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.
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