By THOMAS CONTENT and DON WALKER

Butler-based Actuant Corp. reported Wednesday that earnings plummeted 52% in the fiscal fourth quarter, but its outlook for the coming fiscal year cheered investors, and Actuant shares gained nearly 6% Wednesday.

Net income for the quarter fell to $16.5 million, or 24 cents a share, from $34.2 million, or 54 cents, a year ago. Excluding items, the company earned 18 cents a share from continuing operations.

Sales for the three months ended Aug. 31 fell to $290.1 million from $393.5 million. Actuant makes speciality industrial products such as hydraulic tools.

Net income for the year was $13.7 million, or 24 cents a share, down from $122.5 million, or $1.93, a year ago.

Robert C. Arzbaecher, Actuant's CEO and chairman, said the company was happy to have finished the fiscal year with "strong cash flow, stabilization in the majority of our businesses and continued solid execution on our restructuring actions."

Actuant generated $147 million in operating cash flow in fiscal 2009, despite the poor economy, Arzbaecher said.

"In some ways, we feel a little bit like Rocky Balboa, beaten up in 2009 by the economic environment but still fighting," he said during a conference call with investment analysts.

Sales for the year were $1.24 billion, 23% lower than the $1.61 billion in the prior year. Excluding the impact of the stronger U.S. dollar and sales from acquired businesses, year-to-date core sales decreased 23%.

Arzbaecher said the company's results are projected to recover along with the economy during fiscal 2010, particularly the second half of the fiscal year -- with the year projected to yield sales of $1.15 billion to $1.25 billion. Earnings per share for the full fiscal year, excluding restructuring costs, will be in the 70 to 95 cents per share range, he said.

"We are optimistic that over the next 12 months we will begin to see improved business and consumer confidence levels which will benefit Actuant and the broader economy," Arzbaecher said.

Actuant's shares closed up 89 cents, or nearly 6%, at $16.06.

Actuant Corp.

4th quarter %

8/31 2009 2008 change

Sales $290.1 $393.5 -26.3

Net income 16.5 34.2 -51.7

EPS (diluted) 0.24 0.54 -55.6

12 months

Sales $1,239.8 $1,613.2 -23.1

Net income 13.7 122.5 -88.8

EPS (diluted) 0.24 1.93 -87.6

Figures in millions except for earnings per share. Percentages are based on unrounded sales and income figures.

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