Actuant Announces Second Quarter Results.Business Editors MILWAUKEE--(BUSINESS WIRE)--March 21, 2001 Actuant Corporation (NYSE NYSE See: New York Stock Exchange :ATU (ADSL Transceiver Unit) A device that provides ADSL modulation of the telephone line. The device at the telco side is the ATU-C (Central), which is a line card plugged into the DSLAM. ) announced today results for its fiscal 2001 second quarter ended February February: see month. 28. Sales totaled $113.3 million, compared to sales of $133.2 million for the same business units in the second quarter of the prior year. Sales in the second quarter of the prior year, including the results of businesses that were either sold or discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: ("non-continuing businesses") in fiscal 2000, most notably, Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Controls, Air Cargo air cargo: see aviation. and Norelem, were $184.1 million. Excluding the effect of foreign currency rate changes and the non-continuing businesses, second quarter sales declined 13% from the comparable period in the prior year. Second quarter fiscal 2001 net earnings were $3.1 million, or $0.37 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. Earnings for the same period last year, pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma for the July July: see month. 31, 2000 spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of the Electronics segment (now known as "APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander Ltd."), the removal of operating results of non-continuing businesses, and reflecting Actuant's current capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. were $6.6 million, or $0.81 per share on a diluted basis. Net earnings for the second quarter of fiscal 2000, including the non-continuing businesses, the spun-off Electronics business, and other non-recurring items were $20.5 million, or $2.54 per share on a diluted basis. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Sales and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the six months ended February 28, 2001 were $230.9 million and $36.7 million, respectively, compared to $357.1 million and $53.2 million, respectively, for the prior year. Excluding the non-continuing businesses, contract cancellation recovery costs, corporate reorganization costs, and reflecting Actuant's current capitalization, prior year first-half sales and operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before were $260.6 million and $47.0 million, respectively. Of the approximate $30 million decline in revenue from the first half of the prior year, $9 million was attributable to foreign currency rate changes, $14 million to lower RV sales and the balance to overall slower economic conditions in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Commenting on the results, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. C. Arzbaecher, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "Our second quarter results for this fiscal year are not directly comparable with the prior year without taking into account the spin-off of our Electronics business on July 31, 2000, the sale of additional business units since the second quarter of last year, and our present capital structure. On a comparative basis, after removing the effect of the stronger U.S. dollar in the prior year, our second quarter sales and EBITDA declined approximately $17.4 million and $7.3 million, respectively, from prior year levels. As we communicated late in the quarter, our second quarter sales into the RV market were down approximately 50%, or $8.6 million, from the record level in the prior year as a result of significantly weaker demand from our RV OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers. Additionally, the second quarter of last year included approximately $4 million of revenue in our Tools & Supplies segment that was delayed from the first quarter to the second quarter as a result of an ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. system conversion in the last month of the fiscal 2000 first quarter. Finally, the economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in North America had an impact across most of our businesses, resulting in lower shipments. "Despite lower revenues, we continued to reduce debt in the second quarter. We repaid an additional $8.8 million in the quarter, reducing our total debt to $413 million. The debt issued to finance the Dewald acquisition was incurred on March 1, 2001 and is not included in the quarter-end $413 million total debt balance. Since the spin-off seven months ago, we have reduced debt by $37.6 million, or $4.52 per share. We have delivered debt reduction of $19.6 million toward our full year fiscal 2001 $35 million guidance, excluding acquisitions and divestitures, and are confident we will meet such guidance for the fiscal year." Fiscal 2001 second quarter sales in the Tools & Supplies segment declined to $68.9 million from $76.0 million in the comparable prior year period, excluding non-continuing businesses. Excluding the effect of foreign currency rate changes, Tools & Supplies sales declined 8%, with Enerpac posting 2% growth, and Gardner Bender Gardner Bender is a manufacturer of professional electrician's tools and supplies. External links
