Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Kaman Reports Fourth Quarter and Full Year 2022 Results

Full Year 2022 Highlights:

  • Net sales: $688.0 million
  • Net loss: $(46.2) million, inclusive of $79.0 million of impairment charges
  • Adjusted EBITDA*: $80.2 million; Adjusted EBITDA margin*: 11.7%
  • Diluted (loss) earnings per share: $(1.65) per share, $1.12 per share adjusted*

Fourth Quarter 2022 Highlights:

  • Net sales: $197.1 million
  • Net loss: $(54.9) million, inclusive of $79.0 million of impairment charges
  • Adjusted EBITDA: $31.0 million; Adjusted EBITDA margin: 15.7%
  • Diluted (loss) earnings per share: $(1.96) per share, $0.42 per share adjusted

2023 Outlook Highlights:

  • Net sales: $730.0 million to $750.0 million
  • Net earnings: $4.0 million to $11.6 million
  • Adjusted EBITDA: $95.0 million to $105.0 million
  • Adjusted EBITDA margin: 13.0% to 14.0%
  • Diluted EPS: $0.14 per share to $0.41 per share; adjusted $0.30 per share to $0.57 per share
  • Cash from operating activities: $60.0 million to $70.0 million
  • Free cash flow: $35 million to $45 million

Kaman Corp. (NYSE:KAMN) today reported financial results for the fourth fiscal quarter and full year ended December 31, 2022.

Table 1. Summary of Financial Results (unaudited)

Thousands of U.S. dollars

(except share data)

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Net sales

 

$

197,143

 

 

$

172,004

 

 

$

175,147

 

 

$

687,961

 

 

$

708,993

 

Net (loss) earnings

 

 

(54,943

)

 

 

625

 

 

 

9,169

 

 

 

(46,226

)

 

 

43,676

 

Adjusted EBITDA*

 

 

30,987

 

 

 

20,614

 

 

 

23,591

 

 

 

80,216

 

 

 

95,464

 

Adjusted EBITDA margin*

 

 

15.7

%

 

 

12.0

%

 

 

13.5

%

 

 

11.7

%

 

 

13.5

%

Diluted (loss) earnings per share

 

$

(1.96

)

 

$

0.02

 

 

$

0.33

 

 

$

(1.65

)

 

$

1.57

 

Adjusted diluted earnings per share*

 

$

0.42

 

 

$

0.32

 

 

$

0.48

 

 

$

1.12

 

 

$

1.93

 

*See the end of this release for an explanation of the Company's use of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted free cash flow and Adjusted diluted earnings per share from continuing operations. See tables 5-11 for reconciliations to the most comparable GAAP measure.

"Both the quarter and full-year results came in ahead of our expectations that we communicated last quarter. For the twelve-month period, net sales at Engineered Products segment grew by 6.5% due to the acquisition of Aircraft Wheel and Brake and by 12.2% in the base business. For the full year, operating income grew by 40% organically in our Engineered Products segment, highlighting the recovery in the commercial aerospace market and continued growth in medical and industrial end markets," said Ian K. Walsh, Chairman, President and Chief Executive Officer.

"During 2022, Kaman entered the next phase on its journey to positioning the company for long-term growth. As announced in December, Kaman is consolidating its Joint Programmable Fuze production and optimizing cost structure to align with our highest return opportunities. In January, we announced further initiatives to streamline Kaman’s facilities and functions by reducing headcount, eliminating non-value added activities, discontinuing K-MAX® production and right-sizing Kaman’s total cost structure."

"At the forefront of our transformation is the execution on our long-term growth strategy for our Engineered Products segment. During the fourth quarter we continued to integrate the Aircraft Wheel and Brake acquisition and we're seeing results in line with our expectations for this business which reaffirms that this investment was a key part of supporting the overall strategy for the Engineered Products segment. Organically, the order intake across these businesses during the fourth quarter grew substantially compared to levels in the previous year. The actions that we have taken and the strength in our underlying performance will enhance our earnings power and position us to deliver improved sales, adjusted EBITDA and free cash flow in 2023," said Walsh.

OUTLOOK DISCUSSION

Revenue and earnings growth is driven by the addition of Aircraft Wheel and Brake to the portfolio. Organically, Adjusted EBITDA is expected to improve due to margin expansion from the Engineered Products segment driven by strategic price increases and lean initiatives the Company is taking. Higher interest expense will remain a headwind on cash expectations for the year and, while the Company will be vigilant on cash outlay, it has committed to key capital projects and research and development spend associated with new autonomous technologies. The expected decline in the adjusted diluted earnings per share is primarily a result of significantly lower pension income, attributing to $0.50 cents per share of the total decline, higher interest expense and lower JPF DCS orders. For further information, the Company's supplemental presentation relating to the fourth quarter 2022 results and 2023 outlook will be posted to the Company's website, as detailed below.

KAMAN BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT

Kaman manages its portfolio through three segments: (1) Engineered Products; (2) Precision Products; and (3) Structures.

Engineered Products - Our Engineered Products segment serves the aerospace and defense, industrial and medical markets providing sophisticated, proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; and wheels, brakes and related hydraulic components for helicopters, fixed-wing and UAV aircraft.

