$ATU Actuant Reports Third Quarter Results; Provides Initial 2013 Outlook
MILWAUKEE, Jun 20, 2012 (BUSINESS WIRE) -- Actuant Corporation (NYSE: ATU) today announced results for its third quarter ended May 31, 2012.
Highlights
-- Diluted earnings per share ("EPS") increased 18% year-over-year to $0.60 (continuing operations, excluding debt refinancing costs - see attached reconciliation of earnings.)
-- Core sales growth of 4% (total sales less the impact of acquisitions, divestitures and foreign currency rate changes) led by the Energy segment with 23% core growth.
-- Year-over-year operating profit margin expansion of 100 basis points.
-- Cash flow from operations of $77 million.
-- Completed the acquisition of Turotest, establishing an attractive position in the Brazil agriculture and off-highway markets.
-- Introduced full year fiscal 2013 outlook with sales and EPS expected to be $1.665-$1.700 billion and $2.15-$2.30, respectively.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, "We are pleased with the results for the third quarter. As expected, our growth rates moderated from the strong pace of the past nine quarters. We delivered financial metrics at the high end of our guidance range even with the impact of foreign currency headwinds. Solid results in the U.S. and in our later cycle businesses such as Energy more than offset some end market softness in Europe and China, highlighting the benefit of our diversity. We continue to execute on our strategic growth and operations initiatives and our capital structure has never been in better shape. This gives us confidence in our ability to drive continued strong performance. I want to thank our employees across the globe for their help in delivering another solid quarter."
Consolidated Results
Consolidated sales for the third quarter were $429 million, 9% higher than the comparable prior year quarter. Core sales increased 4% with acquisitions contributing 8% partially offset by a negative 3% impact of the weaker Euro. Earnings and EPS from continuing operations were $34.4 million and $0.45, respectively, compared to $38.4 million and $0.51 in the comparable prior year quarter. Results for the third quarter of fiscal 2012 include pre-tax debt refinancing costs of $16.8 million, or $0.15 per diluted share after tax. Excluding these costs, fiscal 2012 third quarter EPS from continuing operations of $0.60 was 18% higher than the $0.51 in the prior year quarter. (See attached reconciliation of earnings.)
Sales for the nine months ended May 31, 2012 were $1.20 billion, 15% higher than the $1.04 billion in the comparable prior year period. Excluding the 10% impact from acquisitions and negative 1% impact of the weaker Euro, year-to-date core sales increased 6%. Earnings and EPS from continuing operations for the nine months ended May 31, 2012 were $103.8 million and $1.39, respectively, compared to $87.2 million and $1.17 in the comparable prior year period. Fiscal 2012 year-to-date results include pre-tax debt refinancing costs of $16.8 million, or $0.15 per diluted share after tax. Excluding these costs, fiscal 2012 year-to-date EPS from continuing operations of $1.54 was 32% higher than the $1.17 in the prior year. (See attached reconciliation of earnings.)
Segment Results
-------------------------------------------------------------------
Industrial Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
--------------------------- --------------------------
2012 2011 2012 2011
-------- ---------------- -------- ---------------
Sales $110.1 $107.8 $308.7 $284.1
Operating Profit $30.7 $29.5 $85.3 $69.9
Operating Profit % 27.9% 27.4% 27.6% 24.6%
Third quarter fiscal 2012 Industrial segment sales were $110 million, 2% higher than the prior year. Excluding the 3% negative impact of foreign currency rate changes, core sales increased 5% over the prior year's strong third quarter. The growth was driven by generally strong industrial demand across our served end markets and geographies. The segment continues to benefit from its focus on Growth + Innovation ("G+I") initiatives including new product introductions, vertical market strategies and emerging market penetration, as well as robust activity within Integrated Solutions. Year-over-year operating profit margins in the third quarter improved 50 basis points due primarily to the higher volumes, partially offset by incremental G+I investments and mix.
