Operating profit was higher in each of our businesses. At Distribution, operating profit from continuing operations was a record $50.6 million, a 7.8% increase, achieved in the face of declining industrial production. This decline was especially felt during the second half of the year, resulting in flat organic sales year over year. Despite this pressure, Distribution maintained an operating margin of 5.0%, consistent with the prior year.We are pleased with the performance of the Joint Programmable Fuze during 2012. We delivered over 27,000 fuzes, of which 17,000 were delivered in the second half of the year. The impressive performance of the JPF, coupled with increased demand for our bearings products, more than offset lower deliveries of BLACK HAWK helicopter cockpits, reduced volume from our unmanned K-MAX® program, and lower missile fuzing sales.
Kaman Reports 2012 Fourth Quarter And Full Year Results
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