Enerpac Tool (EPAC) 8-K Actuant Reports Second Quarter Results

Exhibit 99.1

Actuant Reports Second Quarter Results

MILWAUKEE--(BUSINESS WIRE)--March 18, 2009--Actuant Corporation (NYSE: ATU) today announced sales and earnings for its second quarter ended February 28, 2009.

Highlights

• Aggressive restructuring actions with headcount reductions, facility consolidations and lower selling, administrative and engineering (SA&E) spending.
• Good free cash flow generation resulting from reduced working capital and lower capital expenditures.
• Continued core sales growth for maintenance oriented products and services in the Energy segment.
• Over $175 million of existing liquidity including cash and revolving credit facility availability.
• Reorganized financial reporting segments to reflect changes in the portfolio due to acquisitions as well as business reporting lines.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “During our seasonally weakest second quarter, Actuant experienced increasingly difficult market conditions due to the challenging global economic environment. Our results reflect the impact of weak end market demand, extended customer shutdowns, and our own inventory reduction efforts. While overall core sales declined 27% in the quarter, we generated year-over-year core growth in our maintenance driven Energy segment and in some of our smaller businesses. We have and will continue to implement aggressive restructuring and cost reduction actions to help offset the impact of weaker demand. We have reduced headcount, consolidated facilities, eliminated shifts and established short work week schedules to better align our production, inventory and costs with lower customer demand. These actions drove a 10% headcount reduction in our second quarter alone. In keeping with our focus on cash flow, we reduced primary working capital during the quarter and generated free cash flow of $28 million.”

Consolidated Results

Sales for the quarter declined 25% to $300 million compared to $400 million in the second quarter of fiscal 2008. Excluding the impact of foreign currency rate changes (-4%) and acquisitions (+6%), core sales declined 27%.

Net income and diluted earnings per share (EPS) in the fiscal 2009 second quarter were $3.2 million and $0.06, respectively, compared to $22.2 million and $0.35, respectively, in the comparable quarter last year. Results for the second quarter of 2009 include restructuring charges of $3.1 million, or $0.03 per diluted share. Second quarter 2008 results include restructuring charges of $5.0 million, or $0.07 per diluted share. Excluding these items, EPS was $0.09 in the second quarter of fiscal 2009 compared to $0.43 in the prior year’s quarter. (See attached reconciliation of earnings).

Sales for the six months ended February 28, 2009 were $680 million, 17% lower than the $815 million in the comparable prior year period. Excluding the impact of the stronger US dollar (-4%) and sales from acquired businesses (+6%), year-to-date core sales decreased 19%.

Net earnings for the six months ended February 28, 2009 were $14.8 million, or $0.25 per diluted share, compared to $49.7 million, or $0.79 per diluted share for the comparable prior year period. Year-to-date fiscal 2009 results include a $26.6 million ($0.26 per diluted share) non-cash charge related to RV goodwill impairment and $3.9 million ($0.03 per diluted share) of restructuring charges. Results for the six months ended February 29, 2008 include $10.5 million ($0.16 per diluted share) of restructuring charges. Excluding these items, current year first half EPS was $0.54, compared to $0.95 for the comparable prior year period. (See attached reconciliation of earnings).

Segment Results
Industrial Segment
(US $ in millions)
	Three Months Ended				Six Months Ended
	February 28, 2009		February 29, 2008		February 28, 2009		February 29, 2008
Sales	$71.7		$87.3		$162.2		$174.8
Operating Profit (1)	$16.0		$26.0		$42.1		$51.7
Operating Profit %	22.3	%	29.8	%	25.9	%	29.5	%

(1) Results for the three and six months ended February 28, 2009 exclude restructuring charges of $0.4 million and $0.5 million, respectively.

