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KAMAN HOLDS ANNUAL MEETING; COMPANY REPORTS FIRST QUARTER RESULTS, SHAREHOLDERS ELECT DIRECTORS

 BLOOMFIELD, Conn., April 20 /PRNewswire/ -- Kaman Corp. (NASDAQ: KAMNA), today, at its annual shareholders' meeting held here, reported first quarter net earnings were up slightly on somewhat lower revenues compared to the first quarter of 1992. Shareholders then re- elected 12 directors to the Kaman Board.
 First Quarter Results
 Net earnings during the first quarter were $4.0 million, or 22 cents per share, compared to $3.9 million, or 21 cents per share, in 1992. Revenues were $197.9 million in the first quarter of 1993, compared to $205.5 in 1992.
 "Despite very difficult market conditions, particularly in defense and commercial aviation, the company performed well during the first quarter," according to Chairman and Chief Executive Officer Charles H. Kaman. "In Diversified Technologies, declining defense spending for hardware, coupled with delayed and canceled commercial aircraft orders is negatively impacting our aerospace business. In addition, the realignment of defense priorities has increased the difficulty in projecting funding levels of existing programs such as the SH-2G helicopter.
 "Our high technology products and services activities, however, are doing well in this environment. During the first quarter, we received a $12.6 million contract from the U.S. Navy to develop a new adaptation of our unique Magic Lantern airborne mine countermeasures system for detecting minefields in shallow water and near beaches. This technology could play a very vital role in keeping Marines and equipment out of harm's way as they come ashore," said Kaman.
 "We were also very encouraged by the continued excellent market response to our new K-MAX commercial `aerial truck' at this year's Heli- Expo '93 helicopter show in February, particularly from potential international customers.
 "We continue to make investments in research and development as a key strategy for the defense and commercial markets we see ahead, even though they adversely impact current period earnings," said Kaman.
 "In Distribution, sales and earnings remained firm for the quarter. Despite the continued sluggish economy and intense competitive pressure, we continue to pursue our strategy of improving our market share and enhancing our products and customer service.
 "We are managing our businesses for cost control and improved productivity to remain financially strong in this environment," concluded Kaman.
 Shareholders Elect Directors
 Kaman Corp. shareholders, at the annual meeting re-elected 12 directors: Frank C. Carlucci, chairman, The Carlyle Group; John A. DiBiaggio, president, Tufts University; Edythe J. Gaines, retired commissioner, Connecticut Department of Public Utility Control; Huntington Hardisty, retired admiral, U.S. Navy; Charles H. Kaman, chairman and chief executive officer, Kaman Corp.; C. William Kaman II, president of Kaman Music Corp.; Hartzel Z. Lebed, retired president, CIGNA Corp.; Harvey S. Levenson, president and chief operating officer, Kaman Corp.; Walter H. Monteith, Jr., chairman, Southern New England Telecommunications Corp.; John S. Murtha, of counsel, Murtha, Cullina, Richter and Pinney; Robert L. Newell, retired chairman, Hartford National Corp.; and Wanda L. Rogers, chairman and president, Rogers Helicopters, Inc.
 In other actions, shareholders authorized the board of directors to elect an additional director during the ensuing year. They also appointed KPMG Peat Marwick as the corporation's independent auditors.
 Kaman Corp., headquartered here, is a highly diversified, Fortune 500 company operating in two segments: Distribution and Diversified Technologies. The company serves three major markets: industrial (42 percent), defense (34 percent) and commercial (24 percent).
 KAMAN CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Summaries of Earnings
 (In thousands, except per share amounts)
 Three Months Ended March 31 1993 1992
 Net revenues $197,903 $205,461
 Earnings before income taxes 6,752 6,733
 Income taxes 2,740 2,829
 Net earnings $ 4,012 $ 3,904
 Net earnings per share:
 -- Primary $ .22 $ .21
 -- Fully diluted .22 .21
 Average shares outstanding:
 -- Primary 18,235 18,297
 -0- 4/20/93
 /CONTACT: J. Kenneth Nasshan of Kaman, 203-243-7319/
 (KAMNA)


CO: Kaman Corp. ST: Connecticut IN: ARO SU: ERN PER

WB-SB -- NY069 -- 8084 04/20/93 12:57 EDT
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Date:Apr 20, 1993
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