ACTUANT CORPORATION |
(Exact name of Registrant as specified in its charter) |
Wisconsin | 1-11288 | 39-0168610 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
N/A |
(Former name or former address, if changed since last report.) |
ACTUANT CORPORATION | |
Date: December 6, 2017 | |
/s/ Rick T. Dillon | |
Name: Rick T. Dillon Title: Executive Vice President and Chief Financial Officer |
As | Pro Forma | Pro Forma | |||||||||||
Reported | Adjustments | Adjusted | |||||||||||
ASSETS | |||||||||||||
Current assets | |||||||||||||
Cash and cash equivalents | $ | 229,571 | $ | (19,989 | ) | (a) | $ | 209,582 | |||||
Accounts receivable, net | 190,206 | — | 190,206 | ||||||||||
Inventories, net | 143,651 | — | 143,651 | ||||||||||
Assets held for sale | 21,835 | (21,835 | ) | (b) | — | ||||||||
Other current assets | 61,663 | — | 61,663 | ||||||||||
Total current assets | 646,926 | (41,824 | ) | 605,102 | |||||||||
Property, plant and equipment | 94,521 | — | 94,521 | ||||||||||
Goodwill | 530,081 | — | 530,081 | ||||||||||
Other intangible assets, net | 220,489 | — | 220,489 | ||||||||||
Other long-term assets | 24,938 | — | 24,938 | ||||||||||
Total assets | $ | 1,516,955 | $ | (41,824 | ) | $ | 1,475,131 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Current liabilities | |||||||||||||
Trade accounts payable | $ | 133,387 | $ | — | $ | 133,387 | |||||||
Accrued compensation and benefits | 50,939 | — | 50,939 | ||||||||||
Current maturities of debt and short-term borrowings | 30,000 | — | 30,000 | ||||||||||
Income taxes payable | 6,080 | (951 | ) | (c) | 5,129 | ||||||||
Liabilities held for sale | 101,083 | (101,083 | ) | (b) | — | ||||||||
Other current liabilities | 57,445 | 805 | (c) | 58,250 | |||||||||
Total current liabilities | 378,934 | (101,229 | ) | 277,705 | |||||||||
Long-term debt, net | 531,940 | — | 531,940 | ||||||||||
Deferred income taxes | 29,859 | — | 29,859 | ||||||||||
Pension and postretirement benefit liabilities | 19,862 | — | 19,862 | ||||||||||
Other long-term liabilities | 55,821 | 4,200 | (c) | 60,021 | |||||||||
Total liabilities | 1,016,416 | (97,029 | ) | 919,387 | |||||||||
Shareholders' equity | — | ||||||||||||
Capital stock | 16,040 | — | 16,040 | ||||||||||
Additional paid-in capital | 138,449 | — | 138,449 | ||||||||||
Treasury stock | (617,731 | ) | — | (617,731 | ) | ||||||||
Retained earnings | 1,191,042 | (13,714 | ) | (d) | 1,177,328 | ||||||||
Accumulated other comprehensive loss | (227,261 | ) | 68,919 | (b) | (158,342 | ) | |||||||
Stock held in trust | (2,696 | ) | — | (2,696 | ) | ||||||||
Deferred compensation liability | 2,696 | — | 2,696 | ||||||||||
Total shareholders' equity | 500,539 | 55,205 | 555,744 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,516,955 | $ | (41,824 | ) | $ | 1,475,131 |
As | Pro Forma | Pro Forma | |||||||||||
Reported | Adjustments | Adjusted | |||||||||||
Net sales | $ | 1,095,784 | $ | (18,709 | ) | (e) | $ | 1,077,075 | |||||
Cost of products sold | 716,067 | (23,722 | ) | (e) | 692,345 | ||||||||
Gross profit | 379,717 | 5,013 | 384,730 | ||||||||||
Selling, administrative and engineering expenses | 277,488 | (6,710 | ) | (e) | 270,778 | ||||||||
Amortization of intangible assets | 20,474 | — | 20,474 | ||||||||||
Director & officer transition charges | 7,784 | — | 7,784 | ||||||||||
Restructuring charges | 7,228 | — | 7,228 | ||||||||||
Impairment & other divestiture charges | 116,979 | — | 116,979 | ||||||||||
Operating loss | (50,236 | ) | 11,723 | (38,513 | ) | ||||||||
Financing costs, net | 29,703 | — | 29,703 | ||||||||||
Other expense, net | 2,752 | — | 2,752 | ||||||||||
Loss before income tax benefit | (82,691 | ) | 11,723 | (70,968 | ) | ||||||||
Income tax benefit | (16,478 | ) | 1,586 | (f) | (14,892 | ) | |||||||
Net loss | $ | (66,213 | ) | $ | 10,137 | $ | (56,076 | ) | |||||
Loss per share | |||||||||||||
Basic | $ | (1.11 | ) | $ | 0.17 | $ | (0.94 | ) | |||||
Diluted | $ | (1.11 | ) | $ | 0.17 | $ | (0.94 | ) | |||||
Weighted average common shares outstanding | |||||||||||||
Basic | 59,436 | 59,436 | 59,436 | ||||||||||
Diluted | 59,436 | 59,436 | 59,436 |
(a) | Represents estimated net sale proceeds ($12 million less certain transaction costs and closing adjustments), offset by cash payments totaling $27 million resulting from the buyout of operating leases of Viking rental assets. |
(b) | Reflects the elimination of the assets, liabilities and accumulated other comprehensive loss amounts associated with the disposition of the Viking business. |
(c) | Represents the recognition of real estate lease exit liabilities and related income tax impact related to retained facilities that will no longer be utilized upon closing of the divestiture. |
(d) | Represents the recognition of the anticipated after tax divestiture loss (including the exit lease charges), which would have been realized upon the disposition of the Viking business had the transaction closed on August 31, 2017. These adjustments are not included in the pro forma adjustments within the Unaudited Pro Forma Consolidated Statement of Operations as these amounts will be included in the Consolidated Statement of Operations of the registrant within twelve months following the transaction. |
(e) | Reflects adjustments to remove direct revenues and expenses associated with the Viking business. |
(f) | Reflects estimated ongoing income taxes related to the Viking business based on statutory rates adjusted for certain deductions and timing differences. |