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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Actuant Corp | NYSE:ATU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.87 | 0 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Wisconsin
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39-0168610
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(State of incorporation)
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(I.R.S. Employer Id. No.)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Page No.
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•
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deterioration of, or instability in, the domestic and international economy;
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•
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challenging conditions in our various end markets, including the industrial, oil & gas, and energy markets;
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•
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integrating our historic three segment structure into two new operating segments;
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•
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competition in the markets we serve;
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•
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failure to develop new products and market acceptance of existing and new products;
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•
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a material disruption at a significant manufacturing facility;
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•
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operating margin risk due to competitive pricing, operating inefficiencies, production levels and increases in the costs of commodities and raw materials;
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•
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uncertainty over global tariffs, or the financial impact of tariffs;
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•
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our international operations present special risks, including currency exchange rate fluctuations and export and import restrictions;
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•
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regulatory and legal developments, including changes to United States taxation rules;
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•
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our ability to successfully identify, consummate and integrate acquisitions and realize anticipated benefits/results from acquired companies as part of our portfolio management process;
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•
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the effects of divestitures and/or discontinued operations, including retained liabilities from, or indemnification obligations with respect to, businesses that we sell;
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•
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uncertainty with respect to the consummation of announced divestiture plans, including the terms and timing of any such transactions;
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•
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the potential for a non-cash asset impairment charge, if the operating performance for our businesses were to fall significantly below current levels or impairment of goodwill and other intangible assets as they represent a substantial amount of our total assets;
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•
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our ability to execute restructuring actions and the realization of anticipated cost savings;
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•
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a significant failure in information technology (IT) infrastructure, such as unauthorized access to financial and other sensitive data or cybersecurity threats;
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•
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heavy reliance on suppliers for components used in the manufacture and sale of our products;
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•
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litigation, including product liability and warranty claims;
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•
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our ability to attract, develop, and retain qualified employees;
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•
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inadequate intellectual property protection or if our products are deemed to infringe on the intellectual property of others;
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•
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our ability to comply with the covenants in our debt agreements and fluctuations in interest rates; and
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•
