Enerpac Tool (EPAC) 8-K Actuant Reports Second Quarter Results; Updates Fiscal 2015 Guidance; Announces Additional Share Repurchase Authorization

Exhibit 99.1

Actuant Reports Second Quarter Results; Updates Fiscal 2015 Guidance; Announces Additional Share Repurchase Authorization

MILWAUKEE--(BUSINESS WIRE)--March 18, 2015--Actuant Corporation (NYSE: ATU) today announced results for its second quarter ended February 28, 2015.

Highlights

• Primarily reflecting the dramatic strengthening of the US dollar, total sales declined 8% year-over-year. Core sales were down 2% (total sales excluding the impact of acquisitions, divestitures and foreign currency rate changes), net acquisitions and divestitures were neutral, and unfavorable currency translation reduced sales 6%.
• Excluding an asset impairment charge of $1.33 per share related to adverse conditions in upstream oil & gas markets, diluted earnings per share from continuing operations (“EPS”) were $0.28, compared to $0.30 in the prior year, (see “Consolidated Results” below and attached reconciliation of earnings).
• Repurchased 2.9 million shares of common stock for $76 million in the quarter. Actuant’s Board of Directors approved a new seven million share repurchase authorization this week following the buy-back of approximately 11 million shares, or 15% of the Company’s stock over the past twelve months.
• Updated full year sales and EPS guidance (excluding the impairment charge), now expected to be in the range of $1.245-1.265 billion and $1.65-1.75 per share, respectively.

Mark E. Goldstein, President and CEO of Actuant commented, “In addition to normal seasonality, the second quarter proved challenging given the further strengthening of the US dollar, low oil & gas prices and weak conditions across a number of end markets. The Energy segment’s results were in line with expectations, including 2% core sales growth which reflected robust Viking performance partially offset by accelerating weakness in other upstream markets, most notably in the North Sea. We were pleased with Industrial’s 2% core growth, yet demand remains inconsistent. Within Engineered Solutions, moderating agriculture demand, weak auto volumes and last year’s truck pre-buy drove an 8% core sales decline. Given these mixed end market dynamics and currency headwinds, we are executing a number of actions to better align and resize our organization.”

Consolidated Results

Continuing Operations

During the quarter, the Company performed an interim impairment test of goodwill and intangible assets for its Energy segment in light of the recent abrupt change in global oil & gas markets. This resulted in an $84 million ($1.33 per share) non-cash impairment charge related to the upstream oil & gas exposure within Cortland and Viking. While challenging market conditions are expected to continue to impact the Energy segment for the foreseeable future, its cost structure is being reduced accordingly and the Company remains positive on its secular focus on energy.

Consolidated sales for the second quarter were $301 million, 8% lower than the $328 million in the comparable prior year quarter. Core sales declined 2%, unfavorable foreign currency exchange rate changes lowered sales by 6% and the net impact of acquisitions and divestitures was neutral. Fiscal 2015 second quarter net loss from continuing operations was $64.8 million or $1.05 per diluted share. Excluding the impairment charge, net earnings and EPS were $17.8 million, or $0.28 per share, compared to $22.3 million and $0.30 per share, respectively, in the comparable prior year quarter (see attached reconciliation of earnings).

Sales for the six months ended February 28, 2015 were $629 million, 6% lower than the $667 million in the comparable prior year period. Excluding the 4% decline from the stronger US dollar and neutral impact of acquisitions and divestitures, year-to-date core sales declined 2%. Fiscal 2015 year-to-date net loss from continuing operations was $40.2 million or $0.64 per diluted share. Excluding the impairment charge, net earnings and EPS for the six months ended February 28, 2015 were $42.5 million, or $0.66 per diluted share, compared to $55.3 million, or $0.74 per diluted share for the comparable prior year period (see attached reconciliation of earnings).

New Seven Million Share Repurchase Authorization

The Company also announced that its Board of Directors approved an additional seven million share repurchase program earlier this week. At the end of the second quarter, the Company had 2.5 million shares remaining under prior authorizations. When combined with the newly approved seven million shares, the total available shares authorized for repurchase increases to 9.5 million. Given that current debt leverage is within its targeted 1.5-2.5x net debt to EBITDA range, the Company expects to spread these repurchases over the next few years. Goldstein added, “Our capital allocation priorities remain consistent. Our top priority is to execute attractive tuck-in acquisitions to strengthen our existing platforms. However, we will continue to use opportunistic buy-backs to return excess cash to shareholders.”

