Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference, Webcast

Enerpac Tool Group Reports Second Quarter 2020 Results


Enerpac Tool Group Corp. (NYSE: EPAC) (the "Company"), today announced results for its fiscal 2020 second quarter ended February 29, 2020.

"Despite global economic uncertainty along with the early impact of the coronavirus that affected our China results for the second quarter, we continued to execute on our strategic initiatives. We are pleased to have completed the acquisition of HTL Group in the quarter, which is the UK's leading provider of controlled bolting products. This transaction expands our portfolio of bolting products as well as our global rental offering. In addition, our efforts around new product development have continued to be effective as we achieved greater than 10% of sales from new products for a second consecutive quarter. As recently announced, Jeff Schmaling will be moving into his new role as Chief Operating Officer and will continue to drive these growth initiatives," commented Randy Baker, Enerpac Tool Group's President and CEO.

Mr. Baker continued, "Given the high degree of uncertainty and continued market softness that impacted our business in the second quarter, we have accelerated our restructuring efforts to reduce redundant segment and corporate costs while enhancing our commercial and marketing processes to become even closer to our customers. These changes to our structure continue to be a key component of our EBITDA margin progression and taking these actions now will allow us to realize the projected $10 million of savings sooner."

Consolidated Results from Continuing Operations

(US$ in millions)

Three Months Ended

 

Six Months Ended

February 29, 2020

 

February 28, 2019

 

February 29, 2020

 

February 28, 2019

Net Sales

$133.4

 

$159.8

 

$280.1

 

$318.3

Net Income (Loss)

$3.9

 

$0.8

 

$10.3

 

($15.7)

Earnings (Loss) Per Share

$0.06

 

$0.01

 

$0.17

 

($0.26)

Adjusted Earnings Per Share

$0.09

 

$0.12

 

$0.21

 

$0.23

Industrial Tools & Services

(US$ in millions)

 

Three Months Ended

 

Six Months Ended

February 29, 2020

 

February 28, 2019

 

February 29, 2020

 

February 28, 2019

Sales

$123.4

 

$149.5

 

$259.0

 

$298.2

Operating Profit

$20.6

 

$26.5

 

$46.6

 

$52.9

Adjusted Op Profit (1)

$21.0

 

$26.6

 

$46.9

 

$52.9

Adjusted Op Profit % (1)

17.0%

 

17.8%

 

18.1%

 

17.8%

(1) Excludes $1.0 million of restructuring charges, $0.8 million of net impairment and divestiture gains, along with $0.2 million of purchase accounting charges in the second quarter of fiscal 2020 compared to minimal restructuring charges in the second quarter of fiscal 2019. The six months ended February 29, 2020 excludes $2.2 million of restructuring charges, $2.1 million of net impairment and divestiture gains and $0.2 million of purchase accounting charges.

Corporate Expenses and Income Taxes (excluding restructuring items)

Discontinued Operations

Discontinued operations represent the normal operating results for the divested EC&S segment through the October 31, 2019 completion date of the divestiture as well as the ancillary impacts from certain retained liabilities subsequent to the completion date. The second quarter of fiscal 2020 includes a $1.8 million, after-tax loss related to EC&S segment.

Balance Sheet and Leverage

(US$ in millions)

 

Period Ended

 

February 29, 2020

 

August 31, 2019

 

February 28, 2019

Cash Balance

 

$163.4

 

$211.2

 

$170.4

Debt Balance

 

$286.4

 

$460.4

 

$485.6

Net Debt to Adjusted EBITDA**

 

1.3

 

1.7

 

2.1

Net debt at February 29, 2020 was approximately $123 million (total debt of $286 million less $163 million of cash), which increased approximately $44 million from the prior quarter primarily due to the acquisition of HTL and decreased $192 million from the second quarter of fiscal 2019 resulting largely from paying down debt with the proceeds from the EC&S divestiture. Net Debt to Adjusted EBITDA was 1.3x at February 29, 2020.

