Enerpac Tool (EPAC) 8-K Actuant Reports Record Second Quarter Results, Raises Full Year Guidance

Exhibit 99.1

Actuant Reports Record Second Quarter Results, Raises Full Year Guidance

MILWAUKEE--(BUSINESS WIRE)--Actuant Corporation (NYSE: ATU) today announced record sales and earnings for its second quarter ended February 29, 2008.

Highlights

• Sales totaled $400 million, a 17% increase over the prior year, with 4% core sales growth (total sales less the impact of foreign currency rate changes and business acquisitions).
• Completed the previously announced European Electrical restructuring program.
• 23% year-over-year improvement in diluted earnings per share (“EPS”), to $0.43 for the quarter, excluding European Electrical restructuring charges.
• EBITDA margin expansion of 60 basis points, excluding European Electrical restructuring charges.
• Cash generated from operations of approximately $32 million.
• Completed acquisition of Superior Plant Services (“SPS”) on March 3, 2008, broadening the Joint Integrity product line offering.

Robert Arzbaecher, CEO of Actuant, commented, “We are pleased to once again report record quarterly sales and earnings. In addition to the solid 4% core sales growth, our recent acquisitions and the weaker US dollar drove robust sales growth. The combination of this sales growth and our profit improvement initiatives drove a 60 basis point increase in EBITDA margins as well as 23% diluted EPS growth, excluding European Electrical restructuring charges. Our results reinforce the benefits of Actuant’s end market, geographic and customer diversification and demonstrate the Company’s success in leveraging cost synergies from existing and new businesses, while at the same time investing in promising growth opportunities.”

Consolidated Results

Second quarter sales increased 17% to $400 million from $341 million in the prior year, reflecting the combination of core growth, business acquisitions and the weaker US dollar. Excluding the impact of foreign currency rate changes (5%) and acquisitions (8%), core sales growth was 4%. Three of the Company’s four operating segments reported second quarter core sales growth, led by the Industrial segment which generated 16% core growth – its highest in the last two years.

Excluding European Electrical restructuring charges, operating margins in the second quarter were even with the prior year. Gross profit margins improved due to higher volume, favorable sales mix and the Company's continuous improvement initiatives including Lean Enterprise Across Disciplines (LEAD). These improvements were offset by higher amortization expense, as well as increased selling, administrative and engineering expenses in support of both growth and earnings improvement initiatives.

Second quarter fiscal 2008 net earnings and EPS were $22.2 million and $0.35, respectively, compared to prior year net earnings and EPS of $18.9 million and $0.31, respectively. Fiscal 2008 second quarter results include a $4.7 million ($0.07 per diluted share) net charge covering the final portion of the Company’s previously announced European Electrical restructuring initiative, versus $2.9 million ($0.05 per diluted share) in the second quarter of fiscal 2007. Excluding these restructuring charges, second quarter EPS increased 23% year-over-year from $0.35 to $0.43. (See attached reconciliation of GAAP to non-GAAP measures).

Sales for the six months ended February 29, 2008 were $815 million, or 19% higher than the $684 million in the comparable prior year period. Excluding the impact of foreign currency rate changes (5%) and sales from acquired businesses (10%), core sales increased 4%.

Net earnings for the six months ended February 29, 2008 rose 13% to $49.7 million, or $0.79 per diluted share, compared to $44.0 million, or $0.71 per diluted share for the comparable prior year period. Year-to-date fiscal 2008 results include $0.16 per diluted share of European Electrical restructuring charges while fiscal 2007 included $0.05 per diluted share. Excluding restructuring charges, EPS rose 25% to $0.95 per diluted share, compared to $0.76 per diluted share for the comparable prior year period. (See attached reconciliation of GAAP to non-GAAP measures).