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numerous other matters including those of a political, economic, business, competitive and regulatory nature contained from time to time in U.S. Securities and Exchange Commission ("SEC") filings, including, but not limited to, those factors listed in the "Risk Factors" section within Item 1A of Part I of the Form 10-K filed with the SEC on October 29, 2018.
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
271,907
|
|
|
$
|
275,165
|
|
|
$
|
564,438
|
|
|
$
|
564,120
|
|
Cost of products sold
|
174,421
|
|
|
185,469
|
|
|
361,944
|
|
|
373,513
|
|
||||
Gross profit
|
97,486
|
|
|
89,696
|
|
|
202,494
|
|
|
190,607
|
|
||||
Selling, administrative and engineering expenses
|
70,745
|
|
|
68,287
|
|
|
143,936
|
|
|
142,765
|
|
||||
Amortization of intangible assets
|
3,441
|
|
|
5,168
|
|
|
7,720
|
|
|
10,299
|
|
||||
Restructuring charges
|
60
|
|
|
3,450
|
|
|
463
|
|
|
10,079
|
|
||||
Impairment & divestiture charges
|
6,886
|
|
|
2,987
|
|
|
43,339
|
|
|
2,987
|
|
||||
Operating profit
|
16,354
|
|
|
9,804
|
|
|
7,036
|
|
|
24,477
|
|
||||
Financing costs, net
|
7,153
|
|
|
7,604
|
|
|
14,448
|
|
|
15,118
|
|
||||
Other expense, net
|
656
|
|
|
582
|
|
|
1,568
|
|
|
911
|
|
||||
Earnings (loss) before income tax expense
|
8,545
|
|
|
1,618
|
|
|
(8,980
|
)
|
|
8,448
|
|
||||
Income tax expense
|
5,792
|
|
|
19,839
|
|
|
5,719
|
|
|
21,443
|
|
||||
Net earnings (loss)
|
$
|
2,753
|
|
|
$
|
(18,221
|
)
|
|
$
|
(14,699
|
)
|
|
$
|
(12,995
|
)
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.04
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.22
|
)
|
Diluted
|
$
|
0.04
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
61,243
|
|
|
60,318
|
|
|
61,137
|
|
|
60,095
|
|
||||
Diluted
|
61,607
|
|
|
60,318
|
|
|
61,137
|
|
|
60,095
|
|
||||
|
|
|
|
|
|
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net earnings (loss)
|
$
|
2,753
|
|
|
$
|
(18,221
|
)
|
|
$
|
(14,699
|
)
|
|
$
|
(12,995
|
)
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
7,433
|
|
|
13,237
|
|
|
(743
|
)
|
|
16,135
|
|
||||
Foreign currency translation due to divested business
|
34,909
|
|
|
67,645
|
|
|
34,909
|
|
|
67,645
|
|
||||
Pension and other postretirement benefit plans
|
95
|
|
|
127
|
|
|
327
|
|
|
254
|
|
||||
Total other comprehensive income, net of tax
|
42,437
|
|
|
81,009
|
|
|
34,493
|
|
|
84,034
|
|
||||
Comprehensive income
|
$
|
45,190
|
|
|
$
|
62,788
|
|
|
$
|
19,794
|
|
|
$
|
71,039
|
|
|
|
February 28, 2019
|
|
August 31, 2018
|
||||
ASSETS
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
170,388
|
|
|
$
|
250,490
|
|
Accounts receivable, net
|
|
210,174
|
|
|
187,749
|
|
||
Inventories, net
|
|
161,646
|
|
|
156,356
|
|
||
Assets held for sale
|
|
56,113
|
|
|
23,573
|
|
||
Other current assets
|
|
54,863
|
|
|
42,732
|
|
||
Total current assets
|
|
653,184
|
|
|
660,900
|
|
||
Property, plant and equipment
|
|
|
|
|
||||
Land, buildings and improvements
|
|
42,238
|
|
|
47,468
|
|
||
Machinery and equipment
|
|
217,134
|
|
|
229,445
|
|
||
Gross property, plant and equipment
|
|
259,372
|
|
|
276,913
|
|
||
Less: Accumulated depreciation
|
|
(176,240
|
)
|
|
(186,693
|
)
|
||
Property, plant and equipment, net
|
|
83,132
|
|
|
90,220
|
|
||
Goodwill
|
|
480,208
|
|
|
512,412
|
|
||
Other intangibles, net
|
|
150,035
|
|
|
181,037
|
|
||
Other long-term assets
|
|
36,498
|
|
|
36,769
|
|
||
Total assets
|
|
$
|
1,403,057
|
|
|
$
|
1,481,338
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Trade accounts payable
|
|
$
|
122,486
|
|
|
$
|
130,838
|
|
Accrued compensation and benefits
|
|
37,402
|
|
|
54,508
|
|
||
Current maturities of debt
|
|
30,000
|
|
|
30,000
|
|
||
Income taxes payable
|
|
8,548
|
|
|
4,091
|
|
||
Liabilities held for sale
|
|
20,820
|
|
|
44,225
|
|
||
Other current liabilities
|
|
58,871
|
|
|
67,299
|
|
||
Total current liabilities
|
|
278,127
|
|
|
330,961
|
|
||
Long-term debt, net
|
|
455,573
|
|
|
502,695
|
|
||
Deferred income taxes
|
|
18,973
|
|
|
21,933
|
|
||
Pension and postretirement benefit liabilities
|
|
14,371
|
|
|
14,869
|
|
||
Other long-term liabilities
|
|
50,383
|
|
|
52,168
|
|
||
Total liabilities
|
|
817,427
|
|
|
922,626
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
|
||||
Class A common stock, $0.20 par value per share, authorized 168,000,000 shares, issued 81,831,531 and 81,423,584 shares, respectively
|
|
16,364
|
|
|
16,285
|
|
||
Additional paid-in capital
|
|
174,418
|
|
|
167,448
|
|
||
Treasury stock, at cost, 20,439,434 shares
|
|
(617,731
|
)
|
|
(617,731
|
)
|
||
Retained earnings
|
|
1,152,331
|
|
|
1,166,955
|
|
||
Accumulated other comprehensive loss
|
|
(139,752
|
)
|
|
(174,245
|
)
|
||
Stock held in trust
|
|
(2,989
|
)
|
|
(2,450
|
)
|
||
Deferred compensation liability
|
|
2,989
|
|
|
2,450
|
|
||
Total shareholders’ equity
|
|
585,630
|
|
|
558,712
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
1,403,057
|
|
|
$
|
1,481,338
|
|
|
Six Months Ended February 28,
|
||||||
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
||||
Net loss
|
$
|
(14,699
|
)
|
|
$
|
(12,995
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Impairment & divestiture charges, net of tax effect
|
40,524
|
|
|
12,385
|
|
||
Depreciation and amortization
|
16,341
|
|
|
20,385
|
|
||
Stock-based compensation expense
|
7,162
|
|
|
8,292
|
|
||
Benefit for deferred income taxes
|
(1,445
|
)
|
|
(7,124
|
)
|
||
Amortization of debt issuance costs
|
602
|
|
|
826
|
|
||
Other non-cash adjustments
|
63
|
|
|
200
|
|
||
Changes in components of working capital and other, excluding acquisitions and divestitures
|
|
|
|
||||
Accounts receivable
|
(36,436
|
)
|
|
(16,872
|
)
|
||
Inventories
|
(24,797
|
)
|
|
(18,433
|
)
|
||
Trade accounts payable
|
(2,810
|
)
|
|
(1,753
|
)
|
||
Prepaid expenses and other assets
|
(9,421
|
)
|
|
(9,168
|
)
|
||
Income tax accounts
|
1,531
|
|
|
17,505
|
|
||
Accrued compensation and benefits
|
(16,440
|
)
|
|
(9,959
|
)
|
||
Other accrued liabilities
|
(11,489
|
)
|
|
(5,395
|
)
|
||
Cash used in operating activities
|
(51,314
|
)
|
|
(22,106
|
)
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(15,667
|
)
|
|
(12,547
|
)
|
||
Proceeds from sale of property, plant and equipment
|
52
|
|
|
113
|
|
||
Rental asset buyout for Viking divestiture
|
—
|
|
|
(27,718
|
)
|
||
Proceeds from sale of business, net of transaction costs
|
36,159
|
|
|
8,780
|
|
||
Cash paid for business acquisitions, net of cash acquired
|
—
|
|
|
(16,517
|
)
|
||
Cash provided by (used in) investing activities
|
20,544
|
|
|
(47,889
|
)
|
||
Financing Activities
|
|
|
|
||||
Principal repayments on term loan
|
(47,500
|
)
|
|
(15,000
|
)
|
||
Stock option exercises and other
|
1,031
|
|
|
10,305
|
|
||
Taxes paid related to the net share settlement of equity awards
|
(1,489
|
)
|
|
(1,107
|
)
|
||
Cash dividend
|
(2,439
|
)
|
|
(2,390
|
)
|
||
Cash used in financing activities
|
(50,397
|
)
|
|
(8,192
|
)
|
||
Effect of exchange rate changes on cash
|
1,065
|
|
|
2,211
|
|
||
Net decrease in cash and cash equivalents
|
(80,102
|
)
|
|
(75,976
|
)
|
||
Cash and cash equivalents - beginning of period
|
250,490
|
|
|
229,571
|
|
||
Cash and cash equivalents - end of period
|
$
|
170,388
|
|
|
$
|
153,595
|
|
|
|
February 28, 2019
|
|
August 31, 2018
|
||||
Foreign currency translation adjustments
|
|
$
|
124,331
|
|
|
$
|
158,497
|
|
Pension and other postretirement benefit plans, net of tax
|
|
15,421
|
|
|
15,748
|
|
||
Accumulated other comprehensive loss
|
|
$
|
139,752
|
|
|
$
|
174,245
|
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||
Net Sales by Reportable Product Line & Segment:
|
|
2019
|
|
2019
|
||||
Industrial Tools & Services
|
|
|
|
|
||||
Product
|
|
$
|
105,584
|
|
|
$
|
208,352
|
|
Service & Rental
|
|
43,937
|
|
|
89,824
|
|
||
|
|
149,521
|
|
|
298,176
|
|
||
|
|
|
|
|
||||
Engineered Components & Systems
(1)
|
|
|
|
|
||||
On-Highway
|
|
$
|
55,013
|
|
|
$
|
115,604
|
|
Agriculture, Off-Highway and Other
|
|
52,448
|
|
|
106,332
|
|
||
Rope & Cable Solutions
|
|
11,386
|
|
|
27,552
|
|
||
Concrete Tensioning
|
|
3,539
|
|
|
16,774
|
|
||
|
|
122,386
|
|
|
266,262
|
|
||
Total
|
|
$
|
271,907
|
|
|
$
|
564,438
|
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||
|
|
2019
|
|
2019
|
||||
Revenues recognized at point in time
|
|
$
|
221,377
|
|
|
$
|
462,000
|
|
Revenues recognized over time
|
|
50,530
|
|
|
102,438
|
|
||
Total
|
|
$
|
271,907
|
|
|
$
|
564,438
|
|
|
|
February 28, 2019
|
|
August 31, 2018
|
||||
Receivables, which are included in accounts receivable, net
|
|
$
|
210,174
|
|
|
$
|
187,749
|
|
Contract assets, which are included in other current assets
|
|
9,245
|
|
|
6,367
|
|
||
Contract liabilities, which are included in other current liabilities
|
|
13,395
|
|
|
16,484
|
|
|
|
Six Months Ended February 28, 2019
|
||||||||||||||
|
|
Industrial Tools & Services
|
|
Engineered Components & Systems
|
|
Corporate
|
|
Total
|
||||||||
Balance as of August 31, 2018
|
|
$
|
1,687
|
|
|
$
|
1,592
|
|
|
$
|
415
|
|
|
$
|
3,694
|
|
Restructuring charges
|
|
21
|
|
|
442
|
|
|
—
|
|
|
463
|
|
||||
Cash payments
|
|
(1,052
|
)
|
|
(314
|
)
|
|
(97
|
)
|
|
(1,463
|
)
|
||||
Other non-cash uses/reclasses of reserve
|
|
(79
|
)
|
|
53
|
|
|
(370
|
)
|
|
(396
|
)
|
||||
Impact of changes in foreign currency rates
|
|
(18
|
)
|
|
(28
|
)
|
|
—
|
|
|
(46
|
)
|
||||
Balance as of February 28, 2019
|
|
$
|
559
|
|
|
$
|
1,745
|
|
|
$
|
(52
|
)
|
|
$
|
2,252
|
|
|
|
Six Months Ended February 28, 2018
|
||||||||||||||
|
|
Industrial Tools & Services
|
|
Engineered Components & Systems
|
|
Corporate
|
|
Total
|
||||||||
Balance as of August 31, 2017
|
|
$
|
1,499
|
|
|
$
|
4,108
|
|
|
$
|
30
|
|
|
$
|
5,637
|
|
Restructuring charges
|
|
2,929
|
|
|
3,710
|
|
|
4,274
|
|
|
10,913
|
|
||||
Cash payments
|
|
(1,750
|
)
|
|
(3,301
|
)
|
|
(1,648
|
)
|
|
(6,699
|
)
|
||||
Other non-cash uses of reserve
|
|
(354
|
)
|
|
(801
|
)
|
|
(2,007
|
)
|
(1)
|
(3,162
|
)
|
||||
Impact of changes in foreign currency rates
|
|
(6
|
)
|
|
(66
|
)
|
|
—
|
|
|
(72
|
)
|
||||
Balance as of February 28, 2018
|
|
$
|
2,318
|
|
|
$
|
3,650
|
|
|
$
|
649
|
|
|
$
|
6,617
|
|
|
|
February 28, 2019
(1)
|
|
August 31, 2018
(2)
|
||||
Accounts receivable, net
|
|
$
|
6,640
|
|
|
$
|
2,924
|
|
Inventories, net
|
|
10,756
|
|
|
2,597
|
|
||
Other current assets
|
|
938
|
|
|
3,267
|
|
||
Property, plant & equipment, net
|
|
7,110
|
|
|
2,186
|
|
||
Goodwill and other intangible assets, net
|
|
30,669
|
|
|
12,464
|
|
||
Other long-term assets
|
|
—
|
|
|
135
|
|
||
Assets held for sale
|
|
$
|
56,113
|
|
|
$
|
23,573
|
|
|
|
|
|
|
||||
Trade accounts payable
|
|
$
|
3,795
|
|
|
$
|
3,915
|
|
Accrued compensation and benefits
|
|
662
|
|
|
1,414
|
|
||