**Adjusted EBITDA is calculated for the twelve months then ended.

Outlook

Due to ongoing market disruptions from the COVID-19 pandemic and volatile oil pricing, the duration and extent of which are unpredictable at this time, the Company is suspending its outlook for the remainder of fiscal 2020.

Mr. Baker said, "As we move forward to the second half of fiscal 2020, we believe we are taking the appropriate cost savings actions to create a cost structure that will support a 20% EBITDA margin run rate. We continue to execute our strategy to drive best in class returns for our shareholders, demonstrated by our acquisition of HTL. We are confident in the progress we are making on our strategy, and once the current macro situation stabilizes, we intend to provide an update on our outlook for the remainder of the year."

Conference Call Information

An investor conference call is scheduled for 10:00 am CT today, March 19, 2020. Webcast information and conference call materials are available on the Enerpac Tool Group company website (www.enerpactoolgroup.com).

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. Among other risks and factors, Enerpac Tool Group's results are subject to general economic conditions, the COVID-19 pandemic, volatile oil pricing, 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, tax reform, foreign currency fluctuations and interest rate risk. See the Company's Form 10-K for the fiscal year ended August 31, 2019 filed with the Securities and Exchange Commission for further information regarding risk factors. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

Non-GAAP Financial Information

This press release contains financial measures that are not measures presented in conformity with GAAP. They include EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted EPS from continuing operations, adjusted operating profit from continuing operations, free cash flow and net debt. This press release includes reconciliations of these non-GAAP measures to the most comparable GAAP measure, including in the tables attached to this press release. Management believes these non-GAAP measures are commonly used financial measures for investors to evaluate Enerpac Tool Group's operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company's performance from period to period. In addition, these are some of the factors management uses in internal evaluations of the overall performance of the Company's business. Management acknowledges that there are many items that impact a company's reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly-titled measures used by other companies.

About Enerpac Tool Group

Enerpac Tool Group Corp. is a premier industrial tools and services company serving a broad and diverse set of customers in more than 90 countries. The Company's businesses are global leaders in high pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group trades on the NYSE under the symbol EPAC. For further information on Enerpac Tool Group and its businesses, visit the Company's website at www.enerpactoolgroup.com.

Enerpac Tool Group Corp.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)

February 29,

 

August 31,

2020

 

2019

ASSETS
Current assets
Cash and cash equivalents

$

163,437

 

$

211,151

 

Accounts receivable, net

 

113,294

 

 

125,883

 

Inventories, net

 

78,046

 

 

77,187

 

Assets from discontinued operations

 

-

 

 

285,578

 

Other current assets

 

43,386

 

 

30,526

 

Total current assets

 

398,163

 

 

730,325

 

 
Property, plant and equipment, net

 

63,065

 

 

56,729

 

Goodwill

 

271,828

 

 

260,415

 

Other intangible assets, net

 

66,501

 

 

52,375

 

Other long-term assets

 

79,785

 

 

24,430

 

 
Total assets

$

879,342

 

$

1,124,274

 

 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable

$

62,291

 

$

76,914

 

Accrued compensation and benefits

 

19,333

 

 

26,421

 

Current maturities of debt

 

-

 

 

7,500

 

Income taxes payable

 

4,250

 

 

4,838

 

Liabilities from discontinued operations

 

-

 

 

143,763

 

Other current liabilities

 

43,687

 

 

40,965

 

Total current liabilities

 

129,561

 

 

300,401

 

 
Long-term debt, net

 

286,367

 

 

452,945

 

Deferred income taxes

 

1,782

 

 

1,564

 

Pension and postretirement benefit liabilities

 

19,742

 

 

20,213

 

Other long-term liabilities

 

87,525

 

 

47,972

 

Total liabilities

 

524,977

 

 

823,095

 

 
Shareholders' equity
Capital stock

 

16,508

 

 

16,384

 

Additional paid-in capital

 

189,716

 

 

181,213

 

Treasury stock

 

(658,017

)

 

(640,212

)

Retained earnings

 

923,622

 

 

915,466

 

Accumulated other comprehensive loss

 

(117,464

)

 

(171,672

)

Stock held in trust

 

(2,434

)

 

