Actuant Reports Fourth Quarter and Full Year Fiscal 2016 Results; Provides 2017 Guidance

MILWAUKEE--(BUSINESS WIRE)--September 28, 2016--Actuant Corporation (NYSE: ATU) today announced results for its fourth quarter and fiscal year ended August 31, 2016.

Randy Baker, President and CEO of Actuant, commented, “Fourth quarter sales and adjusted operating results were in line with our expectations. End user demand across our diverse industrial markets appears to be stable at near trough levels. As anticipated, the fourth quarter core sales rate of change was weaker than the third quarter due to further customer destocking within Engineered Solutions and the conclusion of certain large projects within Energy. Margins continued to be adversely impacted by reduced sales volumes, unfavorable business mix and lower production and absorption levels. The pace of restructuring actions remains on track and we have been accelerating lean manufacturing efforts within the businesses to drive additional savings. Our recent acquisitions contributed nicely to the quarter’s financial results. We were especially pleased with the strong fourth quarter cash flow driving our 16^th consecutive year of free cash flow conversion of net earnings in excess of 100%, which provides the capital for future growth investments. The divestiture of the Sanlo product line in the quarter demonstrates the measured portfolio shifts we expect to continue in order to build a more resilient Actuant. In summary, in this tepid demand environment our focus remains on tightly managing costs while continuing to invest in our best businesses.”

Consolidated sales for the fourth quarter were $276 million, 8% below the $300 million in the comparable prior year quarter. Core sales declined 11%, unfavorable foreign currency exchange rate changes negatively impacted sales by 1% and the net impact of acquisitions and divestitures added 4%. Fiscal 2016 fourth quarter earnings and EPS were $17.4 million, and $0.29 per share, compared to $22.1 million and $0.37 per share, respectively, in the comparable prior year quarter. The fourth quarter of 2016 included a $5.1 million pre-tax loss ($1.6 million or $0.02 per share after-tax gain) on the Sanlo product line divestiture. It also included $3.1 million in pre-tax restructuring charges ($2.1 million or $0.03 per share after-tax). Excluding these items, adjusted fiscal 2016 fourth quarter EPS was $0.30 compared to $0.37 in the prior year quarter due primarily to lower prior year income tax expense (see attached reconciliation of earnings).

Sales for the fiscal year ended August 31, 2016 were $1,149 million, 8% lower than the $1,249 million in the prior year. Excluding the 3% decline from the stronger US dollar and 1% benefit from acquisitions net of divestitures, full year core sales declined 6%. The full year fiscal 2016 net loss was $105.2 million or $1.78 per share, compared to earnings of $19.9 million or $0.32 per share in the prior year. Excluding impairment charges in both years, fiscal 2016 restructuring charges of $14.6 million ($0.17 per share), and the Sanlo divestiture, fiscal 2016 adjusted EPS was $1.22 compared to $1.65 in the prior year (see attached reconciliation of earnings).

Fourth quarter fiscal 2016 Industrial segment sales were $94 million, 6% lower than the comparable prior year period. The Larzep acquisition added 2% to fourth quarter 2016 sales growth while currency translation was neutral resulting in a core sales decline of 8%. Integrated Solutions sales improved on a year-over-year basis due to higher standard product sales, yet project activity remains lumpy. Industrial Tool demand declined year-over-year, the result of continued tepid global activity across most served markets. North America remains the weakest region. While monthly order rates are erratic, the demand trend appears to be stable at the low run rate. Fourth quarter adjusted operating margins declined year-over-year primarily due to the impacts of lower sales and unfavorable mix.

