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| 8-K - KAMAN CORPORATION FORM 8-K DATED AUGUST 10, 2011 - KAMAN Corp | form8-k.htm |
Kaman Corporation (NASDAQ-GS: KAMN)
Kaman Corporation (NASDAQ-GS: KAMN)
Investor Presentation
August 10, 2011
2
Investment Summary
§ Significant long-term organic growth opportunities in Aerospace
and Industrial Distribution
and Industrial Distribution
§ High margin Aerospace business anchored by market leading
position in specialty bearings
position in specialty bearings
§ Military platforms in Aerospace provide recurring revenue stream
§ Industrial Distribution business benefiting from industrial sector
momentum and gaining scale via recent acquisitions
momentum and gaining scale via recent acquisitions
§ Investing in new product development, new product applications,
acquisitions and technology for long-term growth
acquisitions and technology for long-term growth
§ Strong balance sheet to drive growth and strategic initiatives
§ New, experienced management team
3
Distribution
63%
Aerospace
37%
2010 Sales
§ Kaman Corporation is a diversified company that conducts
business in the aerospace and industrial distribution markets
business in the aerospace and industrial distribution markets
§ The Company has two segments
– Industrial Distribution
• Third largest distributor in the power transmission / motion
control market
control market
• Distributes over four million SKUs to over 50K customers
via 226 branches
– Aerospace
• Manufacturer and subcontractor in the global commercial
and military aerospace and defense market
and military aerospace and defense market
• Diverse customer base of government divisions and blue
chip customers
chip customers
§ Publicly listed on NASDAQ with a market capitalization of
$870 million as of August 5, 2011
$870 million as of August 5, 2011
§ 2010 Sales $1.3 billion; 4,300 Employees
Corporate Overview
(1) Operating profit after depreciation and before interest and corporate charges
Distribution
31%
Aerospace
69%
2010 Segment
Operating Income (1)
4
|
|
H1
2010
|
H1
2011
|
Change
|
|
Sales
|
$ 594
|
$ 763
|
+ 28.5%
|
|
Earnings per share
|
$ 0.30
|
$ 0.95(1)
|
+ 216.7%
|
|
Free cash flow
|
$ 5.4
|
$ (6.4)
|
- 218.5%
|
|
Market capitalization
|
$ 572
|
$ 955
|
+ 67.0%
|
|
Price per share
|
$ 22.07
|
$ 36.36
|
+ 64.7%
|
(In millions except per share amounts)
(1) Adjusted - excludes $2.4 million pretax ($0.07 per share, net of tax) adjustment associated with the death
of a former executive
Key Metrics
5
§ Acquisitions and expansions
– Industrial Distribution
• Acquired Minarik Corporation of Glendale, CA, a national
distributor of motion control and automation products
distributor of motion control and automation products
• Acquired Allied Bearings Supply Company of Tulsa, OK
• Acquired the assets of Fawick de Mexico, S.A. de C. V. of Mexico
City, Mexico
City, Mexico
– Aerospace
• Acquired Global Aerosystems, LLC, a provider of aerostructure
engineering design analysis and FAA certification services to the
aerospace industry
engineering design analysis and FAA certification services to the
aerospace industry
• Opened a new, state of the art manufacturing facility in
Chihuahua, Mexico
Chihuahua, Mexico
Recent Significant Events
6
Recent Significant Events
§ Contract Awards
– Since March 2010 awarded purchase orders for JPF fuzes totaling
$177 million
$177 million
– Awarded a contract with a potential value in excess of $60 million to
manufacture cabins for the AH-1Z attack helicopter
manufacture cabins for the AH-1Z attack helicopter
– Awarded a contract from Bombardier to manufacture composite
doors for the Learjet 85 business jet
doors for the Learjet 85 business jet
– Team K-MAX awarded a $45.8 million contract for the evaluation of
unmanned aircraft systems for the USMC
unmanned aircraft systems for the USMC
§ Financing
– Completed new four-year $275 million revolving credit facility (re-
priced June 2011)
priced June 2011)
