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Actuant Reports Fourth Quarter And Full Year Fiscal 2012 Results

Fourth quarter fiscal 2012 Industrial segment sales were $111 million, 2% higher than the prior year. Excluding the 5% negative impact of foreign currency rate changes, core sales increased 7% over the prior year. The improvement was driven by generally strong industrial tool demand in North America. Continued execution on G+I initiatives and vertical market strategies, along with solid Integrated Solutions demand, also contributed to the growth. Year-over-year operating profit margins in the fourth quarter improved 40 basis points due primarily to the higher volumes, partially offset by incremental G+I investments and unfavorable mix.


Energy Segment

(US $ in millions)
  Three Months Ended August 31,   Year Ended August 31,
2012   2011 2012   2011
Sales $93.4 $82.7 $349.2 $293.1
Operating Profit $18.8 $17.2 $62.2 $49.3
Operating Profit % 20.2% 20.7% 17.8% 16.8%

Fiscal 2012 fourth quarter year-over-year Energy segment sales increased 13% to $93 million. Excluding the 4% impact from acquisitions and negative 5% impact from foreign currency rate changes, core sales increased 14% from the prior year’s robust levels. Maintenance spending in oil & gas, power generation, refinery and petrochemical markets, along with higher industry-wide capital expenditures on offshore energy development, were the primary growth drivers. Quoting activity and current oil prices continue to support strong demand across the Energy segment’s served markets. Fourth quarter operating profit margin was the highest of the year, but declined 50 basis points from the prior year due to unfavorable mix and increased G+I spending.

Electrical Segment

(US $ in millions)
  Three Months Ended August 31,   Year Ended August 31,
2012   2011 2012   2011
Sales $82.9 $80.1 $328.8 $286.0
Operating (Loss) Profit ($54.2) $6.5 ($34.6) $20.7

Adj. Operating Profit (1)
$8.3 $6.5 $27.9 $20.7

Adj. Operating Profit % (1)
10.0% 8.1% 8.5% 7.2%

(1) Excludes fourth quarter fiscal 2012 non-cash asset impairment charge of $62.5 million.

Electrical segment fiscal 2012 fourth quarter sales were $83 million, 4% higher than the comparable prior year quarter. Core sales increased 7%, while the impact of the weaker Euro was a 3% headwind. The core sales growth was broad based and reflected higher volumes in the solar, industrial, retail and marine aftermarket channels. The marine OEM market, most notably in Europe, was weaker than the prior year. Fourth quarter adjusted operating profit margin increased 190 basis points from the prior year due to the higher volumes and improved Mastervolt profitability, which more than offset restructuring costs in the quarter.

Engineered Solutions Segment

(US $ in millions)
  Three Months Ended August 31,   Year Ended August 31,
2012   2011 2012   2011
Sales $118.4 $131.7 $508.1 $473.2
Operating Profit $10.1 $16.4 $60.9 $63.6
Operating Profit % 8.5% 12.5% 12.0% 13.4%

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