Second quarter fiscal 2009 Industrial segment sales decreased 18% to $72 million. Excluding foreign currency rate changes (-5%), Industrial segment core sales were 13% lower than the comparable prior year period. The core sales decline reflected weaker global end market demand across the segment’s diverse channels as well as customer inventory destocking. Second quarter operating profit margin declined 750 basis points from the prior year due to the reduced sales volume, unfavorable mix and lower absorption associated with inventory reductions.

Energy Segment
(US $ in millions)
	Three Months Ended				Six Months Ended
	February 28, 2009		February 29, 2008		February 28, 2009		February 29, 2008
Sales	$59.5		$43.5		$133.5		$93.1
Operating Profit	$5.9		$6.8		$21.5		$19.1
Operating Profit %	9.9	%	15.6	%	16.1	%	20.5	%

Fiscal 2009 second quarter Energy segment sales grew 37% to $60 million. The acquisitions of Cortland and Superior Plant Services contributed 48% to sales while the stronger US dollar reduced sales by 16%. Core sales grew 5% due to higher demand for oil & gas and power generation maintenance products and services. Operating profit margin for this seasonally weak quarter was 9.9% reflecting unfavorable acquisition mix partially offset by the higher volume.

Electrical Segment
(US $ in millions)
	Three Months Ended				Six Months Ended
	February 28, 2009		February 29, 2008		February 28, 2009		February 29, 2008
Sales	$91.8		$135.8		$199.8		$276.1
Operating Profit (2)	$0.4		$11.8		$5.1		$23.5
Operating Profit %	0.4	%	8.7	%	2.6	%	8.5	%

(2) Results for the three and six months ended February 28, 2009 exclude restructuring charges of $1.3 million and $1.4 million, respectively. Results for the three and six months ended February 29, 2008 exclude restructuring charges of $5.0 million and $10.5 million, respectively.

Electrical segment fiscal 2009 second quarter sales declined 32% to $92 million. Core sales decreased 29% reflecting continued weak demand from marine, retail and transformer customers, the impact of SKU reductions in the European Electrical product line and the previously disclosed loss of certain retail business in North America in the second half of fiscal 2008. The stronger US dollar contributed 3% to the core sales decline. Segment operating profit margin declined to 0.4% primarily reflecting lower sales and production volumes. Total headcount declined approximately 8% during the quarter and has been reduced by approximately 30% during the past year.

Engineered Solutions Segment
(US $ in millions)
	Three Months Ended		Six Months Ended
	February 28, 2009	February 29, 2008	February 28, 2009	February 29, 2008
Sales	$76.7	$133.0	$184.1	$270.8
Operating Profit (3)	$(2.1)	$10.8	$6.5	$24.0
Operating Profit %	(2.7)%	8.2%	3.6%	8.8%

(3) Results for the three months ended February 28, 2009 exclude restructuring charges of $1.3 million. Results for the six months ended February 28, 2009 exclude a $26.6 million pre-tax RV asset impairment charge and $1.7 million in restructuring charges.

Second quarter fiscal 2009 Engineered Solutions sales declined 42% (-42% core, -3% currency translation and +3% acquisitions) reflecting sharply lower demand from the Company’s vehicle end markets. The segment incurred an operating loss of $2.1 million due to the significant reduction in sales and lower manufacturing overhead absorption. The segment’s headcount was reduced by approximately 18% during the quarter.

Corporate

Corporate expenses for the second quarter of fiscal 2009 were approximately $5.0 million, or $2.7 million lower than the comparable prior year period due to lower incentive compensation expense, headcount reductions and reduced spending.

Financial Position

Net debt at February 28, 2009 was $658 million (total debt of $680 million less $22 million of cash). The decrease of $12 million from the beginning of the quarter reflects free cash flow which was partially offset by an $11 million decline in amounts outstanding under Actuant’s accounts receivable securitization facility.

The Company had over $175 million of available liquidity at February 28, 2009 including cash and revolver availability. With less than $6 million of required debt repayments over the next twelve months, and positive cash flow forecasted during the balance of fiscal 2009, Actuant expects to further reduce outstanding borrowings.