Fiscal 2016 fourth quarter Energy segment sales declined 9% year-over-year to $91 million. Excluding the unfavorable 4% foreign currency headwind, and 10% acquisition benefit, core sales declined 15%, in line with expectations. Core sales in the maintenance focused Hydratight business declined modestly, after delivering robust growth throughout the fiscal year. This lumpy demand pattern is typical and reflects the wind-up of certain large projects as well as maintenance push outs and scope reductions in oil & gas. The segment’s upstream oil & gas sales declined substantially year-over year, yet were sequentially similar to the third quarter, reflecting continued weak energy capital spending. The segment continues to successfully redirect resources to its non-oil & gas product lines which delivered sales growth in the quarter. Fourth quarter adjusted operating profit margin improved despite the high decremental margins at Viking, due primarily to the benefit of cost reduction actions throughout the segment as well as favorable mix within Cortland.

Fourth quarter fiscal 2016 Engineered Solutions segment sales were $90 million, 9% below the prior year. The fourth quarter Sanlo divestiture took place at the end of the quarter and had no meaningful impact on the sales comparison. Segment core sales declined 9% as destocking by off-highway and agriculture OEMs continued to accelerate in the fourth quarter, which more than offset increases in European and China heavy-duty truck sales. Fourth quarter adjusted operating profit margin declined year-over-year on lower volumes and manufacturing absorption, as well as a $1.8 million warranty provision.

Corporate expenses of $5.6 million in the fourth quarter of fiscal 2016 were $4.2 million below the prior year which included an adverse legal matter and former CEO separation costs. In addition, the current year quarter benefitted from prior cost reduction actions. Fourth quarter income taxes included a $6.6 million benefit resulting from the Sanlo divestiture. Excluding restructuring and the Sanlo divestiture, the approximate 6% fourth quarter effective tax rate was in line with expectations but higher than last year’s negative rate which benefited from favorable adjustments.

Net debt at August 31, 2016 was $405 million (total debt of $585 million less $180 million of cash), which was $45 million lower than the prior quarter end due to strong cash flow and approximately $10 million of proceeds from the Sanlo divestiture. Partially offsetting this was $3 million of cash used to repurchase approximately 0.1 million shares of common stock. At August 31, 2016, the Company had a net debt to EBITDA leverage ratio of 2.5 times.

Baker continued, “Looking into fiscal 2017, we currently do not see a catalyst to meaningfully improve overall end market conditions. The first half in particular is expected to continue recent core sales trends, OEM destocking, and difficult comparisons, notably in large project activity in Energy. We do expect these factors to give way to sequential year-over-year improvement in the back half of the fiscal year. We will continue to press ahead where we see self-help opportunities. We are actively pursuing sales growth above market rates through share capture and geographic expansion, remain focused on increasing maintenance orders, and are positioning the portfolio to support our best businesses. Through these efforts, and supported by our renewed operational discipline, we expect to translate a lower sales environment into operating profit margin growth in fiscal 2017.

We currently project full year fiscal 2017 sales in the range of $1.075 - 1.125 billion, reflecting a core sales decline of 2-6%. EPS (excluding restructuring charges) is expected to be in the range of $1.00-1.20, reflecting lower sales and a higher effective tax rate (estimated at approximately 15%), offset by the benefit of cost reduction actions. Full year free cash flow is expected to be in the range of $85-95 million. First quarter guidance includes sales in the $260-270 million range on a 14-16% core sales decline, and EPS of $0.14-0.19 (excluding restructuring charges). The first quarter of fiscal 2016 included a sizable Energy maintenance project which exacerbates the year-over-year decline.

As always, our guidance excludes the impact of potential future acquisitions, divestitures, and stock buybacks, which will be incorporated into future quarterly guidance updates as they occur.”

In closing, Baker stated, “Actuant is investing in its best businesses through both organic and acquisition focused efforts, is reinvigorating its lean initiative to improve the cost structure, and is building a culture of performance, all of which are expected to create long-term shareholder value.”

An investor conference call is scheduled for 10am CT today, September 28, 2016. Webcast information and conference call materials will be made available on the Actuant company website (www.actuant.com) prior to the start of the call.

Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these statements 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, variation in demand from customers, the impact of geopolitical activity on the economy, continued market acceptance of the Company’s new product introductions, the successful integration of acquisitions, restructuring, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors. Actuant disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

Actuant Corporation is a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions, specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website at www.actuant.com.

Actuant Corporation
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)

	August 31,			August 31,
	2016			2015

ASSETS
Current assets
Cash and cash equivalents	$	179,604		$	168,846
Accounts receivable, net		186,829			193,081
Inventories, net		130,756			142,752
Deferred income taxes		-			12,922
Other current assets		45,463			42,788
Total current assets		542,652			560,389

Property, plant and equipment, net		114,015			142,458
Goodwill		519,276			608,256
Other intangible assets, net		239,475			308,762
Other long-term assets		27,120			17,052

Total assets	$	1,442,538		$	1,636,917


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	115,051		$	118,115
Accrued compensation and benefits		46,901			43,707
Current maturities of debt and short-term borrowings		18,750			3,969
Income taxes payable		9,254			14,805
Other current liabilities		51,956			54,460
Total current liabilities		241,912			235,056

Long-term debt		565,559			584,309
Deferred income taxes		31,356			72,941
Pension and postretirement benefit accruals		25,667			17,828
Other long-term liabilities		57,094			53,782
Total liabilities		921,588			963,916

Shareholders' equity
Capital stock		15,879			15,787
Additional paid-in capital		114,980			104,308
Treasury stock		(617,731	)		(600,630	)
Retained earnings		1,259,645			1,367,176
Accumulated other comprehensive loss		(251,823	)		(213,640	)
Stock held in trust		(2,646	)		(4,292	)
Deferred compensation liability		2,646			4,292
Total shareholders' equity		520,950			673,001

Total liabilities and shareholders' equity	$	1,442,538		$	1,636,917

Actuant Corporation
Condensed Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	August 31,			August 31,			August 31,			August 31,
	2016			2015			2016			2015

Net sales	$	275,769		$	300,384		$	1,149,410		$	1,249,254
Cost of products sold		179,489			193,841			746,013			787,414
Gross profit		96,280			106,543			403,397			461,840

Selling, administrative and engineering expenses		64,295			71,792			274,497			299,601
Amortization of intangible assets		5,596			5,970			22,943			24,332
Loss on product line divestiture		5,092			-			5,092			-
Restructuring charges		3,113			-			14,571			-
Impairment charges		-			-			186,511			84,353
Operating profit (loss)		18,184			28,781			(100,217	)		53,554

Financing costs, net		7,532			7,374			28,768			28,057
Other expense (income), net		(246	)		595			1,359			106
Income (loss) before income tax expense (benefit)		10,898			20,812			(130,344	)		25,391

Income tax (benefit) expense		(6,504	)		(1,266	)		(25,170	)		5,519
Net income (loss)	$	17,402		$	22,078		$	(105,174	)	$	19,872

Earnings (loss) per share
Basic	$	0.30		$	0.37		$	(1.78	)	$	0.32
Diluted		0.29			0.37			(1.78	)		0.32

Weighted average common shares outstanding
Basic		58,938			59,314			59,010			61,262
Diluted		59,598			59,897			59,010			62,055

Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	August 31,			August 31,			August 31,			August 31,
	2016			2015			2016			2015

