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Kaman Reports 2012 Second Quarter Results

Kaman Corp. (NYSE:KAMN) today reported financial results for the second quarter ended June 29, 2012.

Table 1. Summary of Financial Results

In thousands except per share amounts

For the three months ended

June 29, 2012

July 1, 2011

$ Change
Net sales:
Industrial Distribution $ 258,116 $ 239,307 $ 18,809
Aerospace 147,364   145,779   1,585  
Net sales $ 405,480   $ 385,086   $ 20,394  
Operating income:
Industrial Distribution $ 14,645 $ 12,636 $ 2,009
Aerospace 26,158 22,360 3,798
Net gain (loss) on sale of assets 8 (34 ) 42
Corporate expense (12,312 ) (10,883 ) (1,429 )
Operating income $ 28,499   $ 24,079   $ 4,420  
Diluted earnings per share $ 0.62   $ 0.53   $ 0.09  

Neal J. Keating, Chairman, President and Chief Executive Officer, stated, “We are pleased with the results achieved during the second quarter of 2012. In our Aerospace business, we continued to experience stronger demand for our bearing product lines, driving the overall Aerospace operating margin to 17.8%. In addition, we delivered approximately 5,900 Joint Programmable Fuzes during the quarter, meeting our delivery expectations year-to-date on this key program.

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