Outlook

Arzbaecher continued “While visibility remains low, we do not expect a rebound in consumer or industrial demand to materialize during the second half of our fiscal year. Accordingly, we will continue to reduce costs and maximize cash flow. Given this backdrop, we expect our third quarter sales and EPS to be in the range of $300-320 million, and $0.12-0.20 per share, respectively. Our current projection for the full year is for sales and EPS to be in the range of approximately $1.3 billion, and $0.85-$1.00 per share, respectively. We remain confident in the fundamental strength of the Actuant businesses, have the right long term growth strategies in place and maintain the confidence and operating experience to manage through this difficult current environment."

Conference Call Information

An investor conference call is scheduled for 10am CT today, March 18, 2009. 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, rope and cable solutions 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 $1.66 billion in fiscal 2008. The Company employs a workforce of approximately 6,600 worldwide. Actuant 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 28,		August 31,
			2009		2008
ASSETS
Current assets
	Cash and cash equivalents		$ 22,329		$ 122,549
	Accounts receivable, net		166,857		226,564
	Inventories, net		205,513		215,391
	Deferred income taxes		11,472		11,870
	Other current assets		13,647		16,092
		Total current assets	419,818		592,466
Property, plant and equipment, net			134,238		134,550
Goodwill			702,254		639,862
Other intangible assets, net			364,476		292,359
Other long-term assets			12,620		9,145
		Total assets	$ 1,633,406		$ 1,668,382
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Short-term borrowings		$ 2,865		$ 339
	Trade accounts payable		109,727		166,863
	Accrued compensation and benefits		34,078		59,023
	Income taxes payable		14,053		24,867
	Current maturities of long-term debt		5,766		-
	Other current liabilities		51,792		60,033
		Total current liabilities	218,281		311,125
Long-term debt, less current maturities			671,993		573,818
Deferred income taxes			119,029		99,634
Pension and postretirement benefit accruals			25,778		27,641
Other long-term liabilities			27,685		26,658
Shareholders' equity
	Capital stock		11,339		11,200
	Additional paid-in capital		(316,401	)	(324,898	)
	Accumulated other comprehensive income (loss)		(75,182	)	7,149
	Stock held in trust		(2,291	)	(2,081	)
	Deferred compensation liability		2,291		2,081
	Retained earnings		950,884		936,055
		Total shareholders' equity	570,640		629,506
Total liabilities and shareholders' equity			$ 1,633,406		$ 1,668,382

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,
	2009		2008		2009		2008
Net sales	$ 299,674		$ 399,629		$ 679,654		$ 814,772
Cost of products sold	204,594		265,789		452,682		540,099
Gross profit	95,080		133,840		226,972		274,673
Selling, administrative and engineering expenses	74,729		82,679		150,215		163,976
Restructuring charges	3,144		4,952		3,876		10,472
Impairment charge	-		-		26,553		-
Amortization of intangible assets	5,209		3,461		9,666		6,718
Operating profit	11,998		42,748		36,662		93,507
Financing costs, net	9,904		9,032		22,139		18,331
Other (income) expense, net	(35	)	(670	)	(569	)	(1,780	)
Earnings from operations before income
tax expense and minority interest	2,129		34,386		15,092		76,956
Income tax expense (benefit)	(1,105	)	12,154		265		27,302
Minority interest, net of income taxes	(10	)	(7	)	(15	)	(12	)
Net earnings	$ 3,244		$ 22,239		$ 14,842		$ 49,666
Earnings per share
Basic	$ 0.06		$ 0.40		$ 0.26		$ 0.89
Diluted	0.06		0.35		0.25		0.79
Weighted average common shares outstanding
Basic	56,170		55,815		56,096		55,712
Diluted	64,256		64,716		64,325		64,691

