Kaydon Corporation (NYSE:KDN) today announced its results for the third fiscal quarter ended October 1, 2011.
Sales in the third fiscal quarter of 2011 were $121.6 million, compared to $118.3 million in the third quarter of 2010. Operating income was $20.3 million in the third quarter of 2011, compared to $18.6 million in the third quarter of 2010. Items affecting the quarter-over-quarter comparison include $0.9 million of costs associated with our now completed manufacturing consolidation program and due diligence costs in the third quarter of 2011 compared to $2.6 million of costs in the third quarter of 2010 primarily associated with the manufacturing consolidation program. Excluding these items, operating income, as adjusted, was $21.3 million in the third quarter of 2011, compared to $21.2 million in the third quarter of 2010.
EBITDA equaled $27.7 million, or 22.8 percent of sales, during the third quarter of 2011, compared to $26.2 million, or 22.2 percent of sales, during the third quarter of 2010. EBITDA comparisons are also affected by the items noted above. Adjusting for these items, EBITDA, as adjusted, was $28.6 million, or 23.5 percent of sales, in the third quarter of 2011, compared to $28.0 million, or 23.7 percent of sales, in the third quarter of 2010.Net income for the third quarter of 2011 was $14.5 million, compared to $13.1 million in the third quarter of 2010. Diluted earnings per share in the third quarter of 2011 equaled $.45, compared to $.39 in the third quarter of 2010. Adjusting for items noted above, net income, as adjusted, was $15.2 million, or $.47 per share on a diluted basis, in the third quarter of 2011, compared to $14.9 million, or $.44 per share on a diluted basis, in the third quarter of 2010. This press release includes certain non-GAAP measures, including EBITDA, free cash flow, and the as adjusted operating income, EBITDA, net income, and earnings per share – diluted provided herein. Readers should refer to the attached Reconciliation of Non-GAAP Measures exhibit for the reconciliations of the applicable GAAP measures to the non-GAAP measures presented. Management Commentary James O’Leary, Chairman and Chief Executive Officer commented, “Our results through the end of our third quarter reflect an industrial environment that has been generally strong and stable through much of 2011. However, the third quarter of 2011 saw a lower level of industrial orders, particularly those placed for immediate shipment, than experienced earlier in the year due to economic uncertainty that persisted through much of August and September, principally in Europe. While order rates remain more volatile than earlier in the year, the absolute level of orders in the first few weeks of the fourth quarter has stabilized relative to prior year.
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