Energy Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
--------------------------- --------------------------
2012 2011 2012 2011
-------- ---------------- -------- ---------------
Sales $96.4 $78.0 $255.8 $210.3
Operating Profit $18.5 $13.5 $43.4 $32.2
Operating Profit % 19.2% 17.4% 17.0% 15.3%
Fiscal 2012 third quarter year-over-year Energy segment sales increased 24% to $96 million. Excluding the 4% impact from acquisitions and negative 3% impact from foreign currency rate changes, core sales increased 23% reflecting continued higher activity levels across the segment's diverse end markets. Maintenance spending in oil & gas, refinery, petrochemical and power generation markets, along with higher capital project activity in offshore energy, were the primary drivers. Quoting activity remains healthy and the breadth of geographies served continue to support a strong outlook. Third quarter operating profit margin improved 180 basis points from the prior year due to higher volumes partially offset by increased G+I spending.
Electrical Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
--------------------------- --------------------------
2012 2011 2012 2011
-------- ---------------- -------- ---------------
Sales $85.9 $80.3 $245.9 $205.9
Operating Profit $8.8 $5.5 $19.6 $14.2
Operating Profit % 10.3% 6.8% 8.0% 6.9%
Electrical segment fiscal 2012 third quarter sales were $86 million, 7% higher than the comparable prior year quarter. Core sales increased 10%, while the impact of the weaker Euro was a 3% headwind. The strong core sales growth was broad based and reflected higher volumes in the solar, utility, industrial, retail and marine aftermarket channels. The marine OEM market, most notably in Europe, was modestly weaker than the prior year. Third quarter operating profit margin increased 350 basis points from the prior year due to the higher volumes and improved Mastervolt profitability.
Engineered Solutions Segment
(US $ in millions)
Three Months Ended May 31, Nine Months Ended May 31,
--------------------------- --------------------------
2012 2011 2012 2011
-------- ---------------- -------- ---------------
Sales $136.8 $126.7 $389.7 $341.6
Operating Profit $18.5 $20.0 $50.7 $47.2
Operating Profit % 13.5% 15.8% 13.0% 13.8%
Third quarter fiscal 2012 Engineered Solutions segment sales increased 8% from the prior year to $137 million. Excluding the impact of the weaker Euro (-4%), and the Weasler & Turotest acquisitions (+23%), year-over-year core sales declined 11%, in line with expectations. Third quarter sales reflected lower OEM production levels for heavy-duty trucks in China and Europe as well as a decline in automotive sales. The segment benefited from increased demand in the North American heavy-duty truck, construction and agriculture markets. Third quarter operating profit margin declined 230 basis points from the segment's record high in the prior year due to the lower core sales, partially offset by favorable acquisition mix.
Corporate
Corporate expenses for the third quarter of fiscal 2012 were $8.8 million, $1.7 million below the comparable prior year period as increased G+I spending at the corporate level was offset by lower incentive compensation and idle facility holding costs.
Financial Position
Net debt at May 31, 2012 was $319 million (total debt of $399 million less $80 million of cash), a reduction of approximately $148 million during the quarter. This decline was the result of robust quarterly cash flow and the conversion to common stock of $117 million of the Company's 2% Convertible Bonds, which more than offset the deployment of approximately $11 million on acquisitions and $19 million in stock repurchases (buy-back of approximately 0.7 million shares of common stock). At May 31, 2012, the Company had a net debt to EBITDA leverage ratio of 1.1 times, and its entire $600 million revolver available.
Outlook
Commenting on Actuant's outlook, Arzbaecher stated, "As we enter the fourth quarter, we are very pleased with the execution of our business model which is driving record sales, cash flow and EPS, while simultaneously investing for future growth. The moderating trends across our markets are in line with expectations, yet currency translation and European macroeconomic headwinds create uncertainty. Given these items, we expect to complete fiscal 2012 with full year sales of $1.60-1.61 billion and EPS in the $2.03-2.08 range. We project fiscal 2012 full year free cash flow to be in the $180-185 million range, representing a free cash flow to earnings conversion well above 100%.
As we look ahead to fiscal 2013, we expect to see more uneven end market demand, notably in Europe and China. Based on our current evaluation of broad economic indicators as well as Actuant's business trends and specific growth drivers, we anticipate fiscal 2013 core sales growth of 3-5%. Assuming current foreign currency exchange rates and modest acquisition revenue carryover, we expect total sales of $1.665-1.700 billion. The benefit of volume, operational excellence initiatives, lower interest costs and completed share repurchases should drive our fiscal 2013 EPS expectation in the range of $2.15-2.30. We expect full year free cash flow in the $195-200 million range.