See: Secondary market. aftermarket See secondary market. , which the company believes reflects the softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. U.S. economy. Tools & Supplies EBITDA for the second quarter of the current year was $13.8 million, or 20.1% of sales, compared to $17.7 million and 23.3% in the prior year, respectively. As a result of the 50% decline in sales to the RV market, as well as weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. North American North Americannamed after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. economic conditions, second quarter sales in the Engineered Solutions segment were lower than the prior year. Excluding the non-continuing businesses, Engineered Solutions sales were $44.4 million, or 22% lower than the $57.2 million reported in the second quarter of the prior year. The fire at the Power-Packer plant in Oldenzaal  is a municipality and a town in the eastern Netherlands, near the border with Germany.It received city rights in 1249. , Holland also resulted in some lost sales and profits during the quarter. However, production at the Oldenzaal facility was restored quickly and customers were not adversely impacted. EBITDA within the Engineered Solutions segment declined from $12.7 million in the second quarter of the prior year to $8.2 million in the current quarter, reflecting the corresponding decline in production volumes and shipments. Looking forward to the balance of fiscal 2001, Arzbaecher commented, "Slowing economic conditions in North America definitely impacted our second quarter operating results. Given present economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. , we have not factored into our forecast a quick turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. for the balance of our current fiscal year. While we are winning new business in a number of our key markets, much of it will benefit our sales and profits in fiscal years 2002 and 2003. Accordingly, we are lowering our guidance for fiscal 2001 to a sales range of $475-485 million, an EBITDA range of $94 - $96 million and a diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. range of $1.91 - $2.05 per share. Cash EPS, which excludes the after tax impact of amortization expense, is forecast to be between $2.52 - $2.66 per share. While we are lowering our sales and earnings guidance, we remain committed to our $35 million debt reduction target for the year." In an unrelated matter, the Company announced the appointment of Mark Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. as Business Leader of Gardner Bender, effective immediately. Mr. Goldstein previously worked for The Stanley Stanley, town (1991 pop. 1,557), capital of the Falkland Islands, S Atlantic Ocean, on East Falkland island. It is the main port and trading center of the islands. The name is sometimes written as Port Stanley. Works in a number of general management positions in both the Stanley Tools and Stanley Door System businesses. Commenting on the appointment, Arzbaecher said, "We are pleased to have a person of Mark's caliber join the Gardner Bender business. His background of over 20 years at Stanley provides us with an experienced industry executive that can hit the ground running and make a positive impact on the Gardner Bender business." Lastly, the Company announced that it is in dialogue with a number of parties regarding the possible sale of its Mox-Med business. Mox-Med, based in Portage, Wisconsin Portage, Wisconsin is a city in Columbia County, Wisconsin, United States. The city uses the slogan "Where the North Begins". The population was 9,728 at the 2000 census. It is the county seat of Columbia CountyGR6. , provides molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. and extruded silicone silicone, polymer in which atoms of silicon and oxygen alternate in a chain; various organic radicals, such as the methyl group, CH3, are bound to the silicon atoms. products to North American medical OEM's, as well as the housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. industry. Arzbaecher commented, "Mox-Med is a very good business with a bright future in the medical market. It has an outstanding customer base, a strong management team and a dedicated group of employees. Since it does not tightly fit our core branded tools and position control strategies, we are presently exploring the possibility of divesting this business and using the proceeds to reduce debt. Based on the status of our discussions, we believe a transaction could be completed in our third quarter. Obviously, such a divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent obtaining acceptable terms and an acceptable price. Therefore, a sale is not guaranteed." Actuant, headquartered in Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. , is a diversified diversified (di·verˑ·s industrial company with operations in 19 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools. Products are offered under such established brand names as Enerpac, Gardner Bender, Mox-Med, Milwaukee Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. Cylinder cylinder, in mathematics, surface generated by a line moving parallel to a given fixed line and continually intersecting a given fixed curve called the directrix; each line of the family of lines forming the cylinder is called a ruling, or generator. , Nielsen Noun 1. Nielsen - Danish composer (1865-1931) Carl August Nielsen, Carl Nielsen Sessions, Power-Packer, Power Gear and Dewald. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these projections and the potential divestiture of Mox-Med 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, customer demand in the specific markets the Company serves, continued market acceptance of the Company's new product introductions, successful integration of acquisitions, operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: risk due to competitive pricing, foreign currency fluctuations and interest rate risk. See the Company's fiscal 2000 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for further information regarding risk factors.
