BLOOMFIELD, Conn., May 2 /PRNewswire-FirstCall/ -- Kaman Corp. (Nasdaq:
KAMN) today reported financial results for the first quarter ended March
31, 2006.
Net earnings for the first quarter of 2006 were $5.9 million, or $0.24
per share diluted on the basis of 24.9 million diluted shares outstanding,
compared to $4.7 million, or $0.21 per share diluted, based on 23.6 million
diluted shares outstanding in the first quarter of 2005. The 2006 first
quarter results include additional loss reserves needed to cover
anticipated costs to complete the company's SH-2G helicopter program for
Australia and both deductible and non-deductible expenses for stock
appreciation rights, partially offset by an adjustment to capitalize
in-bound freight into inventory in the Industrial Distribution segment. The
company paid a normal quarterly dividend at the rate of $0.125 per share.
Net sales for the first quarter of 2006 were $296.6 million, compared to
$263.3 million in the first quarter of 2005.
Paul R. Kuhn, chairman, president and chief executive officer, said,
"For the first quarter of 2006, we have exceeded our expectations,
generating sales and earnings results that reflect meaningful improvement
over first quarter 2005 results. The progress we have been making in our
Aerospace segment continued in the quarter, with the Aerostructures, Fuzing
and Kamatics businesses all achieving sales growth over both the prior year
first quarter and the fourth quarter of 2005. The Helicopters Division
began to see new subcontract work come on line as it continued to focus
primary attention on the complex task of completing our helicopter contract
for Australia." Please see the Report by Segment section of this release
for further information concerning this program.
"For the Industrial Distribution segment," Kuhn continued, "overall
business conditions remained favorable and were actually more robust than
we had expected as the U.S. industrial economy continued to grow. The
segment continued to compete well in its markets, and generated record
sales and earnings for the quarter. The Music segment, on the other hand,
had a disappointing quarter. The first half of the year is traditionally
softer than the second half for the music business as results are typically
driven by the back-to-school and holiday spending seasons. This year,
however, rising fuel costs and interest rates may also be affecting
spending patterns within the 18 to 28 year-old age demographic that
represents the current primary consumer base for our musical instruments
and accessories."
The company held its annual meeting of shareholders on April 18, 2006.
At that meeting, shareholders elected Robert Alvine, E. Reeves Callaway
III, and Karen M. Garrison to the Board for a three-year term. Mr. Callaway
has served on the Board since 1995 while Mr. Alvine and Ms. Garrison were
elected for the first time. Mr. Callaway is founder and chief executive
officer of the Callaway Companies, Mr. Alvine is chairman and chief
executive officer of i-Ten Management Corp and Ms. Garrison is retired
president of Pitney-Bowes Business Services. Shareholders also ratified the
company's appointment of KPMG LLP as the company's independent registered
public accounting firm. Finally, although a shareholder proposal had been
included in the company's proxy statement recommending that the Board
consider a majority voting standard for the election of directors, the
shareholder did not attend the meeting in accordance with proxy rules and
therefore the proposal was not submitted to a shareholder vote.
The Board is committed to first-class corporate governance practices,
as it has demonstrated over the past several years. The company takes this
popular shareholder proposal seriously and will continue to closely review
and consider the practices adopted at other companies as well as the
development of state laws to accommodate the suggested standard.
A summary of segment information follows:
Summary of Segment Information
(In millions)
For the Three Months Ended
March 31, 2006 (1) April 1, 2005 (1)
Net sales:
Aerospace $73.6 $65.7
Industrial Distribution 170.6 156.0
Music 52.4 41.6
296.6 263.3
Operating income:
Aerospace 10.0 7.6
Industrial Distribution 10.8 8.5
Music 1.3 2.6
Corporate expense (2) (10.4) (9.5)
Operating income 11.7 9.2
Interest expense, net (1.3) (.7)
Other expense, net (.3) (.3)
Earnings before income taxes $10.1 $8.2
(1) The company has a calendar year-end; however, its first three fiscal
quarters follow a 13-week convention, with each quarter ending on a
Friday. The first quarters of 2006 and 2005 ended on March 31, 2006
and April 1, 2005 respectively.