(3,070

)

Deferred compensation liability

 

2,434

 

 

3,070

 

Total shareholders' equity

 

354,365

 

 

301,179

 

 
Total liabilities and shareholders' equity

$

879,342

 

$

1,124,274

 

Enerpac Tool Group Corp.
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)

Three Months Ended

 

Six Months Ended

February 29,

 

February 28,

 

February 29,

 

February 28,

2020

 

2019

 

2020

 

2019

Net sales

$

133,386

 

$

159,788

$

280,060

 

$

318,340

 

Cost of products sold

 

71,293

 

 

88,473

 

149,278

 

 

176,712

 

Gross profit

 

62,093

 

 

71,315

 

130,782

 

 

141,628

 

 
Selling, administrative and engineering expenses

 

50,245

 

 

53,433

 

102,076

 

 

106,554

 

Amortization of intangible assets

 

2,120

 

 

1,854

 

3,993

 

 

4,151

 

Restructuring charges

 

1,929

 

 

46

 

3,900

 

 

17

 

Impairment & divestiture (benefit) charges

 

(768

)

 

3,543

 

(2,124

)

 

27,019

 

Operating profit

 

8,567

 

 

12,439

 

22,937

 

 

3,887

 

 
Financing costs, net

 

4,630

 

 

7,157

 

11,359

 

 

14,455

 

Other expense, net

 

(787

)

 

515

 

(468

)

 

1,021

 

Income (loss) before income tax expense

 

4,724

 

 

4,767

 

12,046

 

 

(11,589

)

 
Income tax expense

 

806

 

 

4,002

 

1,756

 

 

4,068

 

Earnings (loss) from continuing operations

 

3,918

 

 

765

 

10,290

 

 

(15,657

)

(Loss) earnings from discontinued operations, net of income taxes

 

(1,756

)

 

1,988

 

(6,007

)

 

958

 

Net earnings (loss)

$

2,162

 

$

2,753

$

4,283

 

$

(14,699

)

 
Earnings (loss) from continuing operations per share
Basic

$

0.07

 

$

0.01

$

0.17

 

$

(0.26

)

Diluted

 

0.06

 

 

0.01

 

0.17

 

 

(0.26

)

 
(Loss) earnings from discontinued operations
Basic

$

(0.03

)

$

0.03

$

(0.10

)

$

0.02

 

Diluted

 

(0.03

)

 

0.03

 

(0.10

)

 

0.02

 

 
Earnings (loss) per share
Basic

$

0.04

 

$

0.04

$

0.07

 

$

(0.24

)

Diluted

 

0.04

 

 

0.04

 

0.07

 

 

(0.24

)

 
Weighted average common shares outstanding
Basic

 

60,130

 

 

61,243

 

60,106

 

 

61,137

 

Diluted

 

60,513

 

 

61,607

 

60,557

 

 

61,137

 

Enerpac Tool Group Corp.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

February 29,

 

February 28,

 

February 29,

 

February 28,

 

 

2020

 

2019

 

2020

 

2019

Operating Activities
Cash used by operating activities

$

(5,814

)

$

(22,204

)

$

(28,741

)

$

(51,314

)

 
Investing Activities
Capital expenditures

 

(3,780

)

 

(8,001

)

 

(8,382

)

 

(15,667

)

Proceeds from sale of property, plant and equipment

 

288

 

 

41

 

 

605

 

 

52

 

Lease buyout for divested business

 

(575

)

 

-

 

 

(575

)

 

-

 

Proceeds from sale of EC&S segment, net of transaction costs

 

750

 

 

-

 

 

209,651

 

 

-

 

Proceeds from sale of IT&S product lines, net of transaction costs

 

-

 

 

-

 

 

8,726

 

 

-

 

Proceeds from sale of businesses, net of transaction costs

 

-

 

 

36,159

 

 

-

 

 

36,159

 

Cash paid for business acquisitions, net of cash acquired

 

(33,444

)

 

-

 

 

(33,444

)

 

-

 

Cash (used in) provided by investing activities

 

(36,761

)

 

28,199

 

