Kaman Corp., Bloomfield, CT, reported a net loss for the third quarter of $3.6 million, compared to a net loss of $11.8 million in the third quarter of 2004. The company recently reported financial results for the quarter ending Sept. 30.
Paul R. Kuhn, chairman, president and CEO, attributed the loss to three factors: an increase in the price of Kaman shares triggering a $4.4 million of nondeductible expenses for stock appreciation; the recapitalization proposal providing all shareholders a vote, as well as the litigation involving Mason Capital, costing $1.1 million; and a long-delayed program of the company's helicopters division for the government of Australia requiring a charge of $11 million.
For the nine-month period of 2005, the company reported net earnings of $3.9 million compared with a net loss of $12.3 million in the 2004 period. Nine-month net sales for 2005 were $812.7 million, compared with $739 million a year ago, an increase of 10 percent.
The aerospace segment had a third-quarter operating loss of $.3 million, compared to a loss of $14.8 million a year ago. The fuzing division had net sales in the third quarter of $15.5 million, compared with $10.9 million a year ago. The helicopters division had net sales of $16.8 million in the third quarter, compared with $10.6 a year ago. Net sales for the industrial distribution segment were $156.5 million, compared with $149.3 million in 2004. Net sales for the music segment were $51 million in the third quarter of 2005 compared with $149.3 million in the 2004 period.