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):  October 31,
2003



                          KAMAN CORPORATION
         (Exact name of issuer as specified in its charter)





Connecticut                      0-1093           06-0613548
(State or other jurisdictions    (Commission      (I.R.S.
of Incorporation)                File Number)     Employer
                                                  Identification
                                                  No.)




                       1332 Blue Hills Avenue
                        Bloomfield, CT 06002
              (Address of principal executive offices)

       Registrant's telephone number, including area code:
                           (860)243-7100

                           Not Applicable
    (Former name or former address, if changed since last
report)














Item 7.  Financial Statements and Exhibits

   (c)   Exhibits

         The following document is furnished as an Exhibit
         pursuant to Item 9 and 12 hereof:

         Exhibit 99.1 - Press Release of the Company regarding
         financial performance for the quarter and nine months
         ended September 30, 2003, dated October 31, 2003.


Item 9.  Regulation FD Disclosure
         See Item 12 below.


Item 12. Results of Operations and Financial Condition

On October 31, 2003, the Company issued a press release
describing the Company's financial results for the quarter and
nine months ended September 30, 2003.  A copy of this press
release is furnished as Exhibit 99.1 hereto and is incorporated
herein by reference

All of the information furnished in this report and the
accompanying exhibits shall not be deemed to be "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, and shall not be incorporated by reference in any
Company filing under the Securities Act of 1933, as amended.
























                                Page 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, thereunto duly authorized.


                                 KAMAN CORPORATION


                                 /s/Robert M. Garneau
                                 Executive Vice President
                                 and Chief Financial
                                 Officer



Dated: October 31, 2003

































                                Page 3


                            EXHIBIT INDEX




   Exhibit          Description

    99.1            Press Release of the Company, dated
                    October 31, 2003












































                                Page 4

Exhibit 99.1


       KAMAN REPORTS 2003 THIRD QUARTER, NINE MONTH RESULTS


BLOOMFIELD, Connecticut (October 31, 2003) - (NASDAQ:KAMNA) Kaman
Corp. today reported financial results for the third quarter and
nine months ended September 30, 2003.

Net earnings for the 2003 third quarter were $1.2 million, or
$0.05 per share diluted, including an after-tax gain of
approximately $700 thousand, or about $0.03 per share diluted, as
the result of post-closing adjustments associated with the sale of
businesses in prior periods, compared to $5.6 million or $0.25 per
share diluted in the same quarter last year.  Net sales for the
third quarter were $223.3 million compared to $218.3 million the
previous year.

For the 2003 nine-month period, the company reported net earnings
of $18.4 million, or $0.81 per share diluted, including a $10.6
million after-tax gain ($0.48 per share) from the sale of
the company's Electromagnetics Development Center (EDC) in
January, compared to a net loss of $39.5 million or $1.76 net loss
per share diluted in the same period last year.  Nine month net
sales were $655.6 million, compared to $650.5 million the previous
year.

Results for the 2002 nine-month period include pre-tax charges of
$86.0 million taken in the second quarter of 2002 to cover the
write-down of K-MAX helicopter assets, principally inventories;
for cost growth associated with the Australian SH-2G(A) helicopter
program; and to phase out operations at the company's Moosup,
Conn. plant.  The nine-month 2002 results also include a pre-tax
$1.9 million gain from the sale of the company's microwave
products line.


SEGMENT PERFORMANCE

Aerospace Segment
- -----------------

Third quarter operating profits for the segment were $1.7 million
(including the effect of $946 thousand in ongoing relocation and
re-certification costs related to the Moosup, Conn. plant
closure), compared to $7.2 million last year. Segment sales for
the third quarter 2003 were $62.8 million, compared to $65.2
million in the 2002 period.  The 2002 third quarter sales included
$2.2 million from EDC.



                              Page 1


Page 2 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


In the first nine months of 2003, the segment had operating
profits of $15.5 million (including the effect of $2.1 million in
ongoing relocation and re-certification costs related to the
Moosup, Conn. plant closing), compared to an operating loss of
$61.7 million in the 2002 nine-month period as a result of the
pre-tax charges.  Sales for the first nine months of 2003 were
$187.4 million, compared to $201.3 million the previous year,
which included $11.9 million from two divested businesses. The
Australian program adjustment reduced segment sales in the 2002
nine-month period by $6.5 million.