Operating Activities
Net earnings (loss)	$	17,402		$	22,078		$	(105,174	)	$	19,872
Adjustments to reconcile net loss to net cash provided by
operating activities:
Impairment charges net of deferred tax benefits		-			-			169,056			82,635
Depreciation and amortization		11,558			13,004			47,777			53,239
Stock-based compensation expense		2,874			2,809			10,442			12,046
Gain on product line divestiture, net of deferred tax benefits		(1,557	)		-			(1,557	)		-
Amortization of debt issuance costs		413			568			1,652			1,897
Other non-cash adjustments		(57	)		392			(517	)		805
Changes in components of working capital and other:
Accounts receivable		12,506			24,142			20,261			12,827
Inventories		4,766			11,684			10,202			6,608
Trade accounts payable		(4,229	)		(11,523	)		(7,727	)		(19,801	)
Prepaid expenses and other assets		4,691			6,832			(3,291	)		(8,761	)
Income tax accounts		3,014			20,467			(25,319	)		(23,850	)
Accrued compensation and benefits		182			2,742			4,565			(6,478	)
Other accrued liabilities		(8,857	)		(5,385	)		(2,673	)		395
Cash provided by operating activities		42,706			87,810			117,697			131,434

Investing Activities
Capital expenditures		(4,586	)		(5,282	)		(20,209	)		(22,516	)
Proceeds from sale of property, plant and equipment		661			358			9,296			1,244
Business acquisitions, net of cash acquired		(1,242	)		-			(81,916	)		-
Proceeds from sale of product line, net of transaction costs		9,695			-			9,695			-
Cash provided by (used in) investing activities		4,528			(4,924	)		(83,134	)		(21,272	)

Financing Activities
Net borrowings (repayments) on revolving credit facility		-			220			(210	)		220
Principal repayments on term loan		(3,750	)		-			(3,750	)		(3,375	)
Proceeds from term loan		-			-			-			213,375
Redemption of 5.625% Senior Notes		-			(11,941	)		-			(11,941	)
Purchase of treasury shares		(2,976	)		(7,376	)		(17,101	)		(212,003	)
Debt issuance costs		-			(150	)		-			(2,025	)
Taxes paid related to the net share settlement of equity awards		(65	)		(122	)		(1,409	)		(2,466	)
Stock option exercises, related tax benefits and other		687			350			6,416			5,396
Cash dividend		-			-			(2,376	)		(2,598	)
Cash used in financing activities		(6,104	)		(19,019	)		(18,430	)		(15,417	)

Effect of exchange rate changes on cash		1,385			(3,146	)		(5,375	)		(34,911	)
Net increase in cash and cash equivalents		42,515			60,721			10,758			59,834
Cash and cash equivalents - beginning of period		137,089			108,125			168,846			109,012
Cash and cash equivalents - end of period	$	179,604		$	168,846		$	179,604		$	168,846

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)

	FISCAL 2015															FISCAL 2016
	Q1			Q2			Q3			Q4			TOTAL			Q1			Q2			Q3			Q4			TOTAL
SALES
INDUSTRIAL SEGMENT	$	102,413		$	96,488		$	103,546		$	100,016		$	402,463		$	88,870		$	81,189		$	95,750		$	94,008		$	359,817
ENERGY SEGMENT		111,522			100,211			99,296			100,846			411,875			113,763			86,224			101,300			91,443			392,730
ENGINEERED SOLUTIONS SEGMENT		113,830			104,306			117,258			99,522			434,916			102,378			95,876			108,291			90,318			396,863
TOTAL	$	327,765		$	301,005		$	320,100		$	300,384		$	1,249,254		$	305,011		$	263,289		$	305,341		$	275,769		$	1,149,410

% SALES GROWTH
INDUSTRIAL SEGMENT		4	%		3	%		-6	%		-11	%		-3	%		-13	%		-16	%		-8	%		-6	%		-11	%
ENERGY SEGMENT		3	%		-5	%		-21	%		-18	%		-11	%		2	%		-14	%		2	%		-9	%		-5	%
ENGINEERED SOLUTIONS SEGMENT		-14	%		-19	%		-18	%		-17	%		-17	%		-10	%		-8	%		-8	%		-9	%		-9	%
TOTAL		-3	%		-8	%		-15	%		-15	%		-11	%		-7	%		-13	%		-5	%		-8	%		-8	%

