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Actuant Corp (ATU) SEC Filing 10-K Annual report for the fiscal year ending Monday, August 31, 2015

Actuant Corp

CIK: 6955 Ticker: ATU

Exhibit 99.1

Actuant Reports Fourth Quarter and Full Year Fiscal 2015 Results; Provides 2016 Guidance

MILWAUKEE--(BUSINESS WIRE)--September 30, 2015--Actuant Corporation (NYSE: ATU) today announced results for its fourth quarter and fiscal year ended August 31, 2015.

Fourth Quarter Highlights

  • Fourth quarter total sales declined 15% year-over-year with 8% attributable to the strengthening of the US dollar. Core sales were down 7% (total sales excluding the impact of acquisitions, divestitures and foreign currency rate changes).
  • Diluted earnings per share (“EPS”) were $0.37 in the fourth quarter of fiscal 2015 versus $0.47 in the prior year, which excluded a $0.04 divestiture gain (see “Consolidated Results” below and attached reconciliation of earnings).
  • Continued tight cost control with the year-over-year percentage reduction in selling, administrative and engineering (SA&E) expense exceeding that of the sales decline for the second consecutive quarter.
  • Strong fourth quarter free cash flow resulting in full year free cash flow conversion of over 100% of net earnings for the 15th consecutive year.
  • Introduced fiscal 2016 full year sales and EPS guidance of $1.16-1.20 billion and $1.20-1.40, respectively, excluding restructuring charges associated with incremental cost reduction actions.

Robert C. Arzbaecher, Chairman, President and CEO of Actuant commented, “Fourth quarter sales and operating earnings were in line with our expectations and reflect the continuing impact of the downturn across key end markets including energy, agriculture and general industrial. Our focus remains on tightly managing costs while continuing to fund our best growth initiatives across the businesses. On the cost front, we again achieved a year-over-year percentage reduction in SA&E expense greater than the decline in revenues. However, gross profit and operating margins in the fourth quarter were down due to the adverse impact of lower production and absorption levels associated with inventory destocking, approximately $3 million of downsizing costs, unfavorable sales mix, and negative purchase price variances driven by the stronger US dollar. We were especially pleased with the strong fourth quarter cash flow which drove our 15th consecutive year of free cash flow conversion of net earnings in excess of 100%, which provides the fuel for future business growth.

Given our expectations of continued sluggish demand in fiscal 2016, we are undertaking actions to further simplify our business and rationalize the cost structure. This will position Actuant for stronger profitable growth as end market demand improves. We expect fiscal 2016 to be a transformative year for Actuant and I am excited to be able to launch these important actions to help achieve our vision.”


The following information was filed by Actuant Corp (ATU) on Thursday, October 1, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Business Segment, Geographic And Customer Information
Business Segment, Geographic And Customer Information (tables)
Business Segment, Geographic And Customer Information - Additional Information (detail)
Capital Stock (tables)
Capital Stock And Share Repurchases
Capital Stock(detail)
Changes In Carrying Value Of Goodwill (detail)
Changes In Gross Liability For Unrecognized Tax Benefits, Excluding Interest And Penalties (detail)
Changes In Projected Benefit Obligations, Fair Value Of Plan Assets And Funded Status Of Defined Benefit Pension Plans (detail)
Condensed Consolidating Balance Sheets (detail)
Condensed Consolidating Statements Of Cash Flows (detail)
Condensed Consolidating Statements Of Earnings (detail)
Contingencies And Litigation
Contingencies And Litigation - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Derivatives
Derivatives - Additional Information (details)
Derivatives Gain (loss) (tables)
Discontinued Operations - Additional Information (detail)
Discontinued Operations And Divestitures
Discontinued Operations And Divestitures (tables)
Discontinued Operations Income Statement And Balance Sheet Summary (detail)
Earnings Before Income Taxes, Including Both Continuing And Discontinued Operations (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements - Additional Information (detail)
Financial Information From Continuing Operations By Geographic Region (detail)
Funded Status Of Defined Benefit Pension Plans (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information(detail)
Gross Carrying Value And Accumulated Amortization Of Intangible Assets (detail)
Guarantor Subsidiaries
Guarantor Subsidiaries (tables)
Guarantor Subsidiaries - Additional Information (detail)
Income Tax Expense From Continuing Operations (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Leases
Leases - Additional Information (detail)
Long-term Indebtedness (detail)
Net Periodic Benefit Costs (detail)
Proforma Results Of Operations (detail)
Quarterly Financial Data (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data - Additional Information (detail)
Reconciliation Of Changes In Accrued Product Warranty (detail)
Reconciliation Of Income Taxes At Federal Statutory Rate To Effective Tax Rate (detail)
Share Repurchases - Additional Information (detail)
Stock Plans
Stock Plans (tables)
Stocks Plans - Additional Information (detail)
Summary Of Financial Information By Reportable Segment And Product Line (detail)
Summary Of Restricted Stock Activity (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Stock Option Activity (detail)
Summary Of Weighted-average Grant-date Fair Value Of Options, Total Intrinsic Value Of Options Exercised, And Cash Receipts From Options Exercised (detail)
Temporary Differences And Carryforwards Of Deferred Tax Assets And Liabilities (detail)
U.s. Pension Plan Investment Allocations By Asset Category (detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (detail)
Weighted Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (detail)
Weighted-average Assumptions (detail)
Ticker: ATU
CIK: 6955
Form Type: 10-K Annual Report
Accession Number: 0000006955-15-000046
Submitted to the SEC: Wed Oct 28 2015 11:46:21 AM EST
Accepted by the SEC: Wed Oct 28 2015
Period: Monday, August 31, 2015
Industry: Misc Industrial And Commercial Machinery And Equipment

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