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TheStreet Open House

Kaydon Corporation Reports Second Quarter 2011 Results

Stock quotes in this article: KDN

Kaydon Corporation (NYSE:KDN) today announced its results for the second fiscal quarter ended July 2, 2011.

Consolidated Results

Sales in the second fiscal quarter of 2011 were $122.0 million, compared to sales of $121.5 million in the second fiscal quarter of 2010. Strong industrial sales, including the results of HAHN-Gasfedern GmbH (“HAHN”) which we acquired on April 8, 2011, offset decreased wind energy sales and the absence of a key military sales program that benefited 2010.

Operating income was $20.4 million in the second quarter of 2011, compared to $26.3 million in the second quarter of 2010. Second quarter of 2011 results included $1.3 million of net costs associated with a previously announced manufacturing consolidation program, due diligence and one time acquisition costs, and a small curtailment gain. Adjusting for these items, operating income was $21.8 million in the second quarter of 2011. The second quarter of 2010 results also included $0.2 million of net costs associated with the manufacturing consolidation program and acquisition due diligence costs, primarily offset by curtailment gains associated with changes to certain postretirement benefit programs.

EBITDA was $27.9 million, or 22.8 percent of sales, during the second quarter of 2011, compared to $33.6 million, or 27.6 percent of sales, during the second quarter of 2010. Adjusting for the items noted above, EBITDA was $29.2 million, or 23.9 percent of sales, in the second quarter of 2011, and $33.8 million, or 27.8 percent of sales in the second quarter of 2010.

Net income for the second quarter of 2011 was $14.2 million, compared to net income of $17.8 million in the second quarter of 2010. Diluted earnings per share was $.43 in the second quarter of 2011 compared to diluted earnings per share of $.53 in the second quarter of 2010. Adjusting for the items noted above, net income for the second quarter 2011 was $15.1 million, or $.46 per share on a diluted basis, and $18.0 million, or $.54 per share on a diluted basis, for the second quarter of 2010.

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