Enerpac Tool (EPAC) 8-K Actuant Reports Record 2008 Results

Exhibit 99.1

Actuant Reports Record 2008 Results

MILWAUKEE--(BUSINESS WIRE)--Actuant Corporation (NYSE: ATU) today announced record sales and earnings for its fiscal year ended August 31, 2008.

Highlights

• Full-year 2008 revenues were a record $1.66 billion, a 14% increase over the prior year. Fourth quarter revenues increased 4% year-over-year, to $405 million.
• Record full-year diluted earnings per share (“EPS”) of $2.05, excluding special items, an increase of 18% over the comparable 2007 figure. Fourth quarter EPS increased 10% year-over-year, excluding special items, to $0.54 (see attached reconciliation of earnings).
• Fourth quarter and full year EBITDA margin expansion, excluding restructuring.
• Cash generated from operations of $170 million for the year ended August 31, 2008.
• Deployed approximately $110 million in two tuck-in acquisitions during fiscal 2008.
• Acquired the Cortland Companies effective September 26, 2008 for $230 million.

Robert C. Arzbaecher, President and CEO of Actuant commented, “Fiscal 2008 marked the 7^th consecutive year of EPS growth, excluding special items. We once again were able to convert those strong earnings into cash, generating another year of free cash flow in excess of net income. These improved results are even more gratifying given they were accomplished in the face of strong headwinds from our consumer-oriented markets, including recreational vehicle, marine and DIY electrical. Actuant’s extensive diversification rewarded shareholders again in 2008, with robust demand and profit generation from our Industrial and Engineered Products segments which more than offset the impact of weak consumer markets.”

Consolidated Results

Fourth quarter sales increased 4% to $405 million from $390 million in the prior year. The increase was attributable to the impact of foreign currency rate changes (5%) and acquisitions (3%) as core sales declined 4%. Both the Industrial and Engineered Products segments generated strong core growth; however, the Electrical and Actuation Systems segments reported core sales declines.

Fourth quarter fiscal 2008 net earnings and EPS were $34.2 million and $0.54, respectively, compared to prior year net earnings and EPS of $31.4 million and $0.50, respectively. Fiscal 2007 fourth quarter results include a $1.1 million ($0.02 per diluted share) restructuring charge related to the European Electrical business and a $1.6 million benefit ($0.02 per diluted share) from the utilization of a foreign tax credit. Excluding these items (the “special items”) 2008 fourth quarter EPS increased 10% year-over-year from $0.49 to $0.54 (see attached reconciliation of earnings).

Sales for the year ended August 31, 2008 were $1.66 billion, 14% higher than the $1.46 billion in the comparable prior year period. Core sales increased 1% for the fiscal year, with acquisitions and foreign currency rate changes contributing 8% and 5%, respectively.

Net earnings and EPS for the year ended August 31, 2008 were $122.5 million and $1.93, respectively, compared to prior year net earnings and EPS of $105.0 million and $1.69, respectively. Fiscal 2008 results include a $10.3 million ($0.16 per diluted share) charge related to European Electrical restructuring and a $2.6 million ($0.04 per diluted share) income tax gain. Fiscal 2007 results include a $4.5 million ($0.07 per diluted share) European Electrical restructuring charge and a $1.6 million tax gain ($0.02 per diluted share). Excluding these special items, full year EPS increased 18% year-over-year from $1.73 to $2.05 (see attached reconciliation of earnings).

Segment Results

Industrial Segment

(US $ in millions)

	Three Months Ended		Twelve Months Ended
	August 31,		August 31,
	2008	2007	2008	2007
Sales	$159.0	$122.9	$586.9	$439.1
Operating Profit	$47.4	$34.9	$161.8	$121.3
Operating Profit %	29.8%	28.4%	27.6%	27.6%

Fourth quarter fiscal 2008 Industrial segment sales increased 29% to $159 million. Excluding currency translation and acquisitions, Industrial segment core sales grew 14% 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. Fourth quarter operating profit margins expanded 140 basis points to 29.8% due primarily to the benefit of higher volume, pricing and operating efficiencies.