Table 2. Engineered Products Results

 

 

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Net sales

 

$

113,972

 

 

$

92,052

 

 

$

82,549

 

 

$

377,241

 

 

$

317,683

 

Operating income

 

 

17,168

 

 

 

14,156

 

 

 

13,502

 

 

 

57,833

 

 

 

43,097

 

Adjusted EBITDA

 

 

30,698

 

 

 

21,772

 

 

 

20,082

 

 

 

91,353

 

 

 

69,403

 

Adjusted EBITDA margin

 

 

26.9

%

 

 

23.7

%

 

 

24.3

%

 

 

24.2

%

 

 

21.8

%

Three months ended December 31, 2022 versus three months ended September 30, 2022 - Operating income increased $3.0 million, Adjusted EBITDA increased $8.9 million and margin increased 3.2 percentage points versus the third quarter of 2022. Results improved compared to the prior period driven by the contribution of sales and gross margin from our Aircraft Wheel and Brake acquisition and higher sales and gross margin on our commercial and defense bearings, partially offset by lower volume on our springs, seals and contacts used in industrial applications.

Three months ended December 31, 2022 versus three months ended December 31, 2021 - Operating income increased $3.7 million, Adjusted EBITDA increased $10.6 million and margin increased 2.6 percentage points versus the fourth quarter of 2021. Results improved compared to the prior period driven by the contribution of sales and gross margin from our Aircraft Wheel and Brake acquisition and higher sales and gross margin on our commercial bearings.

Precision Products - Our Precision Products segment serves the aerospace and defense markets providing precision safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; support of our heavy lift K-MAX® manned helicopter, and development of the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle.

Table 3. Precision Products Results

 

 

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Net sales

 

$

49,925

 

 

$

46,282

 

 

$

60,673

 

 

$

185,023

 

 

$

256,329

 

Operating income

 

 

6,016

 

 

 

5,730

 

 

 

9,092

 

 

 

17,705

 

 

 

55,366

 

Adjusted EBITDA

 

 

6,801

 

 

 

6,534

 

 

 

10,133

 

 

 

21,368

 

 

 

59,514

 

Adjusted EBITDA margin

 

 

13.6

%

 

 

14.1

%

 

 

16.7

%

 

 

11.5

%

 

 

23.2

%

Three months ended December 31, 2022 versus three months ended September 30, 2022 - Operating income and Adjusted EBITDA increased $0.3 million and margin decreased 0.5 percentage points versus the third quarter of 2022. Operating income and EBITDA benefited from higher sales and gross profit on our SH-2G program with New Zealand and K-MAX® spares and support, partially offset by lower JPF sales. Additionally impacting margin was higher R&D spend associated with new technologies, such as the KARGO UAV unmanned aerial system.

Three months ended December 31, 2022 versus three months ended December 31, 2021 - Operating income decreased $3.1 million, Adjusted EBITDA decreased $3.3 million and margin decreased 3.1 percentage points versus the fourth quarter of 2020. Results declined compared to the prior period, driven by lower JPF sales and higher R&D spend associated with new technologies, partially offset by higher sales and margin on our K-MAX® spares and support.

Included in our consolidated fourth quarter results were $25.3 million and $51.0 million of one-time charges for the goodwill write-down and K-MAX® program impairment charge, respectively, associated with the Precision Products segment. These charges are captured in our other unallocated expenses and therefore are not reflected in the segment operating results above.

Structures - Our Structures segment serves the aerospace and defense and medical end markets providing sophisticated complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft, and medical imaging solutions.

Table 4. Structures Results

 

 

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Net sales

 

$

33,246

 

 

$

33,670

 

 

$

31,925

 

 

$

125,697

 

 

$

134,981

 

Operating income (loss)

 

 

(1,624

)

 

 

71

 

 

 

531

 

 

 

(3,000

)

 

 

(340

)

Adjusted EBITDA

 

 

(768

)

 

 

941

 

 

 

1,420

 

 

 

519

 

 

 

3,122

 

Adjusted EBITDA margin

 

 

(2.3

)%

 

 

2.8

%

 

 

4.4

%

 

 

0.4

%

 

 

2.3

%

Three months ended December 31, 2022 versus three months ended September 30, 2022 - Operating income and Adjusted EBITDA decreased by $1.7 million, and margin decreased 5.1 percentage points versus the third quarter of 2022. Results were impacted by lower gross profit due to changes in profit estimates for long term contracts partially offset by higher sales volumes on certain composite programs.

Three months ended December 31, 2022 versus three months ended December 31, 2021 - Operating income and Adjusted EBITDA decreased by $2.2 million, and margin decreased 6.7 percentage points versus the fourth quarter of 2021. Results were impacted by lower gross profit due to changes in profit estimates for long term contracts partially offset by higher sales volumes on our composite programs.

Included in our consolidated fourth quarter results was $2.7 million of a one-time charge for the Jacksonville facility's portion of the K-MAX® program impairment charge. This charge is captured in our other unallocated expenses and therefore not reflected in the segment operating results above.