Segment Results

Industrial Segment

(US $ in millions)

	Three Months Ended				Six Months Ended
	February 29,		February 28,		February 29,		February 28,
	2008		2007		2008		2007
Sales	$130.8		$96.5		$267.9		$200.4
Operating Profit	$32.8		$24.2		$70.7		$53.2
Operating Profit %	25.0	%	25.1	%	26.4	%	26.5	%

Second quarter fiscal 2008 Industrial segment sales increased 36% to $131 million. Excluding currency translation and acquisitions, Industrial segment core sales grew 16% driven by continued strong global demand for joint integrity products and services for the oil & gas and power generation markets, as well as high-force hydraulic tools. Although second quarter operating profit margins benefited from higher volumes, pricing and continuous improvement initiatives, they declined 10 basis points from the prior year due to unfavorable sales and acquisition mix, as well as higher acquisition-related amortization expense.

Electrical Segment

(US $ in millions)

	Three Months Ended				Six Months Ended
	February 29,		February 28,		February 29,		February 28,
	2008		2007		2008		2007
Sales	$130.8		$123.6		$264.7		$245.6
Operating Profit (1)	$11.2		$9.5		$21.7		$18.9
Operating Profit %	8.6	%	7.7	%	8.2	%	7.7	%

(1) Excludes European Electrical restructuring charges of $5.0 million and $3.8 million for the three months ended February 29, 2008 and February 28, 2007, respectively and $10.5 million and $3.9 million for the six months ended February 29, 2008 and February 28, 2007, respectively.

Fiscal 2008 second quarter Electrical segment sales increased 6% to $131 million due to foreign currency translation and the acquisition of BH Electronics (July 2007). Core sales declined 6% reflecting weaker demand from DIY, marine and transformer customers. Excluding European Electrical restructuring charges, operating profit margin improved to 8.6% in the quarter from 7.7% in the comparable prior year period.

Actuation Systems Segment

(US $ in millions)

	Three Months Ended				Six Months Ended
	February 29,		February 28,		February 29,		February 28,
	2008		2007		2008		2007
Sales	$109.8		$97.7		$222.7		$203.3
Operating Profit	$8.3		$8.0		$18.4		$16.6
Operating Profit %	7.6	%	8.1	%	8.2	%	8.1	%

Actuation Systems segment second quarter fiscal 2008 sales increased 12% to $110 million. Core sales grew 5% in the quarter due to higher demand from the Company’s global truck and automotive customers, with the balance of the increase due to currency translation. Sales to the recreational vehicle (“RV”) market declined due to lower OEM build levels caused by weaker consumer demand. Although operating profit margins declined 50 basis points compared to last year, excluding the costs to consolidate two RV facilities into one, second quarter segment margins increased year-over-year.

Engineered Products Segment

(US $ in millions)

	Three Months Ended				Six Months Ended
	February 29,		February 28,		February 29,		February 28,
	2008		2007		2008		2007
Sales	$28.3		$23.3		$59.5		$34.6
Operating Profit	$3.1		$3.1		$7.4		$4.7
Operating Profit %	11.1	%	13.3	%	12.4	%	13.7	%

Second quarter 2008 Engineered Products segment sales increased to $28 million from $23 million in the prior year reflecting 1% core sales growth and the acquisition of Maxima in December 2006. The second quarter operating profit margin of 11.1% was lower than the prior year due to facility relocation and downsizing costs at certain businesses in the segment.

Financial Position

Net debt at February 29, 2008 was $487 million (total debt of $582 million less $95 million of cash), a decrease of $18 million from the beginning of the quarter. There were no borrowings outstanding under the Company’s $250 million revolving credit facility at February 29, 2008.

Outlook

The Company provided increased full year sales and earnings guidance as well as initial guidance for the third quarter of fiscal 2008. Arzbaecher stated, “Our third quarter is expected to exhibit similar trends to what we experienced this past quarter characterized by robust performance from our Industrial segment, strong demand for our truck products and the continued benefit of margin improvement initiatives. Excluding future acquisitions, we are projecting third quarter sales and EPS to be in the range of $435 - 445 million, and $0.53-0.57 per diluted share, respectively.”