The Aerospace segment serves the commercial aerospace and domestic
and foreign defense markets with a variety of products including
the SH-2G Super Seasprite naval helicopter and K-MAX medium-to-
heavy lift helicopter, subcontracted commercial and military
aerostructures, specialized bearings, and advanced technology
products for specialized applications, including missile and bomb-
fuzing devices.

During the quarter and first nine months of 2003 the Kaman
Aerospace subsidiary was affected by several factors including the
absence of new helicopter orders, the fact that the MD
Helicopters, Inc. (MDHI) subcontract program is in stop-work mode,
the transition of manufacturing from the Moosup plant to the
Jacksonville, Fla. facility, and the current weak market for
commercial airliners, which has caused order stretch-outs and a
lower volume of deliveries than anticipated for certain Boeing
programs. These conditions have resulted in lower sales, which in
turn have resulted in overhead and general and administrative
expenditures being absorbed at higher rates by active aerospace
programs.  This has led to generally lower profitability or losses
for these programs.

Paul R. Kuhn, chairman, president and chief executive officer,
said, "We continue to evaluate our overall cost structure in this
environment.  To date, the company has elected to continue
expenditures for longer-term competitiveness in order to position
it for the commercial aircraft market recovery that we believe
will come, and to maintain our prime helicopter program
capabilities."

Helicopter Programs
- -------------------

Sales generated by the SH-2G Super Seasprite and K-MAX helicopter
programs, including spare parts and sales support, totaled $21.3
million in the third quarter, compared to $20.3 million in the

                              Page 2


Page 3 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


2002 period. Helicopter programs represented approximately 34
percent of segment sales for the quarter, compared to
approximately 31 percent a year ago.  Except for post-production
support, the SH-2G helicopter program for New Zealand has been
successfully completed, while the Australia program is in its
later stages.

Production of the eleven SH-2G(A) aircraft for the Australia
program is essentially complete.  As previously reported, the
aircraft lack the full Integrated Tactical Avionics System (ITAS)
software and progress is being made on this element of the
program.  In September the Royal Australian Navy (RAN) began the
process of provisional acceptance of these aircraft after
receiving a critical "decision to proceed" from the Australian
government.  The company expects to be able to deliver the full
capability of the ITAS weapons system software by the end of 2004.
While the company believes its reserves are sufficient to cover
estimated costs to complete the program, the task of software
integration is yet to come, and that task could present issues
that are difficult to anticipate.

In a smaller program, the company announced it had completed
training of Polish Navy pilots, sensor operators and maintenance
personnel as part of the Polish Navy's SH-2G Super Seasprite
helicopter acquisition program.  Poland acquired four of the
aircraft from the U. S. Navy in 2002 that underwent refurbishment
at Kaman.  The four aircraft will operate aboard two FFG-7 class
frigates that Poland also acquired from the U. S. Navy.

The company is marketing its existing K-MAX aircraft inventory,
which was written down to an estimated fair market value last
year, using sales and short-term leasing programs.  During the
quarter, two K-MAX helicopters were leased and two others were
converted from leases to sales.  These sales produced pre-tax
profit of $2.1 million.  The company will produce additional K-MAX
aircraft only upon firm order by a customer.

Aircraft Structures and Components
- ----------------------------------

Third quarter aircraft structures and components sales were $25.7
million, compared to year-ago results of $31.2 million.  This
business contributed approximately 41 percent of the Aerospace
segment's sales in the third quarter, compared to approximately 48
percent a year ago.



                              Page 3


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"Kaman Reports Third Quarter Earnings"
October 31, 2003


Aerostructures subcontract work involves commercial and military
aircraft programs. Current programs include production of
assemblies such as wing structures and other parts for virtually
all Boeing commercial aircraft and the C-17 military transport.
This is an area the company has focused on as core to the business
and important for the future.  The low current and projected build
rates for commercial airliners affect this business directly, and
the market has become increasingly competitive and difficult on an
industry-wide basis.  The move from Moosup to Jacksonville was
specifically undertaken to provide a lower cost base from which to
compete.  The physical completion of that move has been
accompanied by phase-out costs in Moosup as well as learning curve
and other ramp-up costs in Jacksonville, which have resulted in
lower profitability or losses in certain aerostructures programs.
While management believes that these costs hit their peak in the
third quarter of 2003, the opportunity to operate at lower cost in
Jacksonville remains evident and is an expectation for the future.
The Jacksonville facility is now ready to accept additional
business, which may take time to develop in the present
environment.

