Kaman Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended October 2, 2009. For the quarter, the company's net earnings were $9.6 million or $0.37 per diluted share compared to $13.5 million or $0.53 per diluted share a year ago. Net sales were $289.9 million compared with $335.1 million a year ago. Operating income from continuing operations was $14.7 million compared with $24.4 million a year ago. Earnings from continuing operations before income taxes were $12.8 million compared with $21.1 million a year ago. Net earnings from continuing operations was $9.6 million or $0.37 per diluted share compared to $13.5 million or $0.53 per diluted share a year ago. As on October 2, 2009, the company's net debt was $62.1 million. For the nine months, the company's net earnings were $24.4 million or $0.95 per diluted share compared to $28.8 million or $1.13 per diluted share a year ago. Net sales were $877.2 million compared with $937.2 million a year ago. Operating income from continuing operations was $40.2 million compared with $52.8 million a year ago. Earnings from continuing operations before income taxes were $35.1 million compared with $48.6 million a year ago. Net earnings from continuing operations was $24.4 million or $0.95 per diluted share compared to $28.5 million or $1.12 per diluted share a year ago. Cash provided by operating activities was $48.5 million compared with cash used in operating activities of $38.7 million a year ago. The company reported expenditures for property, plant & equipment of $8.9 million compared with $9.9 million a year ago. The company provided earnings guidance for the year 2009. The company expects the full year sales decline for 2009 to be at the high end of its previously stated range of down 10% to 15% from the prior year. The company expects for the full year of $35 million to $40 million in free cash flow.

Kaman Corporation, Q3 2009 Earnings Call, Nov-06-2009

Kaman Corp. announced that it replaced its five-year $200 million revolving credit facility with a new three-year $225 million revolving credit facility. The new facility includes an accordion feature that allows the company to increase the aggregate amount available to up to $300 million with additional commitments from lenders. The initial interest rate for borrowings under the facility will be LIBOR plus 350 basis points. The facility includes a collateralized security agreement and carries a standard financial covenant package, which contains market terms and conditions. The facility was brought to market by Co-Lead arrangers Bank of America, The Bank of Nova Scotia, and RBS Citizens. Other lenders are JPMorgan Chase, KeyBanc, TD Bank, BB&T, Fifth Third, Webster Bank, Northern Trust, US Bank, Sovereign Bank and UBS.