Actuant Reports Fourth Quarter and Full Year Fiscal 2013 Results; Increases 2014 Guidance

  Actuant Reports Fourth Quarter and Full Year Fiscal 2013 Results; Increases
  2014 Guidance

Business Wire

MILWAUKEE -- October 1, 2013

Actuant Corporation (NYSE: ATU) today announced results for its fourth quarter
ended August 31, 2013.

Highlights

  *Fourth quarter GAAP diluted earnings per share from continuing operations
    (“EPS”) of $0.60, and $0.50 excluding acquisition related costs and a
    favorable tax adjustment, an increase of 4% year-over-year (see attached
    reconciliation of earnings.)
  *Core sales were flat and -3% for the fourth quarter and full year,
    respectively (total sales less the impact of acquisitions, divestitures
    and foreign currency rate changes) with improving trends throughout the
    fiscal year.
  *Year-over-year operating profit margin expansion of 70 basis points for
    the fourth quarter, or 170 basis points excluding acquisition related
    costs.
  *Cash flow from operations was a robust $78 million for the fourth quarter.
  *Completed the acquisition of Viking SeaTech (“Viking”) for approximately
    $235 million, adding capabilities serving the deep water oil & gas market.
  *Repurchased 1.3 million common shares in fiscal 2013 for $42 million,
    including 0.8 million shares for $28 million in the fourth quarter.
  *Increased full year fiscal 2014 guidance with revised sales and EPS ranges
    of $1.41-1.45 billion and $2.00-2.10, respectively.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We were pleased
to finish the year in line with our expectations, with continued sequential
core sales improvement, year-over-year margin and EPS growth, and record free
cash flow. Consolidated fourth quarter core sales were flat, as overall demand
continued to reflect economies around the world struggling to find steady
growth. Excluding approximately $0.04 of Viking related acquisition costs and
a favorable tax adjustment, fourth quarter EPS of $0.50 increased 4% on a
year-over-year basis on improved margins, partially offset by a higher
effective tax rate. In the quarter, we demonstrated our continued ability to
operate in a stagnant market environment and deliver earnings growth, while
still making strategic investments to drive the company's long-term growth
strategy.”

Consolidated Results

Continuing Operations

Consolidated sales for the fourth quarter of fiscal 2013 were $327 million
compared to $322 million in the comparable prior year quarter. Core sales were
flat, with acquisitions contributing 2% and nominal currency impact. Fiscal
2013 fourth quarter net earnings and EPS from continuing operations were $45.1
million and $0.60, respectively, compared to $35.9 million and $0.48 in the
comparable prior year quarter. Excluding the fourth quarter fiscal 2013
favorable tax adjustment of $10.6 million, or $0.14 per diluted share, EPS
from continuing operations of $0.46 was 4% lower than the comparable prior
year period; however, it included approximately $0.04 of acquisition
transaction costs. (See attached reconciliation of earnings.)

Sales for the year ended August 31, 2013 of $1.28 billion were essentially
unchanged from the prior year. Excluding the 4% benefit of acquisitions, and
1% negative impact from foreign currency translation, core sales declined 3%.
Earnings and EPS from continuing operations for the year were $147.6 million,
or $1.98 per diluted share, compared to $125.3 million, or $1.68 per diluted
share for the comparable prior year period. Excluding the previously mentioned
favorable tax adjustment as well as 2012 debt refinancing costs of $16.8
million, or $0.15 per diluted share, fiscal 2013 EPS from continuing
operations of $1.84 was 1% higher than the $1.83 in the prior year. (See
attached reconciliation of earnings.)