 

176,581

 

 

20,544

 

 
Financing Activities
Principal repayments on term loan

 

-

 

 

(40,000

)

 

(175,000

)

 

(47,500

)

Borrowings on revolver

 

-

 

 

-

 

 

100,000

 

 

-

 

Principal payments on revolver

 

-

 

 

-

 

 

(100,000

)

 

-

 

Purchase of treasury shares

 

-

 

 

-

 

 

(17,805

)

 

-

 

Taxes paid related to the net share settlement of equity awards

 

(1,425

)

 

(1,288

)

 

(4,063

)

 

(1,489

)

Stock option exercises & other

 

248

 

 

479

 

 

2,888

 

 

1,031

 

Payment of cash dividend

 

-

 

 

-

 

 

(2,419

)

 

(2,439

)

Cash used in financing activities

 

(1,177

)

 

(40,809

)

 

(196,399

)

 

(50,397

)

 
Effect of exchange rate changes on cash

 

409

 

 

1,759

 

 

845

 

 

1,065

 

Net decrease in cash and cash equivalents

 

(43,343

)

 

(33,055

)

 

(47,714

)

 

(80,102

)

Cash and cash equivalents - beginning of period

 

206,780

 

 

203,443

 

 

211,151

 

 

250,490

 

Cash and cash equivalents - end of period

$

163,437

 

$

170,388

 

$

163,437

 

$

170,388

 

Enerpac Tool Group Corp.
SUPPLEMENTAL UNAUDITED DATA
(Dollars in thousands)

FISCAL 2019

 

FISCAL 2020

Q1

 

Q2

 

Q3

 

Q4

 

TOTAL

 

Q1

 

Q2

 

Q3

 

Q4

 

TOTAL

SALES
INDUSTRIAL TOOLS & SERVICES SEGMENT

$

148,655

 

$

149,521

 

$

166,732

 

$

144,607

 

$

609,515

 

$

135,592

 

$

123,361

 

$

-

 

$

-

 

$

258,953

 

OTHER

 

9,896

 

 

10,267

 

 

11,363

 

 

13,717

 

 

45,243

 

 

11,082

 

 

10,025

 

 

-

 

 

-

 

 

21,107

 

TOTAL

$

158,551

 

$

159,788

 

$

178,095

 

$

158,324

 

$

654,758

 

$

146,674

 

$

133,386

 

$

-

 

$

-

 

$

280,060

 

 
% SALES GROWTH
INDUSTRIAL TOOLS & SERVICES SEGMENT

 

5

%

 

9

%

 

5

%

 

-6

%

 

3

%

 

-9

%

 

-17

%

 

0

%

 

0

%

 

-13

%

OTHER

 

-28

%

 

-12

%

 

-3

%

 

5

%

 

-10

%

 

12

%

 

-2

%

 

0

%

 

0

%

 

5

%

TOTAL

 

2

%

 

8

%

 

4

%

 

-5

%

 

2

%

 

-7

%

 

-17

%

 

0

%

 

0

%

 

-12

%

 
OPERATING PROFIT (LOSS) FROM CONTINUING OPERATIONS
INDUSTRIAL TOOLS & SERVICES SEGMENT

$

26,345

 

$

26,596

 

$

35,992

 

$

27,252

 

$

116,185

 

$

25,928

 

$

20,963

 

$

-

 

$

-

 

$

46,891

 

OTHER

 

(484

)

 

1,091

 

 

1,787

 

 

1,515

 

 

3,910

 

 

399

 

 

(684

)

 

-

 

 

-

 

 

(285

)

CORPORATE / GENERAL

 

(10,967

)

 

(11,659

)

 

(9,481

)

 

(9,679

)

 

(41,787

)

 

(11,342

)

 

(10,349

)

 

-

 

 

-

 

 

(21,691

)

ADJUSTED OPERATING PROFIT

$

14,894

 

$

16,028

 

$

28,298

 

$

19,088

 

$

78,308

 

$

14,985

 

$

9,930

 

$

-

 

$

-

 

$

24,915

 