Consistent with past practice, all guidance excludes the impact of potential future acquisitions and share repurchases. Our acquisition pipeline is robust and with our strong cash flow and borrowing capacity, we are well positioned financially to fund both growth investments and opportunistic share buy-backs.
We are optimistic about Actuant's future as we continue to invest in growth initiatives, pursue opportunities to strengthen our portfolio and improve our market position. We believe these activities will enable us to continue to create long-term shareholder value."
Conference Call Information
An investor conference call is scheduled for 10am CDT today, June 20, 2012. 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 with 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)
May 31, August 31,
2012 2011
---------------- ------------------
ASSETS
Current assets
Cash and cash equivalents $ 80,149 $ 44,221
Accounts receivable, net 237,438 223,760
Inventories, net 206,389 223,235
Deferred income taxes 32,206 32,461
Other current assets 19,109 22,807
--------- ---------
Total current assets 575,291 546,484
Property, plant and equipment, net 115,965 128,649
Goodwill 873,682 888,466
Other intangible assets, net 454,360 479,406
Other long-term assets 14,811 13,676
--------- ---------
Total assets $ 2,034,109 $ 2,056,681
== ========= === =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 167,632 $ 170,084
Accrued compensation and benefits 53,008 71,639
Short term borrowings and current maturities of debt 6,250 2,690
Income taxes payable 30,289 19,342
Other current liabilities 68,583 66,548
--------- ---------
Total current liabilities 325,762 330,303
Long-term debt 392,500 522,727
Deferred income taxes 133,619 165,945
Pension and postretirement benefit accruals 18,171 18,864
Other long-term liabilities 86,772 99,829
Shareholders' equity
Capital stock 15,054 13,731
Additional paid-in capital 382 (154,231 )
Treasury stock (39,282 ) -
Retained earnings 1,180,942 1,077,192
Accumulated other comprehensive loss (79,811 ) (17,679 )
Stock held in trust (2,661 ) (2,137 )
Deferred compensation liability 2,661 2,137
--------- ---------
Total shareholders' equity 1,077,285 919,013
--------- ---------
Total liabilities and shareholders' equity $ 2,034,109 $ 2,056,681
== ========= === =========
Actuant Corporation
Condensed Consolidated Statements of Earnings
(Dollars in thousands except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
----------------------------- -------------------------------
May 31, May 31, May 31, May 31,
2012 2011 2012 2011
------------ ---------------- -------------- ----------------
Net sales $ 429,215 $ 392,777 $ 1,200,038 $ 1,041,887
Cost of products sold 263,095 238,739 740,018 640,969
------- ------- --------- ---------
Gross profit 166,120 154,038 460,020 400,918
Selling, administrative and engineering expenses 91,063 89,166 263,935 244,453
Amortization of intangible assets 7,393 6,871 21,684 19,846
------- ------- --------- ---------
Operating profit 67,664 58,001 174,401 136,619
Financing costs, net 7,236 7,850 23,279 23,640
Debt refinancing charges 16,830 - 16,830 -
Other expense, net 2,604 331 3,090 1,276
------- ------- --------- ---------
Earnings from continuing operations before income
tax expense 40,994 49,820 131,202 111,703
Income tax expense 6,593 11,460 27,452 24,540
