0001157523-20-001615.txt : 20201221 0001157523-20-001615.hdr.sgml : 20201221 20201221083038 ACCESSION NUMBER: 0001157523-20-001615 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20201221 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201221 DATE AS OF CHANGE: 20201221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERPAC TOOL GROUP CORP CENTRAL INDEX KEY: 0000006955 STANDARD INDUSTRIAL CLASSIFICATION: MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590] IRS NUMBER: 390168610 STATE OF INCORPORATION: WI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11288 FILM NUMBER: 201402495 BUSINESS ADDRESS: STREET 1: ATTN: BRYAN JOHNSON STREET 2: N86 W12500 WESTBROOK CROSSING CITY: MENOMONEE FALLS STATE: WI ZIP: 53051 BUSINESS PHONE: 262-293-1697 MAIL ADDRESS: STREET 1: ATTN: BRYAN JOHNSON STREET 2: N86 W12500 WESTBROOK CROSSING CITY: MENOMONEE FALLS STATE: WI ZIP: 53051 FORMER COMPANY: FORMER CONFORMED NAME: ACTUANT CORP DATE OF NAME CHANGE: 20010110 FORMER COMPANY: FORMER CONFORMED NAME: APPLIED POWER INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: APPLIED POWER INDUSTRIES INC DATE OF NAME CHANGE: 19730123 8-K 1 a52351500.htm ENERPAC TOOL GROUP CORP 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (date of earliest event reported): December 21, 2020
 
ENERPAC TOOL GROUP CORP
(Exact name of Registrant, as specified in its charter)

Wisconsin
001-11288
39-0168610
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

N86 W12500 WESTBROOK CROSSING
MENOMONEE FALLS, Wisconsin 53051

Mailing address: P.O. Box 3241, Milwaukee, Wisconsin 53201
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (262) 293-1500

Former name or address, if changed since last report: 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, par value $0.20 per share
 
EPAC
 
New York Stock Exchange

 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 

 
Item 2.02         Results of Operations and Financial Condition.
 
The information set forth in this Item 2.02 of this Current Report on Form 8-K and in Exhibit 99.1 is intended to be “furnished” under Item 2.02 of Form 8-K. Such information shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
On December 21, 2020, Enerpac Tool Group Corp. (the “Company”) announced its results of operations for the first quarter ended November 30, 2020.  A copy of the press release announcing the Company's results for the first quarter ended November 30, 2020 is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
 
Item 9.01         Financial Statements and Exhibits.
 
(d) Exhibits
 
104       Cover Page Interactive Data File (embedded within the Inline XBRL document)


2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:    December 21, 2020



 
ENERPAC TOOL GROUP CORP.
 
 
 
 
By:
/s/ Fabrizio Rasetti
 
 
Fabrizio Rasetti
 
 
Executive Vice President, General Counsel and
Secretary


3
EX-99.1 2 a52351500ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Enerpac Tool Group Reports First Quarter Fiscal 2021 Results

First Quarter of Fiscal 2021 Highlights*

  • First quarter fiscal 2021 results reflect sequential improvement from the fourth quarter of fiscal 2020 despite the continued impact of COVID-19.
  • Net sales from continuing operations were $119 million for the quarter compared to $111 million from the fourth quarter of fiscal 2020, a 7% sequential improvement. Industrial Tools & Services (IT&S) segment sales increased 9% sequentially. IT&S product core sales improved to a 14% year-over-year decline in the first quarter from a 20% year-over-year decline in the previous quarter.
  • Net income from continuing operations was $4.8 million for the current quarter compared to $0.2 million from the fourth quarter of fiscal 2020.
  • Achieved decremental margins of 18% in the first quarter, a sequential improvement from prior quarter decremental margins of 28% and significantly better than our target decremental margin range of 35-45%.
  • Generated cash flow from operations of $9 million in the quarter ended November 30, 2020 compared to a $23 million use of cash from operations in the first quarter of fiscal 2020, a $32 million increase year-over-year.
  • Consolidated core sales decreased 18% year-over-year, with product sales declining 16% and service sales declining 24%. The net year-over-year impact on net sales from acquisitions and divestitures/strategic exits was a reduction of 2%, while foreign currency had a minimal impact on net sales.
  • GAAP operating margin from continuing operations was 7.6% for the quarter versus 9.8% in the first quarter of fiscal 2020. Adjusted operating margin from continuing operations was 7.9% for the quarter ended November 30, 2020 compared to 10.2% for the quarter ended November 30, 2019.
  • Adjusted EBITDA margin from continuing operations was 12.2% in the first quarter of fiscal 2021, a sequential improvement compared to 9.4% in the fourth quarter of fiscal 2020. Adjusted EBITDA margin from continuing operations was 13.3% in the first quarter of fiscal 2020.
  • GAAP diluted earnings per share (“EPS”) from continuing operations was $0.08 in the first quarter of fiscal 2021 versus a $0.11 in the comparable period in fiscal 2020. Adjusted diluted EPS from continuing operations was $0.09 in the first quarter of fiscal 2021 compared to $0.12 in the first quarter of fiscal 2020.
  • Leverage (Net Debt to Adjusted EBITDA) was 1.9x at November 30, 2020 compared to 1.8x at August 31, 2020.