– Completed $115 million offering of 3.25% convertible senior notes
due 2017
due 2017
– S&P reaffirmed Kaman’s BBB- investment grade credit rating
7
AEROSPACE
2010 Sales $487 Million
8
Aerospace
OBJECTIVE:
§ $1 billion in sales by 2014 / margins in the “high teens”
STRATEGY:
§ DEPTH - Size/financial strength to address larger, integrated work
packages from primes/OEM’s and Tier 1’s
packages from primes/OEM’s and Tier 1’s
§ DIVERSITY - More balanced portfolio thru increased commercial
content
content
§ DIFFERENTIATION - Continue to move from build-to-print to design-
and-build for higher margins and more defensible positions
and-build for higher margins and more defensible positions
9
Aerospace Sales
Business/
Regional
3%
Defense
72%
Commercial
25%
Based on 2010 Sales
10
Fixed trailing edge
Fuel tank access doors
Top covers
Red denotes bearing products
Nose landing gear
Rudder
Main landing gear
Flaps
Horizontal stabilizer
Door assemblies
Engine/thrust reverser
Aircraft Programs/Capabilities
Flight controls
Doors
11
Manufacture of cockpit
Blade erosion coating
Manufacture and assembly
of tail rotor pylon
of tail rotor pylon
Manufacture, sub assembly
and joining of fuselage
and joining of fuselage
Blade manufacture,
repair and overhaul
repair and overhaul
Driveline couplings
Bushings
Flight control bearings
Aircraft Programs/Capabilities
Red denotes bearing products
12
Aerospace - Budget Impact on Military
Programs
Programs
§ Backlog is comprised largely of programs that are unaffected by the
proposed near-term budget cuts
proposed near-term budget cuts
– UH-60 BLACK HAWK Program
– Joint Programmable Fuze
– Joint Strike Fighter
– A-10
– AH-1Z
§ C-17 has a firm backlog into 2013
§ Canceled programs had minimal overall impact to the company
– Nuclear ballistic missile defense
– Naval surface ships
– F-22
– Future Combat System
13
Strong Base Business
§ BLACK HAWK
§ Joint Programmable Fuze (JPF)
§ C-17
§ Boeing and Airbus Commercial
Platforms
14
Positioned to Benefit from Ramp in
Commercial Production
Commercial Production
§ Boeing 777
§ Boeing 747-8
§ Boeing 737
§ Boeing 787
§ Airbus A320
§ Airbus A380
§ Airbus A350
15
Other Growth Programs
§ A-10 re-wing
§ F-35 (Joint Strike Fighter)
§ Bell Helicopter
– AH-1Z
– Commercial
§ Learjet 85
16
§ Teamed with Lockheed Martin to
develop an unmanned military
version of the Kaman K-MAX
commercial helicopter
develop an unmanned military
version of the Kaman K-MAX
commercial helicopter
§ Lockheed Martin / Kaman team
working under a $45.8 million
contract for the evaluation of
unmanned aircraft systems by the
USMC
working under a $45.8 million
contract for the evaluation of
unmanned aircraft systems by the
USMC
§ Lockheed Martin awarded $47
million Army contract for
unmanned K-MAX development
million Army contract for
unmanned K-MAX development
Contract Award - Unmanned K-MAX®
17
New Program - Bell Helicopter AH-1Z
§ Latest version of the AH-1 attack
helicopter for the USMC
helicopter for the USMC
§ Leverages capabilities of the
Aerospace Group
Aerospace Group
– New cabins will be
manufactured in Jacksonville
facility
manufactured in Jacksonville
facility
– Tooling will be designed and
built by UK tooling division
built by UK tooling division
§ Initial period of performance
runs through 2015
runs through 2015
§ Program value could exceed $60
million
million
18
§ LJ85 mid-size eight passenger
business jet
business jet
§ Kaman will manufacture:
– Passenger door composite
assembly
assembly
– Stair assembly
– Over wing emergency exit door
§ First significant award from
Bombardier for aerostructures
Bombardier for aerostructures
New Program - Learjet 85
19
20
UP
16%
$536 Million
at 7/01/11
$461 Million
at 7/02/10
Backlog Continues to Grow
21
INDUSTRIAL DISTRIBUTION
2010 Sales $832 Million
22
§ Third largest industrial distribution firm serving $15 billion of the $23
billion power transmission / motion control market.
billion power transmission / motion control market.