OPERATING PROFIT (LOSS)
INDUSTRIAL SEGMENT	$	26,705		$	23,517		$	29,165		$	26,267		$	105,654		$	21,263		$	17,003		$	22,519		$	22,144		$	82,929
ENERGY SEGMENT		12,442			8,680			12,774			9,106			43,002			12,124			5,348			12,438			8,941			38,851
ENGINEERED SOLUTIONS SEGMENT		6,278			2,010			8,313			3,188			19,789			4,937			2,555			4,768			927			13,187
CORPORATE / GENERAL		(7,207	)		(6,301	)		(7,250	)		(9,780	)		(30,538	)		(8,573	)		(6,928	)		(7,886	)		(5,623	)		(29,010	)
ADJUSTED OPERATING PROFIT	$	38,218		$	27,906		$	43,002		$	28,781		$	137,907		$	29,751		$	17,978		$	31,839		$	26,389		$	105,957
IMPAIRMENT CHARGES		-			(84,353	)		-			-			(84,353	)		-			(186,511	)		-			-			(186,511	)
LOSS ON SANLO PRODUCT LINE DIVESTITURE		-			-			-			-			-			-			-			-			(5,092	)		(5,092	)
RESTRUCTURING CHARGES		-			-			-			-			-			(4,380	)		(3,582	)		(3,496	)		(3,113	)		(14,571	)
OPERATING PROFIT	$	38,218		$	(56,447	)	$	43,002		$	28,781		$	53,554		$	25,371		$	(172,115	)	$	28,343		$	18,184		$	(100,217	)

OPERATING PROFIT %
INDUSTRIAL SEGMENT		26.1	%		24.4	%		28.2	%		26.3	%		26.3	%		23.9	%		20.9	%		23.5	%		23.6	%		23.0	%
ENERGY SEGMENT		11.2	%		8.7	%		12.9	%		9.0	%		10.4	%		10.7	%		6.2	%		12.3	%		9.8	%		9.9	%
ENGINEERED SOLUTIONS SEGMENT		5.5	%		1.9	%		7.1	%		3.2	%		4.6	%		4.8	%		2.7	%		4.4	%		1.0	%		3.3	%
ADJUSTED OPERATING PROFIT %		11.7	%		9.3	%		13.4	%		9.6	%		11.0	%		9.8	%		6.8	%		10.4	%		9.6	%		9.2	%

EBITDA
INDUSTRIAL SEGMENT	$	28,715		$	25,534		$	31,194		$	27,968		$	113,411		$	22,959		$	18,829		$	24,686		$	24,209		$	90,683
ENERGY SEGMENT		20,011			15,732			19,278			15,348			70,369			18,348			10,968			16,819			13,717			59,852
ENGINEERED SOLUTIONS SEGMENT		11,514			5,603			12,294			6,635			36,046			8,498			6,882			8,504			5,270			29,154
CORPORATE / GENERAL		(7,875	)		(5,111	)		(7,037	)		(8,770	)		(28,793	)		(8,201	)		(6,552	)		(7,560	)		(5,182	)		(27,495	)
ADJUSTED EBITDA	$	52,365		$	41,758		$	55,729		$	41,181		$	191,033		$	41,604		$	30,127		$	42,449		$	38,014		$	152,194
IMPAIRMENT CHARGES		-			(84,353	)		-			-			(84,353	)		-			(186,511	)		-			-			(186,511	)
LOSS ON SANLO PRODUCT LINE DIVESTITURE		-			-			-			-			-			-			-			-			(5,092	)		(5,092	)
RESTRUCTURING CHARGES		-			-			-			-			-			(4,380	)		(3,582	)		(3,496	)		(3,113	)		(14,571	)
EBITDA	$	52,365		$	(42,595	)	$	55,729		$	41,181		$	106,680		$	37,224		$	(159,966	)	$	38,953		$	29,809		$	(53,980	)

