Kaman

AR 13

Financials

Part II

Financials/Financial Statements and Supplementary Data/Consolidated Statements of Operations

KAMAN CORPORATION AND SUBSIDIARIES

For the Year Ended December 31,
(In thousands, except per share amounts) 2013 2012 2011
Net sales $ 1,681,806 $ 1,592,828 $ 1,477,534
Cost of sales 1,215,182 1,150,855 1,064,962
Gross profit 466,624 441,973 412,572
Selling, general and administrative expenses 363,945 349,030 324,722
Goodwill impairment 2,071
Net (gain)/loss on sale of assets 128 105 269
Operating income from continuing operations 100,480 92,838 87,581
Interest expense, net 12,559 12,185 11,646
Other (income) expense, net 425 (175) (339)
Earnings from continuing operations before income taxes 87,496 80,828 76,274
Income tax expense 30,797 26,900 26,346
Earnings from continuing operations 56,699 53,928 49,928
Earnings (loss) from discontinued operations, net of taxes (19) (226) 1,214
Gain on disposal of discontinued operations, net of taxes 420 1,323
Total earnings from discontinued operations 401 1,097 1,214
Net earnings $ 57,100 $ 55,025 $ 51,142
Earnings per share:
Basic earnings per share from continuing operations $ 2.12 $ 2.04 $ 1.90
Basic earnings per share from discontinued operations (0.01) 0.05
Basic earnings per share from disposal of discontinued operations 0.02 0.05
Basic earnings per share $ 2.14 $ 2.08 $ 1.95
Diluted earnings per share from continuing operations $ 2.09 $ 2.03 $ 1.88
Diluted earnings per share from discontinued operations (0.01) (0.01) 0.05
Diluted earnings per share from disposal of discontinued operations 0.02 0.05
Diluted earnings per share $ 2.10 $ 2.07 $ 1.93
Average shares outstanding:
Basic 26,744 26,425 26,246
Diluted 27,143 26,622 26,500
Dividends declared per share $ 0.64 $ 0.64 $ 0.60

See accompanying notes to consolidated financial statements.