------- ------- --------- ---------
Earnings from continuing operations 34,401 38,360 103,750 87,163
Loss from discontinued operations, net of income taxes - (2,002 ) - (16,986 )
------- ------- --- --------- --------- --
Net earnings $ 34,401 $ 36,358 $ 103,750 $ 70,177
=== ======= === ======= === ========= == =========
Earnings from continuing operations per share
Basic $ 0.48 $ 0.56 $ 1.50 $ 1.28
Diluted 0.45 0.51 1.39 1.17
Earnings per share
Basic $ 0.48 $ 0.53 $ 1.50 $ 1.03
Diluted 0.45 0.49 1.39 0.95
Weighted average common shares outstanding
Basic 71,083 68,354 69,184 68,208
Diluted 75,371 75,571 75,201 75,314
Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
------------------------------ -------------------------------
May 31, May 31, May 31, May 31,
2012 2011 2012 2011
--------------- -------------- --------------- ---------------
Operating Activities
Net earnings $ 34,401 $ 36,358 $ 103,750 $ 70,177
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization 13,582 12,959 40,192 38,143
Net loss on disposal of businesses - 2,002 - 15,744
Stock-based compensation expense 3,040 3,280 10,002 8,093
Provision (benefit) for deferred income taxes 117 (908 ) (2,137 ) (2,298 )
Amortization of debt discount and debt issuance costs 495 495 1,492 2,409
Non-cash debt refinance charge 2,254 - 2,254 -
Other non-cash adjustments 208 28 (138 ) (18 )
Changes in components of working capital and other:
Accounts receivable (4,585 ) (18,726 ) (21,692 ) (27,752 )
Inventories 10,231 (13,964 ) 9,171 (39,533 )
Prepaid expenses and other assets 3,208 1,939 1,071 5,989
Trade accounts payable 10,907 24,704 2,779 18,400
Income taxes payable (2,092 ) 1,634 (2,056 ) 6,904
Accrued compensation and benefits 5,332 10,065 (8,766 ) 646
Other accrued liabilities 215 14,936 (6,608 ) (1,806 )
-------- ------- -------- -- -------- --
Net cash provided by operating activities 77,313 74,802 129,314 95,098
Investing Activities
Proceeds from sale of property, plant and equipment 711 93 8,486 359
Proceeds from sale of businesses, net of transaction costs - - - 3,463
Capital expenditures (7,039 ) (6,552 ) (17,491 ) (14,843 )
Business acquisitions, net of cash acquired (10,827 ) (1,514 ) (29,734 ) (160,047 )
-------- -- ------- -- -------- -- -------- --
Net cash used in investing activities (17,155 ) (7,973 ) (38,739 ) (171,068 )
Financing Activities
Net borrowings (repayments) on revolving credit facilities and other (58,000 ) (41,155 ) (58,167 ) 14
debt
Issuance of term loan - - - 100,000
Principal repayments on term loan (1,250 ) - (1,250 ) -
Repurchases of 2% Convertible Notes (102 ) - (102 ) (34 )
Proceeds on 5.625% Senior Note issuance 300,000 - 300,000 -
Redemption of 6.875% Senior Notes (250,000 ) - (250,000 ) -
Debt issuance costs (5,340 ) - (5,340 ) (5,197 )
Purchase of treasury shares (18,872 ) - (39,282 ) -
Stock option exercises and related tax benefits 885 472 6,392 7,285
Cash dividend - - (2,748 ) (2,716 )
-------- ------- -------- -- -------- --
Net cash provided by (used in) financing activities (32,679 ) (40,683 ) (50,497 ) 99,352
Effect of exchange rate changes on cash (5,775 ) 1,753 (4,150 ) 4,695
-------- -- ------- -------- -- --------
Net increase in cash and cash equivalents 21,704 27,899 35,928 28,077
Cash and cash equivalents - beginning of period 58,445 40,400 44,221 40,222