Commenting on the full year results, Arzbaecher stated, “While our performance
in fiscal 2013 was impacted by weak global economic conditions, the sequential
improvement throughout the year was encouraging. Both Industrial and Energy
delivered full year core sales growth and we acquired approximately $90
million of revenue in the higher growth energy market. As a result of our
portfolio management, cost control and operational improvement efforts, EBITDA
margins, excluding acquisition costs, exceeded 20% by the end of the fiscal
year. We generated record free cash flow of $205 million and free cash flow to
net earnings conversion in excess of 125%. This allowed us to deploy $235
million in acquisitions and $42 million in share repurchases, yet maintain a
year-end net debt to EBITDA leverage of just 1.3X. In summary, despite poor
economic conditions, Actuant’s employees executed well and I am appreciative
of their efforts.”

Discontinued Operations

Discontinued operations include the operating results of the Electrical
segment for all periods presented. In the fourth quarter of fiscal 2013, a
favorable, non-cash adjustment of $11.2 million ($0.10 per diluted share) was
recorded to reduce the reserve against the Electrical segment’s carrying
value, based on current information. The sale process for the Electrical
segment is proceeding as planned and the Company expects the sale transaction
to be completed in the first half of fiscal 2014.


Segment Results

Industrial Segment
(US $ in millions)

                    Three Months Ended August 31,   Year Ended August 31,
                     2013              2012           2013        2012
Sales                $111.2             $110.6         $422.6       $419.3
Operating Profit     $31.9              $29.5          $117.6       $114.8
Operating Profit %   28.7%              26.6%          27.8%        27.4%
                                                                    

Fourth quarter fiscal 2013 Industrial segment sales were $111 million, 1%
higher than the prior year. This 1% core sales growth was due to higher
integrated solutions activity, vertical market penetration and success in high
growth regions including Africa, Indonesia and Brazil. Industrial tool sales
within Europe and China continue to experience year-over-year declines, albeit
at a more modest sequential pace. Fourth quarter operating profit margin
increased 210 basis points to 28.7% on the higher volume, lower incentive
compensation and operational excellence actions.


Energy Segment
(US $ in millions)

                    Three Months Ended August 31,   Year Ended August 31,
                     2013              2012           2013        2012
Sales                $92.7              $93.4          $363.4       $349.2
Operating Profit     $18.5              $18.8          $63.3        $62.2
Operating Profit %   19.9%              20.2%          17.4%        17.8%
                                                                    

Fiscal 2013 fourth quarter year-over-year Energy segment sales decreased 1% to
$93 million. Excluding the 1% impact from acquisitions and negative 2% from
foreign currency translation, core sales were flat year-over-year. Hydratight
demand remained strong in both the Europe and Asia Pacific regions; however,
North American revenues declined on lower service and nuclear maintenance
activity. Offshore demand for umbilical, cable and rope solutions grew with
continued favorable market dynamics; however, Cortland’s non-energy markets,
such as defense, experienced persistent weak activity levels. Fourth quarter
operating profit margin declined 30 basis points year-over-year, primarily the
result of unfavorable product mix.


Engineered Solutions Segment
(US $ in millions)

                    Three Months Ended August 31,   Year Ended August 31,
                     2013              2012           2013        2012
Sales                $123.4             $118.4         $493.7       $508.1
Operating Profit     $11.7              $10.1          $40.3        $60.9
Operating Profit %   9.5%               8.5%           8.2%         12.0%
                                                                    

Fourth quarter fiscal 2013 Engineered Solutions segment sales increased 4%
from the prior year to $123 million. Excluding the 3% net benefit from
acquisitions/divestitures and 1% from foreign currency translation,
year-over-year core sales were flat. This was a significant sequential
improvement from the third quarter’s 10% core sale decline. During the fourth
quarter, European heavy-duty truck sales grew over 10% and total agriculture
sales benefited from new product launches. Sales were down year-over-year in
the off-highway equipment markets including construction and defense, as well
as within the European convertible auto market, but the rate of decline in
both moderated from prior quarters. Fourth quarter operating profit margin
increased 100 basis points due to the benefit of cost reduction actions.