    *This news release contains financial measures in accordance with US Generally Accepted Accounting Principles (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP financial measures can be found in the tables accompanying this release.

MILWAUKEE--(BUSINESS WIRE)--December 21, 2020--Enerpac Tool Group Corp. (NYSE: EPAC) (the “Company”), today announced results for its fiscal first quarter ended November 30, 2020.

“We are pleased with the continued sequential improvement in sales and profit that we are delivering across the business as we benefit from the strategic actions taken over the last year. Our teams continued their strong execution by investing prudently in our business, supporting our customers and managing costs during these unprecedented times. This has enabled us to achieve another quarter of favorable decremental margins, sustain new product development and commercial effectiveness and generate cash flow from operations in the quarter. Looking ahead, we are seeing improved confidence in some of our end markets as well as in our customers’ ability to navigate the challenges of the pandemic. While we are not out of the woods, we are pleased with our progress, especially in our European region where we returned to pre-COVID levels in the quarter,” said Randy Baker, Enerpac Tool Group’s President and CEO.

Mr. Baker continued, “I want to thank all the Enerpac Tool Group team members worldwide for their efforts during these challenging times. With the significant adjustments our associates have had to make to support the business whether they are working from home or in a company location, these last nine months have put a tremendous amount of pressure on our workforce. I am proud of what our team has accomplished in these unprecedented circumstances. We have consistently met our customers’ needs, taken swift cost actions to right size the business, and protected our balance sheet. Those actions have positioned the company for success and ensured that we are able to continue executing our long-term strategy. And, amidst these achievements, we have put the safety and health of our employees and their families first.”

Consolidated Results from Continuing Operations

 

(US$ in millions, except per share)





 


Three Months Ended
November 30,



2020


2019


Net Sales

$119.4


$146.7


Net Income

$4.8

 

$6.4

 

Earnings Per Share

$0.08


$0.11


Adjusted Diluted Earnings Per Share

$0.09


$0.12


  • Consolidated net sales from continuing operations for the first quarter were $119.4 million compared to $146.7 million in the prior year first quarter. Core sales decreased 18% year-over-year, with product sales down 16% and service down 24%. The net impact of acquisitions and divestitures/strategic exits decreased net sales by an additional 2%, and the impact of foreign currency had a minimal impact on net sales.
  • Fiscal 2021 first quarter net income from continuing operations and diluted earnings per share from continuing operations were $4.8 million and $0.08, respectively, compared to net income from continuing operations of $6.4 million and diluted earnings per share from continuing operations of $0.11 in the first quarter of fiscal 2020. Fiscal 2021 first quarter net income from continuing operations included:
    • An impairment & divestiture charge of $0.1 million ($0.1 million or $0.00 per share, after tax); and
    • Restructuring charges of $0.2 million ($0.2 million or $0.00 per share, after tax), primarily related to footprint optimization.
  • Fiscal 2020 first quarter net income from continuing operations included a net impairment and divestiture gain of $1.4 million ($1.1 million or $0.02 per share, after tax), restructuring charges of $2.0 million ($1.8 million or $0.02 per share, after tax) related to the restructuring plan announced in fiscal 2019 and facility consolidations, and accelerated debt issuance costs of $0.6 million ($0.5 million or $0.01 per share, after tax) related to the payoff of the term loan.
  • Excluding restructuring and impairment & divestiture charges, adjusted diluted EPS from continuing operations was $0.09 for the first quarter of fiscal 2021 compared to $0.12 in the comparable prior year period.