Helicopter subcontract work involves commercial and military
programs. The company's helicopter subcontracting group provides
fuselages for the MD Helicopters 500 and 600 series helicopters
and composite rotor blades for the MD Explorer helicopter.  Total
orders received from MDHI have run at significantly lower rates
than originally anticipated due to lower than expected demand. The
company's investment in these contracts consists of $4.5 million
in billed receivables as of October 1 and $16.9 million in
recoverable costs not billed (including start-up costs and other
program expenditures). The company has received several partial
payments in 2003, including a payment received on October 1.  The
recoverability of unbilled costs will depend to a significant
extent upon MDHI's future requirements. The company has stopped
production on these programs while working with MDHI to resolve
overall payment issues and establish conditions under which
production can be resumed.

The company's Kamatics specialty bearing business had increased
sales and profits in the reporting period with military sales
helping to offset continued softness in commercial and regional
aircraft manufacturing.  Initially involved principally in
military programs, Kamatics products are now in wide use in
commercial airliners operated by the major and regional airlines,
and Boeing is Kamatics' largest customer.



                              Page 4


Page 5 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


Advanced Technology Products
- ----------------------------

Sales of the company's advanced technology products in the 2003
third quarter rose to $15.8 million from $13.7 million a year ago.
This business accounted for approximately 25 percent of Aerospace
segment sales in the third quarter, compared to approximately 21
percent a year ago.

The company manufactures products for military and commercial
markets, including safe, arm and fuzing devices for a number of
major missile and bomb programs; and precision measuring systems,
mass memory systems and electro-optic systems.  The company's
Kaman Dayron operation, acquired in July 2002, manufactures fuzes
for a variety of munitions programs, and has the contract to
develop a fuze for the U. S. Air Force and Navy Joint Programmable
Fuze (JPF) program.   Securing the JPF program was the principal
motivation for making the Dayron acquisition, as the program is
expected to generate substantial business for the company once
final qualification has been achieved and production orders have
been received. As a result of qualification test results received
during the first quarter of 2003, the company is implementing
certain changes to the fuze design and production process and is
conducting internal testing.  This additional qualification work
has delayed production unit sales and has increased program costs.
Management now expects to resume final qualification testing by
the end of 2003 and begin production in 2004.

Industrial Distribution Segment
- -------------------------------

Industrial Distribution's operating profit was $2.8 million for
the third quarter, compared to $3.0 million reported a year ago.
Sales were $122.6 million in the third quarter, compared to $120.3
million in the period a year ago.

For the nine-month period, operating profits were $9.0 million,
compared to $9.1 million in the 2002 period.  Nine-month sales
were $364.7 million for 2003, compared to $358.7 million a year
ago.

Kaman is the third largest U.S. industrial distributor servicing
the bearings, electrical/mechanical power transmission, fluid
power, motion control and materials handling market in the United
States.  Kaman offers more than 1.5 million items, as well as
value-added services to a base of more than 50,000 customers

                              Page 5



Page 6 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


spanning nearly every sector of U.S. industry, from its
geographically broad-based footprint of nearly 200 branches and
regional distribution centers in the U.S., Canada and Mexico.  At
present the company covers 68 of the top 100 industrial markets in
the U.S.

This segment is directly affected by national macroeconomic
variables such as the percentage of plant capacity utilization
within the U.S. industrial base, and the business tends to track
the U.S. Industrial Production Index with a short lag.  Conditions
for manufacturers have remained soft since the second half of
2000, with capacity utilization remaining considerably below the
80 percent threshold considered a recession level by the U.S.
government.  As manufacturing continues to move off shore, and as
customers permanently close facilities, recovery in industrial
production becomes even more difficult.

Kuhn said, "Signs of meaningful national economic recovery have
been inconsistent and inconclusive.  The tone of the market
remains weak as we enter the fourth quarter.  The company believes
that it has the appropriate platform, including the technology,
systems management and customer and supplier relationships, to
compete effectively in the evolving industrial distribution
industry. The company's size and scale of operations allow it to
attract highly skilled personnel and realize internal operating
efficiencies, and also to take advantage of vendor incentives in
the form of rebates, which tend to favor the larger distributors
and remain an important factor in profitability. The company's
resources and product knowledge enable it to offer a comprehensive
product line and invest in sophisticated inventory management and
control systems. The company's prominent position in the industry
also enhances its ability to rebound during economic recoveries
and to grow through additional acquisitions."

