KAMAN REPORTS THIRD QUARTER NINE MONTHS RESULTS
KAMAN REPORTS THIRD QUARTER NINE MONTHS RESULTS BLOOMFIELD, Conn., Oct. 22 /PRNewswire/ -- Kaman Corp.
(NASDAQ: KAMNA), today reported 1992 third quarter net earnings and revenues were up slightly, compared to the same period a year ago. Net earnings for the third quarter of 1992 were $4.53 million, compared to $4.50 million a year ago. Earnings per share were 25 cents primary, 24 cents fully diluted in both periods. Revenues were $189.8 million for the third quarter of 1992, compared to $189.7 million in 1991.
For the first nine months of 1992, net earnings were $13.2 million or 72 cents per share primary, 70 cents per share fully diluted, compared to $12.9 million or 71 cents per share primary, 69 cents per share fully diluted in 1991. Revenues were $583.5 million for the first nine months of 1992, compared to $579.7 million for the same period a year ago. "Despite continued pressures in the economy and defense markets, the company performed well during the third quarter and first nine months of 1992," according to Chairman and Chief Executive Officer Charles H. Kaman. "In distribution, our industrial business grew in revenues and earnings during the quarter, despite a lackluster manufacturing environment. We continue to focus on improving our market share and competitive position. Our music business was stable during the quarter. "In diversified technologies, receding defense markets continued to adversely impact results offsetting gains in our distribution business," continued Kaman. "Spending for aircraft and other military hardware is shrinking and we are adjusting accordingly. Our commercial aviation business was stable during the quarter, although we remain concerned over continuing pressures in the worldwide airline industry. "Our diversification in new technologies, financial strength and leadership in our markets is positioning Kaman well for the '90's and beyond," 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) Three months Nine months Periods ended Sept. 30 1992 1991 1992 1991 Net revenues $189,753 $189,703 $583,521 $579,658 Earnings before inc. tax 7,280 7,550 21,905 22,051 Income taxes 2,753 3,050 8,713 9,153 Net earnings 4,527 4,500 13,192 12,898 Net earnings per share Primary .25 .25 .72 .71 Fully diluted .24 .24 .70 .69 -0- 10/22/92 /CONTACT: J. Kenneth Nasshan of Kaman, 203-243-7319/ (KAMNA) CO: Kaman Corporation ST: Connecticut IN: ARO SU: ERN
TS-LR -- NY036 -- 3408 10/22/92 10:09 EDT
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|Date:||Oct 22, 1992|
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