Actuant Corporation
Comparative Balance Sheet
(Dollars in thousands)
February 28, August 31,
2001 2000
------------ ----------
ASSETS
Current Assets
Cash and cash equivalents $ 254 $ 9,896
Net accounts receivable 87,276 83,553
Inventories 62,458 67,599
Receivable from APW LTD - 32,894
Other current assets 10,753 9,772
------ -----
Total Current Assets 160,741 203,714
Goodwill 114,705 116,348
Other intangible assets 19,919 21,040
Net Property, Plant and Equipment 47,045 49,168
Other assets 28,323 26,711
Total Assets $ 370,733 $ 416,981
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term borrowings $ 802 $ 1,259
Trade accounts payable 38,877 43,455
Accrued compensation & benefits 13,339 16,365
Income taxes payable 15,018 39,852
Other current liabilities 26,697 25,312
------ ------
Total Current Liabilities 94,733 126,243
Long-term Debt 412,110 431,215
Other Deferred Liabilities 21,008 22,478
Shareholders' Equity
Capital stock 1,589 7,923
Additional paid-in capital (625,376) (632,050)
Retained earnings 485,546 478,163
Cumulative translation adjustment (18,877) (16,991)
------ ------
Total Shareholders' Equity (157,118) (162,955)
------- -------
Total Liabilities and
Shareholders' Equity $ 370,733 $ 416,981
======= =======
Actuant Corporation
Comparative Statement of Earnings
(In thousands except percentages and per share amounts)
Three Months ended Six Months ended
--------------------- --------------------
02/28/01 02/29/00 02/28/01 02/29/00
--------------------- --------------------
Continuing Operations
Net Sales $113,335 $184,087 $230,855 $357,128
Cost of Products
Sold 72,359 118,396 148,049 229,319
------ ------- ------- -------
Gross Profit 40,976 65,691 82,806 127,809
36.2% 35.7% 35.9% 35.8%
Engineering, selling and
administrative expense 21,698 34,930 43,268 68,568
Amortization of
Intangible Assets 1,369 1,977 2,868 3,956
Contract Termination
Costs(Recovery) - - - (1,446)
Corporate Reorganization
Expense - 3,487 - 3,487
------ ----- ----- -----
Operating Profit 17,909 25,297 36,670 53,244
15.8% 13.7% 15.9% 14.9%
Other Expense(Income)
Net Financing Costs 12,529 7,692 25,500 18,142
Other - net 165 (242) (1,297) (652)
--- --- ----- ---
Earnings Before
Income Taxes 5,215 17,847 12,467 35,754
Income Tax Expense 2,116 5,953 5,084 12,869
----- ----- ----- ------
Net Earnings from
Continuing Operations 3,099 11,894 7,383 22,885
Discontinued Operations,
net of Income Taxes - 8,648 - 21,339
Net Earnings $ 3,099 $ 20,542 $ 7,383 $ 44,224
====== ====== ===== ======
Basic Earnings per Share
Continuing Operations $ 0.39 $ 1.52 $ 0.93 $ 2.93
Discontinued
Operations $ - $ 1.11 $ - $ 2.73
---- ---- ---- ----
Total(1) $ 0.39 $ 2.63 $ 0.93 $ 5.67
==== ==== ==== ====
Diluted Earnings per Share
Continuing Operations $ 0.37 $ 1.47 $ 0.89 $ 2.84
Discontinued
Operations $ - $ 1.07 $ - $ 2.64
---- ---- ---- ----
Total(1) $ 0.37 $ 2.54 $ 0.89 $ 5.48
==== ==== ==== ====
Weighted Average Common
Shares Outstanding
Basic 7,934 7,810 7,931 7,805
Diluted 8,289 8,075 8,322 8,069
(1) Earnings per share data may not total due to rounding.
