Actuant Reports Second Quarter Results

MILWAUKEE--()--Actuant Corporation (NYSE: ATU) today announced results for its second quarter ended February 28, 2013.

Highlights

  • Delivered second quarter sales and earnings at the high end of the guidance ranges.
  • Total sales were $370 million, down 2% year-over-year with acquisitions contributing 4% and core sales declining 6%.
  • Diluted earnings per share (“EPS”) of $0.38, 12% lower than the comparable prior year period.
  • Operating profit margins were 11.3%, a 180 basis point reduction from the prior year due primarily to the impact of lower sales and production levels.
  • Revised full year sales and EPS guidance to $1.575-1.600 billion and $2.15-2.25, respectively.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We delivered results for the second quarter at the high end of our sales and EPS guidance. During the normally seasonally weak quarter, we experienced generally subdued activity in the global industrial markets reflecting both cautious spending and continued destocking initiatives by OEM customers. While economic conditions remain weak in most end markets and regions, we have kept our organization agile and are anticipating both seasonal and core growth in the second half of the fiscal year. I want to thank our global team for their solid execution in the quarter.”

Consolidated Results

Consolidated sales for the second quarter were $370 million, 2% lower than the comparable prior year quarter. Core sales declined 6% with acquisitions contributing 4% and the consolidated impact of foreign exchange negligible. Fiscal 2013 second quarter net earnings were $28.4 million compared to $32.2 million in the comparable prior year quarter. EPS of $0.38 in the second quarter of fiscal 2013 was 12% lower than the $0.43 in the comparable prior year quarter.

Sales for the six months ended February 28, 2013 were $748 million, 3% below the $771 million in the comparable prior year period. Excluding the 4% impact of acquisitions, year-to-date core sales declined 7%. Earnings and EPS for the six months ended February 28, 2013 were $64.8 million, or $0.87 per diluted share, compared to $69.3 million, or $0.94 per diluted share for the comparable prior year period.

Segment Results

 

Industrial Segment

(US $ in millions)

 
  Three Months Ended   Six Months Ended
February 28,   February 29, February 28,   February 29,
2013 2012 2013 2012
Sales $99.0 $98.3 $200.1 $198.6
Operating Profit $26.4 $26.7 $53.4 $54.6
Operating Profit % 26.6% 27.1% 26.7% 27.5%
 

Second quarter fiscal 2013 Industrial segment sales were $99 million, 1% higher than the prior year. Despite the difficult prior year comparison, core sales increased 1% driven by higher global Integrated Solutions activity. North America and the AsiaPac region saw the strongest growth, with year-over-year core sales declines in Europe and China. Second quarter operating profit margin of 26.6% was in line with expectations and modestly lower than the prior year due to unfavorable mix.

Energy Segment

(US $ in millions)

 
  Three Months Ended   Six Months Ended
February 28,   February 29,

February 28,

  February 29,
2013 2012

2013

2012
Sales $80.8 $78.9 $171.6 $159.4
Operating Profit $9.7 $11.6 $25.1 $24.8
Operating Profit % 12.0% 14.7% 14.6% 15.6%
 

Fiscal 2013 second quarter year-over-year Energy segment sales increased 2% to $81 million. Excluding the 3% impact from acquisitions, core sales declined 1% from the prior year’s robust levels. Hydratight’s core sales increased during the quarter reflecting solid MRO spending in oil & gas, partially offset by difficult comparisons to last year’s strong North American nuclear maintenance activity. Cortland had a core sales decline which was primarily due to lower activity in non-energy markets such as defense, as well as modest push-outs of energy related business. Second quarter operating profit declined despite the modest growth in revenue due to an approximate $2.5 million earn-out reserve reduction in the prior year.

Electrical Segment

(US $ in millions)

 
  Three Months Ended   Six Months Ended
February 28,   February 29, February 28,   February 29,
2013 2012 2013 2012
Sales $69.9 $77.1 $139.3 $159.9
Operating Profit $5.1 $5.8 $12.9 $10.8
Operating Profit % 7.3% 7.5% 9.3% 6.7%
 

Electrical segment fiscal 2013 second quarter sales were $70 million, 9% lower than the comparable prior year quarter. Similar to the first quarter, the core sales decline was primarily attributable to lower solar inverter shipments and industrial transformer demand. The marine and internet markets generated modest core sales increases in the quarter. Second quarter operating profit margin was essentially unchanged from the prior year despite the impact of lower volumes, due to favorable mix and the net benefit of restructuring actions.