Success in the market requires a combination of competitive
pricing and value-added services that save the customer money
while helping them become more efficient and productive.  Over the
past several years, large companies have increasingly centralized
their purchasing through suppliers that can service all of their
plant locations across a wide geographic area.  Kaman has expanded
its presence in geographic markets considered key to winning these
customers through acquisitions in the upper midwest and Mexico,
and the selective opening of new branches. Furthering this
strategy, the company acquired the net assets and business of
Industrial Supplies, Inc. (ISI), of Birmingham, Alabama early in
the fourth quarter of 2003.   ISI distributes a wide variety of

                              Page 6



Page 8 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


extended its line of percussion products and accessories over the
past two years, augmenting its CB, Toca (registered trademark) and
Gibraltar (registered trademark) lines with the addition of an
exclusive distribution agreement with Gretsch (registered
trademark) drums in 2001 and the acquisition of Latin Percussion,
Inc., the world leader in hand percussion instruments in 2002.
Kuhn said, "Professional users of the segment's products include
many of the most popular superstar artists, and several of Kaman's
popular trademark products are available to retailers only through
the company, providing a significant competitive advantage.  The
acquisition of Latin Percussion has provided outstanding additions
to the Kaman product lines, and the consolidation of LP into Kaman
was rapid and successful.

In September the company acquired Genz Benz Enclosures, Inc., a
small manufacturer of amplification and sound reinforcement
equipment. Genz Benz had been working closely with Kaman Music for
several years through an exclusive distribution agreement, so the
acquisition brings Kaman control of the product source, but does
not add immediate incremental sales.  However, under Kaman, Genz
Benz will have the resources to exploit its full potential."

Concluding Remark
- -----------------

Kuhn said, "This was a difficult quarter for the company and many
of the issues that impacted our business segments continue to be a
concern.  We believe, however, that the investments we are making
in each of our segments and the actions we are taking are
positioning the company to do well as the markets we serve
recover."


Forward-Looking Statements
- --------------------------
This release contains forward-looking information relating to the
company's business and prospects, including the SH-2G and K-MAX
helicopter programs, aerostructures and helicopter subcontract
programs and components, advanced technology products, the
industrial and music distribution businesses, operating cash flow,
and other matters that involve a number of uncertainties that may
cause actual results to differ materially from expectations.
Those uncertainties include, but are not limited to: 1) the
successful conclusion of competitions and thereafter contract
negotiations with government authorities, including foreign
governments; 2) political developments in countries where the
company intends to do business; 3) standard government contract

                              Page 8


Page 9 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


provisions permitting renegotiation of terms and termination for
the convenience of the government; 4) economic and competitive
conditions in markets served by the company, particularly
industrial production and commercial aviation, and global economic
conditions;  5) satisfactory completion of the Australian SH-2G(A)
program, including successful completion and integration of the
full ITAS software; 6) recovery of the company's investment in the
MD Helicopters, Inc. contracts; 7) actual costs for moving
equipment and recertifying products and processes in connection
with phase out of the Moosup, Connecticut facility; 8) JPF program
final qualification test results and receipt of production orders;
9) achievement of enhanced business base in the Aerospace segment
in order to better absorb overhead and general and administrative
expenses; 10) successful sale or lease of existing K-MAX
inventory; 11) the condition of consumer markets for musical
instruments, including the strength of the Christmas season;
12) profitable integration of acquired businesses into the
company's operations; 13) changes in supplier sales or vendor
incentive policies; 14) the effect of price increases or
decreases; and 15) currency exchange rates, taxes, changes in laws
and regulations, inflation rates, general business conditions and
other factors.  Any forward-looking information should be
considered with these factors in mind.

