Slideout systems supplier firm Actuant Corp., which acquired retractable steps supplier Kwikee in September, reported higher fourth fiscal-quarter sales and earnings despite a decrease in sales to RV industry customers in the three months ended Aug. 31.
Milwaukee-based Actuant, a diversified manufacturer that makes Power Gear slideouts, earned a record $10 million in the June-through-August period, a 41% increase over the $7.1 million it earned in the same portion portion of 2002.
The New York Stock Exchange-listed company’s sales revenue increased 22% to $148.2 million in the three months ended Aug. 31, primarily because of the acquisition of a German household electrical products manufacturer in September 2002.
Meanwhile, Actuant’s Engineered Solutions division, which includes RV industry supplier operations, posted a 3% sales revenue increase in the June-through-August period to $55.8 million. However, that was because of a favorable foreign currency exchange environment. Excluding foreign exchange rates, the Engineered Solutions division’s sales actually declined 3% because of lower sales to RV customers in the summer months, the company reports.
However, Actuant bought Kwikee, a supplier of electrically actuated retractable step systems to motorhome manufacturers, on Sept. 3, and the parent company believes the Kwikee acquisition will improve its first fiscal-quarter and full fiscal-year 2004 sales and earnings performance.
Actuant paid around $30 million for Kwikee, which has about $24 million in annual sales.
Actuant earned $29 million in fiscal 2003, compared with a net loss of $2.6 million in fiscal 2002.
The company’s sales increased 26% for the 12 months ended Aug. 31 to $585.4 million, compared with $463 million the previous 12 months.