Engineered Solutions Segment

(US $ in millions)

 
  Three Months Ended   Six Months Ended
February 28,   February 29, February 28,   February 29,
2013 2012 2013 2012
Sales $120.7 $123.6 $236.6 $252.9
Operating Profit $8.3 $13.3 $15.9 $32.3
Operating Profit % 6.9% 10.7% 6.7% 12.8%
 

Second quarter fiscal 2013 Engineered Solutions segment sales decreased 2% from the prior year to $121 million. Excluding the 10% benefit from acquisitions, year-over-year core sales declined 12%, a sequential improvement from the 17% decline last quarter. Second quarter sales continued to be impacted by OEM destocking in the heavy-duty truck, off-highway equipment and auto markets. Demand in the global agriculture market was flat with the prior year. Second quarter operating profit margin declined year-over-year, but was up sequentially. The impact of lower volumes was partially offset by the benefit of cost reduction actions taken in the segment.

Corporate and Income Taxes

Corporate expenses for the second quarter of fiscal 2013 were $7.4 million, $0.5 million below the comparable prior year period due primarily to lower incentive compensation provisions. The effective income tax rate for the quarter was lower than the prior year, but up sequentially, reflecting the extension of the US R&D tax credit, the impact of a reduced statutory tax rate on a deferred tax liability balance, as well as tax planning benefits.

Financial Position

Net debt at February 28, 2013 was $304 million (total debt of $395 million less $91 million of cash); approximately $24 million below the prior quarter end and the lowest level in the past five years. Essentially all of Actuant’s second quarter cash flow was used to reduce net debt. Common stock repurchases during the quarter amounted to fewer than 0.1 million shares, or approximately $2 million. At February 28, 2013, the Company had a net debt to EBITDA leverage ratio of 1.1, and its entire $600 million revolver available.

Outlook

Commenting on Actuant’s outlook, Arzbaecher stated, “When we initially provided our fiscal 2013 guidance, we expected that our first half results would be lower than the prior year, with growth resuming in the back half. Now at the mid-point of the year, we believe we are at this inflection point with the most difficult comparisons behind us. We are seeing indications that market conditions have bottomed and are firming up in some areas, yet inconsistency and uncertainty also persist. As a result, we expect the demand improvement curve to be less steep and modestly pushed out further in calendar 2013 compared to our original expectations.

Given the current economic environment, our first half performance, and the divestiture of an approximate $7 million product line last week, we have modestly adjusted our full year sales and EPS guidance to $1.575-1.600 billion and $2.15- 2.25, respectively. We now expect full year core sales to decline 3 to 5% from the previous negative 1 to 3%. We also expect headwind from the weaker British Pound. Despite modestly weaker than anticipated core sales growth, we expect to continue to be able to manage costs effectively and deliver EPS growth in line with expectations. We are still targeting full year free cash flow of approximately $200 million, but recognize it will be more of a challenge than previously anticipated.

We expect third quarter sales to be in the $410-420 million range. EPS is expected to be in the $0.63-0.68 range compared to $0.60 in the prior year, with continued cost reduction actions and a lower than full year average income tax rate incorporated into the guidance.

Consistent with past practice, all guidance excludes the impact of potential future acquisitions and share repurchases.”

Arzbaecher concluded, “We remain focused on investing for long-term growth through Growth + Innovation and acquisitions, while managing costs to drive full year earnings improvement. Actuant is committed to maximizing results and maintaining a strong balance sheet to deliver increased shareholder value.”

Conference Call Information

An investor conference call is scheduled for 10am CDT today, March 20, 2013. 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 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 and electrical tools and supplies; 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 28, August 31,
2013 2012
 
ASSETS
Current assets
Cash and cash equivalents $ 90,823 $ 68,184
Accounts receivable, net 238,601 234,756
Inventories, net 217,540 211,690
Deferred income taxes 23,604 22,583
Other current assets   24,862     24,068  
Total current assets 595,430 561,281
 
Property, plant and equipment, net 114,124 115,884
Goodwill 866,685 866,412
Other intangible assets, net 430,827 445,884
Other long-term assets   16,765     17,658  
 
Total assets $ 2,023,831   $ 2,007,119  
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 153,814 $ 174,746
Accrued compensation and benefits 45,297 58,817
Current maturities of debt 10,000 7,500
Income taxes payable 2,852 5,778
Other current liabilities   58,566     72,165  
Total current liabilities 270,529 319,006
 
Long-term debt 385,000 390,000
Deferred income taxes 129,080 132,653
Pension and postretirement benefit accruals 26,137 26,442
Other long-term liabilities 88,817 87,182
 