Electrical Segment

(US $ in millions)

	Three Months Ended		Twelve Months Ended
	August 31,		August 31,
	2008	2007	2008	2007
Sales	$111.9	$132.4	$505.8	$505.7
Operating Profit (1)	$3.9	$10.9	$33.6	$40.1
Operating Profit %	3.4%	8.2%	6.6%	7.9%

(1) Operating profit excludes European Electrical restructuring charges of $10.5 million for the twelve months ended August 31, 2008, and $1.1 million and $5.4 million for the three and twelve months ended August 31, 2007.

Fiscal 2008 fourth quarter Electrical segment sales declined 15% to $112 million. Core sales declined 19% reflecting weaker demand from consumer, marine and transformer customers and the impact of SKU reductions in the European Electrical product line. Operating profit margin declined to 3.4% reflecting lower production volumes, unfavorable sales mix and costs associated with facility consolidations and headcount reductions. Margin improvement within the European Electrical business continued as expected.

Actuation Systems Segment

(US $ in millions)

	Three Months Ended		Twelve Months Ended
	August 31,		August 31,
	2008	2007	2008	2007
Sales	$100.1	$104.4	$445.6	$419.4
Operating Profit	$8.3	$9.6	$40.3	$37.1
Operating Profit %	8.3%	9.2%	9.1%	8.9%

Actuation Systems fourth quarter fiscal 2008 sales decreased 4% to $100 million. Core sales declined 11% in the quarter as demand for the Company’s RV products were nearly 50% below prior year levels due to the weak consumer demand. Excluding the RV product line, fourth quarter sales increased modestly. Despite improved automotive margins, overall operating profit margins declined 90 basis points compared to last year due to the impact of lower RV production volumes.

Engineered Products Segment

(US $ in millions)

	Three Months Ended		Twelve Months Ended
	August 31,		August 31,
	2008	2007	2008	2007
Sales	$33.6	$30.0	$125.7	$94.5
Operating Profit	$5.4	$4.6	$17.0	$13.5
Operating Profit %	16.0%	15.5%	13.5%	14.2%

Fiscal 2008 fourth quarter Engineered Products segment sales were 12% higher than the prior year with 9% core growth, reflecting increases across all businesses. Operating profit margins improved 50 basis points, to 16.0%, due to the higher volumes and price increases.

Financial Position

Fiscal year-end net debt (total debt of $574 million less $122 million of cash) was $452 million, a reduction of $44 million from the beginning of the quarter and $23 million from the start of the fiscal year. The Company utilized approximately $110 million of its 2008 cash flow on acquisitions and an additional $44 million on capital expenditures, including nearly $15 million on its Taicang, China facility which opened in August, 2008.

Outlook

The Company updated its fiscal year 2009 guidance to reflect the Cortland acquisition, as well as its current business, economic and foreign exchange rate outlooks. Full year fiscal 2009 EPS is expected to be in the range of $2.25-2.35 on sales of $1.725-1.750 billion. For the first quarter, the Company expects sales to be in the $405-415 million range, generating EPS of approximately $0.48-0.52 per diluted share. Arzbaecher commented, “We expect 2009 to be a challenging year given the unsettled economic and credit environments and headwinds from the stronger US dollar and higher borrowing costs. While we believe market conditions have become more difficult in the last 90 days, we feel the Company is well positioned given the focused execution of our business model and our increasingly diversified end markets and geographies. In addition, we are optimistic about acquisition opportunities and the potential they could have on fiscal 2009 results.”

Conference Call Information

An investor conference call is scheduled for 10am CDT today, October 1, 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 approximately $1.7 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)
			August 31,			August 31,
			2008			2007
ASSETS
Current assets
	Cash and cash equivalents		$	122,549		$	86,680
	Accounts receivable, net			226,564			194,775
	Inventories, net			215,391			197,539
	Deferred income taxes			11,870			14,827
	Other current assets			16,092			11,459
		Total current assets		592,466			505,280
Property, plant and equipment, net				134,550			122,817
Goodwill				639,862			599,841
Other intangible assets, net				292,359			260,418
Other long-term assets				9,145			12,420
		Total assets	$	1,668,382		$	1,500,776
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Short-term borrowings		$	339		$	-
	Trade accounts payable			166,863			153,205
	Accrued compensation and benefits			59,023			52,345
	Income taxes payable			24,867			20,309
	Current maturities of long-term debt			-			519
	Other current liabilities			60,033			64,449
		Total current liabilities		311,125			290,827
Long-term debt, less current maturities				573,818			561,138
Deferred income taxes				99,634			103,589
Pension and postretirement benefit accruals				27,641			27,437
Other long-term liabilities				26,658			17,864
Shareholders' equity
	Capital stock			11,200			11,070
	Additional paid-in capital			(324,898	)		(349,190	)
	Accumulated other comprehensive income			7,149			12,876
	Stock held in trust			(2,081	)		(1,744	)
	Deferred compensation liability			2,081			1,744
	Retained earnings			936,055			825,165
		Total shareholders' equity		629,506			499,921
Total liabilities and shareholders' equity			$	1,668,382		$	1,500,776