Please see the MD&A section of the Company's Form 10-K filed with the Securities and Exchange Commission concurrently with the issuance of this release for greater detail on our results and various company programs.

CONFERENCE CALL

A webcast and conference call has been scheduled for tomorrow, February 24, 2023, at 8:30 AM ET. Participants must register for the teleconference. Once registration is complete, participants will be provided with a dial-in number containing a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. A live webcast will be available during the call and a replay will be available two hours after the call. Registration and webcast can be accessed at www.kaman.com/investors/ quarterly-earnings-calls. In its discussion, management may reference certain non-GAAP financial measures related to company performance. A reconciliation of that information to the most directly comparable GAAP measures is provided in this release. In addition, a supplemental presentation relating to the fourth quarter 2022 results will be posted to the Company’s website prior to the earnings call at www.kaman.com/investors/quarterly-earnings-calls.

ABOUT KAMAN CORPORATION

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; wheels, brakes and related hydraulic components for helicopters, fixed-wing and UAV aircraft; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; support of our heavy lift K-MAX® manned helicopter, and development of the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle. More information is available at www.kaman.com.

NON-GAAP MEASURES DISCLOSURE

Management believes that the Non-GAAP financial measures (i.e. financial measures that are not computed in accordance with Generally Accepted Accounting Principles) identified by an asterisk (*) used in this release or in other disclosures provide important perspectives into the Company's ongoing business performance. The Company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently. We define the Non-GAAP measures used in this release and other disclosures as follows:

Adjusted EBITDA - Adjusted EBITDA for the consolidated company results is defined as net earnings before interest, taxes, other expense (income), net, depreciation and amortization and certain items that are not indicative of the operating performance of the Company for the periods presented. Adjusted EBITDA for the segments is defined as operating income before depreciation and amortization. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percent of Net sales. Management believes Adjusted EBITDA and Adjusted EBITDA margin provide an additional perspective on the operating results of the organization and its earnings capacity and helps improve the comparability of our results between periods because they provide a view of our operations that excludes items that management believes are not reflective of operating performance, such as items traditionally removed from net earnings in the calculation of EBITDA as well as Other expense (income), net and certain items that are not indicative of the operating performance of the Company for the period presented. Adjusted EBITDA and Adjusted EBITDA margin are not presented as an alternative measure of operating performance, as determined in accordance with GAAP. The following tables illustrate the calculation of Adjusted EBITDA:

Table 5. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

December 31, 2022

 

 

Consolidated

 

Engineered

Products

 

Precision

Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

197,143

 

 

$

113,972

 

 

$

49,925

 

 

$

33,246

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings

 

$

(54,943

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

8,786

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

(18,724

)

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(5,145

)

 

 

 

 

 

 

 

 

Other income, net

 

 

(2,100

)

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

(72,126

)

 

$

17,168

 

 

$

6,016

 

 

$

(1,624

)

 

$

(93,686

)

Depreciation and amortization

 

 

13,675

 

 

 

11,231

 

 

 

785

 

 

 

856

 

 

 

803

 

Goodwill impairment

 

 

25,306

 

 

 

 

 

 

 

 

 

 

 

 

25,306

 

Program assets impairment

 

 

53,677

 

 

 

 

 

 

 

 

 

53,677

 

Restructuring and severance costs

 

 

6,989

 

 

 

 

 

 

 

 

 

 

 

 

6,989

 

Cost associated with corporate development activities

 

 

1,167

 

 

 

 

 

 

 

 

 

 

 

 

1,167

 

Inventory step-up associated with acquisition

 

 

2,299

 

 

 

2,299

 

 

 

 

 

 

 

 

 

 

Other Adjustments

 

$

103,113

 

 

$

13,530

 

 

$

785

 

 

$

856

 

 

$

87,942

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

30,987

 

 

$

30,698

 

 

$

6,801

 

 

$

(768

)

 

$

(5,744

)

Adjusted EBITDA margin

 

 

15.7

%

 

 

26.9

%

 

 

13.6

%

 

 

(2.3

)%

 

 

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $86.0 million of unallocated expenses that are shown on the Consolidated Statement of Earnings as their own line items.

Table 6. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

September 30, 2022

 

 

Consolidated

 

Engineered

Products

 

Precision

Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

172,004

 

 

$

92,052

 

 

$

46,282

 

 

$

33,670

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

3,614

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

128

 

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(5,142

)

 

 

 

 

 

 

 

 

Other expense, net

 

 

1,221

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

446

 

 

$

14,156

 

 

$

5,730

 

 

$

71

 

 

$

(19,511

)

Depreciation and amortization

 

 

9,383

 

 

 

6,856

 

 

 

804

 

 

 

870

 

 

 

853

 

Restructuring and severance costs

 

 

(243

)

 

 

 

 

 

 

 

 

 

 

 

(243

)

Cost associated with corporate development activities

 

 

10,725

 

 

 

 

 

 

 

 

 

 

 

 

10,725

 

Inventory step-up associated with acquisition

 

 

760

 

 

 

760

 

 

 

 

 

 

 

 

 

 

(Gain) loss on sale of business

 

 

(457

)

 

 

 

 

 

 

 

 

 

 

 

(457

)

Other Adjustments

 

$

20,168

 

 

$

7,616

 

 

$

804

 

 

$

870

 

 

$

10,878

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

20,614

 

 

$

21,772

 

 

$

6,534

 

 

$

941

 

 

$

(8,633

)

Adjusted EBITDA margin

 

 

12.0

%

 

 

23.7

%

 

 

14.1

%

 

 

2.8

%

 

 

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $0.7 million of unallocated income that are shown on the Consolidated Statement of Earnings as their own line items.

