Actuant Corporation Enters into Fifth Amended and Restated Credit Agreement
May 8 15
On May 8, 2015, Actuant Corporation entered into a Fifth Amended and Restated Credit Agreement by and among the Company, the foreign subsidiary borrowers party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent. The Amended Credit Facility amends and restates the company's existing fourth amended and restated credit agreement, which was scheduled to expire in July 2018, and extends the maturity to May 2020. The Amended Credit Facility provides for a continuation of the existing $600 million revolving credit facility and an increased $300 million term loan. The Amended Credit Facility also provides for a $450 million expansion option, which may be exercised by the Company subject to certain conditions. Borrowings under both the revolving credit facility and the term loan will mature on May 8, 2020. The Amended Credit Facility continues to be secured by substantially all personal property assets of the Company and its domestic subsidiary guarantors. Borrowings under the Amended Credit Facility initially bear interest at LIBOR plus 1.75%. The interest rate spreads above LIBOR or the base rate are subject to adjustments based on the company's net leverage ratio, ranging from 1.00% to 2.25% in the case of loans bearing interest at LIBOR and from 0.0% to 1.25% in the case of loans bearing interest at the base rate. In addition, a non-use fee is payable quarterly on the average unused credit line under the revolver ranging from 0.15% to 0.35% per annum, based on the Company's net leverage ratio. The term loan will be repaid in principal installments of $3.75 million per quarter starting on June 30, 2016, increasing to $7.5 million per quarter beginning on June 30, 2017, with the remaining balance due at maturity. The Amended Credit Facility contains customary limits and restrictions concerning investments, sales of assets, liens on assets, dividends and other payments. The two financial covenants included in the Amended Credit Facility are a maximum leverage ratio of 3.75:1 and a minimum interest coverage ratio of 3.50:1.
Actuant Corporation Presents at The Benchmark Company, LLC OneonOne Investor Conference, May-28-2015
Apr 29 15
Actuant Corporation Presents at The Benchmark Company, LLC OneonOne Investor Conference, May-28-2015 . Venue: The Pfister Hotel, 424 E. Wisconsin Avenue, Milwaukee, Wisconsin, United States.
Actuant Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended February 28, 2015; Revises Earnings Guidance for the Third Quarter and Full Year of Fiscal 2015; Reports Impairment Charge for the Second Quarter of 2015
Mar 18 15
Actuant Corporation reported unaudited consolidated earnings results for the second quarter and six months ended February 28, 2015. For the quarter, the company reported net sales of $301,005,000 against $327,770,000 a year ago. Operating loss was $56,447,000 against operating income of $38,981,000 a year ago. Loss from continuing operations before income tax expense were $62,858,000 against earnings from continuing operations before income tax expense of $31,393,000 a year ago. Loss from continuing operations was $64,838,000 or $1.05 basic and diluted earnings per share against earnings from continuing operations of $22,304,000 or $0.31 diluted earnings per share a year ago. Net loss was $64,838,000 or $1.05 diluted earnings per share against net earnings of $41,392,000 or $0.56 diluted earnings per share a year ago. Cash provided by operating activities was $15,499,000 against $3,937,000 a year ago. Capital expenditures were $4,891,000 against $10,969,000 a year ago. Net debt at February 28, 2015 was $499 million. LBITDA was $42,595,000 against $53,416,000 for the same period a year ago. Earnings before special items were $17,798,000 or $0.28 per diluted share against $22,304,000 or $0.30 per diluted share for the same period a year ago. Ffree cash flow was $14 million and was ahead of last year.
For the six months, the company reported net sales of $628,770,000 against $667,326,000 a year ago. Operating loss was $18,229,000 against operating income of $82,628,000 a year ago. Loss from continuing operations before income tax expense were $30,392,000 against earnings from continuing operations before income tax expense of $67,149,000 a year ago. Loss from continuing operations were $40,164,000 or $0.64 per diluted earnings share against earnings from continuing operations of $55,309,000 or $0.74 per diluted earnings share a year ago. Net loss was $40,164,000 or $0.64 per basic and diluted earnings share against net earnings of $77,429,000 or $1.04 per diluted earnings share a year ago. Cash used in operating activities was $9,619,000 against cash provided by operating activities of $36,883,000 a year ago. Capital expenditures were $12,877,000 against $22,226,000 a year ago. EBITDA was $9,770,000. Earnings before special items were $42,472,000 or $0.66 per diluted share.
The company revised earnings guidance for the third quarter and full year of fiscal 2015. The company anticipates fiscal third quarter sales and EPS of $315 million to $325 million and $0.52 to $0.57 per share, respectively.
For the year, the company expects sales in the $1.245 billion -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 million -120 million range.
The company recorded impairment charge of $84,353,000 for the second quarter ended February 28, 2015.