Actuant Corporation
Condensed Consolidated Statements of Earnings
(Dollars in thousands except per share amounts)
(Unaudited)
		Three Months Ended						Twelve Months Ended
		August 31,			August 31,			August 31,			August 31,
		2008			2007			2008			2007
Net sales		$	404,515		$	389,655		$	1,663,943		$	1,458,748
Cost of products sold			259,105			258,437			1,089,888			974,654
	Gross profit		145,410			131,218			574,055			484,094
Selling, administrative and engineering expenses			85,000			74,489			337,396			282,326
European electrical restructuring charge			-			1,076			10,473			5,395
Amortization of intangible assets			4,096			3,082			14,837			10,900
	Operating profit		56,314			52,571			211,349			185,473
Financing costs, net			8,887			8,815			36,409			33,001
Other (income) expense, net			(1,412	)		(849	)		(2,991	)		782
	Earnings from operations before income
	tax expense and minority interest		48,839			44,605			177,931			151,690
Income tax expense			14,598			13,300			55,365			46,781
Minority interest, net of income taxes			(2	)		(46	)		22			(43	)
Net earnings		$	34,243		$	31,351		$	122,544		$	104,952
Earnings per share
	Basic	$	0.61		$	0.57		$	2.20		$	1.92
	Diluted		0.54			0.50			1.93			1.69
Weighted average common shares outstanding
	Basic		55,953			55,068			55,813			54,751
	Diluted		65,011			63,867			64,833			63,628

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,
	2008			2007			2008			2007
Operating Activities
Net earnings	$	34,243		$	31,351		$	122,544		$	104,952
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization		11,783			10,086			44,709			35,974
Stock-based compensation expense		1,957			1,388			6,847			5,475
Provision (benefit) for deferred income taxes		(1,078	)		10,743			5,912			8,341
Other		337			1,168			(204	)		1,231
Changes in operating assets and liabilities, excluding the effects of the business acquisitions
Accounts receivable		20,922			4,174			(13,929	)		(2,261	)
Accounts receivable securitization program		(8,621	)		(7,661	)		(3,576	)		6,460
Inventories		2,369			4,071			(5,697	)		(4,900	)
Prepaid expenses and other assets		(1,315	)		3,019			429			(1,024	)
Trade accounts payable		(7,127	)		(4,456	)		7,586			14,740
Income taxes payable		702			(5,087	)		(576	)		(646	)
Other accrued liabilities		(9,267	)		(1,100	)		6,052			8,768
Net cash provided by operating activities		44,905			47,696			170,097			177,110
Investing Activities
Proceeds from sale of property, plant and equipment		389			451			14,065			4,570
Capital expenditures		(11,905	)		(10,997	)		(44,407	)		(31,491	)
Business acquisitions, net of cash acquired		-			(30,391	)		(110,109	)		(162,981	)
Net cash used in investing activities		(11,516	)		(40,937	)		(140,451	)		(189,902	)
Financing Activities
Net borrowings (repayments) on revolving credit facilities and
short-term borrowings		(1,909	)		-			246			(80,355	)
Proceeds from term loan		-			-			-			155,737
Proceeds from Senior Note offering, net of discount		-			249,039			-			249,039
Principal repayments on term loans		(7	)		(244,660	)		(1,015	)		(251,737	)
Cash dividend		-			-			(2,221	)		(2,187	)
Stock option exercises, related tax benefits, and other		3,819			1,345			8,029			1,680
Net cash provided by financing activities		1,903			5,724			5,039			72,177
Effect of exchange rate changes on cash		(3,822	)		494			1,184			1,636
Net increase (decrease) in cash and cash equivalents		31,470			12,977			35,869			61,021
Cash and cash equivalents - beginning of period		91,079			73,703			86,680			25,659
Cash and cash equivalents - end of period	$	122,549		$	86,680		$	122,549		$	86,680