§ 226 branches and 5 distribution centers
§ Major product categories:
– Bearings
– Mechanical and electrical power transmission
– Fluid Power
– Motion control
– Automation
– Material handling
§ Metrics:
– $470,000 sales per employee (2010)
– 2,000 employees (approximately one third outside sales)
– 4.0 million SKUs
– 50,000+ customers
Industrial Distribution Overview
23
Industrial Distribution
OBJECTIVE:
§ $1.5 billion in sales - 7% operating profit margin by 2014
STRATEGY:
§ SCALE/GROWTH - Broaden product offering organically and through
acquisitions. Expand geographic footprint to enhance position in the
national accounts market
acquisitions. Expand geographic footprint to enhance position in the
national accounts market
§ PRODUCTIVITY - Execute organizational realignment and implement
multi-faceted technology investments
multi-faceted technology investments
§ PROFITABILITY - Recognize sales and cost synergies from the three
acquisitions completed in 2010. Enhance margins through new higher
margin product lines, a focus on pricing management and leverage
increased purchasing scale
acquisitions completed in 2010. Enhance margins through new higher
margin product lines, a focus on pricing management and leverage
increased purchasing scale
24
Executing Strategy and Building Network
25
§ Strong organic growth
– Q211 sales rose by 13.5% (8.6% organic) over the prior year period to a
record $239 million
record $239 million
– OEM markets continue strong growth
– MRO markets are solid
– Market strength across geographies, customers and end markets
§ Acquisitions accelerating top line and building scale
– Added geographic coverage, product line expansions, strong franchises
– Acquisitions added $96.2 million in sales in 2010
– Minarik and Allied acquisitions have been twice as accretive as expected
Growth is Well Rounded
Q211 Operating profit margin grew to 5.1%,
the ninth consecutive quarter of improvement
26
Organic
Acquisition
Industrial Distribution Sales Per Day
27
Industrial Distribution Opportunities
§ Broaden product offering organically and through acquisition to win
additional business from existing customers and gain market share
additional business from existing customers and gain market share
§ Enhance margins through new higher margin product lines, a focus
on pricing management and leverage from higher sales
on pricing management and leverage from higher sales
§ Recognize sales and cost synergies from the three acquisitions
completed in 2010
completed in 2010
§ Expand geographic footprint through additional acquisitions to
enhance Kaman’s position in the competition for national accounts
enhance Kaman’s position in the competition for national accounts
§ Improve productivity through technology investments to enhance
return on sales
return on sales
28
§ Full year 2011 Industrial Distribution’s sales to be approximately
$930M to $960M, up 12.0% to 15.0%. Operating margins are
projected to be between 4.7% and 4.9%
$930M to $960M, up 12.0% to 15.0%. Operating margins are
projected to be between 4.7% and 4.9%
§ Full year 2011 Aerospace sales to be approximately $550M to
$565M, up 13.0% to 16.0%. Operating margins are estimated to be
15.2% to 15.5%
$565M, up 13.0% to 16.0%. Operating margins are estimated to be
15.2% to 15.5%
§ Net interest expense will be approximately $12.5M
§ Corporate expenses are expected to be in the range of $43.0M to
$44.0M for the full year (1)
$44.0M for the full year (1)
§ Free cash flow is expected to be $30.0M to $35.0M
(1) Excluding $2.4 million pre-tax benefit recognized in Q111 relating to the death of a former
executive
executive
Outlook
29
Kaman Investment Merits
§ A Leading Market Position in Both Business Segments
§ Two Distinct Markets Balance Overall Company
Performance
Performance
§ Continued Focus on Profit Optimization, Increasing Cash
Flows and Strengthening Competitive Position
Flows and Strengthening Competitive Position
§ Strong Liquidity and Conservative Financial Profile
§ Disciplined and Focused Acquisition Strategy
§ New, experienced Management Team
30
FINANCIAL SUMMARY
37%
2010 Sales $1.32 Billion
31
Financial Highlights - Q2