Arzbaecher continued, “Our full year fiscal 2008 sales and earnings outlook is being increased to reflect actual second quarter results, the acquisition of Superior Plant Services, the weaker US dollar and current business conditions. We currently expect sales and EPS in the range of $1.67-1.69 billion and $2.00-2.07 per share, respectively, compared to our previous sales and EPS guidance of $1.625-$1.660 billion and $1.95-$2.05 per diluted share, respectively. The estimates exclude future acquisitions as well as previously recorded European Electrical restructuring charges. This translates to 16-20% EPS growth over the prior year’s $1.73 per share, excluding tax gains and European Electrical restructuring charges. Given our diversity, variable cost structure and focus on continuous improvement, Actuant is well-positioned to deliver another record year in 2008.”

Conference Call Information

An investor conference call is scheduled for 10:00am CDT today, March 19, 2008. 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.

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 highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Since its creation through a spin-off in 2000, Actuant has grown its sales from $482 million to $1.5 billion and its market capitalization from $113 million to over $1.6 billion. The Company employs a workforce of more than 7,500 worldwide. Actuant Corporation 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)
			February 29,		August 31,
			2008		2007
ASSETS
Current assets
	Cash and cash equivalents		$ 94,912		$ 86,680
	Accounts receivable, net		236,006		194,775
	Inventories, net		221,208		197,539
	Deferred income taxes		14,382		14,827
	Other current assets		11,607		11,459
		Total current assets	578,115		505,280
Property, plant and equipment, net			126,133		122,817
Goodwill			626,677		599,841
Other intangible assets, net			276,967		260,418
Other long-term assets			10,138		12,420
		Total assets	$ 1,618,030		$ 1,500,776
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Short-term borrowings		$ 2,148		$ -
	Trade accounts payable		166,923		153,205
	Accrued compensation and benefits		47,923		52,345
	Income taxes payable		31,000		20,309
	Current maturities of long-term debt		34		519
	Other current liabilities		67,181		64,449
		Total current liabilities	315,209		290,827
Long-term debt, less current maturities			580,159		561,138
Deferred income taxes			110,726		103,589
Pension and postretirement benefit accruals			23,877		27,437
Other long-term liabilities			25,691		17,864
Shareholders' equity
	Capital stock		11,167		11,070
	Additional paid-in capital		(333,584	)	(349,190	)
	Accumulated other comprehensive income (loss)		19,369		12,876
	Stock held in trust		(1,997	)	(1,744	)
	Deferred compensation liability		1,997		1,744
	Retained earnings		865,416		825,165
		Total shareholders' equity	562,368		499,921
Total liabilities and shareholders' equity			$ 1,618,030		$ 1,500,776

Actuant Corporation
Condensed Consolidated Statements of Earnings
(Dollars in thousands except per share amounts)
(Unaudited)
		Three Months Ended			Six Months Ended
		February 29,		February 28,	February 29,		February 28,
		2008		2007	2008		2007
Net sales		$ 399,629		$ 341,020	$ 814,772		$ 684,003
Cost of products sold		265,789		230,775	540,099		460,713
	Gross profit	133,840		110,245	274,673		223,290
Selling, administrative and engineering expenses		82,679		66,910	163,976		134,065
Restructuring charge		4,952		3,776	10,472		3,885
Amortization of intangible assets		3,461		2,660	6,718		4,913
	Operating profit	42,748		36,899	93,507		80,427
Financing costs, net		9,032		8,268	18,331		15,110
Other (income) expense, net		(670	)	754	(1,780	)	970
	Earnings from operations before income tax expense and minority interest	34,386		27,877	76,956		64,347
Income tax expense		12,154		8,956	27,302		20,334
Minority interest, net of income taxes		(7	)	2	(12	)	(8	)
Net earnings		$ 22,239		$ 18,919	$ 49,666		$ 44,021
Earnings per share
	Basic	$ 0.40		$ 0.35	$ 0.89		$ 0.81
	Diluted	0.35		0.31	0.79		0.71
Weighted average common shares outstanding
	Basic	55,815		54,653	55,712		54,627
	Diluted	64,716		63,480	64,691		63,458

Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended				Six Months Ended
	February 29,		February 28,		February 29,		February 28,
	2008		2007		2008		2007
Operating Activities
Net earnings	$ 22,239		$ 18,919		$ 49,666		$ 44,021
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	11,028		8,844		21,492		16,721
Stock-based compensation expense	1,537		1,333		3,140		2,750
Provision for deferred income taxes	293		(237	)	6,679		(3,154	)
Other	(241	)	261		(215	)	765
Changes in operating assets and liabilities, excluding the effects of the business acquisitions
Accounts receivable	(2,288	)	4,080		(25,055	)	(10,130	)
Accounts receivable securitiza-  tion program	(4,593	)	(9,267	)	331		(6,115	)
Inventories	844		(1,463	)	(6,180	)	(7,820	)
Prepaid expenses and other assets	1,027		61		1,975		(1,311	)
Trade accounts payable	4,524		(9,453	)	4,762		(15,208	)
Income taxes payable	(796	)	(9,147	)	1,656		(3,770	)
Other accrued liabilities	(1,454	)	(316	)	2,593		(5,391	)
Net cash provided by operating activities	32,120		3,615		60,844		11,358
Investing Activities
Proceeds from sale of property, plant and equipment	3,258		-		11,579		2,789
Capital expenditures	(10,198	)	(6,221	)	(19,234	)	(12,737	)
Business acquisitions, net of cash acquired	(3,629	)	(110,332	)	(51,066	)	(110,059	)
Net cash used in investing activities	(10,569	)	(116,553	)	(58,721	)	(120,007	)
Financing Activities
Net borrowings (repayments) on revolving credit facilities and short-term borrowings	2,006		(42,131	)	2,140		(43,991	)
Proceeds from term loan	-		155,677		-		155,677
Principal repayments on term loans	(7	)	(2,469	)	(1,001	)	(2,469	)
Cash dividend	-		-		(2,221	)	(2,187	)
Tax benefit from stock-based compensation	467		-		1,554		-
Other	858		(47	)	1,784		67
Net cash provided by financing activities	3,324		111,030		2,256		107,097
Effect of exchange rate changes on cash	1,296		173		3,853		744
Net increase (decrease) in cash and cash equivalents	26,171		(1,735	)	8,232		(808	)
Cash and cash equivalents - beginning of period	68,741		26,586		86,680		25,659
Cash and cash equivalents - end of period	$ 94,912		$ 24,851		$ 94,912		$ 24,851

