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Actuant Reports Fourth Quarter Results, Provides Fiscal 2010 Outlook
MILWAUKEE--(BUSINESS WIRE)--September 30, 2009--Actuant Corporation (NYSE: ATU) today announced sales and earnings for its fourth quarter and fiscal year ended August 31, 2009.
4th Quarter Highlights
- Strong cash flow from operations, totaling approximately $49 million in the quarter and $147 million for the full year.
- Continued solid execution on restructuring initiatives which will generate permanent reductions to Actuant’s cost structure.
- Year-over-year core sales rate of change stabilization in three of the four segments.
- Sequential EBITDA margin improvement from the third quarter (excluding restructuring charges) in three of the four segments.
- Substantially improved net debt position during the fourth quarter, reflecting over $200 million of repayment with $125 million of net proceeds from the Company’s June equity offering, $38 million of net proceeds from business divestitures and strong fourth quarter cash flow.
Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “We are pleased to have finished out this challenging fiscal year with strong cash flow, stabilization in the majority of our businesses and continued solid execution on our restructuring actions. Our sales, earnings and earnings per share, adjusted for special items and the equity offering, were in line with our expectations as benefits from cost reduction and restructuring activities were realized.
In addition to cost structure improvements, I am encouraged by Actuant’s continued strong working capital management and cash flow generation. Despite terrible economic conditions over the past year, Actuant generated $147 million in operating cash flow in fiscal 2009. We have used this economic crisis as a catalyst for driving our operations to new performance levels which resulted in significant operating and working capital improvements across our businesses globally. I want to thank our leadership team and all employees for capturing and institutionalizing these improvements.”
The following information was filed by Actuant Corp (ATU) on Wednesday, September 30, 2009 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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