32
(1)Adjusted - excludes $6.4 million goodwill impairment, $2.0 million aerospace contract settlement and
$6.6 look-back interest benefit
Financial Highlights - Full Year 2010
33
|
(In Millions)
|
As of 7/1/2011
|
As of 12/31/10
|
As of 12/31/09
|
|
Cash and Cash Equivalents
|
$ 19.7
|
$ 32.2
|
$ 18.0
|
|
Notes Payable and Long-term Debt
|
$ 142.6
|
$ 148.4
|
$ 63.6
|
|
Shareholders’ Equity
|
$ 397.0
|
$ 362.7
|
$ 312.9
|
|
Debt as % of Total Capitalization
|
26.4%
|
29.0%
|
16.9%
|
|
Capital Expenditures
|
$ 12.51
|
$ 21.5
|
$ 13.6
|
|
Depreciation & Amortization
|
$ 10.81
|
$ 20.5
|
$ 16.1
|
1 For the six months ended 7/1/2011
Balance Sheet and Capital Factors
34
APPENDIX I
35
Source: Boeing and Airbus historical data and ISM
Aerospace Orders and Deliveries vs. ISM Index
Why Two Businesses? Diversifies Revenue
0
500
1,000
1,500
2,000
2,500
3,000
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
Boeing
Airbus
Boeing
Airbus
ISM index
Orders
Deliveries
36
Industrial Distribution Acquisitions
3 Acquisitions Completed in 2010:
§ Minarik (April 30, 2010)
– Only national distributor of motion control & automation products
– 2009 sales: $84 million; Purchase price: $42.5 million
– Expands geographic coverage in 3 of the top 15 markets where Kaman has not been
well represented (e.g. San Jose, Cleveland, Chicago)
well represented (e.g. San Jose, Cleveland, Chicago)
– Diversifies traditional MRO customer base through primary OEM presence
– Expands product offering; positions Kaman as a leader in motion control &
automation
automation
§ Allied Bearings Supply (April 5, 2010)
– Distributor of bearings, power transmission, material handling, and industrial supplies
– 2009 sales: $22 million; Purchase price: $15 million
– Expands Kaman’s coverage in Oklahoma, Arkansas and Texas
– Adds volume in core product lines and provides access to chemical and petro-
chemical industries and oil and gas industries
chemical industries and oil and gas industries
§ Fawick de Mexico (February 26, 2010)
– Mexico City based fluid power distributor with coverage throughout most of Mexico
– 2009 sales: ~$4.0 million (USD); Purchase price: ~$5.0 million (USD)
37
Industrial Distribution Improving
Productivity Illustration
Productivity Illustration
§ Ft. Wayne Processing Center
§ Processes accounts payable and accounts receivable transactions -
more than 1.4 million documents annually
more than 1.4 million documents annually
§ Disburses more than $600 million annually
§ Applies more than $700 million in cash collections annually
§ From 2007 to 2010 utilizing process improvements and new
technology improved productivity per employee 32% on a 19%
reduction in headcount
technology improved productivity per employee 32% on a 19%
reduction in headcount
38
Global Aerosystems
§ Global Aerosystems acquisition (December 2010)
– Strongly supports strategic initiative to grow design content for
higher more protected margins (life of program vs. build to print)
higher more protected margins (life of program vs. build to print)
– Strong experienced base of 120 engineers
– Key customer positions
• Boeing, Kawasaki Heavy Industries, Mitsubishi Aircraft
Corporation, Mitsubishi Heavy Industries, Bombardier, Aviation
Partners Boeing and the Department of Defense
Corporation, Mitsubishi Heavy Industries, Bombardier, Aviation
Partners Boeing and the Department of Defense
– Already bidding on design and build packages
– Positioned to benefit from activity at Boeing: 787 variants, 747-8,
tanker, 737 re-engine
tanker, 737 re-engine
39
Market Leading Self Lube Airframe Bearing
Product Lines
Product Lines
§ Content on virtually every aircraft manufactured today
with a growing installed base
with a growing installed base
§ Proprietary technology:
– KAron® bearing liner system
– KAflex® driveline couplings
– Tufflex® machined driveline couplings
§ 95% of sales are for custom engineered applications
§ Operational excellence through lean manufacturing
§ Industry leading lead times
40
Kamatics Lean Journey
§ Bloomfield Kamatics facility has successfully
implemented lean manufacturing processes
implemented lean manufacturing processes