IMPAIRMENT & DIVESTITURE CHARGES

 

(23,477

)

 

(3,543

)

 

12,988

 

 

(8,796

)

 

(22,827

)

 

1,356

 

 

768

 

 

-

 

 

-

 

 

2,124

 

RESTRUCTURING & OTHER EXIT CHARGES (1)

 

29

 

 

(46

)

 

(1,115

)

 

(4,842

)

 

(5,973

)

 

(1,972

)

 

(1,929

)

 

-

 

 

-

 

 

(3,900

)

DEBT MODIFICATION COSTS

 

-

 

 

-

 

 

(288

)

 

-

 

 

(288

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

PURCHASE ACCOUNTING INVENTORY STEP-UP CHARGE

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(202

)

 

-

 

 

-

 

 

(202

)

DEPRECIATION & AMORTIZATION TRUE UP (2)

 

-

 

 

-

 

 

(1,704

)

 

-

 

 

(1,704

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

OPERATING PROFIT (LOSS)

$

(8,554

)

$

12,439

 

$

38,179

 

$

5,450

 

$

47,516

 

$

14,369

 

$

8,567

 

$

-

 

$

-

 

$

22,937

 

 
ADJUSTED OPERATING PROFIT %
INDUSTRIAL TOOLS & SERVICES SEGMENT

 

17.7

%

 

17.8

%

 

21.6

%

 

18.8

%

 

19.1

%

 

19.1

%

 

17.0

%

 

0.0

%

 

0.0

%

 

18.1

%

OTHER

 

-4.9

%

 

10.6

%

 

15.7

%

 

11.0

%

 

8.6

%

 

3.6

%

 

-6.8

%

 

0.0

%

 

0.0

%

 

-1.4

%

ADJUSTED OPERATING PROFIT %

 

9.4

%

 

10.0

%

 

15.9

%

 

12.1

%

 

12.0

%

 

10.2

%

 

7.4

%

 

0.0

%

 

0.0

%

 

8.9

%

 
EBITDA FROM CONTINUING OPERATIONS
EARNINGS (LOSS) FROM CONTINUING OPERATIONS

$

(16,423

)

$

765

 

$

26,858

 

$

(3,133

)

$

8,067

 

$

6,372

 

$

3,918

 

$

-

 

$

-

 

$

10,290

 

FINANCING COSTS, NET

 

7,298

 

 

7,157

 

 

7,146

 

 

6,563

 

 

28,163

 

 

6,729

 

 

4,630

 

 

-

 

 

-

 

 

11,359

 

INCOME TAX EXPENSE

 

66

 

 

4,002

 

 

4,962

 

 

1,626

 

 

10,657

 

 

950

 

 

806

 

 

-

 

 

-

 

 

1,756

 

DEPRECIATION & AMORTIZATION

 

5,056

 

 

4,305

 

 

6,109

 

 

4,746

 

 

20,217

 

 

4,779

 

 

5,277

 

 

-

 

 

-

 

 

10,056

 

EBITDA

$

(4,003

)

$

16,229

 

$

45,075

 

$

9,802

 

$

67,104

 

$

18,830

 

$

14,631

 

$

-

 

$

-

 

$

33,461

 

 
ADJUSTED EBITDA FROM CONTINUING OPERATIONS (3)
INDUSTRIAL TOOLS & SERVICES SEGMENT

$

30,038

 

$

30,153

 

$

40,015

 

$

29,964

 

$

130,171

 

$

28,996

 

$

24,022

 

$

-

 

$

-

 

$

53,017

 

OTHER

 

337

 

 

1,087

 

 

1,786

 

 

2,395

 

 

5,605

 

 

1,275

 

 

244

 

 

-

 

 

-

 

 

1,519

 

CORPORATE / GENERAL

 

(10,930

)

 

(11,422

)

 

(8,311

)

 

(8,919

)

 

(39,584

)

 

(10,825

)

 

(8,272

)

 

-

 

 

-

 

 

(19,097

)

ADJUSTED EBITDA

$

19,445

 

$

19,818

 

$

33,490

 

$

23,440

 