Industrial Tools & Services

(US$ in millions)



 

 

 

Three Months Ended
November 30,

 


2020


2019

 

Sales

$112.2


$135.6

 

Operating Profit

$17.2


$26.1

 

Adjusted Op Profit (1)

$17.4


$25.9

 

Adjusted Op Profit % (1)

15.5%


19.1%

 





 

(1) Excludes $0.1 million of restructuring charges and $0.1 million of impairment & divestiture
charges in the first quarter of fiscal 2021 compared to $1.2 million of restructuring charges and $1.4
million of net impairment & divestiture gains in the three months ended November 30, 2019.

  • First quarter fiscal 2021 net sales were $112.2 million, 17% lower than the prior fiscal year’s first quarter net sales. Core sales decreased 17% year-over-year, while the net impact of acquisitions and divestitures/strategic exits decreased net sales 2% and the impact of foreign currency increased net sales 2%.
  • The decrease in revenue is attributable to the decline in demand driven by the COVID-19 pandemic and continued sluggish oil prices.
  • Adjusted operating profit margin of 15.5% in the quarter decreased year-over-year primarily due to reduced sales volume, partially offset by significant savings from effective cost management and restructuring initiatives.

Corporate Expenses and Income Taxes (excluding restructuring items)

  • Corporate expenses from continuing operations of $6.3 million for the first quarter of fiscal 2021 were $5.1 million lower than the comparable prior year period, primarily resulting from lower operating costs due to the prior-year divestiture of the former Engineered Components and Systems (EC&S) segment, savings from restructuring initiatives and lower incentive compensation and consulting costs.
  • The first quarter effective income tax rate from continuing operations of approximately 31% was higher than the first quarter fiscal 2020 rate of approximately 12%.

Discontinued Operations

Discontinued operations represent operating results for the divested EC&S segment through the October 31, 2019 completion date of the divestiture, as well as impacts from certain retained liabilities subsequent to the completion date.

Balance Sheet and Leverage

(US$ in millions)

 







 

Period Ended


 

November 30,
2020


August 31,
2020


November 30,
2019

Cash Balance

 

$158.6


$152.2


$206.8

Debt Balance

 

$255.0


$255.0


$286.2

Net Debt to Adjusted EBITDA**

 

1.9


1.8


0.8

Net debt at November 30, 2020 was approximately $96 million (total debt of $255 million less $159 million of cash), which decreased approximately $6 million from the prior quarter. Net Debt to Adjusted EBITDA from continuing operations was 1.9x at November 30, 2020.

**Calculated in accordance with the terms of the Company’s March 2019 Senior Credit Facility

Outlook

Due to ongoing uncertainty and lack of forward visibility into market conditions caused by the COVID-19 pandemic, Enerpac Tool Group continues not to provide fiscal 2021 financial guidance.

Mr. Baker said, “As we progress into our second quarter, we expect that first quarter trends will continue, moderating our typical seasonality. While the uncertainty around the effects of the pandemic may impact the positive trends we are seeing today, we are confident in our ability to make the appropriate adjustments to our business.

“Longer-term, we remain committed to the financial goals presented at our 2019 investor day, including delivering above market core growth, margin expansion, strong cash flow generation and best-in-class returns through disciplined capital allocation.

“The COVID-19 pandemic has shifted our timeline to achieve these objectives, but the fundamental strength and value opportunity of the long-term vision remains sound and we will re-establish the timing to achieve these goals as soon as practicable once the market has appropriately recovered. We remain confident in the strength of the Enerpac business and are committed to our long-term strategy, while we manage through the current dynamic market environment, to deliver shareholder value.”


Conference Call Information

An investor conference call is scheduled for 10:00 am CT today, December 21, 2020. Webcast information and conference call materials are available on the Enerpac Tool Group company website (www.enerpactoolgroup.com).

