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

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 15^th 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 15^th 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.”