Reserve for cumulative translation adjustment
|
|
13,182
|
|
|
35,346
|
|
||
Other current liabilities
|
|
394
|
|
|
1,269
|
|
||
Deferred income taxes
|
|
2,766
|
|
|
2,281
|
|
||
Other long-term liabilities
|
|
21
|
|
|
—
|
|
||
Liabilities held for sale
|
|
$
|
20,820
|
|
|
$
|
44,225
|
|
|
Industrial Tools & Services
|
|
Engineered Components & Systems
|
|
Total
|
||||||
Balance as of August 31, 2018
|
$
|
248,705
|
|
|
$
|
263,707
|
|
|
$
|
512,412
|
|
Purchase accounting adjustments
|
253
|
|
|
—
|
|
|
253
|
|
|||
Impairment charge
|
—
|
|
|
(13,678
|
)
|
|
(13,678
|
)
|
|||
Reclassification of assets held for sale
|
—
|
|
|
(16,672
|
)
|
|
(16,672
|
)
|
|||
Impact of changes in foreign currency rates
|
420
|
|
|
(2,526
|
)
|
|
(2,106
|
)
|
|||
Balance as of February 28, 2019
|
$
|
249,378
|
|
|
$
|
230,830
|
|
|
$
|
480,208
|
|
|
|
|
February 28, 2019
|
|
August 31, 2018
|
||||||||||||||||||||
|
Weighted Average
Amortization
Period (Years)
|
|
Gross
Carrying
Value
|
|
Accumulated
Amortization
|
|
Net
Book
Value
|
|
Gross
Carrying
Value
|
|
Accumulated
Amortization
|
|
Net
Book
Value
|
||||||||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
15
|
|
$
|
188,974
|
|
|
$
|
126,738
|
|
|
$
|
62,236
|
|
|
$
|
230,601
|
|
|
$
|
147,451
|
|
|
$
|
83,150
|
|
Patents
|
11
|
|
20,946
|
|
|
19,041
|
|
|
1,905
|
|
|
30,355
|
|
|
25,327
|
|
|
5,028
|
|
||||||
Trademarks and tradenames
|
15
|
|
6,904
|
|
|
5,083
|
|
|
1,821
|
|
|
20,823
|
|
|
15,347
|
|
|
5,476
|
|
||||||
Other intangibles
|
3
|
|
5,191
|
|
|
5,172
|
|
|
19
|
|
|
5,946
|
|
|
5,816
|
|
|
130
|
|
||||||
Indefinite lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tradenames
|
N/A
|
|
84,054
|
|
|
—
|
|
|
84,054
|
|
|
87,253
|
|
|
—
|
|
|
87,253
|
|
||||||
|
|
|
$
|
306,069
|
|
|
$
|
156,034
|
|
|
$
|
150,035
|
|
|
$
|
374,978
|
|
|
$
|
193,941
|
|
|
$
|
181,037
|
|
|
|
Cortland
(1)
|
|
Precision Hayes
|
|
Total
|
||||||
Goodwill
|
|
$
|
13,709
|
|
|
$
|
—
|
|
|
$
|
13,709
|
|
Amortizable intangible assets
|
|
—
|
|
|
8,264
|
|
|
8,264
|
|
|||
Assets held for sale
|
|
1,477
|
|
|
—
|
|
|
1,477
|
|
|||
Fixed assets
|
|
—
|
|
|
1,230
|
|
|
1,230
|
|
|||
Total
|
|
$
|
15,185
|
|
|
$
|
9,494
|
|
|
$
|
24,679
|
|
|
Six Months Ended February 28,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
4,417
|
|
|
$
|
6,616
|
|
Provision for warranties
|
3,059
|
|
|
3,403
|
|
||
Warranty payments and costs incurred
|
(2,960
|
)
|
|
(3,582
|
)
|
||
Warranty activity for divested businesses
|
(160
|
)
|
|
—
|
|
||
Reclass of liabilities held for sale
|
(33
|
)
|
|
—
|
|
||
Impact of changes in foreign currency rates
|
28
|
|
|
213
|
|
||
Ending Balance
|
$
|
4,351
|
|
|
$
|
6,650
|
|
|
February 28, 2019
|
|
August 31, 2018
|
||||
Senior Credit Facility
|
|
|
|
||||
Revolver
|
$
|
—
|
|
|
$
|
—
|
|
Term Loan
|
200,000
|
|
|
247,500
|
|
||
Total Senior Credit Facility
|
200,000
|
|
|
247,500
|
|
||
5.625% Senior Notes
|
287,559
|
|
|
287,559
|
|
||
Total Senior Indebtedness
|
487,559
|
|
|
535,059
|
|
||
Less: Current maturities of long-term debt
|
(30,000
|
)
|
|
(30,000
|
)
|
||
Debt issuance costs
|
(1,986
|
)
|
|
(2,364
|
)
|
||
Total long-term debt, less current maturities
|
$
|
455,573
|
|
|
$
|
502,695
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency gain (loss), net
|
$
|
297
|
|
|
$
|
(74
|
)
|
|
$
|
667
|
|
|
$
|
140
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss)
|
$
|
2,753
|
|
|
$
|
(18,221
|
)
|
|
$
|
(14,699
|
)
|
|
$
|
(12,995
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
61,243
|
|
|
60,318
|
|
|
61,137
|
|
|
60,095
|
|
||||
Net effect of dilutive securities - stock based compensation plans
|
364
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average common shares outstanding - diluted
|
61,607
|
|
|
60,318
|
|
|
61,137
|
|
|
60,095
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share
|
$
|
0.04
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.22
|
)
|
Diluted earnings (loss) per share
|
$
|
0.04
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive securities from stock based compensation plans (excluded from earnings (loss) per share calculation)
(1)
|
1,503
|
|
|
1,829
|
|
|
2,986
|
|
|
1,981
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Earnings (loss) before income taxes
|
$
|
8,545
|
|
|
$
|
1,618
|
|
|
$
|
(8,980
|
)
|
|
$
|
8,448
|
|
Income tax expense
|
5,792
|
|
|
19,839
|
|
|
5,719
|
|
|
21,443
|
|
||||
Effective income tax rate
|
67.8
|
%
|
|
1,226.1
|
%
|
|
(63.7
|
)%
|
|
253.8
|
%
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net Sales by Reportable Product Line & Segment
|
|
|
|
|
|
|
|
||||||||
Industrial Tools & Services
|
|
|
|
|
|
|
|
||||||||
Product
|
$
|
105,584
|
|
|
$
|
105,302
|
|
|
$
|
208,352
|
|
|
$
|
206,422
|
|
Service & Rental
|
43,937
|
|
|
31,685
|
|
|
89,824
|
|
|
72,556
|
|
||||
|
149,521
|
|
|
136,987
|
|
|
298,176
|
|
|
278,978
|
|
||||
Engineered Components & Systems
|
|
|
|
|
|
|
|
||||||||
On-Highway
|
55,013
|
|
|
59,297
|
|
|
115,604
|
|
|
124,179
|
|
||||
Agriculture, Off-Highway and Other
|
52,448
|
|
|
50,795
|
|
|
106,332
|
|
|
102,111
|
|
||||
Rope & Cable Solutions
|
11,386
|
|
|
17,101
|
|
|
27,552
|
|
|
33,488
|
|
||||
Concrete Tensioning
|
3,539
|
|
|
10,983
|
|
|
16,774
|
|
|
22,617
|
|
||||
Off Shore Mooring
|
—
|
|
|
2
|
|
|
—
|
|
|
2,747
|
|
||||
|
122,386
|
|
|
138,178