Segment Results

Industrial Segment
(US $ in millions)

	Three Months Ended		Six Months Ended
	February 28,		February 28,
	2015	2014	2015	2014
Sales	$96.5	$93.6	$198.9	$192.2
Operating Profit	$23.5	$26.5	$50.2	$53.4
Operating Profit %	24.4%	28.3%	25.2%	27.8%

Second quarter fiscal 2015 Industrial segment sales were $96 million, 3% higher than the prior year. The Hayes Industries acquisition contributed 6% to total sales growth while unfavorable currency translation was a 5% headwind, resulting in a 2% core sales increase. Integrated Solutions activity continued its slow pace as global customers defer the start of larger projects due to economic uncertainty. Industrial Tool demand improved sequentially on a year-over-year basis, most notably in North America, but continues at a tepid and uneven pace. Second quarter operating profit margin of 24.4% reflected unfavorable product and acquisition mix as well as expedited freight costs associated with US west coast port issues.

Energy Segment
(US $ in millions)

	Three Months Ended		Six Months Ended
	February 28,		February 28,
	2015	2014	2015	2014
Sales	$100.2	$106.0	$211.7	$214.0
Operating (Loss) Profit	$(75.7)	$9.5	$(63.3)	$18.4
Adjusted Operating Profit (1)	$8.7	$9.5	$21.1	$18.4
Adjusted Operating Profit % (1)	8.7%	9.0%	10.0%	8.6%
(1) Excludes second quarter fiscal 2015 asset impairment charge of $84.4 million.

Fiscal 2015 second quarter year-over-year Energy segment sales declined 5% to $100 million. Excluding the unfavorable 7% foreign currency headwind, core sales increased 2% from the prior year. Viking revenues were again sharply higher on a year-over-year basis due to strong activity levels in Australia/Southeast Asia, despite weakening North Sea activity. Hydratight’s core sales grew reflecting higher maintenance activity in all served regions other than the North Sea, while Cortland declined significantly due to lower customer upstream capital spending. Second quarter adjusted operating profit margin declined modestly as downsizing costs and lower production levels in Cortland’s manufacturing facilities were partially offset by lower acquisition retention costs at Viking and favorable mix. Energy segment employment levels have declined 5% year-to-date and are targeted to reach 10% by fiscal year end.

Engineered Solutions Segment
(US $ in millions)

	Three Months Ended		Six Months Ended
	February 28,		February 28,
	2015	2014	2015	2014
Sales	$104.3	$128.2	$218.1	$261.2
Operating Profit	$2.0	$9.5	$8.3	$22.7
Operating Profit %	1.9%	7.4%	3.8%	8.7%

Second quarter fiscal 2015 Engineered Solutions segment sales were $104 million, 19% below the prior year. Excluding the 5% decline from the RV product line divestiture last June and 6% decrease from the stronger US Dollar, core sales were 8% lower year-over-year. This sales decline reflects a difficult comparison from last year’s strong European heavy-duty truck production (pre-buy impact of Euro 6 emissions standards change). In addition, sales in the convertible auto and off-highway equipment markets declined year-over-year. Overall agriculture sales weakened in the quarter, most notably in our display and seeder product lines which are used on higher priced OEM equipment. Demand for driveline products used in farm implements grew during the quarter (both OEM and aftermarket) but are expected to continue to moderate during the balance of the year. Second quarter operating profit margin declined due to unfavorable product mix, expedited freight (US west coast port issues), unfavorable material cost variances at international locations resulting from the stronger US dollar, and reduced absorption on lower production volumes.

Corporate and Income Taxes

Corporate expenses for the second quarter of fiscal 2015 were $6.3 million, essentially unchanged from the comparable prior year period. Excluding the impact of the impairment charge, the effective income tax rate of 17% for the quarter was lower than the 29% rate in the prior year due to the benefit of certain tax reduction initiatives.

Financial Position

Net debt at February 28, 2015 was $499 million (total debt of $586 million less $87 million of cash), or $72 million higher than the prior quarter end. During the quarter, $76 million of cash was used to repurchase 2.9 million shares of common stock. Second quarter free cash flow essentially offset the impact of unfavorable foreign currency movements on net debt. At February 28, 2015, the Company had a net debt to EBITDA leverage ratio of 2.2, and nearly $400 million in revolver availability.

