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Kaman Corp. (Nasdaq: KAMN), Bloomfield, CT, reported sales of $276.7 million in the first quarter 2010, down 6 percent from the prior-year period.
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Industrial Distribution segment sales were $179.3 million in the first quarter, up 1.3 percent from the prior-year period. Segment operating income was $4.8 million, up 73.2 percent from the prior-year period. Industrial Distribution segment sales for the first quarter reflect improved performance in the company's end-markets, particularly to our OEM customers. This quarter marked the first positive year-over-year sales growth since the fourth quarter of 2008.
Aerospace segment sales were $97.5 million, a decrease of 16.7 percent from sales of $117.1 million in the first quarter of 2009. Operating income for the 2010 first quarter was $9.6 million, compared to operating income of $15.3 million in the 2009 first quarter.
Neal J. Keating, president and CEO, said: "During the first quarter Kaman experienced issues in our Aerospace segment that impacted our financial performance. However, we were encouraged by the progress on several key initiatives and by the improving industrial market conditions that should positively impact our business and help overcome some of the challenges that have adversely impacted our Aerospace segment.
"Revenue trends in our Industrial Distribution segment strengthened significantly during the quarter and were above our expectations, allowing us to achieve growth for the first time since 2008 despite facing the most difficult year-over-year comparison we will have this year. We also announced earlier this week the acquisition of Minarik Corporation, our largest Industrial Distribution acquisition to date, which combined with our recent acquisitions of Allied Bearings Supply and Fawick de Mexico, will expand our geographic footprint and increase our served market in this segment."
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