###

Contact:
Russell H. Jones
SVP, Chief Investment Officer & Treasurer
(860) 243-6307
rhj-corp@kaman.com

















                              Page 9


Page 10 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


                  KAMAN CORPORATION AND SUBSIDIARIES
            Condensed Consolidated Statements of Operations
                (In thousands except per share amounts)

                      For the Three Months   For the Nine Months
                      Ended September 30,    Ended September 30,
                                            
                       2003       2002        2003       2002
- ------------------------------------------------------------------
Net sales             $ 223,324  $ 218,266   $ 655,645  $ 650,500
Costs and expenses:
  Cost of sales (1)     168,584    160,961     484,615    552,444
  Selling, general and ad-
    ministrative expense 53,415     48,191     156,799    149,681
  Restructuring costs (2)     -          -           -      8,290
  Other operating
    (income)/expense, net  (493)      (501)     (1,107)    (1,008)
  Interest expense, net     739        713       2,258      1,580
  (Gain)/loss on sale
    of product lines and
    other assets, net    (1,317)        52     (18,143)    (1,852)
  Other expense, net        443        303       1,035      1,143
- ------------------------------------------------------------------
                        221,371    209,719     625,457    710,278
- ------------------------------------------------------------------
Earnings (loss) before
  income taxes            1,953      8,547      30,188    (59,778)
Income taxes (benefit)      765      2,975      11,750    (20,325)
- ------------------------------------------------------------------
Net earnings (loss)   $   1,188  $   5,572   $  18,438  $ (39,453)
==================================================================
Net earnings (loss) per share:
  Basic               $     .05  $     .25   $     .82  $   (1.76)
  Diluted (3)         $     .05  $     .25   $     .81  $   (1.76)
==================================================================
Average shares outstanding:
  Basic                  22,584     22,446      22,543     22,394
  Diluted (4)            23,585     23,521      23,516     22,394
==================================================================
Dividends declared
  per share           $     .11  $     .11   $     .33  $     .33
==================================================================

(1) Cost of sales for the nine months ended September 30, 2002
includes the write-off of K-MAX assets of $50,000 and Moosup
facility assets of $2,679 which are associated with the charge
taken in the Aerospace segment.

                              Page 10


Page 11 of 15
"Kaman Reports Third Quarter Earnings"
October 31, 2003


(2) Restructuring costs for the nine months ended September 30,
2002 relate to the closure of the Moosup facility in 2003 and are
associated with the charge taken in the Aerospace segment.

(3) The calculated diluted per share amounts for the three months
ended September 30, 2003 and the nine months ended September 30,
2002 are anti-dilutive, therefore, amounts shown are equal to the
basic per share calculation.

(4) Additional potentially diluted average shares outstanding of
1,186 for the nine months ended September 30, 2002 have been
excluded from the average diluted shares outstanding due to the
loss from operations in that year.



































                              Page 11


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"Kaman Reports Third Quarter Earnings"
October 31, 2003


                  KAMAN CORPORATION AND SUBSIDIARIES
                         Segment Information
                           (In thousands)

                      For the Three Months   For the Nine Months
                      Ended September 30,    Ended September 30,
                                            
                       2003       2002        2003       2002
- ------------------------------------------------------------------
Net sales:
  Aerospace           $  62,785  $  65,226   $ 187,421  $ 201,253

  Industrial
    Distribution        122,571    120,259     364,699    358,734

  Music Distribution     37,968     32,781     103,525     90,513
- ------------------------------------------------------------------
                        223,324    218,266     655,645    650,500
==================================================================
Operating profit (loss):
  Aerospace               1,738      7,180      15,463    (61,694)

  Industrial Distribution 2,830      3,003       8,992      9,060

  Music Distribution      2,772      2,289       6,010      4,351
- ------------------------------------------------------------------
                          7,340     12,472      30,465    (48,283)
Interest, corporate and
    other expense, net(1)(6,704)    (3,873)    (18,420)   (13,347)

Gain/(loss) on sale of
  product lines and
  other assets, net       1,317        (52)     18,143      1,852
- ------------------------------------------------------------------
Earnings (loss) before
income taxes          $   1,953  $   8,547   $  30,188  $ (59,778)
==================================================================

(1) "Interest, corporate and other expense, net" increased for the
 three months ended September 30, 2003, the largest element of
which is stock appreciation rights expense.  The increase for the
nine months ended September 30, 2003 is primarily due to a
reduction in group insurance liabilities in 2002 that did not
recur in 2003, and growth in stock appreciation rights expense,
pension and interest expenses.



