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kaman corp (KAMN) Key Developments

Kaman Corp. Announces New Zealand Acceptance of First SH-2G(I) Super Seasprite

Kaman Corp. announced that the New Zealand Ministry of Defence has accepted the first SH-2G(I) Super Seasprite helicopter for the New Zealand Defence Force. Kaman and the MoD entered into a $120 million contract in May 2013 for the purchase of ten Kaman SH-2G(I) Super Seasprite aircraft, spare parts, a full mission flight simulator, and related logistics support. Additional aircraft are scheduled to be accepted by the MoD in the next few weeks. The first three aircraft are projected to arrive in Auckland in early 2015 with the remaining deliveries of helicopters and equipment expected to occur by the end of 2015. The SH-2G Super Seasprite is an advanced maritime weapon system and proven day/night/all-weather multi-mission helicopter. Originally designed to meet the exacting requirements of the U.S. Navy, the SH-2G Super Seasprite has the high power-to-weight ratio of any maritime helicopter, assuring a safe return-to-ship capability even in single-engine flight conditions. Its robust design, outstanding stability, and excellent reliability have been proven through more than 1.5 million flight hours. The SH-2G is a multi-mission maritime weapon system designed to fulfill anti-submarine warfare (ASW), anti-surface warfare (ASuW), over the horizon targeting, surveillance, troop transport, vertical replenishment, search and rescue, and utility missions. It is the largest, most powerful small ship helicopter in use and is recognized for its mission effectiveness, support, and unmatched performance. The SH-2G Super Seasprite is currently operated by the Royal New Zealand Navy, the Egyptian Air Force and the Polish Navy.

Kaman Corporation Announces $28.9 Million Joint Programmable Fuze Order

Kaman Corporation announced that its Aerospace segment has been awarded a contract modification in the amount of $28.9 million for the procurement of Joint Programmable Fuzes (JPF). The award is a follow-on order raising the total under Option 11 of Kaman's JPF contract with the U.S. Air Force (USAF) to approximately $90 million. Delivery of fuzes under Option 11 is anticipated to occur in 2015 and 2016.

Kaman Corp. Enters into Contract with General Dynamics Canada to Support the Upgrade of SH-2G Super Seasprite Aircraft for Peru

Kaman Corp. announced that it has entered into a contract with General Dynamics Canada to remanufacture and upgrade four Kaman SH-2G Super Seasprite aircraft and provide support for the operation of a fifth aircraft for the Peruvian Navy. The program value to Kaman is expected to exceed $40 million. The aircraft are being transferred through a Memorandum of Understanding between, the Peruvian Ministry of National Defense and the Government of Canada's international government-to-government contracting organization, the Canadian Commercial Corporation (CCC). General Dynamics Canada is under contract with the CCC to lead this program and provide the Integrated Mission System for the aircraft. The SH-2G Super Seasprite is an advanced maritime weapon system and proven day/night/all-weather multi-mission helicopter. Originally designed to meet the exacting requirements of the U.S. Navy, the SH-2G Super Seasprite has the high power-to-weight ratio of any maritime helicopter, assuring a safe return-to-ship capability even in single-engine flight conditions. Its robust design, outstanding stability, and excellent reliability have been proven through more than 1.5 million flight hours. The SH-2G is a multi-mission maritime weapon system designed to fulfill anti-submarine warfare (ASW), anti-surface warfare (ASuW), over the horizon targeting, surveillance, troop transport, vertical replenishment, search and rescue, and utility missions. It is the largest, most powerful small ship helicopter in use and is recognized for its mission effectiveness, support, and unmatched performance. The SH-2G Super Seasprite is currently operated by the Royal New Zealand Navy, the Egyptian Air Force and the Polish Navy.

Kaman Corporation Declares Quarterly Dividend, Payable on January 8, 2015

Kaman Corporation board of directors declared a regular quarterly dividend of 16 cents per common share. The dividend will be paid on January 8, 2015 to shareholders of record on December 16, 2014.

Kaman Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 26, 2014, Provides Earnings Guidance for the Year 2014

Kaman Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 26, 2014. For the quarter, the company reported net sales of $462,332,000 against $423,663,000 a year ago. Operating income was $25,956,000 against $31,421,000 a year ago. Earnings from continuing operations before income taxes were $22,260,000 against $28,329,000 a year ago. Earnings from continuing operations were $14,873,000 against $18,695,000 a year ago. Net earnings were $14,779,000 against $19,179,000 a year ago. Diluted earnings per share from continuing operations were $0.53 against $0.68 a year ago. Diluted earnings per share were $0.53 against $0.70 a year ago. Adjusted EBITDA was $35,424,000 against $39,613,000 a year ago. Adjusted diluted earnings per share from continuing operations were $0.60 against $0.68 a year ago. For the quarter, the company reported net sales of $1,335,353,000 against $1,243,463,000 a year ago. Operating income was $74,632,000 against $76,205,000 a year ago. Earnings from continuing operations before income taxes were $64,031,000 against $66,493,000 a year ago. Earnings from continuing operations were $42,524,000 against $43,741,000 a year ago. Net earnings were $42,809,000 against $44,225,000 a year ago. Diluted earnings per share from continuing operations were $1.53 against $1.61 a year ago. Diluted earnings per share were $1.54 against $1.63 a year ago. Net cash provided by operating activities was $43,754,000 against $25,308,000 a year ago. Expenditures for property, plant & equipment was $22,188,000 against $30,118,000 a year ago. For the year 2014, the company expects sales of $1,185,000 to $1,195,000. Operating margins is expected to be 4.5% to 4.6%. For the Aerospace, the company expects sales of $630,000 to $640,000. Operating margins is expected to be 16.8% to 17.0%. Depreciation and amortization expense is expected to be $38,000. Capital expenditures expected to be $30,000 to $35,000. Free cash flow in the range of $55,000 to $60,000.

 

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