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. Among other risks and uncertainties, Enerpac Tool Group’s results are subject to risks and uncertainties arising from general economic conditions, the COVID-19 pandemic, including the impact of the pandemic or related government responses on the Company’s business, the businesses of the Company’s customers and vendors, employee mobility, and whether the Company’s business and those of its customers and vendors will continue to be treated as “essential” operations under government orders restricting business activities or, even if so treated, whether site-specific health and safety concerns related to COVID-19 might otherwise require operations to be halted for some period of time, volatile oil pricing, 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, tax law changes, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K for the fiscal year ended August 31, 2020 filed with the Securities and Exchange Commission for further information regarding risk factors. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

Non-GAAP Financial Information

This press release contains financial measures that are not measures presented in conformity with GAAP. They include EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings (loss) from continuing operations, adjusted diluted earnings (loss) per share from continuing operations, adjusted operating profit from continuing operations, segment adjusted operating profit and net debt. This press release includes reconciliations of these non-GAAP measures to the most comparable GAAP measure, including in the tables attached to this press release. Management believes these non-GAAP measures are commonly used financial measures for investors to evaluate Enerpac Tool Group’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the financial metrics management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.


About Enerpac Tool Group

Enerpac Tool Group Corp. is a premier industrial tools and services company serving a broad and diverse set of customers in more than 100 countries. The Company’s businesses are global leaders in high pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group trades on the NYSE under the symbol EPAC. For further information on Enerpac Tool Group and its businesses, visit the Company's website at www.enerpactoolgroup.com.


Enerpac Tool Group Corp.

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)





 


November 30,


August 31,



2020


2020

ASSETS



Current assets



Cash and cash equivalents

$

158,568

 


$

152,170

 

Accounts receivable, net

 

90,531

 


 

84,170

 

Inventories, net

 

70,701

 


 

69,171

 

Other current assets

 

38,015

 


 

35,621

 

Total current assets

 

357,815

 


 

341,132

 





 
Property, plant and equipment, net

 

60,219

 


 

61,405

 

Goodwill

 

280,977

 


 

281,154

 

Other intangible assets, net

 

60,097

 


 

62,382

 

Other long-term assets

 

79,467

 


 

78,221

 





 
Total assets

$

838,575

 


$

824,294

 





 
LIABILITIES AND SHAREHOLDERS' EQUITY



Current liabilities



Trade accounts payable

$

46,954

 


$

45,069

 

Accrued compensation and benefits

 

18,222

 


 

17,793

 

Current maturities of debt

 

-

 


 

-

 

Income taxes payable

 

2,557

 


 

1,937

 

Other current liabilities

 

41,971

 


 

40,723

 

Total current liabilities

 

109,704

 


 

105,522

 





 
Long-term debt, net

 

255,000

 


 

255,000

 

Deferred income taxes

 

1,707

 


 

1,708

 

Pension and postretirement benefit liabilities

 

19,507

 


 

20,190

 

Other long-term liabilities

 

84,711

 


 

82,648

 

Total liabilities

 

470,629

 


 

465,068

 





 
Shareholders' equity



Capital stock

 

16,525

 


 

16,519

 

Additional paid-in capital

 

195,979

 


 

193,492

 

Treasury stock

 

(667,732

)


 

(667,732

)

Retained earnings

 

922,269

 


 

917,671

 

Accumulated other comprehensive loss

 

(99,095

)


 

(100,724

)

Stock held in trust

 

(2,643

)


 

(2,562

)

Deferred compensation liability

 

2,643

 


 

2,562

 

Total shareholders' equity

 

367,946

 


 

359,226

 





 
Total liabilities and shareholders' equity

$

838,575

 


$

824,294

 


Enerpac Tool Group Corp.
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)




 


Three Months Ended



November 30,


November 30,



2020


2019

Net sales

$

119,430

 


$

146,674

 

Cost of products sold

 

64,166

 


 

77,986

 

Gross profit

 

55,264

 


 

68,688

 





 
Selling, administrative and engineering expenses

 

43,710

 


 

51,831

 

Amortization of intangible assets

 

2,136

 


 

1,872

 

Restructuring charges

 

210

 