(2) "Corporate expense" increased for the quarter ended March 31, 2006
compared to the first quarter of 2005, as shown below:
For the Three Months Ended
March 31, 2006 April 1, 2005
Corporate expense before breakout items $(6.9) $(6.6)
Breakout items:
Stock appreciation rights (1.3) -
Pension expense (.7) (1.4)
Supplemental employees' retirement plan (1.3) (.7)
Moosup expenses (.2) (.8)
Corporate expense - total $(10.4) $(9.5)
REPORT BY SEGMENT
Aerospace Segment
The Aerospace segment generated a 2006 first quarter operating income
of $10.0 million, compared to $7.6 million a year ago. The 2006 first
quarter results include the impact of an additional $2.5 million pretax
charge for the SH-2G(A) helicopter program for Australia and $0.9 million
in pretax idle facility costs. First quarter 2005 results include $0.7
million in idle facility costs. Segment sales for the first quarter of 2006
were $73.6 million compared to $65.7 million a year ago.
Mr. Kuhn commented, "The improved results for the Aerospace segment
reflect the benefit of the realignment undertaken in 2004, and the more
competitive cost structure that resulted from this action. Business
conditions have improved substantially over the year ago period, and we are
bringing on new work that should help build the business base. All of this
is helping the company build its Aerospace segment operating margins toward
the mid-teens range that we believe is possible once we have all parts of
the segment working optimally. While we still have considerable work ahead
of us to resolve issues such as the Australia SH-2G program, our lawsuit
against The University of Arizona, and the ramp-up of production on the new
Joint Programmable Fuze (JPF) product, the overall tone of the market is
positive."
Aerostructures Division:
The Aerostructures Division had net sales of $16.9 million in the first
quarter of 2006, compared to $12.9 million the previous year.
The Aerostructures Division produces subcontract assemblies and detail
parts for commercial and military aircraft programs, including several
models of Boeing commercial airliners, the C-17 military transport (on
contract through mid-2007, and which remained the division's largest
program for the quarter), the Sikorsky BLACK HAWK helicopter and several
other programs. Operations involving the use of metals are conducted
principally at the company's Jacksonville, Florida facility, while
operations involving composite materials are conducted principally at the
company's Wichita, Kansas facility.
At the Jacksonville facility, the company continued to ramp up
production of cockpits for the Sikorsky BLACK HAWK helicopter. The
contract, awarded in the third quarter of 2004, currently covers 90
cockpits for production through 2006, and has a value of $29.4 million.
Delivery of cockpits to Sikorsky began in April 2005, and is on schedule.
Twelve cockpits were delivered in the first quarter of 2006, bringing total
deliveries to 28 as of March 31, 2006. Follow-on options, if fully
exercised, could bring the total value to Kaman to approximately $100.0
million or more, depending upon the models that are ultimately ordered, and
could include the fabrication of up to a total of 349 cockpits.
As previously reported, the company's Plastic Fabricating Company
(PlasticFab) in Wichita received a $20.5 million multi-year contract from
the Shenyang Aircraft Corporation of Shenyang, China in January 2006.
PlasticFab will manufacture composite and metal panels for the vertical fin
leading edge, which will be part of the Shenyang Aircraft Corporation
supplied vertical fin on the new Boeing 787 Dreamliner. Initial deliveries
are scheduled to begin in the third quarter of 2006. Also in January 2006,
PlasticFab received a $6.7 million award from Sikorsky Aircraft Corporation
to manufacture and assemble composite tail rotor pylons for its MH-92
helicopters, which will be operated by the Canadian Maritime Defence Forces
as CH-148 Cyclones. Initial deliveries of developmental test units for this
program are also expected to begin in the third quarter of 2006. On April
1, 2006, Spirit AeroSystems awarded PlasticFab a multi-year contract for
production of the composite flight deck floor for the Boeing 787 Dreamliner
that is expected to reach approximately $15 million.
Fuzing Division:
The Fuzing Division had net sales in the 2006 first quarter of $18.2
million, compared to $12.8 million a year ago.
The division manufactures safe, arm and fuzing devices for major
missile programs at its facility in Middletown, Connecticut, and for major
bomb programs, including the Joint Programmable Fuze, at its facilities in
Orlando, Florida. In addition, the company manufactures precision measuring
and mass memory systems for a range of military and commercial applications
at the Middletown facility. Principal customers for the division include
the U. S. military, General Dynamics, Raytheon, Lockheed Martin and Boeing.