                              Page 12


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October 31, 2003


                 KAMAN CORPORATION AND SUBSIDIARIES
                Condensed Consolidated Balance Sheets
                           (In thousands)

                                   September 30,     December 31,
                                       2003             2002
- ------------------------------------------------------------------
                                               
Assets
Current assets:
     Cash and cash equivalents     $      8,005      $      5,571
     Accounts receivable, net           211,350            195,857
     Inventories                        165,166            164,715
     Income taxes receivable              6,050              5,192
     Deferred income taxes               27,999             28,450
     Other current assets                12,737             14,460
- ------------------------------------------------------------------
          Total current assets          431,307            414,245
- ------------------------------------------------------------------
Property, plant and equipment, net       53,341             61,635
Goodwill and other intangible assets     50,753             50,994
Other assets                              7,158              8,666
- ------------------------------------------------------------------
                                   $    542,559      $     535,540
==================================================================
Liabilities and shareholders' equity
Current liabilities:
     Notes payable                 $     10,579      $      10,307
     Accounts payable                    49,074             46,664
     Accrued contract loss               22,846             26,674
     Accrued restructuring costs          6,702              7,594
     Other accrued liabilities           26,391             23,583
     Advances on contracts               20,646             22,318
     Other current liabilities           17,988             19,954
     Income taxes payable                 3,040                  -
- ------------------------------------------------------------------
          Total current liabilities     157,266            157,094
- ------------------------------------------------------------------
Long-term debt, excluding
  current portion                        53,774             60,132
Other long-term liabilities              27,331             26,367
Shareholders' equity                    304,188            291,947
- ------------------------------------------------------------------
                                   $    542,559      $     535,540
==================================================================



                              Page 13


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"Kaman Reports Third Quarter Earnings"
October 31, 2003


                 KAMAN CORPORATION AND SUBSIDIARIES
           Condensed Consolidated Statements of Cash Flows
                           (In thousands)

                                              For the Nine Months
                                              Ended September 30,
- ------------------------------------------------------------------
                                               2003          2002
                                               ----          ----
                                                  
Cash flows from operating activities:
Net earnings (loss)                      $   18,438     $ (39,453)
     Depreciation and amortization            7,657         8,520
     Gain on sale of product lines
       and other assets, net                (18,143)       (1,852)
     Restructuring costs                          -         8,290
     Non-cash write-down of assets                -        52,679
     Deferred income taxes                    1,818       (22,250)
     Other, net                               1,618         2,430
     Changes in current assets and
       liabilities, excluding effects of
       acquisitions/divestitures:
         Accounts receivable                (17,820)      (29,072)
         Inventory                           (3,469)          713
         Income taxes receivable               (858)       (1,409)
         Accounts payable - trade             2,309        (8,380)
         Accrued contract loss               (3,828)       18,495
         Accrued restructuring costs           (892)         (520)
        Advances on contracts                  (893)       (3,277)
        Income taxes payable                  3,040             -
        Changes in other current assets
          and liabilities                     6,056        (9,303)
- ------------------------------------------------------------------
            Cash provided by (used in)
              operating activities           (4,967)      (24,389)
- ------------------------------------------------------------------
Cash flows from investing activities:
     Proceeds from sale of product
       lines and other assets                28,309         7,685
     Expenditures for property,
       plant & equipment                     (6,682)       (4,637)
     Acquisition of businesses,
       less cash acquired                      (465)      (35,302)
     Other, net                              (1,016)         (144)
- ------------------------------------------------------------------
            Cash provided by (used in)
              investing activities           20,146       (32,398)
- ------------------------------------------------------------------
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"Kaman Reports Third Quarter Earnings"
October 31, 2003


                                              For the Nine Months
                                              Ended September 30,
- ------------------------------------------------------------------
                                               2003          2002
                                               ----          ----
                                                  
Cash flows from financing activities:
     Changes to notes payable                   293         7,283
     Additions / (reductions) to
       long-term debt                        (6,358)       31,680
     Proceeds from exercise of
       employee stock plans                     956         1,150
     Purchase of treasury stock                (205)           (5)
     Dividends paid                          (7,431)       (7,379)
     Other                                        -           979
- ------------------------------------------------------------------
            Cash provided by (used in)
              financing activities          (12,745)       33,708
- ------------------------------------------------------------------
Net increase (decrease) in cash
  and cash equivalents                        2,434       (23,079)

Cash and cash equivalents at
  beginning of period                         5,571        30,834
- ------------------------------------------------------------------
Cash and cash equivalents at
  end of period                          $    8,005     $   7,755
==================================================================



















                              Page 15