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,
	2009		2008		2009		2008
Operating Activities
Net earnings	$ 3,244		$ 22,239		14,842		$ 49,666
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	12,998		11,028		25,744		21,492
Stock-based compensation expense	1,911		1,537		3,448		3,140
Provision (benefit) for deferred income taxes	-		459		(10,360	)	6,679
Impairment charge	-		-		26,553		-
Other	990		(407	)	1,054		(215	)
Changes in operating assets and liabilities, excluding the effects of the business acquisitions
Accounts receivable	53,827		(2,288	)	58,801		(25,055	)
Accounts receivable securitization program	(11,052	)	(4,593	)	(10,569	)	331
Inventories	15,628		844		10,296		(6,180	)
Prepaid expenses and other assets	2,153		1,027		2,115		1,975
Trade accounts payable	(36,902	)	4,524		(56,585	)	4,762
Income taxes payable	(9,498	)	(796	)	(7,603	)	1,656
Other accrued liabilities	(12,198	)	(1,454	)	(24,117	)	2,593
Net cash provided by operating activities	21,101		32,120		33,619		60,844
Investing Activities
Proceeds from sale of property, plant and equipment	196		3,258		290		11,579
Capital expenditures	(4,873	)	(10,198	)	(12,507	)	(19,234	)
Business acquisitions, net of cash acquired	(4,104	)	(3,629	)	(235,872	)	(51,066	)
Net cash used in investing activities	(8,781	)	(10,569	)	(248,089	)	(58,721	)
Financing Activities
Net borrowings (repayments) on revolving credit facilities and other debt	(19,786	)	1,999		168,209		2,133
Proceeds from term loan	-		-		115,000		-
Principal repayments on term loans	-		-		(155,000	)	(994	)
Debt issuance and amendment costs	-		-		(5,333	)	(2,221	)
Cash dividend	-		-		(2,251	)	-
Stock option exercises, related tax benefits, and other	397		1,325		2,876		3,338
Net cash provided by (used in ) financing activities	(19,389	)	3,324		123,501		2,256
Effect of exchange rate changes on cash	(820	)	1,296		(9,251	)	3,853
Net decrease in cash and cash equivalents	(7,889	)	26,171		(100,220	)	8,232
Cash and cash equivalents - beginning of period	30,218		68,741		122,549		86,680
Cash and cash equivalents - end of period	$ 22,329		$ 94,912		$ 22,329		$ 94,912