Although the division has experienced and is working to resolve certain
issues related to the manufacturing process and the supply chain on the JPF
program, we were able to successfully deliver a significant amount of
product during the first quarter of 2006. The original contract has a
potential value of $168.7 million if all options for future years'
production are exercised. In March 2006, the Air Force released production
for Option 3 with a value of $19.3 million. Production is scheduled to
begin in late 2006. In April 2006, the government signed an $8.6 million
contract with the division for a Phase 2 facilitization project that, among
other things, will result in increased production efficiencies and a second
site JPF production line at the Middletown facility. These two new
agreements bring the total program value from inception to date to $67.0
million. The division has also received four small orders from foreign
militaries. While results during the early part of the program have been
disappointing, management is confident that the improvements that have, and
are, being made will result in the JPF developing into an attractive
program for the company as operating efficiencies improve, deliveries to
the U.S. military increase, and as further orders are received from foreign
militaries.
During the quarter, the division also continued to work toward
resolution of two previously reported fuzing product warranty issues at
Dayron that affect the FMU-143 program. It is currently expected that the
work to satisfy the impacted customers will be completed in 2006. Another
Dayron program involving the FMU-139 fuze has been delayed for over a year
while our customer works out its technical issues with its customer, the
U.S. Government. Management expects that this issue will be resolved in
2006 with deliveries starting on this program during the year and extending
into 2008.
Helicopters Division:
The Helicopters Division had net sales of $11.5 million in the first
quarter of 2006, compared to $15.2 million in the 2005 period. Operations
are conducted primarily from the Bloomfield, Connecticut facilities. The
first quarter of 2005 included $3.6 million from the sale of a K-MAX.
The division supports and markets its Kaman SH-2G maritime helicopters
operating with foreign militaries, and K-MAX "aerial truck" helicopters
operating with government and commercial customers in several countries.
The division also markets its helicopter engineering expertise and performs
subcontract programs for other manufacturers.
SH-2G helicopters are operating with the governments of Egypt, New
Zealand, and Poland. As previously reported, the division is currently
performing a standard depot level maintenance program for aircraft in
operation with the government of Egypt. Work on the first two of nine
aircraft has been completed, and work on the third aircraft is now underway
at the Bloomfield facility under a $5.3 million contract that includes an
as yet unexercised option covering the fourth aircraft. Contract
modifications have been signed providing $1.5 million in additional funds
for the program.
Northrop Grumman and Computer Sciences Corporation continued to make
progress toward the completion of the Integrated Tactical Avionics System
(ITAS) software integration for the SH-2G(A) helicopter program for
Australia. Software testing procedures began in August 2005 in preparation
for final quality acceptance. As previously reported, this is a complex
task that has required additions to the contract loss reserve, including a
$2.5 million charge taken in the first quarter of 2006.
During the first quarter, the Royal Australian Navy encountered an
anomalous flight condition on one of its training aircraft that it
attributed to the ship's airspeed sensor. As a result, the Australian
Navy's Operational Airworthiness Authority has suspended routine flying
operations pending resolution and has indicated that the final acceptance
of the aircraft will not occur until this issue is resolved. While this
issue is being resolved and final testing of the ITAS software is being
completed, final acceptance procedures are moving forward with delivery of
the first fully operational aircraft to follow the conclusion of the final
acceptance process. Delivery of the first fully operational aircraft
complete with the ITAS software is currently targeted for the third quarter
of 2006.
During the quarter, work also continued on a $6.4 million contract that
was received from Sikorsky Aircraft Corp in 2005 to assemble mechanical
subassemblies for various models of Sikorsky helicopters, including the
UH-60 BLACK HAWK and S-76. This work is being performed at the Bloomfield
facility. Additional work is also being discussed with this important
customer.
Kamatics Subsidiary:
Kamatics (including RWG, the company's German aircraft bearing
manufacturing arm) generated record net sales of $26.2 million in the first
quarter of 2006, compared to $23.0 million in the 2005 period. Operations
are conducted at company facilities in Bloomfield, Connecticut and
Dachsbach, Germany.