$

96,192

 

$

19,446

 

$

15,994

 

$

-

 

$

-

 

$

35,439

 

IMPAIRMENT & DIVESTITURE CHARGES

 

(23,477

)

 

(3,543

)

 

12,988

 

 

(8,796

)

 

(22,827

)

 

1,356

 

 

768

 

 

-

 

 

-

 

 

2,124

 

RESTRUCTURING & OTHER EXIT CHARGES (1)

 

29

 

 

(46

)

 

(1,115

)

 

(4,842

)

 

(5,973

)

 

(1,972

)

 

(1,929

)

 

-

 

 

-

 

 

(3,900

)

DEBT MODIFICATION COSTS

 

-

 

 

-

 

 

(288

)

 

-

 

 

(288

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

PURCHASE ACCOUNTING INVENTORY STEP-UP CHARGE

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(202

)

 

-

 

 

-

 

 

(202

)

EBITDA

$

(4,003

)

$

16,229

 

$

45,075

 

$

9,802

 

$

67,104

 

$

18,830

 

$

14,631

 

$

-

 

$

-

 

$

33,461

 

 
ADJUSTED EBITDA %
INDUSTRIAL TOOLS & SERVICES SEGMENT

 

20.2

%

 

20.2

%

 

24.0

%

 

20.7

%

 

21.4

%

 

21.4

%

 

19.5

%

 

0.0

%

 

0.0

%

 

20.5

%

OTHER

 

3.4

%

 

10.6

%

 

15.7

%

 

17.5

%

 

12.4

%

 

11.5

%

 

2.4

%

 

0.0

%

 

0.0

%

 

7.2

%

ADJUSTED EBITDA %

 

12.3

%

 

12.4

%

 

18.8

%

 

14.8

%

 

14.7

%

 

13.3

%

 

12.0

%

 

0.0

%

 

0.0

%

 

12.7

%

Notes:

(1)

Approximately $1.8 million of the Q4 fiscal 2019 restructuring & exit charges were recorded in cost of products sold.

(2)

Represents the depreciation and amortization expense true up for the Cortland business assets that were reclassified out of held for sale in Q3 fiscal 2019, as though the assets had never been classified as held for sale.

(3)

EBITDA represents net earnings (loss) from continuing operations before financing costs, net, income tax (benefit) expense, and depreciation & amortization. EBITDA is not a calculation based upon GAAP. The amounts included in the EBITDA and Adjusted EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Operations. EBITDA should not be considered as an alternative to net earnings (loss), operating profit (loss) or operating cash flows. Actuant has presented EBITDA because it regularly reviews this performance measure. In addition, EBITDA is used by many of our investors and lenders, and is presented as a convenience to them. 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.

Enerpac Tool Group Corp.
SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)
 
FISCAL 2019 FISCAL 2020
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
ADJUSTED EARNINGS (1)
NET EARNINGS (LOSS) (GAAP MEASURE)

$

(17,452

)

$

2,753

 

$

32,418

 

$

(266,864

)

$

(249,145

)

$

2,121

 

$

2,162

 

$

-

$

-

$

4,283

 

DISCONTINUED OPERATIONS, NET OF INCOME TAX

 

(1,029

)

 

1,988

 

 

5,560

 

 

(263,731

)

 

(257,212

)

 

(4,251

)

 

(1,756

)

 

-

 

-

 

(6,007

)

EARNINGS (LOSS) FROM CONTINUING OPERATIONS

$

(16,423

)

$

765

 

$

26,858

 

$

(3,133

)

$

8,067

 

$

6,372

 

$

3,918

 

$

-

$

-

$

10,290

 

IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT

 

23,477

 

 

3,543

 

 

(13,001

)

 

6,912

 

 

20,930

 

 

(1,095

)

 

(534

)

 

-

 

-

 

(1,629

)

RESTRUCTURING & OTHER EXIT CHARGES, NET OF TAX EFFECT

 

(90

)

 

(148

)

 

(766

)

 

6,262

 

 

5,257

 

 

1,805

 

 

1,675

 

 

-

 

-

 

