0-1093
|
06-0613548
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
1332
Blue Hills Avenue, Bloomfield, Connecticut
|
06002
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
x
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Exhibit
99.1 - Press
Release of the Company regarding financial performance for the quarter
and
six month period ended July 1, 2005, dated August 3,
2005.
|
KAMAN
CORPORATION
|
||
By:
|
/s/
Robert M. Garneau
|
|
Robert
M. Garneau
|
||
Executive
Vice President and
|
||
Chief
Financial Officer
|
Exhibit
|
Description
|
|
99.1
|
Press
release dated August 3, 2005
|
Attached
|
Kaman
Corporation
Bloomfield,
CT 06002
(860)
243-7100
|
NEWS
|
|
|
|
|
For
the Three Months Ended
|
For
the Six Months Ended
|
||||||||||||||
|
July
1, 2005(1)
|
|
|
July
2, 2004(1)
(2)
|
|
|
July
1, 2005(1)
|
|
|
July
2, 2004(1)
(2)
|
|
|||||
Net
sales:
|
||||||||||||||||
Aerospace
|
$
|
76.0
|
$
|
67.1
|
$
|
141.7
|
$
|
126.4
|
||||||||
Industrial
Distribution
|
157.5
|
145.3
|
313.5
|
290.9
|
||||||||||||
Music
|
37.8
|
35.1
|
79.4
|
75.4
|
||||||||||||
271.3
|
247.5
|
534.6
|
492.7
|
|||||||||||||
Operating
income (loss):
|
||||||||||||||||
Aerospace
|
9.5
|
(3.6
|
)
|
17.2
|
(.6
|
)
|
||||||||||
Industrial
Distribution
|
8.4
|
5.8
|
16.9
|
10.8
|
||||||||||||
Music
|
1.9
|
1.4
|
4.4
|
3.4
|
||||||||||||
Net
gain on sale of assets
|
.1
|
.2
|
.1
|
.2
|
||||||||||||
Corporate
expense (3)
|
(12.6
|
)
|
(5.7
|
)
|
(22.1
|
)
|
(12.4
|
)
|
||||||||
Operating
income (loss)
|
7.3
|
(1.9
|
)
|
16.5
|
1.4
|
|||||||||||
Interest
expense, net
|
(.6
|
)
|
(.9
|
)
|
(1.4
|
)
|
(1.7
|
)
|
||||||||
Other
expense, net
|
(.5
|
)
|
(.2
|
)
|
(.7
|
)
|
(.6
|
)
|
||||||||
Earnings
(loss) before income taxes
|
$
|
6.2
|
$
|
(3.0
|
)
|
$
|
14.4
|
$
|
(.9
|
)
|
For
the three months ended
|
For
the six months ended
|
|||||||||||||||
July
1, 2005
|
|
|
July
2, 2004
|
|
|
|
|
|
July
1, 2005
|
|
|
July
2, 2004
|
||||
Corporate
expense
before
other items
|
$
|
(7.2
|
)
|
$
|
(6.3
|
)
|
$
|
(14.2
|
)
|
$
|
(12.0
|
)
|
||||
Other
items:
|
||||||||||||||||
Stock
appreciation rights
|
(3.9
|
)
|
.6
|
(3.9
|
)
|
(.4
|
)
|
|||||||||
Long
term incentive plan
|
(.5
|
)
|
-
|
(2.2
|
)
|
-
|
||||||||||
Consulting
- recapitalization
|
(1.0
|
)
|
-
|
(1.0
|
)
|
-
|
||||||||||
Moosup
plant closure
|
-
|
-
|
(.8
|
)
|
-
|
|||||||||||
Corporate
expense - total
|
$
|
(12.6
|
)
|
$
|
(5.7
|
)
|
$
|
(22.1
|
)
|
$
|
(12.4
|
)
|
||||
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
Year
|
|||||||||||||||||
Business
Unit
|
2005
|
2004
|
2005
|
2004
|
2004
|
2004
|
2004
|
|||||||||||||||
Aerostructures
|
$
|
12.9
|
$
|
10.7
|
$
|
13.4
|
$
|
11.0
|
$
|
10.4
|
$
|
13.3
|
$
|
45.4
|
||||||||
Fuzing
|
12.8
|
9.0
|
15.0
|
16.2
|
10.9
|
20.7
|
56.8
|
|||||||||||||||
Helicopters
|
15.2
|
18.0
|
23.3
|
18.4
|
10.6
|
20.0
|
67.0
|
|||||||||||||||
Kamatics/RWG
|
23.0
|
19.8
|
22.8
|
18.6
|
19.7
|
19.0
|
77.1
|
For
the Three Months
Ended
|
For
the Six Months
Ended
|
||||||||||||||||||
July
1, 2005
|
July
2, 2004
|
July
1, 2005
|
July
2, 2004
|
||||||||||||||||
Net
sales
|
$
|
271,263
|
$
|
247,509
|
$
|
534,569
|
$
|
492,660
|
|||||||||||
Costs
and expenses:
|
|||||||||||||||||||
Cost
of sales
|
200,573
|
192,092
|
392,984
|
375,504
|
|||||||||||||||
Selling,
general and
|
|||||||||||||||||||
administrative
expense
|
64,023
|
57,952
|
126,201
|
116,672
|
|||||||||||||||
Net
gain on sale of assets
|
(93
|
)
|
(235
|
)
|
(93
|
)
|
(235
|
)
|
|||||||||||
Other
operating income
|
(525
|
)
|
(435
|
)
|
(983
|
)
|
(753
|
)
|
|||||||||||
Interest
expense, net
|
638
|
949
|
1,350
|
1,744
|
|||||||||||||||
Other
expense, net
|
470
|
177
|
708
|
661
|
|||||||||||||||
265,086
|
250,500
|
520,167
|
493,593
|
||||||||||||||||
Earnings
(loss) before income taxes
|
6,177
|
(2,991
|
)
|
14,402
|
(933
|
)
|
|||||||||||||
Income
