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Kaman Reports 2012 Fourth Quarter And Full Year Results

Information, to the consolidated financial statements from the Company's Form 10-K filed with the Securities and Exchange Commission on February 25, 2013.

Table 7. Reconciliation of Non-GAAP Financial Information - Operating Segments
(In thousands)
For the three months ended   For the twelve months ended
December 31, 2012   December 31, 2011 December 31, 2012   December 31, 2011
AEROSPACE SEGMENT OPERATING INCOME:
GAAP net sales - Aerospace segment $ 151,036 $ 145,283 $ 580,769 $ 547,403
Sales adjustment due to resolution of contract claim (2,500 )   (2,500 )  
Adjusted net sales - Aerospace segment $ 148,536   $ 145,283   $ 578,269   $ 547,403  
 
GAAP operating income - Aerospace segment $ 22,673 $ 17,472 $ 89,142 $ 80,424
% of GAAP net sales 15.0 % 12.0 % 15.3 % 14.7 %
FMU-143 litigation settlement $ $ 6,204 $ $ 6,204
Resolution of Aerospace contract claim 3,297 3,297
Severance related to Aerospace realignment 455 455
Aerospace contract claim settlement     586    
Non-GAAP adjusted operating income - Aerospace segment $ 26,425   $ 23,676   $ 93,480   $ 86,628  
% of adjusted net sales 17.8 % 16.3 % 16.2 % 15.8 %
 
DISTRIBUTION SEGMENT OPERATING INCOME:
GAAP net sales from continuing operations - Distribution segment $ 248,280 $ 228,552 $ 1,012,059 $ 930,131
Net sales from discontinued operations 4,814   4,889   20,117   20,619  
Adjusted net sales - Distribution segment $ 253,094   $ 233,441   $ 1,032,176   $ 950,750  
 
GAAP operating income from continuing operations - Distribution segment $ 11,155 $ 10,920 $ 50,560 $ 46,894
% of GAAP net sales from continuing operations 4.5 % 4.8 % 5.0 % 5.0 %
Operating (loss) income from discontinued operations $ (1,099 ) $ 222 $ 92 $ 1,251
Costs associated with disposal of Canadian operations 1,490     1,490    
Non-GAAP adjusted operating income - Distribution segment $ 11,546   $ 11,142   $ 52,142   $ 48,145  
% of adjusted net sales 4.6 % 4.8 % 5.1 % 5.1 %

About Kaman Corporation

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets. The company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; and support for the company's SH-2G Super Seasprite maritime helicopters and K-MAX medium-to-heavy lift helicopters. The company is a leading distributor of industrial parts, and operates more than 200 customer service centers and five distribution centers across North America. Kaman offers more than four million items including bearings, mechanical power transmission, electrical, material handling, motion control, fluid power, automation and MRO supplies to customers in virtually every industry. Additionally, Kaman provides engineering, design and support for automation, electrical, linear, hydraulic and pneumatic systems as well as belting and rubber fabrication, customized mechanical services, hose assemblies, repair, fluid analysis and motor management.

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