 

1,972

 

Impairment & divestiture charges (benefit)

 

139

 


 

(1,356

)

Operating profit

 

9,069

 


 

14,369

 





 
Financing costs, net

 

1,716

 


 

6,729

 

Other expense, net

 

273

 


 

318

 

Income before income tax expense

 

7,080

 


 

7,322

 





 
Income tax expense

 

2,258

 


 

950

 

Earnings from continuing operations

 

4,822

 


 

6,372

 

Loss from discontinued operations, net of income taxes

 

(224

)


 

(4,251

)

Net earnings

$

4,598

 


$

2,121

 





 
Earnings from continuing operations per share



Basic

$

0.08

 


$

0.11

 

Diluted

 

0.08

 


 

0.11

 





 
Loss from discontinued operations



Basic

$

(0.00

)


$

(0.07

)

Diluted

 

(0.00

)


 

(0.07

)





 
Earnings per share



Basic

$

0.08

 


$

0.04

 

Diluted

 

0.08

 


 

0.03

 





 
Weighted average common shares outstanding



Basic

 

59,811

 


 

60,081

 

Diluted

 

60,092

 


 

60,601

 


Enerpac Tool Group Corp.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)




 


Three Months Ended



November 30,


November 30,



2020


2019

Operating Activities



Cash provided by (used in) operating activities - continuing operations

$

8,892

 


$

(4,095

)

Cash used in operating activities - discontinued operations

 

(225

)


 

(18,832

)

Cash provided by (used in) operating activities

 

8,667

 


 

(22,927

)





 
Investing Activities



Capital expenditures

 

(1,905

)


 

(3,187

)

Proceeds from sale of property, plant and equipment

 

47

 


 

162

 

Proceeds from sale of business, net of transaction costs

 

-

 


 

8,726

 

Cash (used in) provided by investing activities - continuing operations

 

(1,858

)


 

5,701

 

Cash provided by investing activities - discontinued operations

 

-

 


 

207,641

 

Cash (used in) provided by investing activities

 

(1,858

)


 

213,342

 





 
Financing Activities



Principal repayments on term loan

 

-

 


 

(175,000

)

Borrowings on revolving credit facility

 

10,000

 


 

100,000

 

Principal repayments on revolving credit facility

 

(10,000

)


 

(100,000

)

Purchase of treasury shares

 

-

 


 

(17,805

)

Stock options, taxes paid related to the net share settlement of equity awards & other

 

(174

)


 

2

 

Payment of cash dividend

 

(2,394

)


 

(2,419

)

Cash used in financing activities - continuing operations

 

(2,568

)


 

(195,222

)

Cash provided by financing activities - discontinued operations

 

750

 


 

-

 

Cash used in financing activities

 

(1,818

)


 

(195,222

)





 
Effect of exchange rate changes on cash

 

1,407

 


 

436

 





 
Net cash increase (decrease) from continuing operations

 

5,873

 


 

(193,180

)

Net cash increase from discontinued operations

 

525

 


 

188,809

 

Net increase (decrease) from cash and cash equivalents

 

6,398

 


 

(4,371

)

Cash and cash equivalents - beginning of period

 

152,170

 


 

211,151

 

Cash and cash equivalents - end of period

$

158,568

 


$

206,780

 


Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP Measures to Non-GAAP Measures
(Dollars in thousands)
Fiscal 2020
Fiscal 2021


Q1 Q2 Q3 Q4 TOTAL
Q1 Q2 Q3 Q4 TOTAL
Sales











Industrial Tool & Services Segment

$

135,592

 

$

123,361

 

$

92,865

 

$

103,044

 

$

454,863

 


$

112,175

 

$

-

$

-

$

-

$

112,175

 

Other

 

11,082

 

 

10,025

 

 

9,014

 

 

8,309

 

 

38,429

 


 

7,255

 

 

-

 

-

 

-

 

7,255

 

Total

$

146,674

 

$

133,386

 

$

101,879

 

$

111,353

 

$

493,292

 


$

119,430

 

$

-

$

-

$

-

$

119,430

 













 
% Sales Growth











Industrial Tool & Services Segment

 

-9

%

 

-17

%

 

-44

%

 

