Kaydon Corporation Reports Second Quarter 2013 Results
Kaydon Corporation (NYSE:KDN) today announced its results for the second fiscal quarter ended June 29, 2013.
Sales in the second quarter of 2013 were $117.3 million, compared to sales of $124.4 million in the second quarter of 2012.
Diluted earnings per share on a GAAP basis in the second quarter of each of 2013 and 2012 equaled $0.36. Adjusted earnings per share, as defined below, was $0.42 in both the second quarter of 2013 and the second quarter of 2012.Adjusted EBITDA, as defined below, was $25.6 million during the second quarter of 2013, compared to $27.3 million, during the second quarter of 2012. Free cash flow, as defined below, for the second quarter of 2013 was $18.7 million compared to $13.3 million in the second quarter of 2012. Adjusted gross margin was 38.6 percent in the second quarter of 2013, compared to 33.7 percent in the second quarter of 2012, as the Company continues to benefit from the increased operating leverage that has resulted from the restructuring activities undertaken in late 2012 and from ongoing operational improvements. This press release includes certain non-GAAP measures, including adjusted gross margin, adjusted earnings per share, EBITDA, adjusted EBITDA and free cash flow. 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. Adjustments to GAAP results include certain items management considers in evaluating operating performance in each period. During the second quarter of 2013, Kaydon incurred $1.2 million of costs associated with due diligence and restructuring activities, and $1.2 million of non-cash amortization of previously incurred net actuarial losses related to postretirement benefit plans. During the current quarter the Company reviewed, and continues to review, several potential acquisitions. During the second quarter of 2012, adjustments included $1.6 million of acquisition-related costs primarily related to the Fabreeka acquisition and $1.1 million of non-cash amortization of previously incurred net actuarial losses related to postretirement benefit plans.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV