Kaman Corp. Announces JPF Supply Chain Issue Will Impact First Quarter 2010 Results
Resource from: CBCC Likes:2936
Mar 24,2010
Kaman Corporation announced today that it expects revenue to be approximately $270 million to $275 million and diluted earnings per share to be between $0.05 to $0.10 for the quarter ending April 2, 2010.
The company's first quarter performance has been impacted by a supplied component failure during acceptance testing under the Aerospace Segment's Joint Programmable Fuze (JPF) program. This will prevent the company from making its planned JPF shipments in the first quarter and is anticipated to impact sales by approximately $25 million. The company expects to achieve a solution and meet its JPF delivery schedule for the full year 2010.
Neal J. Keating, Chairman, President and CEO of Kaman stated, "We are
aggressively working with the supplier and our customer, the Air Force, to reach a resolution so that JPF deliveries may resume. Our team, including the supplier, is committed to providing the Air Force with high quality, reliable JPF fuzes they have come to rely upon. Despite this near term disruption, the JPF Program continues to be the Air Force's fuze of choice as evidenced by the recent Option 7 production award under the contract, which secures our backlog on the program into 2012."
"During the first quarter our other aerospace programs are performing generally in line with expectations. As previously communicated, sales of our aerospace bearing product lines will be lower on a year-over-year and sequential basis in the first quarter. In Industrial Distribution, we were pleased to see January and February sales increase on a sequential basis over the fourth quarter with February marking the first month of positive year-over-year sales growth since October 2008. March is continuing to show encouraging trends and we hope to continue this positive momentum throughout 2010," added Keating.
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