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		$	160,035		$	158,972		$	586,898
	ELECTRICAL SEGMENT			122,017			123,599			127,653			132,439			505,708			133,962			130,779			129,142			111,915			505,798
	ACTUATION SYSTEMS SEGMENT			105,654			97,656			111,768			104,367			419,445			112,899			109,764			122,850			100,070			445,583
	ENGINEERED PRODUCTS SEGMENT			11,377			23,264			29,817			29,994			94,452			31,193			28,284			32,629			33,558			125,664
		TOTAL	$	342,983		$	341,020		$	385,090		$	389,655		$	1,458,748		$	415,143		$	399,629		$	444,656		$	404,515		$	1,663,943
% SALES GROWTH
	INDUSTRIAL SEGMENT			31	%		34	%		34	%		22	%		30	%		32	%		36	%		38	%		29	%		34	%
	ELECTRICAL SEGMENT			16	%		17	%		17	%		18	%		17	%		10	%		6	%		1	%		-15	%		0	%
	ACTUATION SYSTEMS SEGMENT			19	%		11	%		2	%		4	%		9	%		7	%		12	%		10	%		-4	%		6	%
	ENGINEERED PRODUCTS SEGMENT			7	%		120	%		157	%		159	%		112	%		174	%		22	%		9	%		12	%		33	%
		TOTAL		21	%		24	%		22	%		20	%		21	%		21	%		17	%		15	%		4	%		14	%
OPERATING PROFIT
	INDUSTRIAL SEGMENT		$	28,958		$	24,203		$	33,259		$	34,865		$	121,285		$	37,976		$	32,757		$	43,692		$	47,369		$	161,794
	ELECTRICAL SEGMENT			9,357			9,535			10,341			10,851			40,084			10,426			11,239			8,074			3,858			33,596
	ACTUATION SYSTEMS SEGMENT			8,614			7,954			10,994			9,562			37,124			10,059			8,301			13,705			8,263			40,328
	ENGINEERED PRODUCTS SEGMENT			1,653			3,088			4,069			4,644			13,454			4,235			3,146			4,260			5,373			17,014
	CORPORATE / GENERAL			(4,944	)		(4,105	)		(5,756	)		(6,274	)		(21,079	)		(6,415	)		(7,743	)		(8,203	)		(8,549	)		(30,910	)
		TOTAL - EXCLUDING RESTRUCTURING CHARGE	$	43,638		$	40,675		$	52,907		$	53,648		$	190,868		$	56,281		$	47,700		$	61,528		$	56,314		$	221,822
	EUROPEAN ELECTRICAL RESTRUCTURING CHARGE			(109	)		(3,776	)		(434	)		(1,076	)		(5,395	)		(5,521	)		(4,952	)		-			-			(10,473	)
		TOTAL	$	43,529		$	36,899		$	52,473		$	52,572		$	185,473		$	50,760		$	42,748		$	61,528		$	56,314		$	211,349
OPERATING PROFIT %
	INDUSTRIAL SEGMENT			27.9	%		25.1	%		28.7	%		28.4	%		27.6	%		27.7	%		25.0	%		27.3	%		29.8	%		27.6	%
	ELECTRICAL SEGMENT			7.7	%		7.7	%		8.1	%		8.2	%		7.9	%		7.8	%		8.6	%		6.3	%		3.4	%		6.6	%
	ACTUATION SYSTEMS SEGMENT			8.2	%		8.1	%		9.8	%		9.2	%		8.9	%		8.9	%		7.6	%		11.2	%		8.3	%		9.1	%
	ENGINEERED PRODUCTS SEGMENT			14.5	%		13.3	%		13.6	%		15.5	%		14.2	%		13.6	%		11.1	%		13.1	%		16.0	%		13.5	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING RESTRUCTURING CHARGE		12.7	%		11.9	%		13.7	%		13.8	%		13.1	%		13.6	%		11.9	%		13.8	%		13.9	%		13.3	%
EBITDA
	INDUSTRIAL SEGMENT		$	31,356		$	26,475		$	35,738		$	39,156		$	132,725		$	42,570		$	37,386		$	48,388		$	52,998		$	181,342
	ELECTRICAL SEGMENT			11,543			11,404			12,355			13,501			48,803			13,226			13,661			10,562			6,087			43,535
