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Kennametal Releases FY01 Goodwill Adjustment.

LATROBE, Pa., Sept. 21 /PRNewswire/ --

As previously announced, Kennametal Inc. (NYSE: KMT) adopted SFAS No. 142 "Goodwill and Other Intangible Assets" effective July 1, 2001, and accordingly will no longer amortize goodwill to earnings.

To facilitate comparisons, the following charts restate selected fiscal 2001 financial results to exclude goodwill amortization (in thousands, except per share amounts).

Selected Pro Forma Fiscal Year 2001 Restatement

Excluding Special Charges

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 2001

________ ________ ________ ________ ________

Amortization of

intangibles $923 $770 $703 $716 $3,112

Provision for

income taxes 9,366 9,751 14,760 12,501 46,378

Minority

interest 1,111 967 800 862 3,740

Net income $15,907 $19,290 $27,980 $23,514 $86,691

======= ======= ======= ======= =======

Pro forma

Diluted EPS $0.52 $0.63 $0.91 $0.76 $2.82

======= ======= ======= ======= =======

Fiscal Year 2001 Goodwill Expense Summary - By Segment

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 2001

________ ________ ________ ________ ________

MSSG $2,350 $2,339 $2,349 $2,344 $9,382

AMSG 2,232 2,229 2,230 1,897 8,588

J&L 687 717 766 629 2,799

FSS 15 15 15 15 60

Corporate 116 77 - - 193

________ ________ ________ ________ ________

Total $5,400 $5,377 $5,360 $4,885 $21,022

======= ======= ======= ======= =======

Kennametal Inc. aspires to be the premier tooling solutions supplier in the world with operational excellence throughout the value chain and best-in-class manufacturing and technology. Kennametal strives to deliver superior shareowner value through top-tier financial performance. The company provides customers a broad range of technologically advanced tools, tooling systems and engineering services aimed at improving customers' manufacturing competitiveness. With 13,000 employees worldwide, the company's annual sales are approximately $1.8 billion, with a third coming from sales outside the United States. Kennametal is a five-time winner of the GM "Supplier of the Year" award and is represented in more than 60 countries. Kennametal operations in Europe are headquartered in Furth, Germany. Kennametal Asia Pacific operations are headquartered in Singapore.

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Publication:PR Newswire
Geographic Code:1USA
Date:Sep 21, 2001
Words:333
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