|
|
|
266,262
|
|
|
285,142
|
|
||||
|
$
|
271,907
|
|
|
$
|
275,165
|
|
|
$
|
564,438
|
|
|
$
|
564,120
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Profit (Loss)
|
|
|
|
|
|
|
|
||||||||
Industrial Tools & Services
|
$
|
26,546
|
|
|
$
|
18,963
|
|
|
$
|
52,920
|
|
|
$
|
39,800
|
|
Engineered Components & Systems
(1)
|
(1,412
|
)
|
|
(4,448
|
)
|
|
(29,704
|
)
|
|
(413
|
)
|
||||
General Corporate
|
(8,780
|
)
|
|
(4,711
|
)
|
|
(16,180
|
)
|
|
(14,910
|
)
|
||||
|
$
|
16,354
|
|
|
$
|
9,804
|
|
|
$
|
7,036
|
|
|
$
|
24,477
|
|
|
February 28, 2019
|
|
August 31, 2018
|
||||
Assets:
|
|
|
|
||||
Industrial Tools & Services
|
$
|
622,346
|
|
|
$
|
589,932
|
|
Engineered Components & Systems
|
618,854
|
|
|
657,370
|
|
||
General Corporate
|
161,857
|
|
|
234,036
|
|
||
|
$
|
1,403,057
|
|
|
$
|
1,481,338
|
|
|
Three Months Ended February 28, 2019
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
41,091
|
|
|
$
|
80,230
|
|
|
$
|
150,586
|
|
|
$
|
—
|
|
|
$
|
271,907
|
|
Cost of products sold
|
9,979
|
|
|
59,701
|
|
|
104,741
|
|
|
—
|
|
|
174,421
|
|
|||||
Gross profit
|
31,112
|
|
|
20,529
|
|
|
45,845
|
|
|
—
|
|
|
97,486
|
|
|||||
Selling, administrative and engineering expenses
|
22,614
|
|
|
16,079
|
|
|
32,052
|
|
|
—
|
|
|
70,745
|
|
|||||
Amortization of intangible assets
|
318
|
|
|
1,867
|
|
|
1,256
|
|
|
—
|
|
|
3,441
|
|
|||||
Restructuring charges
|
—
|
|
|
—
|
|
|
60
|
|
|
—
|
|
|
60
|
|
|||||
Impairment & divestiture (income) charges
|
(904
|
)
|
|
3,187
|
|
|
4,603
|
|
|
—
|
|
|
6,886
|
|
|||||
Operating profit (loss)
|
9,084
|
|
|
(604
|
)
|
|
7,874
|
|
|
—
|
|
|
16,354
|
|
|||||
Financing costs (income), net
|
7,275
|
|
|
—
|
|
|
(122
|
)
|
|
—
|
|
|
7,153
|
|
|||||
Intercompany (income) expense, net
|
(6,117
|
)
|
|
8,866
|
|
|
(2,749
|
)
|
|
—
|
|
|
—
|
|
|||||
Intercompany dividends
|
(246,248
|
)
|
|
—
|
|
|
—
|
|
|
246,248
|
|
|
—
|
|
|||||
Other (income) expense, net
|
(166
|
)
|
|
1
|
|
|
821
|
|
|
—
|
|
|
656
|
|
|||||
Earnings (loss) before income tax expense (benefit)
|
254,340
|
|
|
(9,471
|
)
|
|
9,924
|
|
|
(246,248
|
)
|
|
8,545
|
|
|||||
Income tax expense (benefit)
|
420
|
|
|
(1,348
|
)
|
|
6,720
|
|
|
—
|
|
|
5,792
|
|
|||||
Net earnings (loss) before equity in (loss) earnings of subsidiaries
|
253,920
|
|
|
(8,123
|
)
|
|
3,204
|
|
|
(246,248
|
)
|
|
2,753
|
|
|||||
Equity in (loss) earnings of subsidiaries
|
(251,167
|
)
|
|
4,086
|
|
|
1,372
|
|
|
245,709
|
|
|
—
|
|
|||||
Net earnings (loss)
|
$
|
2,753
|
|
|
$
|
(4,037
|
)
|
|
$
|
4,576
|
|
|
$
|
(539
|
)
|
|
$
|
2,753
|
|
Comprehensive income (loss)
|
$
|
45,190
|
|
|
$
|
(3,966
|
)
|
|
$
|
46,755
|
|
|
$
|
(42,789
|
)
|
|
$
|
45,190
|
|
|
Three Months Ended February 28, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
36,219
|
|
|
$
|
83,072
|
|
|
$
|
155,874
|
|
|
$
|
—
|
|
|
$
|
275,165
|
|
Cost of products sold
|
5,848
|
|
|
63,979
|
|
|
115,642
|
|
|
—
|
|
|
185,469
|
|
|||||
Gross profit
|
30,371
|
|
|
19,093
|
|
|
40,232
|
|
|
—
|
|
|
89,696
|
|
|||||
Selling, administrative and engineering expenses
|
17,975
|
|
|
17,232
|
|
|
33,080
|
|
|
—
|
|
|
68,287
|
|
|||||
Amortization of intangible assets
|
318
|
|
|
2,861
|
|
|
1,989
|
|
|
—
|
|
|
5,168
|
|
|||||
Restructuring charges
|
194
|
|
|
909
|
|
|
2,347
|
|
|
—
|
|
|
3,450
|
|
|||||
Impairment & divestiture charges (income)
|
4,217
|
|
|
—
|
|
|
(1,230
|
)
|
|
—
|
|
|
2,987
|
|
|||||
Operating profit (loss)
|
7,667
|
|
|
(1,909
|
)
|
|
4,046
|
|
|
—
|
|
|
9,804
|
|
|||||
Financing costs (income), net
|
7,777
|
|
|
22
|
|
|
(195
|
)
|
|
—
|
|
|
7,604
|
|
|||||
Intercompany (income) expense, net
|
(5,042
|
)
|
|
5,419
|
|
|
(377
|
)
|
|
—
|
|
|
—
|
|
|||||
Other expense, net
|
305
|
|
|
49
|
|
|
228
|
|
|
—
|
|
|
582
|
|
|||||
Earnings (loss) before income tax expense (benefit)
|
4,627
|
|
|
(7,399
|
)
|
|
4,390
|
|
|
—
|
|
|
1,618
|
|
|||||
Income tax expense (benefit)
|
10,612
|
|
|
(2,234
|
)
|
|
11,461
|
|
|
—
|
|
|
19,839
|
|
|||||
Net loss before equity in loss of subsidiaries
|
(5,985
|
)
|
|
(5,165
|
)
|
|
(7,071
|
)
|
|
—
|
|
|
(18,221
|
)
|
|||||
Equity in loss of subsidiaries
|
(12,236
|
)
|
|
(9,454
|
)
|
|
(1,459
|
)
|
|
23,149
|
|
|
—
|
|
|||||
Net loss
|
$
|
(18,221
|
)
|
|
$
|
(14,619
|
)
|
|
$
|
(8,530
|
)
|
|
$
|
23,149
|
|
|
$
|
(18,221
|
)
|
Comprehensive income (loss)
|
$
|
62,788
|
|
|
$
|
(14,619
|
)
|
|
$
|
74,820
|
|
|
$
|
(60,201
|
)
|
|
$
|
62,788
|
|
|
Six Months Ended February 28, 2019
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
81,381
|
|
|
$
|
176,052
|
|
|
$
|
307,005
|
|
|
$
|
—
|
|
|
$
|
564,438
|
|
Cost of products sold
|
19,860
|
|
|
130,297
|
|
|
211,787
|
|
|
—
|
|
|
361,944
|
|
|||||
Gross profit
|
61,521
|
|
|
45,755
|
|
|
95,218
|
|
|
—
|
|
|
202,494
|
|
|||||
Selling, administrative and engineering expenses
|
43,579
|
|
|
34,393
|
|
|
65,964
|
|
|
—
|
|
|
143,936
|
|
|||||
Amortization of intangible assets
|
637
|
|
|
4,559
|
|
|
2,524
|
|
|
—
|
|
|
7,720
|
|
|||||
Restructuring (income) charges
|
—
|
|
|
(93
|
)
|
|
556
|
|
|
—
|
|
|
463
|
|
|||||
Impairment & divestiture (income) charges
|
(904
|
)
|
|
13,407
|
|
|
30,836
|
|
|
—
|
|
|
43,339
|
|
|||||
Operating profit (loss)
|
18,209
|
|
|
(6,511
|
)
|
|
(4,662
|
)
|
|
—
|
|
|
7,036
|
|
|||||
Financing costs (income), net
|
14,826
|
|
|
—
|
|
|
(378
|
)
|
|
—
|
|
|
