KAMAN FOURTH QUARTER AND 1991 RESULTS
KAMAN FOURTH QUARTER AND 1991 RESULTS BLOOMFIELD, Conn., Jan. 29 /PRNewswire/ -- Kaman Corp.
(NASDAQ: KAMNA) reports 1991 fourth quarter net earnings were $4.1 million, or 22 cents per share primary and fully diluted, compared to $5.2 million, or 29 cents per share primary, 27 cents per share fully diluted in 1990. Revenues for the quarter were $200.7 million, compared to $212.3 million a year ago.
Net earnings for the full year 1991 were $17.0 million, or 93 cents per share primary, 91 cents per share fully diluted, compared to $19.2 million, or $1.06 per share primary, $1.01 per share fully diluted in 1990. Revenues for 1991 were $780.4 million, compared to $826.6 million in 1990. The diversified technologies segment operating profits for 1991 were $33.3 million, compared to $37.9 million in 1990. Sales were $377.7 million, compared to $406.7 million a year ago. The distribution segment operating profits for 1991 were $12.8 million, compared to $16.4 million in 1990. Sales were $400.7 million, compared to $418.6 million a year ago. "Although earnings did not reach last year's levels, we produced solid profits in a recession year, increased our research and development investment for the future and reduced bank debt by more than $30 million," according to chairman and chief executive officer Charles H. Kaman. "Our diversification and leading edge technologies are fundamental to our strategy for the new defense environment of reduced spending and increased focus on cost-effective systems. "In industrial markets, we continued to focus on increasing value to our customers through applying technology and helping customers reduce costs, improve productivity and increase profitability. "Our commercial business was stable during the year and we received some significant new aerospace subcontract work which will run through the end of the decade. Our music business continued to grow and gain market share internationally. "Kaman has never been financially stronger. We have put into place substantial domestic and foreign long-term credit facilities and the ability to pursue opportunities as they arise. While we must manage and adjust our business very carefully in this uncertain economic environment, we are well positioned in our markets and are confident about our long-term prospects," said Kaman. Kaman Corp., based here, is a highly diversified company with business activities in defense (40 percent), industrial (40 percent), and commercial (20 percent) markets. KAMAN CORPORATION AND SUBSIDIARIES Condensed Consolidated Summaries of Earnings (In thousands expect per share amounts) Periods ended Three Months Twelve Months Dec. 31, 1991 1990 1991 1990 Net revenues $200,699 $212,307 $780,357 $826,583 Earnings before income taxes $ 6,291 $ 8,867 $ 28,342 $ 32,778 Income taxes 2,222 3,652 11,375 13,553 Net earnings $ 4,069 $ 5,215 $ 16,967 $ 19,225 Net earnings per share - Primary $ .22 $ .29 $ .93 $ 1.06 - Fully Diluted $ .22 $ .27 $ .91 $ 1.01 -0- 1/29/92 /CONTACT: J. Kenneth Nasshan of Kaman, 203-243-7319/ (KAMNA) CO: Kaman Corp. ST: Connecticut IN: SU: ERN SH -- NY066 -- 4835 01/29/92 15:07 EST
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|Date:||Jan 29, 1992|
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