Actuant Corporation

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-- 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."

Consolidated Results

During the fourth quarter, the Company divested Acme Aerospace and BH Electronics. The results of operations for these two businesses, as well as the aggregate net gain on disposition are reported in discontinued operations in the accompanying Condensed Consolidated Statement of Operations. Operating results for all prior periods have been reclassified for comparability.

Consolidated sales for the fourth quarter declined 26% to $290 million compared to $393 million in the fourth quarter of fiscal 2008. Excluding the impact of foreign currency rate changes (-4%) and acquisitions (+5%), core sales (sales excluding the impact of acquisitions, divestitures and currency rate changes) declined 27%. Net earnings and diluted earnings per share ("EPS") in the fiscal 2009 fourth quarter were $16.5 million and $0.24, respectively, compared to net earnings of $34.2 million and EPS of $0.54 in the comparable prior year quarter. Earnings and EPS from continuing operations were $4.5 million and $0.07, respectively, compared to $33.6 million and $0.53 for the comparable prior year period. Results from continuing operations for the fourth quarter of 2009 included a $2.1 million ($0.02 per diluted share) pre-tax non-cash debt extinguishment charge following the equity offering as well as pre-tax restructuring charges of $9.3 million, or $0.09 per diluted share. Excluding these items, EPS from continuing operations was $0.18 in the fourth quarter of fiscal 2009 compared to $0.53 in the prior year's quarter. (See attached reconciliation of earnings).

Sales for the year ended August 31, 2009 were $1,240 million, 23% lower than the $1,613 million in the prior year. Excluding the impact of the stronger US dollar (-4%) and sales from acquired businesses (+4%), year-to-date core sales decreased 23%. Net earnings for the year ended August 31, 2009 were $13.7 million, or $0.24 per diluted share, compared to fiscal 2008 net earnings of $122.5 million, or $1.93 per diluted share. Earnings and EPS from continuing operations were $23.9 million and $0.40, respectively compared to $119.2 million and $1.88 for the prior year. Fiscal 2009 results from continuing operations included $31.3 million ($0.29 per diluted share) of pre-tax non-cash asset impairment charges, $23.7 million ($0.24 per diluted share) of pre-tax restructuring charges and $1.7 million ($0.02 per diluted share) of pre-tax non-cash debt extinguishment charges. Results for the year ended August 31, 2008 included $10.5 million ($0.16 per diluted share) of pre-tax restructuring charges and a tax benefit of $2.6 million ($0.04 per diluted share). Excluding these items, fiscal 2009 EPS from continuing operations was $0.95, compared to $2.00 for the prior year. (See attached reconciliation of earnings).

Segment Results

Industrial Segment

(US $ in millions)

                        Three Months Ended  Twelve Months Ended
                        August 31,          August 31,
                        2009    2008        2009    2008
Sales                   $61.8   $98.1       $286.9  $374.5
Operating Profit (1)    $13.7   $31.1       $71.4   $113.8
Operating Profit % (1)  22.2%   31.7%       24.9%   30.4%

(1) Results for the three and twelve months ended August 31, 2009 exclude restructuring charges of $2.4 million and $3.9 million, respectively.

Fourth quarter fiscal 2009 Industrial segment sales decreased 37% to $62 million. Excluding foreign currency rate changes (-2%), Industrial segment core sales were 35% lower than the comparable prior year period; however, they were approximately level with the third fiscal quarter. The year-over-year sales decline was broad based across the diverse end markets and geographic regions served by this segment. The segment's core sales rate of change stabilized since May 2009. Fourth quarter operating profit margin (excluding restructuring costs) was 22.2%, below the comparable prior year quarter due to lower sales and production as well as unfavorable sales mix.