Shareholders' equity
Capital stock 15,221 15,102
Additional paid-in capital 23,873 7,725
Treasury stock (71,904 ) (63,083 )
Retained earnings 1,226,346 1,161,564
Accumulated other comprehensive loss (69,268 ) (69,472 )
Stock held in trust (3,076 ) (2,689 )
Deferred compensation liability   3,076     2,689  
Total shareholders' equity   1,124,268     1,051,836  
 
Total liabilities and shareholders' equity $ 2,023,831   $ 2,007,119  
 

Actuant Corporation
Condensed Consolidated Statements of Earnings
(Dollars in thousands except per share amounts)
(Unaudited)
 
    Three Months Ended   Six Months Ended
February 28,   February 29, February 28,   February 29,
2013   2012 2013   2012
 
Net sales $ 370,370 $ 378,024 $ 747,618 $ 770,823
Cost of products sold   230,811       236,732     461,073     476,923
Gross profit 139,559 141,292 286,545 293,900
 
Selling, administrative and engineering expenses 89,977 84,763 177,807 172,872
Amortization of intangible assets   7,638       7,073     15,492     14,291
Operating profit 41,944 49,456 93,246 106,737
 
Financing costs, net 6,260 7,821 12,582 16,043
Other expense (income), net   (36 )     (171 )   328     486
Earnings before income tax expense 35,720 41,806 80,336 90,208
 
Income tax expense   7,285       9,631     15,558     20,859
Net earnings $ 28,435     $ 32,175   $ 64,778   $ 69,349
 
Earnings per share
Basic $ 0.39 $ 0.47 $ 0.89 $ 1.02
Diluted 0.38 0.43 0.87 0.94
 
Weighted average common shares outstanding
Basic 72,946 68,064 72,869 68,242
Diluted 74,416 75,105 74,343 75,124
 

Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
  Three Months Ended   Six Months Ended
February 28,   February 29, February 28,   February 29,
2013 2012 2013 2012
 
Operating Activities
Net earnings $ 28,435 $ 32,175 $ 64,778 $ 69,349
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 14,451 13,070 28,898 26,610
Stock-based compensation expense 3,651 3,419 7,128 6,962
Benefit for deferred income taxes (2,862 ) (1,304 ) (6,018 ) (2,254 )
Amortization of debt discount and debt issuance costs 496 500 992 997
Other non-cash adjustments 5 (404 ) (172 ) (346 )
Changes in components of working capital and other:
Accounts receivable (8,260 ) (7,510 ) (3,721 ) (17,107 )
Inventories 7,166 1,535 (4,152 ) (1,060 )
Prepaid expenses and other assets 4,939 (1,312 ) (1,204 ) (2,137 )
Trade accounts payable (10,733 ) (5,242 ) (22,281 ) (8,128 )
Income taxes payable (3,883 ) (1,180 ) (2,722 ) 36
Accrued compensation and benefits 1,526 5,071 (12,427 ) (14,098 )
Other accrued liabilities   (6,883 )   (7,292 )   (8,776 )   (6,823 )
Net cash provided by operating activities 28,048 31,526 40,323 52,001
 
Investing Activities
Proceeds from sale of property, plant and equipment 200 1,857 1,177 7,775
Capital expenditures (4,037 ) (4,857 ) (11,726 ) (10,452 )
Business acquisitions, net of cash acquired   (1,350 )   (18,617 )   (1,433 )   (18,907 )
Net cash used in investing activities (5,187 ) (21,617 ) (11,982 ) (21,584 )
 
Financing Activities
Net repayments on revolving credit facilities and other debt - (4,976 ) - (167 )
Principal repayments on term loan (1,250 ) - (2,500 ) -
Purchase of treasury shares (1,679 ) - (8,821 ) (20,410 )
Stock option exercises and related tax benefits 5,299 2,725 10,772 5,507
Cash dividend   -     -     (2,911 )   (2,748 )
Net cash provided by (used in) financing activities 2,370 (2,251 ) (3,460 ) (17,818 )
 
Effect of exchange rate changes on cash   (2,719 )   2,668     (2,242 )   1,625  
Net increase in cash and cash equivalents 22,512 10,326 22,639 14,224
Cash and cash equivalents - beginning of period   68,311     48,119     68,184     44,221  
Cash and cash equivalents - end of period $ 90,823   $ 58,445   $ 90,823   $ 58,445  
 

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(Dollars in thousands)
 