14,448
|
|
|||||
Intercompany (income) expense, net
|
(10,170
|
)
|
|
15,357
|
|
|
(5,187
|
)
|
|
—
|
|
|
—
|
|
|||||
Intercompany dividends
|
(246,248
|
)
|
|
—
|
|
|
—
|
|
|
246,248
|
|
|
—
|
|
|||||
Other (income) expense, net
|
(381
|
)
|
|
8
|
|
|
1,941
|
|
|
—
|
|
|
1,568
|
|
|||||
Earnings (loss) before income tax (benefit) expense
|
260,182
|
|
|
(21,876
|
)
|
|
(1,038
|
)
|
|
(246,248
|
)
|
|
(8,980
|
)
|
|||||
Income tax (benefit) expense
|
(2,287
|
)
|
|
(1,450
|
)
|
|
9,456
|
|
|
—
|
|
|
5,719
|
|
|||||
Net earnings (loss) before equity in (loss) earnings of subsidiaries
|
262,469
|
|
|
(20,426
|
)
|
|
(10,494
|
)
|
|
(246,248
|
)
|
|
(14,699
|
)
|
|||||
Equity in (loss) earnings of subsidiaries
|
(277,168
|
)
|
|
(9,046
|
)
|
|
2,627
|
|
|
283,587
|
|
|
—
|
|
|||||
Net loss
|
$
|
(14,699
|
)
|
|
$
|
(29,472
|
)
|
|
$
|
(7,867
|
)
|
|
$
|
37,339
|
|
|
$
|
(14,699
|
)
|
Comprehensive income (loss)
|
$
|
19,794
|
|
|
$
|
(29,400
|
)
|
|
$
|
26,636
|
|
|
$
|
2,764
|
|
|
$
|
19,794
|
|
|
Six Months Ended February 28, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
71,929
|
|
|
$
|
170,906
|
|
|
$
|
321,285
|
|
|
$
|
—
|
|
|
$
|
564,120
|
|
Cost of products sold
|
12,811
|
|
|
128,553
|
|
|
232,149
|
|
|
—
|
|
|
373,513
|
|
|||||
Gross profit
|
59,118
|
|
|
42,353
|
|
|
89,136
|
|
|
—
|
|
|
190,607
|
|
|||||
Selling, administrative and engineering expenses
|
37,690
|
|
|
35,680
|
|
|
69,395
|
|
|
—
|
|
|
142,765
|
|
|||||
Amortization of intangible assets
|
636
|
|
|
5,722
|
|
|
3,941
|
|
|
—
|
|
|
10,299
|
|
|||||
Restructuring charges
|
5,550
|
|
|
1,078
|
|
|
3,451
|
|
|
|
|
|
10,079
|
|
|||||
Impairment & divestiture charges (income)
|
4,217
|
|
|
—
|
|
|
(1,230
|
)
|
|
—
|
|
|
2,987
|
|
|||||
Operating profit (loss)
|
11,025
|
|
|
(127
|
)
|
|
13,579
|
|
|
—
|
|
|
24,477
|
|
|||||
Financing costs (income), net
|
15,400
|
|
|
43
|
|
|
(325
|
)
|
|
—
|
|
|
15,118
|
|
|||||
Intercompany (income) expense, net
|
(9,919
|
)
|
|
10,903
|
|
|
(984
|
)
|
|
—
|
|
|
—
|
|
|||||
Other expense, net
|
255
|
|
|
94
|
|
|
562
|
|
|
—
|
|
|
911
|
|
|||||
Earnings (loss) before income tax expense (benefit)
|
5,289
|
|
|
(11,167
|
)
|
|
14,326
|
|
|
—
|
|
|
8,448
|
|
|||||
Income tax expense (benefit)
|
10,327
|
|
|
(1,797
|
)
|
|
12,913
|
|
|
—
|
|
|
21,443
|
|
|||||
Net (loss) earnings before equity in loss of subsidiaries
|
(5,038
|
)
|
|
(9,370
|
)
|
|
1,413
|
|
|
—
|
|
|
(12,995
|
)
|
|||||
Equity in loss of subsidiaries
|
(7,957
|
)
|
|
(661
|
)
|
|
(1,505
|
)
|
|
10,123
|
|
|
—
|
|
|||||
Net loss
|
$
|
(12,995
|
)
|
|
$
|
(10,031
|
)
|
|
$
|
(92
|
)
|
|
$
|
10,123
|
|
|
$
|
(12,995
|
)
|
Comprehensive income (loss)
|
$
|
71,039
|
|
|
$
|
(10,031
|
)
|
|
$
|
86,386
|
|
|
$
|
(76,355
|
)
|
|
$
|
71,039
|
|
|
February 28, 2019
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
9,426
|
|
|
$
|
—
|
|
|
$
|
160,962
|
|
|
$
|
—
|
|
|
$
|
170,388
|
|
Accounts receivable, net
|
22,057
|
|
|
44,345
|
|
|
143,772
|
|
|
—
|
|
|
210,174
|
|
|||||
Inventories, net
|
28,088
|
|
|
52,849
|
|
|
80,709
|
|
|
—
|
|
|
161,646
|
|
|||||
Assets held for sale
|
—
|
|
|
53,714
|
|
|
2,399
|
|
|
—
|
|
|
56,113
|
|
|||||
Other current assets
|
14,829
|
|
|
2,000
|
|
|
38,034
|
|
|
—
|
|
|
54,863
|
|
|||||
Total current assets
|
74,400
|
|
|
152,908
|
|
|
425,876
|
|
|
—
|
|
|
653,184
|
|
|||||
Property, plant & equipment, net
|
7,800
|
|
|
16,859
|
|
|
58,473
|
|
|
—
|
|
|
83,132
|
|
|||||
Goodwill
|
38,847
|
|
|
184,120
|
|
|
257,241
|
|
|
—
|
|
|
480,208
|
|
|||||
Other intangibles, net
|
6,247
|
|
|
96,065
|
|
|
47,723
|
|
|
—
|
|
|
150,035
|
|
|||||
Investment in subsidiaries
|
1,630,688
|
|
|
1,234,687
|
|
|
798,879
|
|
|
(3,664,254
|
)
|
|
—
|
|
|||||
Intercompany receivable
|
—
|
|
|
406,039
|
|
|
210,522
|
|
|
(616,561
|
)
|
|
—
|
|
|||||
Other long-term assets
|
12,992
|
|
|
320
|
|
|
23,186
|
|
|
—
|
|
|
36,498
|
|
|||||
Total assets
|
$
|
1,770,974
|
|
|
$
|
2,090,998
|
|
|
$
|
1,821,900
|
|
|
$
|
(4,280,815
|
)
|
|
$
|
1,403,057
|
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Trade accounts payable
|
16,600
|
|
|
17,390
|
|
|
88,496
|
|
|
—
|
|
|
122,486
|
|
|||||
Accrued compensation and benefits
|
12,028
|
|
|
4,330
|
|
|
21,044
|
|
|
—
|
|
|
37,402
|
|
|||||
Current maturities of debt
|
30,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,000
|
|
|||||
Income taxes payable
|
—
|
|
|
—
|
|
|
8,548
|
|
|
—
|
|
|
8,548
|
|
|||||
Liabilities held for sale
|
—
|
|
|
7,634
|
|
|
13,186
|
|
|
—
|
|
|
20,820
|
|
|||||
Other current liabilities
|
16,321
|
|
|
6,650
|
|
|
35,900
|
|
|
—
|
|
|
58,871
|
|
|||||
Total current liabilities
|
74,949
|
|
|
36,004
|
|
|
167,174
|
|
|
—
|
|
|
278,127
|
|
|||||
Long-term debt
|
455,573
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
455,573
|
|
|||||
Deferred income taxes
|
15,526
|
|
|
—
|
|
|
3,447
|
|
|
—
|
|
|
18,973
|
|
|||||
Pension and post-retirement benefit liabilities
|
7,405
|
|
|
—
|
|
|
6,966
|
|
|
—
|
|
|
14,371
|
|
|||||
Other long-term liabilities
|
45,820
|
|
|
271
|
|
|
4,292
|
|
|
—
|
|
|
50,383
|
|
|||||
Intercompany payable
|
586,071
|
|
|
30,490
|
|
|
—
|
|
|
(616,561
|
)
|
|
—
|
|
|||||
Shareholders’ equity
|
585,630
|
|
|
2,024,233
|
|
|
1,640,021
|
|
|
(3,664,254
|
)
|
|
585,630
|
|
|||||
Total liabilities and shareholders’ equity
|
$
|
1,770,974
|
|
|
$
|
2,090,998
|