-------- ------- -------- --------
Cash and cash equivalents - end of period $ 80,149 $ 68,299 $ 80,149 $ 68,299
== ======== == ======= == ======== == ========
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
FISCAL 2011 FISCAL 2012
------------------------------------------------------------------ -----------------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
------------ ------------ ------------ ------------ -------------- ------------ ------------ ------------ -- --------------
SALES
INDUSTRIAL SEGMENT $ 87,392 $ 88,935 $ 107,759 $ 108,927 $ 393,013 $ 100,253 $ 98,342 $ 110,102 $ 308,697
ENERGY SEGMENT 70,743 61,587 78,002 82,728 293,060 80,421 78,937 96,399 255,757
ELECTRICAL SEGMENT 55,396 70,176 80,329 80,112 286,013 82,833 77,105 85,947 245,885
ENGINEERED SOLUTIONS SEGMENT 104,881 110,000 126,687 131,669 473,237 129,292 123,640 136,767 389,699
------- ------- ------- ------- --------- ------- ------- ------- ---------
TOTAL $ 318,412 $ 330,698 $ 392,777 $ 403,436 $ 1,445,323 $ 392,799 $ 378,024 $ 429,215 $ 1,200,038
= ======= = ======= = ======= = ======= = ========= = ======= = ======= = ======= = =========
% SALES GROWTH
INDUSTRIAL SEGMENT 34 % 28 % 35 % 27 % 31 % 15 % 11 % 2 % 9 %
ENERGY SEGMENT 10 % 14 % 38 % 35 % 24 % 14 % 28 % 24 % 22 %
ELECTRICAL SEGMENT 2 % 28 % 30 % 28 % 22 % 50 % 10 % 7 % 19 %
ENGINEERED SOLUTIONS SEGMENT 18 % 23 % 13 % 31 % 21 % 23 % 12 % 8 % 14 %
TOTAL 17 % 24 % 27 % 30 % 25 % 23 % 14 % 9 % 15 %
OPERATING PROFIT (LOSS)
INDUSTRIAL SEGMENT $ 20,187 $ 20,149 $ 29,517 $ 28,562 $ 98,415 $ 27,933 $ 26,690 $ 30,681 $ 85,304
ENERGY SEGMENT 11,858 6,792 13,545 17,150 49,345 13,217 11,632 18,515 43,364
ELECTRICAL SEGMENT 3,760 4,945 5,462 6,516 20,683 4,977 5,801 8,814 19,592
ENGINEERED SOLUTIONS SEGMENT 13,802 13,425 19,977 16,408 63,612 18,999 13,281 18,467 50,747
CORPORATE / GENERAL (8,035 ) (8,265 ) (10,500 ) (11,685 ) (38,485 ) (7,845 ) (7,948 ) (8,813 ) (24,606 )
------- - ------- - ------- - ------- - --------- - ------- - ------- - ------- - --------- -
TOTAL $ 41,572 $ 37,046 $ 58,001 $ 56,951 $ 193,570 $ 57,281 $ 49,456 $ 67,664 $ 174,401
= ======= = ======= = ======= = ======= = ========= = ======= = ======= = ======= = =========
OPERATING PROFIT %
INDUSTRIAL SEGMENT 23.1 % 22.7 % 27.4 % 26.2 % 25.0 % 27.9 % 27.1 % 27.9 % 27.6 %
ENERGY SEGMENT 16.8 % 11.0 % 17.4 % 20.7 % 16.8 % 16.4 % 14.7 % 19.2 % 17.0 %
ELECTRICAL SEGMENT 6.8 % 7.0 % 6.8 % 8.1 % 7.2 % 6.0 % 7.5 % 10.3 % 8.0 %
ENGINEERED SOLUTIONS SEGMENT 13.2 % 12.2 % 15.8 % 12.5 % 13.4 % 14.7 % 10.7 % 13.5 % 13.0 %
TOTAL (INCLUDING CORPORATE) 13.1 % 11.2 % 14.8 % 14.1 % 13.4 % 14.6 % 13.1 % 15.8 % 14.5 %
EBITDA
INDUSTRIAL SEGMENT $ 22,449 $ 22,245 $ 31,227 $ 30,680 $ 106,601 $ 29,220 $ 29,116 $ 32,070 $ 90,406
ENERGY SEGMENT 15,745 10,475 16,778 21,488 64,486 18,243 15,601 22,216 56,060
ELECTRICAL SEGMENT 5,067 8,075 8,208 9,390 30,740 7,705 8,697 11,444 27,846
ENGINEERED SOLUTIONS SEGMENT 17,184 16,346 23,878 20,046 77,454 22,213 16,762 21,418 60,393
CORPORATE / GENERAL (7,161 ) (7,709 ) (9,462 ) (10,769 ) (35,101 ) (7,217 ) (7,479 ) (8,506 ) (23,202 )
------- - ------- - ------- - ------- - --------- - ------- - ------- - ------- - --------- -
TOTAL $ 53,284 $ 49,432 $ 70,629 $ 70,835 $ 244,180 $ 70,164 $ 62,697 $ 78,642 $ 211,503