Kamatics' proprietary self-lubricating bearings are currently in use in
almost all military and commercial aircraft produced in North and South
America and Europe, and are market-leading products for applications
requiring highly sophisticated engineering and specialization in the
airframe bearing market. Orders, shipments and backlogs were all at record
levels for the quarter, with Boeing, Airbus, the militaries and several
other customers all increasingly active during the quarter. The company is
in the process of adding capacity at the Bloomfield facility to accommodate
this growth.
Other Aerospace Matters:
The jury trial for the company's suit against the University of Arizona
began in Arizona state court on April 11, 2006. The company believes that
the Electro-Optics Development Center (EODC) of its Kaman Aerospace
subsidiary has suffered damages of approximately $6 million as a result of
work it performed beyond the scope of a $12.8 million contract with the
University and which the University refused to address under the changes
clause in the contract. During trial, the court has currently limited the
company's presentation of damages to approximately $3.0 million. The
company believes that these rulings are incorrect and has preserved its
right to appeal following trial. The University has filed a counterclaim in
the suit and through pre-litigation disclosure, the current counter-claim
amount appears to be approximately $13.8 million, representing the alleged
cost to the University to complete EODC's part of the project. The company
believes that the University is not entitled to damages due to the
University's breach of the contract. Management currently estimates that
the trial may continue through the end of May 2006.
Management continued its discussions with the U.S. Naval Air Systems
Command (NAVAIR) and the General Services Administration toward arriving at
an agreement for the company's purchase of that portion of the Bloomfield
complex that it currently leases from NAVAIR. The company has submitted an
offer to NAVAIR and the General Services Administration detailing its
proposal, which includes, as consideration for such purchase, the company
undertaking certain environmental remediation activities.
The company also continues to work with government and environmental
authorities to prepare the closed Moosup, Connecticut facility for eventual
sale, and is cooperating with such authorities in connection with a
reclassification of groundwater in the vicinity of the facility.
Industrial Distribution Segment
The Industrial Distribution segment had a very strong quarter. Net
sales in the first quarter of 2006 were a record $170.6 million, compared
to $156.0 million in the 2005 period. The growth was entirely organic with
no acquisitions in the comparative statistics for 2006 and 2005. The growth
in segment sales drove record operating income of $10.8 million in the
first quarter of 2006, compared to $8.5 million in the 2005 period. During
the quarter, it was determined that in-bound freight costs were not being
included in inventory consistent with our other businesses. This resulted
in an adjustment that increased the first quarter 2006 earnings by $1.6
million.
Mr. Kuhn said, "The industrial distribution segment achieved organic
growth that surpassed the increase in overall industrial production both
nationally and regionally. Good competitive results and a customer mix
involving industries that did particularly well in the period contributed
to this performance. Regionally, the East rebounded from previous weakness
with sales to both MRO and OEM customers coming in strongly, buoyed by good
OEM export conditions. The West region continued to show strength in
chemicals, mining, cement, building materials, infrastructure projects and
the high tech industries. Food processing was also strong. While we believe
conditions will remain favorable for our U.S. industrial customer base
through the remainder of the year, we are keeping watch on interest rates
and the national housing market."
Kaman is the third largest North American industrial distributor
serving the bearings, electrical/mechanical power transmission, fluid
power, motion control and materials handling markets. The segment offers
almost two million items, as well as value-added services, to a base of
more than 50,000 customers spanning nearly every sector of industry.
Segment operations are headquartered in Windsor, Connecticut and conducted
from approximately 200 locations in the U.S., Canada and Mexico. In 2006,
the company has opened new locations to expand its customer service
footprint, including Austin, Texas; Greenville, South Carolina; LaGrange,
Georgia; and Topeka, Kansas.
Music Segment
The Music segment had net sales for the 2006 first quarter of $52.4
million, including $12.2 million from the August 2005 acquisition of
Musicorp, compared to $41.6 million a year ago. First quarter operating
income was $1.3 million for 2006, compared to $2.6 million for the first
quarter of 2005. Music segment operations are headquartered in Bloomfield,
Connecticut and conducted from manufacturing plants in New Hartford,
Connecticut and Scottsdale, Arizona, and from strategically placed
warehouse facilities and offices that cover the North American market.