|
|
$
|
1,821,900
|
|
|
$
|
(4,280,815
|
)
|
|
$
|
1,403,057
|
|
|
August 31, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
67,649
|
|
|
$
|
—
|
|
|
$
|
182,841
|
|
|
$
|
—
|
|
|
$
|
250,490
|
|
Accounts receivable, net
|
19,969
|
|
|
54,822
|
|
|
112,958
|
|
|
—
|
|
|
187,749
|
|
|||||
Inventories, net
|
22,570
|
|
|
59,391
|
|
|
74,395
|
|
|
—
|
|
|
156,356
|
|
|||||
Assets held for sale
|
—
|
|
|
—
|
|
|
23,573
|
|
|
—
|
|
|
23,573
|
|
|||||
Other current assets
|
7,358
|
|
|
4,759
|
|
|
30,615
|
|
|
—
|
|
|
42,732
|
|
|||||
Total current assets
|
117,546
|
|
|
118,972
|
|
|
424,382
|
|
|
—
|
|
|
660,900
|
|
|||||
Property, plant & equipment, net
|
7,937
|
|
|
26,408
|
|
|
55,875
|
|
|
—
|
|
|
90,220
|
|
|||||
Goodwill
|
38,847
|
|
|
203,543
|
|
|
270,022
|
|
|
—
|
|
|
512,412
|
|
|||||
Other intangible assets, net
|
6,884
|
|
|
121,793
|
|
|
52,360
|
|
|
—
|
|
|
181,037
|
|
|||||
Investment in subsidiaries
|
1,836,954
|
|
|
1,211,781
|
|
|
789,917
|
|
|
(3,838,652
|
)
|
|
—
|
|
|||||
Intercompany receivables
|
—
|
|
|
622,646
|
|
|
200,173
|
|
|
(822,819
|
)
|
|
—
|
|
|||||
Other long-term assets
|
12,955
|
|
|
366
|
|
|
23,448
|
|
|
—
|
|
|
36,769
|
|
|||||
Total assets
|
$
|
2,021,123
|
|
|
$
|
2,305,509
|
|
|
$
|
1,816,177
|
|
|
$
|
(4,661,471
|
)
|
|
$
|
1,481,338
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade accounts payable
|
$
|
15,890
|
|
|
$
|
29,022
|
|
|
$
|
85,926
|
|
|
$
|
—
|
|
|
$
|
130,838
|
|
Accrued compensation and benefits
|
22,171
|
|
|
9,804
|
|
|
22,533
|
|
|
—
|
|
|
54,508
|
|
|||||
Current maturities of debt
|
30,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,000
|
|
|||||
Income taxes payable
|
—
|
|
|
—
|
|
|
4,091
|
|
|
—
|
|
|
4,091
|
|
|||||
Liabilities held for sale
|
—
|
|
|
—
|
|
|
44,225
|
|
|
—
|
|
|
44,225
|
|
|||||
Other current liabilities
|
17,379
|
|
|
11,078
|
|
|
38,842
|
|
|
—
|
|
|
67,299
|
|
|||||
Total current liabilities
|
85,440
|
|
|
49,904
|
|
|
195,617
|
|
|
—
|
|
|
330,961
|
|
|||||
Long-term debt
|
502,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
502,695
|
|
|||||
Deferred income taxes
|
17,467
|
|
|
—
|
|
|
4,466
|
|
|
—
|
|
|
21,933
|
|
|||||
Pension and post-retirement benefit liabilities
|
7,765
|
|
|
—
|
|
|
7,104
|
|
|
—
|
|
|
14,869
|
|
|||||
Other long-term liabilities
|
45,483
|
|
|
359
|
|
|
6,326
|
|
|
—
|
|
|
52,168
|
|
|||||
Intercompany payable
|
803,561
|
|
|
19,258
|
|
|
—
|
|
|
(822,819
|
)
|
|
—
|
|
|||||
Shareholders’ equity
|
558,712
|
|
|
2,235,988
|
|
|
1,602,664
|
|
|
(3,838,652
|
)
|
|
558,712
|
|
|||||
Total liabilities and shareholders’ equity
|
$
|
2,021,123
|
|
|
$
|
2,305,509
|
|
|
$
|
1,816,177
|
|
|
$
|
(4,661,471
|
)
|
|
$
|
1,481,338
|
|
|
Six Months Ended February 28, 2019
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash (used in) provided by operating activities
|
$
|
(79,539
|
)
|
|
$
|
305,640
|
|
|
$
|
(31,167
|
)
|
|
$
|
(246,248
|
)
|
|
$
|
(51,314
|
)
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(950
|
)
|
|
(6,478
|
)
|
|
(8,239
|
)
|
|
—
|
|
|
(15,667
|
)
|
|||||
Proceeds from sale of property, plant and equipment
|
8
|
|
|
(31
|
)
|
|
75
|
|
|
—
|
|
|
52
|
|
|||||
Intercompany investment
|
52,883
|
|
|
—
|
|
|
—
|
|
|
(52,883
|
)
|
|
—
|
|
|||||
Proceeds from sale of business, net of transaction costs
|
23,611
|
|
|
—
|
|
|
12,548
|
|
|
—
|
|
|
36,159
|
|
|||||
Cash used in investing activities
|
75,552
|
|
|
(6,509
|
)
|
|
4,384
|
|
|
(52,883
|
)
|
|
20,544
|
|
|||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal repayments on term loan
|
(47,500
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,500
|
)
|
|||||
Stock option exercises, related tax benefits and other
|
1,031
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,031
|
|
|||||
Taxes paid related to the net share settlement of equity awards
|
(1,489
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,489
|
)
|
|||||
Cash Dividends
|
(2,439
|
)
|
|
(246,248
|
)
|
|
—
|
|
|
246,248
|
|
|
(2,439
|
)
|
|||||
Intercompany loan activity
|
(3,839
|
)
|
|
—
|
|
|
3,839
|
|
|
—
|
|
|
—
|
|
|||||
Intercompany capital contribution
|
—
|
|
|
(52,883
|
)
|
|
—
|
|
|
52,883
|
|
|
—
|
|
|||||
Cash (used in) provided by financing activities
|
(54,236
|
)
|
|
(299,131
|
)
|
|
3,839
|
|
|
299,131
|
|
|
(50,397
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
|
1,065
|
|
|||||
Net decrease in cash and cash equivalents
|
(58,223
|
)
|
|
—
|
|
|
(21,879
|
)
|
|
—
|
|
|
(80,102
|
)
|
|||||
Cash and cash equivalents—beginning of period
|
67,649
|
|
|
—
|
|
|
182,841
|
|
|
—
|
|
|
250,490
|
|
|||||
Cash and cash equivalents—end of period
|
$
|
9,426
|
|
|
$
|
—
|
|
|
$
|
160,962
|
|
|
$
|
—
|
|
|
$
|
170,388
|
|
|
Six Months Ended February 28, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash (used in) provided by operating activities
|
$
|
(14,509
|
)
|
|
$
|
6,923
|
|
|
$
|
(14,520
|
)
|
|
$
|
—
|
|
|
$
|
(22,106
|
)
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(1,982
|
)
|
|
(5,274
|
)
|
|
(5,291
|
)
|
|
—
|
|
|
(12,547
|
)
|
|||||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
83
|
|
|
30
|
|
|
—
|
|
|
113
|
|
|||||
Rental asset buyout for Viking divestiture
|
—
|
|
|
—
|
|
|
(27,718
|
)
|
|
—
|
|
|
(27,718
|
)
|
|||||
Proceeds from sale of business, net of transaction costs
|
198
|
|
|
—
|
|
|
8,582
|
|
|
—