-29

%

 

-25

%


 

-17

%

 

-

 

-

 

-

 

-17

%

Other

 

12

%

 

-2

%

 

-21

%

 

-39

%

 

-15

%


 

-35

%

 

-

 

-

 

-

 

-35

%

Total

 

-7

%

 

-17

%

 

-43

%

 

-30

%

 

-25

%


 

-19

%

 

-

 

-

 

-

 

-19

%













 
Operating Profit (Loss) from Continuing Operations











Industrial Tool & Services Segment

$

25,928

 

$

20,963

 

$

8,228

 

$

12,166

 

$

67,284

 


$

17,362

 

$

-

$

-

$

-

$

17,362

 

Other

 

399

 

 

(684

)

 

21

 

 

(1,371

)

 

(1,635

)


 

(1,662

)

 

-

 

-

 

-

 

(1,662

)

Corporate / General

 

(11,342

)

 

(10,349

)

 

(8,197

)

 

(6,158

)

 

(36,045

)


 

(6,282

)

 

-

 

-

 

-

 

(6,282

)

Adjusted operating profit

$

14,985

 

$

9,930

 

$

52

 

$

4,637

 

$

29,604

 


$

9,418

 

$

-

$

-

$

-

$

9,418

 

Impairment & divestiture charges

 

1,356

 

 

768

 

 

1,443

 

 

(408

)

 

3,159

 


 

(139

)

 

-

 

-

 

-

 

(139

)

Restructuring & other exit charges (1)

 

(1,972

)

 

(1,929

)

 

(3,292

)

 

(987

)

 

(8,179

)


 

(210

)

 

-

 

-

 

-

 

(210

)

Purchase accounting inventory step-up charge

 

-

 

 

(202

)

 

(201

)

 

-

 

 

(403

)


 

-

 

 

-

 

-

 

-

 

-

 

Operating profit (loss)

$

14,369

 

$

8,567

 

$

(1,998

)

$

3,242

 

$

24,181

 


$

9,069

 

$

-

$

-

$

-

$

9,069

 













 
Adjusted Operating Profit %











Industrial Tool & Services Segment

 

19.1

%

 

17.0

%

 

8.9

%

 

11.8

%

 

14.8

%


 

15.5

%

 

-

 

-

 

-

 

15.5

%

Other

 

3.6

%

 

-6.8

%

 

0.2

%

 

-16.5

%

 

-4.3

%


 

-22.9

%

 

-

 

-

 

-

 

-22.9

%

Adjusted Operating Profit %

 

10.2

%

 

7.4

%

 

0.1

%

 

4.2

%

 

6.0

%


 

7.9

%

 

-

 

-

 

-

 

7.9

%













 
EBITDA from Continuing Operations (2)











Earnings (loss) from continuing operations

$

6,372

 

$

3,918

 

$

(4,930

)

$

197

 

$

5,557

 


$

4,822

 

$

-

$

-

$

-

$

4,822

 

Financing costs, net

 

6,729

 

 

4,630

 

 

4,552

 

 

3,307

 

 

19,218

 


 

1,716

 

 

-

 

-

 

-

 

1,716

 

Income tax expense (benefit)

 

950

 

 

806

 

 

(407

)

 

943

 

 

2,292

 


 

2,258

 

 

-

 

-

 

-

 

2,258

 

Depreciation & amortization

 

4,779

 

 

5,277

 

 

5,318

 

 

5,347

 

 

20,720

 


 

5,458

 

 

-

 

-

 

-

 

5,458

 

EBITDA

$

18,830

 

$

14,631

 

$

4,533

 

$

9,794

 

$

47,787

 


$

14,254

 

$

-

$

-

$

-

$

14,254

 













 
Adjusted EBITDA from Continuing Operations (2)











Industrial Tool & Services Segment

$

28,996

 

$

24,022

 

$

11,906

 

$

15,938

 

$

80,862

 


$

21,002

 

$

-

$

-

$

-

$

21,002

 

Other

 

1,275

 

 

244

 

 

926

 

 

(449

)

 

1,996

 


 

(740

)

 

-

 

-

 

-

 

(740

)

Corporate / General

 

(10,825

)

 

(8,272

)

 