Kuhn said, "Sales were slow in the first quarter as many of our
customers worked off inventories following mixed results for the 2005
holiday sales season. Additionally, it is likely that disposable income and
consumer spending is being negatively impacted by higher interest rates and
higher gasoline, heating oil and electricity costs. We believe that orders
will improve in the months ahead as newly introduced products begin to
arrive from our suppliers.
"An important industry trend of the past several years has been
consolidation in the retail market with growth in very large retail chains.
Kaman has strong working relationships with this customer base as well as
the mid and smaller sized retailers. In an effort to strengthen our company
and better serve all our customers the company has, over the past several
years, added popular premier products lines that are exclusive to Kaman,
created and enhanced our distribution and computerized business systems,
and further improved our presence in the market through strategic
acquisitions, such as the purchase of Musicorp in August 2005."
During the first quarter, the integration of the Musicorp acquisition
continued with the closure of Musicorp's Charleston, South Carolina and
Reno, Nevada warehouses and the consolidation of their inventories into
other Musicorp and Kaman warehouses. The task of merging Musicorp's
information system into the Kaman system is expected to be completed in the
second quarter of 2006. Other integration processes will continue
throughout 2006.
During the quarter, Kaman Music was named "Company of the Year" by the
industry journal, Music Trades, which cited the effective integration of
acquired companies into the Kaman Music family as a principal reason for
their selection. Kaman is the largest independent distributor of musical
instruments and accessories in the United States, offering more than 20,000
products for amateurs and professionals.
Concluding Statement:
Mr. Kuhn concluded, "With the few exceptions noted, the good business
conditions that prevailed in our markets in 2005 carried over into the
first quarter of 2006. The U.S. industrial economy appears to be in good
shape to remain positive at least through the end of 2006, and the market
for our subcontract aerostructures products and Kamatics airframe bearings
and components is strong. We believe that, barring any severe external
shock to the economy or other unforeseen circumstance, Kaman Corporation
will continue on a path of meaningful earnings improvement for 2006.
A conference call has been scheduled for tomorrow, May 3, 2006 at 10:00
AM EDT. Listeners may access the call live over the Internet through a link
on the home page of the company's website at http://www.kaman.com. In its
discussion, management will include certain non-GAAP measures related to
company performance. A reconciliation of this information will be provided
in the exhibits to the conference call and will be available through the
Internet link provided above.
Forward-Looking Statements
This release may contain forward-looking information relating to the
company's business and prospects, including the Aerospace, Industrial
Distribution and Music 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 for government
programs and thereafter contract negotiations with government authorities,
both foreign and domestic; 2) political conditions in countries where the
company does or intends to do business; 3) standard government contract
provisions permitting renegotiation of terms and termination for the
convenience of the government; 4) domestic and foreign economic and
competitive conditions in markets served by the company, particularly
defense, commercial aviation, industrial production and consumer market for
music products; 5) satisfactory completion of the Australian
SH-2G(A)program, including but not limited to successful completion and
integration of the full ITAS software; 6) receipt and successful execution
of production orders for the JPF U.S. government contract including the
exercise of all contract options and receipt of orders from foreign
militaries, as both have been assumed in connection with goodwill
impairment evaluations; 7) a satisfactory result in the EODC/University of
Arizona litigation; 8) satisfactory resolution of i)warranty issues and the
DCIS investigation related to the FMU-143 program and ii) supplier-related
issues hindering the FMU-139 program, at Dayron; 9) achievement of enhanced
business base in the Aerospace segment in order to better absorb overhead
and general and administrative expenses; 10) satisfactory results of
negotiations with NAVAIR concerning purchase of the company's leased
facility in Bloomfield, Connecticut; 11) continued support of the existing
K-MAX helicopter fleet, including sale of existing K-MAX spare parts
inventory and in 2007, availability of a redesigned clutch assembly system;
12) cost growth in connection with environmental remediation activities at
the Moosup facility and such potential activities at the Bloomfield
facility; 13) profitable integration of acquired businesses into the
company's operations; 14) changes in supplier sales or vendor incentive
policies; 15) the effect of price increases or decreases; 16) pension plan
assumptions and future contributions; 17) continued availability of raw
materials in adequate supplies; 18) the effects of currency exchange rates
and foreign competition on future operations; 19) changes in laws and
regulations, taxes, interest rates, inflation rates, general business
conditions and other factors; and 20) other risks and uncertainties set
forth in the company's annual, quarterly and current reports, and proxy
statements. Any forward- looking information provided in this release
should be considered with these factors in mind. The company assumes no
obligation to update any forward- looking statements contained in this
release.