tax benefit (expense)
|
(3,420
|
)
|
1,289
|
(6,940
|
)
|
404
|
|||||||||||||
Net
earnings (loss)
|
$
|
2,757
|
$
|
(1,702
|
)
|
$
|
7,462
|
$
|
(529
|
)
|
|||||||||
Net
earnings (loss) per share:
|
|||||||||||||||||||
Basic
|
$
|
.12
|
$
|
(.07
|
)
|
$
|
.33
|
$
|
(.02
|
)
|
|||||||||
Diluted
(1)
|
$
|
.12
|
$
|
(.07
|
)
|
$
|
.33
|
$
|
(.02
|
)
|
|||||||||
Weighted
average shares outstanding:
|
|||||||||||||||||||
Basic
|
22,815
|
22,686
|
22,797
|
22,667
|
|||||||||||||||
Diluted
|
23,693
|
22,686
|
23,671
|
22,667
|
|||||||||||||||
Dividends
declared per share
|
$
|
.125
|
$
|
.11
|
$
|
.235
|
$
|
.22
|
|
July
1, 2005
|
December
31, 2004
|
|||||
Assets
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
10,048
|
$
|
12,369
|
|||
Accounts
receivable, net
|
190,654
|
190,141
|
|||||
Inventories
|
201,583
|
196,718
|
|||||
Deferred
income taxes
|
32,953
|
35,837
|
|||||
Other
current assets
|
14,989
|
15,270
|
|||||
Total
current assets
|
450,227
|
450,335
|
|||||
Property,
plant and equipment, net
|
48,955
|
48,958
|
|||||
Goodwill
and other intangible assets, net
|
55,726
|
55,538
|
|||||
Other
assets
|
8,721
|
7,500
|
|||||
$
|
563,629
|
$
|
562,331
|
||||
Liabilities
and shareholders’ equity
|
|||||||
Current
liabilities:
|
|||||||
Notes
payable
|
$
|
4,266
|
$
|
7,255
|
|||
Current
portion of long-term debt
|
23,267
|
17,628
|
|||||
Accounts
payable - trade
|
76,834
|
74,809
|
|||||
Accrued
contract losses
|
22,140
|
37,852
|
|||||
Accrued
restructuring costs
|
3,649
|
3,762
|
|||||
Other
accrued liabilities
|
49,676
|
38,961
|
|||||
Advances
on contracts
|
16,605
|
16,721
|
|||||
Other
current liabilities
|
25,318
|
26,305
|
|||||
Income
taxes payable
|
2,704
|
2,812
|
|||||
Total
current liabilities
|
224,459
|
226,105
|
|||||
Long-term
debt, excluding current portion
|
16,873
|
18,522
|
|||||
Other
long-term liabilities
|
35,007
|
33,534
|
|||||
Shareholders’
equity
|
287,290
|
284,170
|
|||||
$
|
563,629
|
$
|
562,331
|
For
the Six Months Ended
|
|||
July
1, 2005
|
July
2, 2004
|
||
Cash
flows from operating activities:
|
|||
Net
earnings
|
$
7,462
|
$
(529)
|
|
Depreciation
and amortization
|
4,577
|
4,634
|
|
Provision
for losses on accounts receivable
|
(27)
|
289
|
|
Net
gain on sale of product line and other assets
|
(93)
|
(235)
|
|
Deferred
income taxes
|
3,308
|
-
|
|
Other,
net
|
1,982
|
1,815
|
|
Changes
in current assets and liabilities,
|
|||
excluding
effects of acquisitions:
|
|||
Accounts
receivable
|
(669)
|
(23,200)
|
|
Inventory
|
(5,653)
|
(6,250)
|
|
Income
taxes receivable
|
-
|
(1,552)
|
|
Accounts
payable
|
2,102
|
(1,972)
|
|
Accrued
contract losses
|
(15,693)
|
4,930
|
|
Accrued
restructuring costs
|
(113)
|
(1,519)
|
|
Advances
on contracts
|
(116)
|
(168)
|
|
Income
taxes payable
|
(79)
|
6
|
|
Changes
in other current assets and liabilities
|
9,735
|
6,947
|
|
Cash
provided by (used in) operating activities
|
6,723
|
(16,804)
|
|
Cash
flows from investing activities:
|
|||
Proceeds
from sale of product line and other assets
|
263
|
348
|
|
Expenditures
for property, plant & equipment
|
(4,129)
|
(3,834)
|
|
Acquisition
of businesses, less cash acquired
|
(1,448)
|
(399)
|
|
Other,
net
|
(343)
|
(1,129)
|
|
Cash
provided by (used in) investing activities
|
(5,657)
|
(5,014)
|
|
Cash
flows from financing activities:
|
|||
Changes
in notes payable
|
(2,989)
|
(451)
|
|
Changes
in debt
|
3,988
|
30,141
|
|
Proceeds
from exercise of employee stock plans
|
625
|
629
|
|
Purchase
of treasury stock
|
-
|
(4)
|
|
Dividends
paid
|
(5,011)
|
(4,982)
|
|
Cash
provided by (used in) financing activities
|
(3,387)
|
25,333
|
|
Net
increase (decrease) in cash and cash equivalents
|
(2,321)
|
3,515
|
|
Cash
and cash equivalents at beginning of period
|
12,369
|
7,130
|
|
Cash
and cash equivalents at end of period
|
$
10,048
|
$
10,645
|