Outlook

Goldstein continued, "We have seen a dramatic strengthening of the US dollar, as well as increased headwinds in the oil & gas, mining, and agriculture markets, and lack of momentum in general industrial end markets since we provided guidance to investors in December. The currency impact to the December guidance reduces sales by approximately $55-65 million and EPS by $0.15-0.18 per share, based on our current foreign exchange rate assumptions. Additionally, the lack of visibility around future oil prices and related capital spending has caused us to increase cautiousness in our outlook, despite the fact that our Energy segment met performance expectations in the second quarter.

In response to these changes, we have been actively managing our cost structure, including executing additional employment reductions. Given our strong balance sheet and the Company’s recent stock price, we have also been aggressively buying back shares. Our priority for capital deployment remains to pursue accretive, tuck-in acquisitions for each of our segments. However, we have remained disciplined, and walked away from transactions that did not clear our return hurdles.

Our revised fiscal 2015 outlook is for full year sales in the $1.245-1.265 billion range, and EPS (excluding the impairment charge) of $1.65-1.75 per share. This reflects a consolidated core sales decline of 3-4%, and free cash flow conversion in excess of net income - in the $110-120 million range. We anticipate fiscal third quarter sales and EPS of $315-325 million and $0.52-0.57 per share, respectively. Consistent with our normal practice, no future stock buybacks or acquisitions are incorporated in this guidance.

We remain positive on the long term prospects for energy and our three other targeted secular growth laneways (food/farm productivity, infrastructure, natural resources), despite their current challenges. We are laser focused on driving long term shareholder value – customer satisfaction, sales growth initiatives, operational execution, robust cash flow generation and smart capital deployment.”

Conference Call Information

An investor conference call is scheduled for 10am CT today, March 18, 2015. 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

Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant’s results are also subject to general economic conditions, variation in demand from customers, the impact of geopolitical activity on the economy, continued market acceptance of the Company’s new product introductions, the successful integration of acquisitions, restructuring, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors. Actuant disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

About Actuant Corporation

Actuant Corporation is a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions; 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.

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Actuant Corporation
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
			February 28,			August 31,
			2015			2014
ASSETS
Current assets
	Cash and cash equivalents		$	87,497		$	109,012
	Accounts receivable, net			204,062			227,008
	Inventories, net			162,784			162,620
	Deferred income taxes			10,613			11,050
	Other current assets			48,275			33,300
		Total current assets		513,231			542,990
Property, plant and equipment, net				153,178			169,101
Goodwill				615,953			742,770
Other intangible assets, net				324,867			365,177
Other long-term assets				29,590			36,841
		Total assets	$	1,636,819		$	1,856,879
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Trade accounts payable		$	126,884		$	145,798
	Accrued compensation and benefits			41,789			52,964
	Current maturities of debt and short-term borrowings			6,750			4,500
	Income taxes payable			602			38,347
	Other current liabilities			56,680			57,512
		Total current liabilities		232,705			299,121
Long-term debt				580,000			385,500
Deferred income taxes				87,971			96,970
Pension and postretirement benefit accruals				13,616			15,699
Other long-term liabilities				55,802			57,878
		Total liabilities		970,094			855,168
Shareholders' equity
	Capital stock			15,776			15,695
	Additional paid-in capital			98,712			93,449
	Treasury stock			(569,139	)		(388,627	)
	Retained earnings			1,309,495			1,349,602
	Accumulated other comprehensive loss			(188,119	)		(68,408	)
	Stock held in trust			(4,145	)		(4,083	)
	Deferred compensation liability			4,145			4,083
		Total shareholders' equity		666,725			1,001,711
Total liabilities and shareholders' equity			$	1,636,819		$	1,856,879

