Kaydon Corporation (NYSE:KDN) today announced its results for the fourth fiscal quarter and full year ended December 31, 2012.
Fourth quarter sales increased 2.2 percent to $110.5 million, compared to sales of $108.1 million in the fourth quarter of 2011.
Diluted earnings per share in the fourth quarter of 2012 equaled $0.25, compared to diluted earnings per share of $0.27 in the fourth quarter of 2011. Adjusted earnings per share, as defined below, was $0.36 in the fourth quarter of 2012, compared to $0.41 in the fourth quarter of 2011.Adjusted EBITDA, as defined below, was $22.4 million during the fourth quarter of 2012, compared to $25.5 million, during the fourth quarter of 2011. Free cash flow, as defined below, for the fourth quarter of 2012 was $33.4 million compared to $16.6 million in the fourth quarter of 2011, as a $26 million net reduction in receivables, inventory and payables resulted in the strongest quarterly free cash flow achieved in over three years. Adjusted gross margin increased to 36.8 percent in the fourth quarter of 2012, compared to 34.9 percent in the third quarter of 2012, as reduced shipments of wind energy bearings benefited product mix. Adjusted gross margin decreased to 36.8 percent from 37.1 percent in the fourth quarter of 2011 as successful efforts to reduce inventories resulted in lower manufacturing activity, negatively impacting gross margins relative to the prior year. As general economic activity improves later in the year, which would result in increased manufacturing activity, and the Company benefits from the actions it took to reduce manufacturing capacity in 2012, gross margins would be expected to continue to improve. Full year 2012 sales totaled $475.2 million compared to $460.1 million for full year 2011. Full year 2012 diluted earnings per share, prior to adjustment for the largely non-cash items noted below and in prior quarters, including certain impairment charges and costs associated with a recently concluded arbitration, equaled $0.02 per share compared to $1.52 per share in full year 2011. Adjusting for the full year effect of the items noted below and in prior quarters, full year 2012 adjusted diluted earnings per share totaled $1.67 per share and full year 2012 adjusted EBITDA totaled $103.7 million.
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