Corporate and Income Taxes

Corporate expenses for the fourth quarter of fiscal 2013 were $9.3 million,
$0.6 million above the comparable prior year period due primarily to $3.5
million of transaction costs related to the Viking acquisition, partially
offset by lower incentive compensation expenses. Income tax expense in the
fourth quarter of fiscal 2013 included a non-cash $10.6 million benefit from
the cumulative correction in accounting for taxes on equity compensation
expense over several years. The correction reduced historical annual tax
expense (and increased net income), but was not material to any individual
year.

Financial Position

Net debt at August 31, 2013 was $411 million (total debt of $515 million less
$104 million of cash); approximately $180 million above the prior quarter end.
The Company deployed approximately $235 million of capital to acquire Viking
in the fourth quarter as well as approximately $28 million for share
repurchases. Given the quarter’s strong free cash flow, Actuant’s August 31,
2013 net debt to EBITDA leverage ratio remained low at 1.3X. Available
liquidity is strong with $104 million of cash on hand, $475 million of
revolver availability and the expected 2014 cash flow and Electrical segment
divestiture proceeds.

Outlook

“The economic environment remains difficult to predict, and we are focused on
executing items within our control," Arzbaecher stated. "Our near-term
priorities continue to be investing in strategic growth opportunities
including high growth markets, acquisition capital deployment, cash
generation, and completing the sale of the Electrical segment.

We continue to anticipate fiscal 2014 core sales growth in the range of 3-5%,
outpacing GDP as a result of our company-specific Growth + Innovation (G+I)
process and easier prior year comparisons. We expect total sales of $1.41-1.45
billion, including approximately $100 million of Viking fiscal 2014 revenue.
On a year-over-year basis, the higher sales coupled with operational
excellence initiatives and completed share repurchases should result in fiscal
2014 EPS of $2.00-2.10, an increase of 9-14% compared to fiscal 2013,
excluding special items. We expect full year free cash flow of approximately
$190 million. We anticipate first quarter fiscal 2014 sales in the $325-335
million range and EPS of $0.43-0.46. All guidance excludes the impact of
future acquisitions and potential share repurchases.

Arzbaecher concluded, “Despite a stagnant macroeconomic environment, we expect
to deliver sales and earnings growth in fiscal 2014. We remain focused on our
G+I process, executing on cost savings initiatives, and maintaining our
flexibility to capitalize on market opportunities. We believe our strong
balance sheet provides significant capital deployment opportunities for
Actuant to deliver shareholder value.”

Conference Call Information

An investor conference call is scheduled for 10am CT today, October 1, 2013.
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. This includes
statements pertaining to, among other things, the planned divestiture of the
Electrical segment, the potential timing thereof, and the prospects and
expected financial results of Actuant after the planned transaction. 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.

(tables follow)

Actuant Corporation
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
                                                        
                                              August 31,      August 31,
                                              2013            2012
                                                              
ASSETS
Current assets
     Cash and cash equivalents                $ 103,986       $ 68,184
     Accounts receivable, net                   219,075         234,756
     Inventories, net                           142,549         211,690
     Deferred income taxes                      18,796          22,583
     Other current assets                       28,228          24,068
     Assets of discontinued operations         272,606       -         
              Total current assets              785,240         561,281
                                                              
Property, plant and equipment, net              201,496         115,884
Goodwill                                        734,952         866,412
Other intangible assets, net                    376,692         445,884
Other long-term assets                         20,952        17,658    
                                                              
              Total assets                    $ 2,119,332    $ 2,007,119 
                                                              
                                                              
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
     Trade accounts payable                   $ 154,049       $ 174,746
     Accrued compensation and benefits          43,800          58,817
     Current maturities of debt                 -               7,500
     Income taxes payable                       14,014          5,778
     Other current liabilities                  56,899          72,165
     Liabilities of discontinued operations    53,080        -         
              Total current liabilities         321,842         319,006
                                                              
Long-term debt                                  515,000         390,000
Deferred income taxes                           115,865         132,653
Pension and postretirement benefit accruals     20,698          26,442
Other long-term liabilities                     65,660          87,182
                                                              