Actuant Corporation
Condensed Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)
		Three Months Ended					Six Months Ended
		February 28,			February 28,		February 28,			February 28,
		2015			2014		2015			2014
Net sales		$	301,005		$	327,770	$	628,770		$	667,326
Cost of products sold			191,244			203,323		392,033			411,099
	Gross profit		109,761			124,447		236,737			256,227
Selling, administrative and engineering expenses			75,768			79,240		158,240			161,158
Amortization of intangible assets			6,087			6,226		12,373			12,441
Impairment charge			84,353			-		84,353			-
	Operating profit (loss)		(56,447	)		38,981		(18,229	)		82,628
Financing costs, net			7,030			6,262		13,221			13,012
Other (income) expense, net			(619	)		1,326		(1,058	)		2,467
	Earnings (loss) from continuing operations before income tax expense		(62,858	)		31,393		(30,392	)		67,149
Income tax expense			1,980			9,089		9,772			11,840
Earnings (loss) from continuing operations			(64,838	)		22,304		(40,164	)		55,309
Earnings from discontinued operations, net of income taxes			-			19,088		-			22,120
Net earnings (loss)		$	(64,838	)	$	41,392	$	(40,164	)	$	77,429
Earnings (loss) from continuing operations per share
	Basic	$	(1.05	)	$	0.31	$	(0.64	)	$	0.76
	Diluted		(1.05	)		0.30		(0.64	)		0.74
Earnings (loss) per share
	Basic	$	(1.05	)	$	0.57	$	(0.64	)	$	1.07
	Diluted		(1.05	)		0.56		(0.64	)		1.04
Weighted average common shares outstanding
	Basic		61,759			72,227		63,045			72,656
	Diluted		61,759			73,773		63,045			74,392

Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended						Six Months Ended
	February 28,			February 28,			February 28,			February 28,
	2015			2014			2015			2014
Operating Activities
Net (loss) earnings	$	(64,838	)	$	41,392		$	(40,164	)	$	77,429
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		13,232			15,761			26,940			31,965
Net gain on disposal of businesses		-			(26,339	)		-			(26,339	)
Stock-based compensation expense		2,327			6,509			5,873			10,612
Benefit for deferred income taxes		(541	)		(2,656	)		(1,893	)		(11,064	)
Impairment charge		84,353			-			84,353			-
Amortization of debt discount and debt issuance costs		423			423			846			983
Other non-cash adjustments		311			124			457			(743	)
Changes in components of working capital and other:								-
Accounts receivable		9,533			(2,271	)		5,904			4,769
Inventories		(4,662	)		(10,149	)		(11,162	)		(21,783	)
Prepaid expenses and other assets		(2,655	)		1,978			(13,353	)		(1,071	)
Trade accounts payable		(5,009	)		(15,395	)		(12,407	)		(12,835	)
Income taxes payable		(10,026	)		(10,210	)		(38,033	)		(13,399	)
Accrued compensation and benefits		(2,800	)		6,268			(12,763	)		3,673
Other accrued liabilities		(4,149	)		(1,498	)		(4,217	)		(5,314	)
Cash provided by (used in) operating activities		15,499			3,937			(9,619	)		36,883
Investing Activities
Proceeds from sale of property, plant and equipment		482			95			707			2,008
Proceeds from sale of businesses, net of transaction costs		-			243,386			-			243,386
Capital expenditures		(4,891	)		(10,969	)		(12,877	)		(22,226	)
Cash (used in) provided by investing activities		(4,409	)		232,512			(12,170	)		223,168
Financing Activities
Net borrowings (repayments) on revolving credit facilities and other debt		72,881			(113,000	)		196,750			(125,000	)
Purchase of treasury shares		(76,097	)		(93,743	)		(180,512	)		(109,095	)
Payment of contingent acquisition consideration		-			(339	)		-			(753	)
Stock option exercises and related tax benefits		2,466			15,241			4,753			25,803
Cash dividend		-			-			(2,598	)		(2,919	)
Cash (used in) provided by financing activities		(750	)		(191,841	)		18,393			(211,964	)
Effect of exchange rate changes on cash		(10,118	)		867			(18,119	)		2,944
Net increase (decrease) in cash and cash equivalents		222			45,475			(21,515	)		51,031
Cash and cash equivalents - beginning of period		87,275			109,542			109,012			103,986
Cash and cash equivalents - end of period	$	87,497		$	155,017		$	87,497		$	155,017