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(Dollars in thousands)
			FISCAL 2007										FISCAL 2008
			Q1		Q2		Q3		Q4		TOTAL		Q1		Q2		Q3	Q4	TOTAL
SALES
	INDUSTRIAL SEGMENT		$ 103,935		$ 96,501		$ 115,852		$ 122,855		$ 439,143		$ 137,089		$ 130,802				$ 267,891
	ELECTRICAL SEGMENT		122,017		123,599		127,653		132,439		505,708		133,962		130,779				264,741
	ACTUATION SYSTEMS SEGMENT		105,654		97,656		111,768		104,367		419,445		112,899		109,764				222,663
	ENGINEERED PRODUCTS SEGMENT		11,377		23,264		29,817		29,994		94,452		31,193		28,284				59,477
		TOTAL	$ 342,983		$ 341,020		$ 385,090		$ 389,655		$ 1,458,748		$ 415,143		$ 399,629				$ 814,772
% SALES GROWTH
	INDUSTRIAL SEGMENT		31	%	34	%	34	%	22	%	30	%	32	%	36	%			34	%
	ELECTRICAL SEGMENT		16	%	17	%	17	%	18	%	17	%	10	%	6	%			8	%
	ACTUATION SYSTEMS SEGMENT		19	%	11	%	2	%	4	%	9	%	7	%	12	%			10	%
	ENGINEERED PRODUCTS SEGMENT		7	%	120	%	157	%	159	%	112	%	174	%	22	%			72	%
		TOTAL	21	%	24	%	22	%	20	%	21	%	21	%	17	%			19	%
OPERATING PROFIT
	INDUSTRIAL SEGMENT		$ 28,958		$ 24,203		$ 33,259		$ 34,865		$ 121,285		$ 37,976		$ 32,757				$ 70,733
	ELECTRICAL SEGMENT		9,357		9,535		10,341		10,851		40,084		10,426		11,239				21,664
	ACTUATION SYSTEMS SEGMENT		8,614		7,954		10,994		9,562		37,124		10,059		8,301				18,360
	ENGINEERED PRODUCTS SEGMENT		1,653		3,088		4,069		4,644		13,454		4,235		3,146				7,381
	CORPORATE / GENERAL		(4,944	)	(4,105	)	(5,756	)	(6,274	)	(21,079	)	(6,415	)	(7,743	)			(14,159	)
		TOTAL - EXCLUDING RESTRUCTURING CHARGE	$ 43,638		$ 40,675		$ 52,907		$ 53,648		$ 190,868		$ 56,281		$ 47,700				$ 103,979
	EUROPEAN ELECTRICAL RESTRUCTURING CHARGE		(109	)	(3,776	)	(434	)	(1,076	)	(5,395	)	(5,521	)	(4,952	)			(10,472	)
		TOTAL	$ 43,529		$ 36,899		$ 52,473		$ 52,572		$ 185,473		$ 50,760		$ 42,748				$ 93,507
OPERATING PROFIT %
	INDUSTRIAL SEGMENT		27.9	%	25.1	%	28.7	%	28.4	%	27.6	%	27.7	%	25.0	%			26.4	%
	ELECTRICAL SEGMENT		7.7	%	7.7	%	8.1	%	8.2	%	7.9	%	7.8	%	8.6	%			8.2	%
	ACTUATION SYSTEMS SEGMENT		8.2	%	8.1	%	9.8	%	9.2	%	8.9	%	8.9	%	7.6	%			8.2	%
	ENGINEERED PRODUCTS SEGMENT		14.5	%	13.3	%	13.6	%	15.5	%	14.2	%	13.6	%	11.1	%			12.4	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING RESTRUCTURING CHARGE	12.7	%	11.9	%	13.7	%	13.8	%	13.1	%	13.6	%	11.9	%			12.8	%
EBITDA
	INDUSTRIAL SEGMENT		$ 31,356		$ 26,475		$ 35,738		$ 39,156		$ 132,725		$ 42,570		$ 37,386				$ 79,956
	ELECTRICAL SEGMENT		11,543		11,404		12,355		13,501		48,803		13,226		13,661				26,886
	ACTUATION SYSTEMS SEGMENT		11,339		10,928		14,179		12,547		48,993		13,292		11,428				24,720
	ENGINEERED PRODUCTS SEGMENT		1,904		3,986		4,962		5,780		16,632		5,399		4,445				9,844
	CORPORATE / GENERAL		(4,844	)	(4,028	)	(5,822	)	(6,350	)	(21,044	)	(6,632	)	(7,522	)			(14,154	)
		TOTAL - EXCLUDING RESTRUCTURING CHARGE	$ 51,298		$ 48,765		$ 61,412		$ 64,634		$ 226,109		$ 67,855		$ 59,398				$ 127,252
	EUROPEAN ELECTRICAL RESTRUCTURING CHARGE		(109	)	(3,776	)	(434	)	(1,076	)	(5,395	)	(5,521	)	(4,952	)			(10,472	)
		TOTAL	$ 51,189		$ 44,989		$ 60,978		$ 63,558		$ 220,714		$ 62,334		$ 54,446				$ 116,780
EBITDA %
	INDUSTRIAL SEGMENT		30.2	%	27.4	%	30.8	%	31.9	%	30.2	%	31.1	%	28.6	%			29.8	%
	ELECTRICAL SEGMENT		9.5	%	9.2	%	9.7	%	10.2	%	9.7	%	9.9	%	10.4	%			10.2	%
	ACTUATION SYSTEMS SEGMENT		10.7	%	11.2	%	12.7	%	12.0	%	11.7	%	11.8	%	10.4	%			11.1	%
	ENGINEERED PRODUCTS SEGMENT		16.7	%	17.1	%	16.6	%	19.3	%	17.6	%	17.3	%	15.7	%			16.6	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING RESTRUCTURING CHARGE	15.0	%	14.3	%	15.9	%	16.6	%	15.5	%	16.3	%	14.9	%			15.6	%
Note: All prior periods have been restated to include Milwaukee Cylinder as part of the Industrial Segment. Previously this business was part of the Engineered Products Segment. The total of the individual quarters may not equal the annual total due to rounding.