(6,249

)

 

(5,058

)

 

(30,406

)


 

(5,659

)

 

-

 

-

 

-

 

(5,659

)

Adjusted EBITDA

$

19,446

 

$

15,994

 

$

6,583

 

$

10,431

 

$

52,452

 


$

14,603

 

$

-

$

-

$

-

$

14,603

 

Impairment & divestiture charges

 

1,356

 

 

768

 

 

1,443

 

 

(408

)

 

3,159

 


 

(139

)

 

-

 

-

 

-

 

(139

)

Restructuring & other exit charges (1)

 

(1,972

)

 

(1,929

)

 

(3,292

)

 

(987

)

 

(8,179

)


 

(210

)

 

-

 

-

 

-

 

(210

)

Purchase accounting inventory step-up charge

 

-

 

 

(202

)

 

(201

)

 

-

 

 

(403

)


 

-

 

 

-

 

-

 

-

 

-

 

Pension curtailment

 

-

 

 

-

 

 

-

 

 

758

 

 

758

 


 

-

 

 

-

 

-

 

-

 

-

 

EBITDA

$

18,830

 

$

14,631

 

$

4,533

 

$

9,794

 

$

47,787

 


$

14,254

 

$

-

$

-

$

-

$

14,254

 













 
Adjusted EBITDA %











Industrial Tool & Services Segment

 

21.4

%

 

19.5

%

 

12.8

%

 

15.5

%

 

17.8

%


 

18.7

%

 

-

 

-

 

-

 

18.7

%

Other

 

11.5

%

 

2.4

%

 

10.3

%

 

-5.4

%

 

5.2

%


 

-10.2

%

 

-

 

-

 

-

 

-10.2

%

Adjusted EBITDA %

 

13.3

%

 

12.0

%

 

6.5

%

 

9.4

%

 

10.6

%


 

12.2

%

 

-

 

-

 

-

 

12.2

%













 
Notes:











(1) Approximately $0.8 million of the Q3 fiscal 2020 restructuring & exit charges were recorded in cost of products sold.
(2) EBITDA represents net earnings (loss) from continuing operations before financing costs, net, income tax (benefit) expense, and depreciation & amortization. EBITDA is not a calculation based upon GAAP. The amounts included in the EBITDA and Adjusted EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Operations. EBITDA should not be considered as an alternative to net earnings (loss), operating profit (loss) or operating cash flows. The Company has presented EBITDA and adjusted EBITDA because it regularly reviews these performance measures. In addition, EBITDA and adjusted EBITDA are used by many of our investors and lenders, and are presented as a convenience to them. The EBITDA and adjusted EBITDA measures presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP Measures to Non-GAAP Measures (Continued)
(Dollars in thousands, except for per share amounts)

Fiscal 2020
Fiscal 2021

Q1 Q2 Q3 Q4 TOTAL
Q1 Q2 Q3 Q4 TOTAL
Adjusted Earnings (Loss) (3)










Net Earnings (Loss)

$

2,121

 

$

2,162

 

$

(4,999

)

$

1,439

 

$

723

 


$

4,598

 

$

-

$

-

$

-

$

4,598

 

Discontinued Operations, net of income tax

 

(4,251

)

 

(1,756

)

 

(69

)

 

1,242

 

 

(4,834

)


 

(224

)

 

-

 

-

 

-

 

(224

)

Earnings (Loss) from Continuing Operations

$

6,372

 

$

3,918

 

$

(4,930

)

$

197

 

$

5,557

 


$

4,822

 

$

-

$

-

$

-

$

4,822

 

Impairment & divestiture charges

 

(1,356

)

 

(768

)

 

(1,443

)

 

408

 

 

(3,159

)


 

139

 

 

-

 

-

 

-

 

139

 

Restructuring & other exit charges

 

1,972

 

 

1,929

 

 

3,292

 

 

987

 

 

8,179

 


 

210

 

 

-

 

-

 

-

 

210

 

Accelerated debt issuance cost

 

625

 

 

-

 

 

-

 

 

1,041

 

 

1,666

 


 

-

 

 

-

 

-

 

-

 

-

 

Purchase accounting inventory step-up charge

 

-

 

 

202

 

 