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
			FISCAL 2014															FISCAL 2015
			Q1			Q2			Q3			Q4			TOTAL			Q1			Q2			Q3	Q4	TOTAL
SALES
	INDUSTRIAL SEGMENT		$	98,641		$	93,571		$	109,809		$	111,880		$	413,901		$	102,413		$	96,488				$	198,901
	ENERGY SEGMENT			107,925			106,031			125,231			123,181			462,368			111,522			100,211					211,733
	ENGINEERED SOLUTIONS SEGMENT			132,990			128,168			143,147			119,288			523,593			113,830			104,306					218,136
		TOTAL	$	339,556		$	327,770		$	378,187		$	354,349		$	1,399,862		$	327,765		$	301,005				$	628,770
% SALES GROWTH
	INDUSTRIAL SEGMENT			-2	%		-5	%		-1	%		1	%		-2	%		4	%		3	%				3	%
	ENERGY SEGMENT			19	%		31	%		26	%		33	%		27	%		3	%		-5	%				-1	%
	ENGINEERED SOLUTIONS SEGMENT			15	%		6	%		7	%		-3	%		6	%		-14	%		-19	%				-16	%
		TOTAL		10	%		9	%		10	%		8	%		9	%		-3	%		-8	%				-6	%
OPERATING PROFIT (LOSS)
	INDUSTRIAL SEGMENT		$	26,897		$	26,477		$	34,123		$	32,752		$	120,249		$	26,705		$	23,517				$	50,222
	ENERGY SEGMENT			8,923			9,504			19,936			18,049			56,412			12,442			8,680					21,122
	ENGINEERED SOLUTIONS SEGMENT			13,190			9,548			13,560			5,638			41,936			6,278			2,010					8,288
	CORPORATE / GENERAL			(5,363	)		(6,548	)		(8,839	)		(8,234	)		(28,984	)		(7,207	)		(6,301	)				(13,508	)
		TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT CHARGE	$	43,647		$	38,981		$	58,780		$	48,205		$	189,613		$	38,218		$	27,906				$	66,124
	GAIN ON PRODUCT LINE DIVESTITURE			-			-			-			13,495			13,495			-			-					-
	IMPAIRMENT CHARGE			-			-			-			-			-			-			(84,353	)				(84,353	)
		TOTAL	$	43,647		$	38,981		$	58,780		$	61,700		$	203,108		$	38,218		$	(56,447	)			$	(18,229	)
OPERATING PROFIT %
	INDUSTRIAL SEGMENT			27.3	%		28.3	%		31.1	%		29.3	%		29.1	%		26.1	%		24.4	%				25.2	%
	ENERGY SEGMENT			8.3	%		9.0	%		15.9	%		14.7	%		12.2	%		11.2	%		8.7	%				10.0	%
	ENGINEERED SOLUTIONS SEGMENT			9.9	%		7.4	%		9.5	%		4.7	%		8.0	%		5.5	%		1.9	%				3.8	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT CHARGE		12.9	%		11.9	%		15.5	%		13.6	%		13.5	%		11.7	%		9.3	%				10.5	%
EBITDA
	INDUSTRIAL SEGMENT		$	28,657		$	27,907		$	35,426		$	35,017		$	127,007		$	28,715		$	25,534				$	54,249
	ENERGY SEGMENT			17,923			18,130			27,898			24,809			88,760			20,011			15,732					35,743
	ENGINEERED SOLUTIONS SEGMENT			17,365			13,581			18,464			9,046			58,456			11,514			5,603					17,117
	CORPORATE / GENERAL			(5,235	)		(6,202	)		(8,659	)		(7,916	)		(28,012	)		(7,875	)		(5,111	)				(12,986	)
		TOTAL - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT CHARGE	$	58,710		$	53,416		$	73,129		$	60,956		$	246,211		$	52,365		$	41,758				$	94,123
	GAIN ON PRODUCT LINE DIVESTITURE			-			-			-			13,495			13,495			-			-					-
	IMPAIRMENT CHARGE			-			-			-			-			-			-			(84,353	)				(84,353	)
		TOTAL	$	58,710		$	53,416		$	73,129		$	74,451		$	259,706		$	52,365		$	(42,595	)			$	9,770
EBITDA %
	INDUSTRIAL SEGMENT			29.1	%		29.8	%		32.3	%		31.3	%		30.7	%		28.0	%		26.5	%				27.3	%
	ENERGY SEGMENT			16.6	%		17.1	%		22.3	%		20.1	%		19.2	%		17.9	%		15.7	%				16.9	%
	ENGINEERED SOLUTIONS SEGMENT			13.1	%		10.6	%		12.9	%		7.6	%		11.2	%		10.1	%		5.4	%				7.8	%
		TOTAL (INCLUDING CORPORATE) - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT CHARGE		17.3	%		16.3	%		19.3	%		17.2	%		17.6	%		16.0	%		13.9	%				15.0	%