ACTUANT CORPORATION
Reconciliation of GAAP measures to non-GAAP measures
(Dollars in thousands, except for per share amounts)
			FISCAL 2007								FISCAL 2008
			Q1		Q2	Q3	Q4		TOTAL		Q1		Q2		Q3	Q4	TOTAL
NET EARNINGS EXCLUDING RESTRUCTURING CHARGE AND TAX ADJUSTMENTS / CREDITS (1)
	NET EARNINGS (GAAP MEASURE)		$ 25,102		$ 18,919	$ 29,580	$ 31,351		$ 104,952		$ 27,427		$ 22,239				$ 49,666
		RESTRUCTURING CHARGES, NET OF TAX BENEFIT	109		2,926	434	1,076		4,545		5,521		4,729				10,250
		TAX ADJUSTMENTS / CREDITS	-		-	-	(1,580	)	(1,580	)	-		-				-
	TOTAL (NON-GAAP MEASURE)		$ 25,211		$ 21,845	$ 30,014	$ 30,847		$ 107,917		$ 32,948		$ 26,968				$ 59,916
DILUTED EARNINGS PER SHARE EXCLUDING RESTRUCTURING CHARGE AND TAX ADJUSTMENTS / CREDITS (1)
	NET EARNINGS (GAAP MEASURE)		$ 0.41		$ 0.31	$ 0.47	$ 0.50		$ 1.69		$ 0.43		$ 0.35				$ 0.79
		RESTRUCTURING CHARGES, NET OF TAX BENEFIT	-		0.05	0.01	0.02		0.07		0.09		0.07				0.16
		TAX ADJUSTMENTS / CREDITS	-		-	-	(0.02	)	(0.02	)	-		-				-
	TOTAL (NON-GAAP MEASURE)		$ 0.41		$ 0.35	$ 0.48	$ 0.49		$ 1.73		$ 0.52		$ 0.43				$ 0.95
EBITDA (2)
	NET EARNINGS (GAAP MEASURE)		$ 25,102		$ 18,919	$ 29,580	$ 31,351		$ 104,952		$ 27,427		$ 22,239				$ 49,666
		FINANCING COSTS, NET	6,841		8,268	9,076	8,816		33,001		9,300		9,032				18,331
		INCOME TAX EXPENSE	11,379		8,956	13,146	13,300		46,781		15,149		12,154				27,302
		DEPRECIATION & AMORTIZATION	7,877		8,844	9,165	10,137		36,023		10,464		11,028				21,492
		MINORITY INTEREST, NET OF INCOME TAX	(10	)	2	11	(46	)	(43	)	(6	)	(7	)			(12	)
		EBITDA (NON-GAAP MEASURE)	$ 51,189		$ 44,989	$ 60,978	$ 63,558		$ 220,714		$ 62,334		$ 54,446				$ 116,780
		EUROPEAN ELECTRICAL RESTRUCTURING CHARGE	109		3,776	434	1,076		5,395		5,521		4,952				10,472
		EBITDA (NON-GAAP MEASURE) - EXCLUDING RESTRUCTURING CHARGE	$ 51,298		$ 48,765	$ 61,412	$ 64,634		$ 226,109		$ 67,855		$ 59,398				$ 127,252
(1)		Net earnings and diluted earnings per share excluding restructuring charges and income tax adjustments / credits represent net earnings and diluted earnings per share per the Consolidated Statement 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 do not equal diluted earnings per share excluding restructuring charges and income tax adjustments / credits due to rounding.
(2)		EBITDA represents net earnings before financing costs, net, income tax expense, depreciation & amortization and minority interest.  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 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.  The total of the individual quarters may not equal the annual total due to rounding.

CONTACT:
Actuant Corporation
Karen Bauer
Director, Investor Relations
262-373-7462