EBITDA %
INDUSTRIAL SEGMENT		28.0	%		26.5	%		30.1	%		28.0	%		28.2	%		25.8	%		23.2	%		25.8	%		25.8	%		25.2	%
ENERGY SEGMENT		17.9	%		15.7	%		19.4	%		15.2	%		17.1	%		16.1	%		12.7	%		16.6	%		15.0	%		15.2	%
ENGINEERED SOLUTIONS SEGMENT		10.1	%		5.4	%		10.5	%		6.7	%		8.3	%		8.3	%		7.2	%		7.9	%		5.8	%		7.3	%
ADJUSTED EBITDA %		16.0	%		13.9	%		17.4	%		13.7	%		15.3	%		13.6	%		11.4	%		13.9	%		13.8	%		13.2	%

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
RECONCILIATION OF GAAP MEASURE TO NON-GAAP MEASURES
(Dollars in thousands, except for per share amounts)


	FISCAL 2015														FISCAL 2016
	Q1		Q2			Q3			Q4			TOTAL			Q1			Q2			Q3			Q4			TOTAL
ADJUSTED EARNINGS (1)
NET EARNINGS (LOSS)	$	24,674	$	(64,838	)	$	37,958		$	22,078		$	19,872		$	15,448		$	(159,190	)	$	21,166		$	17,402		$	(105,174	)
IMPAIRMENT CHARGES		-		84,353			-			-			84,353			-			186,511			-			-			186,511
INCOME TAX BENEFIT ON IMPAIRMENT CHARGES		-		(1,717	)		-			-			(1,717	)		-			(17,455	)		-			-			(17,455	)
LOSS ON SANLO PRODUCT LINE DIVESTITURE		-		-			-			-			-			-			-			-			5,092			5,092
INCOME TAX BENEFIT ON SANLO PRODUCT LINE DIVESTITURE		-		-			-			-			-			-			-			-			(6,649	)		(6,649	)
RESTRUCTURING CHARGES		-		-			-			-			-			4,380			3,582			3,496			3,113			14,571
INCOME TAX BENEFIT ON RESTRUCTURING CHARGES		-		-			-			-			-			(1,182	)		(1,185	)		(994	)		(960	)		(4,321	)
ADJUSTED EARNINGS	$	24,674	$	17,798		$	37,958		$	22,078		$	102,508		$	18,646		$	12,263		$	23,668		$	596		$	72,575

ADJUSTED EARNINGS PER SHARE (1)
NET EARNINGS (LOSS)	$	0.38	$	(1.05	)	$	0.63		$	0.37		$	0.32		$	0.26		$	(2.70	)		0.36		$	0.29		$	(1.78	)
IMPAIRMENT CHARGES		-		1.33			-			-			1.33			-			3.16			-			-			3.16
INCOME TAX BENEFIT ON IMPAIRMENT CHARGES		-		-			-			-			-			-			(0.30	)		-			-			(0.30	)
LOSS ON SANLO PRODUCT LINE DIVESTITURE		-		-			-			-			-			-			-			-			0.09			0.08
INCOME TAX BENEFIT ON SANLO PRODUCT LINE DIVESTITURE		-		-			-			-			-			-			-			-			(0.11	)		(0.11	)
RESTRUCTURING CHARGES		-		-			-			-			-			0.07			0.06			0.06			0.05			0.24
INCOME TAX BENEFIT ON RESTRUCTURING CHARGES		-		-			-			-			-			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.07	)
ADJUSTED EARNINGS PER SHARE	$	0.38	$	0.28		$	0.63		$	0.37		$	1.65		$	0.31		$	0.21		$	0.40		$	0.30		$	1.22