Table 7. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

December 31, 2021

 

 

Consolidated

 

Engineered

Products

 

Precision

Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

175,147

 

 

$

82,549

 

 

$

60,673

 

 

$

31,925

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

9,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

4,058

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

6,676

 

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(6,397

)

 

 

 

 

 

 

 

 

Other income, net

 

 

(417

)

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

13,089

 

 

$

13,502

 

 

$

9,092

 

 

$

531

 

 

$

(10,036

)

Depreciation and amortization

 

 

9,180

 

 

 

6,580

 

 

 

1,041

 

 

 

889

 

 

 

670

 

Restructuring and severance costs

 

 

675

 

 

 

 

 

 

 

 

 

 

 

 

675

 

Cost associated with corporate development activities

 

 

647

 

 

 

 

 

 

 

 

 

 

 

 

647

 

Other Adjustments

 

$

10,502

 

 

$

6,580

 

 

$

1,041

 

 

$

889

 

 

$

1,992

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

23,591

 

 

$

20,082

 

 

$

10,133

 

 

$

1,420

 

 

$

(8,044

)

Adjusted EBITDA margin

 

 

13.5

%

 

 

24.3

%

 

 

16.7

%

 

 

4.4

%

 

 

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $0.7 million of unallocated expenses that are shown on the Consolidated Statement of Earnings as their own line items.

Table 8. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Twelve Months Ended

December 31, 2022

 

 

Consolidated

 

Engineered

Products

 

Precision

Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

687,961

 

 

$

377,241

 

 

$

185,023

 

 

$

125,697

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings

 

$

(46,226

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

16,874

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

(16,732

)

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(20,574

)

 

 

 

 

 

 

 

 

Other expense (income), net

 

 

315

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

(66,343

)

 

$

57,833

 

 

$

17,705

 

 

$

(3,000

)

 

$

(138,881

)

Depreciation and amortization

 

 

40,712

 

 

 

30,461

 

 

 

3,663

 

 

 

3,519

 

 

 

3,069

 

Goodwill impairment

 

 

25,306

 

 

 

 

 

 

 

 

 

25,306

 

Program assets impairment

 

 

53,677

 

 

 

 

 

 

 

 

 

53,677

 

Restructuring and severance costs

 

 

9,842

 

 

 

 

 

 

 

 

 

 

 

 

9,842

 

Cost associated with corporate development activities

 

 

14,420

 

 

 

 

 

 

 

 

 

 

 

 

14,420

 

Inventory step-up associated with acquisition

 

 

3,059

 

 

 

3,059

 

 

 

 

 

 

 

 

 

 

Gain on sale of business

 

 

(457

)

 

 

 

 

 

 

 

 

 

 

 

(457

)

Other Adjustments

 

$

146,559

 

 

$

33,520

 

 

$

3,663

 

 

$

3,519

 

 

$

105,857

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

80,216

 

 

$

91,353

 

 

$

21,368

 

 

$

519

 

 

$

(33,024

)

Adjusted EBITDA margin

 

 

11.7

%

 

 

24.2

%

 

 

11.5

%

 

 

0.4

%

 

 

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $88.5 million of unallocated expenses that are shown on the Consolidated Statement of Earnings as their own line items.

Table 9. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Twelve Months Ended

December 31, 2021

 

 

Consolidated

 

Engineered

Products

 

Precision

Products

 

Structures

 

Corp/Elims*

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

708,993

 

 

$

317,683

 

 

$

256,329

 

 

$

134,981

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

43,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

16,290

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

16,832

 

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(26,229

)

 

 

 

 

 

 

 

 

Other income, net

 

 

(142

)

 

 

 

 

 

 

 

 

Income from TSA

 

 

(931

)

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

49,496

 

 

$

43,097

 

 

$

55,366

 

 

$

(340

)

 

$

(48,627

)

Depreciation and amortization

 

 

36,654

 

 

 

26,306

 

 

 

4,148

 

 

 

3,462

 

 

 

2,738

 

Restructuring and severance costs

 

 

6,154

 

 

 

 

 

 

 

 

 

 

 

 

6,154

 

Cost associated with corporate development activities

 

 

1,198

 

 

 

 

 

 

 

 

 

 

 

 

1,198

 

Costs from transition services agreement

 

 

1,728

 

 

 

 

 

 

 

 

 

 

 

 

1,728

 

Loss on sale of business

 

 

234

 

 

 

 

 

 

 

 

 

 

 

 

234

 

Other Adjustments

 

$

45,968

 

 

$

26,306

 

 

$

4,148

 

 

$

3,462

 

 

$

12,052

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

95,464

 

 

$

69,403

 

 

$

59,514

 

 

$

3,122

 

 

$

(36,575

)

Adjusted EBITDA margin

 

 

13.5

%

 

 

21.8

%

 

 

23.2

%

 

 

2.3

%

 

 

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $8.1 million of unallocated expenses that are shown on the Consolidated Statement of Earnings as their own line items.