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(Dollars in thousands)
			FISCAL 2008										FISCAL 2009
			Q1		Q2		Q3		Q4		TOTAL		Q1		Q2		Q3	Q4	TOTAL
SALES
	INDUSTRIAL SEGMENT		$ 87,412		$ 87,344		$ 101,593		$ 98,149		$ 374,498		$ 90,524		$ 71,682				$ 162,206
	ENERGY SEGMENT		49,677		43,458		58,442		60,823		212,400		73,982		59,526				133,508
	ELECTRICAL SEGMENT		140,293		135,785		135,311		118,575		529,964		108,057		91,788				199,845
	ENGINEERED SOLUTIONS SEGMENT		137,761		133,042		149,310		126,968		547,081		107,417		76,678				184,095
		TOTAL	$ 415,143		$ 399,629		$ 444,656		$ 404,515		$ 1,663,943		$ 379,980		$ 299,674				$ 679,654
% SALES GROWTH
	INDUSTRIAL SEGMENT		37	%	33	%	38	%	30	%	34	%	4	%	-18	%			-7	%
	ENERGY SEGMENT		24	%	41	%	38	%	29	%	32	%	49	%	37	%			43	%
	ELECTRICAL SEGMENT		10	%	6	%	1	%	-14	%	0	%	-23	%	-32	%			-28	%
	ENGINEERED SOLUTIONS SEGMENT		23	%	15	%	10	%	-1	%	11	%	-22	%	-42	%			-32	%
		TOTAL	21	%	17	%	15	%	4	%	14	%	-8	%	-25	%			-17	%
OPERATING PROFIT
	INDUSTRIAL SEGMENT		$ 25,662		$ 25,990		$ 31,054		$ 31,103		$ 113,809		$ 26,107		$ 15,972				$ 42,079
	ENERGY SEGMENT		12,314		6,767		12,638		16,266		47,985		15,651		5,896				21,547
	ELECTRICAL SEGMENT		11,614		11,842		8,986		4,894		37,335		4,740		390				5,130
	ENGINEERED SOLUTIONS SEGMENT		13,106		10,844		17,053		12,600		53,603		8,648		(2,103	)			6,545
	CORPORATE / GENERAL		(6,415	)	(7,743	)	(8,203	)	(8,549	)	(30,910	)	(3,197	)	(5,013	)			(8,210	)
		TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES	$ 56,281		$ 47,700		$ 61,528		$ 56,314		$ 221,822		$ 51,949		$ 15,142				$ 67,091
	IMPAIRMENT CHARGE		-		-		-		-		-		(26,553	)	-				(26,553	)
	RESTRUCTURING CHARGE		(5,521	)	(4,952	)	-		-		(10,473	)	(732	)	(3,144	)			(3,876	)
		TOTAL	$ 50,760		$ 42,748		$ 61,528		$ 56,314		$ 211,349		$ 24,664		$ 11,998				$ 36,662
OPERATING PROFIT %
	INDUSTRIAL SEGMENT		29.4	%	29.8	%	30.6	%	31.7	%	30.4	%	28.8	%	22.3	%			25.9	%
	ENERGY SEGMENT		24.8	%	15.6	%	21.6	%	26.7	%	22.6	%	21.2	%	9.9	%			16.1	%
	ELECTRICAL SEGMENT		8.3	%	8.7	%	6.6	%	4.1	%	7.0	%	4.4	%	0.4	%			2.6	%
	ENGINEERED SOLUTIONS SEGMENT		9.5	%	8.2	%	11.4	%	9.9	%	9.8	%	8.1	%	-2.7	%			3.6	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES	13.6	%	11.9	%	13.8	%	13.9	%	13.3	%	13.7	%	5.1	%			9.9	%
EBITDA
	INDUSTRIAL SEGMENT		$ 28,017		$ 27,840		$ 32,617		$ 32,599		$ 121,073		$ 27,139		$ 17,058				$ 44,197
	ENERGY SEGMENT		14,553		9,546		15,771		20,399		60,269		21,675		11,493				33,168
	ELECTRICAL SEGMENT		14,495		14,340		11,553		7,186		47,573		6,195		1,666				7,861
	ENGINEERED SOLUTIONS SEGMENT		17,422		15,194		20,811		17,488		70,915		13,330		2,016				15,346
	CORPORATE / GENERAL		(6,632	)	(7,522	)	(7,991	)	(8,163	)	(30,308	)	(3,110	)	(4,058	)			(7,168	)
		TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES	$ 67,855		$ 59,398		$ 72,761		$ 69,509		$ 269,522		$ 65,229		$ 28,175				$ 93,404
	IMPAIRMENT CHARGE		-		-		-		-		-		(26,553	)	-				(26,553	)
	RESTRUCTURING CHARGES		(5,521	)	(4,952	)	-		-		(10,473	)	(732	)	(3,144	)			(3,876	)
		TOTAL	$ 62,334		$ 54,446		$ 72,761		$ 69,509		$ 259,049		$ 37,944		$ 25,031				$ 62,975
EBITDA %
	INDUSTRIAL SEGMENT		32.1	%	31.9	%	32.1	%	33.2	%	32.3	%	30.0	%	23.8	%			27.2	%
	ENERGY SEGMENT		29.3	%	22.0	%	27.0	%	33.5	%	28.4	%	29.3	%	19.3	%			24.8	%
	ELECTRICAL SEGMENT		10.3	%	10.6	%	8.5	%	6.1	%	9.0	%	5.7	%	1.8	%			3.9	%
	ENGINEERED SOLUTIONS SEGMENT		12.6	%	11.4	%	13.9	%	13.8	%	13.0	%	12.4	%	2.6	%			8.3	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES	16.3	%	14.9	%	16.4	%	17.2	%	16.2	%	17.2	%	9.4	%			13.7	%

