Actuant (ATU) Reclassifies Historical Results for Discontinued Operations; Reaffirms Q4 Outlook
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- Actuant (ATU) Reclassifies Historical Results for Discontinued Operations; Reaffirms Q4 Outlook
Actuant Corporation (NYSE: ATU) completed the sale of its Acme Aerospace and BH Electronics businesses during the fiscal quarter ended August 31, 2009. As a result of these divestitures, the Company has reclassified the historical operating results of these businesses to discontinued operations.
On Wednesday September 30, 2009 the Company will be announcing financial results for its Q4 and FY09. Results will include approximately $13 million of earnings from discontinued operations, net of income taxes, primarily reflecting the net gain on the divestitures noted above. During the quarter, the Company recognized an approximately $2 million pre-tax debt extinguishment charge upon the retirement of its bank term loan with the proceeds from its June equity offering. Excluding discontinued operations, restructuring costs and the debt extinguishment charge, the Company's Q4 results from continuing operations will be within the $275-$295 million sales and $0.12-$0.20 diluted EPS guidance ranges it provided in its June 17, 2009 press release.
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