Adjusted Net Earnings and Adjusted Diluted Earnings Per Share - Adjusted earnings from continuing operations and adjusted diluted earnings per share are defined as GAAP "Earnings from continuing operations" and "Diluted earnings per share from continuing operations", less items that are not indicative of the operating performance of the business for the periods presented. These items are included in the reconciliation below. Management uses adjusted earnings from continuing operations and adjusted diluted earnings per share to evaluate performance period over period, to analyze the underlying trends in our business and to assess its performance relative to its competitors. We believe that this information is useful for investors and financial institutions seeking to analyze and compare companies on the basis of operating performance.

The following table illustrates the calculation of adjusted earnings from continuing operations and adjusted diluted earnings per share:

Table 10. Adjusted Net Earnings and Adjusted Diluted Earnings per Share (unaudited)

Thousands of U.S. dollars (except share data)

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

 

December 31, 2022

 

December 31, 2021

 

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

Net (loss) earnings

 

$

(73,667

)

 

$

(54,943

)

 

$

(1.96

)

 

$

15,845

 

 

$

9,169

 

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill impairment

 

 

25,306

 

 

 

18,874

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

Program assets impairment

 

 

53,677

 

 

 

40,034

 

 

 

1.43

 

 

 

 

 

 

 

 

 

 

Restructuring and severance costs

 

 

6,989

 

 

 

5,213

 

 

 

0.19

 

 

 

675

 

 

 

530

 

 

 

0.02

 

Costs associated with corporate development activities

 

 

1,167

 

 

 

870

 

 

 

0.03

 

 

 

647

 

 

 

508

 

 

 

0.02

 

Inventory step-up associated with acquisition

 

 

2,299

 

 

 

1,715

 

 

 

0.06

 

 

 

 

 

 

 

 

 

 

Tax-related items

 

 

 

 

 

 

 

 

 

 

 

3,131

 

 

 

3,131

 

 

 

0.11

 

Adjustments

 

$

89,438

 

 

$

66,706

 

 

$

2.38

 

 

$

4,453

 

 

$

4,169

 

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net earnings

 

$

15,771

 

 

$

11,763

 

 

$

0.42

 

 

$

20,298

 

 

$

13,338

 

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

 

28,051

 

 

 

 

 

 

 

27,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2022

 

 

 

 

 

 

 

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

Net earnings

 

$

753

 

 

$

625

 

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and severance costs

 

 

(243

)

 

 

(189

)

 

 

(0.01

)

Costs associated with corporate development activities

 

 

10,725

 

 

 

8,363

 

 

 

0.30

 

Inventory step-up associated with acquisition

 

 

760

 

 

 

593

 

 

 

0.02

 

(Gain) loss on sale of business

 

 

(457

)

 

 

(356

)

 

 

(0.01

)

Adjustments

 

$

10,785

 

 

$

8,411

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net earnings

 

$

11,538

 

 

$

9,036

 

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

 

28,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 10 (cont). Adjusted Earnings from Continuing Operations and Adjusted Diluted Earnings per Share (unaudited)

Thousands of U.S. dollars (except share data)

 

 

 

 

 

 

 

 

Twelve Months Ended

 

Twelve Months Ended

 

 

December 31, 2022

 

December 31, 2021

 

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

Net (loss) earnings

 

$

(62,958

)

 

$

(46,226

)

 

$

(1.65

)

 

$

60,508

 

 

$

43,676

 

 

$

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill impairment

 

 

25,306

 

 

 

18,580

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

Program assets impairment

 

 

53,677

 

 

 

39,410

 

 

 

1.41

 

 

 

 

 

 

 

 

 

 

Restructuring and severance costs

 

 

9,842

 

 

 

7,226

 

 

 

0.25

 

 

 

6,154

 

 

 

4,810

 

 

 

0.17

 

Costs associated with corporate development activities

 

 

14,420

 

 

 

10,587

 

 

 

0.38

 

 

 

1,198

 

 

 

941

 

 

 

0.04

 

Inventory step-up associated with acquisition

 

 

3,059

 

 

 

2,246

 

 

 

0.08

 

 

 

 

 

 

 

 

 

 

(Gain) loss on sale of business

 

 

(457

)

 

 

(336

)

 

 

(0.01

)

 

 

234

 

 

 

234

 

 

 

0.01

 

Costs from transition services agreement

 

 

 

 

 

 

 

 

 

 

 

1,728

 

 

 

1,370

 

 

 

0.05

 

Income from transition services agreement

 

 

 

 

 

 

 

 

 

 

 

(931

)

 

 

(739

)

 

 