Energy Segment

(US $ in millions)

                        Three Months Ended  Twelve Months Ended
                        August 31,          August 31,
                        2009    2008        2009    2008
Sales                   $63.7   $60.8       $259.5  $212.4
Operating Profit (2)    $11.8   $16.3       $45.1   $48.0
Operating Profit % (2)  18.5%   26.7%       17.4%   22.6%

(2) Results for the three and twelve months ended August 31, 2009 exclude restructuring charges of $0.7 million and $1.0 million, respectively.

Fiscal 2009 fourth quarter Energy segment sales grew 5% to $64 million. Acquisitions contributed 25% to sales while the stronger US dollar reduced sales by 9%. Core sales declined 11% due to lower capital project based revenue. While the Company saw certain of its customers defer or reduce maintenance at some oil & gas installations, this important source of Energy segment revenue held up better than exploration or new commissioning related business. Operating profit margin (excluding restructuring costs) declined year-over-year reflecting unfavorable acquisition mix and the lower volumes.

Electrical Segment

(US $ in millions)

                        Three Months Ended  Twelve Months Ended
                        August 31,          August 31,
                        2009    2008        2009    2008
Sales                   $87.8   $112.7      $364.2  $496.4
Operating Profit (3)    $4.2    $5.1        $15.6   $35.0
Operating Profit % (3)  4.8%    4.5%        4.3%    7.1%

(3) Results for the three months ended August 31, 2009 exclude restructuring charges of $3.0 million. Results for the twelve months ended August 31, 2009 exclude a $4.8 million pre-tax non-cash asset impairment charge and $9.8 million of restructuring charges. Results for the twelve months ended August 31, 2008 exclude restructuring charges of $10.5 million.

Electrical segment fiscal 2009 fourth quarter sales declined 22% to $88 million. The stronger US dollar contributed 3% to the sales decline. Core sales decreased 19% from the prior year reflecting continued weak demand. However, the core revenue year-over-year rate of change improved sequentially from -30% in the third quarter of fiscal 2009 to -19% in the fourth quarter. Sales trends to both the marine aftermarket and DIY channel improved sequentially during the fourth quarter. Fourth quarter operating profit margin (excluding restructuring costs) increased to 4.8%, a 30 basis point improvement from the prior year and 110 basis points sequentially. The increase primarily reflects cost reduction benefits and improved product sales mix.

Engineered Solutions Segment

(US $ in millions)

                        Three Months Ended  Twelve Months Ended
                        August 31,          August 31,
                        2009    2008        2009    2008
Sales                   $76.7   $121.8      $329.3  $529.8
Operating Profit (4)    $0.3    $11.3       $6.5    $50.6
Operating Profit % (4)  0.4%    9.3%        2.0%    9.6%

(4) Results for the three months ended August 31, 2009 exclude restructuring charges of $3.0 million. Results for the twelve months ended August 31, 2009 exclude a $26.6 million pre-tax non-cash RV asset impairment charge and $8.3 million of restructuring charges.

Fourth quarter fiscal 2009 Engineered Solutions segment sales declined 37% (-37% core, -3% currency translation and +3% acquisitions) reflecting significantly reduced demand from truck and specialty vehicle end markets. While automotive revenues increased sequentially due to new program launches, major global truck OEM's continued to reduce their inventory levels by producing fewer trucks than they sold. Fourth quarter operating margins (excluding restructuring) continue to be negatively impacted by the significant reduction in sales, unfavorable product line sales mix and lower manufacturing overhead absorption.

Corporate

Corporate expenses for the fourth quarter of fiscal 2009, excluding restructuring charges of approximately $0.2 million, were $5.0 million compared to $8.5 million in the comparable prior year quarter primarily due to lower incentive compensation expense, salary and headcount reductions and reduced discretionary spending.

Financial Position

Net debt at August 31, 2009 was $394 million (total debt of $405 million less $11 million of cash). The Company completed a follow-on equity offering during the quarter, issuing 10.925 million shares for net proceeds of approximately $125 million which were used to reduce indebtedness. In addition, the aforementioned business divestitures generated net proceeds of $38 million, also used to reduce outstanding borrowings. The combination of these items, as well as robust fourth quarter operating cash flow, had a significant impact on the Company's capitalization with $200 million of net debt reduction since May 31, 2009. As of August 31, 2009, the Company had over $350 million of unused revolver capacity.