§ Since introducing lean in 2000 Kamatics has:
– Doubled sales
– Increased return on identifiable assets by more than
5,400 basis points
5,400 basis points
– Kept headcount constant
– Doubled sales per employee
– Increased on-time deliveries to more than 90% from
less than 50%
less than 50%
– Developed industry leading lead-times of 4-8 weeks
from 12-18 weeks
from 12-18 weeks
41
Learjet 85 Award
Stair Assembly - fitted to
PAX composite door
assembly along with door
opening mechanism
PAX composite door
assembly along with door
opening mechanism
Over Wing Emergency
Exit Door
Exit Door
42
|
March 2010
|
Option 7 USG
|
$ 46 million
|
|
September 2010
|
Option 7 FMS
|
$ 36 million
|
|
November 2010
|
Commercial
|
$ 25 million
|
|
December 2010
|
Commercial
|
$ 19 million
|
|
March 2011
|
Option 8 USG
|
$ 24 million
|
|
April 2011
|
Option 8 USG
|
$ 20 million
|
|
May 2011
|
Option 8 FMS
|
$ 4 million
|
|
May 2011
|
Commercial
|
$ 3 million
|
|
TOTAL
|
|
$177 million
|
JPF Orders
43
Aerospace Awards
§ UTC Supplier Gold at Kamatics
§ Top 100 Supplier to Sikorsky
– Kamatics
– Aerostructures - Jacksonville
§ Raytheon Missile Systems Four Star Supplier Award presented to
Kaman Precision Products
Kaman Precision Products
§ Aviation Week - Top Performing Companies
– 2011 #8 (companies with revenue between $1-5 billion)
– 2010 Five-Year Most Improved (companies with revenue between $1-5 billion)
44
Pension Plan Funded Status
§ During 2010 Kaman took numerous actions to address the
company’s unfunded pension liability including:
company’s unfunded pension liability including:
– Executed comprehensive pension plan redesign
– Successfully implemented Liability Driven Investment strategy
– Made $25 million voluntary contribution in December 2010
• Funded with convertible bond proceeds
45
APPENDIX II
Executive Compensation &
Corporate Governance
Corporate Governance
46
Executive Compensation Aligned with
Shareholder Interests
Shareholder Interests
§ Alignment with the market allows Company to attract and retain
key talent
key talent
§ Company and individual performance drive base salary, annual
cash incentives and long-term incentives
cash incentives and long-term incentives
§ Total compensation only reaches the median of market when
Company financial performance also is at the median of similar
sized industrial companies
Company financial performance also is at the median of similar
sized industrial companies
§ The direct linkage to company financial performance serves
shareholder interests
shareholder interests
§ SERP and Pensions benefit accruals ended in 2010
§ Perquisites have been eliminated for executive officers (MERP,
financial counseling, tax planning)
financial counseling, tax planning)
47
§ Base Salary
§ Long-Term Incentive
§ Benefit Plans - Same plans as all other employees
§ Car Allowance - Limited to executive officers and business unit heads
§ Perquisites - Other executive perquisites eliminated
§ Management Agreements - Limited to six key executives
All compensation components compared to industrial surveys of similar
sized companies every 2-3 years
sized companies every 2-3 years
Total compensation is driven by company and individual performance
75% of CEO’s compensation in 2010 was performance related
Targeted at the median of
industrial companies of similar size
Compensation Components
48
Performance-Driven Annual Cash Incentive
§ Annual cash incentive driven by financial performance
– Corporate - compared against the 5-year average of Russell 2000:
• Return on Investment
• EPS growth
• EPS performance against plan
• Individual Performance
§ Business Units - compared against the 3-year moving average of past
performance
performance
• Return on Investment
• Growth in operating income
• Additional annual objectives determined by business priorities
Reviewed and approved by the Personnel and Compensation
Committee of the Board of Directors
Committee of the Board of Directors
49
Corporate Governance
§ Strong and Independent Board of Directors
§ Nine members; eight are independent with no relationship to the
Company other than Board service.
Company other than Board service.