Shareholders' equity
     Capital stock                              15,399          15,102
     Additional paid-in capital                 49,758          7,725
     Treasury stock                             (104,915  )     (63,083   )
     Retained earnings                          1,188,685       1,161,564
     Accumulated other comprehensive loss       (68,660   )     (69,472   )
     Stock held in trust                        (3,124    )     (2,689    )
     Deferred compensation liability           3,124         2,689     
              Total shareholders' equity       1,080,267     1,051,836 
                                                              
Total liabilities and shareholders' equity    $ 2,119,332    $ 2,007,119 

Actuant Corporation
Condensed Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)
                                                          
                                                                 
                      Three Months Ended         Twelve Months Ended
                      August 31,   August 31,    August 31,      August 31,
                      2013        2012          2013           2012
                                                                 
Net sales             $  327,260   $ 322,368     $ 1,279,742     $ 1,276,521
Cost of products        197,760   192,760     772,792      765,061   
sold
     Gross profit        129,500     129,608       506,950         511,460
                                                                 
Selling,
administrative and       71,345      74,114        293,866         284,920
engineering
expenses
Amortization of         5,397     5,789       22,939       22,026    
intangible assets
     Operating           52,758      49,705        190,145         204,514
     profit
                                                                 
Financing costs,         6,026       6,281         24,837          29,561
net
Debt refinancing         -           -             -               16,830
costs
Other expense, net      841       196         2,359        3,493     
     Earnings from
     continuing
     operations          45,891      43,228        162,949         154,630
     before income
     tax expense
                                                                 
Income tax expense      776       7,312       15,372       29,354    
Earnings from
continuing               45,115      35,916        147,577         125,276
operations
Earnings (loss)
from discontinued       13,138    (52,376 )    (117,529  )   (37,986   )
operations, net of
income taxes
Net earnings (loss)   $  58,253   $ (16,460 )   $ 30,048      $ 87,290    
                                                                 
Earnings from
continuing
operations per
share
     Basic            $  0.62      $ 0.49        $ 2.02          $ 1.79
     Diluted             0.60        0.48          1.98            1.68
                                                                 
Earnings (loss) per
share
     Basic            $  0.80      $ (0.23   )   $ 0.41          $ 1.25
     Diluted             0.78        (0.22   )     0.40            1.17
                                                                 
Weighted average
common shares
outstanding
     Basic               73,048      72,846        72,979          70,099
     Diluted             74,845      74,158        74,580          74,940

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,
                      2013           2012          2013           2012
                                                                  
Operating Activities
Net earnings (loss)   $ 58,253       $ (16,460 )   $ 30,048       $ 87,290
Adjustments to
reconcile net
earnings (loss) to
net cash provided by
operating
activities:
Depreciation and        11,112         14,071        53,902         54,263
amortization
Stock-based             2,933          3,344         13,440         13,346
compensation expense
Benefit for deferred    (13,716  )     (8,387  )     (44,265  )     (10,524  )
income taxes
Impairment charges      (11,235  )     62,464        158,817        62,464
Amortization of debt
discount and debt       452            498           1,940          1,990
issuance costs
Non-cash debt           -              -             -              2,254
refinance charge
Other non-cash          157            139           328            -
adjustments
Changes in
components of
working capital and
other:
Accounts receivable     14,108         9,382         (10,925  )     (12,310  )
Inventories             6,388          2,361         13,714         11,532
Prepaid expenses and    10             (3,235  )     (4,603   )     (2,164   )
other assets
Trade accounts          (1,750   )     3,123         (9,279   )     5,902
payable
Income taxes payable    6,132          (15,847 )     594            (17,903  )
Accrued compensation    (1,427   )     2,474         (14,256  )     (6,292   )
and benefits
Other accrued          6,102        (912    )    4,334        (7,519   )
liabilities
Net cash provided by    77,519         53,015        193,789        182,329
operating activities
                                                                  