  FISCAL 2012   FISCAL 2013
Q1   Q2   Q3   Q4   TOTAL Q1   Q2   Q3   Q4   TOTAL
SALES                
INDUSTRIAL SEGMENT $ 100,253 $ 98,342 $ 110,102 $ 110,598 $ 419,295 $ 101,122 $ 98,999 $ 200,121
ENERGY SEGMENT 80,421 78,937 96,399 93,406 349,163 90,769 80,794 171,563
ELECTRICAL SEGMENT 82,833 77,105 85,947 82,936 328,821 69,439 69,902 139,341
ENGINEERED SOLUTIONS SEGMENT   129,292       123,640       136,767       118,364       508,063     115,918       120,675               236,593  
TOTAL $ 392,799     $ 378,024     $ 429,215     $ 405,304     $ 1,605,342   $ 377,248     $ 370,370             $ 747,618  
 
% SALES GROWTH
INDUSTRIAL SEGMENT 15 % 11 % 2 % 2 % 7 % 1 % 1 % 1 %
ENERGY SEGMENT 14 % 28 % 24 % 13 % 19 % 13 % 2 % 8 %
ELECTRICAL SEGMENT 50 % 10 % 7 % 4 % 15 % -16 % -9 % -13 %
ENGINEERED SOLUTIONS SEGMENT 23 % 12 % 8 % -10 % 7 % -10 % -2 % -6 %
TOTAL 23 % 14 % 9 % 0 % 11 % -4 % -2 % -3 %
 
OPERATING PROFIT (LOSS)
INDUSTRIAL SEGMENT $ 27,933 $ 26,690 $ 30,681 $ 29,473 $ 114,777 $ 27,006 $ 26,350 $ 53,356
ENERGY SEGMENT 13,217 11,632 18,515 18,841 62,205 15,387 9,677 25,064
ELECTRICAL SEGMENT 4,977 5,801 8,814 8,300 27,892 7,828 5,072 12,900
ENGINEERED SOLUTIONS SEGMENT 18,999 13,281 18,467 10,104 60,851 7,625 8,275 15,900
CORPORATE / GENERAL   (7,845 )     (7,948 )     (8,813 )     (8,713 )     (33,319 )   (6,544 )     (7,430 )             (13,974 )
TOTAL - EXCLUDING IMPAIRMENT CHARGE $ 57,281 $ 49,456 $ 67,664 $ 58,005 $ 232,406 $ 51,302 $ 41,944 $ 93,246
IMPAIRMENT CHARGE   -       -       -       (62,464 )     (62,464 )   -       -               -  
TOTAL $ 57,281     $ 49,456     $ 67,664     $ (4,459 )   $ 169,942   $ 51,302     $ 41,944             $ 93,246  
 
OPERATING PROFIT %
INDUSTRIAL SEGMENT 27.9 % 27.1 % 27.9 % 26.6 % 27.4 % 26.7 % 26.6 % 26.7 %
ENERGY SEGMENT 16.4 % 14.7 % 19.2 % 20.2 % 17.8 % 17.0 % 12.0 % 14.6 %
ELECTRICAL SEGMENT 6.0 % 7.5 % 10.3 % 10.0 % 8.5 % 11.3 % 7.3 % 9.3 %
ENGINEERED SOLUTIONS SEGMENT 14.7 % 10.7 % 13.5 % 8.5 % 12.0 % 6.6 % 6.9 % 6.7 %
TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT CHARGE 14.6 % 13.1 % 15.8 % 14.3 % 14.5 % 13.6 % 11.3 % 12.5 %
 
EBITDA
INDUSTRIAL SEGMENT $ 29,220 $ 29,116 $ 32,070 $ 31,774 $ 122,180 $ 29,033 $ 28,471 $ 57,504
ENERGY SEGMENT 18,243 15,601 22,216 23,166 79,226 19,694 14,278 33,972
ELECTRICAL SEGMENT 7,705 8,697 11,444 10,969 38,815 10,806 7,653 18,459
ENGINEERED SOLUTIONS SEGMENT 22,213 16,762 21,418 13,991 74,384 12,047 12,611 24,658
CORPORATE / GENERAL   (7,217 )     (7,479 )     (8,506 )     (7,972 )     (31,174 )   (6,195 )     (6,582 )             (12,777 )
TOTAL - EXCLUDING IMPAIRMENT CHARGE $ 70,164 $ 62,697 $ 78,642 $ 71,928 $ 283,431 $ 65,385 $ 56,431 $ 121,816
IMPAIRMENT CHARGE   -       -       -       (62,464 )     (62,464 )   -       -               -  
TOTAL $ 70,164     $ 62,697     $ 78,642     $ 9,464     $ 220,967   $ 65,385     $ 56,431             $ 121,816  
 
