES, AND DISCONTINUED OPERATIONS (1)
NET EARNINGS (LOSS) (GAAP MEASURE) $ 27,427 $ 22,239 $ 38,635 $ 34,243 $ 122,544 $ 11,598 $ 3,244 $ (17,635 ) $ 16,515 $ 13,723
RESTRUCTURING CHARGES, NET OF TAX BENEFIT 5,521 4,729 - - 10,250 481 2,028 7,173 6,223 15,905
IMPAIRMENT CHARGES, NET OF TAX BENEFIT - - - - - 16,463 - 2,981 - 19,444 A service of YellowBrix, Inc.
