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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q


x
Quarterly Report Pursuant To Section 13 or 15(d) of the -- Securities Exchange Act of 1934
 
For The Quarterly Period Ended September 30, 2004

OR

o
Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 for the
Transition Period From ___ to ___


Commission File No. 0-1093

KAMAN CORPORATION

(Exact name of registrant as specified in its charter)

Connecticut
 
06-0613548
(State or other jurisdiction
 
(I.R.S. Employer
of incorporation or organization)
  
Identification No.)

1332 Blue Hills Avenue
Bloomfield, Connecticut 06002
(Address of principal executive offices)

(860) 243-7100
Registrant's telephone number, including area code

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2)

Yes X     No __

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes X           No __

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of October 31, 2004:

Class A Common
22,073,432
Class B Common
667,814

 
 
Page 1 of 28
 
 
Kaman Corporation and Subsidiaries
Part I - Financial Information

Item 1. Financial Statements:


Condensed Consolidated Balance Sheets
(In thousands)

 
  
September 30, 2004 
      
December 31, 2003
         
Assets:
                                
Current assets:
                                
 Cash and cash equivalents
       
$
9,550
             
$
7,130
  
 Accounts receivable, net
          
207,173
               
193,243
 
 Inventories:
                                
  Contracts and other
                                
   work in process
  
$
54,959
             
$
60,125
       
  Finished goods
    
29,832
               
24,785
       
  Merchandise for resale
    
96,900
   
181,691
         
94,042
   
178,952
 
                                 
 Income taxes receivable
          
4,590
               
1,043
 
 Deferred income taxes
          
26,704
               
26,026
 
 Other current assets
          
14,526
               
12,457
 
  Total current assets
          
444,234
               
418,851
 
                                 
Property, plant & equip., at cost
    
156,490
               
154,031
       
 Less accumulated depreciation
                                
    and amortization
   
108,086
               
102,982
       
                                 
Net property, plant & equipment
          
48,404
               
51,049
 
Goodwill
          
38,717
               
38,638
 
Other intangible assets, net
          
14,629
               
14,709
 
Other assets, net
          
6,008
               
5,064
 
                                 
 Total assets
        
$
551,992
             
$
528,311
 

 





See accompanying notes to condensed consolidated financial statements.


 
 
Page 2 of 28
 
 
Kaman Corporation and Subsidiaries
Part I - Financial Information

Item 1. Financial Statements, Continued:


Condensed Consolidated Balance Sheets (continued)
(In thousands)

 
 
    
September 30, 2004 
    
December 31, 2003
  
Liabilities and Shareholders' Equity:
              
               
Current liabilities:
              
               
 Notes payable including current
              
  portion of long-term debt
  
$
10,352
 
$
7,673
 
 Accounts payable - trade
    
56,790
   
59,600
 
 Accrued contract losses
    
30,842
   
23,611
 
 Accrued restructuring costs
    
4,463
   
6,109
 
 Other accrued liabilities
    
33,770
   
26,123
 
 Advances on contracts
    
18,476
   
19,693
 
 Other current liabilities
    
15,700
   
17,746
 
               
  Total current liabilities
    
170,393
   
160,555
 
               
Long-term debt, excl. current portion
    
65,224
   
36,624
 
Other long-term liabilities
    
30,982
   
27,949
 
Shareholders' equity
    
285,393
   
303,183
 
               
     Total liabilities and shareholders’ equity  
  
$
551,992
 
$
528,311
 














See accompanying notes to condensed consolidated financial statements.


 
 
Page 3 of 28
 
 
Kaman Corporation and Subsidiaries
Part I - Financial Information

Item 1. Financial Statements, Continued:

Condensed Consolidated Statements of Operations
(In thousands except per share amounts)

 
  
For the Three Months 
For the Nine Months
 
  
Ended September 30, 
Ended September 30,
     
2004
    
2003
    
2004
    
2003
  
                           
Net sales
  
$
246,017
 
$
223,324
 
$
738,866
 
$
655,645
 
                           
Costs and expenses:
                          
 Cost of sales
    
195,365
   
168,584
   
570,282
   
484,615
 
 Selling, general and
                          
  administrative expense
    
63,922
   
53,415
   
181,396
   
156,799
 
 Net (gain)/loss on sale of
                         
  product lines and other assets
    
20
   
(1,317
)
  
(215
)
  
(18,143
)
 Other operating
                          
     (income)/expense, net