= ======= = ======= = ======= = ======= = ========= = ======= = ======= = ======= = =========
EBITDA %
INDUSTRIAL SEGMENT 25.7 % 25.0 % 29.0 % 28.2 % 27.1 % 29.1 % 29.6 % 29.1 % 29.3 %
ENERGY SEGMENT 22.3 % 17.0 % 21.5 % 26.0 % 22.0 % 22.7 % 19.8 % 23.0 % 21.9 %
ELECTRICAL SEGMENT 9.1 % 11.5 % 10.2 % 11.7 % 10.7 % 9.3 % 11.3 % 13.3 % 11.3 %
ENGINEERED SOLUTIONS SEGMENT 16.4 % 14.9 % 18.8 % 15.2 % 16.4 % 17.2 % 13.6 % 15.7 % 15.5 %
TOTAL (INCLUDING CORPORATE) 16.7 % 14.9 % 18.0 % 17.6 % 16.9 % 17.9 % 16.6 % 18.3 % 17.6 %
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
FISCAL 2011 FISCAL 2012
----------------------------------------------------- -----------------------------------------------
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
--------- --------- --------- ----------- ----------- --------- --------- --------- -- -----------
EARNINGS FROM CONTINUING OPERATIONS BEFORE SPECIAL ITEMS (1)
NET EARNINGS $ 25,890 $ 7,929 $ 36,358 $ 41,382 $ 111,559 $ 37,174 $ 32,175 $ 34,401 $ 103,750
DISCONTINUED OPERATIONS, NET OF INCOME TAX 771 14,213 2,002 (4,049 ) 12,937 - - - -
DEBT REFINANCING CHARGES, NET OF INCOME TAX - - - - - - - 10,482 10,482
------ ------ ------ ------ ------- ------ ------ ------ -------
TOTAL $ 26,661 $ 22,142 $ 38,360 $ 37,333 $ 124,496 $ 37,174 $ 32,175 $ 44,883 $ 114,232
= ====== = ====== = ====== = ====== == ======= = ====== = ====== = ====== == =======
DILUTED EARNINGS PER SHARE, FROM CONTINUING
OPERATIONS BEFORE SPECIAL ITEMS (1)
NET EARNINGS $ 0.35 $ 0.11 $ 0.49 $ 0.55 $ 1.50 $ 0.50 $ 0.43 $ 0.45 $ 1.39
DISCONTINUED OPERATIONS, NET OF INCOME TAX 0.01 0.19 0.02 (0.05 ) 0.18 - - - -
DEBT REFINANCING CHARGES, NET OF INCOME TAX - - - - - - - 0.15 0.15
------ ------ ------ ------ ------- ------ ------ ------ -------
TOTAL $ 0.36 $ 0.30 $ 0.51 $ 0.50 $ 1.68 $ 0.50 $ 0.43 $ 0.60 $ 1.54
= ====== = ====== = ====== = ====== == ======= = ====== = ====== = ====== == =======
EBITDA (2)
NET EARNINGS (GAAP MEASURE) $ 25,890 $ 7,929 $ 36,358 $ 41,382 $ 111,559 $ 37,174 $ 32,175 $ 34,401 $ 103,750
FINANCING COSTS, NET 7,552 8,238 7,850 8,479 32,119 8,222 7,821 24,066 40,109
INCOME TAX EXPENSE 6,911 6,169 11,460 10,171 34,711 11,228 9,631 6,593 27,452
DEPRECIATION & AMORTIZATION 12,160 12,883 12,959 14,852 52,854 13,540 13,070 13,582 40,192
DISCONTINUED OPERATIONS, NET OF INCOME TAX 771 14,213 2,002 (4,049 ) 12,937 - - - -
------ ------ ------ ------ - ------- ------ ------ ------ -------
EBITDA (NON-GAAP MEASURE) $ 53,284 $ 49,432 $ 70,629 $ 70,835 $ 244,180 $ 70,164 $ 62,697 $ 78,642 $ 211,503
= ====== = ====== = ====== = ====== == ======= = ====== = ====== = ====== == =======
FOOTNOTES
NOTE: The total of the individual quarters may not equal the annual total
due to rounding.
(1) Earnings from continuing operations and diluted earnings per share,
excluding special items (discontinued operations and debt
refinancing charges), represent net earnings and diluted earnings
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 or diluted earnings 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, depreciation & amortization and discontinued
operations. 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.
SOURCE: Actuant Corporation
CONTACT:
Actuant Corporation Karen Bauer, 262-293-1562 Communications & Investor Relations Leader
Copyright Business Wire 2012
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