Kaydon Reports Record First Quarter 2007

Resource from: CBCC Likes:2940

May 15,2007

Kaydon Reports Record First Quarter 2007 Kaydon Corp. reported operating results covering first quarter 2007, ended March 31. Quarterly sales reached a new record, $107 million, up from $102 million in 2006. The mark is particularly meaningful because first quarter 2006 had unusually strong sales. The first quarter order book was also particularly strong, hitting $142 million, for a total backlog of $186 million -- up almost 30% from the end of first quarter 2006. In 2006, the first quarter book was $96 million, producing an order backlog of $145 million. Kaydon attributed the first quarter book to exceptional demand for wind turbine bearings, as that energy source continues its long growth trend around the world and particularly in North America. Net income in 2007 reached $18 million (17% of sales), up from 2006's $16.5 million (16% of sales). Kaydon's Friction and Motion Control Products division is home to the bearing manufacturing. Seals and slip rings are also carried by the company's three other divisions, Velocity Control Products, Sealing Products, and Other. Its former Power and Data Transmission Products division was sold off to Moog, Inc. Although every division reported stronger sales in the quarter, Friction and Motion Control led the way in straight dollars. The others matched it, however, in percentage, as Kaydon's performance improved across the board. The end of first quarter 2006 has also been a transition period for Kaydon, as long-time President and CEO Brian Campbell stepped down and James O'Leary has taken his place.

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