Business Context and Reporting Period
This Form 8-K Current Report was filed by Applied Power Inc. on April 16, 1998. The filing addresses the restatement of earnings per share (EPS) information for prior fiscal years and interim periods to comply with Statement of Financial Accounting Standards (SFAS) No. 128. The report also reflects a two-for-one stock split authorized on January 8, 1998, and effected on February 3, 1998, which issued 13,891,578 additional shares of common stock.
Key Financial Metrics
The filing provides restated EPS data but does not contain a full income statement, balance sheet, or cash flow statement. Key metrics derived from the restated schedules include:
- Fiscal Year 1997 Net Earnings: $42.0 million.
- Fiscal Year 1997 Basic EPS: $1.53.
- Fiscal Year 1997 Diluted EPS: $1.46.
- Weighted Average Shares Outstanding (FY 1997): 27.5 million (basic) and 28.8 million (diluted).
- Quarterly Performance (FY 1997): Net earnings ranged from $9.47 million to $11.93 million per quarter.
The filing text does not provide clear values for total revenue, operating margins, debt levels, or liquidity ratios.
Material Changes Versus Prior Periods
The primary material change is the restatement of historical EPS figures to reflect the adoption of SFAS No. 128 and the retroactive adjustment for the two-for-one stock split. All share counts and per-share amounts in the tables have been restated to reflect the split. Comparing fiscal years:
- Net earnings increased from $33.7 million in 1996 to $42.0 million in 1997.
- Basic EPS increased from $1.25 in 1996 to $1.53 in 1997.
- Fiscal 1995 included an extraordinary loss of $4.9 million, which reduced net earnings to $20.1 million and basic EPS to $0.76.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors. The document is strictly a compliance filing to correct historical financial data presentation. The only unusual item noted is the extraordinary loss of $4.9 million in fiscal 1995 and restructuring charges of $5.0 million in fiscal 1993.
Important Facts for Investor Verification
- Verify that all historical EPS data in prior filings has been adjusted for the two-for-one stock split.
- Confirm the adoption of SFAS No. 128 in the company's most recent 10-Q and 10-K filings.
- Note that this 8-K does not provide current revenue, cash flow, or debt data; investors must refer to the most recent Form 10-Q or 10-K for those metrics.
- Review the restated financial data schedules (Exhibits 27.1 through 27.11) for detailed quarterly breakdowns.