KAMAN CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands except per share amounts)
For the Three Months Ended
March 31, April 1,
2006 2005
Net sales $296,637 $263,306
Costs and expenses:
Cost of sales 215,292 192,411
Selling, general and administrative expense 70,074 62,178
Net (gain) loss on sale of assets (13) 4
Other operating income (371) (458)
Interest expense, net 1,258 712
Other expense, net 260 234
286,500 255,081
Earnings before income taxes 10,137 8,225
Income tax expense (4,217) (3,520)
Net earnings $5,920 $4,705
Net earnings per share:
Basic $.25 $.21
Diluted $.24 $.21
Average shares outstanding:
Basic 23,937 22,778
Diluted 24,946 23,649
Dividends declared per share $.125 $.11
KAMAN CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2006 December 31, 2005
Assets
Current assets:
Cash and cash equivalents $13,709 $12,998
Accounts receivable, net 189,954 176,285
Inventories 225,792 220,714
Deferred income taxes 30,465 31,652
Other current assets 18,319 17,159
Total current assets 478,239 458,808
Property, plant and equipment, net 50,621 51,592
Goodwill 54,815 54,693
Other intangible assets, net 19,754 19,836
Deferred income taxes 8,280 7,908
Other, net 5,743 5,660
$617,452 $598,497
Liabilities and shareholders' equity
Current liabilities:
Notes payable $10,994 $915
Current portion of long-term debt 1,551 1,660
Accounts payable - trade 84,250 94,716
Accrued contract losses 16,728 19,950
Accrued restructuring costs 2,946 3,026
Other accrued liabilities 46,500 54,227
Advances on contracts 10,971 14,513
Other current liabilities 27,132 27,846
Income taxes payable 5,788 6,423
Total current liabilities 206,860 223,276
Long-term debt, excluding current portion 90,905 62,235
Other long-term liabilities 45,664 43,232
Shareholders' equity 274,023 269,754
$617,452 $598,497
KAMAN CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
For the Three Months Ended
March 31, 2006 April 1, 2005
Cash flows from operating activities:
Net earnings $5,920 $4,705
Depreciation and amortization 2,533 2,289
Provision (recovery) for losses
on accounts receivable (104) 53
Net (gain) loss on sale of assets (13) 4
Deferred income taxes 814 1,233
Other, net 2,923 2,320
Changes in current assets and liabilities,
excluding effects of acquisitions:
Accounts receivable (13,531) (12,420)
Inventory (5,048) (3,431)
Accounts payable (10,474) (4,709)
Accrued contract losses (3,225) (7,005)
Accrued restructuring costs (80) 353
Advances on contracts (3,542) 1,229
Changes in other current assets
and liabilities (9,620) (4,389)
Income taxes payable (696) 1,322
Cash provided by (used in)
operating activities (34,143) (18,446)
Cash flows from investing activities:
Proceeds from sale of assets 24 162
Expenditures for property,
plant & equipment (1,715) (1,098)
Acquisition of businesses,
less cash acquired (53) (367)
Other, net (178) 679
Cash provided by (used in)
investing activities (1,922) (624)
Cash flows from financing activities:
Changes in notes payable 10,079 1,456
Changes in debt 28,561 19,741
Proceeds from exercise of
employee stock plans 551 278
Dividends paid (2,988) (2,504)
Other 476 -
Cash provided by (used in)
financing activities 36,679 18,971
Net increase (decrease) in
cash and cash equivalents 614 (99)
Effect of exchange rate changes on
cash and cash equivalents 97 (134)
Cash and cash equivalents
at beginning of period 12,998 12,369
Cash and cash equivalents at end of period $13,709 $12,136
SOURCE Kaman Corp.
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Related links:
http://www.kaman.com
http://www.prnewswire.com/comp/480450.html /
CONTACT:
Russell H. Jones, SVP, Chief Investment
Officer & Treasurer of Kaman Corp., +1-860-243-6307,
rhj-corp@kaman.com
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