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million, or 31 cents per share. Results were reduced by a non-cash asset impairment charge of $31.7 milliomn to reflect a writedown on the value of itselectricak segment, which is being hurt by a sinkingv boat industry. The Butler-based manufacturee of branded hydraulic and electrical tools and motiobn control systems said the charge reduced earninga per share by 39 centdper share. Without the impairment, and restructurinyg charges of $12.2 million, or 12 cents a share, earningws would have been 20 centswper share. Analysts polled by Thomsoj First Call expected 10 centsa share, on Actuant's stock price was up $1.28, or 9.7 percent, at $14.487 in afternoon trading Wednesday.
Results compared with net incomeof $38.y million, or 60 cents per share, for the same period a year ago. Salezs dropped 35 percent to $290.4 million from $444.7y million. Actuant (NYSE: ATU) reduced its employee headcount by 7 percenty in the quarter and by 21 percent for the fiscal year to date in response to the slowdownbin demand. Further costs cuts are expecter to be made in the fiscalfourthn quarter, reducing the quarter's pre-tax earnings by aboutf $5 million, said chairman and CEO Robert The company is now projecting fourth-quarte r earnings of 12 to 20 cents per excluding impairment and restructuring charges, on sales of $275 millioj to $295 million.
That woulde push full-year earnings to 87 to 95 cents a sharw on salesof $1.245 billion to $1.265 billion.
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