§ Independent Lead Director in place since 2002
§ Board has majority voting policy for director elections
§ Directors have broad senior leadership qualifications:
– Chief executive or chief financial officer roles
– Industry experience includes aerospace, defense, engineering,
distribution and financial services, both domestic and international
distribution and financial services, both domestic and international
§ Virtually all directors serve on the board of other public companies
(generally not more than three)
(generally not more than three)
50
Forward Looking Statement
This presentation contains forward-looking information relating to the Company's business and prospects, including the Aerospace and
Industrial Distribution businesses, operating cash flow, and other matters that involve a number of uncertainties that may cause actual results
to differ materially from expectations. Those uncertainties include, but are not limited to: 1) the successful conclusion of competitions for
government programs and thereafter contract negotiations with government authorities, both foreign and domestic; 2) political conditions in
countries where the Company does or intends to do business; 3) standard government contract provisions permitting renegotiation of terms
and termination for the convenience of the government; 4) satisfactory conclusion to government inquiries or investigations regarding
government programs; 5) domestic and foreign economic and competitive conditions in markets served by the Company, particularly the
defense, commercial aviation and industrial production markets; 6) risks associated with successful implementation and ramp up of significant
new programs; 7) potential difficulties associated with variable acceptance test results, given sensitive production materials and extreme test
parameters; 8) management's success in increasing the volume of profitable work at the Wichita facility; 9) successful resale of the SH-2G(I)
aircraft, equipment and spare parts; 10) receipt and successful execution of production orders for the JPF U.S. government contract, including
the exercise of all contract options and receipt of orders from allied militaries, as all have been assumed in connection with goodwill
impairment evaluations; 11) satisfactory resolution of (i) the Company’s litigation relating to the FMU-143 program and (ii) the Wichita
subpoena matter; 12) continued support of the existing K-MAX® helicopter fleet, including sale of existing K-MAX® spare parts inventory; 13)
cost estimates associated with environmental remediation activities at the Bloomfield, Moosup and New Hartford, CT facilities and our U.K.
facilities; 14) profitable integration of acquired businesses into the Company's operations; 15) changes in supplier sales or vendor incentive
policies; 16) the effects of price increases or decreases; 17) the effects of pension regulations, pension plan assumptions and future
contributions; 18) future levels of indebtedness and capital expenditures; 19) continued availability of raw materials and other commodities in
adequate supplies and the effect of increased costs for such items; 20) the effects of currency exchange rates and foreign competition on
future operations; 21) changes in laws and regulations, taxes, interest rates, inflation rates and general business conditions; 22) future
repurchases and/or issuances of common stock; and 23) other risks and uncertainties set forth in the Company's annual, quarterly and
current reports, proxy statements and other filings with the SEC. Any forward-looking information provided in this presentation should be
considered with these factors in mind. The Company assumes no obligation to update any forward-looking statements contained in this
presentation.
Contact: Eric Remington
Industrial Distribution businesses, operating cash flow, and other matters that involve a number of uncertainties that may cause actual results
to differ materially from expectations. Those uncertainties include, but are not limited to: 1) the successful conclusion of competitions for
government programs and thereafter contract negotiations with government authorities, both foreign and domestic; 2) political conditions in
countries where the Company does or intends to do business; 3) standard government contract provisions permitting renegotiation of terms
and termination for the convenience of the government; 4) satisfactory conclusion to government inquiries or investigations regarding
government programs; 5) domestic and foreign economic and competitive conditions in markets served by the Company, particularly the
defense, commercial aviation and industrial production markets; 6) risks associated with successful implementation and ramp up of significant
new programs; 7) potential difficulties associated with variable acceptance test results, given sensitive production materials and extreme test
parameters; 8) management's success in increasing the volume of profitable work at the Wichita facility; 9) successful resale of the SH-2G(I)
aircraft, equipment and spare parts; 10) receipt and successful execution of production orders for the JPF U.S. government contract, including
the exercise of all contract options and receipt of orders from allied militaries, as all have been assumed in connection with goodwill
impairment evaluations; 11) satisfactory resolution of (i) the Company’s litigation relating to the FMU-143 program and (ii) the Wichita
subpoena matter; 12) continued support of the existing K-MAX® helicopter fleet, including sale of existing K-MAX® spare parts inventory; 13)
cost estimates associated with environmental remediation activities at the Bloomfield, Moosup and New Hartford, CT facilities and our U.K.
facilities; 14) profitable integration of acquired businesses into the Company's operations; 15) changes in supplier sales or vendor incentive
policies; 16) the effects of price increases or decreases; 17) the effects of pension regulations, pension plan assumptions and future
contributions; 18) future levels of indebtedness and capital expenditures; 19) continued availability of raw materials and other commodities in
adequate supplies and the effect of increased costs for such items; 20) the effects of currency exchange rates and foreign competition on
future operations; 21) changes in laws and regulations, taxes, interest rates, inflation rates and general business conditions; 22) future
repurchases and/or issuances of common stock; and 23) other risks and uncertainties set forth in the Company's annual, quarterly and
current reports, proxy statements and other filings with the SEC. Any forward-looking information provided in this presentation should be
considered with these factors in mind. The Company assumes no obligation to update any forward-looking statements contained in this
presentation.
Contact: Eric Remington
V.P., Investor Relations
(860) 243-6334
Eric.Remington@kaman.com