|
|
|
8,780
|
|
|||||
Cash paid for business acquisitions, net of cash acquired
|
—
|
|
|
(1,732
|
)
|
|
(14,785
|
)
|
|
—
|
|
|
(16,517
|
)
|
|||||
Cash used in investing activities
|
(1,784
|
)
|
|
(6,923
|
)
|
|
(39,182
|
)
|
|
—
|
|
|
(47,889
|
)
|
|||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal repayments on term loan
|
(15,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,000
|
)
|
|||||
Stock option exercises, related tax benefits and other
|
10,305
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,305
|
|
|||||
Taxes paid related to the net share settlement of equity awards
|
(1,107
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,107
|
)
|
|||||
Cash dividends
|
(2,390
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,390
|
)
|
|||||
Intercompany loan activity
|
(5,954
|
)
|
|
—
|
|
|
5,954
|
|
|
—
|
|
|
—
|
|
|||||
Cash used in financing activities
|
(14,146
|
)
|
|
—
|
|
|
5,954
|
|
|
—
|
|
|
(8,192
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
2,211
|
|
|
—
|
|
|
2,211
|
|
|||||
Net decrease in cash and cash equivalents
|
(30,439
|
)
|
|
—
|
|
|
(45,537
|
)
|
|
—
|
|
|
(75,976
|
)
|
|||||
Cash and cash equivalents—beginning of period
|
34,715
|
|
|
—
|
|
|
194,856
|
|
|
—
|
|
|
229,571
|
|
|||||
Cash and cash equivalents—end of period
|
$
|
4,276
|
|
|
$
|
—
|
|
|
$
|
149,319
|
|
|
$
|
—
|
|
|
$
|
153,595
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||||||||||||||
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
|
||||||||||||
Net sales
|
$
|
272
|
|
|
100
|
%
|
|
$
|
275
|
|
|
100
|
%
|
|
$
|
564
|
|
|
100
|
%
|
|
$
|
564
|
|
|
100
|
%
|
Cost of products sold
|
174
|
|
|
64
|
%
|
|
185
|
|
|
67
|
%
|
|
362
|
|
|
64
|
%
|
|
374
|
|
|
66
|
%
|
||||
Gross profit
|
98
|
|
|
36
|
%
|
|
90
|
|
|
33
|
%
|
|
202
|
|
|
36
|
%
|
|
190
|
|
|
34
|
%
|
||||
Selling, administrative and engineering expenses
|
71
|
|
|
26
|
%
|
|
69
|
|
|
25
|
%
|
|
144
|
|
|
26
|
%
|
|
143
|
|
|
25
|
%
|
||||
Amortization of intangible assets
|
3
|
|
|
1
|
%
|
|
5
|
|
|
2
|
%
|
|
8
|
|
|
1
|
%
|
|
10
|
|
|
2
|
%
|
||||
Restructuring charges
|
—
|
|
|
—
|
%
|
|
3
|
|
|
1
|
%
|
|
—
|
|
|
—
|
%
|
|
10
|
|
|
2
|
%
|
||||
Impairment & divestiture charges
|
7
|
|
|
3
|
%
|
|
3
|
|
|
1
|
%
|
|
43
|
|
|
8
|
%
|
|
3
|
|
|
1
|
%
|
||||
Operating profit
|
17
|
|
|
6
|
%
|
|
10
|
|
|
4
|
%
|
|
7
|
|
|
1
|
%
|
|
24
|
|
|
4
|
%
|
||||
Financing costs, net
|
7
|
|
|
3
|
%
|
|
8
|
|
|
3
|
%
|
|
14
|
|
|
2
|
%
|
|
15
|
|
|
3
|
%
|
||||
Other expense, net
|
1
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
2
|
|
|
—
|
%
|
|
1
|
|
|
—
|
%
|
||||
Earnings (loss) before income tax expense
|
9
|
|
|
3
|
%
|
|
2
|
|
|
1
|
%
|
|
(9
|
)
|
|
(2
|
)%
|
|
8
|
|
|
1
|
%
|
||||
Income tax expense
|
6
|
|
|
2
|
%
|
|
20
|
|
|
7
|
%
|
|
6
|
|
|
1
|
%
|
|
21
|
|
|
4
|
%
|
||||
Net earnings (loss)
|
$
|
3
|
|
|
1
|
%
|
|
$
|
(18
|
)
|
|
(7
|
)%
|
|
$
|
(15
|
)
|
|
(3
|
)%
|
|
$
|
(13
|
)
|
|
(2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings (loss) per share
|
$
|
0.04
|
|
|
|
|
$
|
(0.30
|
)
|
|
|
|
$
|
(0.24
|
)
|
|
|
|
$
|
(0.22
|
)
|
|
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
150
|
|
|
$
|
137
|
|
|
$
|
298
|
|
|
$
|
279
|
|
Operating profit
|
27
|
|
|
19
|
|
|
53
|
|
|
40
|
|
||||
Operating profit %
|
17.8
|
%
|
|
13.8
|
%
|
|
17.7
|
%
|
|
14.3
|
%
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
122
|
|
|
$
|
138
|
|
|
$
|
266
|
|
|
$
|
285
|
|
Operating loss
|
(1
|
)
|
|
(4
|
)
|
|
(30
|
)
|
|
—
|
|
||||
Operating loss %
|
(1.2
|
)%
|
|
(3.2
|
)%
|
|
(11.2
|
)%
|
|
(0.1
|
)%
|
|
Three Months Ended February 28,
|
|
Six Months Ended February 28,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Earnings (loss) before income taxes
|
$
|
9
|
|
|
$
|
2
|
|
|
$
|
(9
|
)
|
|
$
|
8
|
|
Income tax expense
|
6
|
|
|
20
|
|
|
6
|
|
|
21
|
|
||||
Effective income tax rate
|
67.8
|
%
|
|
1,226.1
|
%
|
|
(63.7
|
)%
|
|
253.8
|
%
|
|
Six Months Ended February 28,
|
||||||
|
2019
|
|
2018
|
||||
Net cash used in operating activities
|
$
|
(51
|
)
|
|
$
|
(22
|
)
|
Net cash provided by (used in) investing activities
|
20
|
|
|
(48
|
)
|
||
Net cash used in financing activities
|
(50
|
)
|
|
(8
|
)
|
||
Effect of exchange rates on cash
|
1
|
|
|
2
|
|
||
Net decrease in cash and cash equivalents
|
$
|
(80
|
)
|
|
$
|
(76
|
)
|
|
February 28, 2019
|
|
PWC%
|
|
August 31, 2018
|
|
PWC%
|
||||||
Accounts receivable, net
|
$
|
210
|
|
|
19
|
%
|
|
$
|
188
|
|
|
16
|
%
|
Inventory, net
|
162
|
|
|
15
|
%
|
|
156
|
|
|
13
|
%
|
||
Accounts payable
|
(122
|
)
|
|
(11
|
)%
|
|
(131
|
)
|
|
(11
|
)%
|
||
Net primary working capital
|
$
|
250
|
|
|
23
|
%
|
|
$
|
213
|
|
|
18
|
%
|
|
|
ACTUANT CORPORATION
|
|
|
|
(Registrant)
|
|
Date: April 5, 2019
|
|
By:
|
/S/ BRYAN R. JOHNSON
|
|
|
|
Bryan R. Johnson
|
|
|
|
Corporate Controller and Principal Accounting Officer
|
Exhibit
|
|
Description
|
|
Filed
Herewith
|
|
Furnished Herewith
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
The following materials from the Actuant Corporation Form 10-Q for the three and six months ended February 28, 2019 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to the Condensed Consolidated Financial Statements.
|
|
X
|
|
|
|
|
|
|
|
|
|
|
1 Year Actuant Chart |
1 Month Actuant Chart |
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