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED SEGMENT DATA
FISCAL 2000
Q1 Q2 Q3 Q4 TOTAL
-------------------------------------------------
SALES
TOOLS & SUPPLIES
SEGMENT $ 66,663 $ 75,957 $ 75,991 $ 71,106 $289,717
ENGINEERED SOLUTIONS
SEGMENT $ 60,761 $ 57,249 $ 57,878 $ 49,127 $225,015
-------------------------------------------------
TOTAL CONTINUING
BUSINESSES $127,424 $133,206 $133,869 $120,233 $514,732
NON-CONTINUING
BUSINESSES $ 45,617 $ 50,881 $ 44,658 $ 15,754 $156,910
-------------------------------------------------
TOTAL REPORTED
SALES $173,041 $184,087 $178,527 $135,987 $671,642
=================================================
% SALES GROWTH
TOOLS & SUPPLIES
SEGMENT
ENGINEERED SOLUTIONS
SEGMENT
TOTAL CONTINUING
BUSINESSES
NON-CONTINUING
BUSINESSES
TOTAL REPORTED
SALES
OPERATING PROFIT
TOOLS & SUPPLIES
SEGMENT $ 10,501 $ 14,849 $ 14,373 $ 11,292 $ 51,015
ENGINEERED SOLUTIONS
SEGMENT $ 13,176 $ 10,994 $ 12,889 $ 10,658 $ 47,717
CORPORATE / GENERAL $ (1,250) $ (1,250) $ (1,250) $ (1,250) $ (5,000)
-------------------------------------------------
TOTAL CONTINUING
BEFORE
NON-RECURRING $ 22,427 $ 24,593 $ 26,012 $ 20,700 $ 93,732
NON-CONTINUING
BUSINESSES $ 6,284 $ 6,600 $ 5,549 $ 993 $ 19,426
OTHER NON-RECURRING
ITEMS (1) (764) (5,896) (3,200) (19,032) $(28,892)
-------------------------------------------------
TOTAL REPORTED
RESULTS $ 27,947 $ 25,297 $ 28,361 $ 2,661 $ 84,266
=================================================
OPERATING PROFIT %
TOOLS & SUPPLIES
SEGMENT 15.8% 19.5% 18.9% 15.9% 17.6%
ENGINEERED SOLUTIONS
SEGMENT 21.7% 19.2% 22.3% 21.7% 21.2%
TOTAL CONTINUING
(INCL. CORPORATE) 17.6% 18.5% 19.4% 17.2% 18.2%
EBITDA
TOOLS & SUPPLIES
SEGMENT $ 12,972 $ 17,686 $ 16,523 $ 13,470 $ 60,651
ENGINEERED SOLUTIONS
SEGMENT $ 14,915 $ 12,717 $ 14,536 $ 12,141 $ 54,309
CORPORATE / GENERAL $ (684) $ (898) $ (915) $ (832) $ (3,329)
-------------------------------------------------
TOTAL CONTINUING
BUSINESSES $ 27,203 $ 29,505 $ 30,144 $ 24,779 $111,631
NON-CONTINUING
BUSINESSES $ 7,885 $ 8,299 $ 7,293 $ 1,498 $ 24,975
OTHER NON-RECURRING
ITEMS (1) (764) (5,896) (3,200) (19,032) $(28,892)
-------------------------------------------------
TOTAL REPORTED
RESULTS $ 34,324 $ 31,908 $ 34,237 $ 7,245 $107,714
=================================================
EBITDA %
TOOLS & SUPPLIES
SEGMENT 19.5% 23.3% 21.7% 18.9% 20.9%
ENGINEERED SOLUTIONS
SEGMENT 24.5% 22.2% 25.1% 24.7% 24.1%
TOTAL CONTINUING
(INCL. CORPORATE) 21.3% 22.1% 22.5% 20.6% 21.7%