ACTUANT CORPORATION
Reconciliation of GAAP measures to non-GAAP measures
(Dollars in thousands, except for per share amounts)
			FISCAL 2008										FISCAL 2009
			Q1		Q2		Q3		Q4		TOTAL		Q1		Q2		Q3	Q4	TOTAL
NET EARNINGS EXCLUDING RESTRUCTURING CHARGE
AND TAX ADJUSTMENTS / CREDITS (1)
	NET EARNINGS (GAAP MEASURE)		$ 27,427		$ 22,239		$ 38,635		$ 34,243		$ 122,544		$ 11,598		$ 3,244				$ 14,842
		RESTRUCTURING CHARGES, NET OF TAX BENEFIT	5,521		4,729		-		-		10,250		506		2,156				2,662
		IMPAIRMENT CHARGE, NET OF TAX BENEFIT	-		-		-		-		-		16,463		-				16,463
		TAX ADJUSTMENTS / CREDITS	-		-		(2,625	)	-		(2,625	)	-		-				-
	TOTAL (NON-GAAP MEASURE)		$ 32,948		$ 26,968		$ 36,010		$ 34,243		$ 130,169		$ 28,567		$ 5,400				$ 33,967
DILUTED EARNINGS PER SHARE EXCLUDING RESTRUCTURING
CHARGE AND TAX ADJUSTMENTS / CREDITS (1)
	NET EARNINGS (GAAP MEASURE)		$ 0.43		$ 0.35		$ 0.60		$ 0.54		$ 1.93		$ 0.19		$ 0.06				$ 0.25
		RESTRUCTURING CHARGES, NET OF TAX BENEFIT	0.09		0.07		-		-		0.16		-		0.03				0.03
		IMPAIRMENT CHARGE, NET OF TAX BENEFIT	-		-		-		-		-		0.26		-				0.26
		TAX ADJUSTMENTS / CREDITS	-		-		(0.04	)	-		(0.04	)	-		-				-
	TOTAL (NON-GAAP MEASURE)		$ 0.52		$ 0.43		$ 0.56		$ 0.54		$ 2.05		$ 0.45		$ 0.09				$ 0.54
EBITDA (2)
	NET EARNINGS (GAAP MEASURE)		$ 27,427		$ 22,239		$ 38,635		$ 34,243		$ 122,544		$ 11,598		$ 3,244				$ 14,842
		FINANCING COSTS, NET	9,300		9,032		9,190		8,887		36,409		12,235		9,904				22,139
		INCOME TAX EXPENSE	15,149		12,154		13,465		14,598		55,365		1,370		(1,105	)			265
		DEPRECIATION & AMORTIZATION	10,464		11,028		11,434		11,783		44,709		12,746		12,998				25,744
		MINORITY INTEREST, NET OF INCOME TAX	(6	)	(7	)	37		(2	)	22		(5	)	(10	)			(15	)
		EBITDA (NON-GAAP MEASURE)	$ 62,334		$ 54,446		$ 72,761		$ 69,509		$ 259,049		$ 37,944		$ 25,031				$ 62,975
		IMPAIRMENT CHARGE	-		-		-		-		-		26,553		-				26,553
		RESTRUCTURING CHARGES	5,521		4,952		-		-		10,473		732		3,144				3,876
		EBITDA (NON-GAAP MEASURE) - EXCLUDING IMPAIRMENT AND RESTRUCTURING CHARGES	$ 67,855		$ 59,398		$ 72,761		$ 69,509		$ 269,522		$ 65,229		$ 28,175				$ 93,404

(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