Outlook

Arzbaecher continued, "We begin the new fiscal year with both opportunities and challenges facing Actuant. While the rate of change in sales has stabilized in most of our end markets, we still have difficult year-over-year comparisons ahead of us, most pronounced in the first two fiscal quarters of 2010. Visibility in our later cycle Energy segment remains challenging as the number of capital projects industry-wide has declined steadily over the past six months. However, with customer inventory destocking moderating and the global economic slowdown approaching its anniversary, our sequential and year-over-year revenues are expected to improve in the second half of fiscal 2010. We also will be realizing additional benefits of restructuring activities in the second half of the fiscal year as most current projects reach completion by mid-year. As we experienced this past year, the biggest variable in our fiscal 2010 results will be the general economy and its impact on revenue. We have assumed an overall fiscal 2010 core sales decline of 3%-8%, driven by continued difficult comparisons in the first half of the fiscal year partially offset by improvements in the second half. Our revenue guidance for fiscal 2010 is $1.15-$1.25 billion. We anticipate diluted EPS for the full year, excluding restructuring costs, to be in the $0.70-$0.95 range. Full year free cash flow is expected to be in the $90-$100 million range, which would result in free cash flow conversion well in excess of 100%. We continue to pursue accretive acquisition opportunities which, when executed, will be incremental to this guidance. Our first quarter fiscal 2010 guidance reflects expected sequential stability with sales in the $280-$300 million range and EPS in the range of $0.12-$0.17 (excluding restructuring charges)."

Concluded Arzbaecher, "We are optimistic that over the next twelve months we will begin to see improved business and consumer confidence levels which will benefit Actuant and the broader economy. I continue to be very confident in Actuant's long-term organic and acquisition driven growth prospects. With our strong cash flow and borrowing capacity, we are well positioned to finance these growth opportunities. The fundamentals for our growth strategies are in place, and our people, at all levels, are dedicated and driven to realizing those opportunities."

Conference Call Information

An investor conference call is scheduled for 10am CT today, September 30, 2009. 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.

Safe Harbor Statement

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.

About Actuant

Actuant, headquartered in Butler, Wisconsin, is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in branded hydraulic and electrical tools and supplies, umbilical, rope and cable solutions and highly engineered position and motion control systems. The Company employs a workforce of approximately 5,900 worldwide. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its business units, visit the Company's website at www.actuant.com.

(tables follow)

Actuant Corporation
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
                                                       August 31,     August 31,
                                                       2009           2008
ASSETS
Current assets
        Cash and cash equivalents                      $ 11,385       $ 122,549
        Accounts receivable, net                       155,520        226,564
        Inventories, net                               160,656        215,391
        Deferred income taxes                          20,855         11,870
        Other current assets                           15,246         16,092
                  Total current assets                 363,662        592,466
Property, plant and equipment, net                     129,118        134,550
Goodwill                                               711,522        639,862
Other intangible assets, net                           350,249        292,359
Other long-term assets                                 13,880         9,145
                  Total assets                         $ 1,568,431    $ 1,668,382
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
        Short-term borrowings                          $ 4,964        $ 339
        Trade accounts payable                         108,333        166,863
        Accrued compensation and benefits              30,079         59,023
        Income taxes payable                           20,578         24,867
        Other current liabilities                      71,140         60,033
                  Total current liabilities            235,094        311,125
Long-term debt, less current maturities                400,135        573,818
Deferred income taxes                                  117,335        99,634
Pension and postretirement benefit accruals            37,662         27,641
Other long-term liabilities                            30,835         26,658
Shareholders' equity
        Capital stock                                  13,543         11,200
        Additional paid-in capital                     (188,644    )  (324,898    )
        Accumulated other comprehensive (loss) income  (24,599     )  7,149
        Stock held in trust                            (1,766      )  (2,081      )
        Deferred compensation liability                1,766          2,081
        Retained earnings                              947,070        936,055
                  Total shareholders' equity           747,370        629,506
Total liabilities and shareholders' equity             $ 1,568,431    $ 1,668,382