(1) CORPORATE REORGANIZATION COSTS, LOSSES ON PRODUCT LINE
DISPOSITIONS, RECOVERY OF CONTRACT TERMINATION COSTS, EXCESS
CORPORATE EXPENSES
FISCAL 2001
Q1 Q2 Q3 Q4 TOTAL
-------------------------------------------------
SALES
TOOLS & SUPPLIES
SEGMENT $ 69,773 $ 68,911 $138,684
ENGINEERED SOLUTIONS
SEGMENT $ 47,747 $ 44,424 $ 92,171
-------------------------------------------------
TOTAL CONTINUING
BUSINESSES $117,520 $113,335 $230,855
NON-CONTINUING
BUSINESSES - - $ -
-------------------------------------------------
TOTAL REPORTED
SALES $117,520 $113,335 $230,855
=================================================
% SALES GROWTH
TOOLS & SUPPLIES
SEGMENT 4.7% -9.3% -2.8%
ENGINEERED SOLUTIONS
SEGMENT -21.4% -22.4% -21.9%
TOTAL CONTINUING
BUSINESSES -7.8% -14.9% -11.4%
NON-CONTINUING
BUSINESSES -100.0% -100.0% -100.0%
TOTAL REPORTED
SALES -32.1% -38.4% -35.4%
OPERATING PROFIT
TOOLS & SUPPLIES
SEGMENT $ 11,495 $ 11,940 $ 23,435
ENGINEERED SOLUTIONS
SEGMENT $ 8,414 $ 7,310 $ 15,724
CORPORATE / GENERAL $ (1,148) $ (1,341) $ (2,489)
-------------------------------------------------
TOTAL CONTINUING
BEFORE
NON-RECURRING $ 18,761 $ 17,909 $ 36,670
NON-CONTINUING
BUSINESSES - - $ -
OTHER NON-RECURRING
ITEMS (1) - - $ -
-------------------------------------------------
TOTAL REPORTED
RESULTS $ 18,761 $ 17,909 $ 36,670
=================================================
OPERATING PROFIT %
TOOLS & SUPPLIES
SEGMENT 16.5% 17.3% 16.9%
ENGINEERED SOLUTIONS
SEGMENT 17.6% 16.5% 17.1%
TOTAL CONTINUING
(INCL. CORPORATE) 16.0% 15.8% 15.9%
EBITDA
TOOLS & SUPPLIES
SEGMENT $ 13,885 $ 13,833 $ 27,718
ENGINEERED SOLUTIONS
SEGMENT $ 10,037 $ 8,203 $ 18,240
CORPORATE / GENERAL $ 493 $ (434) $ 59
-------------------------------------------------
TOTAL CONTINUING
BUSINESSES $ 24,415 $ 21,602 $ 46,017
NON-CONTINUING
BUSINESSES - - $ -
OTHER NON-RECURRING
ITEMS (1) - - $ -
-------------------------------------------------
TOTAL REPORTED
RESULTS $ 24,415 $ 21,602 $ 46,017
=================================================
EBITDA %
TOOLS & SUPPLIES
SEGMENT 19.9% 20.1% 20.0%
ENGINEERED SOLUTIONS
SEGMENT 21.0% 18.5% 19.8%
TOTAL CONTINUING
(INCL. CORPORATE) 20.8% 19.1% 19.9%
(1) CORPORATE REORGANIZATION COSTS, LOSSES ON PRODUCT LINE
DISPOSITIONS, RECOVERY OF CONTRACT TERMINATION COSTS,
EXCESS CORPORATE EXPENSES
For further information on Actuant and its business units, visit the Company's website at www.actuant.com |
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