EBITDA (2)
NET EARNINGS (LOSS) (GAAP MEASURE)	$	24,674	$	(64,838	)	$	37,958		$	22,078		$	19,872		$	15,448		$	(159,190	)	$	21,166		$	17,402		$	(105,174	)
FINANCING COSTS, NET		6,191		7,030			7,462			7,374			28,057			7,117			6,866			7,253			7,532			28,768
INCOME TAX EXPENSE (BENEFIT)		7,792		1,980			(2,987	)		(1,266	)		5,519			2,187			(20,026	)		(827	)		(6,504	)		(25,170	)
DEPRECIATION & AMORTIZATION		13,708		13,233			13,296			12,995			53,232			12,472			12,384			11,361			11,379			47,596
EBITDA	$	52,365	$	(42,595	)	$	55,729		$	41,181		$	106,680		$	37,224		$	(159,966	)	$	38,953		$	29,809		$	(53,980	)
IMPAIRMENT CHARGES		-		84,353			-			-			84,353			-			186,511			-			-			186,511
LOSS ON SANLO PRODUCT LINE DIVESTITURE		-		-			-			-			-			-			-			-			5,092			5,092
RESTRUCTURING CHARGES		-		-			-			-			-			4,380			3,582			3,496			3,113			14,571
ADJUSTED EBITDA	$	52,365	$	41,758		$	55,729		$	41,181		$	191,033		$	41,604		$	30,127		$	42,449		$	38,014		$	152,194

FOOTNOTES

NOTE:		The total of the individual quarters may not equal the annual total due to rounding.

(1)		Adjusted earnings and adjusted earnings per share represent net earnings (loss) and earnings (loss) per share per the Condensed Consolidated Statements of Operations net of charges or credits for items to be highlighted for comparability purposes. These measures should not be considered as an alternative to net earnings (loss) or earnings (loss) per share or as an indicator of the Company's operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Actuant companies. The total of the individual components may not equal due to rounding.

(2)		EBITDA represents net earnings before financing costs, net, income tax expense, and depreciation & amortization. EBITDA is not a calculation based upon generally accepted accounting principles (GAAP). The amounts included in the EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Operations data. EBITDA should not be considered as an alternative to net earnings (loss), operating profit (loss) or operating cash flows. Actuant has presented EBITDA because it regularly reviews this performance measure. In addition, EBITDA is used by many of our investors and lenders, and is presented as a convenience to them. The EBITDA measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

CONTACT:
Actuant Corporation
Karen Bauer
Communications & Investor Relations Leader
262-293-1562

		ACTUANT CORPORATION
		(Registrant)

Date:	September 28, 2016	By:	/s/ Andrew G. Lampereur
		Andrew G. Lampereur
		Executive Vice President and
		Chief Financial Officer

Industrial Segment (US $ in millions)
	Three Months Ended August 31,		Year Ended August 31,
	2016	2015	2016	2015
Sales	$94.0	$100.0	$359.8	$402.5
Operating Profit	$20.8	$26.3	$79.8	$105.7
Adjusted Op Profit ⁽¹⁾	$22.1	$26.3	$82.9	$105.7
Adjusted Op Profit % ⁽¹⁾	23.6%	26.3%	23.0%	26.3%

Energy Segment (US $ in millions)
	Three Months Ended August 31,		Year Ended August 31,
	2016	2015	2016	2015
Sales	$91.4	$100.8	$392.7	$411.9
Operating Profit (Loss)	$8.3	$9.1	$(107.5)	$(41.4)
Adjusted Op Profit ⁽²⁾	$8.9	$9.1	$38.9	$43.0
Adjusted Op Profit % ⁽²⁾	9.8%	9.0%	9.9%	10.4%

Engineered Solutions Segment (US $ in millions)
	Three Months Ended August 31,		Year Ended August 31,
	2016	2015	2016	2015
Sales	$90.3	$99.5	$396.9	$434.9
Operating Profit (Loss)	$(5.0)	$3.2	$(43.0)	$19.8
Adjusted Op Profit ⁽³⁾	$0.9	$3.2	$13.2	$19.8
Adjusted Op Profit % ⁽³⁾	1.0%	3.2%	3.3%	4.6%