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,
                                                                    2009         2008          2009           2008
Net sales                                                           $ 290,056    $ 393,470     $ 1,239,798    $ 1,613,190
Cost of products sold                                               195,476      251,219       825,124        1,052,141
                 Gross profit                                       94,580       142,251       414,674        561,049
Selling, administrative and engineering expenses                    65,233       83,144        275,751        330,609
Restructuring charges                                               8,240        -             22,426         10,473
Impairment charges                                                  -            -             31,321         -
Amortization of intangible assets                                   5,378        3,870         19,724         13,933
                 Operating profit                                   15,729       55,237        65,452         206,034
Financing costs, net                                                10,685       8,887         41,849         36,409
Other (income) expense, net                                         (4        )  (1,412    )   209            (2,991      )
                 Earnings from continuing operations before income
                 tax expense and minority interest                  5,048        47,762        23,394         172,616
Income tax expense (benefit)                                        540          14,182        (474        )  53,416
Minority interest, net of income taxes                              (4        )  (2        )   17             22
Earnings from continuing operations                                 4,512        33,582        23,851         119,178
Earnings (loss) from discontinued operations,
net of income taxes                                                 12,003       661           (10,128     )  3,366
Net earnings                                                        $ 16,515     $ 34,243      $ 13,723       $ 122,544
Earnings from continuing operations per share
                 Basic                                              $ 0.07       $ 0.60        $ 0.41         $ 2.14
                 Diluted                                            0.07         0.53          0.40           1.88
Earnings per share
                 Basic                                              $ 0.26       $ 0.61        $ 0.24         $ 2.20
                 Diluted                                            0.24         0.54          0.24           1.93
Weighted average common shares outstanding
                 Basic                                              63,742       55,953        58,047         55,813
                 Diluted                                            71,554       65,011        66,064         64,833

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,
                                                                    2009        2008          2009        2008
Operating Activities
Net earnings                                                        $ 16,515    $ 34,243      13,723      $ 122,544
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization                                       13,480      11,783        51,978      44,709
Stock-based compensation expense                                    2,208       1,957         8,609       6,847
Provision (benefit) for deferred income taxes                       2,269       (1,078    )   (17,847  )  5,912
Impairment charges                                                  -           -             58,274      -
Net gain on disposal of businesses                                  (15,831  )  -             (15,831  )  -
Amortization of debt discount and debt issuance costs               2,870       367           4,531       1,372
(Gain)/Loss on disposal of assets                                   1,176       (30       )   1,585       (1,576    )
Changes in operating assets and liabilities, excluding the effects
of the business acquisitions
Accounts receivable                                                 5,230       20,922        87,052      (13,929   )
Accounts receivable securitization program                          (2,355   )  (8,621    )   (15,837  )  (3,576    )
Inventories                                                         21,231      2,369         57,963      (5,697    )
Prepaid expenses and other assets                                   252         (1,315    )   1,075       429
Trade accounts payable                                              6,091       (7,127    )   (61,932  )  7,586
Income taxes payable                                                (1,987   )  702           (9,180   )  (576      )
Other accrued liabilities                                           (2,115   )  (9,267    )   (17,448  )  6,052
Net cash provided by operating activities                           49,034      44,905        146,715     170,097
Investing Activities
Proceeds from sale of property, plant and equipment                 1,255       389           1,862       14,065
Capital expenditures                                                (6,436   )  (11,905   )   (21,454  )  (44,407   )
Proceeds from sale of businesses, net of transaction costs          38,455      -             38,455      -
Business acquisitions, net of cash acquired                         (3,500   )  -             (239,422 )  (110,109  )
Net cash provided by (used in) investing activities                 29,774      (11,516   )   (220,559 )  (140,451  )
Financing Activities
Net (repayments) borrowings on revolving credit facilities and      (88,642  )  (1,909    )   7,557       246
other debt
Proceeds from term loan                                             -           -             115,000     -
Principal repayments on term loans                                  (113,562 )  (7        )   (270,000 )  (1,015    )
Debt issuance and amendment costs                                   (3,825   )  -             (9,158   )  (265      )
Proceeds from equity offering, net of transaction costs             124,781     -             124,781     -
Cash dividend                                                       -           -             (2,251   )  (2,221    )
Stock option exercises, related tax benefits, and other             550         3,819         4,024       8,294
Net cash (used in) provided by financing activities                 (80,698  )  1,903         (30,047  )  5,039
Effect of exchange rate changes on cash                             (17      )  (3,822    )   (7,273   )  1,184
Net increase (decrease) in cash and cash equivalents                (1,907   )  31,470        (111,164 )  35,869
Cash and cash equivalents - beginning of period                     13,292      91,079        122,549     86,680
Cash and cash equivalents - end of period                           $ 11,385    $ 122,549     $ 11,385    $ 122,549

ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA FROM CONTINUING OPERATIONS
(Dollars in thousands)
                                                                                          FISCAL 2008                                                              FISCAL 2009
                                                                                          Q1            Q2            Q3            Q4            TOTAL            Q1            Q2            Q3            Q4            TOTAL
SALES
       INDUSTRIAL SEGMENT                                                                 $ 87,412      $ 87,344      $ 101,593     $ 98,149      $ 374,498        $ 90,524      $ 71,682      $ 62,843      $ 61,802      $ 286,851
       ENERGY SEGMENT                                                                     49,677        43,458        58,442        60,823        212,400          73,982        59,526        62,251        63,731        259,490
       ELECTRICAL SEGMENT                                                                 130,130       126,705       126,865       112,745       496,445          102,898       89,719        83,752        87,792        364,161
       ENGINEERED SOLUTIONS SEGMENT                                                       133,780       129,403       144,911       121,753       529,847          103,385       72,872        76,308        76,731        329,296
                      TOTAL                                                               $ 400,999     $ 386,910     $ 431,811     $ 393,470     $ 1,613,190      $ 370,789     $ 293,799     $ 285,154     $ 290,056     $ 1,239,798
% SALES GROWTH
       INDUSTRIAL SEGMENT                                                                 37        %   33        %   38        %   30        %   34          %    4         %   -18       %   -38       %   -37       %   -23         %
       ENERGY SEGMENT                                                                     24        %   41        %   38        %   29        %   32          %    49        %   37        %   7         %   5         %   22          %
       ELECTRICAL SEGMENT                                                                 2         %   -1        %   -5        %   -15       %   -5          %    -21       %   -29       %   -34       %   -22       %   -27         %
       ENGINEERED SOLUTIONS SEGMENT                                                       23        %   16        %   10        %   -1        %   11          %    -23       %   -44       %   -47       %   -37       %   -38         %
                      TOTAL                                                               18        %   15        %   13        %   4         %   12          %    -8        %   -24       %   -34       %   -26       %   -23         %
OPERATING PROFIT (LOSS)
       INDUSTRIAL SEGMENT                                                                 $ 25,662      $ 25,990      $ 31,054      $ 31,103      $ 113,809        $ 26,107      $ 15,972      $ 15,597      $ 13,692      $ 71,368
       ENERGY SEGMENT                                                                     12,314        6,767         12,638        16,266        47,985           15,647        5,895         11,772        11,801        45,115
       ELECTRICAL SEGMENT                                                                 10,299        11,044        8,546         5,121         35,010           5,896         2,404         3,119         4,213         15,632
       ENGINEERED SOLUTIONS SEGMENT                                                       12,707        10,485        16,125        11,296        50,613           7,865         (2,735    )   991           342           6,463
       CORPORATE / GENERAL                                                                (6,415    )   (7,743    )   (8,203    )   (8,549    )   (30,910     )    (3,197    )   (5,013    )   (4,815    )   (5,042    )   (18,066     )
                      TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES                $ 54,567      $ 46,543      $ 60,160      $ 55,237      $ 216,507        $ 52,318      $ 16,523      $ 26,664      $ 25,006      $ 120,512
       IMPAIRMENT CHARGES                                                                 -             -             -             -             -                (26,553   )   -             (4,768    )   -             (31,321     )
       RESTRUCTURING CHARGES (1)                                                          (5,521    )   (4,952    )   -             -             (10,473     )    (674      )   (3,039    )   (10,749   )   (9,277    )   (23,739     )
                      TOTAL                                                               $ 49,046      $ 41,591      $ 60,160      $ 55,237      $ 206,034        $ 25,091      $ 13,484      $ 11,147      $ 15,729      $ 65,452