Investing Activities
Proceeds from sale
of property, plant      304            15            1,621          8,501
and equipment
Proceeds from sale
of businesses, net      -              -             4,854          -
of transaction costs
Capital expenditures    (4,773   )     (5,249  )     (23,668  )     (22,740  )
Business
acquisitions, net of   (235,406 )    (40,533 )    (239,041 )    (70,267  )
cash acquired
Net cash used in        (239,875 )     (45,767 )     (256,234 )     (84,506  )
investing activities
                                                                  
Financing Activities
Net borrowings
(repayments) on
revolving credit        125,000        -             125,000        (58,167  )
facilities and other
debt
Principal repayments    (2,500   )     (1,250  )     (7,500   )     (2,500   )
on term loan
Repurchases of 2%       -              -             -              (102     )
Convertible Notes
Proceeds on 5.625%      -              -             -              300,000
Senior Note issuance
Redemption of 6.875%    -              -             -              (250,000 )
Senior Notes
Debt issuance and       (2,035   )     (150    )     (2,035   )     (5,490   )
refinancing costs
Purchase of treasury    (28,162  )     (23,801 )     (41,832  )     (63,083  )
shares
Payment of
contingent              (1,826   )     -             (1,826   )     -
consideration
Stock option
exercises and           14,556         4,521         33,261         10,913
related tax benefits
Cash dividend          -            -           (2,911   )    (2,748   )
Net cash provided by
(used in) financing     105,033        (20,680 )     102,157        (71,177  )
activities
                                                                  
Effect of exchange     (109     )    1,467       (3,910   )    (2,683   )
rate changes on cash
Net increase in cash    (57,432  )     (11,965 )     35,802         23,963
and cash equivalents
Cash and cash
equivalents -          161,418      80,149      68,184       44,221   
beginning of period
Cash and cash
equivalents - end of  $ 103,986     $ 68,184     $ 103,986     $ 68,184   
period

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
                                                                                                                                    
                 FISCAL 2012                                                             FISCAL 2013
                 Q1           Q2           Q3           Q4           TOTAL           Q1           Q2           Q3           Q4           TOTAL
SALES
  INDUSTRIAL     $ 100,253     $ 98,342      $ 110,102     $ 110,598     $ 419,295       $ 101,122     $ 98,999      $ 111,308     $ 111,191     $ 422,620
  SEGMENT
  ENERGY           80,421        78,937        96,399        93,406        349,163         90,769        80,794        99,158        92,651        363,372
  SEGMENT
  ENGINEERED
  SOLUTIONS       129,292    123,640    136,767    118,364    508,063       115,918    120,675    133,739    123,418    493,750   
  SEGMENT
    TOTAL        $ 309,966   $ 300,919   $ 343,268   $ 322,368   $ 1,276,521    $ 307,809   $ 300,468   $ 344,205   $ 327,260   $ 1,279,742 
                                                                                                                                                 
% SALES GROWTH
  INDUSTRIAL       15      %     11      %     2       %     2       %     7         %     1       %     1       %     1       %     1       %     1         %
  SEGMENT
  ENERGY           14      %     28      %     24      %     13      %     19        %     13      %     2       %     3       %     -1      %     4         %
  SEGMENT
  ENGINEERED
  SOLUTIONS        23      %     12      %     8       %     -10     %     7         %     -10     %     -2      %     -2      %     4       %     -3        %
  SEGMENT
    TOTAL          18      %     16      %     10      %     0       %     10        %     -1      %     0       %     0       %     2       %     0         %
                                                                                                                                                 
OPERATING
PROFIT (LOSS)
  INDUSTRIAL     $ 27,933      $ 26,690      $ 30,681      $ 29,473      $ 114,777       $ 27,006      $ 26,350      $ 32,426      $ 31,862      $ 117,644
  SEGMENT
  ENERGY           13,217        11,632        18,515        18,841        62,205          15,387        9,677         19,736        18,480        63,280
  SEGMENT
  ENGINEERED
  SOLUTIONS        18,999        13,281        18,467        10,104        60,851          7,625         8,275         12,754        11,674        40,328
  SEGMENT
  CORPORATE /     (7,845  )   (7,948  )   (8,813  )   (8,713  )   (33,319   )    (6,544  )   (7,431  )   (7,874  )   (9,258  )   (31,107   )
  GENERAL
    TOTAL        $ 52,304    $ 43,655    $ 58,850    $ 49,705    $ 204,514      $ 43,474    $ 36,871    $ 57,042    $ 52,758    $ 190,145   
                                                                                                                                                 
