KAMAN REPORTS SECOND QUARTER, SIX MONTHS RESULTS
KAMAN REPORTS SECOND QUARTER, SIX MONTHS RESULTS BLOOMFIELD, Conn., July 22 /PRNewswire/ -- Kaman Corp.
(NASDAQ: KAMNA) today reported 1992 second quarter net earnings increased 4.6 percent on slightly lower revenues compared to the same period a year ago. Net earnings for the second quarter of 1992 were $4.8 million or 26 cents per share primary, 25 cents per share fully diluted, compared to $4.6 million or 25 cents per share primary, 24 cents per share fully diluted, a year ago. Revenues were $188.3 million for the second quarter of 1992 compared to $194.9 million in 1991.
For the first six months of 1992, net earnings were $8.7 million, or 47 cents per share primary, 46 cents per share fully diluted compared to $8.4 million or 46 cents per share primary, 45 cents per share fully diluted in 1991. Revenues were $393.8 million for the first half of 1992 compared to $390 million for the same period last year. "The company's financial performance for the second quarter and first half of 1992 was encouraging, given the continued pressures in the economy and defense markets," according to Chairman and Chief Executive Officer Charles H. Kaman. "In distribution, our industrial business continued to show increased operating results for the quarter in both revenues and earnings. We are encouraged by the relative performance of this sector in an otherwise lackluster manufacturing economy. We continue to focus our efforts on increasing market share and our competitive position in the marketplace. Music was stable for the period. Growing softness in export markets for music products was offset by gains in domestic share. During the quarter, the company acquired Trace Elliot, a U.K. manufacturer of guitar amplifiers, to enhance our market base for music products throughout the Common Market. "In diversified technologies, defense markets continued to recede under government spending restraint and political uncertainty," continued Kaman. "Demand for most of the company's technology products and services remained firm. However, funding levels for military hardware programs are becoming increasingly difficult to project in this environment. Commercial aviation performed in line with expectations throughout the quarter. We are concerned, however, about the unfavorable long-term effects of continuing losses in the airline industry and erosion of domestic aircraft producers' market dominance. "Kaman is financially strong. We continue to make investments in research and development projects including our revolutionary electric motor technology and our new K-MAX 'aerial truck' helicopter, to name but two. We remain confident about the company's long-term growth prospects," said Kaman. Kaman Corp. is a highly diversified company with nearly $800 million in sales, operating in two segments: distribution and diversified technologies. The company serves three major markets: defense (40 percent), industrial (40 percent), and commercial (20 percent). KAMAN CORPORATION AND SUBSIDIARIES Condensed Consolidated Summaries of Earnings (in thousands except per share amounts) Periods ended Three months Six months June 30 1992 1991 1992 1991 Net revenues $188,307 $194,920 $393,768 $389,955 Earnings before inc. taxes 7,892 7,863 14,625 14,501 Income taxes 3,131 3,313 5,960 6,103 Net earnings 4,761 4,550 8,665 8,398 Net earnings per share Primary $.26 $.25 $.47 $.46 Fully diluted .25 .24 .46 .45 -0- 7/22/92 /CONTACT: J. Kenneth Nasshan of Kaman, 203-243-7319/ (KAMNA) CO: Kaman Corp. ST: Connecticut IN: ARO SU: ERN
GK-KD -- NY082 -- 2003 07/22/92 14:12 EDT
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|Date:||Jul 22, 1992|
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