201

 

 

-

 

 

403

 


 

-

 

 

-

 

-

 

-

 

-

 

Pension curtailment

 

-

 

 

-

 

 

-

 

 

(758

)

 

(758

)


 

-

 

 

-

 

-

 

-

 

-

 

Net tax effect of reconciling items above

 

(52

)

 

(57

)

 

(624

)

 

(503

)

 

(1,236

)


 

(15

)

 

-

 

-

 

-

 

(15

)

Other income tax benefit

 

-

 

 

(74

)

 

-

 

 

-

 

 

(74

)


 

-

 

 

-

 

-

 

-

 

-

 

Adjusted Earnings (Loss) from Continuing Operations (4)

$

7,561

 

$

5,150

 

$

(3,504

)

$

1,372

 

$

10,578

 


$

5,156

 

$

-

$

-

$

-

$

5,156

 












 
Adjusted Diluted Earnings (loss) per share (3)










Net Earnings (Loss)

$

0.03

 

$

0.04

 

$

(0.08

)

$

0.02

 

$

0.01

 


$

0.08

 

$

-

$

-

$

-

$

0.08

 

Discontinued Operations, net of income tax

 

(0.07

)

 

(0.03

)

 

0.00

 

 

0.02

 

 

(0.08

)


 

(0.00

)

 

-

 

-

 

-

 

0.00

 

Earnings (Loss) from Continuing Operations

$

0.11

 

$

0.06

 

$

(0.08

)

$

0.00

 

$

0.09

 


$

0.08

 

$

-

$

-

$

-

$

0.08

 

Impairment & divestiture charges, net of tax effect

 

(0.02

)

 

(0.01

)

 

(0.02

)

 

0.00

 

 

(0.04

)


 

0.00

 

 

-

 

-

 

-

 

0.00

 

Restructuring & other exit charges, net of tax effect

 

0.02

 

 

0.04

 

 

0.04

 

 

0.02

 

 

0.11

 


 

0.00

 

 

-

 

-

 

-

 

0.00

 

Accelerated debt issuance cost, net of tax effect

 

0.01

 

 

-

 

 

-

 

 

0.01

 

 

0.02

 


 

-

 

 

-

 

-

 

-

 

-

 

Purchase accounting inventory step-up charge, net of tax effect

 

-

 

 

0.00

 

 

0.00

 

 

-

 

 

0.01

 


 

-

 

 

-

 

-

 

-

 

-

 

Pension curtailment, net of tax effect

 

-

 

 

-

 

 

-

 

 

(0.01

)

 

(0.01

)


 

-

 

 

-

 

-

 

-

 

-

 

Other income tax benefit

 

-

 

 

0.00

 

 

-

 

 

-

 

 

-

 


 

-

 

 

-

 

-

 

-

 

-

 

Adjusted Diluted Earnings (Loss) per share from Continuing Operations (4)

$

0.12

 

$

0.09

 

$

(0.06

)

$

0.02

 

$

0.18

 


$

0.09

 

$

-

$

-

$

-

$

0.09

 












 
Notes continued:
(3) Adjusted earnings (loss) from continuing operations and adjusted diluted earnings (loss) per share represent net earnings (loss) and diluted earnings (loss) per share per the Condensed Consolidated Statements of Operations net of charges or credits for items to be highlighted for comparability purposes. These measures are not calculated based upon generally accepted accounting principles (GAAP) and should not be considered as an alternative to net earnings (loss) or diluted earnings (loss) per share or as an indicator of the Company's operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Enerpac Tool Group companies.
(4) Q3 Fiscal 2020 results included an adjusted loss from continuing operations, therefore adjusted loss per share is not diluted and is, instead, calculated with basic shares.











 
For all reconciliations of GAAP measures to Non-GAAP measures, the summation of the individual components may not equal the total due to rounding. With respect to the earnings per share reconciliations the impact of share dilution on the calculation of the net earnings or loss per share and discontinued operations per share may result in the summation of these components not equaling the total earnings (loss) per share from continuing operations.

 

Contacts

Bobbi Belstner
Director of Investor Relations and Strategy
262.293.1912

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Trading Symbol EPAC
Security Exchange Name NYSE
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