OPERATING
PROFIT %
  INDUSTRIAL       27.9    %     27.1    %     27.9    %     26.6    %     27.4      %     26.7    %     26.6    %     29.1    %     28.7    %     27.8      %
  SEGMENT
  ENERGY           16.4    %     14.7    %     19.2    %     20.2    %     17.8      %     17.0    %     12.0    %     19.9    %     19.9    %     17.4      %
  SEGMENT
  ENGINEERED
  SOLUTIONS        14.7    %     10.7    %     13.5    %     8.5     %     12.0      %     6.6     %     6.9     %     9.5     %     9.5     %     8.2       %
  SEGMENT
    TOTAL
    (INCLUDING     16.9    %     14.5    %     17.1    %     15.4    %     16.0      %     14.1    %     12.3    %     16.6    %     16.1    %     14.9      %
    CORPORATE)
                                                                                                                                                 
EBITDA
  INDUSTRIAL     $ 29,220      $ 29,116      $ 32,070      $ 31,774      $ 122,180       $ 29,033      $ 28,471      $ 34,374      $ 33,742      $ 125,620
  SEGMENT
  ENERGY           18,243        15,601        22,216        23,166        79,226          19,694        14,278        23,977        22,185        80,134
  SEGMENT
  ENGINEERED
  SOLUTIONS        22,213        16,762        21,418        13,991        74,384          12,047        12,611        16,700        15,659        57,017
  SEGMENT
  CORPORATE /     (7,217  )   (7,479  )   (8,506  )   (7,972  )   (31,174   )    (6,195  )   (6,582  )   (7,556  )   (8,556  )   (28,889   )
  GENERAL
    TOTAL        $ 62,459    $ 54,000    $ 67,198    $ 60,959    $ 244,616      $ 54,579    $ 48,778    $ 67,495    $ 63,030    $ 233,882   
                                                                                                                                                 
EBITDA %
  INDUSTRIAL       29.1    %     29.6    %     29.1    %     28.7    %     29.1      %     28.7    %     28.8    %     30.9    %     30.3    %     29.7      %
  SEGMENT
  ENERGY           22.7    %     19.8    %     23.0    %     24.8    %     22.7      %     21.7    %     17.7    %     24.2    %     23.9    %     22.1      %
  SEGMENT
  ENGINEERED
  SOLUTIONS        17.2    %     13.6    %     15.7    %     11.8    %     14.6      %     10.4    %     10.5    %     12.5    %     12.7    %     11.5      %
  SEGMENT
    TOTAL
    (INCLUDING     20.2    %     17.9    %     19.6    %     18.9    %     19.2      %     17.7    %     16.2    %     19.6    %     19.3    %     18.3      %
    CORPORATE)

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
                                                                                                      
                                                                                                                  
                     FISCAL 2012                                        FISCAL 2013
                     Q1       Q2       Q3       Q4        TOTAL     Q1       Q2       Q3        Q4        TOTAL
EARNINGS (LOSS)
BEFORE SPECIAL
ITEMS (1)
     NET EARNINGS    $         $         $         $          $         $         $         $          $ 58,253   $ 30,048
     (LOSS)          37,174    32,175    34,401    (16,460)   87,290    36,343    28,435    (92,983)
     LOSS
     (EARNINGS)
     FROM
     DISCONTINUED    (3,204)  (4,522)  (6,664)  52,376    37,986    (5,792)  (2,601)  139,060   (13,138)  117,529
     OPERATIONS,
     NET OF INCOME
     TAX
      EARNINGS
      FROM           33,970    27,653    27,737    35,916     125,276   30,551    25,834    46,077     45,115     147,577
      CONTINUING
      OPERATIONS
     DEBT
     REFINANCING     -         -         10,482    -          10,482    -         -         -          -          -
     CHARGES, NET
     OF INCOME TAX
     INCOME TAX      -        -        -        -         -         -        -        -         (10,596)  (10,596)
     ADJUSTMENT
      TOTAL          $        $        $        $ 35,916  $         $        $        $ 46,077  $ 34,519  $
                     33,970    27,653    38,219               135,758   30,551    25,834                          136,981
                                                                                                                  