EBITDA %
INDUSTRIAL SEGMENT 29.1 % 29.6 % 29.1 % 28.7 % 29.1 % 28.7 % 28.8 % 28.7 %
ENERGY SEGMENT 22.7 % 19.8 % 23.0 % 24.8 % 22.7 % 21.7 % 17.7 % 19.8 %
ELECTRICAL SEGMENT 9.3 % 11.3 % 13.3 % 13.2 % 11.8 % 15.6 % 10.9 % 13.2 %
ENGINEERED SOLUTIONS SEGMENT 17.2 % 13.6 % 15.7 % 11.8 % 14.6 % 10.4 % 10.5 % 10.4 %
TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT CHARGE 17.9 % 16.6 % 18.3 % 17.7 % 17.7 % 17.3 % 15.2 % 16.3 %
 

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
 
  FISCAL 2012   FISCAL 2013
Q1   Q2   Q3   Q4   TOTAL Q1   Q2   Q3   Q4   TOTAL
EARNINGS (LOSS) BEFORE SPECIAL ITEMS (1)                
NET EARNINGS (LOSS) $ 37,174 $ 32,175 $ 34,401 $ (16,460 ) $ 87,290 $ 36,343 $ 28,435 $ 64,778
DEBT REFINANCING CHARGES, NET OF INCOME TAX - - 10,482 - 10,482 - - -
IMPAIRMENT CHARGE, NET OF INCOME TAX   -     -     -     57,088       57,088   -     -             -
TOTAL $ 37,174   $ 32,175   $ 44,883   $ 40,628     $ 154,860 $ 36,343   $ 28,435           $ 64,778
 
DILUTED EARNINGS (LOSS) PER SHARE, BEFORE
SPECIAL ITEMS (1)(3)
NET EARNINGS (LOSS) $ 0.50 $ 0.43 $ 0.45 $ (0.23 ) $ 1.17 $ 0.49 $ 0.38 $ 0.87
DEBT REFINANCING CHARGES, NET OF INCOME TAX - - 0.15 - 0.15 - - -
IMPAIRMENT CHARGE, NET OF INCOME TAX   -     -     -     0.77       0.76   -     -             -
TOTAL $ 0.50   $ 0.43   $ 0.60   $ 0.55     $ 2.08 $ 0.49   $ 0.38           $ 0.87
 
 
EBITDA (2)
NET EARNINGS (LOSS) (GAAP MEASURE) $ 37,174 $ 32,175 $ 34,401 $ (16,460 ) $ 87,290 $ 36,343 $ 28,435 $ 64,778
FINANCING COSTS, NET 8,222 7,821 24,066 6,281 46,390 6,322 6,260 12,582
INCOME TAX EXPENSE 11,228 9,631 6,593 5,572 33,024 8,273 7,285 15,558
DEPRECIATION & AMORTIZATION   13,540     13,070     13,582     14,071       54,263   14,447     14,451             28,898
EBITDA (NON-GAAP MEASURE) $ 70,164 $ 62,697 $ 78,642 $ 9,464 $ 220,967 $ 65,385 $ 56,431 $ 121,816
IMPAIRMENT CHARGE   -     -     -     62,464       62,464   -     -             -
EBITDA (NON-GAAP MEASURE) - EXCLUDING IMPAIRMENT CHARGE $ 70,164   $ 62,697   $ 78,642   $ 71,928     $ 283,431 $ 65,385   $ 56,431           $ 121,816
FOOTNOTES
   
NOTE: The total of the individual quarters may not equal the annual total due to rounding.
 
(1) Earnings (loss) and diluted earnings (loss) per share, excluding special items (debt refinancing charges and impairment charge), 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 (loss) 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 Earnings data. EBITDA should not be considered as an alternative to net earnings or operating profit 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.
 
(3) Due to the net loss for the fourth quarter of fiscal 2012, the basic weighted average common shares are used to calculate both basic and diluted loss per share for the fourth quarter of fiscal 2012 to avoid anti-dilution. Per share results for net earnings (loss) (GAAP measure) was calculated using 72,846 shares outstanding. When excluding the impairment charge from net earnings (loss), the result is net earnings (not a net loss) which requires a diluted basis for calculated EPS. For this reason, the per share results for the impairment charge and total diluted earnings (non-GAAP measure) were calculated using 74,158 shares outstanding for the fourth quarter of fiscal 2012. Due to the difference in shares outstanding being used, the per share results do not add for the fourth quarter of fiscal 2012.
 

Contacts

Actuant Corporation
Karen Bauer, 262-293-1562
Communications & Investor Relations Leader

Release Summary

ATU Reports Second Quarter Results

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Contacts

Actuant Corporation
Karen Bauer, 262-293-1562
Communications & Investor Relations Leader