(0.03

)

Tax-related items

 

 

 

 

 

 

 

 

 

 

 

3,131

 

 

 

3,131

 

 

 

0.11

 

Tax effect on sale of UK operations

 

 

 

 

 

 

 

 

 

 

 

287

 

 

 

287

 

 

 

0.01

 

Adjustments

 

$

105,847

 

 

$

77,713

 

 

$

2.77

 

 

$

11,801

 

 

$

10,034

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net earnings

 

$

42,889

 

 

$

31,487

 

 

$

1.12

 

 

$

72,309

 

 

$

53,710

 

 

$

1.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

 

28,011

 

 

 

 

 

 

 

27,891

 

Free Cash Flow - Free cash flow is defined as GAAP “Net cash provided by (used in) operating activities” in a period less “Expenditures for property, plant & equipment” in the same period. Management believes free cash flow provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Free cash flow should not be viewed as representing the residual cash flow available for discretionary expenditures such as dividends to shareholders or acquisitions. Management uses free cash flow internally to assess overall liquidity. The following table illustrates the calculation of free cash flow.

Table 11. Free Cash Flow (unaudited)

Thousands of U.S. dollars

 

Three Months Ended

 

Last Twelve

Months

 

 

April 1, 2022

 

July 1, 2022

 

September 30,

2022

 

December 31,

2022

 

December 31,

2022

Net cash provided by operating activities

 

$

(1,017

)

 

$

(25,937

)

 

$

(6,746

)

 

$

54,669

 

 

$

20,969

 

Expenditures for property, plant & equipment

 

 

(6,877

)

 

 

(3,643

)

 

 

(7,106

)

 

 

(6,063

)

 

 

(23,689

)

Free cash flow

 

$

(7,894

)

 

$

(29,580

)

 

$

(13,852

)

 

$

48,606

 

 

$

(2,720

)

FORWARD-LOOKING STATEMENTS

This report contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others: (i) changes in domestic and foreign economic and competitive conditions in markets served by the Company, particularly the defense, commercial aviation and industrial production markets; (ii) changes in government and customer priorities and requirements (including cost-cutting initiatives, government and customer shut-downs, the potential deferral of awards, terminations or reductions of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional actions or automatic sequestration); (iii) the global economic impact of the COVID-19 pandemic; (iv) risks and uncertainties associated with the successful integration of our Aircraft Wheel and Brake acquisition; (v) changes in geopolitical conditions in countries where the Company does or intends to do business; (vi) the successful conclusion of competitions for government programs (including new, follow-on and successor programs) and thereafter successful contract negotiations with government authorities (both foreign and domestic) for the terms and conditions of the programs; (vii) the timely receipt of any necessary export approvals and/or other licenses or authorizations from the USG; (viii) timely satisfaction or fulfillment of material contractual conditions precedents in customer purchase orders, contracts, or similar arrangements; (ix) the existence of standard government contract provisions permitting renegotiation of terms and termination for the convenience of the government; (x) the successful resolution of government inquiries or investigations relating to our businesses and programs; (xi) risks and uncertainties associated with the successful implementation and ramp up of significant new programs, including the ability to manufacture the products to the detailed specifications required and recover start-up costs and other investments in the programs; (xii) potential difficulties associated with variable acceptance test results, given sensitive production materials and extreme test parameters; (xiii) the receipt and successful execution of production orders under the Company's existing USG JPF contract, including the exercise of all contract options and receipt of orders from allied militaries, but excluding any next generation programmable fuze programs, as all have been assumed in connection with goodwill impairment evaluations; (xiv) the continued support of the existing K-MAX® helicopter fleet, including sale of existing K-MAX® spare parts inventory; (xv) the accuracy of current cost estimates associated with environmental remediation activities; (xvi) the profitable integration of acquired businesses into the Company's operations; (xvii) the ability to recover from cyber-based or other security attacks, information technology failures or other disruptions; (xviii) changes in supplier sales or vendor incentive policies; (xix) the ability of our suppliers to satisfy their performance obligations, including any supply chain disruptions; (xx) the effects of price increases or decreases; (xxi) the effects of pension regulations, pension plan assumptions, pension plan asset performance, future contributions and the pension freeze; (xxii) future levels of indebtedness and capital expenditures; (xxiii) compliance with our debt covenants; (xxiv) the continued availability of raw materials and other commodities in adequate supplies and the effect of increased costs for such items; (xxv) the effects of currency exchange rates and foreign competition on future operations; (xxvi) changes in laws and regulations, taxes, interest rates, inflation rates and general business conditions; (xxvii) future repurchases and/or issuances of common stock;(xxviii) the occurrence of unanticipated restructuring costs or the failure to realize anticipated savings or benefits from past or future expense reduction actions; (xxix) the ability to recruit and retain skilled employees; and (xxx) other risks and uncertainties set forth herein and in our 2022 Form 10-K.

Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

KAMAN CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Thousands of U.S. dollars, except share data) (unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

Net sales

 

$

197,143

 

 

$

175,147

 

 

$

687,961

 

 

$

708,993

 

Cost of sales

 

 

132,171

 

 

 

116,445

 

 

 

464,470

 

 

 

472,375

 

Program inventory impairment

 

 

44,542

 

 

 

 

 

 

44,542

 

 

 

 

Gross profit

 

 

20,430

 

 

 

58,702

 

 

 

178,949

 

 

 

236,618

 

Selling, general and administrative expenses

 

 

38,467

 

 

 

36,292

 

 

 

166,447

 

 

 

152,474

 

Goodwill impairment

 

 

25,306

 

 

 

 

 

 

25,306

 

 

 

 

Program contract costs impairment

 

 

9,135

 

 

 

 

 

 

9,135

 

 

 

 

Research and development costs

 

 

5,287

 

 

 

6,068

 

 

 

19,552

 

 

 

16,072

 

Intangible asset amortization expense

 

 

7,307

 

 

 

2,570

 

 

 

15,331

 

 

 

10,468

 

Costs from transition services agreement

 

 

 

 

 

 

 

 

 

 

 

1,728

 

Restructuring and severance costs

 

 

6,989

 

 

 

675

 

 

 

9,842

 

 

 

6,154

 

(Gain) loss on sale of business

 

 

 

 

 

 

 

 

(457

)

 

 

234

 

Net loss (gain) on sale of assets

 

 

65

 

 

 

8

 

 

 

136

 

 

 

(8

)

Operating (loss) income

 

 

(72,126

)

 

 

13,089

 

 

 

(66,343

)

 

 

49,496

 

Interest expense, net

 

 

8,786

 

 

 

4,058

 

 

 

16,874

 

 

 

16,290

 

Non-service pension and post retirement benefit income

 

 

(5,145

)

 

 

(6,397

)

 

 

(20,574

)

 

 

(26,229

)

Income from transition services agreement

 

 

 

 

 

 

 

 

 

 

 

(931

)

Other (income) expense, net

 

 

(2,100

)

 

 

(417

)

 

 

315

 

 

 

(142

)

(Loss) earnings before income taxes

 

 

(73,667

)

 

 

15,845

 

 

 

(62,958

)

 

 

60,508

 

Income tax (benefit) expense

 

 

(18,724

)

 

 

6,676

 

 

 

(16,732

)

 

 

16,832

 

Net (loss) earnings

 

$

(54,943

)

 

$

9,169

 

 

$

(46,226

)

 

$

43,676

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

Basic (loss) earnings per share

 

$

(1.96

)

 

$

0.33

 

 

$

(1.65

)

 

$

1.57

 

Diluted (loss) earnings per share

 

$

(1.96

)

 

$

0.33

 

 

$

(1.65

)

 

$

1.57

 

Average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

28,051

 

 

 

27,896

 

 

 

28,011

 

 

 

27,865

 

Diluted

 

 

28,051

 

 

 

27,898

 

 

 

28,011

 

 

 

27,891

 

KAMAN CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Thousands of U.S. dollars, except share data) (unaudited)

 

 

 

December 31, 2022

 

December 31, 2021

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

24,154

 

 

$

140,800

 

Accounts receivable, net

 

 

87,659

 

 

 

73,524

 

Contract assets

 

 

113,182

 

 

 

112,354

 

Contract costs, current portion

 

 

695

 

 

 

850

 

Inventories

 

 

176,468

 

 

 

193,100

 

Income tax refunds receivable

 

 

13,981

 

 

 

13,832

 

Other current assets

 

 

15,419

 

 

 

12,083

 

Total current assets

 

 

431,558

 

 

 

546,543

 

Property, plant and equipment, net of accumulated depreciation of $268,089 and $251,888, respectively

 

 

201,606

 

 

 

197,822

 

Operating right-of-use assets, net

 

 

7,391

 

 

 

11,011

 

Goodwill

 

 

379,854

 

 

 

240,681

 

Other intangible assets, net

 

 

372,331

 

 

 

138,074

 

Deferred income taxes

 

 

47,385

 

 

 

15,717

 

Contract costs, noncurrent portion

 

 

673

 

 

 

10,249

 

Investment in Near Earth Autonomy

 

 

10,000

 

 

 

 

Other assets

 

 

40,534

 

 

 

38,385

 

Total assets

 

$

1,491,332

 

 

$

1,198,482

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable – trade

 

$

48,277

 

 

$

42,134

 

Accrued salaries and wages

 

 

31,395

 

 

 

38,892

 

Contract liabilities, current portion

 

 

4,081

 

 

 

2,945

 

Operating lease liabilities, current portion

 

 

3,332

 

 

 

4,502

 

Income taxes payable

 

 

393

 

 

 

386

 

Other current liabilities

 

 

39,097

 

 

 

32,076

 

Total current liabilities

 

 

126,575

 

 

 

120,935

 

Long-term debt, excluding current portion, net of debt issuance costs

 

 

561,061

 

 

 

189,421

 

Deferred income taxes

 

 

6,079

 

 

 

6,506

 

Underfunded pension

 

 

52,309

 

 

 

21,786

 

Contract liabilities, noncurrent portion

 

 

20,515

 

 

 

16,528

 