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
				FISCAL 2014														FISCAL 2015
				Q1			Q2			Q3		Q4			TOTAL			Q1		Q2			Q3	Q4	TOTAL
EARNINGS (LOSS) BEFORE SPECIAL ITEMS (1)
	NET EARNINGS (LOSS)			$	36,037		$	41,392		$	50,557	$	35,587		$	163,573		$	24,674	$	(64,838	)			$	(40,164	)
	EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX				(3,032	)		(19,088	)		-		-			(22,120	)		-		-					-
		EARNINGS (LOSS) FROM CONTINUING OPERATIONS			33,005			22,304			50,557		35,587			141,453			24,674		(64,838	)				(40,164	)
	GAIN ON PRODUCT LINE DIVESTITURE, NET OF INCOME TAX				-			-			-		(2,813	)		(2,813	)		-		-					-
	IMPAIRMENT CHARGE, NET OF INCOME TAX				-			-			-		-			-			-		82,636					82,636
		TOTAL		$	33,005		$	22,304		$	50,557	$	32,774		$	138,640		$	24,674	$	17,798				$	42,472
DILUTED EARNINGS (LOSS) PER SHARE, BEFORE SPECIAL ITEMS (1)
	NET EARNINGS (LOSS)			$	0.48		$	0.56		$	0.70	$	0.51		$	2.26		$	0.38	$	(1.05	)			$	(0.64	)
	EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX				(0.04	)		(0.26	)		-		-			(0.31	)		-		-					-
		EARNINGS (LOSS) FROM CONTINUING OPERATIONS			0.44			0.30			0.70		0.51			1.95			0.38		(1.05	)				(0.64	)
	GAIN ON PRODUCT LINE DIVESTITURE, NET OF INCOME TAX				-			-			-		(0.04	)		(0.04	)		-		-					-
	IMPAIRMENT CHARGE, NET OF INCOME TAX				-			-			-		-			-			-		1.33					1.30
		TOTAL		$	0.44		$	0.30		$	0.70	$	0.47		$	1.91		$	0.38	$	0.28				$	0.66
EBITDA (2)
	NET EARNINGS (LOSS) (GAAP MEASURE)			$	36,037		$	41,392		$	50,557	$	35,587		$	163,573		$	24,674	$	(64,838	)			$	(40,164	)
	EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX				(3,032	)		(19,088	)		-		-			(22,120	)		-		-					-
		EARNINGS (LOSS) FROM CONTINUING OPERATIONS			33,005			22,304			50,557		35,587			141,453			24,674		(64,838	)				(40,164	)
	FINANCING COSTS, NET				6,750			6,262			5,932		6,101			25,045			6,191		7,030					13,221
	INCOME TAX EXPENSE				2,751			9,089			1,671		19,062			32,573			7,792		1,980					9,772
	DEPRECIATION & AMORTIZATION				16,204			15,761			14,969		13,701			60,635			13,708		13,233					26,941
		EBITDA - EXCLUDING DISCONTINUED OPERATIONS (NON-GAAP MEASURE)		$	58,710		$	53,416		$	73,129	$	74,451		$	259,706		$	52,365	$	(42,595	)			$	9,770
	GAIN ON PRODUCT LINE DIVESTITURE				-			-			-		(13,495	)		(13,495	)		-		-					-
	IMPAIRMENT CHARGE				-			-			-		-			-			-		84,353					84,353
		EBITDA - EXCLUDING GAIN ON PRODUCT LINE DIVESTITURE AND IMPAIRMENT CHARGE (NON-GAAP MEASURE)		$	58,710		$	53,416		$	73,129	$	60,956		$	246,211		$	52,365	$	41,758				$	94,123
FOOTNOTES
NOTE:			The total of the individual quarters may not equal the annual total due to rounding.
(1)			Earnings and diluted earnings per share, excluding special items (discontinued operations, gain on product line divestiture and impairment charge), represent net earnings (loss) and diluted earnings (loss) per share per the Condensed Consolidated Statements of Operations net of charges or credits for items to be highlighted for comparability purposes. These measures should not be considered as an alternative to net earnings (loss) or diluted earnings (loss) per share as an indicator of the Company's operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Actuant companies. The total of the individual components may not equal due to rounding.
(2)			EBITDA represents net earnings before financing costs, net, income tax expense, discontinued operations and depreciation & amortization. EBITDA is not a calculation based upon generally accepted accounting principles (GAAP). The amounts included in the EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Operations data. EBITDA should not be considered as an alternative to net earnings (loss) or operating profit (loss) 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.

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