OPERATING PROFIT %
       INDUSTRIAL SEGMENT                                                                 29.4      %   29.8      %   30.6      %   31.7      %   30.4        %    28.8      %   22.3      %   24.8      %   22.2      %   24.9        %
       ENERGY SEGMENT                                                                     24.8      %   15.6      %   21.6      %   26.7      %   22.6        %    21.1      %   9.9       %   18.9      %   18.5      %   17.4        %
       ELECTRICAL SEGMENT                                                                 7.9       %   8.7       %   6.7       %   4.5       %   7.1         %    5.7       %   2.7       %   3.7       %   4.8       %   4.3         %
       ENGINEERED SOLUTIONS SEGMENT                                                       9.5       %   8.1       %   11.1      %   9.3       %   9.6         %    7.6       %   -3.8      %   1.3       %   0.4       %   2.0         %
                      TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING  13.6      %   12.0      %   13.9      %   14.0      %   13.4        %    14.1      %   5.6       %   9.4       %   8.6       %   9.7         %
                      CHARGES
EBITDA
       INDUSTRIAL SEGMENT                                                                 $ 28,017      $ 27,840      $ 32,617      $ 32,599      $ 121,073        $ 27,139      $ 17,058      $ 18,208      $ 15,322      $ 77,727
       ENERGY SEGMENT                                                                     14,553        9,546         15,771        20,399        60,269           21,671        11,492        15,080        16,235        64,478
       ELECTRICAL SEGMENT                                                                 12,929        13,293        10,863        7,163         44,248           7,103         3,440         5,307         6,388         22,238
       ENGINEERED SOLUTIONS SEGMENT                                                       16,894        14,707        19,756        16,051        67,408           12,412        1,264         3,915         4,949         22,541
       CORPORATE / GENERAL                                                                (6,632    )   (7,522    )   (7,991    )   (8,163    )   (30,308     )    (3,110    )   (4,058    )   (4,237    )   (4,196    )   (15,601     )
                      TOTAL - EXCLUDING IMPAIRMENT / RESTRUCTURING CHARGES                $ 65,761      $ 57,864      $ 71,016      $ 68,049      $ 262,690        $ 65,215      $ 29,196      $ 38,273      $ 38,698      $ 171,383
       IMPAIRMENT CHARGES                                                                 -             -             -             -             -                (26,553   )   -             (4,768    )   -             (31,321     )
       RESTRUCTURING CHARGES (1)                                                          (5,521    )   (4,952    )   -             -             (10,473     )    (674      )   (3,039    )   (10,749   )   (9,277    )   (23,739     )
                      TOTAL                                                               $ 60,240      $ 52,912      $ 71,016      $ 68,049      $ 252,217        $ 37,988      $ 26,157      $ 22,756      $ 29,421      $ 116,323
EBITDA %
       INDUSTRIAL SEGMENT                                                                 32.1      %   31.9      %   32.1      %   33.2      %   32.3        %    30.0      %   23.8      %   29.0      %   24.8      %   27.1        %
       ENERGY SEGMENT                                                                     29.3      %   22.0      %   27.0      %   33.5      %   28.4        %    29.3      %   19.3      %   24.2      %   25.5      %   24.8        %
       ELECTRICAL SEGMENT                                                                 9.9       %   10.5      %   8.6       %   6.4       %   8.9         %    6.9       %   3.8       %   6.3       %   7.3       %   6.1         %
       ENGINEERED SOLUTIONS SEGMENT                                                       12.6      %   11.4      %   13.6      %   13.2      %   12.7        %    12.0      %   1.7       %   5.1       %   6.4       %   6.8         %
                      TOTAL (INCLUDING CORPORATE) - EXCLUDING IMPAIRMENT / RESTRUCTURING  16.4      %   15.0      %   16.4      %   17.3      %   16.3        %    17.6      %   9.9       %   13.4      %   13.3      %   13.8        %
                      CHARGES
                      Note: The total of the individual quarters may not equal the annual
                      total due to rounding.
                      (1) The restructuring charges for the third and fourth quarters of
                      fiscal 2009 and total fiscal 2009 includes $276, $1,037 and $1,313
                      of charges included in cost of products sold on the Condensed
                      Consolidated Statements of Operations.