3,479

 

ACCELERATED DEBT ISSUANCES & MODIFICATION COSTS,

 

-

 

 

-

 

 

358

 

 

-

 

 

358

 

 

479

 

 

-

 

 

-

 

-

 

479

 

NET OF TAX EFFECT
PURCHASE ACCOUNTING INVENTORY STEP-UP CHARGE

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

165

 

 

-

 

-

 

165

 

NET OF TAX EFFECT
DEPRECIATION & AMORTIZATION TRUE UP, NET OF TAX EFFECT

 

-

 

 

-

 

 

1,302

 

 

-

 

 

1,302

 

 

-

 

 

-

 

 

-

 

-

 

-

 

OTHER INCOME TAX EXPENSE

 

-

 

 

3,160

 

 

3,076

 

 

2,709

 

 

8,945

 

 

-

 

 

(74

)

 

-

 

-

 

(74

)

ADJUSTED EARNINGS FROM CONTINUING OPERATIONS

$

6,964

 

$

7,320

 

$

17,827

 

$

12,750

 

$

44,859

 

$

7,561

 

$

5,150

 

$

-

$

-

$

12,710

 

 
ADJUSTED DILUTED EARNINGS PER SHARE (1)
NET EARNINGS (LOSS) (GAAP MEASURE)

$

(0.29

)

$

0.04

 

$

0.52

 

$

(4.38

)

$

(4.04

)

$

0.03

 

$

0.04

 

$

-

$

-

$

0.07

 

DISCONTINUED OPERATIONS, NET OF INCOME TAX

 

(0.02

)

 

0.03

 

 

0.09

 

 

(4.33

)

 

(4.18

)

 

(0.07

)

 

(0.03

)

 

-

 

-

 

(0.10

)

EARNINGS (LOSS) FROM CONTINUING OPERATIONS

$

(0.27

)

$

0.01

 

$

0.43

 

$

(0.05

)

$

0.13

 

$

0.11

 

$

0.06

 

$

-

$

-

$

0.17

 

IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT

 

0.38

 

 

0.06

 

 

(0.21

)

 

0.11

 

 

0.34

 

 

(0.02

)

 

(0.01

)

 

-

 

-

 

(0.03

)

RESTRUCTURING & OTHER EXIT CHARGES, NET OF TAX EFFECT

 

-

 

 

-

 

 

(0.01

)

 

0.10

 

 

0.09

 

 

0.02

 

 

0.04

 

 

-

 

-

 

0.06

 

ACCELERATED DEBT ISSUANCES & MODIFICATION COSTS,

 

-

 

 

-

 

 

0.01

 

 

-

 

 

0.01

 

 

0.01

 

 

-

 

 

-

 

-

 

0.01

 

NET OF TAX EFFECT
PURCHASE ACCOUNTING INVENTORY STEP-UP CHARGE

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

-

 

-

 

NET OF TAX EFFECT
DEPRECIATION & AMORTIZATION TRUE UP, NET OF TAX EFFECT

 

-

 

 

-

 

 

0.02

 

 

-

 

 

0.02

 

 

-

 

 

-

 

 

-

 

-

 

-

 

OTHER INCOME TAX EXPENSE

 

-

 

 

0.05

 

 

0.05

 

 

0.05

 

 

0.14

 

 

-

 

 

-

 

 

-

 

-

 

-

 

ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS

$

0.11

 

$

0.12

 

$

0.29

 

$

0.21

 

$

0.73

 

$

0.12

 

$

0.09

 

$

-

$

-

$

0.21

 

 

FOOTNOTES

Note: The total of the individual quarters may not equal the annual or year-to-date total due to rounding. The continuing operations and discontinued operations earning (loss) per share may not equal total earning (loss) per share due to rounding.

(1)

Adjusted earnings from continuing operations and adjusted diluted earnings per share 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 are not calculated based upon generally accepted accounting principles (GAAP) and should not be considered as an alternative to net earnings (loss) or diluted earnings (loss) per share or 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 and the impact of share dilution on the calculation of the net loss per share and discontinued operations per share.

 


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