Kaman

AR 13

Financials

Part II

Financials/Selected Financial Data

FIVE-YEAR SELECTED FINANCIAL DATA

(in thousands, except per share amounts, shareholders and employees)

2013 1,5 2012 2,5 2011 3,5 2010 4,5 2009 5
OPERATIONS
Net sales from continuing operations $ 1,681,806 $ 1,592,828 $ 1,477,534 $ 1,299,932 $ 1,130,268
Operating income from continuing operations 100,480 92,838 87,581 58,195 42,254
Earnings before income taxes from continuing operations 87,496 80,828 76,274 55,867 35,383
Income tax expense 30,797 26,900 26,346 20,386 9,670
Earnings from continuing operations 56,699 53,928 49,928 35,481 25,713
Earnings (loss) from discontinued operations, net of taxes (19) (226) 1,214 130 (718)
Gain on disposal of discontinued operations, net of taxes 420 1,323
Net earnings $ 57,100 $ 55,025 $ 51,142 $ 35,611 $ 24,995
FINANCIAL POSITION
Current assets $ 665,205 $ 618,045 $ 600,102 $ 584,953 $ 482,603
Current liabilities 227,956 223,952 218,698 221,845 154,070
Working capital 437,249 394,093 381,404 363,108 328,533
Property, plant and equipment, net 148,508 128,669 111,895 89,719 81,322
Total assets 1,140,631 1,096,993 996,398 895,757 773,067
Long-term debt, excluding current portion 264,655 249,585 198,522 140,443 56,800
Shareholders' equity 511,292 420,193 373,071 362,670 312,900
PER SHARE AMOUNTS
Basic earnings per share from continuing operations $ 2.12 $ 2.04 $ 1.90 $ 1.37 $ 1.00
Basic earnings per share from discontinued operations (0.01) 0.05 (0.03)
Basic earnings per share from disposal of discontinued operations 0.02 0.05
Basic earnings per share $ 2.14 $ 2.08 $ 1.95 $ 1.37 $ 0.97
Diluted earnings per share from continuing operations $ 2.09 $ 2.03 $ 1.88 $ 1.36 $ 1.00
Diluted earnings per share from discontinued operations (0.01) (0.01) 0.05 (0.03)
Diluted earnings per share from disposal of discontinued operations 0.02 0.05
Diluted earnings per share $ 2.10 $ 2.07 $ 1.93 $ 1.36 $ 0.97
Dividends declared $ 0.64 $ 0.64 $ 0.60 $ 0.56 $ 0.56
Shareholders' equity 19.04 15.79 14.22 13.93 12.14
Market price range – High 40.35 37.54 38.40 30.00 24.86
Market price range – Low 32.16 26.10 25.73 20.97 9.33
AVERAGE SHARES OUTSTANDING
Basic 26,744 26,425 26,246 25,928 25,648
Diluted 27,143 26,622 26,500 26,104 25,779
GENERAL STATISTICS
Registered shareholders 3,642 3,685 3,813 3,879 4,064
Employees 4,743 5,007 4,614 4,269 4,032

Included within certain annual results are a variety of unusual or significant items that may affect comparability. The most significant of such items are described below as well as within Management's Discussion and Analysis of Financial Condition and Results of Operations and the Notes to Consolidated Financial Statements.

  1. Results for 2013 include a $2.1 million non-cash non-tax deductible charge for the impairment of goodwill related to VT Composites and a gain on discontinued operations due to a $0.4 million favorable tax result versus previous estimates and other activity related to the settlement of the closing balance sheet of the Distribution segment's Canadian operations.
  2. Results for 2012 include the sale of certain assets and certain liabilities of the Distribution segment's Canadian operations for $8.7 million on December 31, 2012, resulting in a net gain of $1.3 million. Additionally, we recorded $3.3 million of net loss related to the resolution of an Aerospace segment program related matter.
  3. Results for 2011 include $6.2 million in expense recognized in the fourth quarter related to the settlement of the FMU-143 matter and the non-recurring benefit of $2.4 million recognized in the first quarter of 2011 resulting from the death of a former executive.
  4. Results for 2010 include a $6.4 million non-cash non-tax deductible charge for the impairment of goodwill related to U.K. Composites, $2.0 million in additional losses related to the finalization of contract price negotiations on the Sikorsky Canadian MH-92 helicopter program, and $6.6 million of income related to the claim for look-back interest we filed with the Internal Revenue Service in connection with the Australian SH-2G(A) Super Seasprite Helicopter program.
  5. The Company sold substantially all assets and liabilities of the Distribution segment's Canadian operations on December 31, 2012. The results of these discontinued operations have been reported as such in the table above.