KAMAN CORP - 10-Q Quarterly Report

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 April 1, 2005

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 May 1, 2005:

Class A Common	22,142,262
Class B Common	667,814

Page 1 of 31

Kaman Corporation and Subsidiaries

Part I - Financial Information

Item 1. Financial Statements:

Condensed Consolidated Balance Sheets

(In thousands)

	April 1, 2005				December 31, 2004
Assets:
Current assets:
Cash and cash equivalents			$	12,136			$	12,369
Accounts receivable, net				202,516				190,141
Inventories:
Contracts and other work in process	$	74,980			$	72,057
Finished goods		19,157				21,544
Merchandise for resale		105,435		199,572		103,117		196,718

Deferred income taxes				34,665				35,837
Other current assets				16,111				15,270
Total current assets				465,000				450,335

Property, plant & equip., at cost		159,971				158,599
Less accumulated depreciation
and amortization		111,791				109,641
Net property, plant & equipment				48,180				48,958

Goodwill				41,301				40,933
Other intangible assets, net				14,583				14,605
Deferred income taxes				4,024				4,086
Other assets, net				3,402				3,414

Total assets			$	576,490			$	562,331

See accompanying notes to condensed consolidated financial statements.

Page 2 of 31

Kaman Corporation and Subsidiaries

Part I - Financial Information

Item 1. Financial Statements, Continued:

Condensed Consolidated Balance Sheets (continued)

(In thousands)

		April 1, 2005		December 31, 2004
Liabilities and Shareholders' Equity:

Current liabilities:

Notes payable	$	8,712	$	7,255
Current portion of long-term debt		39,036		17,628
Accounts payable - trade		70,098		74,809
Accrued contract losses		30,848		37,852
Accrued restructuring costs		4,115		3,762
Other accrued liabilities		36,635		38,961
Advances on contracts		17,950		16,721
Other current liabilities		25,091		26,305
Income taxes payable		4,134		2,812

Total current liabilities		236,619		226,105

Long-term debt, excl. current portion		16,856		18,522
Other long-term liabilities		35,695		33,534
Shareholders' equity		287,320		284,170

Total liabilities and shareholders’ equity	$	576,490	$	562,331

See accompanying notes to condensed consolidated financial statements.

Page 3 of 31

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 Ended

		April 1, 2005			April 2, 2004

Net sales	$	263,306		$	245,151

Costs and expenses:
Cost of sales		192,411			183,412
Selling, general and administrative expense		62,178			58,720
Other operating income		(458	)		(318	)
Interest expense, net		712			795
Other expense, net		238			484
		255,081