ACTUANT CORPORATION
Reconciliation of GAAP measures to non-GAAP measures
                     (Dollars in thousands, except for per share amounts)
                                                                                                          FISCAL 2008                                                        FISCAL 2009
                                                                                                          Q1           Q2           Q3           Q4           TOTAL          Q1           Q2           Q3            Q4           TOTAL
NET EARNINGS (LOSS), EXCLUDING RESTRUCTURING CHARGES,
IMPAIRMENT CHARGES, INCOME TAX ADJUSTMENTS / CREDITS,
DEBT EXTINGUISHMENT CHARGES, AND DISCONTINUED OPERATIONS (1)
                     NET EARNINGS (LOSS) (GAAP MEASURE)                                                   $ 27,427     $ 22,239     $ 38,635     $ 34,243     $ 122,544      $ 11,598     $ 3,244      $ (17,635 )   $ 16,515     $ 13,723
                                          RESTRUCTURING CHARGES, NET OF TAX BENEFIT                       5,521        4,729        -            -            10,250         481          2,028        7,173         6,223        15,905
                                          IMPAIRMENT CHARGES, NET OF TAX BENEFIT                          -            -            -            -            -              16,463       -            2,981         -            19,444
                                          TAX ADJUSTMENTS / CREDITS                                       -            -            (2,625   )   -            (2,625    )    -            -            -             -            -
                                          DEBT EXTINGUISHMENT CHARGES, NET OF TAX BENEFIT                 -            -            -            -            -              (236     )   -            -             1,303        1,067
                                          DISCONTINUED OPERATIONS, NET OF TAX BENEFIT                     (1,102   )   (741     )   (862     )   (661     )   (3,366    )    300          985          20,846        (12,003  )   10,128
                     TOTAL (NON-GAAP MEASURE)                                                             $ 31,846     $ 26,227     $ 35,148     $ 33,582     $ 126,803      $ 28,606     $ 6,257      $ 13,365      $ 12,038     $ 60,267
DILUTED EARNINGS (LOSS) PER SHARE, EXCLUDING RESTRUCTURING
CHARGES,
IMPAIRMENT CHARGES, INCOME TAX ADJUSTMENTS / CREDITS,
DEBT EXTINGUISHMENT CHARGES, AND DISCONTINUED OPERATIONS (1)
                     NET EARNINGS (LOSS) (GAAP MEASURE)                                                   $ 0.43       $ 0.35       $ 0.60       $ 0.54       $ 1.93         $ 0.19       $ 0.06       $ (0.27   )   $ 0.24       $ 0.24
                                          RESTRUCTURING CHARGES, NET OF TAX BENEFIT                       0.09         0.07         -            -            0.16           0.01         0.03         0.11          0.09         0.24
                                          IMPAIRMENT CHARGES, NET OF TAX BENEFIT                          -            -            -            -            -              0.26         -            0.05          -            0.29
                                          TAX ADJUSTMENTS / CREDITS                                       -            -            (0.04    )   -            (0.04     )    -            -            -             -            -
                                          DEBT EXTINGUISHMENT CHARGES, NET OF TAX BENEFIT                 -            -            -            -            -              (0.00    )   -            -             0.02         0.02
                                          DISCONTINUED OPERATIONS, NET OF TAX BENEFIT                     (0.01    )   (0.01    )   (0.01    )   (0.01    )   (0.04     )    -            0.02         0.33          (0.17    )   0.15
                     TOTAL (NON-GAAP MEASURE)                                                             $ 0.51       $ 0.41       $ 0.55       $ 0.53       $ 2.00         $ 0.45       $ 0.11       $ 0.22        $ 0.18       $ 0.95