	ACTUATION SYSTEMS SEGMENT			11,339			10,928			14,179			12,547			48,993			13,292			11,428			16,402			12,136			53,258
	ENGINEERED PRODUCTS SEGMENT			1,904			3,986			4,962			5,780			16,632			5,399			4,445			5,400			6,451			21,695
	CORPORATE / GENERAL			(4,844	)		(4,028	)		(5,822	)		(6,350	)		(21,044	)		(6,632	)		(7,522	)		(7,991	)		(8,163	)		(30,308	)
		TOTAL - EXCLUDING RESTRUCTURING CHARGE	$	51,298		$	48,765		$	61,412		$	64,634		$	226,109		$	67,855		$	59,398		$	72,761		$	69,509		$	269,522
	EUROPEAN ELECTRICAL RESTRUCTURING CHARGE			(109	)		(3,776	)		(434	)		(1,076	)		(5,395	)		(5,521	)		(4,952	)		-			-			(10,473	)
		TOTAL	$	51,189		$	44,989		$	60,978		$	63,558		$	220,714		$	62,334		$	54,446		$	72,761		$	69,509		$	259,049
EBITDA %
	INDUSTRIAL SEGMENT			30.2	%		27.4	%		30.8	%		31.9	%		30.2	%		31.1	%		28.6	%		30.2	%		33.3	%		30.9	%
	ELECTRICAL SEGMENT			9.5	%		9.2	%		9.7	%		10.2	%		9.7	%		9.9	%		10.4	%		8.2	%		5.4	%		8.6	%
	ACTUATION SYSTEMS SEGMENT			10.7	%		11.2	%		12.7	%		12.0	%		11.7	%		11.8	%		10.4	%		13.4	%		12.1	%		12.0	%
	ENGINEERED PRODUCTS SEGMENT			16.7	%		17.1	%		16.6	%		19.3	%		17.6	%		17.3	%		15.7	%		16.5	%		19.2	%		17.3	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING RESTRUCTURING CHARGE		15.0	%		14.3	%		15.9	%		16.6	%		15.5	%		16.3	%		14.9	%		16.4	%		17.2	%		16.2	%
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		$	38,635		$	34,243		$	122,544
		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	)		-			-			(2,625	)		-			(2,625	)
	TOTAL (NON-GAAP MEASURE)		$	25,211		$	21,845	$	30,014	$	30,847		$	107,917		$	32,948		$	26,968		$	36,010		$	34,243		$	130,169
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		$	0.60		$	0.54		$	1.93
		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	)		-			-			(0.04	)		-			(0.04	)
	TOTAL (NON-GAAP MEASURE)		$	0.41		$	0.35	$	0.48	$	0.49		$	1.73		$	0.52		$	0.43		$	0.56		$	0.54		$	2.05
EBITDA (2)
	NET EARNINGS (GAAP MEASURE)		$	25,102		$	18,919	$	29,580	$	31,351		$	104,952		$	27,427		$	22,239		$	38,635		$	34,243		$	122,544
		FINANCING COSTS, NET		6,841			8,268		9,076		8,816			33,001			9,300			9,032			9,190			8,887			36,409
		INCOME TAX EXPENSE		11,379			8,956		13,146		13,300			46,781			15,149			12,154			13,465			14,598			55,365
		DEPRECIATION & AMORTIZATION		7,877			8,844		9,165		10,137			36,023			10,464			11,028			11,434			11,783			44,709
		MINORITY INTEREST, NET OF INCOME TAX		(10	)		2		11		(46	)		(43	)		(6	)		(7	)		37			(2	)		22
		EBITDA (NON-GAAP MEASURE)	$	51,189		$	44,989	$	60,978	$	63,558		$	220,714		$	62,334		$	54,446		$	72,761		$	69,509		$	259,049
		EUROPEAN ELECTRICAL RESTRUCTURING CHARGE		109			3,776		434		1,076			5,395			5,521			4,952			-			-			10,473
		EBITDA (NON-GAAP MEASURE) - EXCLUDING RESTRUCTURING CHARGE	$	51,298		$	48,765	$	61,412	$	64,634		$	226,109		$	67,855		$	59,398		$	72,761		$	69,509		$	269,522
(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