Operating lease liabilities, noncurrent portion

 

 

4,534

 

 

 

7,140

 

Other long-term liabilities

 

 

36,280

 

 

 

39,837

 

Commitments and contingencies

 

 

 

 

Shareholders' equity:

 

 

 

 

Preferred stock, $1 par value, 200,000 shares authorized; none outstanding

 

 

 

 

 

 

Common stock, $1 par value, 50,000,000 shares authorized; voting; 30,640,068 and 30,434,269 shares issued, respectively

 

 

30,640

 

 

 

30,434

 

Additional paid-in capital

 

 

245,436

 

 

 

248,153

 

Retained earnings

 

 

688,457

 

 

 

750,445

 

Accumulated other comprehensive income (loss)

 

 

(158,421

)

 

 

(111,385

)

Less 2,607,841 and 2,573,896 shares of common stock, respectively, held in treasury, at cost

 

 

(122,133

)

 

 

(121,318

)

Total shareholders’ equity

 

 

683,979

 

 

 

796,329

 

Total liabilities and shareholders’ equity

 

$

1,491,332

 

 

$

1,198,482

 

KAMAN CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Thousands of U.S. dollars) (unaudited)

 

 

 

Twelve Months Ended

 

 

December 31, 2022

 

December 31, 2021

Cash flows from operating activities:

 

 

 

 

Net (loss) earnings

 

$

(46,226

)

 

$

43,676

 

Adjustments to reconcile earnings, net of tax to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

40,712

 

 

 

36,654

 

Amortization of debt issuance costs

 

 

2,750

 

 

 

1,836

 

Accretion of convertible notes discount

 

 

 

 

 

2,957

 

Provision for doubtful accounts

 

 

1,301

 

 

 

575

 

(Gain) loss on sale of business

 

 

(457

)

 

 

234

 

Net loss (gain) on sale of assets

 

 

136

 

 

 

(8

)

Goodwill impairment

 

 

25,306

 

 

 

 

Program asset impairment

 

 

44,542

 

 

 

 

Program contract cost impairment

 

 

9,135

 

 

 

 

Net loss on derivative instruments

 

 

1,175

 

 

 

1,025

 

Stock compensation expense

 

 

7,821

 

 

 

6,687

 

Non-cash consideration received for blade exchange

 

 

(827

)

 

 

 

Deferred income taxes

 

 

(19,054

)

 

 

20,998

 

Changes in assets and liabilities, excluding effects of acquisitions/divestitures:

 

 

 

 

Accounts receivable

 

 

(8,387

)

 

 

78,367

 

Contract assets

 

 

(707

)

 

 

(3,482

)

Contract costs

 

 

637

 

 

 

725

 

Inventories

 

 

(17,848

)

 

 

(10,357

)

Income tax refunds receivable

 

 

(144

)

 

 

(8,565

)

Operating right of use assets

 

 

3,551

 

 

 

1,798

 

Other assets

 

 

(2,899

)

 

 

3,450

 

Accounts payable - trade

 

 

1,959

 

 

 

(18,398

)

Contract liabilities

 

 

4,433

 

 

 

(30,708

)

Operating lease liabilities

 

 

(3,707

)

 

 

(1,918

)

Acquired retention plan payments

 

 

 

 

 

(25,108

)

Other current liabilities

 

 

(2,860

)

 

 

(8,880

)

Income taxes payable

 

 

12

 

 

 

295

 

Pension liabilities

 

 

(17,745

)

 

 

(37,580

)

Other long-term liabilities

 

 

(1,640

)

 

 

(5,575

)

Net cash provided by operating activities

 

 

20,969

 

 

 

48,698

 

Cash flows from investing activities:

 

 

 

 

Proceeds from sale of business, net of cash on hand

 

 

1,200

 

 

 

(3,428

)

Expenditures for property, plant & equipment

 

 

(23,689

)

 

 

(17,530

)

Acquisition of businesses, net of cash acquired

 

 

(441,340

)

 

 

 

Investment in Near Earth Autonomy

 

 

(10,000

)

 

 

Other, net

 

 

778

 

 

 

(154

)

Net cash used in investing activities

 

 

(473,051

)

 

 

(21,112

)

Cash flows from financing activities:

 

 

 

 

Borrowings under revolving credit agreement

 

 

412,000

 

 

 

 

Repayments under revolving credit agreement

 

 

(49,000

)

 

 

 

Purchase of treasury shares

 

 

(801

)

 

 

(618

)

Dividends paid

 

 

(22,363

)

 

 

(22,241

)

Debit issuance costs

 

 

(4,380

)

 

 

 

Other, net

 

 

467

 

 

 

626

 

Net cash provided by (used in) financing activities

 

 

335,923

 

 

 

(22,233

)

Net (decrease) increase in cash and cash equivalents

 

 

(116,159

)

 

 

5,353

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(487

)

 

 

(642

)

Cash and cash equivalents and restricted cash at beginning of period

 

 

140,800

 

 

 

136,089

 

Cash and cash equivalents and restricted cash at end of period

 

$

24,154

 

 

$

140,800

 

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.