EBITDA (2)
                     NET EARNINGS (LOSS) (GAAP MEASURE)                                                   $ 27,427     $ 22,239     $ 38,635     $ 34,243     $ 122,544      $ 11,598     $ 3,244      $ (17,635 )   $ 16,515     $ 13,723
                                          FINANCING COSTS, NET                                            9,300        9,032        9,190        8,887        36,409         12,235       9,904        9,025         10,685       41,849
                                          INCOME TAX EXPENSE                                              14,537       11,738       12,959       14,182       53,416         1,497        (604     )   (1,907    )   540          (474      )
                                          DEPRECIATION & AMORTIZATION                                     10,084       10,651       11,057       11,400       43,192         12,363       12,638       12,391        13,688       51,080
                                          MINORITY INTEREST, NET OF INCOME TAX                            (6       )   (7       )   37           (2       )   22             (5       )   (10      )   36            (4       )   17
                                          DISCONTINUED OPERATIONS, NET OF TAX BENEFIT                     (1,102   )   (741     )   (862     )   (661     )   (3,366    )    300          985          20,846        (12,003  )   10,128
                                          EBITDA (NON-GAAP MEASURE)                                       $ 60,240     $ 52,912     $ 71,016     $ 68,049     $ 252,217      $ 37,988     $ 26,157     $ 22,756      $ 29,421     $ 116,323
                                          IMPAIRMENT CHARGES                                              -            -            -            -            -              26,553       -            4,768         -            31,321
                                          RESTRUCTURING CHARGES                                           5,521        4,952        -            -            10,473         674          3,039        10,749        9,277        23,739
                                          EBITDA (NON-GAAP MEASURE) - EXCLUDING DISCONTINUED OPERATIONS,
                                          IMPAIRMENT, AND RESTRUCTURING CHARGES                           $ 65,761     $ 57,864     $ 71,016     $ 68,049     $ 262,690      $ 65,215     $ 29,196     $ 38,273      $ 38,698     $ 171,383
(1)                                       Net earnings and diluted earnings per share excluding
                                          restructuring charges, impairment charges, income tax adjustments
                                          / credits, debt extinguishment charges and discontinued operations
                                          represent net earnings and diluted earnings 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 or diluted earnings per share 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, depreciation & amortization, minority interest and
                                          discontinued operations.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 or operating profit as an indicator of the
                                          company's operating performance, or as an alternative to operating
                                          cash flows as a measure of liquidity.Actuant has presented
                                          EBITDA because it regularly reviews this as a measure of the
                                          company's ability to incur and service debt.In addition, EBITDA
                                          is used by many of our investors and lenders, and is presented as
                                          a convenience to them.However, 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.The total of the individual quarters may not equal
                                          the annual total due to rounding.

SOURCE: Actuant Corporation

Actuant Corporation 
Karen Bauer 
Director, Investor Relations 
262-373-7462

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