DILUTED EARNINGS
(LOSS) PER SHARE,
BEFORE
SPECIAL ITEMS (1)
     NET EARNINGS    $ 0.50    $ 0.43    $ 0.45    $ (0.22)   $ 1.17    $ 0.49    $ 0.38    $ (1.24)   $ 0.78     $ 0.40
     (LOSS)
     LOSS
     (EARNINGS)
     FROM
     DISCONTINUED    (0.04)   (0.06)   (0.09)   0.70      0.51      (0.08)   (0.03)   1.86      (0.18)    1.58
     OPERATIONS,
     NET OF INCOME
     TAX
      EARNINGS
      FROM           0.46      0.37      0.36      0.48       1.68      0.41      0.35      0.62       0.60       1.98
      CONTINUING
      OPERATIONS
     DEBT
     REFINANCING     -         -         0.15      -          0.15      -         -         -          -          -
     CHARGES, NET
     OF INCOME TAX
     INCOME TAX      -        -        -        -         -         -        -        -         (0.14)    (0.14)
     ADJUSTMENT
      TOTAL          $ 0.46   $ 0.37   $ 0.51   $ 0.48    $ 1.83    $ 0.41   $ 0.35   $ 0.62    $ 0.46    $ 1.84
                                                                                                                  
                                                                                                                  
EBITDA (2)
     NET EARNINGS    $         $         $         $          $         $         $         $
     (LOSS) (GAAP    37,174    32,175    34,401    (16,460)   87,290    36,343    28,435    (92,983)   $ 58,253   $ 30,048
     MEASURE)
     LOSS
     (EARNINGS)
     FROM
     DISCONTINUED    (3,204)  (4,522)  (6,664)  52,376    37,986    (5,792)  (2,601)  139,060   (13,138)  117,529
     OPERATIONS,
     NET OF INCOME
     TAX
      EARNINGS
      FROM           33,970    27,653    27,737    35,916     125,276   30,551    25,834    46,077     45,115     147,577
      CONTINUING
      OPERATIONS
     FINANCING       8,222     7,821     24,066    6,281      46,390    6,322     6,260     6,229      6,026      24,837
     COSTS, NET
     INCOME TAX      9,447     8,139     4,456     7,312      29,354    5,957     4,814     3,825      776        15,372
     EXPENSE
     DEPRECIATION
     &               10,820   10,387   10,939   11,450    43,596    11,749   11,870   11,364    11,113    46,096
     AMORTIZATION
      EBITDA -
      EXCLUDING
      DISCONTINUED   $        $        $        $ 60,959  $         $        $        $ 67,495  $ 63,030  $
      OPERATIONS     62,459    54,000    67,198               244,616   54,579    48,778                          233,882
      (NON-GAAP
      MEASURE)
                                                                                                                  
FOOTNOTES
                                                                                                                  
NOTE:        The total of the individual quarters may not equal the annual total due to rounding.
                                                                                                                  
             Earnings (loss) and diluted earnings (loss) per share, excluding special items (debt refinancing charges,
             income tax adjustments, and discontinued operations), represent net earnings (loss) and diluted earnings
             (loss) per share per the Condensed Consolidated Statements of Operations net of charges or credits for items
(1)          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.
                                                                                                                  
             EBITDA represents net earnings (loss) 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
(2)          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.

Contact:

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